Third Quarter Highlights:
- Company reported a net loss attributable to The Andersons of
$1.1 million , or$0.03 per diluted share, and adjusted net loss of$2.4 million , or$0.07 per diluted share. - Adjusted EBITDA attributable to the company was
$46.2 million for the quarter, up 21 percent year over year. - Trade reported pretax income of
$5.9 million and adjusted pretax income of$6.9 million on improved merchandising results. - Ethanol reported pretax income attributable to the company of
$1.1 million as margins improved
"We continued to make good progress during the quarter toward reaching our vision to be the most nimble and innovative ag supply chain company in
"Our results for the third quarter were solid in light of the current economic environment," continued Bowe. "Trade, Ethanol and Plant Nutrient all recorded improved results year over year. Trade led the way with better merchandising income as the fall harvest got off to a good start. Ethanol's results were much improved, notwithstanding large non-cash mark-to-market charges. Plant Nutrient's results improved substantially year over year in a quarter in which that business is usually seasonally weak. Finally, Rail continued to feel the negative impacts of weak railcar demand."
$ in millions, except per share amounts | ||||||||||||||||||
Q3 2020 | Q3 2019 | Variance | YTD 2020 | YTD 2019 | Variance | |||||||||||||
Pretax Income (Loss) Attributable to the Company1 | $ | (5.8) | $ | (11.4) | $ | 5.6 | $ | (26.7) | $ | 10.0 | $ | (36.7) | ||||||
Adjusted Pretax Income (Loss) Attributable to the Company1 | (1.6) | (8.9) | 7.3 | (17.8) | 27.3 | (45.1) | ||||||||||||
Trade | 6.9 | 0.4 | 6.5 | (0.4) | 20.0 | (20.4) | ||||||||||||
Ethanol1 | 1.1 | 1.1 | — | (22.0) | 7.8 | (29.8) | ||||||||||||
Plant Nutrient | (5.4) | (7.4) | 2.0 | 12.8 | 4.5 | 8.3 | ||||||||||||
Rail | (0.1) | 3.1 | (3.2) | 3.5 | 10.6 | (7.1) | ||||||||||||
Other | (4.1) | (6.1) | 2.0 | (11.8) | (15.6) | 3.8 | ||||||||||||
Net Income (Loss) Attributable to the Company1 | (1.1) | (4.2) | 3.1 | (8.3) | 11.7 | (20.0) | ||||||||||||
Adjusted Net Income (Loss) Attributable to the Company1 | (2.4) | (2.3) | (0.1) | (16.4) | 24.7 | (41.1) | ||||||||||||
Diluted EPS | (0.03) | (0.13) | 0.10 | (0.25) | 0.35 | (0.60) | ||||||||||||
Adjusted Diluted EPS | (0.07) | (0.07) | — | (0.50) | 0.74 | (1.24) | ||||||||||||
EBITDA | 55.3 | 35.1 | 20.2 | 131.9 | 151.7 | (19.8) | ||||||||||||
Adjusted EBITDA Attributable to the Company | $ | 46.2 | $ | 38.2 | $ | 8.0 | $ | 131.6 | $ | 170.2 | $ | (38.6) |
1 Reflects amounts attributable to the company and excludes income attributable to the noncontrolling interests of |
Liquidity and Cash Management
"We continued to generate strong operating cash flows and manage capital expenditures during the third quarter," said Executive Vice President and CFO
In addition to the
The company has spent
Third Quarter Segment Overview
Trade Records Higher Results Driven by Improved Merchandising Income
The Trade segment recorded improved pretax income of
A large majority of the year-over-year improvement came from commodity merchandising, which earned pretax income that was more than 80 percent higher year over year. The performance of the segment's assets improved due to strong corn and soybean sales despite earning less income from wheat. The business also continued to benefit from the successful integration of
Trade's third quarter adjusted EBITDA was
While merchandising opportunities continue to be good, the resulting income will not likely fully offset the lack of carry in the corn and soybean markets into 2021 due to the significant increase in futures prices and narrowing spreads since early August.
