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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sharps Compliance Corp | NASDAQ:SMED | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.75 | 5.00 | 8.74 | 0 | 01:00:00 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
74-2657168
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
9220 Kirby Drive, Suite 500, Houston, Texas
|
77054
|
(Address of principal executive offices)
|
(Zip Code)
|
Large Accelerated Filer ☐
|
Accelerated Filer ☐
|
Non-accelerated Filer ☐
(Do not check if a smaller reporting company)
|
Smaller reporting company ☒
|
|
||
PART I
|
FINANCIAL INFORMATION
|
PAGE
|
Item 1.
|
Financial Statements
|
|
3
|
||
4
|
||
5
|
||
6
|
||
7
|
||
8
|
||
Item 2.
|
13
|
|
Item 3.
|
20
|
|
Item 4.
|
20
|
|
Part II
|
OTHER INFORMATION
|
|
Item 1.
|
21
|
|
Item 1A.
|
21
|
|
Item 2.
|
21
|
|
Item 6.
|
22
|
|
23
|
PART I
|
FINANCIAL INFORMATION
|
ITEM 1.
|
FINANCIAL STATEMENTS
|
Three-Months
Ended March 31,
|
||||||||
2016
|
2015
|
|||||||
REVENUE
|
$
|
6,652
|
$
|
6,171
|
||||
Cost of revenue
|
4,959
|
4,511
|
||||||
GROSS PROFIT
|
1,693
|
1,660
|
||||||
Selling, general and administrative
|
2,709
|
2,411
|
||||||
Depreciation and amortization
|
88
|
57
|
||||||
OPERATING LOSS
|
(1,104
|
)
|
(808
|
)
|
||||
INTEREST INCOME
|
8
|
9
|
||||||
LOSS BEFORE INCOME TAXES
|
(1,096
|
)
|
(799
|
)
|
||||
INCOME TAX (BENEFIT) EXPENSE - Current
|
(54
|
)
|
13
|
|||||
TOTAL INCOME TAX (BENEFIT) EXPENSE
|
(54
|
)
|
13
|
|||||
NET LOSS
|
$
|
(1,042
|
)
|
$
|
(812
|
)
|
||
NET LOSS PER COMMON SHARE
|
||||||||
Basic
|
$
|
(0.07
|
)
|
$
|
(0.05
|
)
|
||
Diluted
|
$
|
(0.07
|
)
|
$
|
(0.05
|
)
|
||
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET LOSS PER COMMON SHARE:
|
||||||||
Basic
|
15,462
|
15,360
|
||||||
Diluted
|
15,462
|
15,360
|
Nine-Months
Ended March 31,
|
||||||||
2016
|
2015
|
|||||||
REVENUE
|
$
|
24,513
|
$
|
21,911
|
||||
Cost of revenue
|
16,622
|
14,689
|
||||||
GROSS PROFIT
|
7,891
|
7,222
|
||||||
Selling, general and administrative
|
7,890
|
7,149
|
||||||
Depreciation and amortization
|
210
|
211
|
||||||
OPERATING LOSS
|
(209
|
)
|
(138
|
)
|
||||
INTEREST INCOME
|
26
|
27
|
||||||
LOSS BEFORE INCOME TAXES
|
(183
|
)
|
(111
|
)
|
||||
INCOME TAX EXPENSE - Current
|
24
|
26
|
||||||
TOTAL INCOME TAX EXPENSE
|
24
|
26
|
||||||
NET LOSS
|
$
|
(207
|
)
|
$
|
(137
|
)
|
||
NET LOSS PER COMMON SHARE
|
||||||||
Basic
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
||
Diluted
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
||
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET LOSS PER COMMON SHARE:
|
||||||||
Basic
|
15,449
|
15,309
|
||||||
Diluted
|
15,449
|
15,309
|
Common Stock
|
Treasury Stock
|
Additional
Paid-in
|
Accumulated
|
Total
Stockholders’
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Equity
|
||||||||||||||||||||||
Balances, June 30, 2014
|
15,460,940
|
$
|
155
|
(161,801
|
)
|
$
|
(681
|
)
|
$
|
23,695
|
$
|
(1,265
|
)
|
$
|
21,904
|
|||||||||||||
Exercise of stock options
|
61,109
|
-
|
-
|
-
|
139
|
-
|
139
|
|||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
-
|
-
|
511
|
-
|
511
|
|||||||||||||||||||||
Issuance of restricted stock
|
52,992
|
1
|
-
|
-
|
(1
|
)
|
-
|
-
|
||||||||||||||||||||
Shares repurchased
|
-
|
-
|
(29,449
|
)
|
(128
|
)
|
-
|
-
|
(128
|
)
|
||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
1,160
|
1,160
|
|||||||||||||||||||||
Balances, June 30, 2015
|
15,575,041
|
156
|
(191,250
|
)
|
(809
|
)
|
24,344
|
(105
|
)
|
23,586
|
||||||||||||||||||
Exercise of stock options
|
112,425
|
1
|
-
|
-
|
312
|
-
|
313
|
|||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
-
|
-
|
510
|
-
|
510
|
|||||||||||||||||||||
Issuance of restricted stock
|
52,992
|
1
|
-
|
-
|
(1
|
)
