Exhibit Index
Exhibit No. Description
99.1 Press release dated February 20, 2004
Hub International Posts Record Revenue and EPS for Q4 and 2003
Announces New Plans for Marketing, Compensation Costs
CHICAGO--(BUSINESS WIRE)--Feb. 20, 2004--Hub International Limited
(NYSE/TSX:HBG):
Highlights:
-- Annual earnings increase to $1.14 per diluted share, in line
with guidance
-- Revenue increases 30% in 2003, 24% in fourth quarter
-- Net earnings increase 24% in 2003, 28% in fourth quarter
-- Organic growth totals 12% in 2003, 10% in fourth quarter
-- New marketing/identity initiative to build awareness and sales
-- Name changes at brokerages will yield non-cash charge in first
quarter
-- New compensation plan replaces contractual bonus
Hub International Limited (NYSE/TSX:HBG) reported today that 2003
net earnings increased 24% to $36.5 million as revenue grew 30% to
$286.4 million. Diluted earnings per share for the year rose 8% to
$1.14 per share, in line with the company's most recent guidance. In
the fourth quarter, net earnings increased 28% to $10.7 million, while
revenue increased 24% to $78.7 million. Diluted earnings per share
grew 27% to $0.33 in the fourth quarter.
Hub's brokerages posted a combined organic growth rate of 12% for
the full year and 10% in the fourth quarter. Foreign exchange benefits
from Hub's Canadian operations contributed 5 percentage points of the
organic growth rate in 2003 and 7 percentage points in the fourth
quarter.
Martin P. Hughes, Hub's chairman and chief executive officer,
described the growth as encouraging, although he noted that the
company did not attain an increase in net margin in 2003 and did not
achieve its goals for acquisitions.
"While we are proud of the growth delivered by many of our
brokerages in 2003, we also believe that we can and must achieve more
for our shareholders and employees," Hughes said. "Our goal is to
achieve sustainable growth and margin expansion on a long-term basis
and we are increasing our efforts to accelerate the pace of
improvement."
Organic Growth and Strong Canadian Dollar Boost 2003 Performance
Hughes said the company benefited in 2003 from organic growth,
contributions from brokerages acquired in 2002 and the currency
exchange benefits of a strengthening Canadian dollar. Highlights
included increased penetration of the commercial middle market in
British Columbia, expansion of the professional liability practice
based in Chicago and growth of wholesale brokerage operations in New
York and Toronto.
As a result of these and other factors, Hub increased revenue by
30% to $286.4 million from $220.0 million, including organic growth of
12%, or $26.4 million. Foreign exchange effects, due to a
strengthening Canadian dollar, contributed 5 percentage points of
organic growth.
Core commissions, which provide approximately 91% of Hub's revenue
base, increased 29% to $259.5 million from $201.0 million. Contingent
commissions and volume overrides (additional payments from insurers
based on the profitability and premium volume of policies placed by
Hub) grew 62% to $18.5 million from $11.5 million, reflecting stronger
premium rates on business placed by Hub in 2002. Other income (fees
and interest income) grew 11% to $8.4 million from $7.5 million.
U.S. revenue - 62% of total revenue - grew 32% to $177.2 million
in 2003 from $134.1 million in 2002, due to both acquisitions and a 3%
organic growth rate. As reported previously, organic growth and margin
expansion efforts were limited by weakness in the division that
provides lender-placed automobile insurance coverage for financial
institutions. During the third quarter of 2003, two large institutions
adjusted their credit policies, leading to an accelerated pace of
policy cancellations and a sharp decline in revenue. Excluding the
impact of this product line, U.S. organic growth was 9% in 2003.
Canadian revenue - 38% of total revenue - grew 27% to $109.1
million from $85.8 million in 2002, due to both organic growth and
strengthening of the Canadian dollar. Canadian brokerages posted
organic growth of 26%, of which 14 percentage points reflected a
stronger Canadian dollar. Organic growth rates also reflected
continued strength in premium rates and increased market penetration
aided by access to insurers.
As a service organization, Hub's primary expense category is
compensation, which increased 35% in 2003 to $161.1 million. As a
percentage of revenue, compensation increased to 56% from 54% in 2002,
due in large part to an increase in non-cash stock based compensation.
