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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Dean Foods Company New | NYSE:DF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.80 | 0 | 01:00:00 |
FORM 8-K |
Delaware | 1-12755 | 75-2559681 | ||
(State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
DEAN FOODS COMPANY | |||
Dated: November 9, 2015 | By: | /s/ SCOTT K. VOPNI | |
Scott K. Vopni | |||
Senior Vice President Investor Relations and Chief Accounting Officer |
EXHIBIT NUMBER | DESCRIPTION |
99.1 | Earnings Release issued November 9, 2015 |
• | Q3 net income per diluted share was $0.22 and adjusted net income per diluted share was $0.30. |
• | Q3 adjusted results reflect the third consecutive quarter of year-over-year improved results behind solid execution and price realization. |
• | Dairy category improves and DairyPure®, the first and largest fresh, white milk national brand, supports commercial performance. |
• | Repurchased approximately $53 million of Dean Foods common stock, or approximately 3.2 million shares, at an average purchase price of $16.73 per share. |
• | Q4 adjusted diluted earnings are expected to be $0.28 to $0.38 per share. |
Financial Summary * | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||
(In millions, except per share amounts) | 2015 | 2014 | 2015 | 2014 | ||||||||||
Gross Profit | ||||||||||||||
GAAP | $ | 492 | $ | 417 | $ | 1,466 | $ | 1,232 | ||||||
Adjusted | $ | 492 | $ | 417 | $ | 1,465 | $ | 1,234 | ||||||
Operating Income (Loss) | ||||||||||||||
GAAP | $ | 50 | $ | (1 | ) | $ | 48 | $ | 1 | |||||
Adjusted | $ | 62 | $ | 10 | $ | 181 | $ | 11 | ||||||
Interest Expense | ||||||||||||||
GAAP | $ | 17 | $ | 15 | $ | 51 | $ | 45 | ||||||
Adjusted | $ | 17 | $ | 15 | $ | 49 | $ | 44 | ||||||
Net Income (Loss) | ||||||||||||||
GAAP | $ | 20 | $ | (16 | ) | $ | (27 | ) | $ | (26 | ) | |||
Adjusted | $ | 28 | $ | (3 | ) | $ | 82 | $ | (20 | ) | ||||
Diluted Earnings (Loss) Per Share (EPS) | ||||||||||||||
GAAP | $ | 0.22 | $ | (0.17 | ) | $ | (0.29 | ) | $ | (0.27 | ) | |||
Adjusted | $ | 0.30 | $ | (0.03 | ) | $ | 0.87 | $ | (0.21 | ) | ||||
* Adjustments to GAAP for the impacts of specific transactions and other one-time or non-recurring items are fully described in the attached tables. |
Three months ended September 30, | Three months ended September 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
GAAP | Adjusted* | ||||||||||||||||
Net sales | $ | 2,033,693 | $ | 2,373,280 | $ | 2,033,693 | $ | 2,373,280 | |||||||||
Cost of sales | 1,541,705 | 1,956,480 | 1,541,751 | (d) | 1,955,822 | (a) (d) | |||||||||||
Gross profit | 491,988 | 416,800 | 491,942 | 417,458 | |||||||||||||
Operating costs and expenses: | |||||||||||||||||
Selling and distribution | 347,493 | 337,346 | 344,584 | (d) | 337,319 | (d) | |||||||||||
General and administrative | 84,916 | 69,728 | 84,922 | (d) | 69,645 | (b) | |||||||||||
Amortization of intangibles | 6,401 | 714 | 783 | (a) | 714 | ||||||||||||
Facility closing and reorganization costs | 2,709 | 2,805 | — | (b) | — | (b) | |||||||||||
Impairment of long-lived assets | — | 7,400 | — | — | (a) | ||||||||||||
Total operating costs and expenses | 441,519 | 417,993 | 430,289 | 407,678 | |||||||||||||
Operating income (loss) | 50,469 | (1,193 | ) | 61,653 | 9,780 | ||||||||||||
Interest expense | 17,003 | 15,233 | 16,785 | (d) | 14,807 | (d) | |||||||||||
