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Quanex Building Products Announces Third Quarter 2017 Results

EPS Improves Year-over-Year
Margin Expansion Continues in Cabinet Components Segment
Strong Free Cash Flow Generation Allows $22 Million of Debt Repayment

HOUSTON, Sept. 06, 2017 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the quarter ended July 31, 2017.

Bill Griffiths, Chairman, President and Chief Executive Officer, commented, “Overall, third quarter revenues came in a little softer than expected; however, we realized significant earnings per share growth and our consolidated Adjusted EBITDA margin percentage improved.  In addition, strong cash flow generation during the quarter enabled us to repay more than $22 million in outstanding debt and we expect to generate even stronger cash flow in the fourth quarter.  Looking ahead, the recent promotion of George Wilson to the newly created position of Chief Operating Officer will allow me to spend more time concentrating on strategy while he builds on the progress we have made towards operational excellence, margin expansion and cash flow generation, all of which will contribute toward the goal of further enhancing and creating value for our shareholders.”

Third Quarter 2017 Results Summary   

The Company reported net sales of $229.4 million for the three months ended July 31, 2017, compared to $248.1 million for the three months ended July 31, 2016.  Similar to the first and second quarters of 2017, the decrease was primarily attributable to Quanex’s previously disclosed decision to exit product lines and less profitable business that does not meet the Company’s financial objectives. (See Sales Analysis table for additional information)

Net income increased to $10.2 million, or $0.29 per diluted share, during the third quarter of 2017, compared to a net loss of $4.0 million, or $0.12 per diluted share, in the third quarter of 2016.  Adjusted EBITDA decreased slightly to $32.2 million during the third quarter of 2017, compared to $33.1 million during the third quarter of 2016, but consolidated Adjusted EBITDA margin percentage increased by approximately 70 basis points.  (See Non-GAAP Terminology Definitions and Disclaimers section and Selected Segment Data table for additional information)

Cash provided by operating activities for the three months ended July 31, 2017, was $29.6 million, compared to $25.2 million during the same period of 2016.  Quanex generated Free Cash Flow of $20.0 million during the third quarter of 2017, representing an increase of approximately 20% compared to the third quarter of 2016.  As of July 31, 2017, the Company’s leverage ratio of Net Debt to LTM Adjusted EBITDA was 2.5x.  As expected, Quanex’s leverage ratio decreased quarter-over-quarter largely as a result of the repayment of approximately $22 million in debt.  The Company remains focused on generating Free Cash Flow to pay down debt and continues to anticipate a further improvement in the leverage ratio by year-end 2017.  (See Free Cash Flow Reconciliation table and Non-GAAP Terminology Definitions and Disclaimers section for additional information)      

                                                 
    Three Months Ended July 31, 2017   Three Months Ended July 31, 2016
($ in thousands, except per share data)   Results
Before

Adjustments
  Adjustments   Adjusted
Results
  Results
Before

Adjustments
  Adjustments   Adjusted
Results
Net sales   $ 229,367     $ -     $ 229,367     $ 248,085     $ -     $ 248,085  
Cost of sales (1)     176,758       -       176,758       186,631       (67 )     186,564  
Selling, general and administrative (2)     20,478       (35 )     20,443       28,551       (109 )     28,442  
Restructuring charges (3)     864       (864 )     -       -       -       -  
EBITDA     31,267       899       32,166       32,903       176       33,079  
Depreciation and amortization (4)     13,915       (1,277 )     12,638       12,973       -       12,973  
Operating income (loss)     17,352       2,176       19,528       19,930       176       20,106  
Interest expense (5)     (2,575 )     -       (2,575 )     (22,200 )     16,677       (5,523 )
Other, net (6)     46       (39 )     7       (2,523 )     2,239       (284 )
Income (loss) before income taxes     14,823       2,137       16,960       (4,793 )     19,092       14,299  
Income tax (expense) benefit (7)     (4,608 )     (860 )     (5,468 )     817       (5,910 )     (5,093 )
Net income (loss)   $ 10,215     $ 1,277     $ 11,492     $ (3,976 )   $ 13,182     $ 9,206  
                         