Total compensation includes cash based salaries, bonuses and benefits
and non-cash stock based compensation. Cash-based compensation grew
32% to $156.3 million in 2003, while non-cash stock based compensation
increased 341% to $4.8 million.
Selling, occupancy and administration expense of $56.6 million in
2003, remained constant as a percentage of revenue at 20%.
Depreciation declined to 2% of revenue in 2003 from 3% in 2002.
Interest expense decreased 29% to $5.2 million from $7.3 million
in 2002, due largely to lower interest rates and the application of
$80 million in proceeds from the 2002 IPO to pay down debt. In
addition, interest expense was reduced by the benefits of an interest
rate swap and performance-based forgiveness of interest payments due
under a loan agreement with an insurer. The interest rate swap
effectively converted $65 million of fixed interest rate senior notes
into floating rate instruments, reducing interest expense related to
the senior notes by $0.8 million in 2003.
Hub's effective tax rate increased in 2003 to 34% from 33%. The
difference in tax rates was affected most directly by non-taxable
items in both 2003 and 2002. Approximately $2.6 million of 2002
earnings - resulting from the Old Lyme sale - were non-taxable, while
$1.0 million of 2003 earnings - resulting from life insurance proceeds
- - were non-taxable. Excluding these two items, the tax rates were
approximately 34.7% in both years.
Net earnings increased 24% to $36.5 million in 2003 from $29.4
million in 2002, primarily as a result of growth in revenue and
foreign exchange benefits. As a percentage of revenue, net earnings
declined to 12.8% in 2003 from 13.4% in 2002. Diluted earnings per
share rose at a somewhat slower rate than net earnings - 8% to $1.14
from $1.06 - due primarily to a larger number of shares outstanding as
a result of the 2002 IPO, use of common shares in acquisitions and
non-cash stock based compensation.
Fourth Quarter Continues Pattern of Growth in Revenue and Earnings
In the fourth quarter, Hub increased revenue by 24% to $78.7
million from $63.6 million. Organic growth of 10% contributed $6.1
million of that increase, while foreign exchange benefits from a
strengthening Canadian dollar contributed 7 percentage points of
organic growth. Core commissions increased 24% to $74.7 million from
$60.5 million. Contingent commissions, volume overrides and other
income grew 25% to $3.9 million from $3.1 million.
U.S. revenue grew 17% to $49.3 million in the fourth quarter of
2003 from $42.2 million in the same period of 2002, due to
acquisitions. Organic growth was a negative 3%, a decline of $1.4
million, including the impact of the financial institutions business.
Excluding this business, organic growth was less than 1%.
Canadian revenue grew 37% to $29.4 million from $21.5 million in
the fourth quarter of 2002, due to both organic growth and a
strengthening of the Canadian dollar. Canadian brokerages posted
organic growth of 35%, of which 22 percentage points reflected a
stronger Canadian dollar.
Compensation increased 25% in the fourth quarter of 2003 to $43.8
million. As a percentage of revenue, compensation increased to 56%
from 55% in the fourth quarter of 2002, due to an increase in non-cash
stock based compensation. Cash-based compensation grew 23% to $42.6
million in the fourth quarter 2003, while non-cash stock based
compensation increased 142% to $1.2 million.
Selling, occupancy and administration expense increased 36% to
$15.7 million in the fourth quarter of 2003 from $11.6 million. As a
percentage of revenue, selling, occupancy and administration expense
increased to 20%, from 18% in 2002 primarily as a result of negative
organic growth in the United States during the quarter. Depreciation
remained constant at 2% of revenue in the fourth quarter of 2003,
while interest expense decreased 6% to $1.0 million. Hub's effective
tax rate decreased to 31% from 37%, due primarily to the increase in
our Canadian operations' future tax assets following a change in
underlying Canadian tax rates.
Fourth quarter pre-tax earnings rose 16% to $15.4 million from
$13.3 million and net earnings increased 28% to $10.7 million in 2003
from $8.3 million in 2002, both primarily as a result of growth in
revenue. As a percentage of revenue, net earnings rose to 14% from 13%
in 2002. Diluted earnings per share rose 27% to $0.33 from $0.26, in
line with earnings growth.
