Watson Wyatt Worldwide Finishes Fiscal 2006 with Revenues of $1.27 Billion and EPS of $1.99;...
ARLINGTON, Va. -- Watson Wyatt Worldwide, Inc. (NYSE: WW), a leading international human capital and financial management consulting firm, today announced financial results for the fourth quarter and fiscal year 2006, which ended June 30, 2006.
Revenues were $347.1 million for the quarter,
For the fiscal year, revenues were $1.27 billion, an increase from $737.4 million in fiscal 2005. Income from continuing operations for the year was $86.1 million, or $1.99 per diluted share, up from prior-year income from continuing operations of $51.4 million, or $1.56 per diluted share.
"Watson Wyatt once again posted very strong results, capping an impressive fiscal year for the firm," said John Haley, president and chief executive officer. "As we celebrate our one-year anniversary as a combined firm, our growth and financial results have been outstanding."
"All segments generated revenue growth in the fiscal year, with double-digit increases in Insurance and Financial Services, Investment Consulting, and Technology and Administration Solutions. Our dedication to client service and our consulting offerings are clearly resonating in the market. And demand should remain robust, as various regulatory and accounting changes take shape."
Comparable Period Results
Effective July 31, 2005, the company acquired the Europe-based consulting operations of Watson Wyatt LLP, its long-time strategic alliance partner. To provide comparability with previous quarters, the company provides comparable period results. The prior-year comparable period results have been prepared assuming that the company's acquisition of the European consulting business of Watson Wyatt LLP had occurred on August 1, 2004. Therefore, eleven months of the operations of Watson Wyatt LLP are included in both fiscal years. The company's management uses these comparable period results internally to focus on period-to-period changes in the company's business and believes this information is helpful to shareholders. The comparable period numbers could also assist shareholders in assessing the impact of the acquisition of the European business by providing comparable prior-year information as a basis for comparison.
Revenues for the fourth quarter of fiscal 2006 were $347.1 million, an increase of 10% from comparable period revenues of $315.4 million. Earnings per diluted share of $0.58 for the fourth quarter increased 29% from $0.45 in the prior-year comparable period. For the quarter, exchange rates had an unfavorable impact on comparable period revenues of approximately 1 percentage point and a negative impact of $0.01 per diluted share on comparable period net income.
Operating Highlights
Operating highlights are discussed on a GAAP and a comparable period basis.
--Benefits Group revenues (representing 53% of fourth-quarter revenues) were $184.3 million for the fourth quarter of fiscal 2006, up from $116.8 million in the prior-year fourth quarter. Revenues increased 6% from comparable period revenues of $174.1 million in the prior-year fourth quarter. Both our U.S. and European businesses achieved a solid 6% growth this quarter. In the U.S., our growth was largely due to increased plan design consulting work and pension administration. In Europe, we continued to perform work arising from the legislative changes that took effect last quarter. For the year, Benefits revenues were $689.3 million, up 8% on a comparable period basis.
--Technology and Administration Solutions Group revenues (representing 10% of fourth-quarter revenues) were $33.3 million for the fourth quarter of fiscal 2006, up from $12.6 million in the prior-year fourth-quarter. Revenues increased 26% from comparable period revenues of $26.5 million in the prior-year fourth quarter. The increase in revenues for the quarter was due primarily to an increase in the number of projects in service, on which revenues are recognized. At June 30, 2006, 53 projects were in service, as compared to 10 at June 30, 2005. For the year, revenues were $129.6 million, up 10% on a comparable period basis. The pipeline continues to be strong, with 56 projects in the implementation phase compared to 29 at June 30, 2005.
--Human Capital Group revenues (representing 9% of total revenues for the quarter) were $30.0 million for the fourth quarter of fiscal 2006, up from $14.5 million in the prior-year fourth quarter. Fourth quarter fiscal 2006 revenues reflect the reclassification of $4.1 million in revenues related to Watson Wyatt Data Services from the "other" segment into the human capital group. Excluding the reclassification, revenues increased 12% from comparable period revenues of $23.2 million in the prior-year fourth quarter. Revenue growth continued to be driven primarily by demand for executive compensation consulting and data services. For the year, revenues were $110.4 million, up 7% on a comparable period basis and excluding the reclassification of data services.
