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Home Business Wire IDEX Reports Record First Quarter Results

IDEX Reports Record First Quarter Results

First Quarter 2022 Highlights

  • Record reported EPS of $1.83, up 24% and record adjusted EPS of $1.96, up 21% vs. Q1 2021
  • Record orders of $856 million, up 20% overall and 16% organically vs. Q1 2021
  • Record sales of $751 million, up 15% overall and 12% organically vs. Q1 2021
  • Record reported operating margin of 25.0%, up 110 basis points vs. Q1 2021
  • Completed acquisition of Nexsight, LLC on February 28, 2022
  • Announced upcoming acquisition of KZValve

NORTHBROOK, Ill.–(BUSINESS WIRE)–IDEX Corporation (NYSE: IEX) today announced its financial results for the three month period ended March 31, 2022.

“The first quarter was an outstanding start to the year for IDEX,” said Eric D. Ashleman, IDEX Corporation Chief Executive Officer and President. “We experienced robust demand and delivered strong operating performance, which drove record sales, double-digit organic growth and excellent margins. We also achieved record earnings per share performance, which was above the high end of our guided range.”

“Our teams adeptly navigated the challenging economic environment and continued to deliver for our customers,” Ashleman said. “Our highly differentiated product portfolio enabled strong price capture amid inflation pressures, and our focus on operational productivity yielded positive results.”

“Capital deployment continues to be a key priority. We recently announced our intent to acquire KZValve, which will extend our precision agriculture product offerings, and we closed on Nexsight, a complement to our water businesses. Additionally, we repurchased 148 thousand shares in the first quarter and continued to invest capital to support organic growth. With our strong balance sheet, we are well positioned to capitalize on opportunities to drive long term value.”

2022 Outlook

Full year 2022 organic sales growth is projected to be 6 to 8 percent, with an 8 to 9 percent organic sales increase in the second quarter of 2022 versus the prior year period. The Company expects full year 2022 reported EPS attributable to IDEX of $6.87 to $7.00 (adjusted EPS attributable to IDEX of $7.50 to $7.63) and second quarter 2022 reported EPS attributable to IDEX of $1.69 to $1.74 (adjusted EPS attributable to IDEX of $1.85 to $1.90).

Consolidated Results

 

Three Months Ended March 31,

(Dollars in millions, except per share amounts)

2022

 

2021

 

Increase

(Decrease)

Net sales

$

751.1

 

 

$

652.0

 

 

$

99.1

 

Organic net sales growth*

 

 

 

 

 

12

%

Operating income

 

187.6

 

 

 

155.5

 

 

 

32.1

 

Adjusted operating income*

 

187.6

 

 

 

158.4

 

 

 

29.2

 

Net income attributable to IDEX

 

140.0

 

 

 

112.7

 

 

 

27.3

 

Adjusted net income attributable to IDEX*

 

149.8

 

 

 

123.4

 

 

 

26.4

 

Diluted EPS attributable to IDEX

 

1.83

 

 

 

1.48

 

 

 

0.35

 

Adjusted diluted EPS attributable to IDEX*

 

1.96

 

 

 

1.62

 

 

 

0.34

 

Adjusted EBITDA*

 

214.7

 

 

 

180.8

 

 

 

33.9

 

Cash flow from operating activities

 

79.7

 

 

 

109.3

 

 

 

(29.6

)

Free cash flow*

 

63.6

 

 

 

94.7

 

 

 

(31.1

)

Gross margin

 

45.6

%

 

 

44.9

%

 

70 bps

Adjusted gross margin*

 

45.6

%

 

 

45.0

%

 

60 bps

Operating margin

 

25.0

%

 

 

23.9

%

 

110 bps

Adjusted operating margin*

 

25.0

%

 

 

24.3

%

 

70 bps

Adjusted EBITDA margin*

 

28.6

%

 

 

27.7

%

 

90 bps

*These are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled “Non-GAAP Measures of Financial Performance” and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release.

Net Sales

First quarter 2022 sales of $751.1 million reflected a 15 percent increase compared with the prior year period (+12 percent organic, +5 percent acquisitions and -2 percent foreign currency translation).