Financial Position Improved at Year End
Hughes noted that Hub improved its financial position and capacity
for acquisitions in 2003, primarily through $53.9 million of cash flow
from operating activities and net proceeds of $15 million from a $65.0
million private debt offering (after repayment of $50 million in bank
loans). As a result of these factors, the company closed 2003 with
cash and cash equivalents of $82.1 million, an increase of 102% from
$40.6 million as of December 31, 2002. Approximately $45 million of
the cash and cash equivalents at December 31, 2003 are readily
available for acquisitions and the remainder is required for working
capital purposes. Hub's debt/capitalization ratio decreased to 25% at
the close of 2003 from 27% at the end of 2002.
"We believe our capital resources, including cash from operations
and credit facilities, are adequate to support our operations and
acquisition strategies for the coming year," Hughes said. "Had we
utilized all loan facilities to the maximum at the close of 2003, our
debt/capitalization ratio would have been 34%, which is within our
comfort range and well below the 45% limitation in Hub's debt
covenants."
Hub Pursues Initiatives to Increase Long-term Growth Rate
Hughes said the company is undertaking a number of initiatives in
2004 to capitalize on opportunities created by the rapid pace of Hub's
growth since its inception in 1998 and anticipated acceleration in
acquisition activity.
"While we continue to pursue our plans to complete Hub's footprint
across the United States, we are focused increasingly on the leverage
we can achieve from greater coordination among our regional hubs, such
as coordinated sales initiatives and enhanced relationships with
insurers," Hughes said.
"This is an evolutionary process as we pursue our growth
strategies," Hughes said. "We will adjust practices and structure as
needed, with two primary priorities: first, don't disrupt the things
that work best and, second, make everything work just a little
better."
In January 2004, Hub announced that its president, Richard
Gulliver, would take on full-time responsibilities for the company's
acquisition program, while Bruce Guthart, president of both Hub's Kaye
Group brokerage in New York and Hub's U.S. operations, would
relinquish his role at Kaye to become the chief operating officer of
Hub, a role formerly held by Gulliver. In addition, the company
appointed Larry Lineker, president of Hub's TOS Insurance Services
Ltd. subsidiary in Vancouver, to the newly created role of chief sales
officer.
The company also plans to initiate a corporate marketing program
to raise awareness of Hub's strong competitive capabilities and
establish a greater market awareness of the Hub identity. As part of
this plan, which will be rolled out during the spring and summer of
2004, all Hub brokerages will be rebranded to operate under the Hub
name.
"While some of our brokerages have operated under trade names that
date back several decades, we recognize that a common name and
marketing identity can be a powerful driver of awareness, sales growth
and corporate culture," Hughes said. "This is a long-term initiative,
so we do not anticipate a major or measurable impact in the
short-term, but we believe that ultimately substantial benefits will
accrue through this effort."
Hughes noted that in the near-term, the corporate identity and
marketing initiative will add to corporate expense levels. In addition
to the investment in the marketing program, Hub expects to recognize
in the first quarter a non-cash impairment expense of $2.6 million
(pre-tax) related to trademarks, reflecting the name changes at
individual brokerages.
In addition, the company has undertaken a number of initiatives to
control compensation expense. During 2002, members of the executive
management group agreed to accept 50% of their earned bonuses in the
form of stock options, rather than cash. At the close of 2003, Hub
restructured the Management Bonus Agreement (MBA) to reduce total
compensation expense over the long term. Under the new plan, the
non-cash stock option component of the bonus was eliminated.
"The change in the MBA plan is intended to reduce compensation as
a percentage of revenue over the long term," Hughes said. "In
addition, while bonuses under the MBA plan had been contractual in
nature, future bonuses are not and will be subject to review by the
board of directors."
In exchange for the bonus plan concessions, the company will grant
MBA participants an aggregate of approximately $15.1 million of
restricted share units in the first quarter of 2004, all of which vest
on January 1, 2011, subject to continued employment. The cost of these
restricted share units will be amortized over the vesting period on a
straight-line basis (approximately $2.2 million per year) and will be
included in non-cash stock based compensation. The total value of this
one-time grant of restricted share units was based on a multiple of
the difference between bonuses under the new plan and the average
bonus for the prior years.
Hughes said the company also negotiated as of December 31, 2003
cancellation of the remaining put options previously granted to former
owners of brokerages purchased by Hub. These put options allowed the
former owners to require Hub to repurchase the shares issued to them
in acquiring their brokerages.