Ethanol Remains Profitable on Improved Margins Despite Mark-to-Market Charge
The Ethanol segment reported pretax income attributable to the company of
Improved crush margins were the primary driver of significantly improved performance by the group's five plants. However, the segment recorded a non-cash mark-to-market charge of
Production volumes in the quarter were higher year over year due to higher yields at
Ethanol recorded EBITDA attributable to the company of
Plant Nutrient Results Improve; Rail Breaks Even
The Plant Nutrient segment improved its results year over year, recording a pretax loss of
Rail recorded a third quarter pretax loss of
Provision for Income Taxes Includes CARES Act Benefits
The company's income tax provision included additional CARES Act tax benefits of approximately
Conference Call
The company will host a webcast on
To access the webcast, click on the link: https://edge.media-server.com/mmc/p/yn8hngoo. Complete the four fields as directed and click Submit. A replay of the call can also be accessed under the heading "Investors" on the company's website at www.andersonsinc.com.
Investor Day
The company will hold its investor day on the morning of
Sustainability Review
The company has recently published a 2020 sustainability review. It can also be accessed under the heading "Investors" on the company's website at www.andersonsinc.com.
Forward-Looking Statements
This release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially. Without limitation, these risks include economic, weather and regulatory conditions, competition, the COVID-19 pandemic and the risk factors set forth from time to time in the company's filings with the
Non-GAAP Measures
This release contains non-GAAP financial measures. The company believes that pretax income attributable to The Andersons, adjusted pretax income attributable to the company, net income attributable to the company, adjusted net income attributable to the company, adjusted diluted earnings per share, EBITDA and adjusted EBITDA attributable to the company provide additional information to investors and others about its operations, allowing an evaluation of underlying operating performance and better period-to-period comparability. The above measures are not and should not be considered as alternatives to pretax income, net income or net income per share as determined by generally accepted accounting principles. Reconciliations of the GAAP to non-GAAP measures may be found within this press release and the financial tables provided herein.
Company Description
Founded in 1947 in
Condensed Consolidated Statements of Operations (unaudited) | |||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
(in thousands, except per share data) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Sales and merchandising revenues | $ | 1,922,233 | $ | 1,982,755 | $ | 5,665,519 | $ | 6,284,588 | |||||||
Cost of sales and merchandising revenues | 1,820,398 | 1,873,614 | 5,394,288 | 5,905,055 | |||||||||||
Gross profit | 101,835 | 109,141 | 271,231 | 379,533 | |||||||||||
Operating, administrative and general expenses | 98,219 | 107,118 | 293,415 | 327,385 | |||||||||||
Asset impairment | — | — | — | 3,081 | |||||||||||
Interest expense, net | 10,569 | 13,975 | 37,983 | 45,613 | |||||||||||
Other income, net: | |||||||||||||||
Equity in earnings (loss) of affiliates, net | 20 | (3,728) | 228 | (2,367) | |||||||||||
Other income, net | 4,434 | 2,598 | 12,697 | 6,649 | |||||||||||
