SHIJIAZHUANG, CHINA--(Marketwired - Apr 21, 2014) - AutoChina International Limited ("AutoChina" or the "Company") (
Operational Highlights
Q4 2013 Financial Highlights (comparisons are year over year)
Full-year 2013 Financial Highlights (comparisons are year over year)
Operational and Market Review
Mr. Yong Hui Li, Chairman and CEO of AutoChina, stated, "As we saw China's heavy truck industry begin to stabilize and recover over the course of 2013, we were able to capitalize on these improving market conditions and are very pleased to have achieved 121.0% year-over-year growth in commercial vehicle leases in 2013. The Company's revenues for the year nearly doubled to $658.1 million in 2013 as a result of the significant growth in new leases, which will continue to provide earnings and have a positive impact on margin as we collect finance income from these leases. According to the China Association of Automobile Manufacturers, sales of commercial vehicles in China saw year-over-year growth of 6.4%, to 4.06 million units in 2013, with heavy truck sales growing 21.7% year over year. 2013 marked the first year of growth in our industry since the declines experienced in 2011-2012. We anticipate growth in the heavy truck industry will remain steady in 2014 as China's economy and infrastructure continues to develop, and AutoChina will continue working to expand its specialty financing business by exploring new opportunities while providing quality service to its customers."
Heavy Truck Sales
The Company recorded 4,290 new leases of commercial vehicles (primarily Class 8 heavy trucks) as part of the Company's sales-type leasing program in the fourth quarter of 2013, an increase of 425.7% compared to 816 in the fourth quarter of 2012.
At December 31, 2013, the Company had 14,995 leased vehicles under its sales-type leasing program. AutoChina recorded 11,902 new leases in 2013, a 121.0% increase from 5,385 trucks leased in 2012. An additional 284 trucks were leased under AutoChina's used commercial vehicle sale-leaseback program during 2013, compared to 824 in the prior year.
Since launching its commercial vehicle sales and leasing business in March 2008, the Company has leased over 49,000 trucks.
Expansion of Specialty Finance Store Network
During the 2013 fourth quarter, the Company established eight additional commercial vehicle financing and service centers, one in Liaoning province, two in Sichuan province, one in Jiangsu province, two in Yunnan province, and two in Zhejiang province. As of December 31, 2013, AutoChina operated 546 financing and service centers in 26 provinces. The Company operates commercial vehicle financing and service centers in the Anhui, Beijing, Chongqing, Fujian, Gansu, Guangdong, Guangxi, Guizhou, Hebei, Henan, Hubei, Hunan, Inner Mongolia, Jiangsu, Jiangxi, Jilin, Liaoning, Ningxia, Shaanxi, Shandong, Shanghai, Shanxi, Sichuan, Tianjin, Yunnan, and Zhejiang areas of China.
Development of New Products -- KyPay and TopAuto Net
The Company announced it is developing two new products that are expected to help the Company expand its business and further assist its customers with their everyday operational needs: 1) KyPay, a new form of electronic payment that offers its members a line of credit and 2) TopAuto Net, a cloud-based e-commerce platform enabling transportation and logistics businesses in China to manage their operations online.
KyPay is a solution whereby the Company will provide credit advances to its customers, allowing them to pay for their everyday truck-operating needs without the need to use cash up front. Based on AutoChina's proprietary methods to determine credit worthiness, KyPay will grant new members a credit line they can use for purchases at merchants that are part of the KyPay network. For example, a vehicle owner will be able to use KyPay to pay for purchases such as gas, parts, and repairs from merchants or other KyPay members. These merchants will then be able to withdraw the funds as cash or use them to pay for goods and services provided by other KyPay members. AutoChina plans to collect merchant fees for KyPay. Fees from customers are anticipated to apply only if customers carry a balance.
TopAuto Net will provide businesses in China's transportation industry with a powerful outsourced solution for managing their operations, as well as an opportunity to build an online presence and audience. TopAuto Net is a cloud-based e-commerce platform that will allow many traditional automotive operating and servicing businesses in China to manage their operations through customizable online information systems (i.e. CRM, ERP) without the need to acquire additional IT resources or hardware/software. AutoChina plans to charge a subscription fee for the use of TopAuto Net.