Gross Margin

First quarter 2022 gross margin of 45.6 percent increased 70 basis points compared with the prior year period primarily due to higher volume leverage and strong operational productivity together with favorable price/cost, partially offset by higher employee-related costs. Additionally, the prior year period was unfavorably impacted by the fair value inventory step-up charge related to the ABEL Pumps, L.P. (“ABEL”) acquisition. Adjusted gross margin, which excludes the fair value inventory step-up charge, increased 60 basis points.

Operating Margin

First quarter 2022 operating margin of 25.0 percent increased 110 basis points compared with the prior year period due to the drivers discussed above, partially offset by higher discretionary spending and resource investments. Additionally, the prior year period was unfavorably impacted by restructuring costs and the fair value inventory step-up charge related to the ABEL acquisition. Adjusted operating margin, which excludes restructuring costs and the fair value inventory step-up charge, increased 70 basis points.

Net Income Attributable to IDEX

First quarter 2022 net income attributable to IDEX increased $27.3 million to $140.0 million, which resulted in EPS attributable to IDEX of $1.83 per share. The first quarter 2022 effective tax rate of 22.4 percent decreased slightly compared to the prior year period effective tax rate of 22.6 percent due to the mix of global pre-tax income across jurisdictions. Adjusted EPS attributable to IDEX, which reflects the impact of non-GAAP adjustments, net of related taxes, was $1.96 per share, an increase of 34 cents per share, or 21.0 percent, from the prior year period.

Cash Flow

First quarter 2022 cash from operations of $79.7 million was down 27.1 percent compared with the prior year period primarily due to increases in working capital, partially offset by higher earnings. Accounts receivable increased as a result of higher volume and inventories increased to support production amid supply chain difficulties. First quarter 2022 free cash flow of $63.6 million was 42.5 percent of adjusted net income attributable to IDEX and reflected slightly higher capital expenditures as compared to the prior year period. Free cash flow as a percent of adjusted net income attributable to IDEX now reflects the impact of excluding acquisition-related intangible asset amortization, net of related taxes, from adjusted net income attributable to IDEX.

Segment Highlights

Fluid & Metering Technologies

 

Three Months Ended March 31,

(Dollars in millions)

2022

 

2021

 

Increase

(Decrease)

Net sales

$

272.0

 

 

$

243.3

 

 

$

28.7

Operating income

 

80.4

 

 

 

62.9

 

 

 

17.5

Operating margin

 

29.5

%

 

 

25.8

%

 

370 bps

Adjusted operating income*

$

80.4

 

 

$

64.5

 

 

$

15.9

Adjusted operating margin*

 

29.5

%

 

 

26.5

%

 

300 bps

*These are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled “Non-GAAP Measures of Financial Performance” and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release.

  • First quarter 2022 sales of $272.0 million reflected a 12 percent increase compared with the first quarter of 2021 (+11 percent organic, +2 percent acquisitions and -1 percent foreign currency translation).
  • First quarter 2022 operating margin was 29.5 percent, up 370 basis points compared with the prior year period primarily due to higher volume leverage and strong operational productivity together with favorable price/cost, partially offset by increases in employee-related costs and resource investments. Additionally, the prior year period margin was unfavorably impacted by increases in inventory reserves associated with COVID-19 new product development opportunities not materializing, restructuring costs and the fair value inventory step-up charge related to the ABEL acquisition. Adjusted operating margin, which excludes restructuring costs and the fair value inventory step-up charge, increased 300 basis points.

Health & Science Technologies

 

Three Months Ended March 31,

(Dollars in millions)

2022

 

2021

 

Increase

(Decrease)

Net sales

$

315.2

 

 

$

250.4

 

 

$

64.8

Operating income

 

83.6

 

 

 

66.6

 

 

 

17.0

Operating margin

 

26.5

%

 

 

26.6

%

 

(10) bps

Adjusted operating income*

$

83.6

 

 

$

67.2

 

 

$

16.4

Adjusted operating margin*

 

26.5

%

 

 

26.9

%

 

(40) bps

*These are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled “Non-GAAP Measures of Financial Performance” and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release.

