Delaware
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11-2481903
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(State
or other jurisdiction of incorporation or
organization)
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(I.R.S.
Employer Identification No.)
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1450
Broadway, New York, NY
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10018
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(Address
of principal executive offices)
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(Zip
Code)
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Accelerated filer o
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|
|
Non-accelerated filer o(Do not check if a smaller reporting company)
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Smaller reporting company o
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|
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Page No.
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Part I.
|
|
Financial
Information
|
|
3
|
|
|
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|
Item 1.
|
|
Financial
Statements
|
|
|
|
|
Condensed
Consolidated Balance Sheets – September 30, 2008 (unaudited) and
December 31, 2007
|
|
3
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|
|
Unaudited
Condensed Consolidated Income Statements - Three and Nine Months
Ended
September 30, 2008 and 2007
|
|
4
|
|
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Unaudited
Condensed Consolidated Statement of Stockholders' Equity - Nine Months
Ended September 30, 2008
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5
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Unaudited
Condensed Consolidated Statements of Cash Flows - Nine Months Ended
September 30, 2008 and 2007
|
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6
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Notes
to Unaudited Condensed Consolidated Financial Statements
|
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8
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|
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Item 2.
|
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
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21
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|
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Item 3.
|
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Quantitative
and Qualitative Disclosures about Market Risk
|
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26
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|
|
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Item 4.
|
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Controls
and Procedures
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27
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Part II.
|
|
Other
Information
|
|
27
|
|
|
|
|
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Item 1.
|
|
Legal
Proceedings
|
|
27
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Item 1A.
|
|
Risk
Factors
|
|
27
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Item 2.
|
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
|
30
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Item 6.
|
|
Exhibits
|
|
31
