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Animal Health News & Notes for December 28, 2001
**************************************************************** Brakke Consulting’s Animal Health News & Notes for December 28, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** Dear Newsletter readers: The Holiday Season has greatly reduced the news for the past week. We hope that all of you are having a relaxed and enjoyable time during this season. I wish we could all live as if it were Christmas 12 months a year. The newsletter will be published next Friday with all the stories from the past two weeks. Thanks for making 2001 another great year for Brakke Consulting. We appreciate the continued confidence each of you place on our services. We’ll see many of you at the North American Veterinary Conference in Orlando in just a few days. In the meantime, we wish you a peaceful and enjoyable New Year’s Holiday. HAPPY NEW YEAR Ron Brakke & everyone at Brakke Consulting, Inc. ******************************************************************** This electronic newsletter is the sole property of Brakke Consulting, Inc. Any use of the contents herein should be approved by and appropriately attributed to Brakke Consulting, Inc. For more information about Brakke Consulting’s services and syndicated studies, visit our website at www.brakkeconsulting.com. If this email was forwarded to you and you would like to be added to the circulation list, please send an email to info@brakkeconsulting.com (mailto:info@brakkeconsulting.com) with “add” typed in the subject line,
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December 28, 2001
Animal Health News & Notes for December 21, 2001
**************************************************************** Brakke Consulting’s Animal Health News & Notes for December 21, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** Company Earnings Releases > Central Garden & Pet Company announced its financial results for the fiscal fourth quarter and full year ended September 29, 2001. Net sales for the fiscal fourth quarter were $246.3 million compared to $300.1 million in the comparable 2000 period. Central reported a net loss for the quarter of $15.2 million compared with a net loss of $30.3 million in the comparable 2000 quarter. Fiscal 2001 net sales were $1.1 billion compared with $1.4 billion in fiscal 2000. Central reported a net loss for fiscal 2001 of $9.3 million compared with a net loss of $11.8 million in fiscal 2000. (Business Wire) > OurPet’s Company reported financial results for its third quarter ended September 30, 2001. During the quarter, OurPet’s achieved net sales of $1.60 million, an increase of 112% compared to the year-earlier quarter. For the nine months ended September 30, 2001, net sales were $3.84 million, up 16.3% compared to the first nine months of 2000. The company’s stock was recently listed on the OTC Bulletin Board under the symbol OPCO. OurPet’s designs, produces and markets a broad line of innovative, high-quality pet products. (Business Wire) **************************************************************** “EU Expansion: The Impact on Animal Health, Food Safety
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December 21, 2001
Animal Health News & Notes for December 14, 2001
**************************************************************** Brakke Consulting’s Animal Health News & Notes for December 14, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** Company Earnings Releases > Biopure Corporation announced its financial results for the fourth fiscal quarter and fiscal year ended October 31, 2001. For the quarter, the company reported a net loss of $9.4 million, compared with a net loss of $6.8 million for the corresponding period in 2000. For the year, the company reported a net loss of $49.4 million, compared with a net loss of $36.1 million for the same period in 2000. For the fourth quarter of fiscal 2001, total revenues increased 5.4% to $970,000 from $920,000 for the corresponding period in 2000. For the fiscal year, total revenues increased to $3.5 million from $3.1 million in 2000. This 13.9% increase in veterinary sales of Oxyglobin, the company’s biologic drug for treating canine anemia, reflects an 8.2% increase in U.S. sales and includes sales to our European distributor, which began in April 2001. Total Oxyglobin sales have exceeded 90,000 units since the product’s U.S. launch in 1998. (PRNewswire) > H. J. Heinz Company announced results for the second quarter ended October 31, 2001. Sales in the U.S. Pet Products and Seafood segment increased 3.8% and volume increased 4.6%, primarily in pet snacks and tuna, although profits were lower than
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December 14, 2001
Animal Health News & Notes for December 7, 2001
