Integrys Energy Group, Inc. Reports 2009 Third Quarter Financial Results
- Press Release
- Source: Integrys Energy Group, Inc.
- On 8:35 pm EST, Wednesday November 4, 2009
CHICAGO, Nov. 4 /PRNewswire-FirstCall/ -- Integrys Energy Group, Inc. (NYSE: TEG - News) recognized net income attributed to common shareholders on a GAAP (generally accepted accounting principles) basis of $51.1 million ($0.66 diluted earnings per share) for the quarter ended September 30, 2009, compared with a net loss attributed to common shareholders on a GAAP basis of $59.1 million ($0.77 net loss per share) for the quarter ended September 30, 2008.
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| TEG | 40.77 | +1.20 |
Third quarter 2009 net income attributed to common shareholders of $51.1 million included $26.1 million of certain after-tax items, consisting of $27.6 million of after-tax non-cash gains related to derivative and inventory accounting activities at Integrys Energy Services, Inc., partially offset by $1.5 million of after-tax expenses related to restructuring activities at Integrys Energy Services. The third quarter 2008 net loss attributed to common shareholders of $59.1 million included $79.6 million of after-tax non-cash losses related to derivative and inventory accounting activities at Integrys Energy Services. Exclusive of these certain after-tax items recognized in the third quarters of 2009 and 2008, Integrys Energy Group's earnings would have increased quarter-over-quarter to net income attributed to common shareholders of $25.0 million ($0.33 diluted earnings per share) for the quarter ended September 30, 2009, from net income attributed to common shareholders of $20.5 million ($0.27 diluted earnings per share) for the quarter ended September 30, 2008.
"Year-to-date results for our core utilities have improved year-over-year, with the impact of our recent rate cases and cost control measures enabling us to overcome a third quarter that was hampered by a difficult economic environment and unfavorable weather conditions. Our cost control measures will carry through in the fourth quarter, which is part of the reason we are able to increase our earnings guidance for full-year 2009," said Charles Schrock, President and Chief Executive Officer of Integrys Energy Group. "We are continuing to execute our process to significantly reduce the capital and collateral support requirements for Integrys Energy Services, as evidenced by the transactions we have announced since July of this year."
Highlights:
- Higher earnings at Integrys Energy Services were primarily driven by non-cash accounting gains largely due to the partial recovery of non-cash accounting losses related to derivative fair value and inventory valuation adjustments recorded in prior periods, as well as a decrease in bad debt expense driven by write-offs in 2008 related to the Lehman Brothers bankruptcy, an increase in realized retail natural gas margins related to higher per-unit margins, an increase in realized wholesale electric margins as a result of the timing of prior transactions settling, and the recognition in discontinued operations of a gain on the sale of Integrys Energy Services' Energy Management Consulting Services business in the third quarter of 2009, partially offset by restructuring expenses recorded in the third quarter of 2009.
- The net loss at the natural gas utility segment increased 11.8% quarter-over-quarter, primarily related to a positive adjustment allowed by the Michigan Public Service Commission in the third quarter of 2008 for the recovery of previously expensed natural gas costs, as well as a quarter-over-quarter decrease in natural gas sales volumes.
- Quarter-over-quarter, net income attributed to common shareholders at the electric utility segment decreased 25.8%, driven by energy costs that were lower than what was recovered in rates during the third quarter of 2008, a decrease in sales volumes, and an increase in operating and maintenance expense, partially offset by higher margin from wholesale customers.
Details regarding Integrys Energy Group's financial results for the quarters ended September 30 are as follows:
Integrys Energy Group's GAAP Results
(Millions, except per share amounts) 2009 2008 Change
----------------------------------- ---- ---- ------
Net income (loss) attributed to common
shareholders $51.1 ($59.1) N/A
Basic earnings per share $0.67 ($0.77) N/A
Diluted earnings per share $0.66 ($0.77) N/A
Average shares of common stock
Basic 76.8 76.7 0.1%
Diluted 76.9 76.7 0.3%
------- ---- ---- ---
Significant factors impacting the change in earnings and earnings per
share were as follows:
* Earnings at Integrys Energy Services increased $118.3 million,
to net income attributed to common shareholders of $23.8 million
for the quarter ended September 30, 2009, compared with a net
loss attributed to common shareholders of $94.5 million for the
quarter ended September 30, 2008, driven by:
- A $107.2 million after-tax increase in Integrys Energy
Services' margin quarter-over-quarter related to non-cash
activity, due to a $156.5 million after-tax increase
related to non-cash activity associated with electric
operations, partially offset by a $49.3 million after-tax
decrease related to non-cash activity associated with
natural gas operations. Further details regarding the
change in non-cash activity can be found in Integrys
Energy Group's Form 10-Q for the quarter ended
September 30, 2009, being filed with the United States
Securities and Exchange Commission today.
