RATIO ASSIGNMENT

ACCTG 231 SPRING 2020

You have recently come into a little money and have decided to invest it. You have a fairly low tolerance for risk, so have narrowed your selection down to two, long-time stable companies:

• P&G, a company specializing in personal care, home care, and baby care products.
• General Mills, a company specializing in packaged foods.

In addition to the requirements presented here, you have been provided with the 2019 annual reports of both companies in order to prepare a ratio analysis of each company for its fiscal year 2019. Within each companys annual report are the Consolidated Statements of Earnings and the Consolidated Balance Sheets that you will need to compute the ratios.

Requirements

To receive full credit you must show your calculations and they are to be based on the formulas used in the textbook for this class (note: ratio formulas can vary slightly from source to source). For your convenience, a handy summary of ratio formulas is presented on pages 678-679 of the text.

Evaluate the LIQUIDITY of each company

1. Compute each companys 2019 Current Ratio, and Acid Test ratio (2 points).

2. Explain IN YOUR OWN WORDS (in one or two sentences) which company you rate higher on liquidity (1 points).

Evaluate the ASSET MANAGEMENT of each company

1. Compute each companys 2019 A/R Collection period, Average Sale period, Total Asset Turnover. For the A/R Collection period, assume all sales are on credit (3 points).

2. Explain IN YOUR OWN WORDS (in one or two sentences) which company you rate higher on Asset Management (2 points).

Evaluate the DEBT MANAGEMENT of each company

1. Compute each companys 2019 Times Interest Earned ratio and Debt to Equity ratio (2 points)

2. Explain IN YOUR OWN WORDS (in one or two sentences) which company you rate higher on Debt Management (2 points).

Evaluate the PROFITABILITY of each company

1. Compute each companys 2019 Gross Margin %, Net Profit %, Return on Total Assets and Return on Equity (for simplicity, assume the income tax rate is 30%). (4 points)