--Insurance & Financial Services Group revenues (representing 7% of total revenues for the quarter) were $26.0 million for the fourth quarter of fiscal 2006, an increase of 31% from prior- year comparable period revenues of $19.8 million. Our growth was due to significant project work and an expansion of our operations in Amsterdam. For the year, revenues were $91.4 million, up 18% on a comparable period basis.
--Investment Consulting Group revenues (representing 6% of total revenues for the quarter) were $21.7 million for the fourth quarter of fiscal 2006, up from $5.3 million in the prior-year fourth quarter. Revenues increased 18% from comparable period revenues of $18.4 million in the prior-year fourth quarter. Revenues increased during the quarter due to robust demand for our services, particularly investment strategy and fund manager selection services, by both new and existing clients. For the year, revenues were $74.4 million, up 13% on a comparable period basis.
--International revenues, comprising Asia Pacific and Latin America (representing 7% of total revenues for the quarter), were $25.9 million for the fourth quarter of fiscal 2006, up from $25.0 million in the prior-year fourth quarter. Revenues increased 4% from prior-year fourth quarter revenues. Results were strong in Australia, Taiwan and Mexico, and were partially offset by the company's divestiture of its New Zealand operations in the first quarter of fiscal 2006. For the year, revenues were $94.2 million, up 4% from prior year.
Outlook for Fiscal Year 2007
For fiscal year 2007, the company expects revenues to be in the range of $1.38 billion to $1.40 billion and earnings per diluted share are expected to be in the range of $2.15 to $2.20.
For the first quarter of fiscal 2007, the company expects revenue to be in the range of $325 million to $330 million. In addition, the company expects first quarter earnings per diluted share to be in the range of $0.45 to $0.47.
Authorization to Repurchase Shares
The Board of Directors has approved the purchase of up to 1,500,000 shares of the company's class A common stock for purposes which may include offsetting any potential dilution from shares which may be issued in connection with the company's employee benefit plans. These shares are in addition to the 488,534 shares that remain available for repurchase under previous authorizations from the Board of Directors.
The Company may purchase common stock from time to time through open-market purchases or in privately negotiated transactions, and may reserve the shares purchased for later re-issuance in connection with these benefit plans. The amount and timing of any purchases will depend upon a number of factors, including the price and availability of the Company's shares and general market conditions. No time limit has been placed on the duration of the share repurchase program, and it may be discontinued at any time.
Conference Call
The company will host a live webcast and conference call to discuss the financial results for the fourth quarter and fiscal 2006. It will be held on Thursday, August 10, 2006, beginning at 9:00 a.m. Eastern Time, and can be accessed via the Internet by going to www.watsonwyatt.com or www.earnings.com. The replay of the webcast will be available two hours after the live call for a period of one year. The replay also will be available for one week after the call by dialing 719-457-0820 and using confirmation number 2865584. The conference call will include a presentation of slides that are available on the websites.
Forward-Looking Statements
Statements in this press release regarding projections and expectations of future earnings, revenues, operations, business trends and other such items are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. A number of risks and uncertainties exist which could cause actual results to differ materially from the results reflected in these forward-looking statements. Such factors include but are not limited to the company's ability to integrate the business of Watson Wyatt LLP into our own business, processes and systems, and achieve the anticipated results; our continued ability to recruit and retain qualified associates; the success of our marketing, client development and sales programs after the business combination; our ability to maintain client relationships and to attract new clients after the business combination; declines in demand for our services; outcomes of litigation; the ability of the company to obtain professional liability insurance; a significant decrease in the demand for the consulting, actuarial and other services we offer as a result of changing economic conditions or other factors; actions by competitors offering human resources consulting services, including public accounting and consulting firms, technology consulting firms and internet/intranet development firms; our ability to achieve cost reductions after the business combination; foreign currency exchange and interest rate fluctuations; exposure to Watson Wyatt LLP liabilities that have not been expressly assumed; general economic and business conditions that adversely affect us or our clients after the business combination; the level of capital resources required for future acquisitions and business opportunities; regulatory developments abroad and domestically that impact our business practices; legislative and technological developments that may affect the demand for or costs of our services; and other factors discussed under "Risk Factors" in the company's Annual Report on Form 10-K dated August 24, 2005, and the proxy statement/prospectus filed on June 23, 2005, both of which are on file with the Securities and Exchange Commission. These statements are based on assumptions that may not come true. All forward-looking disclosure is speculative by its nature. The company undertakes no obligation to update any of the forward-looking information included in this report, whether as a result of new information, future events, changed expectations or otherwise.