Other income, net | (964 | ) | (487 | ) | (964 | ) | (487 | ) | |||||||||
Income (loss) from continuing operations before income taxes | 34,430 | (15,939 | ) | 45,832 | (4,540 | ) | |||||||||||
Income tax expense (benefit) | 14,197 | (803 | ) | 17,415 | (e) | (1,725 | ) | (e) | |||||||||
Income (loss) from continuing operations | 20,233 | (15,136 | ) | 28,417 | (2,815 | ) | |||||||||||
Loss from discontinued operations, net of tax | — | (836 | ) | — | — | (d) | |||||||||||
Net income (loss) | $ | 20,233 | $ | (15,972 | ) | $ | 28,417 | $ | (2,815 | ) | |||||||
Average common shares: | |||||||||||||||||
Basic | 93,255 | 93,797 | 93,255 | 93,797 | |||||||||||||
Diluted | 93,816 | 93,797 | 93,816 | 93,797 | |||||||||||||
Basic earnings (loss) per common share: | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.22 | $ | (0.16 | ) | $ | 0.30 | $ | (0.03 | ) | |||||||
Loss from discontinued operations | — | (0.01 | ) | — | — | ||||||||||||
Net income (loss) | $ | 0.22 | $ | (0.17 | ) | $ | 0.30 | $ | (0.03 | ) | |||||||
Diluted earnings (loss) per common share: | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.22 | $ | (0.16 | ) | $ | 0.30 | $ | (0.03 | ) | |||||||
Loss from discontinued operations | — | (0.01 | ) | — | — | ||||||||||||
Net income (loss) | $ | 0.22 | $ | (0.17 | ) | $ | 0.30 | $ | (0.03 | ) |
Nine months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
GAAP | Adjusted* | ||||||||||||||||
Net sales | $ | 6,099,161 | $ | 7,108,189 | $ | 6,099,161 | $ | 7,108,189 | |||||||||
Cost of sales | 4,633,223 | 5,876,126 | 4,634,410 | (d) | 5,874,582 | (a) (d) | |||||||||||
Gross profit | 1,465,938 | 1,232,063 | 1,464,751 | 1,233,607 | |||||||||||||
Operating costs and expenses: | |||||||||||||||||
Selling and distribution | 1,023,769 | 1,011,657 | 1,022,066 | (d) | 1,011,597 | (b) (d) | |||||||||||
General and administrative | 259,635 | 212,804 | 259,653 | (d) | 209,092 | (b) | |||||||||||
Amortization of intangibles | 15,313 | 2,175 | 2,273 | (a) | 2,175 | ||||||||||||
Facility closing and reorganization costs | 9,362 | 4,510 | — | (b) | — | (b) | |||||||||||
Litigation settlements | — | (2,521 | ) | — | — | (d) | |||||||||||
Impairment of long-lived assets | 109,910 | 7,400 | — | (a) | — | (a) | |||||||||||
Other operating income | — | (4,535 | ) | — | — | (a) | |||||||||||
Total operating costs and expenses | 1,417,989 | 1,231,490 | 1,283,992 | 1,222,864 | |||||||||||||
Operating income | 47,949 | 573 | 180,759 | 10,743 | |||||||||||||
Interest expense | 50,505 | 45,477 | 49,435 | (d) | 43,976 | (d) | |||||||||||
Loss on early retirement of debt | 43,609 | — | — | (c) | — | ||||||||||||
Other income, net | (1,704 | ) | (760 | ) | (1,704 | ) | (760 | ) | |||||||||
Income (loss) from continuing operations before income taxes | (44,461 | ) | (44,144 | ) | 133,028 | (32,473 | ) | ||||||||||
Income tax expense (benefit) | (17,562 | ) | (18,253 | ) | 50,551 | (e) | (12,339 | ) | (e) | ||||||||
Income (loss) from continuing operations | (26,899 | ) | (25,891 | ) | 82,477 | (20,134 | ) | ||||||||||
Loss from discontinued operations, net of tax | — | (836 | ) | — | — | (d) | |||||||||||
Gain (loss) on sale of discontinued operations | (89 | ) | 1,154 | — | (d) | — | (d) | ||||||||||
Net income (loss) | $ | (26,988 | ) | $ | (25,573 | ) | $ | 82,477 | $ | (20,134 | ) | ||||||
