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WuXi PharmaTech Announces Second-Quarter 2010 Results
Date:8/1/2010

SHANGHAI, Aug. 2 /PRNewswire-Asia/ -- WuXi PharmaTech (Cayman) Inc. (NYSE: WX), a leading research and development outsourcing company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China and the United States, today announced its financial results for its second quarter ending June 30, 2010.

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    Highlights
    -- Second-Quarter 2010 Net Revenues Increased 21% Year Over Year to $81.0
       Million
    -- Laboratory Services Net Revenues Grew 18% Year Over Year to $72.6
       Million
    -- China-Based Laboratory Services Net Revenues Increased 18% Year Over
       Year to $52.7 Million
    -- U.S.-Based Laboratory Services Net Revenues Increased 19% Year Over
       Year to $19.9 Million
    -- Manufacturing Services Net Revenues Grew 55% Year Over Year to $8.4
       Million
    -- GAAP Diluted Earnings Per ADS Declined 8% Year Over Year to 18 Cents,
       Reflecting Non-Recurring Deal Costs Associated With the WuXi - Charles
       River Merger of 4 Cents Per Share
    -- Non-GAAP Diluted Earnings Per ADS Increased 10% Year Over Year to 27
       Cents
    -- Company Increases Full-Year 2010 Guidance for Operating Income to 15-
       20% Growth, Reconfirms Remaining Full-Year 2010 Guidance

Management Comment

"WuXi had a strong second quarter, with results in line with, or at the upper end of ranges for, results provided in our announcement on July 15, 2010," said Dr. Ge Li. "We achieved 21% year-over-year revenue growth. That revenue growth was broad-based, with each of our businesses contributing at least 18% year-over-year revenue growth. Gross margin and operating margin were also strong. We met or exceeded our projections for second-quarter 2010 performance. We are increasing our guidance for operating income for full-year 2010 and reconfirming the remainder of the increased full-year 2010 financial guidance that we announced on July 15.

"On July 29, WuXi announced that we and Charles River Laboratories would not proceed with our planned combination due to insufficient support among Charles River shareholders," Dr. Li continued. "We received a breakup fee of $30 million, which we will record in the third quarter and which more than offsets our transaction-related expenses. This outcome will have no effect on our strategy or operations, and we remain committed to our goal of building a broad, integrated platform of R&D services. This platform will help our customers to improve the success of discovery and shorten the development time of new products to meet unmet patient needs. This open-access service platform will allow customers to use the entire portfolio of our services or any portion of it.

"WuXi is achieving strong current financial performance while making the investments to continuously build capabilities and capacities in our core Laboratory Services business and our new large-scale manufacturing and toxicology businesses. With a sound strategy, market-leading position, and talented people, our future remains bright," Dr. Li concluded.

GAAP Results

Second-quarter 2010 net revenues increased 21% year over year to $81.0 million due to 18% growth in Laboratory Services net revenues and 55% growth in Manufacturing Services net revenues. Revenue growth in Laboratory Services was strong in both discovery chemistry and downstream services and in both China and the United States. Revenue growth in Manufacturing Services was driven by increasing demand for clinical-trial supplies.

Second-quarter 2010 GAAP gross profit increased 23% year over year to $33.2 million due to strong contributions from both Laboratory Services and Manufacturing Services, driven by revenue growth and gross-margin improvement in both segments. Second-quarter 2010 GAAP gross margin improved year over year due to improved project mix in both Laboratory Services and Manufacturing Services and benefits of Lean Six Sigma programs undertaken in the United States. This gross margin improvement occurred in spite of a larger contribution from the relatively lower-margin Manufacturing Services business and increased expenses related to the ramp-up of the Suzhou toxicology facility.

Second-quarter 2010 GAAP operating income grew 18% year over year to $16.1 million, driven by the 23% increase in gross profit and lower operating expenses driven by cost control, offset by $2.9 million of non-recurring deal costs relating to the previously proposed combination with Charles River Laboratories, mostly third-party professional service fees.

Second-quarter 2010 GAAP net income declined 6% year over year to $13.8 million due to an unfavorable change in other income (expenses) net and higher taxes, offset by the 18% increase in operating income, which was impacted by $2.9 million of non-recurring deal costs relating to the previously proposed combination with Charles River Laboratories. In second-quarter 2009, other income (expenses) net included gains from settlement of escrow shares of $1.7 million associated with the AppTec acquisition. The year-over-year increase in tax expense was mainly driven by higher 2010 China statutory tax rates compared to 2009 as a result of the income tax transitional phase-out rules in China.

