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Elizabeth Arden, Inc. Announces Fourth Quarter and Fiscal 2010 Results
  • Fiscal 2010 Net Sales of $1.1 Billion; Increase of 3.1%
  • Fiscal 2010 GAAP EPS of $0.68 and Fiscal 2010 Adjusted EPS of $0.87; Increase of 85%
  • Cash Flow from Operations of $114 Million; Increase of 208%
  • Fiscal 2011 Guidance for Adjusted EPS of $1.15 to $1.25

NEW YORK, Aug. 12, 2010 (GLOBE NEWSWIRE) -- Elizabeth Arden, Inc. (Nasdaq:RDEN), a global prestige beauty products company, today announced financial results for its fourth fiscal quarter and year ended June 30, 2010.

FOURTH QUARTER RESULTS

For the quarter ended June 30, 2010, the Company reported net sales of $228.2 million, an increase of 7.4%, as compared to the fourth quarter of the prior fiscal year. Excluding the favorable impact of foreign currency translation, net sales increased by 7.2%.

Net income per diluted share for the fourth fiscal quarter ended June 30, 2010 was $0.08, as compared to a net loss per diluted share of $0.13 for the prior year period. Excluding expenses associated with the Company's Global Efficiency Re-engineering initiative and restructuring expenses, net income per diluted share for the three months ended June 30, 2010 was $0.13, as compared to a net loss per diluted share of $0.07 for the prior year period. A reconciliation between GAAP and adjusted results can be found in the tables and footnotes at the end of this press release.

FISCAL 2010 RESULTS

For the year ended June 30, 2010, the Company reported net sales of $1.1 billion, an increase of 3.1% as compared to the prior year period. Excluding the favorable impact of foreign currency translation, net sales increased by 1.6%. Net income per diluted share was $0.68, as compared to a net loss of $0.22 per diluted share for the prior year period. Excluding expenses associated with the Company's Global Efficiency Re-engineering initiative and restructuring expenses, net income per diluted share was $0.87, as compared to net income per diluted share of $0.47 for the prior year period. The prior year period results also exclude expenses and non-cash charges related to the Liz Claiborne license agreement.

E. Scott Beattie, Chairman, President and Chief Executive Officer of Elizabeth Arden, Inc., commented, "Just over two years ago, we embarked on a global re-engineering of our major business processes and the implementation of a new enterprise software system to improve the efficiencies and scalability of our business. The progress we have made with these initiatives is evident in our results, as we exceeded our targets for our key metrics this year. Specifically for fiscal 2010, adjusted gross margin increased by 260 basis points, adjusted EBITDA margin improved by 100 basis points, EPS (adjusted) grew by 85% and operating cash flow tripled to $114 million, while we increased net working capital by 7%."

Mr. Beattie continued, "We expect consistent improvement in these metrics over the next several years as we continue to realize the benefits from our re-engineering initiatives. In addition, we recently re-aligned our global marketing and sales organizations to better leverage the opportunities of our brand portfolio on a global basis and are gaining traction with this initiative as well. Our Elizabeth Arden brand in particular is seeing strong momentum, with net sales increasing by 13.5% this past quarter. We expect these initiatives to allow us to drive revenue growth and significant double-digit earnings growth for the next few years."

FISCAL 2011 OUTLOOK

The Company's guidance for fiscal 2011 reflects current replenishment rates, which, while mixed across retailers, continue to lag retail sell-through overall. For fiscal 2011, net sales are expected to increase by 3.0% to 4.0% over the prior fiscal year, and earnings per diluted share are expected to be in the range of $1.15 to $1.25. The net sales guidance assumes an unfavorable impact from foreign currency rates of approximately 0.5%. The earnings guidance assumes an effective tax rate of 29%. Gross margin is expected to increase by 225 to 250 basis points as compared to fiscal 2010, and cash flow from operations is anticipated to be in the range of $70 million to $80 million. For the first quarter of fiscal 2011, the Company expects net sales of $270 million to $280 million and earnings per diluted share of $0.10 to $0.15.

The guidance assumes current foreign currency rates and excludes restructuring and other expenses associated with the Company's Global Efficiency Re-engineering initiative. The Company notes that global economic uncertainty may have a negative effect on retailer and consumer confidence and demand, and, along with the foreign currency volatility, makes forecasting difficult. The Company believes that net sales and earnings guidance, excluding the impact of foreign currency translation beyond assumed rates, and restructuring and other expenses associated with the Company's Global Efficiency Re-engineering initiative, as applicable, facilitates period to period comparisons of the Company's operating and financial performance on a consistent basis.

CONFERENCE CALL INFORMATION

The Company will host a conference call today at 11:00 a.m. Eastern Time. All interested parties can listen to a live web cast of the Company's conference call by visiting the "Corporate Info" section on the Company's web site at http://www.elizabetharden.com. An online archive of the broadcast will be available within one hour of the completion of the call and will be accessible on the Company's web site until September 12, 2010.