Income (loss) before income taxes | (2,499) | (13,082) | (47,242) | 7,736 | |||||||||||
Income tax benefit | (4,714) | (7,212) | (18,378) | (1,657) | |||||||||||
Net income (loss) | 2,215 | (5,870) | (28,864) | 9,393 | |||||||||||
Net income (loss) attributable to the noncontrolling interests | 3,273 | (1,633) | (20,583) | (2,265) | |||||||||||
Net income (loss) attributable to | $ | (1,058) | $ | (4,237) | $ | (8,281) | $ | 11,658 | |||||||
Per common share: | |||||||||||||||
Basic earnings (loss) attributable to | $ | (0.03) | $ | (0.13) | $ | (0.25) | $ | 0.36 | |||||||
Diluted earnings (loss) attributable to | $ | (0.03) | $ | (0.13) | $ | (0.25) | $ | 0.35 |
Reconciliation to Adjusted Net Income (unaudited) | |||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
(in thousands, except per share data) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Net income (loss) attributable to | $ | (1,058) | $ | (4,237) | $ | (8,281) | $ | 11,658 | |||||||
Items impacting other income, net of tax: | |||||||||||||||
One time acquisition costs | — | (23) | — | 5,849 | |||||||||||
Transaction related stock compensation | 912 | 2,577 | 3,260 | 7,339 | |||||||||||
Asset impairment | — | — | — | 3,081 | |||||||||||
Loss from remeasurement of equity method investments | — | — | — | 1,073 | |||||||||||
Severance costs | 3,222 | — | 5,563 | — | |||||||||||
Income tax impact of adjustments (a) | (5,511) | (638) | (16,962) | (4,335) | |||||||||||
Total adjusting items, net of tax | (1,377) | 1,916 | (8,139) | 13,007 | |||||||||||
Adjusted net income (loss) attributable to | $ | (2,435) | $ | (2,321) | $ | (16,420) | $ | 24,665 | |||||||
Diluted earnings (loss) attributable to | $ | (0.03) | $ | (0.13) | $ | (0.25) | $ | 0.35 | |||||||
Impact on diluted earnings (loss) per share | $ | (0.04) | $ | 0.06 | $ | (0.25) | $ | 0.39 | |||||||
Adjusted diluted earnings (loss) per share | $ | (0.07) | $ | (0.07) | $ | (0.50) | $ | 0.74 |
(a) Income tax adjustments include |
Condensed Consolidated Balance Sheets (unaudited) | |||||||||||
(in thousands) |
|
|
| ||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash, cash equivalents and restricted cash | $ | 13,693 | $ | 54,895 | $ | 21,299 | |||||
Accounts receivable, net | 529,584 | 536,367 | 523,110 | ||||||||
Inventories | 754,604 | 1,170,536 | 741,086 | ||||||||
Commodity derivative assets - current | 140,066 | 107,863 | 120,510 | ||||||||
Other current assets | 102,302 | 75,681 | 82,770 | ||||||||
Total current assets | 1,540,249 | 1,945,342 | 1,488,775 | ||||||||
Other assets: | |||||||||||
135,709 | 135,360 | 135,872 | |||||||||
Other intangible assets, net | 152,214 | 175,312 | 181,100 | ||||||||
Right of use assets, net | 58,108 | 76,401 | 70,773 | ||||||||
Equity method investments | 25,368 | 23,857 | 117,348 | ||||||||
Other assets, net | 23,601 | 21,753 | 21,442 | ||||||||
Total other assets | 395,000 | 432,683 | 526,535 | ||||||||
587,851 | 584,298 | 565,746 | |||||||||
Property, plant and equipment, net | 888,511 | 938,418 | 703,396 | ||||||||
Total assets | $ | 3,411,611 | $ | 3,900,741 | $ | 3,284,452 | |||||
Liabilities and equity | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | 100,405 | 147,031 | 138,249 | ||||||||
Trade and other payables | 641,812 | 873,081 | 594,708 | ||||||||
Customer prepayments and deferred revenue | 49,573 | 133,585 | 35,274 | ||||||||
Commodity derivative liabilities – current | 79,159 | 46,942 | 67,606 | ||||||||
Current maturities of long-term debt | 67,786 | 62,899 | 66,899 | ||||||||