Second-quarter 2010 GAAP diluted earnings per ADS decreased 8% to 18 cents, mainly due to the 6% decrease in net income. Non-recurring deal costs associated with the terminated WuXi - Charles River merger had an impact of 4 cents per share.

Non-GAAP Results

Non-GAAP financial results excluded the impact of share-based compensation expenses, amortization of acquired intangible assets and the associated deferred tax impact, and non-recurring deal costs relating to the previously proposed combination with Charles River Laboratories.

Second-quarter 2010 non-GAAP gross profit increased 23% year over year to $35.0 million, due to strong contributions from both Laboratory Services and Manufacturing Services, driven by revenue growth and gross-margin improvement in both segments. Second-quarter 2010 non-GAAP gross margin improved year over year due to improved project mix in both Laboratory Services and Manufacturing Services and benefits of Lean Six Sigma programs undertaken in the United States. This gross margin improvement occurred in spite of a larger contribution from the relatively lower-margin Manufacturing Services business and increased expenses related to the ramp-up of the Suzhou toxicology facility.

Second-quarter 2010 non-GAAP operating income increased 32% year over year to $22.5 million, driven by the 23% increase in gross profit and lower operating expenses driven by cost control.

Second-quarter 2010 non-GAAP net income grew 12% year over year to $19.9 million due to the 32% increase in operating income, offset by an unfavorable change in other income (expenses) net and higher taxes. In second-quarter 2009, other income (expenses) net in second-quarter 2009 included gains from settlement of escrow shares of $1.7 million associated with the AppTec acquisition. The year-over-year increase in tax expense was mainly driven by higher 2010 China statutory tax rates compared to 2009 as a result of the income tax transitional phase-out rules in China.

Second-quarter 2010 non-GAAP diluted earnings per ADS increased 10% to 27 cents, mainly due to the 12% increase in net income.

2010 Financial Guidance

The Company is pleased to increase its guidance for full-year 2010 operating income and to reconfirm the rest of its previous financial guidance for 2010 provided on July 15, 2010. All comparative comments refer to year-over-year comparisons. The Company's current guidance for 2010 is as follows:

    -- Total net revenues of $320-325 million, which represents 19-20% growth
    -- Growth in net revenues of China-based Laboratory Services of 16-18%
    -- Double-digit growth in net revenues of U.S.-based Laboratory Services
    -- Growth of net revenues of Manufacturing Services of at least 70%
    -- A decline in GAAP and non-GAAP gross margins of two to three percentage
       points
    -- Growth in non-GAAP operating income of 15-20%, compared to 10-15% in
       previous guidance
    -- Capital expenditures of about $50 million
    -- Effective tax rate of 13-15%, excluding one-time transaction costs

The Company provides the following guidance for third-quarter 2010 performance:

    -- Total net revenues of $78-$80 million
    -- Net revenues of China-based Laboratory Services of $55-$56 million,
       representing 15-17% growth
    -- A decline in gross margin as expected and in line with our full-year
       financial guidance

"Strong trends toward greater outsourcing and offshoring of pharmaceutical R&D services will continue for years," Dr. Li concluded. "As the leading China-based CRO, WuXi is well positioned to benefit from these trends. WuXi has excellent prospects to sustain strong revenue and income growth for many years to come."




                        WUXI PHARMATECH (CAYMAN) INC.
                    UNAUDITED CONSOLIDATED BALANCE SHEETS

(in thousands of U.S. dollars, except ordinary share, ADS and par value data)

                                                         June 30,   December
                                                           2010     31, 2009

    Assets:
    Current assets:
      Cash and cash equivalents                           79,122      80,510
      Restricted cash                                      1,481       1,358
      Short-term investment                               22,170      22,083
      Accounts receivable, net                            57,712      45,817
      Inventories                                         11,281      14,276
      Prepaid expenses and other current assets            9,892      10,125
         Total current assets                            181,658     174,169
    Non-current assets:
      Goodwill                                            23,956      23,956
      Property, plant and equipment, net                 189,366     181,830
      Intangible assets, net                               5,286       6,634
      Prepaid land use rights                              5,278       5,308
      Deferred tax assets                                  9,767       9,514
      Other non-current assets                             5,028       5,890
         Total non-current assets                        238,681     233,132