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|
|
|
|
|
Signatures
|
|
|
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32
|
|
September 30,
2008
|
December
31,
2007
|
|||||
|
(Unaudited)
|
|
|||||
Assets
|
|||||||
Current
Assets:
|
|||||||
Cash
(including restricted cash of $1,286 in 2008 and $5,205 in
2007)
|
$
|
83,932
|
$
|
53,272
|
|||
Accounts
receivable
|
42,721
|
29,757
|
|||||
Deferred
income taxes
|
7,442
|
7,442
|
|||||
Prepaid
advertising and other
|
15,273
|
5,397
|
|||||
Total
Current Assets
|
149,368
|
95,868
|
|||||
Property
and equipment:
|
|||||||
Furniture,
fixtures and equipment
|
7,148
|
2,903
|
|||||
Less:
Accumulated depreciation
|
(2,121
|
)
|
(1,610
|
)
|
|||
|
5,027
|
1,293
|
|||||
Other
Assets:
|
|||||||
Restricted
cash
|
15,881
|
15,186
|
|||||
Marketable
securities
|
10,660
|
10,920
|
|||||
Goodwill
|
133,428
|
128,898
|
|||||
Trademarks
and other intangibles, net
|
1,033,262
|
1,038,201
|
|||||
Deferred
financing costs, net
|
6,960
|
8,270
|
|||||
Non-current
deferred income taxes
|
10,668
|
21,158
|
|||||
Other
|
19,524
|
16,336
|
|||||
|
1,230,383
|
1,238,969
|
|||||
Total
Assets
|
$
|
1,384,778
|
$
|
1,336,130
|
|||
|
|||||||
Liabilities
and Stockholders' Equity
|
|||||||
Current
liabilities:
|
|||||||
Accounts
payable and accrued expenses
|
$
|
16,489
|
$
|
15,804
|
|||
Accounts
payable, subject to litigation
|
1,878
|
1,878
|
|||||
Deferred
revenue
|
2,285
|
6,162
|
|||||
Current portion of long-term debt
|
62,711
|
52,566
|
|||||
Total
current liabilities
|
83,363
|
76,410
|
|||||
|
|||||||
Non-current
deferred income taxes
|
83,114
|
73,418
|
|||||
Long-term
debt, less current maturities
|
609,830
|
649,590
|
|||||
Long
term deferred revenue
|
9,152
|
8,792
|
|||||
Total
Liabilities
|
785,459
|
808,210
|
|||||
|
|||||||
Commitments
and contingencies
|
|||||||
|
|||||||
Stockholders'
Equity
|
|||||||
Common
stock, $.001 par value
-
shares authorized 150,000; shares issued 57,928 and 57,330
respectively
|
58
|
58
|
|||||
Additional
paid-in capital
|
489,267
|
469,941
|
|||||
Retained
earnings
|
113,958
|
60,941
|
|||||
Accumulated
other comprehensive loss
|
(2,597
|
)
|
(2,353
|
)
|
|||
Less:
Treasury stock - 230 and 198 shares at cost, respectively
|
(1,367
|
)
|
(667
|
)
|
|||
Total
Stockholders’ Equity
|
599,319
|
527,920
|
|||||
Total
Liabilities and Stockholders' Equity
|
$
|
1,384,778
|
$
|
1,336,130
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||
|
|||||||||||||
Licensing
and other revenue
|
$
|
55,135
|
42,681
|
162,502
|
112,593
|
||||||||
|
|||||||||||||
Selling,
general and administrative expenses
|
18,558
|
13,400
|
55,589
|
30,130
|
|||||||||
Expenses
related to specific litigation
|
279
|
(39
|
)
|
665
|
1,055
|
||||||||
|
|||||||||||||
Operating
income
|
36,298
|
29,320
|
106,248
|
81,408
|
|||||||||
|
|||||||||||||
Other
expenses:
|
|||||||||||||
Interest
expense
|
8,527
|
9,299
|
27,112
|
20,706
|
|||||||||
Interest
income
|
(948
|
)
|
(4,580
|
)
|
(3,362
|
)
|
(6,452
|
)
|
|||||
Equity
loss on joint venture
|
428
|
-
|
428
|
-
|
|||||||||
Other
expenses - net
|
8,007
|
4,719
|
24,178
|
14,254
|
|||||||||
|
|||||||||||||
Income
before income taxes
|
28,291
|
24,601
|
82,070
|
67,154
|
|||||||||
|
|||||||||||||
Provision
for income taxes
|
9,974
|
7,608
|
29,053
|
22,625
|
|||||||||
|
|||||||||||||
Net
income
