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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ESCO Technologies Inc | NYSE:ESE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.43 | 0.41% | 104.29 | 104.62 | 102.58 | 103.43 | 85,108 | 22:22:42 |
Operating Highlights
Bryan Sayler, Chief Executive Officer and President, commented, “ESCO had a great year, as we delivered record sales, Adjusted EBIT, Adjusted EPS, entered orders, and year-end backlog. We are well positioned in a number of end-markets with excellent growth characteristics, and we continue to see orders and sales momentum across our portfolio. In the quarter, all three business segments reported solid orders growth that resulted in an overall book-to-bill of 1.25x. A highlight in the quarter was booking over $90 million in Navy orders, which included significant content for machining of Block V hull treatments on Virginia Class submarines, hypersonic ejection valves, and Navy spares. Record quarterly orders of $340 million capped off a year in which we surpassed $1 billion dollars in orders for the first time.
“This was a particularly strong quarter for our USG segment as the need to update and maintain the aging U.S. electric grid, while at the same time expanding it to support the clean energy transition, is driving investments in utility infrastructure. USG sales increased 22 percent in the quarter, and we leveraged that growth to drive 2 points of margin expansion.
“I would like to thank our team for all their hard work during the year. The dedication of our employees is a key factor in being able to deliver record results once again. Across the company there is a lot to be excited about, both in our FY’23 results and in our opportunities to drive growth going forward.”
Segment PerformanceAerospace & Defense (A&D)
Utility Solutions Group (USG)
RF Test & Measurement (Test)
Share Repurchase ProgramThe Company did not repurchase any shares of stock during Q4 2023. During FY 2023 the Company repurchased approximately 140,000 shares for $12 million.
Dividend PaymentThe next quarterly cash dividend of $0.08 per share will be paid on January 19, 2024 to stockholders of record on January 4, 2024.
2024 Annual MeetingThe 2024 Annual Meeting of the Company’s Shareholders will be held on February 7, 2024.
Acquisition UpdateOn November 9, 2023, the Company acquired MPE Limited (MPE), based in the United Kingdom. MPE is a leading global manufacturer of high-performance EMC/EMP filters and capacitor products for military, utility, telecommunication, and other critical infrastructure applications. MPE’s facility and component filter product offerings are highly complementary to ETS-Lindgren’s powerline filter business and will broaden our end-markets served and expand our reach internationally. The business is expected to have annualized sales in the range of $12 to $14 million and will become part of our RF Test & Measurement segment. We expect MPE to be accretive to the sales growth and EBITDA margin profile of our existing Test segment.
Business Outlook – FY 2024 Management expects growth in sales, Adjusted EBIT, and Adjusted EBITDA across each of the Company’s business segments in 2024.
Management’s expectations for growth in 2024 compared to 2023:
Conference CallThe Company will host a conference call today, November 16, at 4:00 p.m. Central Time, to discuss the Company’s Q4 and full year 2023 results. A live audio webcast and an accompanying slide presentation will be available on ESCO’s investor website at https://investor.escotechnologies.com. For those unable to participate, a webcast replay will be available after the call on ESCO’s investor website.
Forward-Looking StatementsStatements in this press release regarding expectations for future results, sales and sales growth, EPS, Adjusted EBIT, Adjusted EBITDA, Adjusted EPS, cash flow, results of cost reduction efforts, margins, income tax rates, the financial success of the Company, the strength of its end markets, the outlook for the A&D, Test and USG segments, the ability to increase shareholder value, the results of acquisitions and international expansion efforts, internal investments in new products and solutions, the impacts of inflation, the long-term success of the Company, and any other statements which are not strictly historical are “forward-looking” statements within the meaning of the safe harbor provisions of the federal securities laws.