         Total assets                                    420,339     407,301

    Liabilities and Equity:
    Current liabilities:
      Short-term and current portion of long-term
      debt                                                10,257      34,415
      Accounts payable                                    13,497      14,356
      Accrued expenses                                    16,893      17,072
      Deferred revenue                                     6,509       4,554
      Advanced subsidies                                   2,241       2,800
      Other taxes payable                                  2,114       2,901
      Other current liabilities                            6,423       4,239
      Liabilities of discontinued operations (Note
      1)                                                      --          --
         Total current liabilities                        57,934      80,337
    Non-current liabilities:
      Long-term debt, excluding current portion            1,985       2,115
      Advanced subsidies                                   1,283       1,420
      Convertible notes                                   35,864      35,864
      Other non-current liabilities                        6,628       7,432
         Total non-current liabilities                    45,760      46,831

         Total liabilities                               103,694     127,168

    Equity:
      Ordinary shares ($0.02 par value,
      5,002,550,000 authorized, 556,144,592 and           11,123      11,012
      550,609,256 issued and outstanding as of June
      30, 2010, and December 31, 2009, respectively)
      Additional paid-in capital                         326,247     320,672
      Accumulated deficit                                (39,355)    (68,631)
      Accumulated other comprehensive income              18,630      17,080
         Total equity                                    316,645     280,133

       Total liabilities and equity                      420,339     407,301



                        WUXI PHARMATECH (CAYMAN) INC.
          UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
       (In thousands of U.S. dollars, except ADS data and per ADS data)

                               Three Months Ended          Six Months Ended
                                   June 30,                    June 30,
                                                 %                         %
                                2010    2009  Change     2010    2009   Change

    Net revenues:
    Laboratory Services       72,581   61,489   18%   139,579   118,084   18%
    Manufacturing Services     8,456    5,464   55%    22,060     8,017  175%
    Total net revenues        81,037   66,953   21%   161,639   126,101   28%
    Cost of revenues:
    Laboratory Services      (41,171) (35,204)  17%   (80,456)  (69,059)  17%
    Manufacturing Services    (6,659)  (4,670)  43%   (17,558)   (6,643) 164%
    Total cost of revenues   (47,830) (39,874)  20%   (98,014)  (75,702)  29%
    Gross profit:
    Laboratory Services       31,410   26,285   19%    59,123    49,025   21%
    Manufacturing Services     1,797      795  126%     4,502     1,374  228%
    Total gross profit        33,207   27,080   23%    63,625    50,399   26%
    Operating expenses:
    Selling and marketing
     expenses                 (2,333)  (2,413)  (3%)   (4,615)   (3,747)  23%
    General and
     administrative expenses (14,785) (11,031)  34%   (25,485)  (22,741)  12%
    Total operating
     expenses                (17,118) (13,444)  27%   (30,100)  (26,488)  14%
    Operating income          16,089   13,636   18%    33,525    23,911   40%
    Other income
     (expenses), net:
    Other income
     (expenses), net             433    2,975  (85%)      616     6,368  (90%)
    Interest income
     (expenses), net             159      144   11%       257        94  173%
    Total other income
     (expenses), net             592    3,119  (81%)      873     6,462  (86%)
    Income before income
     taxes                    16,681   16,755    0%    34,398    30,373   13%
    Income tax (expenses)
     benefit                  (2,923)  (2,069) (41%)   (5,122)   (3,952)  30%
    Net income                13,758   14,686   (6%)   29,276    26,421   11%

    Basic net earnings per
     ADS:                       0.20     0.22   (8%)     0.42      0.39    8%
    Diluted net earnings
     per ADS:                   0.18     0.20   (8%)     0.39      0.36    9%

    Weighted average ADS
     outstanding-basic    69,416,476 67,944,436    69,246,669 67,469,104
    Weighted average ADS
     outstanding-diluted  74,591,847 73,152,798    74,465,668 73,356,170