Accrued expenses and other current liabilities | 157,801 | 176,381 | 162,749 | ||||||||
Total current liabilities | 1,096,536 | 1,439,919 | 1,065,485 | ||||||||
Long-term lease liabilities | 38,232 | 51,091 | 47,299 | ||||||||
Long-term debt, less current maturities | 916,087 | 1,016,248 | 968,117 | ||||||||
Deferred income taxes | 163,454 | 146,155 | 128,003 | ||||||||
Other long-term liabilities | 60,075 | 51,673 | 64,198 | ||||||||
Total liabilities | 2,274,384 | 2,705,086 | 2,273,102 | ||||||||
Total equity | 1,137,227 | 1,195,655 | 1,011,350 | ||||||||
Total liabilities and equity | $ | 3,411,611 | $ | 3,900,741 | $ | 3,284,452 |
Segment Data (unaudited) | |||||||||||||||||||||||
(in thousands) | Trade | Ethanol | Plant | Rail | Other | Total | |||||||||||||||||
Three months ended | |||||||||||||||||||||||
Sales and merchandising revenues | $ | 1,432,922 | $ | 349,957 | $ | 102,707 | $ | 36,647 | $ | — | $ | 1,922,233 | |||||||||||
Gross profit | 65,572 | 11,169 | 16,496 | 8,598 | — | 101,835 | |||||||||||||||||
Equity in earnings (losses) of affiliates, net | 20 | — | — | — | — | 20 | |||||||||||||||||
Other income (loss), net | 3,114 | 553 | 579 | 588 | (400) | 4,434 | |||||||||||||||||
Income (loss) before income taxes | 5,941 | 4,421 | (5,387) | (139) | (7,335) | (2,499) | |||||||||||||||||
Income attributable to the noncontrolling interests | — | 3,273 | — | — | — | 3,273 | |||||||||||||||||
Income (loss) before income taxes attributable to The | $ | 5,941 | $ | 1,148 | $ | (5,387) | $ | (139) | $ | (7,335) | $ | (5,772) | |||||||||||
Adjustments to income (loss) before income taxes (b) | 912 | — | — | — | 3,222 | 4,134 | |||||||||||||||||
Adjusted income (loss) before income taxes | $ | 6,853 | $ | 1,148 | $ | (5,387) | $ | (139) | $ | (4,113) | $ | (1,638) | |||||||||||
Three months ended | |||||||||||||||||||||||
Sales and merchandising revenues | $ | 1,515,107 | $ | 319,105 | $ | 109,446 | $ | 39,097 | $ | — | $ | 1,982,755 | |||||||||||
Gross profit | 73,379 | 8,083 | 15,851 | 11,828 | — | 109,141 | |||||||||||||||||
Equity in earnings (losses) of affiliates, net | (98) | (3,630) | — | — | — | (3,728) | |||||||||||||||||
Other income (loss), net | 876 | 417 | 510 | 854 | (59) | 2,598 | |||||||||||||||||
Income (loss) before income taxes | (2,122) | (563) | (7,440) | 3,137 | (6,094) | (13,082) | |||||||||||||||||
Loss attributable to the noncontrolling interests | — | (1,633) | — | — | — | (1,633) | |||||||||||||||||
Income (loss) before income taxes attributable to The | $ | (2,122) | $ | 1,070 | $ | (7,440) | $ | 3,137 | $ | (6,094) | $ | (11,449) | |||||||||||
Adjustments to income (loss) before income taxes (b) | 2,554 | — | — | — | — | 2,554 | |||||||||||||||||
Adjusted income (loss) before income taxes | $ | 432 | $ | 1,070 | $ | (7,440) | $ | 3,137 | $ | (6,094) | $ | (8,895) |
(a) Income (loss) before income taxes attributable to |
(b) Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. |
(in thousands) | Trade | Ethanol | Plant | Rail | Other | Total | |||||||||||||||||
Nine months ended | |||||||||||||||||||||||
Sales and merchandising revenues | $ | 4,162,130 | $ | 886,742 | $ | 507,445 | $ | 109,202 | $ | — | $ | 5,665,519 | |||||||||||
Gross profit | 187,420 | (20,829) | 75,625 | 29,015 | — | 271,231 | |||||||||||||||||
Equity in earnings (losses) of affiliates, net | 228 | — | — | — | — | 228 | |||||||||||||||||
Other income (loss), net | 6,865 | 1,465 | 935 | 2,543 | 889 | 12,697 | |||||||||||||||||