|
-
|
-
|
||||||||||||||||||||
Shares repurchased
|
-
|
-
|
(104,365
|
)
|
(745
|
)
|
-
|
-
|
(745
|
)
|
||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
-
|
(207
|
)
|
(207
|
)
|
|||||||||||||||||||
Balances, March 31, 2016
|
15,740,458
|
$
|
158
|
(295,615
|
)
|
$
|
(1,554
|
)
|
$
|
25,165
|
$
|
(312
|
)
|
$
|
23,457
|
Nine-Months Ended
March 31,
|
||||||||
2016
|
2015
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net loss
|
$
|
(207
|
)
|
$
|
(137
|
)
|
||
Adjustments to reconcile net loss to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
601
|
653
|
||||||
Stock-based compensation expense
|
510
|
383
|
||||||
Changes in operating assets and liabilities, net of effects of business acqusition:
|
||||||||
Restricted cash
|
-
|
111
|
||||||
Accounts receivable
|
2,764
|
1,582
|
||||||
Legal settlement receivable
|
-
|
1,538
|
||||||
Inventory
|
(1,285
|
)
|
(962
|
)
|
||||
Prepaid and other current assets
|
(79
|
)
|
(347
|
)
|
||||
Accounts payable and accrued liabilities
|
(1,122
|
)
|
125
|
|||||
Deferred revenue
|
308
|
44
|
||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
1,490
|
2,990
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Purchase of property, plant and equipment
|
(1,217
|
)
|
(549
|
)
|
||||
Additions to intangible assets
|
-
|
(6
|
)
|
|||||
Payments for acquisitions, net of cash acquired
|
(1,552
|
)
|
-
|
|||||
NET CASH USED IN INVESTING ACTIVITIES
|
(2,769
|
)
|
(555
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Proceeds from exercise of stock options
|
313
|
128
|
||||||
Shares repurchased
|
(745
|
)
|
(128
|
)
|
||||
NET CASH USED IN FINANCING ACTIVITIES
|
(432
|
)
|
-
|
|||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
(1,711
|
)
|
2,435
|
|||||
CASH AND CASH EQUIVALENTS, beginning of period
|
15,157
|
13,717
|
||||||
CASH AND CASH EQUIVALENTS, end of period
|
$
|
13,446
|
$
|
16,152
|
||||
SUPPLEMENTAL CASH FLOW DISCLOSURES:
|
||||||||
Income taxes paid
|
$
|
143
|
$
|
10
|
||||
NON-CASH INVESTING ACTIVITIES:
|
||||||||
Unpaid consideration related to acquisitions
|
$
|
181
|
$
|
-
|
||||
Transfer of equipment to inventory
|
$
|
114
|
$
|
-
|
Three-Months Ended
|
Nine-Months Ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Stock-based compensation expense included in:
|
||||||||||||||||
Cost of revenue
|
$
|
7
|
$
|
6
|
$
|
25
|
$
|
16
|
||||||||
Selling, general and administrative
|
145
|
120
|
485
|
367
|
||||||||||||
Total
|
$
|
152
|
$
|
126
|
$
|
510
|
$
|
383
|
Three-Months Ended
|
Nine-Months Ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Net loss, as reported
|
$
|
(1,042
|
)
|
$
|
(812
|
)
|
$
|
(207
|
)
|
$
|
(137
|
)
|
||||
Weighted average common shares outstanding
|
15,462
|
15,360
|
15,449
|
15,309
|
||||||||||||
Effect of dilutive stock options
|
-
|
-
|
-
|
-
|
||||||||||||
Weighted average diluted common shares outstanding
|
15,462
|
15,360
|
15,449
|
15,309
|
||||||||||||
Net loss per common share
|
||||||||||||||||
Basic
|
$
|
(0.07
|
)
|
$
|
(0.05
|
)
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
||||
Diluted
|
$
|
(0.07
|
)
|
$
|
(0.05
|
)
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
||||
Employee stock options excluded from computation of dilutive loss per share amounts because their effect would be anti-dilutive
|
137
|
200
|
96
|
302
|
Three-Months Ended
March 31,
|
Nine-Months Ended
March 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Options exercised
|
-
|
45,359
|
112,425
|
55,609
|
||||||||||||
Proceeds (in thousands)
|
$
|
-
|
$
|
107
|
$
|
313
|
$
|
128
|
||||||||
Average exercise price per share
|
$
|
-
|
$
|
2.36
|
$
|
2.77
|
$
|
2.31
|
Three-Months Ended
|
Nine-Months Ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Shares repurchased
|
36,343
|
-
|
104,365
|
29,449
|
||||||||||||
