Lazard Ltd Reports First-Quarter 2019 Results

First quarter operating revenue of $620 million

Assets under management of $235 billion; up 9% from year-end

Quarterly dividend increased by 7%; share repurchases of $192 million

NEW YORK–(BUSINESS WIRE)–Lazard Ltd (NYSE: LAZ) today reported operating revenue1 of
$620 million for the quarter ended March 31, 2019. Net income, as
adjusted2, was $106 million, or $0.87 (diluted) per share for
the quarter.

First-quarter 2019 net income on a U.S. GAAP basis was $97 million, or
$0.80 per share (diluted).

“Our first quarter results reflect the equity markets’ recovery from
their fourth-quarter dislocation, and uneven advisory activity across
geographies,” said Kenneth M. Jacobs, Chairman and Chief Executive
Officer of Lazard. “We continue to invest in our people and capabilities
to enhance our competitive edge and build value for all our
stakeholders.”

       
($ in millions, except

per share data and AUM)

    Quarter Ended March 31,

2019

 

2018

 

%’19-’18

Net Income

U.S. GAAP

 

$97

$160 (39)%
Per share, diluted

 

$0.80

$1.21 (34)%
Adjusted2

 

$106

$166 (36)%
Per share, diluted

 

$0.87

$1.26 (31)%
 

Operating Revenue1

Total operating revenue

 

$620

$724 (14)%
Financial Advisory

 

$330

$389 (15)%
Asset Management

 

$284

$330 (14)%
 

AUM ($ in billions)

Period End

 

$235

$252 (7)%
Average

 

$229

$256 (11)%
                 

Note: Endnotes are on page 6 of this release. A reconciliation of
adjusted GAAP to U.S. GAAP is on page 11.

OPERATING REVENUE

Operating revenue was $620 million for the quarter ended March 31, 2019,
14% lower than the first quarter of 2018.

Financial Advisory

Our Financial Advisory results include M&A Advisory, Capital
Advisory, Capital Raising, Restructuring, Shareholder Advisory,
Sovereign Advisory, and other strategic advisory work for clients.

Financial Advisory operating revenue was $330 million for 2019, 15%
lower than the first quarter of 2018. The decline reflected lower
first-quarter operating revenue in Europe and Asia, partly offset by
higher first-quarter operating revenue in the Americas.

Among the major M&A transactions that were completed during the first
quarter of 2019 were the following (clients are in italics): Thales’ €5.6
billion acquisition of Gemalto through a recommended all-cash offer; athenahealth’s
$5.7 billion sale to Veritas Capital and Evergreen Coast Capital; Messer
Industries
, a JV between Messer and CVC, in the $3.6 billion
acquisition of parts of Linde’s and Praxair’s business in the Americas; Cronos
Group
in the CAD 2.4 billion strategic investment from Altria; and
Archer Daniels Midland’s
€1.5 billion acquisition of Neovia.

Among the major M&A transactions that were announced during or since the
first quarter of 2019 or on which we continued to advise were the
following: IBM’s $34 billion acquisition of Red Hat; Versum
Materials’
€5.8 billion sale to Merck KGaA; Rabobank’s $2.1
billion sale of its U.S. bank subsidiary, Rabobank, N.A., to Mechanics
Bank; YY’s $1.5 billion acquisition of the remaining 68.3% of
BIGO; Saputo’s CAD 1.7 billion acquisition of Dairy Crest Group;
and Principal Financial’s $1.2 billion acquisition of Wells Fargo
Institutional Retirement & Trust business.

During or since the first quarter of 2019 we have been engaged in a
broad range of highly visible and complex restructuring and debt
advisory assignments for debtors and creditors, including roles
involving Debenhams; FirstEnergy Solutions; Interserve; Nine West; PG&E
Sears Holdings; and Toys “R” Us.

Our Capital and Shareholder Advisory practices remained active globally
in the first quarter of 2019, advising on a broad range of public and
private assignments. Our Sovereign Advisory practice also remained
active, advising governments, sovereign and sub-sovereign entities
across developed and emerging markets.

For a list of publicly announced Financial Advisory transactions on
which Lazard advised in the first quarter of 2019, or continued to
advise or completed since March 31, 2019, please visit our website at
www.lazard.com/businesses/transactions.