Financial Review
2013 Fourth Quarter
Revenues
(in thousands) | Three months ended December 31, 2013 |
Three months ended December 31, 2012 |
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Amount | % of Revenue | Amount | % of Revenue | YoY % Change | |||||||||||
Commercial vehicles | $ | 220,696 | 92.7 | % | $ | 34,819 | 67.1 | % | 533.8 | % | |||||
Finance | 12,029 | 5.0 | % | 13,145 | 25.3 | % | (8.5 | )% | |||||||
Insurance | 5,296 | 2.2 | % | 3,945 | 7.6 | % | 34.2 | % | |||||||
Rent and property management | 259 | 0.1 | % | -- | 0.0 | % | 100.0 | % | |||||||
Total revenues | $ | 238,280 | 100.0 | % | $ | 51,909 | 100.0 | % | 359.0 | % | |||||
Gross Profit/Margin
Net Income
Adjusted EBITDA
See "Non-GAAP Financial Measures" below for a description of Adjusted EBITDA.
Full-year 2013
Revenues
(in thousands) | Year ended December 31, 2013 |
Year ended December 31, 2012 |
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Amount | % of Revenue | Amount | % of Revenue | YoY % Change | |||||||||||
Commercial vehicles | $ | 593,912 | 90.2 | % | $ | 249,090 | 74.8 | % | 138.4 | % | |||||
Finance | 43,385 | 6.6 | % | 69,804 | 21.0 | % | (37.8 | )% | |||||||
Insurance | 20,330 | 3.1 | % | 14,268 | 4.3 | % | 42.5 | % | |||||||
Rent and property management | 501 | 0.1 | % | -- | 0.0 | % | 100.0 | % | |||||||
Total revenues | $ | 658,128 | 100.0 | % | $ | 333,112 | 100.0 | % | 97.6 | % | |||||
Gross Profit/Margin
Net Income
Adjusted EBITDA
Balance Sheet Highlights
At December 31, 2013, AutoChina's cash and cash equivalents (not including restricted cash) were $31.4 million, working capital was $47.9 million, total debt was $295.0 million (including due to affiliates and accounts payable, related parties), and stockholders' equity was $252.8 million, compared to $75.8 million, $105.4 million, $201.7 million, and $228.4 million, respectively, at December 31, 2012.
Mr. Li concluded, "As we enter 2014, we are excited to announce the launch of two new offerings for the commercial transportation and logistics industries. We believe KyPay and TopAuto Net will greatly enhance the value AutoChina brings to its customers and the industry at large as KyPay will provide its members with an advanced line of credit that functions as a cashless and secure payment solution while TopAuto Net will enable businesses to expand the scope of their operations through a modern, easy-to-use online platform. Customers will be able to readily communicate and transact with a growing network of merchants, while merchants will be able to market and sell their products and services to a large captive audience, with all transactions funneling through the KyPay payment system. We continue to work toward completing the development of KyPay and TopAuto Net and expect to launch these new products later this year."
About AutoChina International Limited
AutoChina International Limited is China's largest commercial vehicle sales, servicing, leasing, and support network. AutoChina's operating subsidiary was founded in 2005 by nationally recognized Chairman and CEO, Yong Hui Li. As of December 31, 2013, the Company owned and operated 546 commercial vehicle financing centers across China, and primarily provides sales-type leasing and support services for local customers. The Company's website is http://www.autochinaintl.com.
Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the Company. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of the Company's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to meaningfully differ from those set forth in the forward-looking statements:
The information set forth herein should be read in light of such risks. The Company does not assume any obligation to update the information contained in this press release.