**************************************************************** Brakke Consulting’s Animal Health News & Notes for December 7, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** The 2001 Brakke Flea & Heartworm Study is now available. One more week to receive the discounted price – ORDER YOUR COPY NOW! Each fall, Brakke Consulting updates its annual report on the US Flea Control and Heartworm Markets. In addition to updated sales figures for the major products, the study includes two new surveys of small animal veterinarians and retail pet stores, as well as a special section covering the effect of the September 11 terrorist attacks on veterinary income. The study also includes information on Fort Dodge’s new ProHeart 6 heartworm preventative, Novartis’ Capstar flea adulticide, the arrival of generic ivermectin heartworm preventatives, and a review of products in development. Orders placed before December 15 will receive a discounted price of $3,250. After that time, the regular price of $4,000 will be charged. To order your copy of the report, please contact us at lfondon@brakkeconsulting.com or call (972) 243-4033. **************************************************************** Company News Releases > Bayer AG’s supervisory board is expected to approve a plan transforming the group’s four divisions into separate legal entities. Bayer has been urged by investors for years to separate its traditionally higher-margin drugs unit from its chemicals business. The company has previously announced plans to put
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December 7, 2001
Animal Health News & Notes for November 30, 2001
**************************************************************** Brakke Consulting’s Animal Health News & Notes for November 30, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** Company Earnings Releases > PETsMART, Inc. announced results for its third fiscal quarter, which ended October 28, 2001. The company reported third quarter 2001 net income of $5.8 million versus a loss of $(2.4) million in the third quarter of 2000. Third quarter net income increased $3 million over the second quarter of 2001. Sales for the third quarter of 2001 increased 10.6% to $598.6 million compared to $541.3 million in the same period of last year. Comparable store sales grew 7.6% over the third quarter of last year. Year-to-date sales increased 9.3% to $1.8 billion, and net income was $9.9 million compared to a loss of (3.7) million for the same period of 2000. Year-to-date comparable store sales were up 5.4%. (Business Wire) **************************************************************** ORDER YOUR COPY NOW! The 2001 Brakke Flea & Heartworm Study is now available. Each fall, Brakke Consulting updates its annual report on the US Flea Control and Heartworm Markets. In addition to updated sales figures for the major products, the study includes two new surveys of small animal veterinarians and retail pet stores, as well as a special section covering the effect of the September 11 terrorist attacks on veterinary income. The study also includes information
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November 30, 2001
Animal Health News & Notes for November 21, 2001
**************************************************************** Brakke Consulting’s Animal Health News & Notes for November 21, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** Company Earnings Releases > Patterson Dental Company reported that for the second quarter of fiscal 2002 ended October 27, Webster Veterinary Supply, acquired in July 2001, posted sales of $43.4 million, an increase of 11.3% from last year’s second quarter on a pro forma basis. (Business Wire) > Smithfield Foods reported that fiscal 2002 second-quarter net income rose a record 36% to $60.5 million. Net income for the first six months, ended Oct. 28, totaled $117.4 million compared to $89.1 million in the first half of fiscal 2001. Sales increased 17% in the second quarter to $1.7 billion, reflecting higher pricing in the Meat Processing Group and sales of recently acquired companies. Sales of newly acquired companies contributed to 16% first-half sales growth to $3.3 billion. (Meating Place) **************************************************************** The 2001 Brakke Flea & Heartworm Study will be available next week! Each fall, Brakke Consulting updates its annual report on the US Flea Control and Heartworm Markets. The 2001 edition of the study will be available for shipping on Wednesday, November 28. In addition to updated sales figures for the major products, the study includes two new surveys of small animal veterinarians and retail pet stores, as well as a special section
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November 21, 2001
Animal Health News & Notes for November 16, 2001
**************************************************************** Brakke Consulting’s Animal Health News & Notes for November 16, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** Company Earnings Releases > Bayer reported that for the third quarter 2001, Animal Health sales rose by 1%, while in the first three quarters as a whole business was down 4% to 0.7 billion euros ($635 million). The divestiture of the U.S. livestock vaccines business had a negative effect of 1 and 4 percentage points, respectively. The parasiticide Advantage again showed encouraging growth in the United States and Japan. (company website) > Alpharma Inc. announced that the financial results for the third quarter and nine months ended September 30, 2001 previously announced in a press release on November 6, 2001 differed, for the reasons disclosed below, from those filed today on Form 10-Q with the Securities and Exchange Commission. Results for the third quarter and nine months in 2001 are lower than those previously announced by the following: revenue, $17.5 million; gross profit, $10.3 million and net income, $7.1 million. Subsequent to the announcement of results on November 6, oral representations were alleged by certain customers of the Animal Pharmaceutical business that resulted in a difference in understanding of key terms and conditions related to third quarter sales to these customers. As a result, the Company has modified the revenue recognition for
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November 16, 2001