  • First quarter 2022 sales of $315.2 million reflected a 26 percent increase compared with the first quarter of 2021 (+16 percent organic, +11 percent acquisitions/divestitures and -1 percent foreign currency translation).
  • First quarter 2022 operating margin was 26.5 percent, down 10 basis points compared with the prior year period as higher volume leverage and favorable price/cost were more than offset by the dilutive impact of amortization related to the acquisition of Airtech Group, Inc., US Valve Corporation and related entities (“Airtech”) as well as higher employee-related costs, discretionary spending and resource investments. Additionally, the prior year period margin was unfavorably impacted by restructuring costs. Adjusted operating margin, which excludes restructuring costs, decreased 40 basis points.

Fire & Safety/Diversified Products

 

Three Months Ended March 31,

(Dollars in millions)

2022

 

2021

 

Increase

(Decrease)

Net sales

$

164.7

 

 

$

159.5

 

 

$

5.2

 

Operating income

 

40.5

 

 

 

44.6

 

 

 

(4.1

)

Operating margin

 

24.6

%

 

 

27.9

%

 

(330) bps

Adjusted operating income*

$

40.5

 

 

$

44.7

 

 

$

(4.2

)

Adjusted operating margin*

 

24.6

%

 

 

28.0

%

 

(340) bps

*These are non-GAAP measures. See the definitions of these non-GAAP measures in the section in this release titled “Non-GAAP Measures of Financial Performance” and reconciliations to their most directly comparable GAAP financial measures in the reconciliation tables at the end of this release.

  • First quarter 2022 sales of $164.7 million reflected a 3 percent increase compared with the first quarter of 2021 (+5 percent organic and -2 percent foreign currency translation).
  • First quarter 2022 operating margin was 24.6 percent, down 330 basis points compared with the prior year period primarily due to higher employee-related costs and discretionary spending as well as compressed price/cost due to long-term original equipment manufacturer contracts, partially offset by higher volume. Additionally, the prior year period margin was unfavorably impacted by restructuring costs. Adjusted operating margin, which excludes restructuring costs, decreased 340 basis points.

Corporate Costs

Corporate costs included in operating income were $16.9 million in the first quarter of 2022, a decrease of $1.7 million over the prior year period, primarily due to lower acquisition costs, employee award forfeitures and period-over-period mark to market adjustments driven by changes in the Company’s share price.

Acquisitions

On February 28, 2022, the Company acquired Nexsight, LLC and its businesses Envirosight, WinCan, MyTana and Pipeline Renewal Technologies (“Nexsight”). Nexsight complements and creates synergies with the Company’s existing iPEK and ADS business units that design and create sewer crawlers, inspection and monitoring systems and software applications that allow teams to identify, anticipate and correct wastewater system issues remotely. Headquartered in Randolph, New Jersey, Nexsight operates in the Company’s Water reporting unit within the Fluid & Metering Technologies (“FMT”) segment. Nexsight was acquired for cash consideration of $114.7 million. The entire purchase price was funded with cash on hand.

On March 30, 2022, the Company entered into a definitive agreement to acquire KZ CO. (“KZValve”) for cash consideration of $120.0 million, subject to customary post-closing adjustments. KZValve, based in Greenwood, Nebraska, is a leading manufacturer of electric valves and controllers used primarily in agricultural applications. KZValve will augment and expand IDEX’s agricultural portfolio, complementing Banjo’s current fluid management solutions for these applications. With annual sales of approximately $28.0 million, KZValve will be part of the Company’s Agriculture reporting unit within the FMT segment. The Company expects to close the transaction by the end of the second quarter of 2022, subject to regulatory approval and customary closing conditions.