AUTOCHINA INTERNATIONAL LIMITED AND SUBSIDIARIES | |||||||||||||||||||
CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||
(in thousands except share and per share data) | |||||||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
(unaudited) | (unaudited) | (audited) | (audited) | ||||||||||||||||
Revenues | |||||||||||||||||||
Commercial vehicles | $ | 220,696 | $ | 34,819 | $ | 593,912 | $ | 249,090 | |||||||||||
Finance | 12,029 | 13,145 | 43,385 | 69,804 | |||||||||||||||
Insurance | 5,296 | 3,945 | 20,330 | 14,268 | |||||||||||||||
Property lease and management | 259 | - | 501 | - | |||||||||||||||
Total revenues | 238,280 | 51,909 | 658,128 | 333,112 | |||||||||||||||
Cost of sales | |||||||||||||||||||
Commercial vehicles | 2,727 | 1,268 | 9,981 | 7,350 | |||||||||||||||
Commercial vehicles, related parties | 211,661 | 32,569 | 569,807 | 234,781 | |||||||||||||||
Insurance | 822 | 894 | 3,485 | 2,159 | |||||||||||||||
Property lease and management | 554 | - | 1,360 | - | |||||||||||||||
Total cost of sales | 215,764 | 34,731 | 584,633 | 244,290 | |||||||||||||||
Gross profit | 22,516 | 17,178 | 73,495 | 88,822 | |||||||||||||||
Operating (income) expenses | |||||||||||||||||||
Selling and marketing | 2,882 | 2,615 | 10,262 | 10,126 | |||||||||||||||
General and administrative | 14,230 | 11,317 | 49,927 | 41,951 | |||||||||||||||
Interest expense | 2,406 | 1,839 | 7,626 | 10,621 | |||||||||||||||
Interest expense, related parties | 980 | 184 | 1,971 | 869 | |||||||||||||||
Other income, net | (3,501 | ) | (2,167 | ) | (13,435 | ) | (7,101 | ) | |||||||||||
Total operating expenses | 16,997 | 13,788 | 56,351 | 56,466 | |||||||||||||||
Income from operations | 5,519 | 3,390 | 17,144 | 32,356 | |||||||||||||||
Other income | |||||||||||||||||||
Interest income | 31 | 82 | 406 | 308 | |||||||||||||||
Total other income | 31 | 82 | 406 | 308 | |||||||||||||||
Income before income taxes | 5,550 | 3,472 | 17,550 | 32,664 | |||||||||||||||
Income tax provision | (1,759 | ) | (875 | ) | (5,722 | ) | (9,115 | ) | |||||||||||
Net income | 3,791 | 2,597 | 11,828 | 23,549 | |||||||||||||||
Foreign currency translation adjustment | 2,432 | (2,484 | ) | 8,842 | 402 | ||||||||||||||
Comprehensive income | $ | 6,223 | $ | 5,081 | $ | 20,670 | $ | 23,951 |
Earnings per share | ||||||||||||||||||
Basic | $ | 0.16 | $ | 0.11 | $ | 0.50 | $ | 1.00 | ||||||||||
Diluted | $ | 0.16 | $ | 0.11 | $ | 0.50 | $ | 0.99 | ||||||||||
Weighted average shares outstanding | ||||||||||||||||||
Basic | 23,545,939 | 23,538,919 | 23,540,761 | 23,538,919 | ||||||||||||||
Diluted | 23,740,298 | 23,538,919 | 23,806,194 | 23,762,378 | ||||||||||||||
AUTOCHINA INTERNATIONAL LIMITED AND SUBSIDIARIES | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
(in thousands except share and per share data) | ||||||
December 31, | ||||||
2013 | 2012 | |||||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 31,370 | $ | 75,777 | ||
Restricted cash | 1,244 | 160 | ||||
Accounts receivable, net of provision for doubtful accounts of $20,891 and $12,041, respectively | 27,931 | 32,956 | ||||
Inventories | 5,319 | 6,728 | ||||
Prepaid expenses and other current assets | 5,261 | 4,532 | ||||
Current maturities of net investment in direct financing and sales-type leases, net of provision for doubtful accounts of $389 and $296, respectively | 261,684 | 196,213 | ||||
Deferred income tax assets | 5,515 | -- | ||||
Total current assets | 338,324 | 316,366 | ||||
Construction-in-progress | -- | 76,669 | ||||
Property, equipment and leasehold improvements, net | 82,254 | 4,985 | ||||
Deferred income tax assets | 4,126 | 2,547 | ||||
Net investment in direct financing and sales-type leases, net of current maturities | 128,415 | 38,739 | ||||