Diluted earnings (loss) per share (8)   $ 0.29         $ 0.33     $ (0.12 )       $ 0.27  
                         
(1) Cost of sales adjustment relates solely to purchase price accounting inventory step-up impact from HL Plastics acquisition.
(2) SG&A adjustments are for acquisition related transaction costs.
(3) Restructuring charges relate to the closure of several manufacturing plant facilities.
(4) D&A adjustments relate to accelerated depreciation and amortization for restructured PP&E and intangible assets.
(5) Interest expense adjustments relate to write off of deferred loan costs, unamortized original issuance discount, and prepayment call premium related to debt refinance.
(6) Other, net adjustments relate to foreign currency transaction (gains) losses.
(7) Effective tax rate reflects impacts of adjustments on a with and without basis.
(8) Adjusted EPS for 2016 is calculated using diluted shares outstanding of 34.5 million, respectively.
 

/EIN News/ -- Recent Events

Quanex’s Board of Directors declared a quarterly cash dividend of $0.04 per share on the Company’s common stock, payable September 29, 2017, to shareholders of record on September 18, 2017.

During the third quarter of 2017, Quanex transferred operating responsibility of two wood-based accessory plants from the North American Engineered Components segment to the North American Cabinet Components segment.  These moves have been contemplated since the Company acquired Woodcraft and better align manufacturing capability and capacity.  (See Segment Reconciliation table for additional information)

Conference Call and Webcast Information

The Company has scheduled a conference call for Thursday, September 7, 2017, at 11:00 a.m. ET (10:00 a.m. CT).  To participate in the conference call dial (877) 388-2139 for domestic callers and (541) 797-2983 for international callers, in both cases using the conference passcode 66331845, and ask for the Quanex call a few minutes prior to the start time.  A link to the live audio webcast will also be available on the Company’s website at http://www.quanex.com in the Investors section under Presentations & Events.  A telephonic replay of the call will be available approximately two hours after the live broadcast ends and will be accessible through September 14, 2017.  To access the replay dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, in both cases referencing conference passcode 66331845. 

About Quanex

Quanex Building Products Corporation is an industry-leading manufacturer of components sold to Original Equipment Manufacturers (OEMs) in the building products industry.  Quanex designs and produces energy-efficient fenestration products in addition to kitchen and bath cabinet components.

For more information contact Scott Zuehlke, Vice President of Investor Relations & Treasurer, at 713-877-5327 or scott.zuehlke@quanex.com.

Non-GAAP Terminology Definitions and Disclaimers

EBITDA (defined as net income or loss before interest, taxes, depreciation and amortization and other, net) and Adjusted EBITDA (defined as EBITDA further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, gain/loss on the sale of fixed assets related to the plant closure in Mexico, one-time employee benefit adjustment and restructuring charges) are non-GAAP financial measures that the Company uses to measure operational performance and assist with financial decision-making.  Net Debt is calculated using the sum of current maturities of long-term debt and long-term debt, minus cash and cash equivalents.  The leverage ratio of Net Debt to LTM Adjusted EBITDA is a financial measure that Quanex believes is useful to investors and financial analysts in evaluating the Company’s leverage.  In addition, with certain limited adjustments, this leverage ratio is the basis for a key covenant in Quanex’s credit agreement.  Free Cash Flow is a non-GAAP measure calculated using cash provided by operating activities less capital expenditures.   Adjusted Net Income (Loss) is a non-GAAP financial measure that excludes certain charges and credits because the Company believes that such items are not indicative of its core operating results and trends, and do not provide meaningful comparisons with other reporting periods.  Quanex believes that the presented non-GAAP measures provide a consistent basis for comparison between periods, and will assist investors in understanding the Company’s financial performance when comparing results to other investment opportunities.  The presented non-GAAP measures may not be the same as those used by other companies.  Quanex does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with U.S. GAAP. 

