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RPM Reports Record Sales, Net Income for Fiscal 2008 Fourth Quarter and Full Year Before Charge to Extend Asbestos Accrual to 20 Years

  • Industrial Segment Leads Solid Growth in Sales and EBIT for Quarter and Year
  • Operating Cash Flow Up 16% for Year
  • Strong Capital Structure in Place to Fund Future Organic and Acquisition Growth
  • Fiscal 09 Outlook Anticipates Continued Sales and Net Income Improvement

MEDINA, Ohio, July 21 /PRNewswire-FirstCall/ -- RPM International Inc. (NYSE: RPM) today reported record sales for the fourth quarter and fiscal year ended May 31, 2008. Net income for the year declined as a result of a $288.1 million fourth-quarter pre-tax charge for anticipated future asbestos costs. This charge extends the period covered by the company's asbestos accrual from 2018 to 2028. Excluding the asbestos charge, sales and net income reached record levels.

Fourth-Quarter Results

Record net sales of $1.08 billion were up 7.0% from the $1.01 billion reported in the fiscal 2007 fourth quarter, with strong double-digit gains in RPM's industrial segment offsetting slight declines in the consumer segment during the quarter. Of the consolidated sales growth, 4.8% was organic, including 3.4% in net foreign exchange gains, while 2.2% resulted from acquisitions made during the fiscal year.

Charges for future asbestos liabilities resulted in a net loss for the fourth quarter of $87.6 million, or $0.73 per diluted share, compared to net income of $84.0 million, or $0.65 per diluted share, in the year-ago period.

Excluding the asbestos charge, net income for the fourth quarter was $97.5 million, a 16.1% increase over year-ago net income of $84.0 million. Diluted per share earnings were up 15.4% to $0.75 from $0.65 in fiscal 2007.

The fourth-quarter loss before interest and taxes was $145.0 million, compared to earnings before interest and taxes (EBIT) of $133.2 million a year ago. Excluding asbestos adjustments, EBIT grew 7.5% to $143.1 million.

"RPM's business units delivered a strong finish to our fiscal year in the face of record high raw material prices and a recessionary environment in our core North American markets," stated Frank C. Sullivan, president and chief executive officer. "With leading brands, maintenance- and repair-oriented products, and the positive impact of acquisitions, we once again demonstrated an ability to profitably grow in a challenging operating environment," he stated.

Fourth-Quarter Segment Sales and Earnings

RPM's industrial segment sales increased 14.1% in the fiscal 2008 fourth quarter to $685.3 million from $600.9 million. Organic sales increased 7.1%, of which 4.5% resulted from net foreign exchange gains. Acquisitions accounted for the remaining 7.0% of the increase. Industrial segment EBIT for the fourth quarter improved 13.6% to $89.4 million from $78.7 million a year ago. "Our industrial segment continued to benefit from strong demand in international markets and solid domestic sales growth, consistent with the segment's performance over the past three fiscal years," stated Sullivan.

"Despite record high raw material prices during the year, our industrial businesses were able to recover most of these higher costs. New product introductions and market share gains also aided the segment's top-line and bottom-line results, with worldwide end markets such as petrochemical, power generation, infrastructure improvement, pharmaceuticals and health care driving product demand," stated Sullivan.

Consumer segment sales decreased 3.5% to $390.6 million from $404.8 million in the prior year's fourth quarter. Organic sales grew 1.4%, including net foreign exchange gains of 1.7%. Acquisitions and divestitures combined for a decline of 4.9%, reflecting the loss of prior-year sales by the company's Bondo subsidiary, which was sold during the fiscal 2008 second quarter. Segment EBIT declined 2.2% to $66.7 million from $68.2 million in the fourth quarter a year ago.

"Adjusting for the impact of the Bondo divestiture, our consumer businesses were able to generate growth in sales and earnings despite the comparison to the prior year's record fourth quarter results. We are pleased with this performance in the face of dramatic increases in raw material costs and the weakness in the U.S. housing and retail markets," Sullivan stated.

