Commerce Bancshares (CBSH) 8-K Commerce Bancshares, Inc. Reports Earnings Per Share Growth of 3% for 2006

Exhibit 99.1

FOR IMMEDIATE RELEASE:
Tuesday, January 16, 2007

COMMERCE BANCSHARES, INC. REPORTS
EARNINGS PER SHARE GROWTH OF 3% FOR 2006

     Commerce Bancshares, Inc. announced record earnings of $3.09 per share in 2006 compared to $3.01 per share in 2005, an increase of 3%. Net earnings for 2006 amounted to $219.8 million and compared to $223.2 million in 2005 which included non-recurring tax benefits of $13.7 million or $.18 per share. For the year the return on average assets was 1.54%, the return on average equity was 16.0%, and the efficiency ratio was 60.6%.

     For the three months ended December 31, 2006, earnings per share totaled $.80, an increase of 4% compared with $.77 in the fourth quarter of 2005. Net income amounted to $57.0 million compared with $56.2 million in the same period last year. The return on average assets for the three months ended December 31, 2006 was 1.51%, the return on average equity was 15.5%, and the efficiency ratio was 59.1%.

     In making this announcement, David W. Kemper, Chairman and CEO, said, “Despite a challenging interest rate environment, we are pleased to report continued improvement in core operating earnings. Compared to the prior quarter, net interest income increased 4.3%, chiefly driven by continued strong loan growth and a modest increase in the net interest margin. Excluding securities gains, non-interest income increased 3%, while non-interest expense remained controlled, growing only 1%. Exclusive of one-time tax benefits recognized in the fourth quarter of 2005, earnings per share for the fourth quarter of 2006 increased 10% compared to the prior year.”

     Mr. Kemper continued, “Asset quality remained strong all year with net loan charge-offs totaling .28% of average loans for 2006 compared with .38% in 2005. We experienced lower losses in our commercial, credit card, and personal banking loan portfolios. Our allowance for loan losses totaled $131.7 million, or 1.32% of total outstanding loans, at the end of the fourth quarter.”

     Total assets at December 31, 2006 were $15.2 billion, total loans were $10.0 billion, and total deposits were $11.7 billion. During the quarter, the Company announced plans to acquire South Tulsa Financial Corporation, Tulsa, Oklahoma, a one-bank holding company with two branch locations and loans of $107 million and deposits of $101 million. It is expected that this transaction will be completed in the second quarter of 2007. Also during the quarter, the Company purchased approximately 1.1 million shares of its common stock through its treasury stock buyback plan and paid a 5% common stock dividend on December 13, 2006.

(more)

     Commerce Bancshares, Inc. is a registered bank holding company offering a full line of banking services, including investment management and securities brokerage. The Company currently operates in over 350 locations in Missouri, Illinois, and Kansas. The Company also has operating subsidiaries involved in mortgage banking, credit related insurance, venture capital, and real estate activities.

     Posted to the Company’s web site is management’s discussion of fourth quarter results. To see this information, please visit our web site atwww.commercebank.com.

* * * * * * * * * * * * * * *

For additional information, contact
Jeffery Aberdeen, Controller
at PO Box 419248, Kansas City, MO
or by telephone at (816) 234-2081
Web Site: http://www.commercebank.com
Email: mymoney@commercebank.com

(Amounts in thousands)	9/30/06			12/31/06			12/31/05
Non-Accrual Loans	$	18,845		$	16,708		$	9,845
Foreclosed Real Estate	$	1,379		$	1,515		$	1,868
Total Non-Performing Assets	$	20,224		$	18,223		$	11,713
Non-Performing Assets to Loans		.21	%		.18	%		.13	%
Non-Performing Assets to Total Assets		.13	%		.12	%		.08	%
Loans 90 Days & Over Past Due — Still Accruing	$	16,251		$	20,376		$	14,088