Animal Health News & Notes for November 9, 2001
**************************************************************** Brakke Consulting’s Animal Health News & Notes for November 9, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** Company Earnings Releases > Aventis reported that In the first nine months of 2001, sales by the animal health business Merial rose 6.6% on an activity basis to € 1.408 billion ($1.28 billion). This figure includes the poultry genetics business. (company press release) > Alpharma reported that, for the third quarter 2001, Animal Pharmaceuticals revenue decreased 9% to $85.4 million when compared to the same period last year. Operating income in the third quarter declined 34% to $12.4 million. Increases in U.S. swine and cattle product sales were offset by declines in poultry product sales. This decline was caused, in part, by continuing weak conditions in the U.S. poultry market, together with continuing softness in Asian markets. In addition, the Division’s blending facility and warehouse in Lowell, Arkansas were closed in late September due to a fire. Operating income in the third quarter was negatively impacted by approximately $3 to $4 million due primarily to shipping delays associated with the fire. The company expects that all material clean-up and re-building expenses relating to this fire will be reimbursed by insurance. (company press release) > Alpharma Inc. announced the completion of its previously announced revision of financial statements. The revision results predominately from
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November 9, 2001
Animal Health News & Notes for November 2, 2001
**************************************************************** Brakke Consulting’s Animal Health News & Notes for November 2, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** Company Earnings Releases > Ralston Purina Company announced fourth quarter earnings before unusual items of $93.2 million compared to $79.8 million in the prior year quarter, an increase of 17%. Fourth quarter sales increased 12% to $790.7 million compared to $706.8 million in the prior year fourth quarter. For the current fiscal year ended September 30, 2001, sales and earnings before unusual items were $3.0 billion and $338.4 million, respectively, compared to sales and pro forma earnings from continuing operations before unusual items of $2.9 billion and $313.0 million in the prior year. (PRNewswire) > Procter & Gamble reported that for the first quarter ended September 30, 2001, its Health Care division delivered double-digit growth behind the sustained development of initiative programs on leading brands. Unit volume was up 19%, driven by excellent results in oral care, Iams pet health and nutrition, and pharmaceuticals. Net sales grew 21% to $1.18 billion, excluding a 2% unfavorable exchange impact. Iams continues to grow behind initiatives and channel expansion. (PRNewswire) > Embrex reported that third-quarter revenues for 2001 were $11.5 million, an increase of 18% over revenues of $9.7 million for the same period in 2000. Third-quarter net income was $2.1 million, an increase of
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November 2, 2001
Animal Health News & Notes for October 26, 2001
**************************************************************** Brakke Consulting’s Animal Health News & Notes for October 26, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** Company Earnings Releases > Akzo Nobel reported that, for the third quarter 2001, revenues for its animal health division Intervet were 274 million euros ($249.3 million). The 8% increase over the same period in 2000 was due to strong growth spurred by innovative product lines. (company press release) > American Home Products reported that, for the third quarter 2001, revenues for its Fort Dodge Animal Health division were $205.3 million, an increase of 12% over the third quarter of 2000. Sales for the first nine months of 2001 were $559.6 million, a decrease of 1% from the first nine months of 2000. The increase in the third quarter was primarily due to the June launch of ProHeart 6, a heartworm preventative with a six-month duration. The decline in the first nine months was primarily due to a general weakening in the livestock sector globally. (company press release) > Schering-Plough reported that third quarter 2001 revenues for its animal health division were $169 million, a decrease of 2% from the third quarter of 2000. For the first nine months of 2001, animal health revenues were $493 million, a decrease of 2% from the first nine months of 2000. (company press release) > Eli
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October 26, 2001
Animal Health News & Notes for October 19, 2001