Asbestos Update

RPM paid $15.0 million during the fourth quarter of fiscal 2008 to cover indemnity and defense costs for asbestos litigation, compared to $18.6 million during the fiscal 2007 fourth quarter. "These fiscal 2008 fourth-quarter cash costs are more in line with what we expect to experience on a quarterly basis in fiscal 2009," stated Sullivan. For the full year, RPM paid $82.6 million in pre-tax asbestos indemnity and defense costs, compared to total cash costs for the full 2007 fiscal year of $67.0 million. Most of the year-over-year increase resulted primarily from various one-time defense related transitional expenses that added approximately $13.0 million to the company's fiscal 2008 outlays.

The $288.1 million fourth-quarter charge extends the company's accrual for asbestos-related liabilities from 10 to 20 years. Following the fiscal 2008 payments, the company's total accrued asbestos liabilities are $559.7 million. "Our charge for future asbestos liabilities in fiscal 2006 covered a 10-year horizon. With more experience in hand, we were able to project our future asbestos exposure over a longer period. This additional charge will move us yet another step closer to putting the asbestos issue permanently behind us," Sullivan stated.

Fiscal 2008 Sales and Earnings

Sales in fiscal 2008 increased 9.1% to a record $3.6 billion from $3.3 billion a year ago. Sales growth was 6.9% organic, including 3.1% in net foreign exchange gains, and 2.2% from acquisitions less divestitures. Net income for the year was $47.7 million, including asbestos charges, compared to net income of $208.3 million in fiscal 2007, which included income of $15.0 million from the settlement of asbestos-related claims against an insurance carrier during the second quarter of the prior fiscal year. Earnings per diluted share, including asbestos charges, were $0.39 in fiscal 2008, compared to $1.64 in earnings per fully diluted share in fiscal 2007.

Net income, excluding asbestos items in both years, was $232.8 million in fiscal 2008, a 17.2% improvement over the $198.6 million reported in fiscal 2007. Earnings per diluted share grew 15.3%, to $1.81 from $1.57 in the prior year. As a result of lower effective tax rates in a number of jurisdictions, tax valuation reversals and certain one-time tax benefits, the tax rate for the full fiscal year decreased to 28.9% from 32.1% a year ago. "Excluding current-year non-recurring items, we would have posted a still-healthy 11.0% gain to $1.75 per diluted share, prior to asbestos items," Sullivan stated.

Fiscal 2008 EBIT was $86.0 million, compared to year-ago EBIT of $354.6 million. Excluding asbestos items, EBIT increased 10.2%, to $374.2 million from $339.6 million last year. Income before income taxes for the year was $327.2 million, an 11.8% increase over the $292.5 million reported a year ago, prior to asbestos items.

RPM's industrial segment sales, 65% of total sales, grew 12.6% in fiscal 2008, to $2.37 billion from $2.10 billion a year ago. Acquisitions represented 3.7% of this growth, with organic growth adding 8.9%, of which 3.9% was from net foreign exchange gains. Industrial organic growth was paced by strong double-digit gains in industrial roofing and related services, corrosion control coatings, polymer flooring systems and virtually all international businesses. Industrial segment EBIT increased 11.3% to $261.7 million from $235.1 million in fiscal 2007.

Sales for the consumer segment, 35% of total sales, were $1.28 billion, a 3.2% increase from the $1.24 billion reported in fiscal 2007, most of which was organic. The increase included a 1.6% net foreign exchange gain, while acquisitions less divestitures were a negative 0.2%. Consumer segment EBIT increased 4.4%, to $161.2 million from $154.4 million in fiscal 2007.

Cash Flow and Financial Position

After-tax cash from operations for fiscal 2008 increased 16.0% to $234.7 million, up from $202.3 million a year ago. Capital expenditures for the year were $71.8 million, compared to current year depreciation of $62.2 million. Total debt at May 31, 2008 was $1.1 billion, compared to $988.1 million at the end of fiscal 2007, mostly as a result of acquisitions. The company's net (of cash) debt-to-total capitalization ratio was 42.6%, compared to 43.3% at May 31, 2007.

Subsequent to year-end, RPM announced on June 13, 2008 that it had called for redemption all of its outstanding Senior Convertible Notes due May 13, 2033. Notes were redeemable for cash or conversion into RPM common stock on July 14, 2008. "As expected, virtually all of these bonds were converted to equity and the related shares were issued. On a pro-forma basis, had the conversion been completed as of May 31, 2008, net (of cash) debt-to-total capitalization ratio would have been 35.0%," Sullivan stated. The company's total fully diluted share count was not impacted by this conversion, as all of the 8,032,543 converted shares were already included in fully diluted shares outstanding.