COMMERCE BANCSHARES, INC. and SUBSIDIARIES
FINANCIAL HIGHLIGHTS

	For the Three Months Ended									For the Year Ended
(Unaudited)	Sept. 30			Dec. 31			Dec. 31			Dec. 31			Dec. 31
	2006			2006			2005			2006			2005
FINANCIAL SUMMARY(In thousands, except per share data)
Net interest income	$	128,753		$	134,232		$	127,006		$	513,199		$	501,702
Taxable equivalent net interest income		130,621			136,605			128,755			520,323			505,707
Non-interest income		90,656			90,054			88,633			361,621			341,199
Provision for loan losses		7,575			7,970			11,980			25,649			28,785
Non-interest expense		132,304			133,610			127,201			525,425			496,522
Net income		54,548			57,017			56,242			219,842			223,247
Cash dividends		16,605			16,463			15,557			65,758			63,421
Net total loan charge-offs		7,875			8,074			12,839			26,054			32,732
Net business charge-offs (recov)		125			(126	)		(480	)		(823	)		(3,016	)
Net credit card charge-offs		4,588			5,131			8,506			17,854			24,412
Net personal banking charge-offs*		1,924			2,217			3,541			6,236			8,800
Net real estate charge-offs		175			118			260			118			527
Net overdraft charge-offs		1,063			734			1,012			2,669			2,009
Per share:
Net income — basic	$	0.78		$	0.81		$	0.78		$	3.13		$	3.05
Net income — diluted	$	0.77		$	0.80		$	0.77		$	3.09		$	3.01
Cash dividends	$	0.233		$	0.233		$	0.218		$	0.933		$	0.871
Diluted wtd. average shares o/s		70,961			71,372			72,492			71,122			74,089
RATIOS
Average loans to deposits		85.36	%		85.83	%		83.90	%		84.73	%		81.34	%
Return on total average assets		1.50	%		1.51	%		1.62	%		1.54	%		1.60	%
Return on total average stockholders’ equity		15.64	%		15.52	%		16.52	%		15.96	%		16.19	%
Non-interest income to revenue**		40.42	%		40.15	%		41.10	%		40.72	%		40.48	%
Efficiency ratio***		61.16	%		59.12	%		59.29	%		60.55	%		59.30	%
AT PERIOD END
Book value per share based on total stockholders’ equity	$	20.55		$	20.62		$	18.85
Market value per share	$	48.16		$	48.41		$	49.64
Allowance for loan losses as a percentage of loans		1.34	%		1.32	%		1.44	%
Tier I leverage ratio		9.47	%		9.05	%		9.43	%
Common shares outstanding		71,032,313			69,952,544			70,989,351
Shareholders of record		4,721			4,739			4,522
Number of bank/ATM locations		360			354			342
Number of bank charters		3			3			3
Full-time equivalent employees		4,900			4,932			4,839
				Dec. 31			Dec. 31
OTHER YTD INFORMATION				2006			2005
High market value per share				$	50.67		$	51.08
Low market value per share				$	45.60		$	41.85

*	Includes consumer, student and home equity loans
**	Revenue includes net interest income and non-interest income, excluding net securities gains/losses.
***	The efficiency ratio is calculated as non-interest expense (excluding intangibles amortization) as a percent of net interest income and non-interest income (excluding net securities gains/losses).