Income (loss) before income taxes | (3,650) | (42,543) | 12,828 | 3,474 | (17,351) | (47,242) | |||||||||||||||||
Loss attributable to the noncontrolling interests | — | (20,583) | — | — | — | (20,583) | |||||||||||||||||
Income (loss) before income taxes attributable to The | $ | (3,650) | $ | (21,960) | $ | 12,828 | $ | 3,474 | $ | (17,351) | $ | (26,659) | |||||||||||
Adjustments to income (loss) before income taxes (b) | 3,260 | — | — | — | 5,563 | 8,823 | |||||||||||||||||
Adjusted income (loss) before income taxes | $ | (390) | $ | (21,960) | $ | 12,828 | $ | 3,474 | $ | (11,788) | $ | (17,836) | |||||||||||
Nine months ended | |||||||||||||||||||||||
Sales and merchandising revenues | $ | 4,753,375 | $ | 899,137 | $ | 508,548 | $ | 123,528 | $ | — | $ | 6,284,588 | |||||||||||
Gross profit | 241,444 | 19,973 | 75,583 | 42,533 | — | 379,533 | |||||||||||||||||
Equity in earnings (losses) of affiliates, net | (1,843) | (524) | — | — | — | (2,367) | |||||||||||||||||
Other income (loss), net | 1,705 | 696 | 1,647 | 1,392 | 1,209 | 6,649 | |||||||||||||||||
Income (loss) before income taxes | 2,610 | 5,562 | 4,534 | 10,629 | (15,599) | 7,736 | |||||||||||||||||
Loss attributable to the noncontrolling interests | — | (2,265) | — | — | — | (2,265) | |||||||||||||||||
Income (loss) before income taxes attributable to The | $ | 2,610 | $ | 7,827 | $ | 4,534 | $ | 10,629 | $ | (15,599) | $ | 10,001 | |||||||||||
Adjustments to income (loss) before income taxes (b) | 17,342 | — | — | — | — | 17,342 | |||||||||||||||||
Adjusted income (loss) before income taxes | $ | 19,952 | $ | 7,827 | $ | 4,534 | $ | 10,629 | $ | (15,599) | $ | 27,343 | |||||||||||
(a) Income (loss) before income taxes attributable to (b) Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. |
Reconciliation to EBITDA and Adjusted EBITDA | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
(in thousands) | Trade | Ethanol | Plant | Rail | Other | Total | |||||||||||||||||
Three months ended | |||||||||||||||||||||||
Net income (loss) | $ | 5,941 | $ | 4,421 | $ | (5,387) | $ | (139) | $ | (2,621) | $ | 2,215 | |||||||||||
Interest expense (income) | 4,380 | 1,651 | 1,287 | 3,716 | (465) | 10,569 | |||||||||||||||||
Tax provision (benefit) | — | — | — | — | (4,714) | (4,714) | |||||||||||||||||
Depreciation and amortization | 11,079 | 18,282 | 6,316 | 8,882 | 2,710 | 47,269 | |||||||||||||||||
Earnings before interest, taxes, depreciation and amortization | 21,400 | 24,354 | 2,216 | 12,459 | (5,090) | 55,339 | |||||||||||||||||
EBITDA attributable to non-controlling interests | — | 13,250 | — | — | — | 13,250 | |||||||||||||||||
EBITDA attributable to | 21,400 | 11,104 | 2,216 | 12,459 | (5,090) | 42,089 | |||||||||||||||||
Adjusting items impacting EBITDA: | |||||||||||||||||||||||
Transaction related stock compensation | 912 | — | — | — | — | 912 | |||||||||||||||||
Severance Costs | — | — | — | — | 3,222 | 3,222 | |||||||||||||||||
Total adjusting items | 912 | — | — | — | 3,222 | 4,134 | |||||||||||||||||
Adjusted EBITDA attributable to | $ | 22,312 | $ | 11,104 | $ | 2,216 | $ | 12,459 | $ | (1,868) | $ | 46,223 | |||||||||||
Three months ended | |||||||||||||||||||||||
Net income (loss) | $ | (2,122) | $ | (563) | $ | (7,440) | $ | 3,137 | $ | 1,118 | $ | (5,870) | |||||||||||
Interest expense (income) | 7,788 | 291 | 1,831 | 4,211 | (146) | 13,975 | |||||||||||||||||
Tax provision (benefit) | — | — | — | — | (7,212) | (7,212) | |||||||||||||||||