**************************************************************** Brakke Consulting’s Animal Health News & Notes for October 19, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** Company Earnings Releases > Pfizer reported Animal Health sales for the third quarter of 2001 increased 22% (up 29% excluding foreign exchange) to $254 million, compared to the same period in 2000. The improved performance in this business reflected new promotional and distribution practices, various restructuring initiatives, and the performance of Revolution, an anti-parasitic for companion animals. These benefits were partially offset by lost revenue from the divestment of feed-additive product lines, the impact of mad cow disease and foot and mouth disease in Europe and the negative effect of foreign exchange. (PRNewswire) > IDEXX Laboratories, Inc. reported that net income for the quarter ended September 30, 2001 increased 10% to $10.2 million from $9.3 million for the same period in the prior year. Revenues for the third quarter increased 7% to $97.5 million from $90.9 million for the third quarter of 2000. For the nine months ended September 30, 2001, net income increased to $28.0 million from $26.8 million for the first nine months of 2000. (company press release) > Colgate-Palmolive reported that Hill’s had an excellent third quarter 2001 in both its domestic and international businesses. New products, veterinary endorsements and enriched marketing programs drove unit volume up a strong
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October 19, 2001
Animal Health News & Notes for October 12, 2001
**************************************************************** Brakke Consulting’s Animal Health News & Notes for October 12, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** Company Earnings Releases > Novartis AG announced that its sales had risen 11 percent in the first nine months of this year from a year ago. The total was $14.53 billion. Animal health sales were down 6% in the period. The US economic slowdown as well as the continued problems due to the foot and mouth disease epidemic in the UK were sited. The farm animal business grew in the Asia Pacific region and in Latin America. Tiamulin sales grew. The companion animal business contended with continued competitive pressure in the flea control segment. Sales of Fortekor, the heart failure treatment for dogs, grew. Capstar was launched in the UK and is expected to add new impetus to sales. (company press release) > Alpharma, Inc. announced it will revise its financial statements for 1999, 2000 and the first two quarters of 2001. The revision will change the timing of recognition of revenue for certain sales of the Company’s Animal Health Division. The company estimates that the net effect of these changes will be to increase previously reported sales and operating income in 2001 by approximately $30 million and $17 million, respectively. An aggregate reduction of approximately the same amount of sales and
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October 12, 2001
Animal Health News & Notes for October 5, 2001
**************************************************************** Brakke Consulting’s Animal Health News & Notes for October 5, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** Company Earnings Releases > International Absorbents Inc. announced record financials results for its quarter ended July 31, 2001. Second quarter revenues increased by 55% to $3.2 million over the same quarter a year ago. Pre-tax income grew by 99% to $598,000 versus $301,000 last year. The company also reported that it recently bought back 55,046 shares of its common stock. The repurchased shares will be retired. (PRNewswire) **************************************************************** Company News Releases > Virbac Corporation announced that the FDA has approved Virbac’s new anthelmintic (dewormer) for cattle. The product, released commercially under two trade names, Virbamec Pour-On and Bovimec Pour-On, is topically applied and contains the active ingredient ivermectin to treat and control internal and external parasites in cattle. The product will be manufactured at Virbac’s FDA-approved manufacturing facility near St. Louis, Mo. Once the product is fully launched in the market, Virbac expects to capture a minimum of 5% market share within the next three years. (Business Wire) > Shareholders of IBP inc. voted to approve the purchase of the company by Tyson Foods. This vote, along with the subsequent filing of merger documents, means Tyson’s acquisition of IBP is now officially completed. More than 98% of the shareholders approved the merger
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October 5, 2001
Animal Health News & Notes for September 28, 2001