Conference Call to be Broadcast over the Internet

IDEX will broadcast its first quarter earnings conference call over the Internet on Wednesday, April 27, 2022 at 9:30 a.m. CT. Chief Executive Officer and President Eric Ashleman and Senior Vice President and Chief Financial Officer William Grogan will discuss the Company’s recent financial performance and respond to questions from the financial analyst community. IDEX invites interested investors to listen to the call and view the accompanying slide presentation, which will be carried live on its website at www.idexcorp.com. Those who wish to participate should log on several minutes before the discussion begins. After clicking on the presentation icon, investors should follow the instructions to ensure their systems are set up to hear the event and view the presentation slides, or download the correct applications at no charge. Investors will also be able to hear a replay of the call by dialing 877.660.6853 (or 201.612.7415 for international participants) using the ID #13724803.

Forward-Looking Statements

This news release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may relate to, among other things, the Company’s expected organic sales growth and expected earnings per share, and the assumptions underlying these expectations, plant and equipment capacity for future growth and the anticipated timing and effects of planned facility expansion, the duration of supply chain challenges, anticipated future acquisition behavior and capital deployment, availability of cash and financing alternatives, the anticipated timing of the closing of the Company’s acquisition of KZValve and the anticipated benefits of the Company’s acquisitions of Airtech, Nexsight and KZValve, and are indicated by words or phrases such as “anticipates,” “estimates,” “plans,” “guidance,” “expects,” “projects,” “forecasts,” “should,” “could,” “will,” “management believes,” “the Company believes,” “the Company intends” and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this news release. The risks and uncertainties include, but are not limited to, the following: the impact of health epidemics and pandemics, including the COVID-19 pandemic, and the impact of related governmental actions, on the Company’s ability to operate its business and facilities, on its customers, on supply chains and on the U.S. and global economy generally; economic and political consequences resulting from terrorist attacks and wars, including Russia’s invasion of Ukraine and the global response to this invasion, which, along with the ongoing effects of the COVID-19 pandemic, could have an adverse impact on the Company’s business by creating disruptions in the global supply chain and by potentially having an adverse impact on the global economy; levels of industrial activity and economic conditions in the U.S. and other countries around the world; pricing pressures and other competitive factors and levels of capital spending in certain industries, all of which could have a material impact on order rates and the Company’s results; the Company’s ability to make acquisitions and to integrate and operate acquired businesses on a profitable basis; the relationship of the U.S. dollar to other currencies and its impact on pricing and cost competitiveness; political and economic conditions in foreign countries in which the Company operates; developments with respect to trade policy and tariffs; interest rates; capacity utilization and the effect this has on costs; labor markets; supply chain backlogs, including risks affecting component availability, labor inefficiencies and freight logistical challenges; market conditions and material costs; and developments with respect to contingencies, such as litigation and environmental matters. Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included in the Company’s most recent annual report on Form 10-K and the Company’s subsequent quarterly reports filed with the Securities and Exchange Commission (“SEC”) and the other risks discussed in the Company’s filings with the SEC. The forward-looking statements included here are only made as of the date of this news release, and management undertakes no obligation to publicly update them to reflect subsequent events or circumstances, except as may be required by law. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented here.

About IDEX

IDEX (NYSE: IEX) makes thousands of products and mission-critical components that improve everyday life all around you. If you enjoy chocolate, it quite possibly passed through a Viking® internal gear pump at the candy factory. If you were ever in a car accident, emergency workers may have used the Hurst Jaws of Life® rescue tool to save your life. If your doctor ordered a DNA test to predict your risk of disease or determine a course of treatment, the lab may have used equipment containing components made by IDEX Health & Science. Founded in 1988 with three small, entrepreneurial manufacturing companies, we’re proud to say that we now call over 45 diverse businesses around the world part of the IDEX family. With more than 7,500 employees and manufacturing operations in more than 20 countries, IDEX is a high-performing, global company with nearly $2.8 billion in annual sales, committed to making trusted solutions that improve lives. IDEX shares are traded on the New York Stock Exchange under the symbol “IEX”.

For further information on IDEX Corporation and its business units, visit the company’s website at www.idexcorp.com.