- A $5.0 million after-tax decrease in operating and
maintenance expense, driven by a quarter-over-quarter
decrease in bad debt expense related to write-offs
recorded in the third quarter of 2008 associated
with the bankruptcy of Lehman Brothers.
- Realized natural gas margins increased $3.4 million
after-tax, driven by higher quarter-over-quarter
per-unit retail natural gas margins related to
recently contracted sales commitments.
- Combined, realized electric margins increased $3.2 million
after-tax:
The realized wholesale electric margin increased $4.6
million after-tax. In general, realized margins are
impacted by transaction activity in prior periods.
Integrys Energy Services recognizes realized margin
when the contracts actually settle, which typically
occurs over a 12- to 24-month time period from the
time the contract was actually entered into.
Wholesale transactions were scaled back in
conjunction with the global credit crisis in
the latter half of 2008 and continue to be scaled
back with the announced Integrys Energy Services
strategy change. The scaled back transaction
activity will negatively impact realized margins in
subsequent periods.
Margins from realized retail electric operations
decreased $1.4 million after-tax, resulting from
Integrys Energy Services' adjusted product
pricing strategy, which was implemented in response
to increased business risk and a higher cost of capital.
- A $2.3 million after-tax gain included in
discontinued operations relating to Integrys
Energy Services' sale of its Energy Management
Consulting Services business.
- Partially offsetting the above increases, after-tax
restructuring expenses recorded at Integrys Energy
Services during the third quarter of 2009 were
$1.5 million.
* Net income attributed to common shareholders related to the
holding company and other segment increased $7.3 million,
from $1.6 million during the quarter ended September 30, 2008,
to $8.9 million during the quarter ended September 30, 2009,
driven by a change in the effective tax rate quarter-over-
quarter. The decrease in the effective tax rate from the third
quarter of 2008 to the third quarter of 2009 had an
approximate $7 million positive impact on earnings because
income tax expense for the holding company and other segment
for interim periods is affected by changes in the forecasted
annual effective tax rates as well as factors that impact the
allocation of consolidated income tax expense to the
segments. Earnings from Integrys Energy Group's 34% interest
in American Transmission Company LLC increased $0.5 million
($0.3 million after-tax). Integrys Energy Group recorded
$19.3 million of pre-tax equity earnings from American
Transmission Company during the quarter ended September 30,
2009, compared with $18.8 million of pre-tax equity earnings
during the same quarter in 2008.
* During the third quarter of 2009, the regulated natural gas
utility segment recognized a net loss attributed to common
shareholders of $19.9 million, compared with a net loss
attributed to common shareholders of $17.8 million during the
same quarter in 2008. The $2.1 million increase in the net
loss was driven by:
- An approximate $3 million ($1.8 million after-tax)
quarter-over-quarter decrease in margin at Michigan Gas
Utilities Corporation related to a third quarter 2008
adjustment for recovery of prior natural gas costs in a
Michigan Public Service Commission proceeding.
- An 11.9% decrease in natural gas throughput volumes
attributed primarily to the negative impact of the
general economic slowdown, which resulted in an
approximate $2 million ($1.2 million after-tax)
decrease in natural gas utility segment margin.
The impact of lower quarter-over-quarter natural
gas throughput volumes was somewhat mitigated by the
impact of decoupling mechanisms that were first effective
for The Peoples Gas Light and Coke Company and North
Shore Gas Company on March 1, 2008, and for Wisconsin
Public Service Corporation on January 1, 2009. Under
decoupling, these utilities are allowed to defer the
difference between the actual and rate case authorized
delivery charge components of margin from certain
customers and adjust future rates in accordance with
rules applicable to each jurisdiction. The decoupling
mechanism for Wisconsin Public Service's natural gas
utility includes an annual $8.0 million pre-tax cap for
the deferral of any excess or shortfall from the
rate-case authorized margin. Approximately $5 million
of additional revenues were recognized at Wisconsin
Public Service under the decoupling mechanism due to
the shortfall from the rate-case authorized margin for
the nine months ended September 30, 2009.