**************************************************************** Brakke Consulting’s Animal Health News & Notes for September 28, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** Company Earnings Releases > Neogen Corporation reported that revenues for the first quarter of its 2002 fiscal year, which ended Aug. 31, were $9.7 million, a 20% increase compared to $8.1 million in the first quarter of fiscal year 2001. The quarter’s revenues were the most for any quarter in the Company’s history. Neogen also continued its strong growth in operating income, increasing 54% on a quarter-to-quarter comparison with the previous fiscal year. Revenues from Animal Safety equine products increased 34% during the quarter. (PRNewswire) **************************************************************** Company News Releases > Alpharma Inc. announced that a fire on September 24, 2001 at its Lowell, Arkansas location resulted in the death of one Alpharma employee. A second employee was injured. The fire took place in a small area of the site where certain feed additives for the company’s Animal Health Division are blended. Disruption caused by the fire is expected to have a short-term negative impact on the company’s financial results. The full extent of the damage is being evaluated, but the company believes that direct losses will be substantially covered by insurance. The negative impact on operating income of the temporary warehouse shutdown is expected to be no greater than $5 million in
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September 28, 2001
Animal Health News & Notes for September 21, 2001
**************************************************************** Brakke Consulting’s Animal Health News & Notes for September 21, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** Amid all the horror over the tragedy in New York and elsewhere last week, it is always uplifting to hear stories of courage and hope. We at Brakke Consulting heard the following story and wanted to share it with our readers, in the hope that it would brighten your day a little. The story comes from the Dr. Rhea Morgan, Chief of Staff at Rowley Memorial Animal Hospital in Springfield, Massachusetts, and sister of Brakke Consultant John Volk. Much to my surprise, Rowley received a canine patient from the World Trade Center scene. One of our clients has a search and rescue dog. He and his dog were working the WTC site, when the dog became ill from some inhalation of fumes and ingestion of debris, and then fell through some of the debris. The owner wanted to bring the dog back home for treatment. With help from a Connecticut State police escort, it took him only 55 minutes once he left Manhattan to reach our doors. This particular dog (“Jac”) found a live survivor and also identified the location of several bodies for the rescue teams. Portions of the planes that hit the building have been found. He and Jack found
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September 21, 2001
Animal Health News & Notes for September 14, 2001
**************************************************************** Brakke Consulting’s Animal Health News & Notes for September 14, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** Company Earnings Releases > Heinz reported that, for the first quarter ended August 1, 2001, the company experienced continued weakness in dry and canned pet food. However, pet snacks were bolstered by the introduction of Pup-Peroni NawSomes!, an innovative dog snack. The brand’s latest four-week share reached 8.7% of the fast-growing soft and chewy market. (Business Wire) **************************************************************** Company News Releases > Bayer AG ruled out the sale of its pharmaceuticals unit and confirmed the appointment of company stalwart Werner Wenning as chief executive beginning April next year. The company said in a statement that its supervisory board approved a plan to set up separate companies to operate its health care and crop protection businesses but made clear pharma would not be sold. (Reuters) > The USDA has renewed Fort Dodge’s conditional license for its sarcocystis neurona vaccine for 12 months. The vaccine is intended to aid in the prevention of equine protozoal myeloencephalitis. Fort Dodge is actively pursuing full licensure for the vaccine. (Veterinary Practice News) > Virbac Corporation announced that it has launched Worm-X, a new FDA-approved product for canine intestinal parasite control. Worm-X contains pyrantel pamoate, and is highly palatable in the form of a flavored, chewable tablet. Worm-X
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September 14, 2001
Animal Health News & Notes for September 7, 2001
**************************************************************** Brakke Consulting’s Animal Health News & Notes for September 7, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** Company Earnings Releases > International Absorbents Inc. announced record financial results for the second quarter ended July 31, 2001. Second quarter revenues increased by 55% to a record $3.2 million versus $2.1 million for the same quarter a year ago. After tax net income (profits) more than doubled to $371,000 over $181,000 last year, a 106% increase. Revenues for the six months improved by 35% to a record $5.7 million versus $4.2 million a year ago. After tax net income increased by 40% to $639,000 from $456,000 last year. (PRNewswire) **************************************************************** Company News Releases > Novartis Animal Health US announced availability of an online training course for veterinary technicians covering animal behavior. Previously, veterinary technicians and veterinary staff have been taking the course via mail. The course is being offered on the VetTeam website, an on-line resource for technicians that offers educational credits and other information. Veterinary technicians who complete the course will receive a certificate of completion, a lapel pin and a starter set of business cards, as well as 2 continuing education credit hours from Auburn University in Veterinary Technology. Novartis has been sponsoring the free Behavior Training Course for the past two years. (company press release) > According to
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September 7, 2001