COMMERCE BANCSHARES, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)	For the Three Months Ended						For the Year Ended
(In thousands, except per share data)	Sept. 30		Dec. 31		Dec. 31		Dec. 31		Dec. 31
	2006		2006		2005		2006		2005
INTEREST INCOME
Interest and fees on loans	$	173,400	$	180,655	$	142,865	$	665,117	$	521,283
Interest on investment securities		37,791		40,370		41,319		151,552		172,181
Interest on federal funds sold and securities purchased under agreements to resell		5,079		7,134		1,159		15,637		4,102
Total interest income		216,270		228,159		185,343		832,306		697,566
INTEREST EXPENSE
Interest on deposits:
Savings, interest checking and money market		26,301		27,532		16,261		96,442		53,371
Time open and C.D.’s of less than $100,000		23,238		26,007		14,803		85,424		50,597
Time open and C.D.’s of $100,000 and over		15,706		15,582		9,045		58,381		30,779
Interest on other borrowings		22,272		24,806		18,228		78,860		61,117
Total interest expense		87,517		93,927		58,337		319,107		195,864
Net interest income		128,753		134,232		127,006		513,199		501,702
Provision for loan losses		7,575		7,970		11,980		25,649		28,785
Net interest income after
provision for loan losses		121,178		126,262		115,026		487,550		472,917
NON-INTEREST INCOME
Deposit account charges and other fees		29,723		29,323		30,085		115,453		112,979
Bank card transaction fees		24,187		25,475		23,527		94,928		86,310
Trust fees		17,805		18,564		17,529		72,180		68,316
Trading account profits and commissions		1,639		1,918		2,251		8,132		9,650
Consumer brokerage services		2,476		2,318		2,306		9,954		9,909
Loan fees and sales		1,956		2,059		2,196		10,503		12,838
Investment securities gains, net		3,324		24		1,089		9,035		6,362
Other		9,546		10,373		9,650		41,436		34,835
Total non-interest income		90,656		90,054		88,633		361,621		341,199
NON-INTEREST EXPENSE
Salaries and employee benefits		72,169		73,140		68,730		288,273		273,177
Net occupancy		11,009		11,060		11,039		43,276		40,621
Equipment		7,109		6,536		5,971		25,665		23,201
Supplies and communication		8,073		8,332		8,414		32,670		33,342
Data processing and software		12,904		13,054		12,612		50,982		48,244
Marketing		4,397		3,945		4,259		17,317		17,294
Other		16,643		17,543		16,176		67,242		60,643
Total non-interest expense		132,304		133,610		127,201		525,425		496,522
Income before income taxes		79,530		82,706		76,458		323,746		317,594
Less income taxes		24,982		25,689		20,216		103,904		94,347
NET INCOME	$	54,548	$	57,017	$	56,242	$	219,842	$	223,247
Net income per share — basic	$	0.78	$	0.81	$	0.78	$	3.13	$	3.05
Net income per share — diluted	$	0.77	$	0.80	$	0.77	$	3.09	$	3.01
Cash dividends per common share	$	0.233	$	0.233	$	0.218	$	0.933	$	0.871

COMMERCE BANCSHARES, INC. and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(Unaudited)	Sept. 30			Dec. 31			Dec. 31
(In thousands)	2006			2006			2005
ASSETS
Loans:
Loans held for sale	$	301,032		$	278,598		$	6,172
Loans, net of unearned income		9,532,158			9,681,520			8,893,011
Allowance for loan losses		(131,834	)		(131,730	)		(128,447	)
Net loans		9,701,356			9,828,388			8,770,736
Investment securities:
Available for sale		3,533,073			3,415,440			3,667,901
Trading		7,770			6,676			24,959
Non-marketable		87,301			74,207			77,321
Total investment securities		3,628,144			3,496,323			3,770,181
Federal funds sold and securities purchased under agreements to resell		495,262			527,816			128,862
Cash and due from banks		479,963			626,500			545,273
Land, buildings and equipment — net		388,337			386,095			374,192
Goodwill		100,933			97,643			48,522
Other intangible assets — net		13,325			19,633			47
Other assets		344,292			247,951			247,732
Total assets	$	15,151,612		$	15,230,349		$	13,885,545
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing demand	$	1,205,193		$	1,312,400		$	1,399,934
Savings, interest checking and money market		6,704,679			6,879,047			6,490,326
Time open and C.D.’s of less than $100,000		2,286,426			2,302,567			1,831,980
Time open and C.D.’s of $100,000 and over		1,368,140			1,250,840			1,129,573
Total deposits		11,564,438			11,744,854			10,851,813
Federal funds purchased and securities sold under agreements to repurchase		1,768,899			1,771,282			1,326,427
Other borrowings		166,372			53,934			269,390
Other liabilities		192,116			218,165			100,077
Total liabilities		13,691,825			13,788,235			12,547,707
Stockholders’ equity:
Preferred stock		—			—			—
Common stock		347,049			352,330			347,049
Capital surplus		384,343			427,421			388,552
Retained earnings		806,551			683,176			693,021
Treasury stock		(84,616	)		(20,613	)		(86,901	)
Accumulated other comprehensive income (loss)		6,460			(200	)		(3,883	)
Total stockholders’ equity		1,459,787			1,442,114			1,337,838
Total liabilities and stockholders’ equity	$	15,151,612		$	15,230,349		$	13,885,545