Average common shares: | |||||||||||||||||
Basic | 93,951 | 93,917 | 93,951 | 93,917 | |||||||||||||
Diluted | 93,951 | 93,917 | 94,456 | (f) | 93,917 | ||||||||||||
Basic earnings (loss) per common share: | |||||||||||||||||
Income (loss) from continuing operations | $ | (0.29 | ) | $ | (0.28 | ) | $ | 0.88 | $ | (0.21 | ) | ||||||
Income from discontinued operations | — | 0.01 | — | — | |||||||||||||
Net income (loss) | $ | (0.29 | ) | $ | (0.27 | ) | $ | 0.88 | $ | (0.21 | ) | ||||||
Diluted earnings (loss) per common share: | |||||||||||||||||
Income (loss) from continuing operations | $ | (0.29 | ) | $ | (0.28 | ) | $ | 0.87 | $ | (0.21 | ) | ||||||
Income from discontinued operations | — | 0.01 | — | — | |||||||||||||
Net income (loss) | $ | (0.29 | ) | $ | (0.27 | ) | $ | 0.87 | $ | (0.21 | ) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net income (loss) | $ | 28,417 | $ | (2,815 | ) | $ | 82,477 | $ | (20,134 | ) | ||||||
Interest expense | 16,785 | 14,807 | 49,435 | 43,976 | ||||||||||||
Income tax expense (benefit) | 17,415 | (1,725 | ) | 50,551 | (12,339 | ) | ||||||||||
Depreciation and amortization | 37,903 | 39,491 | 114,782 | 117,609 | ||||||||||||
Adjusted EBITDA | $ | 100,520 | $ | 49,758 | $ | 297,245 | $ | 129,112 |
ASSETS | September 30, 2015 | December 31, 2014 | ||||||
Cash and cash equivalents | $ | 63,767 | $ | 16,362 | ||||
Other current assets | 1,005,239 | 1,163,698 | ||||||
Total current assets | 1,069,006 | 1,180,060 | ||||||
Property, plant and equipment, net | 1,137,991 | 1,172,596 | ||||||
Intangibles and other assets, net | 289,814 | 416,980 | ||||||
Total Assets | $ | 2,496,811 | $ | 2,769,636 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Total current liabilities, excluding debt | $ | 756,804 | $ | 793,753 | ||||
Total long-term debt, including current portion | 840,766 | 917,179 | ||||||
Other long-term liabilities | 363,188 | 431,386 | ||||||
Total stockholders' equity | 536,053 | 627,318 | ||||||
Total Liabilities and Stockholders' Equity | $ | 2,496,811 | $ | 2,769,636 |
Nine months ended September 30, | ||||||||
Operating Activities | 2015 | 2014 | ||||||
Net cash provided by operating activities | $ | 322,028 | $ | 48,071 | ||||
Investing Activities | ||||||||
Payments for property, plant and equipment | (80,629 | ) | (89,486 | ) | ||||
Proceeds from sale of fixed assets | 15,822 | 18,688 | ||||||
Net cash used in investing activities | (64,807 | ) | (70,798 | ) | ||||
Financing Activities | ||||||||
Net proceeds from debt | 393,671 | 79,212 | ||||||
Early retirement of long-term debt | (476,188 | ) | — | |||||
Premiums paid on early retirement of debt | (37,309 | ) | — | |||||
Payments of financing costs | (16,836 | ) | (3,233 | ) | ||||
Common stock repurchase | (53,010 | ) | (25,000 | ) | ||||
Cash dividends paid | (19,784 | ) | (19,654 | ) | ||||
Issuance of common stock, net of share repurchases for withholding taxes | 891 | 5,296 | ||||||
Other | 186 | 332 | ||||||
Net cash provided by (used in) financing activities | (208,379 | ) | 36,953 | |||||
Effect of exchange rate changes on cash and cash equivalents | (1,437 | ) | (607 | ) | ||||
Increase in cash and cash equivalents | 47,405 | 13,619 | ||||||
Cash and cash equivalents, beginning of period | 16,362 | 16,762 | ||||||
Cash and cash equivalents, end of period | $ | 63,767 | $ | 30,381 | ||||