|
$
|
18,317
|
16,993
|
53,017
|
44,529
|
||||||||
|
|||||||||||||
Earnings
per share:
|
|||||||||||||
Basic
|
$
|
0.32
|
0.30
|
0.92
|
0.79
|
||||||||
|
|||||||||||||
Diluted
|
$
|
0.30
|
0.28
|
0.87
|
0.73
|
||||||||
|
|||||||||||||
Weighted
average number of common shares outstanding:
|
|||||||||||||
Basic
|
57,841
|
56,801
|
57,662
|
56,569
|
|||||||||
|
|||||||||||||
Diluted
|
61,091
|
61,380
|
61,241
|
61,289
|
|
Accumulated
|
|||||||||||||||||||||
|
Additional
|
Other
|
||||||||||||||||||||
|
Common Stock
|
Paid-in
|
Retained
|
Comprehensive
|
Treasury
|
|||||||||||||||||
|
Shares
|
Amount
|
Capital
|
Earnings
|
Loss
|
Stock
|
Total
|
|||||||||||||||
Balance
at January 1, 2008
|
57,330
|
$
|
58
|
$
|
469,941
|
$
|
60,941
|
$
|
(2,353
|
)
|
$
|
(667
|
)
|
$
|
527,920
|
|||||||
Shares
issued on exercise of stock options
|
519
|
-
|
2,257
|
-
|
-
|
-
|
2,257
|
|||||||||||||||
Shares
issued on vesting of restricted stock
|
79
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Shares
issued for earn-out on acquisition
|
144
|
-
|
1,877
|
-
|
-
|
-
|
1,877
|
|||||||||||||||
Tax
benefit of stock option exercises
|
-
|
-
|
8,958
|
-
|
-
|
-
|
8,958
|
|||||||||||||||
Amortization
expense in connection with restricted stock
|
-
|
-
|
6,099
|
-
|
-
|
-
|
6,099
|
|||||||||||||||
Stock
option compensation
|
-
|
-
|
135
|
-
|
-
|
-
|
135
|
|||||||||||||||
Shares
repurchased on vesting of restricted stock and exercise of stock
options
|
-
|
-
|
-
|
-
|
-
|
(700
|
)
|
(700
|
)
|
|||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||
Net
Income
|
-
|
-
|
-
|
53,017
|
-
|
-
|
53,017
|
|||||||||||||||
Change
in fair value of cash flow hedge
|
-
|
-
|
-
|
-
|
16
|
-
|
16
|
|||||||||||||||
Change
in fair value of securities
|
-
|
-
|
-
|
-
|
(260
|
)
|
-
|
(260
|
)
|
|||||||||||||
Total
comprehensive income
|
-
|
-
|
-
|
-
|
-
|
-
|
52,773
|
|||||||||||||||
Balance
at September 30, 2008
|
58,072
|
58
|
489,267
|
113,958
|
(2,597
|
)
|
(1,367
|
)
|
599,319
|
|
Nine Months Ended September 30,
|
||||||
|
2008
|
2007
|
|||||
Cash
flows from operating activities:
|
|||||||
Net
income
|
$
|
53,017
|
44,529
|
||||
Depreciation
of property and equipment
|
511
|
117
|
|||||
Amortization
of trademarks and other intangibles
|
5,485
|
3,869
|
|||||
Amortization
of deferred financing costs
|
1,316
|
847
|
|||||
Amortization
of convertible note discount
|
1,133
|
359
|
|||||
Stock-based
compensation expense
|
6,234
|
1,342
|
|||||
Bad
debt expense
|
1,351
|
1,606
|
|||||
Accrued
interest on long-term debt
|
983
|
419
|
|||||
Gain
on sale of trademarks
|
(2,625
|
)
|
-
|
||||
Equity
loss on joint venture
|
428
|
-
|
|||||
Deferred
income taxes
|
20,186
|
22,442
|
|||||
Changes
in operating assets and liabilities, net of business
acquisitions:
|
|||||||
Accounts
receivable
|
(14,315
|
)
|
(18,362
|
)
|
|||
Prepaid
advertising and other
|
(10,876
|
)
|
(2,843
|
)
|
|||
Other
assets
|
1,025
|
630
|
|||||
Deferred
revenue
|
(3,517
|
)
|
2,402
|
||||
Accounts
payable and accrued expenses
|
2,795
|
1,057
|
|||||
Net
cash provided by operating activities
|
63,131
|
58,414
|
|||||
Cash
flows used in investing activities:
|
|||||||
Purchases
of property and equipment
|
(4,245
|
)
|
(68
|
)
|
|||
Additions
to trademarks
|
(546
|
)
|
(110
|
)
|
|||
Earn-out
payment on acquisition
|
(4,453
|