Investors are cautioned that such statements are only predictions and speak only as of the date of this release, and the Company undertakes no duty to update them except as may be required by applicable laws or regulations. The Company’s actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the Company’s operations and business environment including but not limited to those described in Item 1A, “Risk Factors”, of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022; the impacts of natural disasters on the Company’s operations and those of the Company’s customers and suppliers; the timing and content of future contract awards or customer orders; future impacts of the Inflation Reduction Act and other existing and future laws and regulations, future levels of utility infrastructure spending and demand for renewables products; the appropriation, allocation and availability of Government funds; the termination for convenience of Government and other customer contracts or orders; changing economic conditions in served markets; changes in customer demands or customer insolvencies; competition; intellectual property rights; technical difficulties; the success of the Company’s acquisition and cost reduction efforts; delivery delays or defaults by customers; performance issues with key customers, suppliers and subcontractors; changes in the costs and availability of certain raw materials; labor disputes; changes in U.S. tax laws and regulations; other changes in laws and regulations including but not limited to changes in accounting standards and foreign taxation; changes in interest rates; costs relating to environmental matters arising from current or former facilities; uncertainty regarding the ultimate resolution of current disputes, claims, litigation or arbitration; and the integration of recently acquired businesses.
Non-GAAP Financial MeasuresThe financial measures EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS are presented in this press release. The Company defines “EBIT” as earnings before interest and taxes, “EBITDA” as earnings before interest, taxes, depreciation and amortization, “Adjusted EBIT” and “Adjusted EBITDA” as excluding the net impact of the items described in the attached Reconciliation of Non-GAAP Financial Measures, and “Adjusted EPS” as GAAP earnings per share excluding the net impact of the items described and reconciled in the attached Reconciliation of Non-GAAP Financial Measures.
EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS are not recognized in accordance with U.S. generally accepted accounting principles (GAAP). However, Management believes EBIT, Adjusted EBIT, EBITDA, and Adjusted EBITDA are useful in assessing the operational profitability of the Company’s business segments because they exclude interest, taxes, depreciation, and amortization, which are generally accounted for across the entire Company on a consolidated basis. EBIT is also one of the measures used by Management in determining resource allocations within the Company as well as incentive compensation. The presentation of EBIT, Adjusted EBIT, EBITDA, Adjusted EBITDA, and Adjusted EPS provides important supplemental information to investors by facilitating comparisons with other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. The use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP.