COMMERCE BANCSHARES, INC. and SUBSIDIARIES
AVERAGE BALANCES

(Unaudited)	For the Three Months Ended									For the Year Ended
(Dollars in thousands)	Sept. 30			Dec. 31			Dec. 31			Dec. 31			Dec. 31
	2006			2006			2005			2006			2005
Loans:
Business	$	2,709,096		$	2,805,946		$	2,436,190		$	2,688,722		$	2,336,681
Real estate — construction		582,542			627,631			482,813			540,574			480,864
Real estate — business		2,082,020			2,160,705			1,876,813			2,053,455			1,794,269
Real estate — personal		1,461,996			1,505,342			1,360,744			1,425,311			1,351,809
Consumer		1,373,127			1,411,988			1,281,487			1,352,047			1,242,163
Home equity		444,979			443,290			446,831			445,376			429,911
Student		278,960			300,331			325,126			305,960			357,319
Credit card		606,882			611,579			560,569			595,252			554,471
Overdrafts		13,548			13,329			13,084			14,685			13,995
Total loans		9,553,150			9,880,141			8,783,657			9,421,382			8,561,482
Investment securities (excluding
unrealized gains and losses):
Available for sale		3,448,592			3,440,245			3,879,182			3,456,219			4,233,052
Trading		14,223			15,471			12,553			17,444			10,624
Non-marketable		86,230			83,938			81,332			85,211			78,709
Total investment securities		3,549,045			3,539,654			3,973,067			3,558,874			4,322,385
Federal funds sold and securities
purchased under agreements to resell		378,404			530,275			108,784			299,554			116,553
Total interest earning assets		13,480,599			13,950,070			12,865,508			13,279,810			13,000,420
Total assets		14,431,791			14,999,722			13,814,899			14,238,604			13,973,444
Deposits:
Non-interest bearing deposits		644,103			664,017			616,862			642,545			655,729
Interest bearing deposits:
Savings		393,732			400,737			387,876			393,870			403,158
Interest checking		164,082			179,332			170,486			175,619			191,840
Money market		6,514,270			6,682,961			6,530,453			6,541,661			6,553,874
Time open & C.D.’s of less than $100,000		2,155,446			2,293,197			1,795,743			2,077,257			1,736,804
Time open & C.D.’s of $100,000 and over		1,320,235			1,291,430			968,385			1,288,845			983,703
Total interest bearing deposits		10,547,765			10,847,657			9,852,943			10,477,252			9,869,379
Total deposits		11,191,868			11,511,674			10,469,805			11,119,797			10,525,108
Borrowings:
Federal funds purchased and securities
sold under agreements to repurchase		1,580,998			1,792,832			1,578,790			1,455,544			1,609,868
Other borrowings		163,152			104,488			325,158			182,940			366,072
Total borrowings		1,744,150			1,897,320			1,903,948			1,638,484			1,975,940
Total interest bearing liabilities		12,291,915			12,744,977			11,756,891			12,115,736			11,845,319
Total stockholders’ equity		1,383,584			1,457,813			1,350,744			1,377,655			1,378,688
Net yield on interest earning
assets (tax-equivalent basis)		3.84	%		3.89	%		3.97	%		3.92	%		3.89	%

COMMERCE BANCSHARES, INC.
Management Discussion of Fourth Quarter Results
December 31, 2006

For the quarter ended December 31, 2006, net income amounted to $57.0 million, an increase of 1.4% over the same quarter last year. Excluding non-recurring tax benefits of $3.4 million in the 4^th quarter of 2005, net income in the current quarter increased 7.9%. For the current quarter, the return on average assets was 1.5%, the return on average equity was 15.5%, and the efficiency ratio was 59.1%. Compared to the 4^th quarter of last year, net interest income increased 5.7% while non-interest income, exclusive of securities gains, grew by 2.8% and the provision for loan losses declined by 33.5%. Additionally, non-interest expense grew by 5.0% over the same period last year.

Balance Sheet Review
During the 4^th quarter of 2006, average loans increased $327.0 million, or 3.4%, compared to the previous quarter, representing annualized growth of 13.6%. Average loans increased $1.1 billion, or 12.5%, during the 4^th quarter of 2006 compared to the same period last year. The bank acquisitions of West Pointe and Boone in the 3^rd quarter of 2006 increased quarterly averages in the 3^rd and 4^th quarters by $178.6 million and $365.5 million, respectively. Excluding acquired loans, average loan balances grew $140.1 million, or 6.0% on an annualized basis, in the 4^th quarter of 2006 compared to the previous quarter. This increase was mainly the result of growth in business ($33.9 million), lease ($26.0 million), construction ($16.5 million), consumer ($29.0 million) and student loans ($21.4 million) as demand for loan products remained solid.