Cash paid for shares repurchased (in thousands)
|
$
|
205
|
$
|
-
|
$
|
745
|
$
|
128
|
||||||||
Average price paid per share
|
$
|
5.64
|
$
|
-
|
$
|
7.14
|
$
|
4.35
|
March 31,
2016
|
June 30,
2015
|
|||||||
(Unaudited)
|
||||||||
Raw materials
|
$
|
1,309
|
$
|
1,393
|
||||
Finished goods
|
2,828
|
1,345
|
||||||
Total
|
$
|
4,137
|
$
|
2,738
|
Accounts receivable
|
$
|
51
|
||
Fixed assets
|
70
|
|||
Intangibles
|
267
|
|||
Goodwill
|
413
|
|||
Accounts payable and accrued liabilities
|
(101
|
)
|
||
Total purchase price
|
$
|
700
|
Accounts receivable
|
$
|
42
|
||
Fixed assets
|
68
|
|||
Intangibles
|
313
|
|||
Goodwill
|
626
|
|||
Accounts payable and accrued liabilities
|
(16
|
)
|
||
Total purchase price
|
$
|
1,033
|
Three-Months Ended March 31,
|
Nine-Months Ended March 31,
|
|||||||||||||||||||||||||||||||
2016
|
%
|
2015
|
%
|
2016
|
%
|
2015
|
%
|
|||||||||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||||||||||||||||||
Revenue
|
$
|
6,652
|
100.0
|
%
|
$
|
6,171
|
100.0
|
%
|
$
|
24,513
|
100.0
|
%
|
$
|
21,911
|
100.0
|
%
|
||||||||||||||||
Cost of revenue
|
4,959
|
74.5
|
%
|
4,511
|
73.1
|
%
|
16,622
|
67.8
|
%
|
14,689
|
67.0
|
%
|
||||||||||||||||||||
Gross profit
|
1,693
|
25.5
|
%
|
1,660
|
26.9
|
%
|
7,891
|
32.2
|
%
|
7,222
|
33.0
|
%
|
||||||||||||||||||||
SG&A expense
|
2,709
|
40.7
|
%
|
2,411
|
39.1
|
%
|
7,890
|
32.2
|
%
|
7,149
|
32.6
|
%
|
||||||||||||||||||||
Depreciation and amortization
|
88
|
1.3
|
%
|
57
|
0.9
|
%
|
210
|
0.9
|
%
|
211
|
1.0
|
%
|
||||||||||||||||||||
Operating loss
|
(1,104
|
)
|
(16.6
|
%)
|
(808
|
)
|
(13.1
|
%)
|
(209
|
)
|
(0.9
|
%)
|
(138
|
)
|
(0.6
|
%)
|
||||||||||||||||
Interest income
|
8
|
0.1
|
%
|
9
|
0.1
|
%
|
26
|
0.1
|
%
|
27
|
0.1
|
%
|
||||||||||||||||||||
Loss before income taxes
|
(1,096
|
)
|
(16.5
|
%)
|
(799
|
)
|
(12.9
|
%)
|
(183
|
)
|
(0.7
|
%)
|
(111
|
)
|
(0.5
|
%)
|
||||||||||||||||
Income tax (benefit) expense
|
(54
|
)
|
(0.8
|
%)
|
13
|
0.2
|
%
|
24
|
0.1
|
%
|
26
|
0.1
|
%
|
|||||||||||||||||||
Net loss
|
$
|
(1,042
|
)
|
(15.7
|
%)
|
$
|
(812
|
)
|
(13.2
|
%)
|
$
|
(207
|
)
|
(0.8
|
%)
|
$
|
(137
|
)
|
(0.6
|
%)
|
Three-Months Ended March 31,
|
||||||||||||
(Unaudited)
|
||||||||||||
2016
|
2015
|
Variance
|
||||||||||
BILLINGS BY MARKET:
|
||||||||||||
Home Health Care
|
$
|
1,595
|
$
|
1,599
|
$
|
(4
|
)
|
|||||
Professional
|
2,001
|
1,568
|
433
|
|||||||||
Retail
|
726
|
610
|
116
|
|||||||||
Pharmaceutical Manufacturer
|
1,023
|
754
|
269
|
|||||||||
Assisted Living
|
579
|
472
|
107
|
|||||||||
Government
|
423
|
677
|
(254
|
)
|
||||||||
Environmental
|
70
|
18
|
52
|
|||||||||
Other
|
201
|
187
|
14
|
|||||||||
Subtotal
|
6,618
|
5,885
|
733
|
|||||||||
GAAP Adjustment *
|
34
|
286
|
(252
|
)
|
||||||||
Revenue Reported
|
$
|
6,652
|
$
|
6,171
|
$
|
481
|
Nine-Months Ended March 31,
|
||||||||||||
(Unaudited)
|
||||||||||||
2016
|
2015
|
Variance
|
||||||||||
BILLINGS BY MARKET:
|
||||||||||||
Home Health Care
|
$
|
5,637
|
$
|
5,104
|
$
|
533
|
||||||
Professional
|
5,573
|
4,726
|
847
|
|||||||||
Retail
|
5,512
|
5,670
|
(158
|
)
|
||||||||
Pharmaceutical Manufacturer
|
4,777
|
3,442
|
1,335
|
|||||||||
Assisted Living
|
1,623
|
1,377
|
246
|
|||||||||
Government
|
1,129
|
961
|
168
|
|||||||||
Environmental
|
224
|
158
|
66
|
|||||||||
Other
|
651
|
615
|
36
|
|||||||||
Subtotal
|
25,126
|
22,053
|
3,073
|
|||||||||
GAAP Adjustment *
|
(613
|
)
|
(142
|
)
|
(471
|
)
|
||||||
Revenue Reported
|
$
|
24,513
|
$
|
21,911
|
$
|
2,602
|