Forward Looking Statements

Statements that use the words “estimated,” “expect,” “could,” “should,” “believe,” “will,” “might,” or similar words reflecting future expectations or beliefs are forward-looking statements. The forward-looking statements include, but are not limited to, the Company’s future operating results, future financial condition, future uses of cash and other expenditures, expenses and tax rates, expectations relating to Quanex’s industry, and the Company’s future growth, including any guidance discussed in this press release.  The statements and guidance set forth in this release are based on current expectations.  Actual results or events may differ materially from this release.  For a complete discussion of factors that may affect Quanex’s future performance, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2016, under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”.  Any forward-looking statements in this press release are made as of the date hereof, and Quanex undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.

 
QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In thousands, except per share data)
(Unaudited)
                 
    Three Months Ended July 31,   Nine Months Ended July 31,
    2017   2016   2017   2016
                 
Net sales   $ 229,367     $ 248,085     $ 634,406     $ 679,013  
Cost of sales     176,758       186,631       494,647       522,476  
Selling, general and administrative     20,478       28,551       74,839       88,430  
Restructuring charges     864       -       3,083       -  
Depreciation and amortization     13,915       12,973       43,701       39,759  
Operating income     17,352       19,930       18,136       28,348  
Interest expense     (2,575 )     (22,200 )     (7,126 )     (34,324 )
Other, net     46       (2,523 )     572       (4,036 )
Income (loss) before income taxes     14,823       (4,793 )     11,582       (10,012 )
Income tax (expense) benefit     (4,608 )     817       (3,631 )     2,722  
Net income (loss)   $ 10,215     $ (3,976 )   $ 7,951     $ (7,290 )
                 
Income (loss) per common share, basic   $ 0.30     $ (0.12 )   $ 0.23     $ (0.22 )
Income (loss) per common share, diluted   $ 0.29     $ (0.12 )   $ 0.23     $ (0.22 )
                 
Weighted average common shares outstanding:                
Basic     34,224       33,916       34,141       33,850  
Diluted     34,924       33,916       34,771       33,850  
                 
Cash dividends per share   $ 0.04     $ 0.04     $ 0.12     $ 0.12  
                 


QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
         
    July 31, 2017   October 31, 2016
ASSETS        
Current assets:        
Cash and cash equivalents   $ 15,791     $ 25,526  
Accounts receivable, net     78,046       83,625  
Inventories, net     94,373       84,335  
Prepaid and other current assets     8,119       10,488  
Total current assets     196,329       203,974  
Property, plant and equipment, net     214,829       198,497  
Goodwill     222,153       217,035  
Intangible assets, net     143,702       154,180  
Other assets     8,046       6,667  
Total assets   $ 785,059     $ 780,353  
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current liabilities:        
Accounts payable   $ 45,709     $ 47,781  
Accrued liabilities     35,476       55,101  
Income taxes payable     2,133       732  
Current maturities of long-term debt     26,364       10,520  
Total current liabilities     109,682       114,134  
Long-term debt     238,033       259,011  
Deferred pension and postretirement benefits     10,704       8,167  
Deferred income taxes     18,509       18,322  
Other liabilities     15,460       12,888  
Total liabilities     392,388       412,522  
Stockholders’ equity:        
Common stock     375       376  
Additional paid-in-capital     256,170       254,540  
Retained earnings     216,553       214,047  
Accumulated other comprehensive loss     (27,491 )     (38,765 )
Treasury stock at cost     (52,936 )     (62,367 )
Total stockholders’ equity     392,671       367,831  
Total liabilities and stockholders' equity   $ 785,059     $ 780,353  
         


QUANEX BUILDING PRODUCTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)
       