Total assets | $ | 553,119 | $ | 439,306 | ||
LIABILITIES AND EQUITY | ||||||
Current liabilities | ||||||
Short-term borrowings (including short-term borrowings of the consolidated VIEs without recourse to AutoChina of $124,654 and $75,412 as of December 31, 2013 and 2012, respectively) | $ | 160,737 | $ | 102,458 | ||
Long-term payables, current (including long-term payables, current of the consolidated VIEs without recourse to AutoChina of nil and nil as of December 31, 2013 and 2012, respectively) | 1,436 | -- | ||||
Accounts payable (including accounts payable of the consolidated VIEs without recourse to AutoChina of $93 and $68 as of December 31, 2013 and 2012, respectively) | 10,130 | 16,392 | ||||
Accounts payable, related parties (including accounts payable, related parties of the consolidated VIEs without recourse to AutoChina of $44,044 and $706 as of December 31, 2013 and 2012, respectively) | 57,586 | 2,228 | ||||
Other payables and accrued liabilities (including other payables and accrued liabilities of the consolidated VIEs without recourse to AutoChina of $10,323 and $4,857 as of December 31, 2013 and 2012, respectively) | 17,146 | 15,049 | ||||
Due to affiliates (including due to affiliates of the consolidated VIEs without recourse to AutoChina of $12,745 and $86 as of December 31, 2013 and 2012, respectively) | 38,143 | 65,595 | ||||
Customer deposits (including customer deposits of the consolidated VIEs without recourse to AutoChina of $319 and $161 as of December 31, 2013 and 2012, respectively) | 1,680 | 1,956 | ||||
Income tax payable (including income tax payable of the consolidated VIEs without recourse to AutoChina of $2,761 and $1,931 as of December 31, 2013 and 2012, respectively) | 3,599 | 2,551 | ||||
Deferred income tax liabilities (including deferred income tax liabilities of the consolidated VIEs without recourse to AutoChina of nil and nil as of December 31, 2013 and 2012, respectively) | -- | 4,717 | ||||
Total current liabilities | 290,457 | 210,946 | ||||
Noncurrent liabilities | ||||||
Long-term payables (including long-term payables of the consolidated VIEs without recourse to AutoChina of $8,955 and nil as of December 31, 2013 and 2012, respectively) | 9,857 | -- | ||||
Total liabilities | 300,314 | 210,946 | ||||
AUTOCHINA INTERNATIONAL LIMITED AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS - Continued | ||||||||
(in thousands except share and per share data) | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Commitment and Contingencies | ||||||||
Equity | ||||||||
Preferred shares, $0.001 par value authorized - 1,000,000 shares; issued - none | -- | -- | ||||||
Ordinary shares - $0.001 par value authorized - 100,000,000 shares; issued and outstanding - 23,545,939 shares at December 31, 2013, respectively; and $0.001 par value authorized - 100,000,000 shares; issued and outstanding - 23,538,919 shares at December 31, 2012, respectively | 24 | 24 | ||||||
Additional paid-in capital | 327,631 | 323,856 | ||||||
Statutory reserves | 22,947 | 16,997 | ||||||
Accumulated losses | (129,609 | ) | (135,487 | ) | ||||
Accumulated other comprehensive income | 31,812 | 22,970 | ||||||
Total equity | 252,805 | 228,360 | ||||||
Total liabilities and equity | $ | 553,119 | $ | 439,306 | ||||
AUTOCHINA INTERNATIONAL LIMITED AND SUBSIDIARIES | ||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
(in thousands) | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash flow from continuing operating activities: | ||||||||||||
Net income | $ | 11,828 | $ | 23,549 | $ | 25,151 | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Net loss from discontinued operations | -- | -- | 973 | |||||||||