Asset Management

In the text portion of this press release, we present our Asset
Management results as 1) Management fees and other revenue, and 2)
Incentive fees.

Asset Management operating revenue was $284 million for 2019, 14% lower
than the first quarter of 2018.

Management fees and other revenue was $283 million, 13% lower than the
first quarter of 2018, and 1% higher than the fourth quarter of 2018.

Average AUM for the first quarter of 2019 was $229 billion, 11% lower
than the first quarter of 2018, and 2% higher than the fourth quarter of
2018.

AUM as of March 31, 2019, was $235 billion, up 9% from December 31,
2018, and down 7% from March 31, 2018. The sequential increase was
primarily driven by market appreciation of $21 billion, offset by $900
million of foreign exchange depreciation, with flat net flows.

Incentive fees during the period were $1 million, compared to $6 million
for the first quarter of 2018.

OPERATING EXPENSES

Compensation and Benefits

In managing compensation and benefits expense, we focus on annual
awarded compensation (cash compensation and benefits plus deferred
incentive compensation with respect to the applicable year, net of
estimated future forfeitures and excluding charges). We believe annual
awarded compensation reflects the actual annual compensation cost more
accurately than the GAAP measure of compensation cost, which includes
applicable-year cash compensation and the amortization of deferred
incentive compensation principally attributable to previous years’
deferred compensation. We believe that by managing our business using
awarded compensation with a consistent deferral policy, we can better
manage our compensation costs, increase our flexibility in the future
and build shareholder value over time.

For the first quarter of 2019, we accrued adjusted compensation and
benefits expense1 at an adjusted compensation ratio of 57.5%,
compared to the first-quarter 2018 ratio of 55.8%. This resulted in $356
million of compensation and benefits expense, compared to $404 million
for the first quarter of 2018.

We manage our compensation and benefits expense based on awarded
compensation with a consistent deferral policy. We take a disciplined
approach to compensation, and our goal is to maintain a
compensation-to-operating revenue ratio over the cycle in the mid- to
high-50s percentage range on both an awarded and adjusted basis, with
consistent deferral policies.

Non-Compensation Expense

For the first quarter of 2019, adjusted non-compensation expense1
was $116 million, 1% higher than the first quarter of 2018, reflecting
investments in our technology infrastructure, and marketing and business
development.

The ratio of adjusted non-compensation expense to operating revenue was
18.7% for the first quarter of 2019, compared to 15.8% for the first
quarter of 2018.

Our goal remains to achieve a non-compensation expense-to-operating
revenue ratio over the cycle of 16% to 20%.

TAXES

The provision for taxes, on an adjusted basis1, was $25
million for the first quarter of 2019. The effective tax rate, on an
adjusted basis, was 19.4% for the first quarter of 2019, compared to
13.9% for the first quarter of 2018 and 22.7% for the full year of 2018.

CAPITAL MANAGEMENT AND BALANCE SHEET

Our primary capital management goals include managing debt and
returning capital to shareholders through dividends and share
repurchases.

In the first quarter of 2019, Lazard returned $386 million to
shareholders, which included: $103 million in dividends; $192 million in
share repurchases of our Class A common stock; and $91 million in
satisfaction of employee tax obligations in lieu of share issuances upon
vesting of equity grants.

In the first quarter of 2019, we issued $500 million aggregate principal
amount of 4.375% Senior Notes due March 2029. We used part of the net
proceeds to redeem the remaining $250 million of 4.25% Senior Notes due
November 2020 ($168 million was redeemed in the first quarter and $82
million was redeemed in April of 2019). We plan to use the remaining net
proceeds for general corporate purposes, including potential repurchases
of shares of our Class A common stock.

As of March 31, 2019, we have repurchased 5.2 million shares at an
average price of $37.10 per share. In line with our objectives, these
repurchases have more than offset the potential dilution from our 2018
year-end equity-based compensation awards (net of estimated forfeitures
and tax withholding to be paid in cash in lieu of share issuances),
which were granted at an average price of $37.69 per share. As of March
31, 2019, our remaining share repurchase authorization is $403 million.

On April 24, 2019, our Board of Directors voted to increase the
quarterly dividend on Lazard’s outstanding Class A common stock by 7%,
to $0.47 per share. The dividend is payable on May 17, 2019, to
stockholders of record on May 6, 2019.