(Financial reports follow)

IDEX CORPORATION

Condensed Consolidated Statements of Income

(in millions, except per share amounts)

(unaudited)

 

 

Three Months Ended March 31,

 

2022

 

2021

Net sales

$

751.1

 

 

$

652.0

 

Cost of sales

 

408.6

 

 

 

359.4

 

Gross profit

 

342.5

 

 

 

292.6

 

Selling, general and administrative expenses

 

154.3

 

 

 

134.9

 

Restructuring expenses and asset impairments

 

0.6

 

 

 

2.2

 

Operating income

 

187.6

 

 

 

155.5

 

Other income – net

 

(2.3

)

 

 

(0.8

)

Interest expense

 

9.5

 

 

 

10.7

 

Income before income taxes

 

180.4

 

 

 

145.6

 

Provision for income taxes

 

40.5

 

 

 

32.9

 

Net income

$

139.9

 

 

$

112.7

 

Net loss attributable to noncontrolling interest

 

0.1

 

 

 

 

Net income attributable to IDEX

$

140.0

 

 

$

112.7

 

 

 

 

 

Earnings per Common Share:

 

 

 

Basic earnings per common share attributable to IDEX

$

1.84

 

 

$

1.48

 

Diluted earnings per common share attributable to IDEX

$

1.83

 

 

$

1.48

 

 

 

 

 

Share Data:

 

 

 

Basic weighted average common shares outstanding

 

76.1

 

 

 

75.9

 

Diluted weighted average common shares outstanding

 

76.4

 

 

 

76.3

 

IDEX CORPORATION

Condensed Consolidated Balance Sheets

(in millions)

(unaudited)

 

 

March 31, 2022

 

December 31, 2021

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

733.2

 

 

$

855.4

Receivables – net

 

411.2

 

 

 

356.4

Inventories

 

428.5

 

 

 

370.4

Other current assets

 

108.4

 

 

 

95.8

Total current assets

 

1,681.3

 

 

 

1,678.0

Property, plant and equipment – net

 

325.8

 

 

 

327.3

Goodwill and intangible assets

 

2,842.7

 

 

 

2,765.0

Other noncurrent assets

 

149.9

 

 

 

146.9

Total assets

$

4,999.7

 

 

$

4,917.2

 

 

 

 

Liabilities and equity

 

 

 

Current liabilities

 

 

 

Trade accounts payable

$

210.2

 

 

$

178.8

Accrued expenses

 

258.1

 

 

 

259.8

Dividends payable

 

 

 

 

41.4

Total current liabilities

 

468.3

 

 

 

480.0

Long-term borrowings

 

1,190.6

 

 

 

1,190.3

Other noncurrent liabilities

 

441.9

 

 

 

443.8

Total liabilities

 

2,100.8

 

 

 

2,114.1

Shareholders’ equity

 

2,899.0

 

 

 

2,803.1

Noncontrolling interest

 

(0.1

)

 

 

Total equity

 

2,898.9

 

 

 

2,803.1

Total liabilities and equity

$

4,999.7

 

 

$

4,917.2

IDEX CORPORATION

Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)

 

 

Three Months Ended March 31,

 

2022

 

2021

Cash flows from operating activities

 

 

 

Net income

$

139.9

 

 

$

112.7

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Gains on sales of assets

 

(2.7

)

 

 

 

Asset impairments

 

 

 

 

0.1

 

Depreciation and amortization

 

12.2

 

 

 

10.6

 

Amortization of intangible assets

 

15.3

 

 

 

11.0

 

Amortization of debt issuance expenses

 

0.4

 

 

 

0.4

 

Share-based compensation expense

 

6.6

 

 

 

6.2

 

Deferred income taxes

 

1.0

 

 

 

0.5

 

Non-cash interest expense associated with forward starting swaps

 

 

 

 

0.9

 

Changes in (net of the effect from acquisitions/divestitures and foreign exchange):

 

 

 

Receivables

 

(49.0

)

 

 

(46.3

)

Inventories

 

(50.2

)

 

 

(7.5

)

Other current assets

 

(12.7

)

 

 

3.3

 

Trade accounts payable

 

28.1

 

 

 

20.0

 

Deferred revenue

 

6.4

 

 

 

11.1

 

Accrued expenses

 

(16.3

)

 

 

(11.1

)

Other – net

 

0.7

 

 

 

(2.6

)

Net cash flows provided by operating activities

 

79.7

 

 

 

109.3

 