"This conversion strengthens our overall capital structure, which is particularly important given the current difficult credit markets. In combination with more than $600 million of available cash and committed unused credit, we are well-positioned with our capital structure and liquidity to fund our future growth and acquisition needs," stated Sullivan.

Business Outlook

"The relative stability derived from the maintenance- and repair-orientation of our industrial and consumer businesses that account for nearly two-thirds of our revenue, our increasing geographic diversity and continuing acquisition growth has served RPM well in this challenging environment. As a result, we anticipate another year of record growth in both sales and net income for the coming year," stated Sullivan. "From a fiscal 2008 base of $1.75 per diluted share, which excludes both the impact of asbestos charges and the lower year-end tax rate, we expect to be in the range of $1.85 per diluted share in fiscal 2009. Fiscal 2009 will also be another active year for acquisitions, which will provide upside opportunities to our core growth outlook," added Sullivan.

Webcast and Conference Call Information

Management will host a conference call to further discuss these results beginning at 10:00 a.m. Eastern time today. The call can be accessed by dialing 866-271-0675 or 617-213-8892 for international callers. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. The call, which will last approximately one hour, will be open to the public, but only financial analysts will be permitted to ask questions. The media and all other participants will be in a listen-only mode.

For those unable to listen to the live call, a replay will be available from approximately 12:00 p.m. Eastern time on July 21 until 11:59 p.m. Eastern time on July 28, 2008. The replay can be accessed by dialing 888-286-8010 or 617-801-6888 for international callers. The access code is 17131098. The call also will be available both live and for replay, and as a written transcript, via the Internet on the RPM web site at http://www.rpminc.com.

RPM International Inc., a holding company, owns subsidiaries that are world leaders in specialty coatings and sealants serving both industrial and consumer markets. RPM's industrial products include roofing systems, sealants, corrosion control coatings, flooring coatings and specialty chemicals. Industrial brands include Stonhard, Tremco, illbruck, Carboline, Day-Glo, Euco and Dryvit. RPM's consumer products are used by professionals and do-it-yourselfers for home maintenance and improvement, boat repair and maintenance, and by hobbyists. Consumer brands include Zinsser, Rust-Oleum, DAP, Varathane and Testors.

For more information, contact P. Kelly Tompkins, executive vice president - administration and chief financial officer, at 330-273-5090 or ktompkins@rpminc.com.

This press release contains "forward-looking statements" relating to our business. These forward-looking statements, or other statements made by us, are made based on our expectations and beliefs concerning future events impacting us, and are subject to uncertainties and factors (including those specified below) which are difficult to predict and, in many instances, are beyond our control. As a result, our actual results could differ materially from those expressed in or implied by any such forward-looking statements. These uncertainties and factors include (a) general economic conditions; (b) the price, supply and capacity of raw materials, including assorted pigments, resins, solvents and other natural gas- and oil-based materials; packaging, including plastic containers; and transportation services, including fuel surcharges; (c) continued growth in demand for our products; (d) legal, environmental and litigation risks inherent in our construction and chemicals businesses and risks related to the adequacy of our insurance coverage for such matters; (e) the effect of changes in interest rates; (f) the effect of fluctuations in currency exchange rates upon our foreign operations; (g) the effect of non-currency risks of investing in and conducting operations in foreign countries, including those relating to domestic and international political, social, economic and regulatory factors; (h) risks and uncertainties associated with our ongoing acquisition and divestiture activities; (i) risks related to the adequacy of our contingent liabilities, including for asbestos-related claims; and (j) other risks detailed in our filings with the Securities and Exchange Commission, including the risk factors set forth in our Annual Report on Form 10-K for the year ended May 31, 2007, as the same may be updated from time to time. We do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.