  Nine Months Ended July 31,
  2017   2016
Operating activities:      
Net income (loss) $ 7,951     $ (7,290 )
Adjustments to reconcile net income (loss) to cash provided by operating activities:          
Depreciation and amortization   43,701       39,759  
Stock-based compensation   4,305       4,587  
Deferred income tax   (1,847 )     (6,370 )
Excess tax benefit from share-based compensation   (229 )     (134 )
Charge for deferred loan costs and debt discount   -       15,883  
Other, net   1,136       543  
Changes in assets and liabilities, net of effects from acquisitions:      
Decrease in accounts receivable   6,923       2,035  
Increase in inventory   (8,576 )     (1,530 )
Increase in other current assets   (379 )     (1,239 )
Decrease in accounts payable   (3,145 )     (2,092 )
Decrease in accrued liabilities   (12,303 )     (2,139 )
Increase in income taxes payable   4,349       2,990  
Increase in deferred pension and postretirement benefits   2,537       2,485  
Increase in other long-term liabilities   1,226       894  
Other, net   (389 )     676  
Cash provided by operating activities   45,260       49,058  
Investing activities:      
Acquisitions, net of cash acquired   (8,497 )     (245,904 )
Capital expenditures   (27,098 )     (25,938 )
Proceeds from disposition of capital assets   1,232       984  
Cash used for investing activities   (34,363 )     (270,858 )
Financing activities:      
Borrowings under credit facilities   53,500       632,800  
Repayments of credit facility borrowings   (74,125 )     (389,000 )
Debt issuance costs   -       (11,795 )
Repayments of other long-term debt   (2,240 )     (1,825 )
Common stock dividends paid   (4,127 )     (4,101 )
Issuance of common stock   6,379       3,368  
Excess tax benefit from share-based compensation   229       134  
Cash (used for) provided by financing activities   (20,384 )     229,581  
Effect of exchange rate changes on cash and cash equivalents   (248 )     1,277  
(Decrease) increase in cash and cash equivalents   (9,735 )     9,058  
Cash and cash equivalents at beginning of period   25,526       23,125  
Cash and cash equivalents at end of period $ 15,791     $ 32,183  
       


QUANEX BUILDING PRODUCTS CORPORATION
 
FREE CASH FLOW RECONCILIATION  
(In thousands)  
(Unaudited)  
           
The following table reconciles the Company's calculation of Free Cash Flow, a non-GAAP measure, to its most directly comparable GAAP measure.  The Company defines Free Cash Flow as cash provided by operating activities less capital expenditures.
 
           
    Three Months Ended July 31,  
      2017       2016    
Cash provided by operating activities   $ 29,556     $ 25,249    
Capital expenditures     (9,548 )     (8,519 )  
Free Cash Flow   $ 20,008     $ 16,730    

 

 


QUANEX BUILDING PRODUCTS CORPORATION
SEGMENT RECONCILIATION
(In thousands)
(Unaudited)
                     
The following tables reconcile the Company's segment presentation to account for the transfer of operating facilities from the North American Engineered Components segment to the Cabinet Components segment, as previously reported in our earnings release for the three-months and nine-months ended July 31, 2016, to the current presentation:
                     
    NA Engineered
Components
  EU Engineered
Components
  NA Cabinet
Components
  Unallocated
Corp & Other
  Total
Three months ended July 31, 2016                    
As previously reported                    
Net sales   $ 150,462     $ 40,217   $ 58,826   $ (1,420 )   $ 248,085
Cost of sales     109,513       27,533     50,376     (791 )     186,631
Selling, general and administrative     15,408       5,896     4,035     3,212       28,551
Depreciation and amortization     7,063       2,340     3,435     135       12,973
Operating income (loss)   $ 18,478     $ 4,448   $ 980   $ (3,976 )   $ 19,930
                     
Reclassification                    
Net sales   $ (5,422 )   $ -   $ 6,094   $ (672 )   $ -
Cost of sales     (4,364 )     -     5,036     (672 )     -
Selling, general and administrative     (230 )     -     230     -       -
Depreciation and amortization     (133 )     -     133     -       -
Operating income (loss)   $ (695 )   $ -   $ 695   $ -     $ -
                     
Current presentation                    
Net sales   $ 145,040     $ 40,217   $ 64,920   $ (2,092 )   $ 248,085
Cost of sales     105,149       27,533     55,412     (1,463 )     186,631
Selling, general and administrative     15,178       5,896     4,265     3,212       28,551
Depreciation and amortization     6,930       2,340     3,568     135       12,973
Operating income (loss)   $ 17,783     $ 4,448   $ 1,675   $ (3,976 )   $ 19,930
                     