Computation of Free Cash Flow provided by (used in) continuing operations: | ||||||||
Net cash provided by operating activities | $ | 322,028 | $ | 48,071 | ||||
Payments for property, plant and equipment | (80,629 | ) | (89,486 | ) | ||||
Free cash flow provided by (used in) continuing operations | $ | 241,399 | $ | (41,415 | ) |
Three months ended September 30, 2015 | |||||||||||||||||||||||
GAAP | Asset write-downs and (gain) loss on sale of assets (a) | Facility closing, reorganization and realignment costs (b) | Other adjustments (d) | Income tax (e) | Adjusted* | ||||||||||||||||||
Operating income (loss): | |||||||||||||||||||||||
Dean Foods | $ | 58,796 | $ | — | $ | — | $ | 2,857 | $ | — | $ | 61,653 | |||||||||||
Facility closing and reorganization costs | (2,709 | ) | — | 2,709 | — | — | — | ||||||||||||||||
Amortization of intangibles | (5,618 | ) | 5,618 | — | — | — | — | ||||||||||||||||
Total operating income | 50,469 | 5,618 | 2,709 | 2,857 | — | 61,653 | |||||||||||||||||
Interest expense | 17,003 | — | — | (218 | ) | — | 16,785 | ||||||||||||||||
Other income, net | (964 | ) | — | — | — | — | (964 | ) | |||||||||||||||
Income tax expense | 14,197 | — | — | — | 3,218 | 17,415 | |||||||||||||||||
Income from continuing operations | 20,233 | 5,618 | 2,709 | 3,075 | (3,218 | ) | 28,417 | ||||||||||||||||
Net income | $ | 20,233 | $ | 5,618 | $ | 2,709 | $ | 3,075 | $ | (3,218 | ) | $ | 28,417 | ||||||||||
Diluted earnings per share | $ | 0.22 | $ | 0.06 | $ | 0.03 | $ | 0.03 | $ | (0.04 | ) | $ | 0.30 | ||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||||
GAAP | Asset write-downs and (gain) loss on sale of assets (a) | Facility closing, reorganization and realignment costs (b) | Other adjustments (d) | Income tax (e) | Adjusted* | ||||||||||||||||||
Operating income (loss): | |||||||||||||||||||||||
Dean Foods | $ | 9,012 | $ | 213 | $ | 83 | $ | 472 | $ | — | $ | 9,780 | |||||||||||
Facility closing and reorganization costs | (2,805 | ) | — | 2,805 | — | — | — | ||||||||||||||||
Impairment of long-lived assets | (7,400 | ) | 7,400 | — | — | — | — | ||||||||||||||||
Total operating income (loss) | (1,193 | ) | 7,613 | 2,888 | 472 | — | 9,780 | ||||||||||||||||
Interest expense | 15,233 | — | — | (426 | ) | — | 14,807 | ||||||||||||||||
Other income, net | (487 | ) | — | — | — | — | (487 | ) | |||||||||||||||
Income tax expense (benefit) | (803 | ) | — | — | — | (922 | ) | (1,725 | ) | ||||||||||||||
Income (loss) from continuing operations | (15,136 | ) | 7,613 | 2,888 | 898 | 922 | (2,815 | ) | |||||||||||||||
Loss from discontinued operations, net of tax | (836 | ) | — | — | 836 | — | — | ||||||||||||||||
Net loss | $ | (15,972 | ) | $ | 7,613 | $ | 2,888 | $ | 1,734 | $ | 922 | $ | (2,815 | ) | |||||||||
Diluted loss per share | $ | (0.17 | ) | $ | 0.08 | $ | 0.03 | $ | 0.02 | $ | 0.01 | $ | (0.03 | ) |
Nine months ended September 30, 2015 | |||||||||||||||||||||||||||
GAAP | Asset write-downs and (gain) loss on sale of assets (a) | Facility closing, reorganization and realignment costs (b) | Loss on early retirement of debt (c) | Other adjustments (d) | Income tax (e) | Adjusted* | |||||||||||||||||||||
Operating income (loss): | |||||||||||||||||||||||||||
Dean Foods | $ | 180,261 | $ | — | $ | — | $ | — | $ | 498 | $ | — | $ | 180,759 | |||||||||||||
Facility closing and reorganization costs | (9,362 | ) | — | 9,362 | — | — | — | — | |||||||||||||||||||