    CONSOLIDATED STATEMENTS OF INCOME
    IN THOUSANDS, EXCEPT PER SHARE DATA

                                                AS REPORTED

                                  Three Months Ended         Year Ended
                                       May 31,                 May 31,
                                  2008        2007        2008        2007
                                           (Unaudited)

    Net Sales                  $1,075,971  $1,005,723  $3,643,791  $3,338,764
    Cost of sales                 620,319     579,900   2,145,254   1,978,312
    Gross profit                  455,652     425,823   1,498,537   1,360,452
    Selling, general &
     administrative expenses      312,506     292,620   1,124,419   1,020,884
    Asbestos-related
     (settlement income)/charges  288,100                 288,100     (15,000)
    Interest expense, net          12,677      11,369      46,964      47,033
    Income before income taxes   (157,631)    121,834      39,054     307,535
    Provision (benefit) for
     income taxes                 (70,067)     37,880      (8,655)     99,246
    Net (Loss) Income            $(87,564)    $83,954     $47,709    $208,289

    Basic earnings (loss) per
     share of common stock         $(0.73)      $0.70       $0.40       $1.76

    Diluted earnings (loss)
     per share of common stock     $(0.73)      $0.65       $0.39       $1.64

    Average shares of common
     stock outstanding - basic    120,296     119,167     120,151     118,179

    Average shares of common
     stock outstanding -
     diluted                      120,296     129,564     130,539     128,711


                                                ADJUSTED (a)

                                 Three Months Ended         Year Ended
                                      May 31,                  May 31,
                                  2008        2007        2008        2007
                                                (Unaudited)

    Net Sales                  $1,075,971  $1,005,723  $3,643,791  $3,338,764
    Cost of sales                 620,319     579,900   2,145,254   1,978,312
    Gross profit                  455,652     425,823   1,498,537   1,360,452
    Selling, general &
     administrative expenses      312,506     292,620   1,124,419   1,020,884
    Asbestos-related
     (settlement income)/charges
    Interest expense, net          12,677      11,369      46,964      47,033
    Income before income taxes    130,469     121,834     327,154     292,535
    Provision (benefit) for
     income taxes                  32,981      37,880      94,393      93,961
    Net (Loss) Income             $97,488     $83,954    $232,761    $198,574

    Basic earnings (loss) per
     share of common stock          $0.81       $0.70       $1.94       $1.68

    Diluted earnings (loss)
     per share of common stock      $0.75       $0.65       $1.81       $1.57

    Average shares of common
     stock outstanding - basic    120,296     119,167     120,151     118,179

    Average shares of common
     stock outstanding -
     diluted                      130,569     129,564     130,539     128,711


    (a) Adjusted figures presented remove the impact of the asbestos-related
        settlement (income) recorded during the second fiscal quarter ended
        November 30, 2006 and the asbestos-related charge recorded during the
        fourth fiscal quarter ended May 31, 2008.



    SUPPLEMENTAL SEGMENT INFORMATION
    IN THOUSANDS
    (UNAUDITED)
                                                AS REPORTED

                                 Three Months Ended          Year Ended
                                       May 31,                 May 31,
                                  2008        2007        2008        2007
                                           (Unaudited)
    Net Sales:
      Industrial Segment         $685,326    $600,908  $2,365,496  $2,100,386
      Consumer Segment            390,645     404,815   1,278,295   1,238,378
        Total                  $1,075,971  $1,005,723  $3,643,791  $3,338,764

    Income (Loss) Before
     Income Taxes (b):
      Industrial Segment
        Income Before
         Income Taxes (b)         $89,159     $76,989    $259,452    $233,120
        Interest (Expense), Net      (225)     (1,661)     (2,205)     (1,937)
        EBIT (c)                  $89,384     $78,650    $261,657    $235,057
      Consumer Segment
        Income Before
         Income Taxes (b)         $63,970     $67,615    $155,778    $151,496
        Interest (Expense), Net    (2,740)       (624)     (5,434)     (2,895)
           EBIT (c)               $66,710     $68,239    $161,212    $154,391
      Corporate/Other
        (Expense) Before
         Income Taxes (b)       $(310,760)   $(22,770)  $(376,176)   $(77,081)
        Interest (Expense), Net    (9,712)     (9,084)    (39,325)    (42,201)
           EBIT (c)             $(301,048)   $(13,686)  $(336,851)   $(34,880)
        Consolidated
          Income Before
           Income Taxes (b)     $(157,631)   $121,834     $39,054    $307,535
           Interest
            (Expense), Net        (12,677)    (11,369)    (46,964)    (47,033)
           EBIT (c)             $(144,954)   $133,203     $86,018    $354,568