- A partially offsetting approximate $1 million ($0.6
million after-tax) net positive quarter-over-quarter
impact on margin, primarily related to rate increases
at Michigan Gas Utilities and Minnesota Energy
Resources Corporation.
* During the third quarter of 2009, the regulated electric
utility segment recognized net income attributed to common
shareholders of $38.3 million, compared with net income
attributed to common shareholders of $51.6 million during
the same quarter in 2008. The $13.3 million decrease was
driven by:
- A $6.6 million after-tax decrease in earnings as a
result of fuel and purchased power costs at Wisconsin
Public Service that were approximately $3 million ($1.8
million after-tax) lower than what was recovered in
rates during the quarter ended September 30, 2009,
compared with fuel and purchased power costs that
were approximately $14 million ($8.4 million after-tax)
lower than what was recovered in rates during the same
quarter in 2008. On April 23, 2009, the Public Service
Commission of Wisconsin made the 2009 fuel cost recovery
subject to refund, effective April 25, 2009, as actual
and projected fuel costs for the remainder of the year
are estimated to be below the 2% fuel window. As of
September 30, 2009, Wisconsin Public Service recorded
a liability of $17.1 million related to this refund.
- A 3.0% quarter-over-quarter decrease in residential
sales volumes and a 4.5% quarter-over-quarter decrease
in sales volumes to commercial and industrial customers
drove an approximate $7 million ($4.2 million after-tax)
quarter-over-quarter decrease in electric utility
segment margin, driven by cooler weather during the
third quarter of 2009, compared with the same quarter
in 2008.
A decoupling mechanism first became effective for
Wisconsin Public Service on January 1, 2009. Under
decoupling, Wisconsin Public Service is allowed to defer
the difference between its actual margin and the rate
case authorized margin recognized from residential and
small commercial and industrial customers. The rate order
for the four-year pilot program for electric decoupling
has an annual $14.0 million pre-tax cap for the deferral
of any excess or shortfall from the rate-case authorized
margin. This cap was reached in the second quarter of
2009; therefore, no additional decoupling deferral was
allowed in the third quarter of 2009 for any shortfall
from authorized margin.
- A $3.9 million after-tax increase in operating and
maintenance expenses, driven by a quarter-over-quarter
increase in employee benefit costs, and a major planned
outage at the Weston 3 generation plant in the third
quarter of 2009, compared with no major outages during
the same period in 2008.
- A partially offsetting approximate $5 million ($3.0
million after-tax) increase in margin from an increase
in contracted sales volumes with a large existing
wholesale customer and an increase in demand charges
to wholesale customers to recover costs related to the
Weston 4 generation plant.
YEAR-TO-DATE RESULTS
Integrys Energy Group recognized a net loss attributed to common shareholders on a GAAP basis of $94.4 million ($1.23 net loss per share) for the nine months ended September 30, 2009, compared with net income attributed to common shareholders on a GAAP basis of $100.8 million ($1.31 diluted earnings per share) for the nine months ended September 30, 2008.
The net loss attributed to common shareholders for the nine months ended September 30, 2009 of $94.4 million included $259.8 million of certain after-tax items, consisting of a $248.8 million after-tax non-cash goodwill impairment loss related to the natural gas utility segment, $2.4 million of after-tax non-cash gains related to derivative and inventory accounting activities at Integrys Energy Services, and $13.4 million of after-tax expenses related to restructuring activities at Integrys Energy Services. Net income attributed to common shareholders for the nine months ended September 30, 2008 of $100.8 million included $49.0 million of after-tax non-cash losses related to derivative and inventory accounting activities at Integrys Energy Services and a $6.5 million after-tax non-cash goodwill impairment loss related to the regulated natural gas utility segment. Exclusive of these certain after-tax items recognized during the nine months ended September 30, 2009, and 2008, Integrys Energy Group's earnings would have increased period-over-period to net income attributed to common shareholders of $165.4 million ($2.15 diluted earnings per share) for the nine months ended September 30, 2009, from net income attributed to common shareholders of $156.3 million ($2.03 diluted earnings per share) for the nine months ended September 30, 2008.