Impairment of long-lived assets | (109,910 | ) | 109,910 | — | — | — | — | — | |||||||||||||||||||
Amortization of intangibles | (13,040 | ) | 13,040 | — | — | — | — | — | |||||||||||||||||||
Total operating income | 47,949 | 122,950 | 9,362 | — | 498 | — | 180,759 | ||||||||||||||||||||
Interest expense | 50,505 | — | — | — | (1,070 | ) | — | 49,435 | |||||||||||||||||||
Loss on early retirement of debt | 43,609 | — | — | (43,609 | ) | — | — | — | |||||||||||||||||||
Other income, net | (1,704 | ) | — | — | — | — | — | (1,704 | ) | ||||||||||||||||||
Income tax expense (benefit) | (17,562 | ) | — | — | — | — | 68,113 | 50,551 | |||||||||||||||||||
Income (loss) from continuing operations | (26,899 | ) | 122,950 | 9,362 | 43,609 | 1,568 | (68,113 | ) | 82,477 | ||||||||||||||||||
Loss from discontinued operations, net of tax | (89 | ) | — | — | — | 89 | — | — | |||||||||||||||||||
Net income (loss) | $ | (26,988 | ) | $ | 122,950 | $ | 9,362 | $ | 43,609 | $ | 1,657 | $ | (68,113 | ) | $ | 82,477 | |||||||||||
Diluted earnings (loss) per share (f) | $ | (0.29 | ) | $ | 1.31 | $ | 0.10 | $ | 0.46 | $ | 0.02 | $ | (0.73 | ) | $ | 0.87 | |||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||||||||
GAAP | Asset write-downs and (gain) loss on sale of assets (a) | Facility closing, reorganization and realignment costs (b) | Loss on early retirement of debt (c) | Other adjustments (d) | Income tax (e) | Adjusted* | |||||||||||||||||||||
Operating income (loss): | |||||||||||||||||||||||||||
Dean Foods | $ | 5,427 | $ | 1,491 | $ | 3,822 | $ | — | $ | 3 | $ | — | $ | 10,743 | |||||||||||||
Facility closing and reorganization costs | (4,510 | ) | — | 4,510 | — | — | — | — | |||||||||||||||||||
Litigation settlements | 2,521 | — | — | — | (2,521 | ) | — | — | |||||||||||||||||||
Impairment of long-lived assets | (7,400 | ) | 7,400 | — | — | — | — | — | |||||||||||||||||||
Other operating income | 4,535 | (4,535 | ) | — | — | — | — | — | |||||||||||||||||||
Total operating income | 573 | 4,356 | 8,332 | — | (2,518 | ) | — | 10,743 | |||||||||||||||||||
Interest expense | 45,477 | — | — | — | (1,501 | ) | — | 43,976 | |||||||||||||||||||
Other income, net | (760 | ) | — | — | — | — | — | (760 | ) | ||||||||||||||||||
Income tax expense (benefit) | (18,253 | ) | — | — | — | — | 5,914 | (12,339 | ) | ||||||||||||||||||
Income (loss) from continuing operations | (25,891 | ) | 4,356 | 8,332 | — | (1,017 | ) | (5,914 | ) | (20,134 | ) | ||||||||||||||||
Income from discontinued operations, net of tax | 318 | — | — | — | (318 | ) | — | — | |||||||||||||||||||
Net loss | $ | (25,573 | ) | $ | 4,356 | $ | 8,332 | $ | — | $ | (1,335 | ) | $ | (5,914 | ) | $ | (20,134 | ) | |||||||||
Diluted loss per share | $ | (0.27 | ) | $ | 0.04 | $ | 0.09 | $ | — | $ | (0.01 | ) | $ | (0.06 | ) | $ | (0.21 | ) |
(a) | The adjustment reflects the elimination of the following: |
i. | In conjunction with our decision to launch DairyPure in the first quarter of 2015, we changed certain of our indefinite-lived assets to finite-lives resulting in a triggering event for impairment testing purposes. As a result, we recorded a non-cash charge of $109.9 million ($68.7 million net of tax) related to the impairment of certain intangible assets during the first quarter of 2015. In addition, we recorded amortization expense on these finite-lived trademarks of $5.6 million and $13.0 million for the three and nine months ended September 30, 2015; |