About Watson Wyatt Worldwide
Watson Wyatt Worldwide is a leading global human capital and financial management consulting firm. The firm specializes in employee benefits, human capital strategies, technology solutions, and insurance and financial services with more than 6,000 associates in 30 countries.
WATSON WYATT WORLDWIDE, INC.
Consolidated Statements of Operations
(Thousands of U.S. Dollars, Except Per Share Data)
Three Months Ended Year Ended
June 30, June 30,
--------------------- --------------------
2006 2005 2006 2005
---------- -------- ---------- --------
(Unaudited) (Unaudited)
Revenue $ 347,089 $198,621 $1,271,811 $737,421
---------- -------- ---------- --------
Costs of providing
services:
Salaries and employee
benefits 184,710 103,252 699,049 397,252
Professional and
subcontracted services 27,675 20,492 84,165 57,810
Occupancy, communications
and other 45,911 27,641 164,140 106,752
General and
administrative expenses 39,227 19,479 147,122 74,612
Depreciation and
amortization 12,599 5,556 44,918 20,210
---------- -------- ---------- --------
310,122 176,420 1,139,394 656,636
---------- -------- ---------- --------
Income from operations 36,967 22,201 132,417 80,785
(Loss) income from
affiliates (597) 1,327 1,135 7,146
Interest income 1,981 919 4,325 2,832
Interest expense (390) (226) (4,093) (660)
Other non-operating
income (loss) 25 (6,195) (2,081) (7,404)
---------- -------- ---------- --------
Income from continuing
operations before income
taxes 37,986 18,026 131,703 82,699
Provision for income taxes 12,271 5,776 45,585 31,303
---------- -------- ---------- --------
Income from continuing
operations 25,715 12,250 86,118 51,396
Discontinued operations:
Adjustment to estimated
loss on disposal of
discontinued operations,
less applicable income tax
expense for the three
months and twelve months
ended June 30, 2006 and
2005 (7) - 1,028 739
Sublease income from
discontinued operations,
less applicable income tax
expense for the three
months and twelve months
ended June 30, 2006 and
2005 18 10 45 27
---------- -------- ---------- --------
Net income $ 25,726 $ 12,260 $ 87,191 $ 52,162
========== ======== ========== ========
Basic earnings per share:
Income from continuing
operations $ 0.61 $ 0.38 $ 2.08 $ 1.58
Income from discontinued
operations 0.00 0.00 0.03 0.02
---------- ======== ---------- ========
Net income $ 0.61 $ 0.38 $ 2.11 $ 1.60
========== ======== ========== ========
Diluted earnings per share:
Income from continuing
operations $ 0.58 $ 0.37 $ 1.99 $ 1.56
Income from discontinued
operations 0.00 0.00 0.02 0.02
---------- ======== ---------- ========
Net income $ 0.58 $ 0.37 $ 2.01 $ 1.58
========== ======== ========== ========
Weighted average shares of
common stock, basic (000) 42,351 32,642 41,393 32,541
========== ======== ========== ========
Weighted average shares of
common stock, diluted
(000) 44,350 32,921 43,297 32,845
========== ======== ========== ========
WATSON WYATT WORLDWIDE, INC.