2. Explain IN YOUR OWN WORDS (in one or two sentences) which company you rate higher on Profitability (2 points).

Choose a company

1. Explain IN YOUR OWN WORDS (in two or three sentence) which company you would prefer to invest in and why. (2 points).

Consolidated Balance Sheets GENERAL MILLS, INC. AND SUBSIDIARIES (In Millions, Except Par Value) May 26, 2019 May 27, 2018 $ 399.0 1,684.2 1,642.2 398.3 450.0 1,679.7 1,559.3 497.5 4,186.5 3,787.2 13,995.8 7,166.8 974.9 30,111.2 4,123.7 4,047.2 14.065.0 7,445.1 943.0 30,624.0 $ $ $ ASSETS Current assets: Cash and cash equivalents Receivables Inventories Prepaid expenses and other current assets Total current assets Land, buildings, and equipment Goodwill Other intangible assets Other assets Total assets LIABILITIES AND EQUITY Current liabilities: Accounts payable Current portion of long-term debt Notes payable Other current liabilities Total current liabilities Long-term debt Deferred income taxes Other liabilities Total liabilities Redeemable interest Stockholders' equity: Common stock, 754.6 shares issued, $0.10 par value Additional paid-in capital Retained earnings Common stock in treasury, at cost, shares of 152.7 and 161.5 Accumulated other comprehensive loss Total stockholders' equity Noncontrolling interests Total equity Total liabilities and equity 2,854.1 1,396.5 1,468.7 1,367.8 7,087.1 11,624.8 2,031.0 1,448.9 22,191.8 551.7 2,746.2 1.600.1 1,549.8 1,445.8 7,341.9 12,668.7 2,003.8 1,341.0 23,355.4 776.2 75.5 1,386.7 14,996.7 (6,779.0) (2,625.4) 7,054.5 313.2 7,367.7 30.111.2 75.5 1,202.5 14,459.6 (7,167.5) (2,429.0) 6,141.1 351.3 6,492.4 30,624.0 $ See accompanying notes to consolidated financial statements. 2019 2018 Proctor and Gamble S 4,239 $ 6,048 4,9514 2,569 9,281 ,686 Amounts in millions: As of June 30 Assets CURRENT ASSETS Cash and cash equivalents Available-for-sale investment securities Accounts receivable INVENTORIES Materials and supplies Work in process Finished goods Total inventories Prepaid expenses and other current assets TOTAL CURRENT ASSETS PROPERTY, PLANT AND EQUIPMENT, NET GOODWILL TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET OTHER NONCURRENT ASSETS TOTAL ASSETS 1,289 612 3,116 5,017 2,218 22,473 21,271 40,273 24,215 6,863 115,095 1,335 588 2,815 4,738 2,046 23,320 20,600 45,175 23,902 5,313 118,310 $ $ $ $ 11,260 9,054 9,697 30,011 20,395 6,899 10,211 67,516 10,344 7,470 10,423 28,237 20,863 6,163 10,164 65,427 Liabilities and Shareholders' Equity CURRENT LIABILITIES Accounts payable Accrued and other liabilities Debt due within one year TOTAL CURRENT LIABILITIES LONG-TERM DEBT DEFERRED INCOME TAXES OTHER NONCURRENT LIABILITIES TOTAL LIABILITIES SHAREHOLDERS' EQUITY Convertible Class A preferred stock, stated value $1 per share (600 shares authorized) Non-Voting Class B preferred stock, stated value $1 per share (200 shares authorized) Common stock, stated value $1 per share (10,000 shares authorized; shares issued: 2019 - 4,009.2, 2018 - 4,009.2) Additional paid-in capital Reserve for ESOP debt retirement Accumulated other comprehensive income/loss) Treasury stock, at cost (shares held: 2019 - 1,504.5, 2018 -1,511.2) Retained earnings Noncontrolling interest TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 928 967 4,009 63,827 (1,146) (14,936) (100,406) 94,918 385 47,579 115,095 4,009 63,846 (1,204) (14,749) (99,217) 98,641 590 52,883 118,310 $ $ Fiscal 2019 Financial Highlights In millions, except per share and profit margin data 52 weeks ended 52 weeks ended May 26, 2019 May 27, 2018 $16,865 $15,740 % Change 7% Change on a constant- currency basis* 9% $2,516 $2,420 Net Sales Organic Net Sales Operating Profit Operating Profit Margin Adjusted Operating Profit* Adjusted Operating Profit Margin* Flat 4% -50 bps 14.9% 15.4% 9% 10% $2,858 16.9% $2,613 16.6% +30 bps Net Earnings Attributable to General Mills $2.131 -18% Diluted Earnings per Share (EPS) Adjusted Diluted EPS* $1,753 $2.90 $3.22 605 $1.96 $3.64 $3.11 -20% 4% 4% Average Diluted Shares Outstanding 586 3% Flat Dividends per Share $1.96 Net Sales Dollars in millions Adjusted Operating Profit* Dollars in millions Adjusted Diluted Earnings per Share* Dollars Free Cash Flow Dollars in millions $17,630 $16,563 $15,620 $16,865 $2,764 $15,740 $2,775 $3.22 $2,750 $2,858 $3.08 $2.86 $3.11 $2,613 $2.92 $1,936 $2,035 $2,218 $2,269 $1,731 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Fiscal 2019 Net Sales - $16.9 Billion Net Sales by Operating Segment 8% 10% Total Company Net Sales by Operating Segment In fiscal 2019, we reported net sales in five operating segments. We see clear opportunities to grow our business across all segments, leveraging the scale and resources of our global organization. 