Cash flows from investing activities

 

 

 

Purchases of property, plant and equipment

 

(16.1

)

 

 

(14.6

)

Acquisition of businesses, net of cash acquired

 

(114.7

)

 

 

(106.2

)

Proceeds from disposal of fixed assets

 

6.5

 

 

 

0.2

 

Other – net

 

(0.1

)

 

 

1.1

 

Net cash flows used in investing activities

 

(124.4

)

 

 

(119.5

)

Cash flows from financing activities

 

 

 

Dividends paid

 

(41.4

)

 

 

(38.1

)

Proceeds from stock option exercises

 

1.4

 

 

 

3.2

 

Repurchases of common stock

 

(26.3

)

 

 

 

Shares surrendered for tax withholding

 

(4.9

)

 

 

(5.4

)

Other – net

 

(0.1

)

 

 

(0.1

)

Net cash flows used in financing activities

 

(71.3

)

 

 

(40.4

)

Effect of exchange rate changes on cash and cash equivalents

 

(6.2

)

 

 

(17.2

)

Net decrease in cash

 

(122.2

)

 

 

(67.8

)

Cash and cash equivalents at beginning of year

 

855.4

 

 

 

1,025.9

 

Cash and cash equivalents at end of period

$

733.2

 

 

$

958.1

 

IDEX CORPORATION

Company and Segment Financial Information – Reported

(dollars in millions)

(unaudited)

 

 

Three Months Ended

March 31, (a)

 

2022

 

2021

Fluid & Metering Technologies

 

 

 

Net sales

$

272.0

 

 

$

243.3

 

Operating income (b)

 

80.4

 

 

 

62.9

 

Operating margin

 

29.5

%

 

 

25.8

%

EBITDA(c)

$

89.6

 

 

$

70.0

 

EBITDA margin(c)

 

32.9

%

 

 

28.7

%

Depreciation and amortization

$

7.6

 

 

$

7.1

 

Capital expenditures

 

4.9

 

 

 

3.3

 

 

 

 

 

Health & Science Technologies

 

 

 

Net sales

$

315.2

 

 

$

250.4

 

Operating income (b)

 

83.6

 

 

 

66.6

 

Operating margin

 

26.5

%

 

 

26.6

%

EBITDA(c)

$

99.8

 

 

$

77.5

 

EBITDA margin(c)

 

31.7

%

 

 

31.0

%

Depreciation and amortization

$

16.0

 

 

$

10.5

 

Capital expenditures

 

9.2

 

 

 

9.1

 

 

 

 

 

Fire & Safety/Diversified Products

 

 

 

Net sales

$

164.7

 

 

$

159.5

 

Operating income (b)

 

40.5

 

 

 

44.6

 

Operating margin

 

24.6

%

 

 

27.9

%

EBITDA(c)

$

45.9

 

 

$

48.8

 

EBITDA margin(c)

 

27.9

%

 

 

30.5

%

Depreciation and amortization

$

3.8

 

 

$

3.9

 

Capital expenditures

 

2.0

 

 

 

1.8

 

 

 

 

 

Corporate Office and Eliminations

 

 

 

Intersegment sales eliminations

$

(0.8

)

 

$

(1.2

)

Operating income (b)

 

(16.9

)

 

 

(18.6

)

EBITDA(c)

 

(17.9

)

 

 

(18.4

)

Depreciation and amortization (d)

 

0.1

 

 

 

0.1

 

Capital expenditures

 

 

 

 

0.4

 

 

 

 

 

Company

 

 

 

Net sales

$

751.1

 

 

$

652.0

 

Operating income

 

187.6

 

 

 

155.5

 

Operating margin

 

25.0

%

 

 

23.9

%

EBITDA(c)

$

217.4

 

 

$

177.9

 

EBITDA margin(c)

 

28.9

%

 

 

27.3

%

Depreciation and amortization (d)

$

27.5

 

 

$

21.6

 

Capital expenditures

 

16.1

 

 

 

14.6

 

Contacts

Investor Contact:
Allison S. Lausas

Vice President and Chief Accounting Officer

(847) 498-7070

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