2004 Guidance
Looking at the current year, Hughes said an economic recovery that
adds to sales and staffing at client organizations could be an
important driver of organic growth and could offset any softening of
premium rates. Hughes said the company anticipates stronger earnings,
with initial 2004 earnings guidance of $1.13-$1.17 per diluted share,
which includes the non-cash impairment expense related to trademarks
associated with the name change. Excluding that non-cash charge of
$0.05, the company expects diluted earnings per share of $1.18-$1.22.
"Guidance for the current year excludes the impact of
acquisitions, but it does anticipate additional expenditures on
corporate marketing, a reduced contribution from foreign exchange, and
continued weakness from our financial institutions division as a
result of the loss of a significant client. We enter 2004 with
tremendous confidence and excitement for what lies ahead. We will
strive to make up for any ground lost on the acquisition front in 2003
and to improve earnings. We have excellent people and strong
relationships with both customers and insurers. We anticipate making
significant progress as a result of our new management assignments and
therefore we believe we are well positioned to deliver on our
commitment to shareholders and employees," Hughes said.
Company Schedules Conference Call and Webcast
The company will discuss fourth quarter and 2003 results and
updated guidance on a conference call scheduled for 9:30 a.m. (CST),
10:30 a.m. (EST) on Friday, February 20, 2004. The call may be
accessed via the internet by logging onto www.hubinternational.com and
will be available for replay for 90 days on Hub's website,
www.hubinternational.com.
Headquartered in Chicago, IL, Hub International is a leading North
American insurance brokerage that provides a broad array of property
and casualty, life and health, employee benefits, investment and risk
management products and services through offices located in the United
States and Canada.
This press release may contain forward-looking statements which
reflect our current views with respect to future events and financial
performance. These forward-looking statements relate, among other
things, to our plans and objectives for future operations and are
subject to uncertainties and other factors that could cause actual
results to differ materially from such statements. These uncertainties
and other factors include, but are not limited to, risks associated
with implementing our business strategies, identifying and
consummating acquisitions, integrating acquired brokerages, attaining
greater market share, developing and implementing effective
information technology systems, recruiting and retaining qualified
employees, fluctuations in the premiums charged by insurance companies
with corresponding fluctuations in our premium-based revenue, any loss
of services of key executives, industry consolidation, increased
competition in the industry, fluctuations in the demand for insurance
products and the passage of new legislation subjecting our business to
regulation in jurisdictions where we operate. We caution readers not
to place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Additional
information regarding these risks and other factors that could cause
Hub International's actual results to differ materially from our
expectations is contained in the company's filings with the Securities
and Exchange Commission and Canadian Securities Commissions. Except as
otherwise required by federal securities laws, Hub International
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
HUB INTERNATIONAL LIMITED
Consolidated Organic Growth
For the three and twelve months ended December 31, 2003
(in thousands of U.S. dollars, except
percentages)
Net
Revenue Adjustments
------------------ Total For Organic
Fourth quarter Total Growth (Acquisitions) Growth
2003 2002 Change($) (%) And Disposals (%)
-------------------------------------------------------
Total
- ---------------
Commission
Income $74,706 $60,478 $14,228 24% $(8,359) 10%
Contingent
Commissions
and Volume
Overrides 1,380 1,266 114 9% (102) 1%
Other Income 2,570 1,884 686 36% (435) 13%
-------------------------------------------------------
Total $78,656 $63,628 $15,028 24% $(8,896) 10%
-------------------------------------------------------