Loss on change in fair value of earn-out obligation | -- | -- | 17,300 | |||||||||
Depreciation and amortization | 3,289 | 1,902 | 1,420 | |||||||||
Provision for bad debts | 18,886 | 14,550 | 4,271 | |||||||||
Deferred income taxes | (11,681 | ) | (4,180 | ) | 6,261 | |||||||
Stock-based compensation expenses | 3,775 | 4,553 | 2,914 | |||||||||
Changes in operating assets and liabilities, net of acquisitions and divestitures: | ||||||||||||
Restricted cash | (1,060 | ) | -- | -- | ||||||||
Accounts receivable | (12,832 | ) | (22,331 | ) | (5,997 | ) | ||||||
Net investment in direct financing and sales-type leases | (145,392 | ) | 209,063 | 2,175 | ||||||||
Inventories | 1,594 | (4,176 | ) | (1,024 | ) | |||||||
Deposits for inventories, related party | -- | 14,515 | (14,177 | ) | ||||||||
Prepaid expense and other current assets | (576 | ) | 7,671 | (2,588 | ) | |||||||
Accounts payable | 874 | 15,922 | (536 | ) | ||||||||
Other payable and accrued liabilities | 1,596 | 1,356 | 5,729 | |||||||||
Customers deposits | (332 | ) | 798 | (100 | ) | |||||||
Income tax payable | 951 | (254 | ) | (4,568 | ) | |||||||
Net cash (used in) provided by continuing operating activities | (129,080 | ) | 262,938 | 37,204 | ||||||||
Cash flow from continuing investing activities: | ||||||||||||
Capital expenditure on construction in progress | -- | (76,353 | ) | -- | ||||||||
Purchase of property, equipment and leasehold improvements | (8,892 | ) | (3,516 | ) | (1,967 | ) | ||||||
Cash received from sales of subsidiaries | -- | -- | 7,589 | |||||||||
Increase in restricted cash | -- | -- | (155 | ) | ||||||||
Decrease in due from an affiliate | -- | 7,891 | 9,000 | |||||||||
Net cash (used in) provided by continuing investing activities | (8,892 | ) | (71,978 | ) | 14,467 | |||||||
AUTOCHINA INTERNATIONAL LIMITED AND SUBSIDIARIES | ||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued | ||||||||||||
(in thousands) | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash flow from continuing financing activities: | ||||||||||||
Proceeds from borrowings | 201,761 | 102,036 | 189,850 | |||||||||
Repayments of borrowings | (136,515 | ) | (194,093 | ) | (163,567 | ) | ||||||
Proceeds from affiliates | 22,224 | 137,052 | 320,641 | |||||||||
Repayment to affiliates | (50,672 | ) | (170,520 | ) | (372,259 | ) | ||||||
Increase in accounts payable, related parties | 569,807 | 234,781 | 404,492 | |||||||||
Repayment to accounts payable, related parties | (515,438 | ) | (232,562 | ) | (421,036 | ) | ||||||
Dividend paid | -- | (5,885 | ) | -- | ||||||||
Capital distribution | -- | (29,274 | ) | -- | ||||||||
Net cash provided by (used in) continuing financing activities | 91,167 | (158,465 | ) | (41,879 | ) | |||||||
Net cash (used in) provided by continuing operating, financing and investing activities | (46,805 | ) | 32,495 | 9,792 | ||||||||
Cash flow of discontinued operations: | ||||||||||||
Cash provided by provided by operating activities | -- | -- | 48,537 | |||||||||
Cash provided by investing activities | -- | -- | 172,922 | |||||||||
Cash used in financing activities | -- | -- | (222,289 | ) | ||||||||
Net cash flow used in discontinued operations | -- | -- | (830 | ) | ||||||||
Effect of exchange rate fluctuation on cash and cash equivalents | 2,398 | 234 | 3,138 | |||||||||
Net (decrease) increase in cash and cash equivalents | (44,407 | ) | 32,729 | 12,100 | ||||||||
Cash and cash equivalents, beginning of the year | 75,777 | 43,048 | 30,948 | |||||||||
Cash and cash equivalents, end of the year | $ | 31,370 | $ | 75,777 | $ | 43,048 | ||||||
Analysis of balances of cash and cash equivalents | ||||||||||||
Included in cash and cash equivalents per consolidated balance sheet | 31,370 | 75,777 | 43,048 | |||||||||