Comparable Period Consolidated Statements of Operations
(Thousands of U.S. Dollars, Except Per Share Data)
Three Months Ended Year Ended
June 30, June 30,
-------------------- -----------------------
2006 2005 2006 2005
--------- -------- ---------- ----------
(Unaudited) (Unaudited)
Revenue $ 347,089 $315,441 $1,271,811 $1,167,391
--------- -------- ---------- ----------
Costs of providing
services:
Salaries and employee
benefits 184,710 172,358 699,049 660,359
Professional and
subcontracted services 27,675 25,316 84,165 73,563
Occupancy,
communications and
other 45,911 42,654 164,140 153,841
General and
administrative expenses 39,227 38,870 147,122 142,318
Depreciation and
amortization 12,599 10,007 44,918 37,175
--------- -------- ---------- ----------
310,122 289,205 1,139,394 1,067,256
--------- -------- ---------- ----------
-
Income from operations 36,967 26,236 132,417 100,135
Loss (income) from
affiliates (597) 446 1,135 814
Interest expense, net 1,591 1,493 232 (287)
Other non-operating
income 25 (1,412) (2,081) (2,638)
--------- -------- ---------- ----------
Income from continuing
operations before income
taxes 37,986 26,763 131,703 98,024
Provision for income taxes 12,271 7,054 45,585 34,434
--------- -------- ---------- ----------
Income from continuing
operations 25,715 19,709 86,118 63,590
Basic earnings per share: $ 0.61 $ 0.47 $ 2.08 $ 1.53
Diluted earnings per
share: $ 0.58 $ 0.45 $ 1.99 $ 1.45
Weighted average shares of
common stock, basic (000) 42,351 41,733 41,393 41,632
========= ======== ========== ==========
Weighted average shares of
common stock, diluted
(000) 44,350 43,989 43,297 43,723
========= ======== ========== ==========
The three months ended June 30, 2006 and 2005 includes three months of
both Watson Wyatt Holdings and Watson Wyatt LLP.
The year ended June 30, 2006 and 2005 includes twelve months of Watson
Wyatt Holdings and eleven months of Watson Wyatt LLP.
WATSON WYATT WORLDWIDE, INC.
Supplemental Segment Data
(Thousands of U.S. Dollars)
Three Months Ended Year Ended
June 30, June 30,
--------------------- --------------------
2006 2005 2006 2005
---------- -------- ---------- --------
(Unaudited) (Unaudited)
Revenue (net of
reimbursable expenses)
-----------------------
Benefits Group $ 184,344 $116,833 $ 689,310 $422,336
Technology and
Administration Solutions
Group 33,309 12,555 129,605 66,340
Human Capital Group 30,007 14,458 110,421 56,456
Insurance & Financial
Services Group 25,958 - 91,407 -
Investment Consulting Group 21,746 5,311 74,372 19,016
International - Comprising
Asia Pacific and Latin
America 25,920 25,011 94,171 90,498
Other 7,816 10,908 34,140 42,719
---------- -------- ---------- --------
Total segment revenue 329,100 185,076 1,223,426 697,365
Reimbursable expenses and
other 17,989 13,545 48,385 40,056
---------- -------- ---------- --------
Consolidated revenue $ 347,089 $198,621 $1,271,811 $737,421
========== ======== ========== ========
Net operating income
--------------------
Benefits Group $ 47,827 $ 36,287 $ 177,984 $ 99,566
Technology and
Administration Solutions
Group 6,367 (1,571) 30,706 7,404
Human Capital Group 4,119 3,058 16,336 13,647
Insurance & Financial
Services Group 4,097 - 17,696 -
Investment Consulting Group 3,508 842 11,827 1,468
International - Comprising
Asia Pacific and Latin
America 2,891 3,867 5,688 5,941
Other (1,705) 1,523 (3,977) 4,549
---------- -------- ---------- --------
Total segment net operating
income 67,104 44,006 256,260 132,575
Discretionary compensation (28,366) (15,590) (108,671) (47,403)
Other income (expense), net (752) (10,390) (15,886) (2,473)
---------- -------- ---------- --------
Income before income taxes $ 37,986 $ 18,026 $ 131,703 $ 82,699
========== ======== ========== ========
June 30,
--------------------
2006 2005
---------- ---------
(Unaudited)
Associates (fiscal year end
full-time equivalents)
---------------------------
Benefits Group 2,390 1,530
Technology and
Administration Solutions
Group 720 335
Human Capital Group 425 170
Insurance & Financial
Services Group 325 -
Investment Consulting Group 270 70
International - Comprising
Asia Pacific and Latin
America 970 940
Other 545 600
---------- ========
Total segment associates 5,645 3,645
Corporate 590 230
---------- ========
Total 6,235 3,875
========== ========
WATSON WYATT WORLDWIDE, INC.