USA
- ---------------
Commission
Income $46,701 $39,543 $7,158 18% $(8,039) -2%
Contingent
Commissions
and Volume
Overrides 918 1,192 (274) -23% (103) -32%
Other Income 1,669 1,417 252 18% (434) -13%
-------------------------------------------------------
Total $49,288 $42,152 $7,136 17% $(8,576) -3%
-------------------------------------------------------
Canada
- ---------------
Commission
Income $28,005 $20,935 $7,070 34% $(320) 32%
Contingent
Commissions
and Volume
Overrides 462 74 388 524% 1 524%
Other Income 901 467 434 93% (1) 93%
-------------------------------------------------------
Total $29,368 $21,476 $7,892 37% $(320) 35%
-------------------------------------------------------
Net
Revenue Adjustments
------------------ Total For Organic
Twelve months Total Growth (Acquisitions) Growth
2003 2002 Change($) (%) And Disposals (%)
-------------------------------------------------------
Total
- ---------------
Commission
Income $259,461 $200,976 $58,485 29% $(36,303) 11%
Contingent
Commissions
and Volume
Overrides 18,530 11,464 7,066 62% (2,951) 36%
Other Income 8,368 7,520 848 11% (749) 1%
-------------------------------------------------------
Total $286,359 $219,960 $66,399 30% $(40,003) 12%
-------------------------------------------------------
USA
- ---------------
Commission
Income $158,025 $120,741 $37,284 31% $(35,038) 2%
Contingent
Commissions
and Volume
Overrides 13,493 7,780 5,713 73% (2,872) 37%
Other Income 5,701 5,628 73 1% (753) -12%
-------------------------------------------------------
Total $177,219 $134,149 $43,070 32% $(38,663) 3%
-------------------------------------------------------
Canada
- ---------------
Commission
Income $101,436 $80,235 $21,201 26% $(1,265) 25%
Contingent
Commissions
and Volume
Overrides 5,037 3,684 1,353 37% (79) 35%
Other Income 2,667 1,892 775 41% 4 41%
-------------------------------------------------------
Total $109,140 $85,811 $23,329 27% $(1,340) 26%
-------------------------------------------------------
HUB INTERNATIONAL LIMITED
Consolidated Statements of Earnings
For the three months and twelve months ended December 31,
2003 and 2002
(in thousands of U.S. dollars, except per share amounts)
Fourth quarter Twelve months
2003 2002 2003 2002
--------------------------------------------
(Unaudited)(Unaudited)(Unaudited)
Revenue
Commission income $74,706 $60,478 $259,461 $200,976
Contingent commissions
and volume overrides 1,380 1,266 18,530 11,464
Other 2,570 1,884 8,368 7,520
--------------------------------------------
78,656 63,628 286,359 219,960
--------------------------------------------
Expenses
Compensation 42,576 34,541 156,320 118,667
Selling, occupancy and
administration 15,718 11,575 56,606 44,932
Depreciation 1,782 1,414 6,244 5,492
Interest expense 1,039 1,109 5,191 7,317
Intangible asset
amortization 811 524 3,208 1,671
Loss/(gain) on disposal of
investment held for
sale, property,
equipment and other
assets 79 (101) (202) (2,679)
Loss/(gain) on put
option liability 7 762 (160) (186)
Non-cash stock based
compensation 1,226 506 4,801 1,089
Proceeds from life
insurance - - (1,000) -
--------------------------------------------
63,238 50,330 231,008 176,303
--------------------------------------------
Net earnings before income
taxes 15,418 13,298 55,351 43,657
--------------------------------------------
Provision for income tax
expense
Current 1,583 2,006 16,922 12,851
Future 3,159 2,964 1,920 1,405
--------------------------------------------
4,742 4,970 18,842 14,256
--------------------------------------------
Net earnings 10,676 8,328 36,509 29,401
Interest on subordinated
convertible debentures 472 457 1,886 2,520
Cash in lieu of dividends
on restricted share units 35 - 111 -
--------------------------------------------
Diluted net earnings $11,183 $8,785 $38,506 $31,921
============================================
Earnings per share
Basic $0.36 $0.31 $1.22 $1.27
Diluted $0.33 $0.26 $1.14 $1.06
Weighted average shares
outstanding
- Basic (000's) 30,007 26,508 29,967 23,181
Weighted average shares
outstanding
- Diluted (000's) 34,237 33,334 33,767 30,199
HUB INTERNATIONAL LIMITED
Consolidated Balance Sheets
As of December 31, 2003 and December 31, 2002
(in thousands of U.S. dollars)
2003 2002
--------- ---------
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $82,052 $40,642