1 9 59% North America Retail Convenience Stores & Foodservice Europe & Australia Asia & Latin America Pet 12% Total Company Net Sales by Product Platform Our portfolio spans multiple product platforms, including our four Accelerate platforms - snack bars, Hagen-Dazs ice cream, Old El Paso Mexican food, and natural and organic brands - as well as our pet food business, where we see the fastest growth opportunities. We also have two large platforms, cereal and yogurt, where we have differential capabilities that position us to win. Net Sales by Product Platform 20% 25% 20% S Fiscal 2019 Joint Venture Net Sales - $1.0 Billion In addition to $16.9 billion of consolidated net sales, our proportionate share of non-consolidated joint venture net sales was $0.8 billion from Cereal Partners Worldwide and $0.2 billion from Hagen-Dazs Japan. Accelerate Platforms -Snack Bars - Ice Cream Mexican - Natural & Organic Pet Food Cereal Yogurt Other Snacks and Meals Mixes and Dough 12% 15% Fiscal 2019 Financial Highlights In millions, except per share and profit margin data 52 weeks ended 52 weeks ended May 26, 2019 May 27, 2018 $16,865 $15,740 % Change 7% Change on a constant- currency basis* 9% $2,516 $2,420 Net Sales Organic Net Sales Operating Profit Operating Profit Margin Adjusted Operating Profit* Adjusted Operating Profit Margin* Flat 4% -50 bps 14.9% 15.4% 9% 10% $2,858 16.9% $2,613 16.6% +30 bps Net Earnings Attributable to General Mills $2.131 -18% Diluted Earnings per Share (EPS) Adjusted Diluted EPS* $1,753 $2.90 $3.22 605 $1.96 $3.64 $3.11 -20% 4% 4% Average Diluted Shares Outstanding 586 3% Flat Dividends per Share $1.96 Net Sales Dollars in millions Adjusted Operating Profit* Dollars in millions Adjusted Diluted Earnings per Share* Dollars Free Cash Flow Dollars in millions $17,630 $16,563 $15,620 $16,865 $2,764 $15,740 $2,775 $3.22 $2,750 $2,858 $3.08 $2.86 $3.11 $2,613 $2.92 $1,936 $2,035 $2,218 $2,269 $1,731 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Fiscal 2019 Net Sales - $16.9 Billion Net Sales by Operating Segment 8% 10% Total Company Net Sales by Operating Segment In fiscal 2019, we reported net sales in five operating segments. We see clear opportunities to grow our business across all segments, leveraging the scale and resources of our global organization. 1 9 59% North America Retail Convenience Stores & Foodservice Europe & Australia Asia & Latin America Pet 12% Total Company Net Sales by Product Platform Our portfolio spans multiple product platforms, including our four Accelerate platforms - snack bars, Hagen-Dazs ice cream, Old El Paso Mexican food, and natural and organic brands - as well as our pet food business, where we see the fastest growth opportunities. We also have two large platforms, cereal and yogurt, where we have differential capabilities that position us to win. Net Sales by Product Platform 20% 25% 20% S Fiscal 2019 Joint Venture Net Sales - $1.0 Billion In addition to $16.9 billion of consolidated net sales, our proportionate share of non-consolidated joint venture net sales was $0.8 billion from Cereal Partners Worldwide and $0.2 billion from Hagen-Dazs Japan. Accelerate Platforms -Snack Bars - Ice Cream Mexican - Natural & Organic Pet Food Cereal Yogurt Other Snacks and Meals Mixes and Dough 12% 15% Table of Contents Letter to Shareowners P&G's 10-Category Portfolio Noticeable Superiority Constructive Disruption Form 10-K Company and Shareholder Information Measures Not Defined by U.S. GAAP Company Leadership Board of Directors Recognition and