Comparable Period Segment Data
(Thousands of U.S. Dollars)
Three months ended June 30, 2005
-----------------------------------
(Unaudited)
Watson Wyatt Watson Wyatt Pro forma
Holdings LLP Revenues
------------ ------------ ----------
Revenue (net of reimbursable
expenses)
----------------------------
Benefits Group $ 116,833 $ 57,237 $ 174,070
Technology and Administration
Solutions Group 12,555 13,961 26,516
Human Capital Group 14,458 8,713 23,171
Insurance & Financial Services
Group - 19,787 19,787
Investment Consulting Group 5,311 13,081 18,392
International - Comprising Asia
Pacific and Latin America 25,011 - 25,011
Other 10,908 299 11,207
----------- -------- ---------
Total segment revenue 185,076 113,078 298,154
Reimbursable expenses and other 13,545 3,742 (A) 17,287
----------- -------- ---------
Consolidated revenue $ 198,621 $116,820 $ 315,441
=========== ======== =========
Three Months Ended
June 30,
--------------------------
2006 2005
----------- --------
(Unaudited) % change
Revenue (net of reimbursable
expenses)
----------------------------
Benefits Group $ 184,344 $174,070 5.9%
Technology and Administration
Solutions Group 33,309 26,516 25.6%
Human Capital Group 30,007 23,171 29.5%
Insurance & Financial Services
Group 25,958 19,787 31.2%
Investment Consulting Group 21,746 18,392 18.2%
International - Comprising Asia
Pacific and Latin America 25,920 25,011 3.6%
Other 7,816 11,207 -30.3%
----------- -------- ---------
Total segment revenue 329,100 298,154 10.4%
Reimbursable expenses and other 17,989 17,287 4.1%
----------- -------- ---------
Consolidated revenue $ 347,089 $315,441 10.0%
=========== ======== =========
(A) Watson Wyatt LLP reimbursable expenses and other includes inter-
company eliminations.
WATSON WYATT WORLDWIDE, INC.
Consolidated Balance Sheets
(Thousands of U.S. Dollars)
June 30, June 30,
----------- -----------
2006 2005
---------- ----------
(Unaudited)
Assets
------
Cash and cash equivalents $ 165,345 $ 168,076
Receivables from clients:
Billed, net of allowances of $3,678 and $2,114 180,533 95,977
Unbilled, net of allowances of $5,348 and $700 123,044 62,840
---------- ----------
303,577 158,817
Deferred income taxes 567 24,718
Other current assets 24,158 12,599
---------- ----------
Total current assets 493,647 364,210
Investment in affiliates 8,564 30,857
Fixed assets, net 147,738 94,033
Deferred income taxes 70,417 92,915
Goodwill 324,041 21,888
Intangible assets 187,075 776
Other assets 8,877 14,000
---------- ----------
Total Assets $1,240,359 $ 618,679
========== ==========
Liabilities
-----------
Accounts payable and accrued liabilities $ 288,396 $ 122,621
Deferred income taxes 168 283
Income taxes payable 7,771 4,648
---------- ----------
Total current liabilities 296,335 127,552
Note payable 30,000 -
Accrued retirement benefits 162,505 205,029
Deferred rent and accrued lease losses 28,982 18,701
Deferred income taxes 480 370
Other noncurrent liabilities 73,296 32,824
---------- ----------
Total Liabilities 591,598 384,476
Commitments and contingencies
Stockholders' Equity
--------------------
Preferred Stock - No par value:
1,000,000 shares authorized;
none issued and outstanding - -
Class A Common Stock - $.01 par value:
99,000,000 shares authorized;
42,463,451 and 33,372,880 issued and
42,385,513 and 32,627,226 outstanding 425 334
Additional paid-in capital 386,392 147,948
Treasury stock, at cost - 77,938 and 745,654
shares (2,134) (18,705)
Retained earnings 242,599 168,075
Accumulated other comprehensive income (loss) 21,479 (63,449)
---------- ----------
Total Stockholders' Equity 648,761 234,203
---------- ----------
Total Liabilities and Stockholders' Equity $1,240,359 $ 618,679
========== ==========
WATSON WYATT WORLDWIDE, INC.