)
|
-
|
||||
Collection
on promissory note
|
1,000
|
-
|
|||||
Investment
in joint venture
|
(2,000
|
)
|
-
|
||||
Payment
of accrued expenses related to acquisitions
|
(1,293 |
)
|
(1,537 |
)
|
|||
Cash
and cash equivalents placed in escrow
|
-
|
(24,000
|
)
|
||||
Purchase
of marketable securities
|
-
|
(196,400
|
)
|
||||
Sale
of marketable securities
|
-
|
183,400
|
|||||
Acquisition
of Danskin
|
-
|
(70,799
|
)
|
||||
Acquisition
of Rocawear
|
-
|
(204,233
|
)
|
||||
Net
cash used in investing activities
|
(11,537
|
)
|
(313,747
|
)
|
|||
Cash
flows provided by (used in) financing activities:
|
|||||||
Proceeds
from long-term debt
|
-
|
493,531
|
|||||
Proceeds
from exercise of stock options and warrants
|
2,257
|
1,742
|
|||||
Proceeds
from sale of warrants
|
-
|
37,491
|
|||||
Shares
repurchased on vesting of restricted stock and exercise of stock
options
|
(700
|
)
|
|||||
Payment
of long-term debt
|
(30,748
|
)
|
(14,938
|
)
|
|||
Payment
of expenses related to common stock issuance
|
-
|
(184
|
)
|
||||
Deferred
financing costs
|
(6
|
)
|
(5,011
|
)
|
|||
Excess
tax benefit from share-based payment arrangements
|
8,958
|
-
|
|||||
Payment
for purchase of convertible note hedge
|
-
|
(76,303
|
)
|
||||
Restricted
cash - current
|
3,919
|
621
|
|||||
Restricted
cash - non-current
|
(695
|
)
|
(2,848
|
)
|
|||
Net
cash provided by (used in) financing activities
|
(17,015
|
)
|
434,101
|
||||
Net
increase in cash and cash equivalents
|
34,579
|
178,768
|
|||||
Cash,
beginning of period
|
48,067
|
73,572
|
|||||
Cash,
end of period
|
$
|
82,646
|
252,340
|
||||
Balance
of restricted cash - current
|
1,286
|
3,647
|
|||||
Total
cash including current restricted cash, end of period
|
$
|
83,932
|
255,987
|
|
Nine Months Ended September 30,
|
||||||
|
2008
|
2007
|
|||||
|
|
|
|||||
Cash
paid during the period:
|
|
|
|||||
Income
taxes
|
$
|
5,325
|
$
|
1,576
|
|||
Interest
|
$
|
22,811
|
$
|
17,950
|
|
Nine Months Ended September 30,
|
||||||
|
2008
|
2007
|
|||||
|
|
|
|||||
Net
cost of hedge on convertible note
|
$
|
-
|
$
|
12,107
|
|||
|
|||||||
Acquisitions:
|
|||||||
Common
stock issued
|
$
|
1,877
|
$
|
496
|
|||
Warrants
issued - acquisition cost
|
$
|
-
|
$
|
4,931
|
Carrying Amount as of
September 30, 2008
(000’s omitted)
|
Level 1
|
Level 2
|
Level 3
|
Valuation
Technique
|
||||||||||||
Marketable
Securities
|
-
|
-
|
$
|
10,660
|
(B
|
)
|
||||||||||
|
||||||||||||||||
Cash
Flow Hedge
|
$
|
71
|
-
|
-
|
(A
|
)
|
Description (000's omitted)
|
Auction
Rate
Securities
|
|||
Balance
at January 1, 2008
|
$
|
10,920
|
||
Additions
|
-
|
|||
Gains
(losses) reported in earnings
|
-
|
|||
Gains
(losses) reported in other comprehensive income (loss)
|
(260
|
)
|
||
Balance
at September 30, 2008
|
$
|
10,660
|
|
September 30, 2008
|
December 31, 2007
|
||||||||||||||
|
Estimated
|
Gross
|
Gross
|
|||||||||||||
|
Lives in
|
Carrying
|
Accumulated
|
Carrying
|
Accumulated
|
|||||||||||
(000's omitted)
|
Years
|
Amount
|
Amortization
|
Amount
|
Amortization
|
|||||||||||
|
|
|
|
|
|
|||||||||||
Trademarks:
|
||||||||||||||||
Indefinite
life trademarks
|
indefinite
|
$
|
1,007,921
|
$
|
9,498
|
$
|
1,007,625
|
$
|
9,498
|
|||||||
Definite
life trademarks
|
10-15
|
19,147
|
1,903
|
18,897
|
856
|
|||||||||||
Non-compete
agreements
|
2-15
|
10,075
|
5,720
|
10,075