ESCO is a global provider of highly engineered products and solutions serving diverse end-markets. It manufactures filtration and fluid control products for the aviation, Navy, space, and process markets worldwide and composite-based products and solutions for Navy, defense, and industrial customers. ESCO is an industry leader in designing and manufacturing RF test and measurement products and systems; and provides diagnostic instruments, software and services to industrial power users and the electric utility and renewable energy industries. Headquartered in St. Louis, Missouri, ESCO and its subsidiaries have offices and manufacturing facilities worldwide. For more information on ESCO and its subsidiaries, visit the Company’s website at www.escotechnologies.com.
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES | |||||||||||
Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||
Three MonthsEnded September30, 2023 | Three MonthsEnded September30, 2022 | ||||||||||
Net Sales | $ | 272,647 | 256,498 | ||||||||
Cost and Expenses: | |||||||||||
Cost of sales | 164,424 | 154,323 | |||||||||
Selling, general and administrative expenses | 56,555 | 53,054 | |||||||||
Amortization of intangible assets | 7,930 | 6,553 | |||||||||
Interest expense | 2,347 | 1,767 | |||||||||
Other expenses (income), net | 199 | 373 | |||||||||
Total costs and expenses | 231,455 | 216,070 | |||||||||
Earnings before income taxes | 41,192 | 40,428 | |||||||||
Income tax expense | 9,195 | 9,388 | |||||||||
Net earnings | $ | 31,997 | 31,040 | ||||||||
Earnings Per Share (EPS) | |||||||||||
Diluted - GAAP | $ | 1.24 | 1.19 | ||||||||
Diluted - As Adjusted Basis | $ | 1.25 | (1 | ) | 1.21 | (2 | ) | ||||
Diluted average common shares O/S: | 25,862 | 25,990 | |||||||||
(1 | ) | Q4 2023 Adjusted EPS excludes $0.01 per share of after-tax restructuring charges primarily at Westland (severance and asset write-off). | |||||||||
(2 | ) | Q4 2022 Adjusted EPS excludes $0.02 per share of after-tax severance charges at VACCO and NRG, and Corporate management transition costs. |
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES | ||||||||||||
Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||
Year Ended September 30,2023 | Year EndedSeptember 30,2022 | |||||||||||
Net Sales | $ | 956,033 | 857,502 | |||||||||
Cost and Expenses: | ||||||||||||
Cost of sales | 580,377 | 525,457 | ||||||||||
Selling, general and administrative expenses | 217,110 | 195,127 | ||||||||||
Amortization of intangible assets | 28,953 | 25,936 | ||||||||||
Interest expense | 8,769 | 4,851 | ||||||||||
Other expenses (income), net | 1,877 | (304 | ) | |||||||||
Total costs and expenses | 837,086 | 751,067 | ||||||||||
Earnings before income taxes | 118,947 | 106,435 | ||||||||||
Income tax expense | 26,402 | 24,115 | ||||||||||
Net earnings | $ | 92,545 | 82,320 | |||||||||
Earnings Per Share (EPS) | ||||||||||||
Diluted - GAAP | $ | 3.58 | 3.16 | |||||||||
Diluted - As Adjusted Basis | $ | 3.70 | (1 | ) | 3.21 | (2 | ) | |||||
Diluted average common shares O/S: | 25,879 | 26,067 | ||||||||||
(1 | ) | FY 2023 Adjusted EPS excludes $0.12 per share of after-tax charges consisting of $0.06 of executive management transition costs at Corporate, $0.02 of CMT acquisition inventory step-up charges, $0.03 of restructuring charges within the A&D segment, and $0.01 of Corporate acquisition related costs. | ||||||||||
(2 | ) | FY 2022 Adjusted EPS excludes $0.05 per share of after-tax charges associated with the Altanova & NEco acquisition inventory step-up charges, severance charges at VACCO and NRG, and Corporate acquisition and management transition costs. |
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES | |||||||||||||||
Condensed Business Segment Information (Unaudited) | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
GAAP | As Adjusted | ||||||||||||||