Included in assets of discontinued operations | -- | -- | -- | |||||||||
31,370 | 75,777 | 43,048 |
Supplemental disclosure of cash flow information: | ||||||||||||
Continuing Operations | ||||||||||||
Interest paid | $ | 8,191 | $ | 15,194 | $ | 14,607 | ||||||
Income taxes paid | $ | 16,486 | $ | 13,544 | $ | 11,348 | ||||||
Discontinued Operations | ||||||||||||
Interest paid | $ | -- | $ | -- | $ | 3,943 | ||||||
Income taxes paid | $ | -- | $ | -- | $ | 8 | ||||||
Supplemental disclosure on non-cash continuing financing activities | ||||||||||||
Reclassification from liability of the obligation to issue shares for the amendments of earn-out provision to equity | $ | -- | $ | -- | $ | 90,400 | ||||||
Non-GAAP Financial Measures ($ in thousands) | ||||||||||||||||
A reconciliation of Adjusted EBITDA to net income is provided below: | ||||||||||||||||
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income attributable to shareholders | $ | 3,791 | $ | 2,597 | $ | 11,828 | $ | 23,549 | ||||||||
Interest expenses | 3,386 | 2,023 | 9,597 | 11,490 | ||||||||||||
Interest income | (31 | ) | (82 | ) | (406 | ) | (308 | ) | ||||||||
Income tax provision | 1,759 | 875 | 5,722 | 9,115 | ||||||||||||
Stock-based compensation | 1,834 | 926 | 3,775 | 4,553 | ||||||||||||
Depreciation & Amortization | 562 | 491 | 3,289 | 1,902 | ||||||||||||
Adjusted EBITDA | $ | 11,301 | $ | 6,830 | $ | 33,805 | $ | 50,301 | ||||||||
USE OF NON-GAAP MEASURES
AutoChina defines Adjusted EBITDA as net income before interest expense (income), income taxes, depreciation and amortization, as well as the exclusion of stock-based compensation. Adjusted EBITDA excludes certain financial information that would be included in net income (loss), the most directly comparable GAAP financial measure. Users of this financial information should consider the type of material events and transactions that are excluded from Adjusted EBITDA, and the material limitations of therein. For example, Adjusted EBITDA does not include net interest expense, but because AutoChina has borrowed money to finance its operations, interest expense is a necessary and ongoing part of its costs and has assisted AutoChina in generating revenue; Adjusted EBITDA does not include taxes, although payment of taxes is a necessary and ongoing part of AutoChina's operations; and Adjusted EBITDA does not include depreciation and amortization expense, but because AutoChina uses capital assets to generate revenue, depreciation and amortization expense is a necessary element of its cost structure. Therefore, Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income, as determined in accordance with GAAP, since it omits the impact of these expenses incurred by AutoChina.
AutoChina believes that the presentation of these non-GAAP financial measures is warranted and useful to its shareholders because it provides an additional analytical tool for understanding the Company's financial performance by excluding certain items that may obscure trends in the core operating performance of the Company's business. Using Adjusted EBITDA also facilitates management's internal comparisons to AutoChina's historical performance and liquidity. AutoChina computes Adjusted EBITDA using the same consistent method from quarter to quarter. The table above has more details on the reconciliations between GAAP financial measures that are most directly comparable to Non-GAAP financial measures.
Contact Information:
At the Company
Jason Wang
Chief Financial Officer
(858) 997-0680
jcwang@kywmall.com
Investor Relations
The Equity Group Inc.
Carolyne Y. Sohn
Senior Associate
(415) 568-2255
csohn@equityny.com
Adam Prior
Senior Vice President
(212) 836-9606
aprior@equityny.com