Nine months ended July 31, 2016                    
As previously reported                    
Net sales   $ 406,029     $ 110,250   $ 166,906   $ (4,172 )   $ 679,013
Cost of sales     304,434       76,698     143,716     (2,372 )     522,476
Selling, general and administrative     46,386       17,370     12,366     12,308       88,430
Depreciation and amortization     21,424       7,191     10,709     435       39,759
Operating income (loss)   $ 33,785     $ 8,991   $ 115   $ (14,543 )   $ 28,348
                     
Reclassification                    
Net sales   $ (15,772 )   $ -   $ 18,143   $ (2,371 )   $ -
Cost of sales     (12,440 )     -     14,811     (2,371 )     -
Selling, general and administrative     (660 )     -     660     -       -
Depreciation and amortization     (375 )     -     375     -       -
Operating income (loss)   $ (2,297 )   $ -   $ 2,297   $ -     $ -
                     
Current presentation                    
Net sales   $ 390,257     $ 110,250   $ 185,049   $ (6,543 )   $ 679,013
Cost of sales     291,994       76,698     158,527     (4,743 )     522,476
Selling, general and administrative     45,726       17,370     13,026     12,308       88,430
Depreciation and amortization     21,049       7,191     11,084     435       39,759
Operating income (loss)   $ 31,488     $ 8,991   $ 2,412   $ (14,543 )   $ 28,348
                     


QUANEX BUILDING PRODUCTS CORPORATION
SELECTED SEGMENT DATA
(In thousands)
(Unaudited)
                     
This table provides operating income (loss), EBITDA, and Adjusted EBITDA by reportable segment.  Non-operating expense and income tax expense are not allocated to the reportable segments.
                     
    NA Engineered
Components
  EU Engineered
Components
  NA Cabinet
Components
  Unallocated
Corp & Other
  Total
Three months ended July 31, 2017                    
Net sales   $ 126,446     $ 40,359     $ 63,839     $ (1,277 )   $ 229,367  
Cost of sales     94,169       29,002       54,538       (951 )     176,758  
Selling, general and administrative     11,829       5,162       3,968       (481 )     20,478  
Restructuring charges     727       -       137       -       864  
Depreciation and amortization     7,899       2,391       3,491       134       13,915  
Operating income (loss)     11,822       3,804       1,705       21       17,352  
Depreciation and amortization     7,899       2,391       3,491       134       13,915  
EBITDA     19,721       6,195       5,196       155       31,267  
Transaction related costs     -       -       -       35       35  
Restructuring charges     727       -       137       -       864  
Adjusted EBITDA   $ 20,448     $ 6,195     $ 5,333     $ 190     $ 32,166  
Adjusted EBITDA Margin %     16.2 %     15.3 %     8.4 %         14.0 %
                     
Three months ended July 31, 2016 (1)                    
Net sales   $ 145,040     $ 40,217     $ 64,920     $ (2,092 )   $ 248,085  
Cost of sales     105,149       27,533       55,412       (1,463 )     186,631  
Selling, general and administrative     15,178       5,896       4,265       3,212       28,551  
Depreciation and amortization     6,930       2,340       3,568       135       12,973  
Operating income (loss)     17,783       4,448       1,675       (3,976 )     19,930  
Depreciation and amortization     6,930       2,340       3,568       135       12,973  
EBITDA     24,713       6,788       5,243       (3,841 )     32,903  
Transaction related costs     -       -       -       109       109  
PPA-Inventory Step-up     -       67       -       -       67  
Adjusted EBITDA   $ 24,713     $ 6,855     $ 5,243     $ (3,732 )   $ 33,079  
Adjusted EBITDA Margin %     17.0 %     17.0 %     8.1 %         13.3 %
                     