                                                ADJUSTED (a)

                                 Three Months Ended          Year Ended
                                      May 31,                  May 31,
                                  2008        2007        2008        2007
                                                (Unaudited)
    Net Sales:
      Industrial Segment         $685,326    $600,908  $2,365,496  $2,100,386
      Consumer Segment            390,645     404,815   1,278,295   1,238,378
        Total                  $1,075,971  $1,005,723  $3,643,791  $3,338,764

    Income (Loss) Before
     Income Taxes (b):
      Industrial Segment
        Income Before
         Income Taxes (b)         $89,159     $76,989    $259,452    $233,120
        Interest (Expense), Net      (225)     (1,661)     (2,205)     (1,937)
        EBIT (c)                  $89,384     $78,650    $261,657    $235,057
      Consumer Segment
        Income Before
         Income Taxes (b)         $63,970     $67,615    $155,778    $151,496
        Interest (Expense), Net    (2,740)       (624)     (5,434)     (2,895)
        EBIT (c)                  $66,710     $68,239    $161,212    $154,391
      Corporate/Other
        (Expense) Before
         Income Taxes (b)        $(22,660)   $(22,770)   $(88,076)   $(92,081)
        Interest
          (Expense), Net           (9,712)     (9,084)    (39,325)    (42,201)
        EBIT (c)                 $(12,948)   $(13,686)   $(48,751)   $(49,880)
        Consolidated
          Income Before
           Income Taxes (b)      $130,469    $121,834    $327,154    $292,535
          Interest
           (Expense), Net         (12,677)    (11,369)    (46,964)    (47,033)
          EBIT (c)               $143,146    $133,203    $374,118    $339,568


    (a) Adjusted figures presented remove the impact of the asbestos-related
        settlement (income) recorded during the second fiscal quarter ended
        November 30, 2006 and the asbestos-related charge recorded during the
        fourth fiscal quarter ended May 31, 2008.
    (b) The presentation includes a reconciliation of Income (Loss) Before
        Income Taxes, a measure defined by Generally Accepted Accounting
        Principles (GAAP) in the United States, to EBIT.
    (c) EBIT is defined as earnings (loss) before interest and taxes.  We
        evaluate the profit performance of our segments based on income before
        income taxes, but also look to EBIT as a performance evaluation
        measure because interest expense is essentially related to corporate
        acquisitions, as opposed to segment operations.  We believe EBIT is
        useful to investors for this purpose as well, using EBIT as a metric
        in their investment decisions.  EBIT should not be considered an
        alternative to, or more meaningful than, operating income as
        determined in accordance with GAAP, since EBIT omits the impact of
        interest and taxes in determining operating performance, which
        represent items necessary to our continued operations, given our level
        of indebtedness and ongoing tax obligations.  Nonetheless, EBIT is a
        key measure expected by and useful to our fixed income investors,
        rating agencies and the banking community all of whom believe, and we
        concur, that this measure is critical to the capital markets' analysis
        of our segments' core operating performance.  We also evaluate EBIT
        because it is clear that movements in EBIT impact our ability to
        attract financing.  Our underwriters and bankers consistently require
        inclusion of this measure in offering memoranda in conjunction with
        any debt underwriting or bank financing.  EBIT may not be indicative
        of our historical operating results, nor is it meant to be predictive
        of potential future results.



    CONSOLIDATED BALANCE SHEETS
    IN THOUSANDS

                                               May 31, 2008      May 31, 2007
                                                (Unaudited)
    Assets
    Current Assets
       Cash and short-term investments            $231,251          $159,016
       Trade accounts receivable                   841,795           763,426
       Allowance for doubtful accounts             (24,554)          (19,167)
       Net trade accounts receivable               817,241           744,259
       Inventories                                 476,149           437,759
       Deferred income taxes                        37,644            39,276
       Prepaid expenses and other current
        assets                                     221,690           189,939
       Total current assets                      1,783,975         1,570,249

    Property, Plant and Equipment, at Cost       1,054,719           963,200
       Allowance for depreciation and
        amortization                              (556,998)         (489,904)
       Property, plant and equipment, net          497,721           473,296
    Other Assets
       Goodwill                                    908,358           830,177
       Other intangible assets, net of
        amortization                               384,370           353,420
       Other                                       189,143           106,007
       Total other assets                        1,481,871         1,289,604