● | A large professional market that consists of dentists, veterinarians, clinics, private practice physicians, urgent care facilities, ambulatory surgical centers and others such as acupuncture and tattoo services. This regulated market consists of small to medium quantity generators of medical, pharmaceutical and hazardous waste where we can offer a lower cost to service with solutions to match individual facility needs. The Company addresses this market from two directions: (i) field sales which focuses on larger-dollar and nationwide opportunities where we can integrate the route-based pickup service along with our mailback solutions to create a comprehensive medical waste management offering and (ii) inside and online sales which focus on the individual or small group professional offices. |
● | The shift of healthcare from traditional settings to the retail pharmacy and clinic markets, where the Company focuses on driving increased promotion of the Sharps Recovery System. The number of U.S. retail clinics is projected to increase significantly, as much as 20%-25% per year, driven by the increasing demand of newly insured patients under healthcare reform, as well as patients looking for more convenient care and retail pharmacies increasing the variety and volume of healthcare services they provide. According to the Centers for Disease Control (“CDC”), 25% of flu shots for adults were administered in a retail clinic with the trend expected to increase. In addition to the continued growth in the flu shot business, there are also growth opportunities for more primary care in the retail or alternative site setting and correspondingly growth opportunities for the Company based on its significant presence in the retail market. A recent study shows that Americans visit retail clinics 10 million times a year, which represents only 2% of “all primary care patient encounters.” |
● | The passage of new regulations for ultimate user medication disposal allows the Company to offer new solutions (MedSafe and TakeAway Medication Recovery System envelopes) that meet the regulations for ultimate user controlled substances disposal (Schedules II-V) to retail pharmacies. Additionally, with the new regulations, the Company is able to provide the MedSafe and TakeAway Medication Recovery Systems to assisted living and hospice to address a long standing issue within long-term care. |
● | The changing demographics of the U.S. population - one out of five Americans will be 65 years or older by 2030, which will increase the need for cost-effective medical waste management solutions, especially in the long-term care and home healthcare markets. With multiple solutions for managing regulated healthcare-related waste, the Company delivers value as a single-source provider with blended mailback and route-based pickup services matched to the waste volumes of each facility. |
● | Local, state and federal agencies have growing needs for solutions to manage medical and pharmaceutical waste — the Company’s Sharps Recovery System is ideal for as-needed disposal of sharps and other small quantities of medical waste generated within government buildings, schools and communities. The Company also provides TakeAway Medication Recovery System envelopes and MedSafe solutions to government agencies in need of proper and regulatory compliant medication disposal. |
● | With an increased number of self-injectable medication treatments and local regulations, the Company believes its flagship product, the Sharps Recovery System, continues to offer the best option for proper sharps disposal at an affordable price. The Company delivers premium services to pharmaceutical manufacturers that sell high-dollar, self-injectable medications, which include data management, compliance reporting, fulfillment, proper containment with disposal, branding and conformity with applicable regulations. In addition, the Company provides self-injectors with online and retail purchase options of sharps mailback systems, such as the Sharp Recovery System and Complete Needle Collection & Disposal System, respectively. |