Available for sale investment securities, excluding fair value adjustments, decreased on average by $8.3 million, or .2%, this quarter compared with the previous quarter. Excluding the bank acquisitions mentioned above, average available for sale securities decreased $97.1 million. During the current quarter, maturities and principal paydowns of securities totaled $200.5 million, while the Company reinvested $148.9 million of these proceeds in mortgage-backed and municipal securities. There were no available for sale securities sold during the current quarter.

Total average deposits increased by $319.8 million, or 2.9%, during the 4^th quarter compared to the previous quarter. The bank acquisitions mentioned above increased quarterly deposit averages in both the 3^rd and 4^th quarters by $198.6 million and $460.9 million, respectively. Compared to the 3^rd quarter of 2006, average deposits, excluding acquired deposits, grew by $57.5 million, or 2.0% on an annualized basis. This growth was mainly due to growth in money market accounts ($133.7 million) and short-term retail certificates of deposit ($55.1 million), offset by reductions in short-term jumbo certificates of deposit ($88.7 million), interest checking ($22.1 million) and savings accounts ($20.1 million). The average loans to deposits ratio for the quarter was 85.8%.

Average borrowings increased $153.2 million in the current quarter compared to the prior quarter, mainly due to a $258.3 million increase in repurchase agreement liabilities, partly offset by a $46.5 million decline in federal funds purchased. Additionally, borrowings from the Federal Home Loan Bank declined $65.3 million this quarter due to maturities.

Net Interest Income
Net interest income in the 4^th quarter of 2006 amounted to $134.2 million, an increase of $5.5 million, or 4.3%, compared with the previous quarter and an increase of $7.2 million, or 5.7%, compared to the 4^th quarter of last year. During the 4^th quarter of 2006, the net yield on earning assets (tax-equivalent) was 3.89%, compared with 3.84% in the previous quarter and 3.97% in the same period last year.

The increase of $5.5 million in net interest income in the 4^th quarter of 2006 over the previous quarter was primarily the result of growth in loan interest income of $7.3 million due to increases in both rates earned and average balances, coupled with an increase in interest income on investment securities and reverse repurchase agreement assets. The growth in interest on investment securities resulted mainly from the receipt of past due interest of $1.5 million on a subordinated debt investment held by a private equity subsidiary. Offsetting this increase in interest income was higher interest expense on interest bearing deposits of $3.9 million due to higher rates on most deposit products and growth in balances, mainly in various money market and certificate of deposit accounts. Also, interest expense increased on other borrowings by $2.5 million due to higher balances of repurchase agreement liabilities and slightly higher rates.

During the current quarter, the overall tax equivalent yield on interest earning assets increased 14 basis points to 6.56%, while the overall cost of interest bearing liabilities increased 9 basis points to 2.92%.

Non-Interest Income
For the 4^th quarter of 2006, total non-interest income amounted to $90.1 million, an increase of 1.6%, compared to $88.6 million in the same period last year and was a slight decrease from $90.7 million recorded in the previous quarter. Excluding securities gains, non-interest income grew by 2.8% and 3.1%, respectively, compared with 4^th quarter last year and 3^rd quarter this year. Compared with 4^th quarter last year, growth resulted mainly from higher bank card and trust fee income, which was partly offset by lower deposit account and bond fee income. Bank card fees for the quarter increased 8.3% over the same period last year, primarily due to higher fees earned on debit and corporate card transactions, which grew by 13.3% and 17.3%, respectively. Trust fees for the quarter increased 5.9% over the same quarter last year as a result of higher fees on personal, institutional and corporate trust accounts. The decline in deposit account income was mainly due to lower overdraft fees resulting from lower transaction volumes.

COMMERCE BANCSHARES, INC.
Management Discussion of Fourth Quarter Results
December 31, 2006

During the current quarter, gains on sales of student loans totaled $921 thousand, compared with $947 thousand in the same period last year and $900 thousand in the previous quarter. Other non-interest income increased $723 thousand over the same period last year as a result of increased income on leasing activities, higher sweep fees and higher check sales income. The ratio of non-interest income to total revenue, excluding net securities gains, was 40.1% in the 4^th quarter of 2006.