|
4,585
|
|||||||||||
Licensing
agreements
|
1.5-6
|
21,093
|
8,115
|
21,093
|
4,897
|
|||||||||||
Domain
names
|
5
|
570
|
308
|
570
|
223
|
|||||||||||
|
$
|
1,058,806
|
$
|
25,544
|
$
|
1,058,260
|
$
|
20,059
|
|
September 30,
|
December 31,
|
|||||
(000’s omitted)
|
2008
|
2007
|
|||||
Convertible
Senior Subordinated Notes
|
$
|
282,684
|
$
|
281,714
|
|||
Term
Loan Facility
|
255,307
|
270,751
|
|||||
Asset-Backed
Notes
|
122,364
|
137,505
|
|||||
Sweet
Note (Note 7)
|
12,186
|
12,186
|
|||||
Total
Debt
|
$
|
672,541
|
$
|
702,156
|
(000’s
omitted)
|
September
30,
2008
|
|||
Convertible
Notes
|
$
|
-
|
||
Term
Loan Facility
|
28,765
|
|||
Asset-Backed
Notes
|
21,760
|
|||
Sweet
Note
|
12,186
|
|||
Total
Debt
|
$
|
62,711
|
(000’s
omitted)
|
Total
|
Q4
2008
|
2009
|
2010
|
2011
|
2012
|
2013
|
|||||||||||||||
Convertible
Notes
|
$
|
282,684
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
282,684
|
-
|
|||||||||
Term
Loan Facility
|
255,307
|
-
|
28,765
|
-
|
-
|
226,542
|
-
|
|||||||||||||||
Asset-Backed
Notes
|
122,364
|
5,267
|
22,231
|
24,216
|
26,380
|
33,468
|
10,802
|
|||||||||||||||
Sweet
Note
|
12,186
|
12,186
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
Debt
|
$
|
672,541
|
$
|
17,453
|
$
|
50,996
|
24,216
|
26,380
|
542,694
|
10,802
|
Expected
Volatility
|
|
|
30
- 50%
|
|
Expected
Dividend Yield
|
|
|
0%
|
|
Expected
Life (Term)
|
|
|
3
-
7 years
|
|
Risk-Free
Interest Rate
|
|
|
3.00
- 4.75%
|
|
Options
|
Weighted-
Average
Exercise
Price
|
|||||
|
|
|
|||||
Outstanding
January 1, 2008
|
5,106,543
|
$
|
4.23
|
||||
Granted
|
-
|
-
|
|||||
Canceled
|
-
|
-
|
|||||
Exercised
|
519,405
|
4.50
|
|||||
Expired
|
-
|
-
|
|||||
Outstanding
September 30, 2008
|
4,587,138
|
4.20
|
|||||
Exercisable
at September 30, 2008
|
4,569,138
|
4.15
|
|
Warrants
|
Weighted-
Average
Exercise
Price
|
|||||
|
|
|
|||||
Outstanding
January 1, 2008
|
266,900
|
$
|
16.76
|
||||
Granted
|
-
|
||||||
Canceled
|
-
|
||||||
Exercised
|
-
|
||||||
Expired
|
-
|
||||||
Outstanding
September 30, 2008
|
266,900
|
$
|
16.76
|
||||
Exercisable
at September 30, 2008
|
266,900
|
$
|
16.76
|
|
Securities
|
Weighted
Average
Grant
Date
Fair
Value
|
|||||
Non-vested,
January 1, 2008
|
144,127 |
$
|
19.41
|
||||
Granted
|
1,658,698 | 19.86 | |||||
Vested
|
(98,242 | ) | 19.09 | ||||
Forfeited
|
- | - | |||||
Non-vested,
September 30, 2008
|
1,704,583 |
$
|
19.86
|
For the Three
|
For the Nine
|
||||||||||||
Months Ended
|
Months Ended
|
||||||||||||
(000's omitted)
|
September 30,
|
September 30,
|
|||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||
Basic
|
57,841
|
56,801
|
57,662
|
56,569
|
|||||||||
Effect
of exercise of stock options
|
3,106
|
4,579
|
3,426
|
4,720
|
|||||||||
Effect
of contingent common stock issuance
|
144
|
-
|
144
|
-
|
|||||||||
Effect
of assumed vesting of restricted stock
|
-
|
-
|
9
|
-
|
|||||||||
|
|||||||||||||
Diluted
|
61,091
|
61,380
|
61,241
|
61,289
|
For the three months ended
|
For the nine months ended
|
||||||||||||
(000's omitted)
|
September 30,
|
September 30,
|
|||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||
Revenues
by product line:
|
|||||||||||||
Direct-to-retail license
|
$
|
11,455
|
$
|
10,740
|
$
|
41,229
|
$
|
37,256
|
|||||
Wholesale license
|
40,247
|
31,139
|
116,658
|
73,528
|
|||||||||
Other
|