    *  Not meaningful




                        WUXI PHARMATECH (CAYMAN) INC.
                      RECONCILIATION OF GAAP TO NON-GAAP
       (in thousands of U.S. dollars, except ADS data and per ADS data)

                                    Three Months Ended      Six Months Ended
                                        June 30,                June 30,
                                     2010    2009    %      2010    2009   %

    GAAP gross profit              33,207  27,080   23%   63,625  50,399  26%
    GAAP gross margin                 41%     40%            39%     40%
    Adjustments
    Share-based compensation          997     562          1,885   1,153
    Amortization of acquired
     intangible assets                764     764          1,528   1,528
    Non-GAAP gross profit          34,968  28,406   23%   67,038  53,080  26%
    Non-GAAP gross margin             43%     42%            41%     42%

    GAAP operating income          16,089  13,636   18%   33,525  23,911  40%
    GAAP operating margin             20%     20%            21%     19%
    Adjustments
    Share-based compensation        2,748   2,659          5,069   4,658
    Amortization of acquired
     intangible assets                764     764          1,528   1,528
    Non-recurring deal cost         2,933      --     *    2,933
    Non-GAAP operating income      22,534  17,059   32%   43,055  30,097  43%
    Non-GAAP operating margin         28%     25%            27%     24%

    GAAP net income                13,758  14,686   (6%)  29,276  26,421  11%
    GAAP net margin                   17%     22%            18%     21%
    Adjustments:
    Share-based compensation        2,748   2,659          5,069   4,658
    Amortization of acquired
     Intangible assets                764     764          1,528   1,528
    Deferred tax impact related
     to acquired intangible assets   (296)   (296)          (592)   (592)
    Non-recurring deal costs        2,933      --     *    2,933      --    *
    Non-GAAP net income            19,907  17,813   12%   38,214  32,015  19%
    Non-GAAP net margin               25%     27%            24%     25%

    GAAP net income                13,758  14,686   (6%)  29,276  26,421  11%
    Add back:
    Depreciation and
     amortization                   6,851   5,620   22%   13,230  10,627  24%
    Interest (income) expenses,
     net                             (159)   (144)  11%     (257)   (94) 173%
    Income tax expenses             2,923   2,069   41%    5,122   3,952  30%
    EBITDA                         23,373  22,231    5%   47,371  40,906  16%
    Adjustments
    Share-based compensation        2,748   2,659    3%    5,069   4,658   9%
       Mark-to-market gains
       (losses) from
       foreign-currency forward
       contracts                     (200)    401     *      416  (2,219)   *
        Non-recurring deal costs    2,933      --     *    2,933            *
        Impairment charge from
    discontinued operations            --      --             --      --    *
    Adjusted EBITDA                28,854  25,291   14%   55,789  43,345  29%

    Income attributable to
     holders of ADS (Non-GAAP):
    Basic                          19,907  17,813   12%   38,214  32,015  19%
    Diluted                        19,907  17,813   12%   38,214  32,015  19%

    Basic earnings per ADS
     (Non-GAAP)                      0.29    0.26    9%     0.55    0.47  16%
    Diluted earnings per ADS
     (Non-GAAP)                      0.27    0.24   10%     0.51    0.44  18%

    Weighted average ADS
     outstanding - basic      69,416,476 67,944,436   69,246,669 67,469,104
    Weighted average ADS
     outstanding - diluted    74,591,847 73,152,798   74,465,668 73,356,170

    *  Not meaningful



                        WUXI PHARMATECH (CAYMAN) INC.
                              REVENUE BREAKDOWN
                        (in thousands of U.S. dollars)

                                  Three Months Ended      Six Months Ended
                                        June 30,               June 30,
                                     2010   2009    %     2010    2009     %

    Net revenues:
      China-based Laboratory
        Services                   52,673  44,810  18%  102,645  86,458   19%
      U.S.-based Laboratory
       Services                    19,908  16,679  19%   36,934  31,626   17%
      Subtotal                     72,581  61,489  18%  139,579 118,084   18%
      China-based Manufacturing
       Services                     8,456   5,464  55%   22,060   8,017  175%
    Total net revenues             81,037  66,953  21%  161,639 126,101   28%

Conference Call

WuXi will hold a conference call at 10:00 am EDT to discuss the results and the outlook for WuXi's business. The conference call may be accessed by calling:

    United States: 1-866-519-4004
    China (Landline): 800-819-0121
    China (Mobile): 400-620-8038
    Hong Kong: 800-930-346
    United Kingdom: 0-808-234-6646
    International: +65-6723-9381
    Conference ID: 90840146
    Web PIN: 8656

    A replay will be available two hours after the call's completion at:

    United States: 1-866-214-5335
    China North: 10-800-714-0386
    China South: 10-800-140-0386
    Hong Kong: 800-901-596
    United Kingdom: 0-800-731-7846
    International: +61-2-8235-5000
    Passcode: 90840146

A live webcast of the conference call and replay will be available on the investor relations page of WuXi PharmaTech's website at http://www.wuxiapptec.com .

About WuXi PharmaTech

WuXi PharmaTech is a leading pharmaceutical, biotechnology, and medical device R&D outsourcing company, with operations in China and the United States. As a research-driven and customer-focused company, WuXi PharmaTech provides broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process. WuXi PharmaTech's services are designed to assist its global partners in shortening the cycle and lowering the cost of drug and medical device R&D. WuXi PharmaTech's operating subsidiaries are known as WuXi AppTec. For more information, please visit: http://www.wuxiapptec.com .

Use of Non-GAAP Financial Measures

We have provided second-quarter 2009 and 2010 gross profit, gross margin, operating income, operating margin, and earnings per ADS on a non-GAAP basis, which excludes share-based compensation expenses, amortization of acquired intangible assets and associated deferred tax impact, and non-recurring deal costs relating to the previously proposed combination with Charles River Laboratories. We believe both management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and liquidity and when planning and forecasting future periods. These non- GAAP operating measures are useful for understanding and assessing underlying business performance and operating trends. We expect to continue providing gross profit, operating income, and diluted earnings per ADS on a non-GAAP basis using a consistent method on a quarterly basis. You should not view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies.

Cautionary Note Regarding Forward-Looking Statements

Statements in this release contain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including those with respect to our financial guidance for third- quarter 2010 and full-year 2010 and prospects generally, anticipated customer benefits of our integrated R&D platform, expected strong performance of all our businesses and industry trends favoring outsourcing and offshoring R&D, are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and financial condition and other circumstances may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Among other factors, potential customer, employee and management distraction following the termination of our proposed combination with Charles River Laboratories, continued uncertainty in the global economy, the pressures being felt by our customers, and pharmaceutical industry consolidation may adversely impact our business and the trends for outsourced and offshored R&D and manufacturing for longer than expected or more severely than expected; we may be unable to successfully make our planned investments and capital expenditures on a timely basis, these investments may not yield the desired results, and we may need to modify the nature and level of our investments and capital expenditures; pharmaceutical companies may not change their business models as expected or in a manner favorable to us; we may fail to capitalize on the opportunities presented; we may not maintain our preferred provider status with our clients and may be unable to successfully expand our capabilities to meet client needs. In addition, other factors that could cause our actual results to differ from what we currently anticipate include failure to generate sufficient future cash flows or to secure any required future financing on acceptable terms or at all; failure to retain key personnel; effective integration of continuing products and services from AppTec; our reliance on a limited number of customers to continue to account for a high percentage of our revenues; risk of payment failure by any of our large customers, which could significantly harm our cash flows and profitability; dependence upon the continued service of our senior management and key scientific personnel; our ability to retain our existing customers or expand our customer base; and future regulatory or legislative actions. For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations and prospects, see "Risk Factors" beginning on page 6 of our 2009 Annual Report on Form 20-F filed with and available on the Securities and Exchange Commission's website at http://www.sec.gov. All projections in this release are based on limited information currently available to us, which is subject to change. Although these projections and the factors influencing them will likely change, we undertake no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release, except as required by law. Such information speaks only as of the date of this release.

    For more information, please contact:

    WuXi PharmaTech (Cayman) Inc.

     Ronald Aldridge (for investors)
     Director of Investor Relations
     Tel:   +1-201-585-2048
     Email: ir@wuxiapptec.com

     Stephanie Liu (for the media)
     WuXi PharmaTech (Cayman) Inc.
     Tel:   +86-21-5046-4362
     Email: pr@wuxiapptec.com


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SOURCE WuXi PharmaTech (Cayman) Inc.
Copyright©2010 PR Newswire.
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