Net securities gains amounted to $24 thousand for the 4^th quarter of 2006, compared to $3.3 million in the previous quarter and $1.1 million in the 4^th quarter of 2005. These gains primarily represented realized net gains and fair value adjustments on certain investments held by the Company’s private equity subsidiaries. There were no realized gains or losses on the Company’s available for sale investment securities portfolio in the current quarter.

Non-Interest Expense
Non-interest expense for the current quarter amounted to $133.6 million, an increase of $6.4 million, or 5.0%, compared with amounts recorded in the same period last year and was 1.0% higher than amounts recorded in the prior quarter. Compared to the 4^th quarter of last year, salaries and benefits expense increased $4.4 million, or 6.4%, mainly as a result of merit increases, higher medical costs and the effects of the previously mentioned bank acquisitions which increased salaries and benefits by approximately $1.6 million during the quarter. Full-time equivalent employees totaled 4,932 and 4,839 at December 31, 2006 and 2005, respectively.

Occupancy costs grew by only .2% over the same quarter last year. Equipment and data processing expenses increased 9.5% and 3.5%, respectively, due to higher depreciation and amortization charges on equipment and software, resulting from new data systems installed during the last twelve months. Lower telephone and network costs resulted in a 1.0% reduction in overall supplies and communication costs. The increase in other expense over the same quarter last year included higher costs for intangible asset amortization of $1.0 million due to the Boone and West Pointe bank acquisitions, and higher foreclosed property costs of $814 thousand associated with a recent foreclosure, which were partly offset by lower fraud losses and operating losses. Minority interest expense related to private equity investment activity increased $261 thousand over the same quarter last year.

Income Taxes
The effective tax rate for the Company was 31.1% for the current quarter, compared with a rate of 31.4% in the previous quarter and 26.4% in the 4^th quarter of 2005. The lower effective tax rate in the 4^th quarter of 2005 was mainly due to one-time tax benefits of $3.4 million.

Credit Quality
Net loan charge-offs for the 4^th quarter of 2006 amounted to $8.1 million, compared with $7.9 million in the prior quarter and $12.8 million in the 4^th quarter of last year. The increase in net charge-offs in the 4^th quarter of 2006 compared to the previous quarter was the result of slightly higher personal banking and credit card loan charge-offs in the current quarter. Changes to bankruptcy laws in 2005 resulted in higher charge-off levels in the 4^th quarter 2005. Year-to-date, the ratio of net loan charge-offs to total average loans was .28% compared to .38% last year.

For the 4^th quarter of 2006, annualized net charge-offs on average credit card loans were 3.33%, compared with 6.02% in the same quarter last year and 3.00% in the 3^rd quarter of 2006. Additionally, personal banking loan net charge-offs for the quarter amounted to .41% of average personal loans compared to .68% in the same period last year. The provision for loan losses for the quarter totaled $8.0 million, and was $395 thousand higher than the previous quarter but $4.0 million lower than the 4^th quarter of 2005. The allowance for loan losses at December 31, 2006 amounted to $131.7 million, or 1.32% of total loans.

Total non-performing assets amounted to $18.2 million, a decrease of $2.0 million from the previous quarter and .18% of loans outstanding. Non-performing assets are comprised of non-accrual loans ($16.7 million) and foreclosed real estate ($1.5 million). Loans past due more than 90 days and still accruing interest totaled $20.4 million at December 31, 2006.

Other
The Company maintains a treasury stock buyback program. Effective October 2005, the Company was authorized by the Board of Directors to repurchase up to 5 million shares of its common stock. During the quarter ended December 31, 2006, the Company purchased 1.1 million shares of treasury stock at an average cost of $49.04 per share. During the current quarter the Company also announced plans to acquire South Tulsa Financial Corporation, Tulsa, Oklahoma, a one-bank holding company with two branch locations and loans of $107 million and deposits of $101 million. It is expected that this transaction will be completed in the 2^nd quarter of 2007.

Forward Looking Information
This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include future financial and operating results, expectations, intentions and other statements that are not historical facts. Such statements are based on current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements.