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Eldorado Gold Corporation (EGO)

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11.32+0.06 (+0.53%)
At close: 4:00PM EST

11.56 +0.24 (2.12%)
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Previous Close11.26
Open11.38
Bid0.00 x 2200
Ask11.56 x 2900
Day's Range11.18 - 11.51
52 Week Range4.60 - 14.49
Volume2,445,769
Avg. Volume2,406,122
Market Cap1.995B
Beta (5Y Monthly)1.62
PE Ratio (TTM)11.29
EPS (TTM)1.00
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateMar 03, 2017
1y Target Est1.83
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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  • Should Eldorado Gold (TSE:ELD) Be Disappointed With Their 73% Profit?
    Simply Wall St.

    Should Eldorado Gold (TSE:ELD) Be Disappointed With Their 73% Profit?

    While Eldorado Gold Corporation ( TSE:ELD ) shareholders are probably generally happy, the stock hasn't had...

  • Eldorado Provides 2021 Guidance and Five-Year Outlook; Announces Management Appointments
    GlobeNewswire

    Eldorado Provides 2021 Guidance and Five-Year Outlook; Announces Management Appointments

    VANCOUVER, British Columbia, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation, (“Eldorado” or the “Company”) today provided detailed 2021 production and cost guidance and an updated five-year production outlook. Highlights * Kisladag high-pressure grinding roll (HPGR) commissioning in the third quarter of 2021 and pre-stripping investments position the mine for sustained free cash flow over a 15-year mine life. * Increased five-year production profile at Lamaque driven by increasing mining rates and efficiencies from completion of Triangle decline in 2021. * Column flotation at Efemcukuru improves concentrate grade and enhances low costs and operational consistency to drive sustained cash flow. * Throughput expansion and efficiency improvements at Olympias lead to new growth phase over the five-year plan. * Strong liquidity to drive further debt reduction in 2021. The Company’s 2021 gold production is forecast to be between 430,000 and 460,000 ounces at all-in sustaining costs (AISC) of $920 to $1,150 per ounce. Average 2021 cash operating costs are forecast in the range of $590 to $640 per ounce of gold sold. Quarter-to-quarter gold production in 2021 is expected to be relatively consistent with higher anticipated gold grade at Kisladag in the first half of the year expected to be offset by lower head grade at Lamaque. In the second half of 2021, gold production at Lamaque is expected to increase on higher grade while production at Kisladag will be temporarily affected by the expected third-quarter commissioning of the HPGR circuit.“Eldorado’s strong five-year production profile provides the growth and flexibility to reinvest in our portfolio of mines and projects while also continuing to deleverage our balance sheet,” said George Burns, Eldorado Gold’s President and Chief Executive Officer. “In Greece, we continue to work productively with the government on discussions and permitting to re-start construction at Skouries; the completion of which will drive new production growth beyond our current five-year plan.”Five-Year Gold Production OutlookProduction (oz)2021E2022E2023E2024E2025E Kisladag140,000 - 150,000140,000 -150,000165,000 -175,000185,000 - 195,000160,000 - 170,000 Lamaque140,000 - 150,000165,000 - 175,000180,000 - 190,000160,000 - 170,000185,000 - 195,000 Efemcukuru*90,000 - 95,00080,000 - 85,00080,000 - 85,00075,000 - 80,00075,000 - 80,000 Olympias55,000 - 65,00055,000 - 60,00065,000 - 70,00080,000 - 90,00090,000 - 100.000 Total430,000 - 460,000430,000 - 460,000480,000 - 510,000500,000 - 530,000510,000 - 540,000 * Forecast production at Efemcukuru has been adjusted for reduced payable ounces following a change in structure of concentrate sales contracts. Lower payability is offset by a decrease in forecast production costs, due to the elimination of treatment charges and other deductions.2021 Cost and Capital Expenditure Guidance 2021E  2021E Consolidated Costs   Olympias  Cash Operating Cost – C1 ($/oz sold)590-640 Cash Operating Cost – C1 ($/oz sold)775-825 Total Operating Cost – C2 ($/oz sold)680-730 Total Operating Cost – C2 ($/oz sold)900-950 AISC ($/oz sold)920 -1,150 Sustaining Capex ($ millions)38 - 43       Kisladag  Corporate ($ millions)  Cash Operating Cost – C1 ($/oz sold)590-640 General and Administrative32 Total Operating Cost – C2 ($/oz sold)700-750 Exploration125 - 30 Sustaining Capex ($ millions)18 - 23       Growth Capital ($ millions)  Lamaque  Kisladag90 - 95 Cash Operating Cost – C1 ($/oz sold)560-610 Olympias10 - 15 Total Operating Cost – C2 ($/oz sold)580-630 Lamaque35 - 40 Sustaining Capex ($ millions)48-53       Other Project Spending ($ millions)   Efemcukuru  Skouries25 - 30 Cash Operating Cost – C1 ($/oz sold)550-600 Stratoni10 – 15 Total Operating Cost – C2 ($/oz sold)680-730 Perama Hill5 - 10 Sustaining Capex ($ millions)18 - 23 Tocantinzinho3 – 5    Certej3 – 5 1 55% expensed and 45% capitalized.KisladagIn 2021, Kisladag is expected to mine and place on leach over 11 million tonnes of ore at an average grade of 0.69 grams per tonne. Subsequent to the commissioning of the HPGR circuit in the third quarter, recoveries are expected to improve substantially in the second half of 2021 with average recoveries at approximately 50% for the year.Forecast 2021 sustaining capital of $18 to $23 million is primarily for work related to the cover liner, ADR columns and equipment overhauls. Growth capital of $90 to $95 million is expected to consist primarily of the HPGR project, waste stripping and construction of the North Leach Pad. A portion of the expenditure on the HPGR project has shifted from 2020 to 2021; however, the HPGR circuit is expected to be fully operational on schedule by the end of the third quarter. Phase 1 of the North Leach Pad facility is expected to be ready for stacking by the end of the third quarter.EfemcukuruIn 2021, Efemcukuru is expected to mine and process almost 520,000 tonnes of ore at an average gold grade of 6.6 grams per tonne. Cash operating costs per ounce in 2021 are expected to increase due to fewer payable gold ounces sold, partially offset by the weakening of the Turkish Lira. Forecast total cash costs and AISC have increased due primarily to higher gold royalty rates consistent with higher gold prices. Expected sustaining capital expenditures for 2021 include drilling related to KPR resource conversion as well as 2020 carry-over capital expenditures.Lamaque In 2021, Lamaque is expected to mine and process over 750,000 tonnes of ore at an average gold grade of 6.6 grams per tonne. 2021 cash operating costs per ounce of $560 to $610 reflect mining at increasing depth, which is expected to be partially offset by increased mining rates.Sustaining capital expenditures for 2021 are forecast to be approximately $48 to $53 million, to be allocated primarily on capitalized underground mine development and infrastructure as vertical access to the Triangle deposit continues for infill drilling and future production. Growth capital projects in 2021 include continued work on the Triangle decline as well as additional mining equipment purchases and modest mill upgrades toward achieving 2,200 tonne-per-day capacity. Engineering studies and initial preparation for tailings placement are also included. This work will continue over the outlook period.The five-year outlook for Lamaque reflects an increase in mining rates to 2,500 tonnes per day, achieved primarily through accelerating underground development. The Company continues to evaluate expansion of the Sigma mill to accommodate higher mining rates at Triangle as well as potential mill feed from satellite deposits. However, until such time as a mill investment decision has been made and construction completed, any excess production above 2,200 tonnes per day is assumed to be toll milled at a neighboring facility.OlympiasIn 2021, Olympias is expected to mine over 443,000 tonnes of ore at an average grade of 7.3 grams per tonne of gold, 104 grams per tonne of silver, 3% lead and 4% zinc. Forecast 2021 ore processed includes processing of old tailings. Payable production is expected to be 55,000 to 65,000 ounces of gold, 1.1 million to 1.2 million ounces of silver, 11,000 to 11,500 tonnes of lead metal and 11,500 to 12,000 tonnes of zinc metal. Improving production rates and efficiency improvements are beginning to drive a moderating cash operating cost profile. Cash operating costs, net of by-products, are expected to decrease to $775 to $825 per ounce of gold sold.Forecast 2021 sustaining capital expenditures of $38 to $43 million include underground mine development and the second phase of tailings management facility construction. Growth capital expenditures at Olympias of $10 to $15 million include process plant expansion and contractor development to support planned ramp-up to 650k tonnes per year.2021 Commodity and Currency Price Assumptions  Gold ($/oz)$1,750  Silver ($/oz)$25  Lead ($/mt)$1,950  Zinc ($/mt)$2,400  C$/US$1.3:1   EURO$/US$ 1:1.20  US$/TRY7.7:1  Strengthening our TeamEldorado also announced today the appointments of Brock Gill and Simon Hille as well as the promotion of Sylvain Lehoux to the role of Vice President & General Manager, Québec.Brock Gill will join the Company as Senior Vice President, Projects & Transformation in March.   Brock will oversee development engineering activities, project delivery of major capital projects, and transformation through business improvement initiatives. He previously held the role of Vice President, Projects with BHP where he was responsible for leading the multi-billion-dollar Jansen Potash Project and other key development projects.Simon Hille joined Eldorado in November, 2020 as Vice President, Technical Services. He is responsible for technical projects and fostering innovation throughout the Company.  Prior to joining Eldorado, Simon was with Newmont (Goldcorp), as Group Executive, Technical Engineering and Global Projects. Ahead of the Newmont merger, Simon was Vice-President, Global Innovation, Metallurgy and Processing at Goldcorp. He also held progressively senior leadership roles in metallurgy and process development with Barrick Gold and Newcrest Mining. Simon has over 30 years of experience in gold and base metals specializing in leading high-performance, cross-functional technical and operational teams to maximize value from complex ore bodies.Sylvain Lehoux was promoted to the role of Vice President & General Manager, Québec in early December 2020. He will continue to oversee all mine site operations in Québec while also taking on increased responsibilities as an ambassador for Eldorado in the region. Sylvain joined Eldorado in June 2017 as General Manager of the Company’s Lamaque mine. Prior to that, he was General Manager of the Westwood Mine with IAMGOLD Corporation and held the role of Vice President Operations with Alexis Minerals. About Eldorado GoldEldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania, and Brazil. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).ContactsInvestor Relations Jeff Wilhoit, Interim Head of Investor Relations 604.376.1548 or 1.888.353.8166 jeff.wilhoit@eldoradogold.comMedia Louise Burgess, Director Communications & Government Relations 604.616.2296 or 1.888.363.8166 louise.burgess@eldoradogold.comCautionary Note About Forward-Looking Statements and InformationCertain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", “continue”, “projected”, "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to: our guidance and outlook, including expected production, cost guidance and recoveries and grade, and and five year production outlook; Kisladag grade improvement in 2021 and HPGR commissioning and investments, including costs and timing; improvements at Olympias; planned capital projects, including timing; any debt reduction; expected mining volume, grade and recoveries; forecasted cash costs and AISC; growth capital projects at its properties, including anticipated timing and benefits; commodity and currency price assumptions; duration, extent and other implications of COVID-19 and any restrictions and suspensions with respect to our operations; our expectations regarding the timing and quantity annual gold production; our expectation as to our future financial and operating performance, including expectations around generating free cash flow; working capital requirements; debt repayment obligations; use of proceeds from financing activities; expected metallurgical recoveries and improved concentrate grade and quality; gold price outlook and the global concentrate market; redemption of senior secured notes; risk factors affecting our business; our strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating plans and priorities and related timelines; and schedules and results of litigation and arbitration proceedings.Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, market uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.We have made certain assumptions about the forward-looking statements and information, including assumptions about: production and cost guidance, how the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the COVID-19 pandemic; timing and cost of construction; the geopolitical, economic, permitting and legal climate that we operate in; the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated costs, expenses and working capital requirements; production, mineral reserves and resources and metallurgical recoveries; the impact of acquisitions, dispositions, suspensions or delays on our business; and the ability to achieve our goals. . In particular, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release.Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others: ability to meet production and cost guidance, global outbreaks of infectious diseases, including COVID-19; timing and cost of construction, and the associated benefits; recoveries of gold and other metals; geopolitical and economic climate (global and local), risks related to mineral tenure and permits; gold and other commodity price volatility; information technology systems risks; continued softening of the global concentrate market; risks regarding potential and pending litigation and arbitration proceedings relating to our business, properties and operations; expected impact on reserves and the carrying value; the updating of the reserve and resource models and life of mine plans; mining operational and development risk; financing risks; foreign country operational risks; risks of sovereign investment; regulatory risks and liabilities including environmental regulatory restrictions and liability; discrepancies between actual and estimated production; mineral reserves and resources and metallurgical testing and recoveries; additional funding requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of gold exploration; dilution; share price volatility and the price of our common shares; competition; loss of key employees; and defective title to mineral claims or properties, as well as those risk factors discussed in the sections titled “Forward-Looking Statements” and "Risk factors in our business" in the Company's most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form filed on SEDAR and EDGAR under our Company name, which discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes.There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change.Except as otherwise noted, scientific and technical information contained in this press release was reviewed and approved by Simon Hille, FAusIMM and VP Technical Services for the Company, and a "qualified person" under NI 43-101.

  • Eldorado Gold Achieves 2020 Production Guidance; Appoints New Chair of the Board
    GlobeNewswire

    Eldorado Gold Achieves 2020 Production Guidance; Appoints New Chair of the Board

    VANCOUVER, British Columbia, Jan. 07, 2021 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) today announced the Company’s fourth quarter and full year 2020 preliminary production results. Preliminary 2020 gold production increased 34% over 2019 to 528,874 ounces, meeting the Company’s annual consolidated production guidance of between 520,000 and 550,000 ounces. Preliminary gold production for the fourth quarter of 2020 increased 16% to 138,220 ounces compared to the fourth quarter of 2019.Preliminary 2020 gold production at Lamaque exceeded guidance despite a three-week shutdown in early Spring related to government-mandated COVID-19 operating restrictions. The strong performance at Lamaque was partially offset by lower labour availability impacting leach pad flow rates at Kisladag during the second quarter. Kisladag finished the year with strong fourth-quarter gold production, driven by improving heap leach performance.“Delivering on our production guidance amid a year of unprecedented external challenges is a testament to the dedication and resilience of our people,” said George Burns, Eldorado President and Chief Executive Officer. “Our unique portfolio of high-quality, long-lived mines and projects will continue to position Eldorado for sustained success in the years ahead.”Table 1: 2020 Preliminary ProductionProduction (oz)Q4 2020Q4 2019 20202019 Kisladag56,81651,010226,475140,214 Efemcukuru25,82826,24399,835103,767 Olympias11,40812,61758,42346,750 Lamaque44,16829,085144,141113,9401 Total138,220118,955528,874395,331 1 Includes pre-commercial production. The Company will report its full year 2020 Year End-Results at the end of February. CorporateThe Company also announced today that Steve Reid has been appointed Chair of the Board, replacing George Albino, who will remain on the Eldorado Board as a Director.  Steve Reid has served as a Director on the Eldorado Board since May 2013.  He has over 40 years of experience in the mineral resource industry. He served as the Executive Vice President and Chief Operating Officer for Goldcorp Inc. from 2007 to September 2012. Before joining Goldcorp, Mr. Reid spent 13 years at Placer Dome in numerous corporate, mine management and operating roles.“I am pleased to announce the appointment of Steve to Chair of the Eldorado Board,” said Burns.  “His work as a Director over the last seven years has contributed significantly to Eldorado’s success and we look forward to benefiting from his leadership.  I would like to thank George Albino for his counsel and dedication as Chair and for his continued strong presence on the Board as a Director.”About Eldorado GoldEldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania and Brazil. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).Contact:Investor RelationsJeff Wilhoit, Interim Head of Investor Relations 604.376.1548 or 1.888.353.8166   jeff.wilhoit@eldoradogold.comMediaLouise Burgess, Director Communications & Government Relations 604.616.2296 or 1.888.363.8166   louise.burgess@eldoradogold.comCautionary Note About Forward-Looking Statements and InformationCertain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", “continue”, “projected”, "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to: the duration, extent and other implications of COVID-19 and any restrictions and suspensions with respect to our operations; our expectations regarding the timing and quantity annual gold production; our strategy with respect to non-core assets; expected benefits resulting from design improvements at Kisladag; timing of construction and expected benefits resulting from design improvements at Skouries; timing of drilling activities at the Stratoni mine; our guidance and outlook, including expected production, cost guidance and recoveries of gold, including higher gold bearing solution volumes and increased heap leach recoveries through increased leach time in conjunction with a high pressure