Elizabeth Arden is a global prestige beauty products company with an extensive portfolio of prestige beauty brands sold in over 100 countries. The company's brand portfolio includes Elizabeth Arden skincare, color, and fragrance products, PREVAGE(R) anti-aging treatment, the celebrity fragrance brands of Britney Spears, Elizabeth Taylor, Mariah Carey, Hilary Duff, and Usher; the designer fragrance brands of Juicy Couture, Alberta Ferretti, Alfred Sung, Badgley Mischka, Bob Mackie, Geoffrey Beene, Halston, John Varvatos, Kate Spade, Lucky Brand, and Rocawear; and the lifestyle fragrance brands Curve, Giorgio Beverly Hills, and PS Fine Cologne.

                       ELIZABETH ARDEN, INC. AND SUBSIDIARIES
                     CONSOLIDATED STATEMENT OF OPERATIONS DATA
                                     (Unaudited)
               (In thousands, except percentages and per share data)

                                     Three Months Ended      Twelve Months Ended
                                    --------------------  ------------------------
                                     June 30,   June 30,   June 30,     June 30,
                                       2010       2009       2010         2009
                                    ---------  ---------  -----------  -----------
  Net Sales                         $ 228,243  $ 212,562  $ 1,103,777  $ 1,070,225
  Cost of Goods Sold:
   Cost of Sales                      122,776    120,692      602,763      632,654
   Depreciation Related to Cost of
    Goods Sold                          1,249      1,050        5,040        4,416
                                    ---------  ---------  -----------  -----------
     Total Cost of Goods Sold         124,025    121,742      607,803      637,070
  Gross Profit                        104,218     90,820      495,974      433,155
  Gross Profit Percentage               45.7%      42.7%        44.9%        40.5%
  Selling, General and
   Administrative Expenses             94,654     84,955      427,762      401,078
  Depreciation and Amortization         5,900      5,903       23,419       21,742
                                    ---------  ---------  -----------  -----------
  Total Operating Expenses            100,554     90,858      451,181      422,820
  Interest Expense, Net                 5,199      5,570       21,885       24,814
  Debt Extinguishment Costs                82         --           82           --
  (Loss) Income Before Income
   Taxes                              (1,617)    (5,608)       22,826      (14,479
  (Benefit from) Provision for
   Income Taxes                       (3,910)    (1,999)        3,293      (8,316)
                                    ---------  ---------  -----------  -----------
  Net Income (Loss)                   $ 2,293  $ (3,609)     $ 19,533    $ (6,163)
                                    =========  =========  ===========  ===========

  As reported:
  --------------------------------
   Net Income (Loss) Per Basic
    Share                              $ 0.08   $ (0.13)       $ 0.70     $ (0.22)
   Net Income (Loss) Per Diluted
    Share                              $ 0.08   $ (0.13)       $ 0.68     $ (0.22)
   Basic Shares                        27,784     27,901       28,017       27,971
   Diluted Shares                      28,953     27,901       28,789       27,971
   EBITDA (a)                        $ 10,731    $ 6,915     $ 73,170     $ 36,493
   EBITDA margin (a)                     4.7%       3.3%         6.6%         3.4%

  Adjusted to exclude the effect
   of Liz Claiborne-related and
   restructuring and other
   expenses, net of taxes
   (b)(c)(d):
  --------------------------------
   Gross Profit                     $ 104,218   $ 90,820    $ 495,974    $ 453,081
   Gross Profit Percentage              45.7%      42.7%        44.9%        42.3%
   Net Income (Loss)                  $ 3,846  $ (1,850)     $ 25,123     $ 13,363
   Net Income (Loss) Per Basic
    Share                              $ 0.14   $ (0.07)       $ 0.90       $ 0.48
   Net Income (Loss) Per Diluted
    Share                              $ 0.13   $ (0.07)       $ 0.87       $ 0.47
   EBITDA (a)                        $ 12,901    $ 9,954     $ 80,589     $ 67,847
   EBITDA margin (a)                     5.7%       4.7%         7.3%         6.3%
  (a) EBITDA is defined as net income plus the provision for income taxes (or net
   loss less the benefit from income taxes), plus interest expense, plus
   depreciation and amortization. EBITDA should not be considered as an
   alternative to income (loss) from operations or net income (loss) (as
   determined in accordance with generally accepted accounting principles (GAAP))
   as a measure of our operating performance or to net cash provided by operating,
   investing and financing activities (as determined in accordance with GAAP) or
   as a measure of our ability to meet cash needs. We believe that EBITDA is a
   measure commonly reported and widely used by investors and other interested
   parties as a measure of a company's operating performance and debt servicing
   ability because it assists in comparing performance on a consistent basis
   without regard to capital structure, depreciation and amortization or
   non-operating factors (such as historical cost). Accordingly, as a result of
   our capital structure, we believe EBITDA is a relevant measure. This
   information has been disclosed here to permit a more complete comparative
   analysis of our operating performance relative to other companies and of our
   debt servicing ability. EBITDA may not, however, be comparable in all instances
   to other similar types of measures. We have also disclosed EBITDA as adjusted
   to reflect the effect of Liz Claiborne-related expenses and restructuring and
   software implementation costs related to our Global Efficiency Re-engineering
   initiative. This disclosure is being provided for comparability purposes
   because we believe it is meaningful to our inventors and other interested
   parties to understand the EBITDA performance of the Company on a consistent
   basis without regard to the effect of Liz Claiborne-related, restructuring and
   other expenses. EBITDA margin represents EBITDA divided by Net Sales.
  The table below reconciles net income (loss), as determined in accordance with
   GAAP, to EBITDA and to EBITDA as adjusted: (For a reconciliation of net income
   (loss) to EBITDA for prior periods, see the Company's filings with the
   Securities and Exchange Commission which can be found on the Company's website
   at www.elizabetharden.com.)