Commitments Citizenship at P&G Inside Back Cover FINANCIAL HIGHLIGHTS (UNAUDITED) Amounts in billions, except per share amounts 2019 2018 $66.8 2017 $65.7 2016 $65.3 2015 $70.7 Net Sales $67.7 Operating Income $5.5 $13.4 $13.8 $13.3 $11.1 Net Earnings Attributable to P&G Net Earnings Margin from Continuing Operations $3.9 5.9% $1.43 $9.8 14.8% $3.67 $15.3 15.7% $3.69 $10.5 5.4% $3.49 $7.0 1.7% $2.84 Diluted Net Earnings per Common Share from Continuing Operations Diluted Net Earnings per Common Share! $1.43 $3.67 $5.59 Core Earnings per Share? $4.52 $4.22 $3.92 $3.67 $3.76 Operating Cash Flow $15.2 $14.9 $12.8 $2.70 $15.4 $2.66 $14.6 $2.59 Dividends per Common Share $2.90 $2.79 2019 NET SALES BY BUSINESS SEGMENT 2019 NET SALES BY GEOGRAPHIC REGION Fabric & Home Care Baby, Feminine & Family Care Beauty Health Care Grooming 33% 27% 19% 12% North America Europe Asia Pacific Greater China India, Middle East & Africa (IMEA) Latin America 45% 23% 10% 9% 9% O Diluted net earnings per common share are calculated based on net earnings attributable to Procter & Gamble, (2) Core EPS is a measure of the Company's diluted net earnings per common share from continuing operations adjusted for certain items not viewed as part of our sustainable results. Please see page 74 of the Annual Report for detail on the reconciling items. (3) These results exclude net sales in Corporate (4 North America includes the United States, Canada, and Puerto Rico VARIOUS STATEMENTS IN THIS ANNUAL REPORT, including estimates, projections, objectives and expected results, are "forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are generally identified by the words "believe." "expect." "anticipate." "intend, opportunity,"plan," "project," will," "should, could, would likely and similar expressions. Forward-looking statements are based on current assumptions that are subject to risks and uncertainties that may cause actual results to differ materially from the forward-looking statements, including the risks and uncertainties discussed in Item 1A - Risk Factors of the Form 10-K included in this Annual Report. We undertake no obligation to update or revise publicly any forward-looking statements, Consolidated Balance Sheets GENERAL MILLS, INC. AND SUBSIDIARIES (In Millions, Except Par Value) May 26, 2019 May 27, 2018 $ 399.0 1,684.2 1,642.2 398.3 450.0 1,679.7 1,559.3 497.5 4,186.5 3,787.2 13,995.8 7,166.8 974.9 30,111.2 4,123.7 4,047.2 14.065.0 7,445.1 943.0 30,624.0 $ $ $ ASSETS Current assets: Cash and cash equivalents Receivables Inventories Prepaid expenses and other current assets Total current assets Land, buildings, and equipment Goodwill Other intangible assets Other assets Total assets LIABILITIES AND EQUITY Current liabilities: Accounts payable Current portion of long-term debt Notes payable Other current liabilities Total current liabilities Long-term debt Deferred income taxes Other liabilities Total liabilities Redeemable interest Stockholders' equity: Common stock, 754.6 shares issued, $0.10 par value Additional paid-in capital Retained earnings Common stock in treasury, at cost, shares of 152.7 and 161.5 Accumulated other comprehensive loss Total stockholders' equity Noncontrolling interests Total equity Total liabilities and equity 2,854.1 1,396.5 1,468.7 1,367.8 7,087.1 11,624.8 2,031.0 1,448.9 22,191.8 551.7 2,746.2 1.600.1 1,549.8 1,445.8 7,341.9 12,668.7 2,003.8 1,341.0 23,355.4 776.2 75.5 1,386.7 14,996.7 (6,779.0) (2,625.4) 7,054.5 313.2 7,367.7 30.111.2 75.5 1,202.5 14,459.6 (7,167.5) (2,429.0) 6,141.1 351.3 6,492.4 30,624.0 $ See accompanying notes to consolidated financial statements. 