3,433
|
802
|
4,615
|
1,809
|
|||||||||
|
$
|
55,135
|
$
|
42,681
|
$
|
162,502
|
$
|
112,593
|
|||||
|
|||||||||||||
Revenues
by geographic region:
|
|||||||||||||
United States
|
$
|
48,930
|
$
|
40,201
|
$
|
149,722
|
$
|
105,787
|
|||||
Other
|
6,205
|
2,480
|
12,780
|
6,806
|
|||||||||
|
$
|
55,135
|
$
|
42,681
|
$
|
162,502
|
$
|
112,593
|
·
|
could
impair our liquidity;
|
·
|
could
make it more difficult for us to satisfy our other
obligations;
|
·
|
require
us to dedicate a substantial portion of our cash flow to payments
on our
debt obligations, which reduces the availability of our cash flow
to fund
working capital, capital expenditures and other corporate
requirements;
|
·
|
could
impede us from obtaining additional financing in the future for working
capital, capital expenditures, acquisitions and general corporate
purposes;
|
·
|
impose
restrictions on us with respect to future
acquisitions;
|
·
|
make
us more vulnerable in the event of a downturn in our business prospects
and could limit our flexibility to plan for, or react to, changes
in our
licensing markets; and
|
·
|
place
us at a competitive disadvantage when compared to our competitors
who have
less debt.
|
Month of purchase
|
Total number
of shares
purchased(1)
|
Average
price
paid per share
|
Total number
of
shares
purchased as
part of
publicly
announced
plans or
programs
|
Maximum
dollar
value of
shares
that may yet
be
purchased
under the
plans or
programs
|
|||||||||
July 1 – July
31, 2008
|
308
|
$
|
11.03
|
$
|
-
|
$
|
-
|
||||||
August
1 – August 31, 2008
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
September 1
- September 30, 2008
|
3,413
|
$
|
13.08
|
$
|
-
|
$
|
-
|
||||||
Total
|
3,721
|
$
|
12.91
|
$
|
-
|
$
|
-
|
(1)
|
|
Represents
shares of common stock surrendered to the Company to pay employee
withholding taxes due upon the vesting of restricted
stock.
|
EXHIBIT
NO.
|
DESCRIPTION
OF EXHIBIT
|
|
Exhibit
10.1
|
Iconix
Brand Group, Inc. 2006 Equity Incentive Plan, as amended
(1)*
|
|
Exhibit
10.2
|
Transition
Services Agreement between the Company and David Conn
(2)
|
|
Exhibit
10.3
|
Asset
Purchase Agreement by and among NexCen Brands, Inc., NexCen Fixed
Asset
Company, LLC, NexCen Brand Management, Inc., WV IP Holdings, LLC,
and the
Company dated September 29, 2008 (3).
|
|
Exhibit
31.1
|
Certification
of Chief Executive Officer Pursuant To Rule 13a-14 or 15d-14 of The
Securities Exchange Act of 1934, As Adopted Pursuant To Section 302
Of The
Sarbanes-Oxley Act of 2002
|
|
Exhibit
31.2
|
Certification
of Chief Financial Officer Pursuant To Rule 13a-14 or 15d-14 of The
Securities Exchange Act of 1934, As Adopted Pursuant To Section 302
Of The
Sarbanes-Oxley Act of 2002
|
|
Exhibit
32.1
|
Certification
of Chief Executive Officer Pursuant To 18 U.S.C. Section 1350, As
Adopted
Pursuant To Section 906 of The Sarbanes-Oxley Act of
2002
|
|
Exhibit
32.2
|
Certification
of Chief Financial Officer Pursuant To 18 U.S.C. Section 1350, As
Adopted
Pursuant To Section 906 of The Sarbanes-Oxley Act of
2002
|
|
Iconix
Brand Group, Inc.
(Registrant)
|
|
|
Date:
November 5, 2008
|
/s/
Neil
Cole
|
|
Neil
Cole
Chairman
of the Board, President
and
Chief Executive Officer
(on
Behalf of the Registrant)
|
Date:
November 5, 2008
|
/s/
Warren Clamen
|
|
Warren
Clamen
Chief
Financial Officer
|