Q4 2023 | Q4 2022 | Q4 2023 | Q4 2022 | ||||||||||||
Net Sales | |||||||||||||||
Aerospace & Defense | $ | 107,009 | 103,742 | 107,009 | 103,742 | ||||||||||
USG | 102,148 | 83,490 | 102,148 | 83,490 | |||||||||||
Test | 63,490 | 69,266 | 63,490 | 69,266 | |||||||||||
Totals | $ | 272,647 | 256,498 | 272,647 | 256,498 | ||||||||||
EBIT | |||||||||||||||
Aerospace & Defense | $ | 18,647 | 23,310 | 19,075 | 23,590 | ||||||||||
USG | 26,179 | 19,764 | 26,242 | 19,813 | |||||||||||
Test | 11,115 | 11,779 | 11,115 | 11,779 | |||||||||||
Corporate | (12,402 | ) | (12,658 | ) | (12,402 | ) | (12,428 | ) | |||||||
Consolidated EBIT | 43,539 | 42,195 | 44,030 | 42,754 | |||||||||||
Less: Interest expense | (2,347 | ) | (1,767 | ) | (2,347 | ) | (1,767 | ) | |||||||
Less: Income tax expense | (9,195 | ) | (9,388 | ) | (9,308 | ) | (9,517 | ) | |||||||
Net earnings | $ | 31,997 | 31,040 | 32,375 | 31,470 | ||||||||||
Note 1: Adjusted net earnings of $32.4 million in Q4 2023 exclude $0.4 million (or $0.01 per share) of after-tax restructuring charges primarily at Westland (severance and asset write-off). | |||||||||||||||
Note 2: Adjusted net earnings of $31.5 million in Q4 2022 exclude $0.4 million (or $0.02 per share) of after-tax severance charges at VACCO and NRG, and Corporate management transition costs. | |||||||||||||||
EBITDA Reconciliation to Net earnings: | Q4 2023 | Q4 2022 | |||||||||||||
Q4 2023 | Q4 2022 | As Adjusted | As Adjusted | ||||||||||||
Consolidated EBITDA | $ | 56,363 | 54,291 | 56,854 | 54,850 | ||||||||||
Less: Depr & Amort | (12,824 | ) | (12,096 | ) | (12,824 | ) | (12,096 | ) | |||||||
Consolidated EBIT | 43,539 | 42,195 | 44,030 | 42,754 | |||||||||||
Less: Interest expense | (2,347 | ) | (1,767 | ) | (2,347 | ) | (1,767 | ) | |||||||
Less: Income tax expense | (9,195 | ) | (9,388 | ) | (9,308 | ) | (9,517 | ) | |||||||
Net earnings | $ | 31,997 | 31,040 | 32,375 | 31,470 | ||||||||||
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES | |||||||||||||||
Condensed Business Segment Information (Unaudited) | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
GAAP | As Adjusted | ||||||||||||||
FY 2023 | FY 2022 | FY 2023 | FY 2022 | ||||||||||||
Net Sales | |||||||||||||||
Aerospace & Defense | $ | 392,443 | 351,413 | 392,443 | 351,413 | ||||||||||
USG | 342,320 | 278,367 | 342,320 | 278,367 | |||||||||||
Test | 221,270 | 227,722 | 221,270 | 227,722 | |||||||||||
Totals | $ | 956,033 | 857,502 | 956,033 | 857,502 | ||||||||||
EBIT | |||||||||||||||
Aerospace & Defense | $ | 71,643 | 68,352 | 73,070 | 68,967 | ||||||||||
USG | 76,722 | 57,604 | 76,915 | 58,120 | |||||||||||
Test | 32,395 | 32,592 | 32,395 | 32,592 | |||||||||||
Corporate | (53,044 | ) | (47,262 | ) | (50,531 | ) | (46,727 | ) | |||||||
Consolidated EBIT | 127,716 | 111,286 | 131,849 | 112,952 | |||||||||||
Less: Interest expense | (8,769 | ) | (4,851 | ) | (8,769 | ) | (4,851 | ) | |||||||
Less: Income tax | (26,402 | ) | (24,115 | ) | (27,353 | ) | (24,499 | ) | |||||||
Net earnings | $ | 92,545 | 82,320 | 95,727 | 83,602 | ||||||||||
Note 1: Adjusted net earnings of $95.7 million in FY 2023 exclude $3.2 million (or $0.12 per share) of after-tax charges consisting of $0.06 of executive management transition costs at Corporate, $0.02 of CMT acquisition inventory step-up charges, $0.03 of restructuring charges within the A&D segment, and $0.01 of Corporate acquisition related costs. | |||||||||||||||
Note 2: Adjusted net earnings of $83.6 million in FY 2022 exclude $1.3 million (or $0.05 per share) of after-tax charges associated with the Altanova & NEco acquisition inventory step-up charges, severance charges at VACCO and NRG, and Corporate acquisition and management transition costs. | |||||||||||||||