Lazard’s financial position remains strong. As of March 31, 2019, our
cash and cash equivalents were $1,011 million, and stockholders’ equity
related to Lazard’s interests was $701 million.

CONFERENCE CALL

Lazard will host a conference call at 8:00 a.m. EDT on Thursday, April
25, 2019, to discuss the company’s financial results for the first
quarter of 2019. The conference call can be accessed via a live audio
webcast available through Lazard’s Investor Relations website at www.lazard.com,
or by dialing 1 (800) 239-9838 (U.S. and Canada) or +1 (323) 794-2551
(outside of the U.S. and Canada), 15 minutes prior to the start of the
call.

A replay of the conference call will be available by 10:00 a.m. EDT,
Thursday, April 25, 2019, via the Lazard Investor Relations website at www.lazard.com,
or by dialing 1 (888) 203-1112 (U.S. and Canada) or +1 (719) 457-0820
(outside of the U.S. and Canada). The replay access code is 6472605.

ABOUT LAZARD

Lazard, one of the world’s preeminent financial advisory and asset
management firms, operates from 43 cities across 27 countries in North
America, Europe, Asia, Australia, Central and South America. With
origins dating to 1848, the firm provides advice on mergers and
acquisitions, strategic matters, restructuring and capital structure,
capital raising and corporate finance, as well as asset management
services to corporations, partnerships, institutions, governments and
individuals. For more information on Lazard, please visit www.lazard.com.
Follow Lazard at @Lazard.

Cautionary Note Regarding Forward-Looking Statements:

This press release contains forward-looking statements. In some
cases, you can identify these statements by forward-looking words such
as “may”, “might”, “will”, “should”, “could”, “would”, “expect”, “plan”,
“anticipate”, “believe”, “estimate”, “predict”, “potential”, “target,”
“goal”, or “continue”, and the negative of these terms and other
comparable terminology. These forward-looking statements, which are
subject to known and unknown risks, uncertainties and assumptions about
us, may include projections of our future financial performance based on
our growth strategies, business plans and initiatives and anticipated
trends in our business.
These statements are only predictions
based on our current expectations and projections about future events.
There are important factors that could cause our actual results, level
of activity, performance or achievements to differ materially from the
results, level of activity, performance or achievements expressed or
implied by these forward-looking statements.

These factors include, but are not limited to, those discussed in our
Annual Report on Form 10-K under Item 1A “Risk Factors,” and also
discussed from time to time in our reports on Forms 10-Q and 8-K,
including the following:

  • A decline in general economic conditions or the global or regional
    financial markets;
  • A decline in our revenues, for example due to a decline in overall
    mergers and acquisitions (M&A) activity, our share of the M&A market
    or our assets under management (AUM);
  • Losses caused by financial or other problems experienced by third
    parties;
  • Losses due to unidentified or unanticipated risks;
  • A lack of liquidity, i.e., ready access to funds, for use in our
    businesses; and
  • Competitive pressure on our businesses and on our ability to retain
    and attract employees at current compensation levels.

Although we believe the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results, level of
activity, performance or achievements. Neither we nor any other person
assumes responsibility for the accuracy or completeness of any of these
forward-looking statements. You should not rely upon forward-looking
statements as predictions of future events. We are under no duty to
update any of these forward-looking statements after the date of this
release to conform our prior statements to actual results or revised
expectations and we do not intend to do so.

Lazard Ltd is committed to providing timely and accurate information
to the investing public, consistent with our legal and regulatory
obligations. To that end, Lazard and its operating companies use their
websites, Lazard’s Twitter account (twitter.com/Lazard) and other social
media sites to convey information about their businesses, including the
anticipated release of quarterly financial results, quarterly financial,
statistical and business-related information, and the posting of updates
of assets under management in various mutual funds, hedge funds and
other investment products managed by Lazard Asset Management LLC and
Lazard Frères Gestion SAS. Investors can link to Lazard and its
operating company websites through
www.lazard.com.

ENDNOTES

1

 

A non-U.S. GAAP measure. See attached financial schedules and
related notes for a detailed explanation of adjustments to
corresponding U.S. GAAP results. We believe that presenting our
results on an adjusted basis, in addition to the U.S. GAAP
results, is the most meaningful and useful way to compare our
operating results across periods.