    Total Assets                                $3,763,567        $3,333,149

    Liabilities and Stockholders' Equity
    Current Liabilities
       Accounts payable                           $411,448          $385,003
       Current portion of long-term debt             6,934           101,641
       Accrued compensation and benefits           151,493           132,555
       Accrued loss reserves                        71,981            73,178
       Asbestos-related liabilities                 65,000            53,000
       Other accrued liabilities                   139,505           119,363
       Total current liabilities                   846,361           864,740

    Long-Term Liabilities
       Long-term debt, less current
        maturities                               1,066,687           886,416
       Asbestos-related liabilities                494,745           301,268
       Other long-term liabilities                 192,412           175,958
       Deferred income taxes                        26,806            17,897
       Total long-term liabilities               1,780,650         1,381,539
          Total liabilities                      2,627,011         2,246,279

    Stockholders' Equity
       Preferred stock; none issued
       Common stock (outstanding 122,189;
        120,906)                                     1,222             1,209
       Paid-in capital                             612,441           584,845
       Treasury stock, at cost                      (6,057)
       Accumulated other comprehensive income      101,162            25,140
       Retained earnings                           427,788           475,676
       Total stockholders' equity                1,136,556         1,086,870

    Total Liabilities and Stockholders'
     Equity                                     $3,763,567        $3,333,149



    Consolidated Statements of Cash Flows
    IN THOUSANDS

                                                May 31, 2008      May 31, 2007
                                                (Unaudited)
    Cash Flows From Operating Activities:
      Net income                                   $47,709          $208,289
      Adjustments to reconcile net income
       to net cash provided by operating
       activities:
          Depreciation                              62,238            59,256
          Amortization                              23,128            22,351
          Provision for asbestos-related
           liabilities                             288,100
          Deferred income taxes                    (73,888)           32,740
          Earnings of unconsolidated affiliates     (1,645)             (914)
      Changes in assets and liabilities, net of
       effect from purchases and sales of
       businesses:
          (Increase) in receivables                (55,056)          (75,185)
          (Increase) in inventory                  (28,361)          (23,864)
          (Increase) in prepaid expenses and other
           current and long-term assets            (10,954)          (17,777)
          Increase in accounts payable              10,654            37,656
          Increase (decrease) in accrued
           compensation and benefits                15,810            (4,335)
          Increase (decrease) in accrued
           loss reserves                            (5,382)            6,501
          Increase in other accrued liabilities     38,613            54,879
          Payments made for
           asbestos-related claims                 (82,623)          (67,017)
          Other                                      6,371           (30,275)
            Cash From Operating Activities         234,714           202,305
    Cash Flows From Investing Activities:
      Capital expenditures                         (71,840)          (70,393)
      Acquisition of businesses, net
       of cash acquired                           (123,130)         (124,154)
      Purchase of marketable securities           (110,225)          (96,695)
      Proceeds from sales of
       marketable securities                        92,383            78,530
      Distributions from
       unconsolidated affiliates                        30                72
      Proceeds from sale of assets and businesses   46,544             1,516
      Other                                         (2,976)            2,873
            Cash (Used For) Investing Activities  (169,214)         (208,251)
    Cash Flows From Financing Activities:
      Additions to long-term and
       short-term debt                             251,765           153,516
      Reductions of long-term and
       short-term debt                            (181,074)          (53,560)
      Cash dividends                               (90,638)          (82,106)
      Repurchase of stock                           (6,057)
      Tax benefit from exercise of stock options     3,792             1,549
      Exercise of stock options                     10,689            25,833
            Cash From (Used For) Financing
             Activities                            (11,523)           45,232

    Effect of Exchange Rate Changes on
     Cash and Short-Term Investments                18,258            11,114

    Net Change in Cash and Short-Term Investments   72,235            50,400

    Cash and Short-Term Investments at
     Beginning of Year                             159,016           108,616

    Cash and Short-Term Investments at
     End of Year                                  $231,251          $159,016

SOURCE RPM International Inc.

CONTACT:
P. Kelly Tompkins
Executive Vice President - Administration and Chief Financial Officer of RPM International Inc.
+1-330-273-5090
ktompkins@rpminc.com


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