Trust cash 54,534 53,648
Accounts and other receivables 163,728 136,573
Income taxes receivable 6,768 2,153
Future income taxes 2,865 3,324
Prepaid expenses 4,449 1,587
--------- ---------
Total current assets 314,396 237,927
Goodwill 305,862 281,712
Other intangible assets 42,903 44,164
Property and equipment 24,181 21,298
Future income taxes 6,458 3,715
Other assets 6,803 8,060
--------- ---------
Total assets $700,603 $596,876
========= =========
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $226,168 $187,034
Contingent consideration payable - 8,423
Income taxes payable 3,804 1,198
Future income taxes 114 1,164
Current portion long-term debt and capital leases 3,362 3,029
--------- ---------
Total current liabilities 233,448 200,848
Long-term debt and capital leases 75,437 69,009
Subordinated convertible debentures 35,000 35,000
Future income taxes 13,928 7,745
--------- ---------
Total liabilities 357,813 312,602
--------- ---------
Commitments and Contingencies
Shareholders' equity
Share capital 254,845 235,197
Issuable shares 721 13,743
Contributed surplus 4,688 1,234
Cumulative translation account 20,180 2,185
Retained earnings 62,356 31,915
--------- ---------
Total shareholders' equity 342,790 284,274
--------- ---------
Total liabilities and shareholders' equity $700,603 $596,876
========= =========
HUB INTERNATIONAL LIMITED
Consolidated Statements of Cash Flows
For the three months and twelve months ended December 31,
2003 and 2002
(in thousands of U.S. dollars)
Fourth quarter Twelve months
--------------------------------------------
2003 2002 2003 2002
--------------------------------------------
(Unaudited)(Unaudited)(Unaudited)
Operating activities
Net earnings $10,676 $8,328 $36,509 $29,401
Items not affecting
working capital:
Amortization and
depreciation 2,593 1,938 9,452 7,163
Loss/(gain) on disposal of
investment held for
sale, property,
equipment and other
assets 79 (101) (202) (2,679)
Loss/(gain) on put
option liability 7 762 (160) (186)
Non-cash stock based
compensation 1,226 506 4,801 1,089
Future income taxes 3,159 2,964 1,920 1,405
Non-cash working capital
items
Trust cash (10,559) (8,247) (886) (3,222)
Accounts and other
receivables (42,070) (44,266) (3,534) (26,665)
Prepaid expenses (2,450) 1,635 (2,616) 1,287
Accounts payable and
accrued liabilities 52,024 50,963 14,362 11,673
Other assets 129 - (2,062) -
Income taxes (4,930) (2,433) (3,648) (202)
--------------------------------------------
Net cash flows from
operating activities 9,884 12,049 53,936 19,064
--------------------------------------------
Investing activities
Property and equipment -
purchases (1,434) (1,671) (6,125) (4,469)
Property and equipment -
proceeds on sale 22 6 69 6
Proceeds from investment
held for sale - - - 43,521
Purchase of
subsidiaries, net of
cash received (3,882) (46,239) (14,881) (50,813)
Sale of subsidiaries 976 594 1,098 2,623
Other assets 255 567 (307) 684
--------------------------------------------
Net cash flows used for
investing activities (4,063) (46,743) (20,146) (8,448)
--------------------------------------------
Financing activities
Bank debt - - - (55,000)
Long-term debt -
advances (3,167) 37,074 65,000 51,175
Long-term debt and
capital leases -
repayments (91) (3,485) (54,540) (50,094)
Subordinated convertible
debenture - repayment - - - (26,800)
Share capital - issued
for cash, net of issue
costs (2) 49 (61) 88,147
Proceeds from sale of executive
purchase plan
shares - - 222 -
Dividends paid (1,516) (1,268) (6,068) (4,481)
--------------------------------------------
Net cash flows from
(used for) financing
activities (4,776) 32,370 4,553 2,947
--------------------------------------------
Effect of exchange rate
changes on cash and cash
equivalents 1,946 79 3,067 100
--------------------------------------------
Change in cash and cash
equivalents 2,991 (2,245) 41,410 13,663
Cash and cash equivalents
- Beginning of period 79,061 42,887 40,642 26,979
--------------------------------------------
Cash and cash equivalents
- End of period $82,052 $40,642 $82,052 $40,642
============================================
CONTACT: Hub International Limited
Media Contact:
Dennis J. Pauls, 312-279-4880
dpauls@hubinternational.com
or
Investor Contact:
Rosenbaum Advisors, Inc.
Michael Rosenbaum, 847-749-1010
michael@rosenbaumadvisors.com