2

First-quarter 2019 adjusted results1 exclude pre-tax
charges of (i) $3.2 million of costs associated with the
implementation of a new Enterprise Resource Planning (ERP) system;
(ii) $4.5 million relating to a debt refinancing by Lazard Ltd’s
subsidiary Lazard Group LLC; and (iii) $3.0 million of
acquisition-related costs, primarily reflecting changes in fair
value of contingent consideration associated with certain business
acquisitions. On a U.S. GAAP basis, these items resulted in a net
charge of $8.5 million, or $0.07 (diluted) per share, in the first
quarter of 2019.

LAZ-EPE

         
LAZARD LTD
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(U.S. GAAP)
 
Three Months Ended % Change From

 

 

 

 

 

($ in thousands, except per share data)

March 31,
2019

December 31,
2018

March 31,
2018

December 31,
2018

March 31,
2018

 
Total revenue $661,678 $704,300 $768,205 (6%) (14%)
Interest expense (18,004) (17,065) (13,507)
Net revenue 643,674 687,235 754,698 (6%) (15%)
Operating expenses:
Compensation and benefits 372,254 349,542 405,047 6% (8%)
 
Occupancy and equipment 28,295 32,781 30,238
Marketing and business development 27,984 32,889 25,659
Technology and information services 32,055 37,520 33,252
Professional services 14,217 18,851 12,431
Fund administration and outsourced services 28,930 29,805 35,184
Amortization and other acquisition-related (benefits) costs 3,470 (2,429) 866
Other 16,806 38,454 26,193
Subtotal 151,757 187,871 163,823 (19%) (7%)
Benefit pursuant to tax receivable agreement (6,495)
Operating expenses 524,011 530,918 568,870 (1%) (8%)
 
Operating income 119,663 156,317 185,828 (23%) (36%)
 
Provision for income taxes 23,187 42,633 24,167 (46%) (4%)
Net income 96,476 113,684 161,661 (15%) (40%)
Net income (loss) attributable to noncontrolling interests (566) 288 1,969
Net income attributable to Lazard Ltd $97,042 $113,396 $159,692 (14%) (39%)
 
Attributable to Lazard Ltd Common Stockholders:
Weighted average shares outstanding:
Basic 111,944,255 116,333,243 119,930,106 (4%) (7%)
Diluted 120,820,084 126,819,190 132,142,394 (5%) (9%)
 
Net income per share:
Basic $0.87 $0.97 $1.33 (10%) (35%)
Diluted $0.80 $0.89 $1.21 (10%) (34%)
 
 
LAZARD LTD
UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL CONDITION
(U.S. GAAP)
   
March 31, December 31,
($ in thousands) 2019 2018
 

ASSETS

 
Cash and cash equivalents $1,011,353 $1,246,537
Deposits with banks and short-term investments 1,138,010 1,006,969
Cash deposited with clearing organizations and other segregated cash 39,302 38,379
Receivables 695,412 685,534
Investments 615,781 575,148
Goodwill and other intangible assets 375,682 375,318
Operating lease right-of-use assets 489,099
Deferred tax assets 591,704 597,776
Other assets 543,134 471,580
 
Total Assets $5,499,477 $4,997,241
 

LIABILITIES & STOCKHOLDERS’ EQUITY

 

Liabilities

Deposits and other customer payables $1,315,867 $1,154,207
Accrued compensation and benefits 309,794 585,484
Senior debt 1,759,297 1,434,260
Tax receivable agreement obligation 246,966 270,640
Operating lease liabilities

 

568,108
Other liabilities 528,073 582,557
Total liabilities 4,728,105 4,027,148
 
Commitments and contingencies
 
Stockholders’ equity
Preferred stock, par value $.01 per share
Common stock, par value $.01 per share 1,298 1,298
Additional paid-in capital 535,926 750,692
Retained earnings 1,171,754 1,195,563
Accumulated other comprehensive loss, net of tax (268,858) (273,818)
Subtotal 1,440,120 1,673,735
Class A common stock held by subsidiaries, at cost (738,899) (756,884)
Total Lazard Ltd stockholders’ equity 701,221 916,851
Noncontrolling interests 70,151 53,242
Total stockholders’ equity 771,372 970,093
 