Animal Health News & Notes for August 31, 2001
**************************************************************** Brakke Consulting’s Animal Health News & Notes for August 31, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** Company News Releases > A coalition of farm, consumer and antitrust groups have come together to lobby the FTC to block Nestle SA’s acquisition of Ralston Purina. The group claims that the merger would create a company that would dominate the pet food industry and stifle competition The group is also taking its concerns to the investment community, hoping to highlight the effect of mergers on the farming community. (Pet Product News) > Tyson Foods, Inc. and IBP, inc. announced that their joint proxy statement/prospectus with respect to the back-end merger of IBP with and into Lasso Acquisition Corporation, a wholly owned subsidiary of Tyson, has been declared effective by the Securities and Exchange Commission. The proxy statement/prospectus will be mailed to IBP shareholders later this week. A special meeting of IBP shareholders has been scheduled to approve the merger of IBP and Lasso Acquisition Corporation. (PRNewswire) > IBP inc. is recalling about 500,000 pounds of ground beef from 35 states that may be contaminated with E. coli O157:H7. The ground beef was produced on Aug. 7 in a Dakota City, Neb., plant and distributed to retail establishments, wholesale establishments and institutions nationwide. In a statement, IBP official noted that much of
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August 31, 2001
Animal Health News & Notes for August 24, 2001
**************************************************************** Brakke Consulting’s Animal Health News & Notes for August 24, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** Company Earnings Releases > Boehringer Ingelheim reported that, in the first half of 2001, the Animal Health business also developed much better than expected, growing by 11% to EUR 152 million ($129 million). (company website) > PETsMART, Inc. announced results for its second fiscal quarter, which ended July 29, 2001. The company reported second quarter net income of $2.8 million. Net income included a non-recurring tax benefit of $10.3 million related to tax losses from PETsMART.com, which was offset by a charge of $10 million to rationalize PETsMART Direct’s fixed asset structure and a charge of $6 million related to store closures. Without the non-recurring tax benefit and the one-time charges, PETsMART’s second quarter net income would have been $2.1 million. Sales for the second quarter were $582.4 million, up 8.1% over the same period last year, while sales in stores open at least a year were up 5.4% from the second quarter 2000. (Business Wire) > Biopure Corporation announced its financial results for the third fiscal quarter ended July 31, 2001. For the quarter, the company reported a net loss of $11.9 million compared with a net loss of $7.2 million for the corresponding period in 2000. Total revenues were $946,000
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August 24, 2001
Animal Health News & Notes for August 21, 2001 – 2nd Anniversary Edition
printer friendly version **************************************************************** Brakke Consulting’s Animal Health News & Notes for August 21, 2001 Copyright © Brakke Consulting, Inc. **************************************************************** ANIMAL HEALTH NEWS & NOTES MARKS TWO-YEAR ANNIVERSARY This week marks the two-year anniversary of Brakke Consulting’s weekly electronic newsletter, “Animal Health News & Notes.” Our subscriber list has grown to over 2,400 names from all aspects of the animal health and veterinary professions around the globe. We are proud to be a leading source of timely news about the animal health industry. We hope that you find our newsletter useful, and that you will continue to pass it on to friends and colleagues within the industry. ******************************************************************* BRAKKE CONSULTING, INC. Serving the Worldwide Animal Health and Pet Care Industries Providing a complete range of consulting services, including: > General Management Consulting > Technology Market Evaluation > Technology Transfer, Licensing, and Acquisition > Mergers, Acquisitions, Divestitures > Industry Information and Market Research > Executive and Managerial Search > Marketing and Communications Audits > Veterinary Practice Management > Syndicated Market Studies > Veterinary Market Research Panels * Headquartered in Dallas, TX (972) 243-4033 * Other US Offices in Kansas City, Chicago, Asheville NC, Charleston SC, FL * International Offices in Munich, Osaka & Sydney ******************************************************************* Dear clients, readers and friends,
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August 21, 2001
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