2019 2018 Proctor and Gamble S 4,239 $ 6,048 4,9514 2,569 9,281 ,686 Amounts in millions: As of June 30 Assets CURRENT ASSETS Cash and cash equivalents Available-for-sale investment securities Accounts receivable INVENTORIES Materials and supplies Work in process Finished goods Total inventories Prepaid expenses and other current assets TOTAL CURRENT ASSETS PROPERTY, PLANT AND EQUIPMENT, NET GOODWILL TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET OTHER NONCURRENT ASSETS TOTAL ASSETS 1,289 612 3,116 5,017 2,218 22,473 21,271 40,273 24,215 6,863 115,095 1,335 588 2,815 4,738 2,046 23,320 20,600 45,175 23,902 5,313 118,310 $ $ $ $ 11,260 9,054 9,697 30,011 20,395 6,899 10,211 67,516 10,344 7,470 10,423 28,237 20,863 6,163 10,164 65,427 Liabilities and Shareholders' Equity CURRENT LIABILITIES Accounts payable Accrued and other liabilities Debt due within one year TOTAL CURRENT LIABILITIES LONG-TERM DEBT DEFERRED INCOME TAXES OTHER NONCURRENT LIABILITIES TOTAL LIABILITIES SHAREHOLDERS' EQUITY Convertible Class A preferred stock, stated value $1 per share (600 shares authorized) Non-Voting Class B preferred stock, stated value $1 per share (200 shares authorized) Common stock, stated value $1 per share (10,000 shares authorized; shares issued: 2019 - 4,009.2, 2018 - 4,009.2) Additional paid-in capital Reserve for ESOP debt retirement Accumulated other comprehensive income/loss) Treasury stock, at cost (shares held: 2019 - 1,504.5, 2018 -1,511.2) Retained earnings Noncontrolling interest TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 928 967 4,009 63,827 (1,146) (14,936) (100,406) 94,918 385 47,579 115,095 4,009 63,846 (1,204) (14,749) (99,217) 98,641 590 52,883 118,310 $ $ Fiscal 2019 Financial Highlights In millions, except per share and profit margin data 52 weeks ended 52 weeks ended May 26, 2019 May 27, 2018 $16,865 $15,740 % Change 7% Change on a constant- currency basis* 9% $2,516 $2,420 Net Sales Organic Net Sales Operating Profit Operating Profit Margin Adjusted Operating Profit* Adjusted Operating Profit Margin* Flat 4% -50 bps 14.9% 15.4% 9% 10% $2,858 16.9% $2,613 16.6% +30 bps Net Earnings Attributable to General Mills $2.131 -18% Diluted Earnings per Share (EPS) Adjusted Diluted EPS* $1,753 $2.90 $3.22 605 $1.96 $3.64 $3.11 -20% 4% 4% Average Diluted Shares Outstanding 586 3% Flat Dividends per Share $1.96 Net Sales Dollars in millions Adjusted Operating Profit* Dollars in millions Adjusted Diluted Earnings per Share* Dollars Free Cash Flow Dollars in millions $17,630 $16,563 $15,620 $16,865 $2,764 $15,740 $2,775 $3.22 $2,750 $2,858 $3.08 $2.86 $3.11 $2,613 $2.92 $1,936 $2,035 $2,218 $2,269 $1,731 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Fiscal 2019 Net Sales - $16.9 Billion Net Sales by Operating Segment 8% 10% Total Company Net Sales by Operating Segment In fiscal 2019, we reported net sales in five operating segments. We see clear opportunities to grow our business across all segments, leveraging the scale and resources of our global organization. 1 9 59% North America Retail Convenience Stores & Foodservice Europe & Australia Asia & Latin America Pet 12% Total Company Net Sales by Product Platform Our portfolio spans multiple product platforms, including our four Accelerate platforms - snack bars, Hagen-Dazs ice cream, Old El Paso Mexican food, and natural and organic brands - as well as our pet food business, where we see the fastest growth opportunities. We also have two large platforms, cereal and yogurt, where we have differential capabilities that position us to win. Net Sales by Product Platform 20% 25% 20% S Fiscal 2019 Joint Venture Net Sales - $1.0 Billion In addition to $16.9 billion of consolidated net sales, our proportionate share of non-consolidated joint venture net sales was $0.8 billion from Cereal Partners Worldwide and $0.2 billion from Hagen-Dazs Japan. Accelerate Platforms -Snack Bars - Ice Cream Mexican - Natural & Organic Pet Food Cereal Yogurt Other Snacks and Meals Mixes and Dough 12% 15% Fiscal 2019 Financial Highlights In millions, except per share and profit margin data 52 weeks ended 52 weeks ended May 26, 2019 May 27, 2018 $16,865 $15,740 % Change 7% Change on a constant- currency basis* 9% $2,516 $2,420 Net Sales Organic Net Sales Operating Profit Operating Profit Margin Adjusted Operating Profit* Adjusted Operating Profit Margin* Flat 4% -50 bps 14.9% 15.4% 9% 10% $2,858 16.9% $2,613 16.6% +30 bps Net Earnings Attributable to General Mills $2.131 -18% Diluted Earnings per Share (EPS) Adjusted Diluted EPS* $1,753 $2.90 $3.22 605 $1.96 $3.64 $3.11 -20% 4% 4% Average Diluted Shares Outstanding 