Total liabilities and stockholders’ equity $5,499,477 $4,997,241
 
 
LAZARD LTD
SELECTED SUMMARY FINANCIAL INFORMATION (a)
(Non-GAAP – unaudited)
 
  Three Months Ended     % Change From
March 31,   December 31,   March 31, December 31,   March 31,
($ in thousands, except per share data) 2019 2018 2018 2018 2018
 
Revenues:
 
Financial Advisory $329,994 $398,581 $388,856 (17%) (15%)
Asset Management 283,734 280,750 329,855 1% (14%)
Corporate 6,262 5,204 5,224 20% 20%
 
Operating revenue (b) $619,990 $684,535 $723,935 (9%) (14%)
                       
Expenses:
 

Adjusted compensation and benefits expense (c)

$356,494 $361,434 $403,956 (1%) (12%)
Ratio of adjusted compensation to operating revenue 57.5% 52.8% 55.8%
 
Non-compensation expense (d) $115,737 $142,239 $114,081 (19%) 1%
Ratio of non-compensation to operating revenue 18.7% 20.8% 15.8%
                       
Earnings:
 
Earnings from operations (e) $147,759 $180,862 $205,898 (18%) (28%)
Operating margin (f) 23.8% 26.4% 28.4%
 
Adjusted net income (g) $105,537 $118,878 $165,915 (11%) (36%)
 
Diluted adjusted net income per share $0.87 $0.94 $1.26 (7%) (31%)
 
Diluted weighted average shares (h) 120,934,661 126,819,190 132,142,394 (5%) (8%)
 
Effective tax rate (i) 19.4% 27.8% 13.9%
 

 

This presentation includes non-GAAP measures. Our non-GAAP measures are
not meant to be considered in isolation or as a substitute for the
corresponding U.S. GAAP measures, and should be read only in conjunction
with our consolidated financial statements prepared in accordance with
U.S. GAAP. For a detailed explanation of the adjustments made to the
corresponding U.S. GAAP measures, see Reconciliation of U.S. GAAP to
Selected Summary Financial Information and Notes to Financial Schedules.

 
LAZARD LTD
ASSETS UNDER MANAGEMENT (“AUM”)
(unaudited)
 
($ in millions)
 
As of Variance
March 31,   December 31,   March 31,   1Q 2019 vs
2019 2018 2018 Qtr to Qtr 1Q 2018
Equity:
Emerging Markets $45,112 $41,899 $53,862 7.7% (16.2%)
Global 46,788 41,490 44,403 12.8% 5.4%
Local 40,083 36,020 41,407 11.3% (3.2%)
Multi-Regional 63,112 57,589 70,405 9.6% (10.4%)
Total Equity 195,095 176,998 210,077 10.2% (7.1%)
Fixed Income:
Emerging Markets 15,308 14,980 18,191 2.2% (15.8%)
Global 6,410 4,851 4,418 32.1% 45.1%
Local 5,378 6,113 5,176 (12.0%) 3.9%
Multi-Regional 7,912 6,994 8,871 13.1% (10.8%)
Total Fixed Income 35,008 32,938 36,656 6.3% (4.5%)
Alternative Investments 2,659 2,430 2,884 9.4% (7.8%)
Private Equity 1,393 1,469 1,455 (5.2%) (4.3%)
Cash Management 824 899 608 (8.3%) 35.5%
Total AUM $234,979 $214,734 $251,680 9.4% (6.6%)
 
Year Ended
Three Months Ended March 31, December 31,
2019 2018 2018
AUM – Beginning of Period $214,734 $249,459 $249,459
Net Flows 38 2,407 (4,898)
Market and foreign exchange

appreciation (depreciation)

20,207 (186) (29,827)
AUM – End of Period $234,979 $251,680 $214,734
Average AUM $228,837 $255,809 $241,247
% Change in average AUM (10.5%)
 
Note: Average AUM generally represents the average of the monthly
ending AUM balances for the period.
 