Nine months ended July 31, 2017                    
Net sales   $ 343,694     $ 106,133     $ 188,359     $ (3,780 )   $ 634,406  
Cost of sales     260,479       75,304       161,704       (2,840 )     494,647  
Selling, general and administrative     38,770       15,132       12,739       8,198       74,839  
Restructuring charges     2,207       -       876       -       3,083  
Depreciation and amortization     26,377       6,753       10,160       411       43,701  
Operating income (loss)     15,861       8,944       2,880       (9,549 )     18,136  
Depreciation and amortization     26,377       6,753       10,160       411       43,701  
EBITDA     42,238       15,697       13,040       (9,138 )     61,837  
Transaction related costs     -       -       -       327       327  
Mexico restructuring, loss on sale of fixed assets     -       -       190       -       190  
One-time employee benefit adjustment     -       -       188       -       188  
PPA-Inventory Step-up     -       104       -       -       104  
Restructuring charges     2,207       -       876       -       3,083  
Adjusted EBITDA   $ 44,445     $ 15,801     $ 14,294     $ (8,811 )   $ 65,729  
Adjusted EBITDA Margin %     12.9 %     14.9 %     7.6 %         10.4 %
                     
Nine months ended July 31, 2016 (1)                    
Net sales   $ 390,257     $ 110,250     $ 185,049     $ (6,543 )   $ 679,013  
Cost of sales     291,994       76,698       158,527       (4,743 )     522,476  
Selling, general and administrative     45,726       17,370       13,026       12,308       88,430  
Depreciation and amortization     21,049       7,191       11,084       435       39,759  
Operating income (loss)     31,488       8,991       2,412       (14,543 )     28,348  
Depreciation and amortization     21,049       7,191       11,084       435       39,759  
EBITDA     52,537       16,182       13,496       (14,108 )     68,107  
Transaction related costs     -       -       -       4,987       4,987  
PPA-Inventory Step-up     -       351       2,287       -       2,638  
Adjusted EBITDA   $ 52,537     $ 16,533     $ 15,783     $ (9,121 )   $ 75,732  
Adjusted EBITDA Margin %     13.5 %     15.0 %     8.5 %         11.2 %
                     
(1) Updated to reflect transfer of operating facilities from NA Engineered Components to NA Cabinet Components.  See Reconciliation for additional details.
                     

 

QUANEX BUILDING PRODUCTS CORPORATION
SALES ANALYSIS
(In thousands)
(Unaudited)
                 
    Three Months Ended   Nine Months Ended
    July 31, 2017   July 31, 2016 (1)   July 31, 2017   July 31, 2016 (1)
                 
NA Engineered Components:              
  United States - fenestration (2) $ 107,193     $ 121,717     $ 289,231     $ 328,957  
  International - fenestration   9,959       9,530       24,945       23,317  
  United States - non-fenestration   7,060       8,677       19,590       24,237  
  International - non-fenestration   2,234       5,116       9,928       13,746  
    $ 126,446     $ 145,040     $ 343,694     $ 390,257  
EU Engineered Components (3):              
  United States - fenestration $ 190     $ 159     $ 304     $ 285  
  International - fenestration   35,087       35,547       94,528       98,744  
  International - non-fenestration   5,082       4,511       11,301       11,221  
    $ 40,359     $ 40,217     $ 106,133     $ 110,250  
NA Cabinet Components:              
  United States - fenestration $ 4,322     $ 3,008     $ 12,316     $ 10,651  
  United States - non-fenestration (4)   59,237       61,268       174,404       172,273  
  International - non-fenestration   280       644       1,639       2,125  
    $ 63,839     $ 64,920     $ 188,359     $ 185,049  
Unallocated Corporate & Other:              
  Eliminations $ (1,277 )   $ (2,092 )   $ (3,780 )   $ (6,543 )
    $ (1,277 )   $ (2,092 )   $ (3,780 )   $ (6,543 )
                 
Net Sales $ 229,367     $ 248,085     $ 634,406     $ 679,013  
                 
(1) Updated to reflect transfer of operating facilities from NA Engineered Components to NA Cabinet Components.  See Reconciliation for additional details.
(2) Reflects the loss of revenue associated with eliminated products of $20.1 million and $53.4 million for the three-months and nine-months ended July 31, 2017, respectively.
(3) Reflects the loss of revenue associated with foreign currency impacts of $2.6 million and $11.7 million for the three-months and nine-months ended July 31, 2017, respectively.
(4) Reflects the loss of revenue associated with eliminated products of $2.9 million and $8.3 million for the three-months and nine-months ended July 31, 2017, respectively.
                 

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