EARNINGS FORECAST
Given the previously announced strategic shift to focus on our core utility businesses, we have excluded any guidance related to Integrys Energy Services from the ranges below. The projected guidance range for 2009 diluted earnings per share - adjusted is anticipated to be between $2.26 and $2.38. In 2011, the first full year Integrys Energy Group expects to be a predominantly Midwestern regional regulated utility company, the projected guidance range for diluted earnings per share - adjusted is anticipated to be between $2.80 and $3.20. This guidance assumes operational improvements and rate relief for certain utilities, the availability of generation units, successful execution of the strategy related to Integrys Energy Services, and normal weather conditions. Diluted earnings per share - adjusted guidance provides investors with additional insight into the company's operating performance because it eliminates the effects of certain items that are not comparable from one period to the next. Please see the "Diluted Earnings per Share Information - NonGAAP Financial Information" included at the end of this news release and also included with the supplemental data package on the company's Web site for a reconciliation of diluted earnings per share to diluted earnings per share - adjusted.
Integrys Energy Group reiterates its expected long-term diluted earnings per share growth rate of 4% to 6%, on an average annualized basis, with 2011 as its base year.
Integrys Energy Group's management will discuss earnings guidance for 2009 and also for 2011, the first full year it expects to be a predominantly Midwestern regional regulated utility company, during its earnings conference call at 8 a.m. CST on Thursday, November 5.
SUPPLEMENTAL DATA PACKAGE
Concurrent with this news release, a supplemental data package has been posted on Integrys Energy Group's corporate Web site that includes this narrative news release, as well as financial statements, non-GAAP financial information, supplemental quarterly financial information by reportable segment, and a summary of earnings (loss) by reportable segment.
CONFERENCE CALL
An earnings conference call is scheduled for 8 a.m. CST on Thursday, November 5, 2009. Integrys Energy Group will discuss 2009 third quarter financial results, as well as future prospects. To access the call, which is open to the public, call 888788-9425 (toll free) 15 minutes prior to the scheduled start time. Callers will be required to supply EARNINGS as the passcode and MR. STEVEN ESCHBACH as the leader. Callers will be placed on hold with music until the call begins. A replay of the conference call will be available through February 23, 2010, by dialing 888-673-3573 (toll free).
Investors may also listen to the conference live on Integrys Energy Group's corporate Web site at http://www.integrysgroup.com/investor/presentations.aspx. An archive of the Webcast will be available on the company's Web site at http://www.integrysgroup.com/investor/presentations.aspx.
In conjunction with this conference call, Integrys Energy Group will post on its Web site PowerPoint slides that will be referred to within the prepared remarks during the call. The slides will be available at 6:00 a.m. CST on Thursday, November 5.
FORWARD-LOOKING STATEMENTS
Financial results in this news release are unaudited. In this news release, Integrys Energy Group and its subsidiaries make statements concerning expectations, beliefs, plans, objectives, goals, strategies, and future events or performance. Such statements are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to assumptions and uncertainties; therefore, actual results may differ materially from those expressed or implied by such forward-looking statements. Although Integrys Energy Group and its subsidiaries believe that these forward-looking statements and the underlying assumptions are reasonable, they cannot provide assurance that such statements will prove correct.
Forward-looking statements include, among other things, statements concerning management's expectations and projections regarding earnings, regulatory matters, fuel costs, sources of electric energy supply, coal and natural gas deliveries, remediation costs, environmental and other capital expenditures, liquidity and capital resources, trends, estimates, completion of construction projects, and other matters.