grinding roll and related upgrades at Kisladag; timing and cost of the construction of an underground decline at the Triangle mine and the associated benefits; expansion at Lamaque, Efemcukuru, Olympias and Stratoni; the success of a column flotation system in improving concentrate grade and quality and lowering transportation and concentrate treatment charges at Efemcukuru; favourable economics for our heap leaching plan and the ability to extend mine life at our projects; planned capital and exploration expenditures, including at Olympias, Lamaque and Stratoni and the timing thereof; conversion of mineral resources to mineral reserves; the qualification of common shares as flow-through shares for Canadian tax purposes; the evaluation of alternative mechanized mining technologies; our expectation as to our future financial and operating performance, including expectations around generating free cash flow; working capital requirements; debt repayment obligations; use of proceeds from financing activities; expected metallurgical recoveries and improved concentrate grade and quality; gold price outlook and the global concentrate market; redemption of senior secured notes; risk factors affecting our business; our strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating plans and priorities and related timelines; and schedules and results of litigation and arbitration proceedings.Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, market uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.We have made certain assumptions about the forward-looking statements and information, including assumptions about: how the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the COVID-19 pandemic; timing and cost of construction, including in respect of an underground decline at the Triangle mine and the associated benefits; benefits of the improvements at Kisladag; the geopolitical, economic, permitting and legal climate that we operate in; the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated costs, expenses and working capital requirements; production, mineral reserves and resources and metallurgical recoveries; the impact of acquisitions, dispositions, suspensions or delays on our business; and the ability to achieve our goals. . In particular, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release.Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others: global outbreaks of infectious diseases, including COVID-19; timing and cost of construction, including in respect of an underground decline at the Triangle mine and the associated benefits; results of further testwork; recoveries of gold and other metals; geopolitical and economic climate (global and local), risks related to mineral tenure and permits; gold and other commodity price volatility; information technology systems risks; continued softening of the global concentrate market; risks regarding potential and pending litigation and arbitration proceedings relating to our business, properties and operations; expected impact on reserves and the carrying value; the updating of the reserve and resource models and life of mine plans; mining operational and development risk; financing risks; foreign country operational risks; risks of sovereign investment; regulatory risks and liabilities including environmental regulatory restrictions and liability; discrepancies between actual and estimated production; mineral reserves and resources and metallurgical testing and recoveries; additional funding requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of gold exploration; dilution; share price volatility and the price of our common shares; competition; loss of key employees; and defective title to mineral claims or properties, as well as those risk factors discussed in the sections titled “Forward-Looking Statements” and "Risk factors in our business" in the Company's most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form filed on SEDAR and EDGAR under our Company name, which discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes.There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change.