Depreciation and amortization | 12,487 | 3,716 | 6,485 | 8,713 | 2,849 | 34,250 | |||||||||||||||||
Earnings before interest, taxes, depreciation and amortization | 18,153 | 3,444 | 876 | 16,061 | (3,391) | 35,143 | |||||||||||||||||
EBITDA attributable to non-controlling interests | — | (483) | — | — | — | (483) | |||||||||||||||||
EBITDA attributable to | 18,153 | 3,927 | 876 | 16,061 | (3,391) | 35,626 | |||||||||||||||||
Adjusting items impacting EBITDA: | |||||||||||||||||||||||
Acquisition costs | (23) | — | — | — | — | (23) | |||||||||||||||||
Transaction related stock compensation | 2,577 | — | — | — | — | 2,577 | |||||||||||||||||
Total adjusting items | 2,554 | — | — | — | — | 2,554 | |||||||||||||||||
Adjusted EBITDA attributable to | $ | 20,707 | $ | 3,927 | $ | 876 | $ | 16,061 | $ | (3,391) | $ | 38,180 |
(in thousands) | Trade | Ethanol | Plant | Rail | Other | Total | |||||||||||||||||
Nine months ended | |||||||||||||||||||||||
Net income (loss) | $ | (3,650) | $ | (42,543) | $ | 12,828 | $ | 3,474 | $ | 1,027 | $ | (28,864) | |||||||||||
Interest expense (income) | 16,624 | 5,908 | 4,535 | 12,032 | (1,116) | 37,983 | |||||||||||||||||
Tax provision (benefit) | — | — | — | — | (18,378) | (18,378) | |||||||||||||||||
Depreciation and amortization | 33,478 | 53,786 | 19,021 | 26,670 | 8,212 | 141,167 | |||||||||||||||||
Earnings before interest, taxes, depreciation and amortization | 46,452 | 17,151 | 36,384 | 42,176 | (10,255) | 131,908 | |||||||||||||||||
EBITDA attributable to non-controlling interests | — | 9,130 | — | — | — | 9,130 | |||||||||||||||||
EBITDA attributable to | 46,452 | 8,021 | 36,384 | 42,176 | (10,255) | 122,778 | |||||||||||||||||
Adjusting items impacting EBITDA: | |||||||||||||||||||||||
Transaction related stock compensation | 3,260 | — | — | — | — | 3,260 | |||||||||||||||||
Severance Costs | — | — | — | — | 5,563 | 5,563 | |||||||||||||||||
Total adjusting items | 3,260 | — | — | — | 5,563 | 8,823 | |||||||||||||||||
Adjusted EBITDA attributable to | $ | 49,712 | $ | 8,021 | $ | 36,384 | $ | 42,176 | $ | (4,692) | $ | 131,601 | |||||||||||
Nine months ended | |||||||||||||||||||||||
Net income (loss) | $ | 2,610 | $ | 5,562 | $ | 4,534 | $ | 10,629 | $ | (13,942) | $ | 9,393 | |||||||||||
Interest expense (income) | 28,740 | (1,232) | 6,478 | 12,071 | (444) | 45,613 | |||||||||||||||||
Tax provision (benefit) | — | — | — | — | (1,657) | (1,657) | |||||||||||||||||
Depreciation and amortization | 37,523 | 7,094 | 19,778 | 25,377 | 8,624 | 98,396 | |||||||||||||||||
Earnings before interest, taxes, depreciation and amortization | 68,873 | 11,424 | 30,790 | 48,077 | (7,419) | 151,745 | |||||||||||||||||
EBITDA attributable to non-controlling interests | — | (1,073) | — | — | — | (1,073) | |||||||||||||||||
EBITDA attributable to | 68,873 | 12,497 | 30,790 | 48,077 | (7,419) | 152,818 | |||||||||||||||||
Adjusting items impacting EBITDA: | |||||||||||||||||||||||
Acquisition costs | 5,849 | — | — | — | — | 5,849 | |||||||||||||||||
Transaction related stock compensation | 7,339 | — | — | — | — | 7,339 | |||||||||||||||||
Asset impairment | 3,081 | — | — | — | — | 3,081 | |||||||||||||||||
Loss from remeasurement of equity method investment | 1,073 | — | — | — | — | 1,073 | |||||||||||||||||
Total adjusting items | 17,342 | — | — | — | — | 17,342 | |||||||||||||||||
Adjusted EBITDA attributable to | $ | 86,215 | $ | 12,497 | $ | 30,790 | $ | 48,077 | $ | (7,419) | $ | 170,160 |
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