● | A heightened interest by many commercial companies who are looking to improve workplace safety with proper sharps disposal and unused medication disposal solutions — the Company offers a variety of services to meet these needs, including the Sharps Secure Needle Disposal System, Sharps Recovery System, Biohazard Spill Kits and TakeAway Medication Recovery System envelopes. |
● | In July 2015, the Company augmented its network of medical and hazardous waste service providers with an acquisition of a route-based pickup service in the northeast serving Pennsylvania, Maryland and parts of Ohio. Additionally, the Company has begun to service parts of Texas and Louisiana with route-based pickup service. In December 2015, the Company acquired another route-based pickup service in the northeast which further expanded its operations in Pennsylvania and neighboring states. With the addition of these route-based pickup regions and the network of medical and hazardous waste service providers servicing the entire U.S., the Company offers customers a blended product portfolio to effectively manage multi-site and multi-sized locations, including those that generate larger quantities of waste. The network has had a significant positive impact on our pipeline of sales opportunities — over 60% of this pipeline is attributable to opportunities providing comprehensive waste management service offerings where both the mailback and pickup service are integrated into the offering. |
● | The Company has new solution offerings that include ultimate user medication disposal (MedSafe and TakeAway Medication Recovery System) and mailback services for DEA registrant expired inventory of controlled substances (TakeAway Medication Recovery System DEA Reverse Distribution for Registrants). |
● | The Company’s strong financial position with a cash balance of $13.4 million and no debt as of March 31, 2016. |
● | Accounts receivable decreased by $2.8 million, net of assets acquired, to $4.0 million at March 31, 2016 from $6.6 million at June 30, 2015. The decrease is due to timing of billings and collections. |
● | Inventory increased by $1.4 million to $4.1 million at March 31, 2016 from $2.7 million at June 30, 2015. The increase in inventory is due to timing of sales and adjustment of inventory levels to facilitate customer orders. |
● | Accounts payable and accrued liabilities decreased by $1.1 million, net of assets acquired and unpaid consideration, to $2.7 million at March 31, 2016 from $3.7 million at June 30, 2015. The decrease is the result of the timing of payments. |
● | Deferred revenue increased by $0.3 million to $2.7 million at March 31, 2016 from $2.4 million at June 30, 2015. The increase is due to the increase in billings for the period. |
Period
|
(a) Total
Number of Shares
Purchased
|
(b)
Average Price Paid
per Share
|
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
(d) Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
|
||||||||||||
January 1 - January 31, 2016
|
1,800
|
$
|
5.96
|
1,800
|
$
|
1,639,885
|
||||||||||
February 1 - February 29, 2016
|
34,543
|
5.62
|
34,543
|
1,445,795
|
||||||||||||
March 1 - March 31, 2016
|
-
|
-
|
-
|
1,445,795
|
||||||||||||
36,343
|
$
|
5.64
|
36,343
|
1,445,795
|
REGISTRANT:
|
|
SHARPS COMPLIANCE CORP.
|
|
Dated: May 3, 2016
|
By: /s/ DAVID P. TUSA
|
David P. Tusa
|
|
Chief Executive Officer and President
|
|
(Principal Executive Officer)
|
Dated: May 3, 2016
|
By: /s/ DIANA P. DIAZ
|
Diana P. Diaz
|
|
Vice President and Chief Financial Officer
|
|
(Principal Financial and Accounting Officer)
|
1 Year Sharps Compliance Chart |
1 Month Sharps Compliance Chart |
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