EBITDA Reconciliation to Net earnings: | FY 2023 | FY 2022 | |||||||||||||
FY 2023 | FY 2022 | As Adjusted | As Adjusted | ||||||||||||
Consolidated EBITDA | $ | 178,239 | 159,629 | 182,372 | 161,295 | ||||||||||
Less: Depr & Amort | (50,523 | ) | (48,343 | ) | (50,523 | ) | (48,343 | ) | |||||||
Consolidated EBIT | 127,716 | 111,286 | 131,849 | 112,952 | |||||||||||
Less: Interest expense | (8,769 | ) | (4,851 | ) | (8,769 | ) | (4,851 | ) | |||||||
Less: Income tax expense | (26,402 | ) | (24,115 | ) | (27,353 | ) | (24,499 | ) | |||||||
Net earnings | $ | 92,545 | 82,320 | 95,727 | 83,602 | ||||||||||
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES | ||||||
Condensed Consolidated Balance Sheets (Unaudited) | ||||||
(Dollars in thousands) | ||||||
September 30,2023 | September 30,2022 | |||||
Assets | ||||||
Cash and cash equivalents | $ | 41,866 | 97,724 | |||
Accounts receivable, net | 198,557 | 164,645 | ||||
Contract assets | 138,633 | 125,154 | ||||
Inventories | 184,067 | 162,403 | ||||
Other current assets | 17,972 | 22,696 | ||||
Total current assets | 581,095 | 572,622 | ||||
Property, plant and equipment, net | 155,484 | 155,973 | ||||
Intangible assets, net | 392,124 | 394,464 | ||||
Goodwill | 503,177 | 492,709 | ||||
Operating lease assets | 39,839 | 29,150 | ||||
Other assets | 11,495 | 9,538 | ||||
$ | 1,683,214 | 1,654,456 | ||||
Liabilities and Shareholders' Equity | ||||||
Current maturities of long-term debt | $ | 20,000 | 20,000 | |||
Accounts payable | 86,973 | 78,746 | ||||
Contract liabilities | 112,277 | 125,009 | ||||
Other current liabilities | 95,401 | 94,374 | ||||
Total current liabilities | 314,651 | 318,129 | ||||
Deferred tax liabilities | 75,531 | 82,023 | ||||
Non-current operating lease liabilities | 36,554 | 24,853 | ||||
Other liabilities | 43,336 | 48,294 | ||||
Long-term debt | 82,000 | 133,000 | ||||
Shareholders' equity | 1,131,142 | 1,048,157 | ||||
$ | 1,683,214 | 1,654,456 |
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES | ||||||
Consolidated Statements of Cash Flows | ||||||
(Dollars in thousands) | ||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | |||||
Cash flows from operating activities: | ||||||
Net earnings | $ | 92,545 | 82,320 | |||
Adjustments to reconcile net earnings to net cash | ||||||
provided by operating activities: | ||||||
Depreciation and amortization | 50,523 | 48,343 | ||||
Stock compensation expense | 8,910 | 7,320 | ||||
Changes in assets and liabilities | (68,821 | ) | (11,654 | ) | ||
Effect of deferred taxes | (6,267 | ) | 8,946 | |||
Net cash provided by operating activities | 76,890 | 135,275 | ||||
Cash flows from investing activities: | ||||||
Acquisition of business, net of cash acquired | (17,694 | ) | (10,906 | ) | ||
Capital expenditures | (22,377 | ) | (32,101 | ) | ||
Additions to capitalized software | (12,397 | ) | (12,912 | ) | ||
Net cash used by investing activities | (52,468 | ) | (55,919 | ) | ||
Cash flows from financing activities: | ||||||
Proceeds from long-term debt | 103,000 | 100,000 | ||||
Principal payments on long-term debt & short-term borrowings | (154,000 | ) | (101,000 | ) | ||
Dividends paid | (8,252 | ) | (8,268 | ) | ||
Purchases of common stock into treasury | (12,401 | ) | (19,878 | ) | ||
Debt issuance costs | (1,826 | ) | 0 | |||
Other | (4,851 | ) | (2,976 | ) | ||
Net cash used by financing activities | (78,330 | ) | (32,122 | ) | ||
Effect of exchange rate changes on cash and cash equivalents | (1,950 | ) | (5,742 | ) | ||