Forward-looking statements involve a number of risks and uncertainties. Some risk factors that could cause results to differ from any forward-looking statement include those described in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2008, as may be amended or supplemented in our Quarterly Reports on Form 10-Q. Other factors include:
- Resolution of pending and future rate cases and negotiations (including the recovery of deferred costs) and other regulatory decisions impacting Integrys Energy Group's regulated businesses;
- The impact of recent and future federal and state regulatory changes, including legislative and regulatory initiatives regarding deregulation and restructuring of the electric and natural gas utility industries and future initiatives to address concerns about global climate change, changes in environmental, tax, and other laws and regulations to which Integrys Energy Group and its subsidiaries are subject, as well as changes in the application of existing laws and regulations;
- Current and future litigation, regulatory investigations, proceedings, or inquiries, including but not limited to, manufactured gas plant site cleanup, reconciliation of revenues from the gas charge and related natural gas costs, and the proceeding regarding the Weston 4 air permit;
- The impacts of changing financial market conditions, credit ratings, and interest rates on the liquidity and financing efforts of Integrys Energy Group and its subsidiaries;
- The risks associated with executing Integrys Energy Group's plan to significantly reduce the scope and scale of, or divest in its entirety, the nonregulated energy services business;
- The risks associated with changing commodity prices (particularly natural gas and electricity) and the available sources of fuel and purchased power, including their impact on margins;
- Resolution of audits or other tax disputes with the Internal Revenue Service and various state, local, and Canadian revenue agencies;
- The effects, extent, and timing of additional competition or regulation in the markets in which Integrys Energy Group's subsidiaries operate;
- The retention of market-based rate authority;
- The risk associated with the value of goodwill or other intangibles and their possible impairment;
- Investment performance of employee benefit plan assets;
- Advances in technology;
- Effects of and changes in political and legal developments, as well as economic conditions and the related impact on customer demand;
- Potential business strategies, including mergers, acquisitions, and construction or disposition of assets or businesses, which cannot be assured to be completed timely or within budgets;
- The direct or indirect effects of terrorist incidents, natural disasters, or responses to such events;
- The effectiveness of risk management strategies and the use of financial and derivative instruments;
- The risks associated with the inability of Integrys Energy Group's and its subsidiaries' counterparties, affiliates, and customers to meet their obligations;
- Weather and other natural phenomena, in particular the effect of weather on natural gas and electricity sales;
- The utilization of tax credit and loss carryforwards;
- The effect of accounting pronouncements issued periodically by standard-setting bodies; and
- Other factors discussed in the 2008 Annual Report on Form 10-K and in other reports filed by Integrys Energy Group from time to time with the United States Securities and Exchange Commission.
Except to the extent required by the federal securities laws, Integrys Energy Group and its subsidiaries undertake no obligation to publicly update or revise any forwardlooking statements, whether as a result of new information, future events, or otherwise.
About Integrys Energy Group, Inc.
Integrys Energy Group is a diversified holding company with regulated utility operations operating through six wholly owned subsidiaries, Wisconsin Public Service Corporation, The Peoples Gas Light and Coke Company, North Shore Gas Company, Upper Peninsula Power Company, Michigan Gas Utilities Corporation, and Minnesota Energy Resources Corporation; nonregulated operations through its wholly owned nonregulated subsidiary, Integrys Energy Services; and also a 34% equity ownership interest in American Transmission Company LLC (an electric transmission company operating in Wisconsin, Michigan, Minnesota, and Illinois).
More information about Integrys Energy Group, Inc. is available online at www.integrysgroup.com.
Integrys Energy Group, Inc.
Diluted Earnings Per Share Information - Non-GAAP Financial Information
Non-GAAP Financial Information
Integrys Energy Group prepares financial statements in accordance with
accounting principles generally accepted in the United States (GAAP).
Along with this information, we disclose and discuss diluted earnings
per share (EPS) - adjusted, which is a non-GAAP measure. Management
uses the measure in its internal performance reporting and for reports
to the Board of Directors. We disclose this measure in our quarterly
earnings releases, on investor conference calls, and during investor
conferences and related events. Management believes that diluted
EPS - adjusted is a useful measure for providing investors with
additional insight into our operating performance because it eliminates
the effects of certain items that are not comparable from one period
to the next. Therefore, this measure allows investors to better compare
our financial results from period to period. The presentation of this
additional information is not meant to be considered in isolation or
as a substitute for our results of operations prepared and presented
in conformance with GAAP.