586 3% Flat Dividends per Share $1.96 Net Sales Dollars in millions Adjusted Operating Profit* Dollars in millions Adjusted Diluted Earnings per Share* Dollars Free Cash Flow Dollars in millions $17,630 $16,563 $15,620 $16,865 $2,764 $15,740 $2,775 $3.22 $2,750 $2,858 $3.08 $2.86 $3.11 $2,613 $2.92 $1,936 $2,035 $2,218 $2,269 $1,731 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Fiscal 2019 Net Sales - $16.9 Billion Net Sales by Operating Segment 8% 10% Total Company Net Sales by Operating Segment In fiscal 2019, we reported net sales in five operating segments. We see clear opportunities to grow our business across all segments, leveraging the scale and resources of our global organization. 1 9 59% North America Retail Convenience Stores & Foodservice Europe & Australia Asia & Latin America Pet 12% Total Company Net Sales by Product Platform Our portfolio spans multiple product platforms, including our four Accelerate platforms - snack bars, Hagen-Dazs ice cream, Old El Paso Mexican food, and natural and organic brands - as well as our pet food business, where we see the fastest growth opportunities. We also have two large platforms, cereal and yogurt, where we have differential capabilities that position us to win. Net Sales by Product Platform 20% 25% 20% S Fiscal 2019 Joint Venture Net Sales - $1.0 Billion In addition to $16.9 billion of consolidated net sales, our proportionate share of non-consolidated joint venture net sales was $0.8 billion from Cereal Partners Worldwide and $0.2 billion from Hagen-Dazs Japan. Accelerate Platforms -Snack Bars - Ice Cream Mexican - Natural & Organic Pet Food Cereal Yogurt Other Snacks and Meals Mixes and Dough 12% 15% Table of Contents Letter to Shareowners P&G's 10-Category Portfolio Noticeable Superiority Constructive Disruption Form 10-K Company and Shareholder Information Measures Not Defined by U.S. GAAP Company Leadership Board of Directors Recognition and Commitments Citizenship at P&G Inside Back Cover FINANCIAL HIGHLIGHTS (UNAUDITED) Amounts in billions, except per share amounts 2019 2018 $66.8 2017 $65.7 2016 $65.3 2015 $70.7 Net Sales $67.7 Operating Income $5.5 $13.4 $13.8 $13.3 $11.1 Net Earnings Attributable to P&G Net Earnings Margin from Continuing Operations $3.9 5.9% $1.43 $9.8 14.8% $3.67 $15.3 15.7% $3.69 $10.5 5.4% $3.49 $7.0 1.7% $2.84 Diluted Net Earnings per Common Share from Continuing Operations Diluted Net Earnings per Common Share! $1.43 $3.67 $5.59 Core Earnings per Share? $4.52 $4.22 $3.92 $3.67 $3.76 Operating Cash Flow $15.2 $14.9 $12.8 $2.70 $15.4 $2.66 $14.6 $2.59 Dividends per Common Share $2.90 $2.79 2019 NET SALES BY BUSINESS SEGMENT 2019 NET SALES BY GEOGRAPHIC REGION Fabric & Home Care Baby, Feminine & Family Care Beauty Health Care Grooming 33% 27% 19% 12% North America Europe Asia Pacific Greater China India, Middle East & Africa (IMEA) Latin America 45% 23% 10% 9% 9% O Diluted net earnings per common share are calculated based on net earnings attributable to Procter & Gamble, (2) Core EPS is a measure of the Company's diluted net earnings per common share from continuing operations adjusted for certain items not viewed as part of our sustainable results. Please see page 74 of the Annual Report for detail on the reconciling items. (3) These results exclude net sales in Corporate (4 North America includes the United States, Canada, and Puerto Rico VARIOUS STATEMENTS IN THIS ANNUAL REPORT, including estimates, projections, objectives and expected results, are "forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are generally identified by the words "believe." "expect." "anticipate." "intend, opportunity,"plan," "project," will," "should, could, would likely and similar expressions. Forward-looking statements are based on current assumptions that are subject to risks and uncertainties that may cause actual results to differ materially from the forward-looking statements, including the risks and uncertainties discussed in Item 1A - Risk Factors of the Form 10-K included in this Annual Report. We undertake no obligation to update or revise publicly any forward-looking statements