Net (decrease) increase in cash and cash equivalents | (55,858 | ) | 41,492 | |||
Cash and cash equivalents, beginning of period | 97,724 | 56,232 | ||||
Cash and cash equivalents, end of period | $ | 41,866 | 97,724 |
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES | ||||||||||||||
Other Selected Financial Data (Unaudited) | ||||||||||||||
(Dollars in thousands) | ||||||||||||||
Backlog And Entered Orders - Q4 2023 | Aerospace & Defense | USG | Test | Total | ||||||||||
Beginning Backlog - 7/1/23 | $ | 413,713 | 138,240 | 153,456 | 705,409 | |||||||||
Entered Orders | 177,365 | 97,367 | 64,868 | 339,600 | ||||||||||
Sales | (107,009 | ) | (102,148 | ) | (63,490 | ) | (272,647 | ) | ||||||
Ending Backlog - 9/30/23 | $ | 484,069 | 133,459 | 154,834 | 772,362 | |||||||||
Backlog And Entered Orders - FY 2023 | Aerospace & Defense | USG | Test | Total | ||||||||||
Beginning Backlog - 10/1/22 | $ | 408,269 | 128,156 | 158,597 | 695,022 | |||||||||
Entered Orders | 468,243 | 347,623 | 217,507 | 1,033,373 | ||||||||||
Sales | (392,443 | ) | (342,320 | ) | (221,270 | ) | (956,033 | ) | ||||||
Ending Backlog - 9/30/23 | $ | 484,069 | 133,459 | 154,834 | 772,362 |
ESCO TECHNOLOGIES INC. AND SUBSIDIARIES | |||
Reconciliation of Non-GAAP Financial Measures (Unaudited) | |||
EPS – Adjusted Basis Reconciliation – Q4 2023 | |||
EPS – GAAP Basis – Q4 2022 | $ | 1.24 | |
Adjustments (defined below) | 0.01 | ||
EPS – As Adjusted Basis – Q4 2023 | $ | 1.25 | |
Adjustments exclude $0.01 per share consisting of after-tax restructuring | |||
charges primarily at Westland (severance and asset write-off). | |||
The $0.01 of EPS adjustments per share consists of $0.5 million of pre-tax charges | |||
offset by $0.1 million of tax benefit for net impact of $0.4 million. | |||
EPS – Adjusted Basis Reconciliation – FY 2023 | |||
EPS – GAAP Basis – FY 2023 | $ | 3.58 | |
Adjustments (defined below) | 0.12 | ||
EPS – As Adjusted Basis – FY 2023 | $ | 3.70 | |
Adjustments exclude $0.12 per share of after-tax charges consisting of executive | |||
management transition costs at Corporate, CMT acquisition inventory step-up charges, | |||
restructuring charges within the A&D segment and Corporate acquisition related costs. | |||
The $0.12 of EPS adjustments per share consists of $4.1 million of pre-tax charges | |||
offset by $0.9 million of tax benefit for net impact of $3.2 million | |||
EPS – Adjusted Basis Reconciliation – Q4 2022 | |||
EPS – GAAP Basis – Q4 2022 | $ | 1.19 | |
Adjustments (defined below) | 0.02 | ||
EPS – As Adjusted Basis – Q4 2022 | $ | 1.21 | |
Adjustments exclude $0.02 per share consisting of after-tax severance charges | |||
at VACCO and NRG and Corporate management transition costs. | |||
The $0.02 of EPS adjustments per share consists of $0.6 million of pre-tax charges | |||
offset by $0.2 million of tax benefit for net impact of $0.4 million. | |||
EPS – Adjusted Basis Reconciliation – FY 2022 | |||
EPS – GAAP Basis – FY 2022 | $ | 3.16 | |
Adjustments (defined below) | 0.05 | ||
EPS – As Adjusted Basis – FY 2022 | $ | 3.21 | |
Adjustments exclude $0.05 per share consisting of Altanova & Neco acquisition inventory | |||
step-up charges, severance charges at VACCO and NRG, Corporate acquisition costs and | |||
management transition costs. | |||
The $0.05 of EPS adjustments per share consists of $1.7 million of pre-tax charges | |||
offset by $0.4 million of tax benefit for net impact of $1.3 million |
SOURCE ESCO Technologies Inc.Kate Lowrey, Vice President of Investor Relations, (314) 213-7277
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