Actual Quarter and Year-to-Date Results for Periods Ended September 30,
2009 and 2008
Three Months Ended Nine Months Ended
September 30 September 30
2009 2008 2009 2008
---- ---- ---- ----
Diluted EPS $0.66 $(0.77) $(1.23) $1.31
Average Shares of Common Stock -
Diluted 76.9 76.7 76.8 76.9
-------------------------------- ---- ---- ---- ----
Information on Special Items:
Diluted earnings per share are adjusted for special items and their
financial impact on diluted earnings per share for the three and nine
months ended September 30, 2009 and 2008. Due to Integrys Energy
Group's change in strategy related to Integrys Energy Services, the
results of the business operations of Integrys Energy Services are
shown as a special adjusting item.
Diluted EPS $0.66 $(0.77) $(1.23) $1.31
Special Items (net of taxes):
Goodwill impairment - natural
gas segment - - 3.24 0.08
Integrys Energy Services'
total segment results (0.31) 1.23 (0.08) 0.44
---------------------- ---- ---- ---- ----
Diluted EPS - Adjusted 0.35 0.46 1.93 1.83
====================== ==== ==== ==== ====
Integrys Energy Group, Inc.
Diluted Earnings Per Share Information - Non-GAAP Financial Information
Due to Integrys Energy Group's change in strategy related to Integrys
Energy Services, the actual 2008 results for the business operations
of Integrys Energy Services, including the impacts of discontinued
operations, are shown as an adjustment to diluted EPS. There are a
number of scenarios that we are considering for the restructuring of
Integrys Energy Services that can produce a wide range of impacts on
our financial results. As a result, we have excluded any guidance
related to Integrys Energy Services from the tables below.
Actual 2008
Results with
2009 and 2011
Forecasts Potential 2009 Potential 2011
-------------- --------------
Actual Low High Low High
2008 Scenario Scenario Scenario Scenario
---- -------- -------- -------- --------
Diluted EPS $1.64
Integrys Energy
Services' total
segment results 0.80
----
Diluted EPS
(excluding
Integrys
Energy
Services) $2.44 $(0.98) $(0.86) $2.80 $3.20
===== ====== ===== ===== =====
Average
Shares
of
Common
Stock -
Diluted 77.0 76.7 76.7 77.4 77.4
---- ---- ---- ---- ----
Information on Special Items:
Diluted earnings per share are adjusted for special items and their
financial impact on the actual 2008 diluted earnings per share and
diluted earnings per share guidance for 2009.
Diluted EPS
(excluding
Integrys
Energy
Services) $2.44 $(0.98) $(0.86) $2.80 $3.20
Special Items
(net of
taxes):
Goodwill
impairment
- natural
gas
segment 0.08 3.24 3.24 - -
------- ----- ----- ----- ----- -----
Diluted
EPS -
Adjusted $2.52 $2.26 $2.38 $2.80 $3.20
========= ===== ===== ===== ===== =====
* Key Assumptions for 2009 and 2011:
-- Operational improvements and rate relief for certain utilities
-- Availability of generation units
-- Successful execution of the strategy related to Integrys Energy
Services
-- Normal weather conditions
Related Headlines
- Lightning Round OT: STEC, ICICI Bank and More - at CNBC
- Integrys Energy Services Announces Sale of Power Generation Assets in New Brunswick and Maine - PR Newswire
- INTEGRYS ENERGY GROUP, INC. Financials - EDGAR Online Financials
- Integrys Energy Group, Inc. Earnings Call scheduled for 9:00 am ET today - CCBN
- INTEGRYS ENERGY GROUP, INC. Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements a - EDGAR Online
Related Blog Headlines
- Lightning Round OT: Ford, NewAlliance Bancshares and More - at CNBC
- Integrys Slightly Above Estimates - Zacks.com
Sponsored Links
-
Trade Stocks? Try Currency Trading
Trade in a highly trending market 24-hrs a day, 5.5 days a week. GFT. -
Earn From 1.90% to 2.20% Apply Online
With GE Capital Corporation. Not An Offer Of Securities For Sale.
-
Buy Stocks for $4
No account or investment minimums. No inactivity fees. Start Today. -
Refinance Now at 4.25% Fixed
No hidden fees-4.4% APR! No obligation. Get 4 free quotes. No SSN req.
Tech Ticker Recent Posts
Add Alert Copyright © 2009 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.