ii. | Asset impairment charges on certain fixed assets and indefinite lived intangible assets. We evaluate our long-lived assets for impairment when circumstances indicate that their carrying value may not be recoverable. Indicators of impairment could include, among other factors, significant changes in the business environment or the planned closure of a facility; |
iii. | Accelerated depreciation related to machinery and equipment at certain of our production facilities as a result of revisions made to the estimated remaining useful lives due to our evaluation of the impact that we expect changes in our business to have on estimated future cash flows at those production facilities; and |
iv. | Other operating income related to the final disposal of assets associated with the closure of one of our production facilities. |
(b) | The adjustment reflects the elimination of severance charges and non-cash asset impairments related to approved facility closings and restructuring plans, as well as other organizational realignment activities. |
(c) | During the first quarter of 2015, we retired the remaining outstanding principal amount of $476.2 million of our 2016 senior notes. As a result, we recorded a $38.3 million pre-tax loss on the early extinguishment of debt in the first quarter of 2015, which consisted of debt redemption premiums of $37.3 million, a write-off of unamortized debt issue costs of $0.8 million and a write-off of the remaining bond discount and interest rate swaps of $0.2 million. In addition, in conjunction with the execution of a new credit agreement and the amendment our receivables-backed facility in the first quarter of 2015, we wrote off unamortized debt issue costs related to the prior facilities of $5.3 million. The adjustment reflects the elimination of these losses. |
(d) | The adjustment reflects the elimination of the following: |
i. | The (gain) loss on the mark-to-market of our commodity derivative contracts. Effective January 1, 2014, we de-designated all open commodity derivative positions that were previously designated as hedges. As of the de-designation date, all commodities contracts are now marked to market in our statement of operations during each reporting period and a derivative asset or liability is recorded on our balance sheet; |
ii. | Interest accretion in connection with our previously disclosed dairy farmer class action lawsuit filed in the United States District Court for the Eastern District of Tennessee. The Court granted final approval of the settlement agreement on June 15, 2012; |
iii. | A reduction in a litigation settlement liability due to plaintiff class “opt-outs” of $2.5 million during the nine months ended September 30, 2014; and |
iv. | A taxing authority settlement of certain contingent obligations that we retained in connection with prior discontinued operations. |
(e) | The adjustment reflects the income tax impact of adjustments (a) through (d) and to reflect our adjusted tax rate at 38%, which we believe represents our normalized long-term effective tax rate as a U.S. domiciled business. |
(f) | The adjustment reflects an add-back of the dilutive shares, which were anti-dilutive for GAAP purposes. |
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