 
 
 
LAZARD LTD
RECONCILIATION OF U.S. GAAP TO SELECTED SUMMARY FINANCIAL
INFORMATION (a)
(unaudited)
 
Three Months Ended

($ in thousands, except per share data)

March 31,
2019

 

December 31,
2019

 

March 31,
2018

 

Operating Revenue

Net revenue – U.S. GAAP Basis $643,674 $687,235 $754,698
 
Adjustments:
Revenue related to noncontrolling interests (j) (2,271) (3,436) (5,217)
(Gains) losses related to Lazard Fund Interests (“LFI”) and other
similar arrangements
(13,870) 15,798 1,436
Distribution fees, reimbursable deal costs and bad debt expense (k) (24,332) (30,883) (39,514)
Interest expense 16,789 15,821 12,532
 
Operating revenue, as adjusted (b) $619,990 $684,535 $723,935
 
Compensation and Benefits Expense
Compensation and benefits expense – U.S. GAAP Basis $372,254 $349,542 $405,047
 
Adjustments:
Expenses associated with ERP system implementation (l) (1,190)
(Charges) credits pertaining to LFI and other similar arrangements (13,870) 15,798 1,436
Compensation related to noncontrolling interests (j) (1,890) (2,716) (2,527)
 
Compensation and benefits expense, as adjusted (c) $356,494 $361,434 $403,956
 
Non-Compensation Expense
Non-compensation expense – Subtotal – U.S. GAAP Basis $151,757 $187,871 $163,823
 
Adjustments:
Expenses associated with ERP system implementation (l) (3,205) (7,006) (7,426)
(Expenses) benefits related to office space reorganization (m) 80 (1,389)
Distribution fees, reimbursable deal costs and bad debt expense (k) (24,332) (30,883) (39,514)
Amortization and other acquisition-related benefits (costs) (n) (3,470) 2,429 (866)
Charges pertaining to Senior Debt refinancing (o) (4,243)
Expenses associated with Lazard Foundation (p) (10,000)
Non-compensation expense related to noncontrolling interests (j) (770) (252) (547)
 
Non-compensation expense, as adjusted (d) $115,737 $142,239 $114,081
 
Pre-Tax Income and Earnings From Operations
Operating Income – U.S. GAAP Basis $119,663 $156,317 $185,828
 
Adjustments:
Reduction of tax receivable agreement obligation (“TRA”) (q) (6,495)
Expenses associated with ERP system implementation (l) 3,205 8,196 7,426
Expenses (benefits) related to office space reorganization (m) (80) 1,389
Acquisition-related (benefits) costs (n) 3,039 (2,912) 33
Charges pertaining to Senior Debt refinancing (o) 4,457
Expenses associated with Lazard Foundation (p) 10,000
Net (income) loss related to noncontrolling interests (j) 566 (288) (1,969)
Pre-tax income, as adjusted 130,930 164,738 192,707
Interest expense 16,575 15,821 12,532
Amortization (LAZ only) 254 303 659
Earnings from operations, as adjusted (e) $147,759 $180,862 $205,898
 
 
Net Income (loss) attributable to Lazard Ltd
Net income attributable to Lazard Ltd – U.S. GAAP Basis $97,042 $113,396 $159,692
Adjustments:
Reduction of tax receivable agreement obligation (“TRA”) (q) (6,495)
Expenses associated with ERP system implementation (l) 3,205 8,196 7,426
Expenses (benefits) related to office space reorganization (m) (80) 1,389
Acquisition-related (benefits) costs (n) 3,039 (2,912) 33
Charges pertaining to Senior Debt refinancing (o) 4,457
Expenses associated with Lazard Foundation (p) 10,000
Tax benefit allocated to adjustments (2,206) (3,227) (2,625)
 
Net income, as adjusted (g) $105,537 $118,878 $165,915
 
Diluted Weighted Average Shares Outstanding
Diluted Weighted Average Shares Outstanding – U.S. GAAP Basis 120,820,084 126,819,190 132,142,394
Adjustment: profits interest participation rights 114,577
 
Diluted Weighted Average Shares Outstanding, as adjusted (h) 120,934,661 126,819,190 132,142,394
 
Diluted net income per share:
U.S. GAAP Basis $0.80 $0.89 $1.21
Non-GAAP Basis, as adjusted $0.87 $0.94 $1.26
 

Contacts

Media: Judi Frost Mackey +1 212 632 1428 judi.mackey@lazard.com
Investors:
Alexandra Deignan +1 212 632 6886 alexandra.deignan@lazard.com

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Author: dmnnewswire