Consolidated Statements of Cash Flows
(Thousands of U.S. Dollars)
Year ended June 30,
---------------------
2006 2005
--------- ---------
(Unaudited)
-----------
Cash flows from operating activities:
Net income $ 87,191 $ 52,162
Adjustments to reconcile net income to net cash
from (used in) operating activities:
Loss on foreign currency forward contract 3,602 4,803
Income from discontinued operations, net of
income tax expense (1,035) (739)
Provision for doubtful receivables from
clients 4,966 5,563
Depreciation 36,763 19,899
Amortization of intangible assets 8,155 311
Provision for (benefit from) deferred income
taxes 33,692 (4,587)
Income from affiliates (1,136) (7,146)
Distributions from affiliates 1,614 6,131
Other, net 456 866
Changes in operating assets and liabilities
(net of discontinued operations)
Receivables from clients (27,196) (14,546)
Other current assets 7,181 (488)
Other assets (2,000) (6,868)
Accounts payable and accrued liabilities 5,238 9,532
Income taxes payable 760 (8,601)
Accrued retirement benefits 4,148 2,101
Deferred rent and accrued lease losses 1,561 8,502
Other noncurrent liabilities 5,163 1,189
--------- ---------
Net cash from operating activities 169,123 68,084
--------- ---------
Cash flows used in investing activities:
Purchases of marketable securities - (469,400)
Sales and maturities of marketable securities - 489,400
Acquisitions (137,784) (812)
Purchases of fixed assets (38,060) (34,648)
Capitalized software costs (27,743) (14,296)
Proceeds from divestitures 1,296 20
--------- ---------
Net cash used in investing activities (202,291) (29,736)
--------- ---------
Cash flows used in financing activities:
Borrowings 102,000 -
Repayments (72,000) -
Foreign currency forward contract (8,405) -
Dividends paid (12,667) (9,756)
Repurchases of common stock (4,272) (9,358)
Tax benefit of exercise of stock options and
other 2,034 -
Issuances of common stock - exercise of
options 3,911 1,992
Issuances of common stock - employee stock
purchase plan 6,255 8,078
--------- ---------
Net cash provided by (used in) investing
activities 16,856 (9,044)
--------- ---------
Effect of exchange rates on cash 13,581 1,832
--------- ---------
(Decrease) increase in cash and cash equivalents (2,731) 31,136
Cash and cash equivalents at beginning of period 168,076 136,940
--------- ---------
Cash and cash equivalents at end of period $ 165,345 $ 168,076
========= =========
In addition, make sure to read these articles:
- Watson Wyatt Worldwide Reports Strong Third Quarter on Better Than Expected Revenues;...
- Watson Wyatt Worldwide Reports Second Quarter Fiscal 2006 Results; Sees Solid Performance...
- Watson Wyatt & Company Holdings Reports First Quarter Fiscal 2006 Results; Strong...
- Watson Wyatt to Broadcast Rescheduled Fourth Quarter Conference Call Via Webcast.
- Watson Wyatt to Broadcast Fourth Quarter Conference Call Via Webcast.
- Watson Wyatt to Broadcast Fourth Quarter Fiscal 2003 Conference Call Via Webcast.
- Watson Wyatt to Broadcast Fourth Quarter Fiscal 2003 Conference Call via Webcast.
- Watson Wyatt to Broadcast Fourth Quarter Conference Call Via Webcast.
- Watson Wyatt Postpones Reporting Fourth Quarter and Fiscal Year End Results.
- Watson Wyatt Data Services.
- Watson Wyatt & Company Holdings Reports Second Quarter Results.
- Watson Wyatt & Company Holdings Reports Second Quarter Earnings; Second Quarter...
- Watson Wyatt & Company Reschedules Fourth Quarter Results Earnings Release.
- Watson Wyatt & Company Holdings Reports FirstQuarter Earnings; Company reports 17%...
- Watson Wyatt finds UK companies are experiencing increasing problems finding IT staff.
Email
Digg It
del.icio.us
Related Resources
Business Resources
Sponsored Links
Site Map | Contact Us | FAQs | About Us | Media Kit | Reprints | RSS Directory | Sign Up for Free Newsletters | Disclosure Policy
Copyright © 1999 - 2008 AllBusiness.com, Inc. All rights reserved.
No part of this content or the data or information included therein may be reproduced,
republished or redistributed without the prior written consent of AllBusiness.com.
Use of this site is governed by our Copyright and Intellectual Property Policy, Terms of Use Agreement and Privacy Policy.
© COPYRIGHT 2006 Business Wire
You may not repost, republish, reproduce, package and/or redistribute the content of this page,
in whole or in part, without the written permission of the copyright holder.
Online Business Database | Online Business Information | Email Marketing Lists | Sales and Marketing Solutions | Business Mailing Lists
AllBusiness.com, its parent company D&B, and its affiliates.