  (In thousands)                       Three Months Ended  Twelve Months Ended
                                      -------------------  -------------------
                                      June 30,   June 30,  June 30,   June 30,
                                        2010       2009      2010       2009
                                      --------  ---------  --------  ---------
  Net income (loss)                    $ 2,293  $ (3,609)  $ 19,533  $ (6,163)
  Plus:
   (Benefit from) provision for
    income taxes                       (3,910)    (1,999)     3,293    (8,316)
   Interest expense, net                 5,199      5,570    21,885     24,814
   Depreciation related to cost of
    goods sold                           1,249      1,050     5,040      4,416
   Depreciation and amortization         5,900      5,903    23,419     21,742
                                      --------  ---------  --------  ---------
  EBITDA                                10,731      6,915    73,170     36,493
  Liz Claiborne-related expenses (c)        --         30        --     23,344
  Restructuring and other expenses
   (d)                                   2,170      3,009     7,419      8,010
                                      --------  ---------  --------  ---------
  EBITDA as adjusted                  $ 12,901    $ 9,954  $ 80,589   $ 67,847
                                      ========  =========  ========  =========
  (b) The table below reconciles the calculation of (i) gross profit, (ii) net
   income (loss) and (iii) net income (loss) per share on a basic and diluted
   basis from the amounts reported in accordance with GAAP to such amounts
   before giving effect to Liz Claiborne-related, restructuring and other
   expenses. This disclosure is being provided for comparability purposes
   because we believe it is meaningful to our investors and other interested
   parties to understand the Company's operating performance on a consistent
   basis without regard to the effect of Liz Claiborne-related, restructuring
   and other expenses. The presentation in the table below of the non-GAAP
   information titled "Gross profit as adjusted" and "Net income (loss) as
   adjusted" and "Net income (loss) per basic and diluted share as adjusted"
   is not meant to be considered in isolation or as a substitute for gross
   profit, net income or net income per basic and diluted share prepared in
   accordance with GAAP.
  (In thousands, except per share data)          Three Months Ended    Twelve Months Ended
                                                --------------------  --------------------
                                                 June 30,   June 30,   June 30,   June 30,
                                                   2010       2009       2010       2009
                                                ---------  ---------  ---------  ---------
  Adjusted to exclude the effect of Liz
   Claiborne related, restructuring and other
   expenses

  Gross Profit:
  --------------------------------------------
    Gross profit as reported                    $ 104,218   $ 90,820  $ 495,974  $ 433,155
    Liz Claiborne-related expenses (c)                 --         --         --     19,926
                                                ---------  ---------  ---------  ---------
    Gross profit as adjusted                    $ 104,218   $ 90,820  $ 495,974  $ 453,081
                                                =========  =========  =========  =========
  Net Income (Loss):
  --------------------------------------------
    Net income (loss) as reported                 $ 2,293  $ (3,609)   $ 19,533  $ (6,163)
    Liz Claiborne-related expenses, net of tax
     (c) (e)                                           --         17         --     14,538
    Restructuring and other expenses, net of
     tax (d) (e)                                    1,553      1,742      5,590      4,988
                                                ---------  ---------  ---------  ---------
    Net income (loss) as adjusted                 $ 3,846  $ (1,850)   $ 25,123   $ 13,363
                                                =========  =========  =========  =========
  Net Income (Loss) Per Basic Share:
  --------------------------------------------
    Net income (loss) income per basic share
     as reported                                   $ 0.08   $ (0.13)     $ 0.70   $ (0.22)
    Liz Claiborne-related, restructuring and
     other expenses, net of tax (c) (d) (e)          0.06       0.06       0.20       0.70
                                                ---------  ---------  ---------  ---------
    Net income (loss) per basic as adjusted        $ 0.14   $ (0.07)     $ 0.90     $ 0.48
                                                =========  =========  =========  =========
  Net Income (Loss) Per Diluted Share:
  --------------------------------------------
    Net income (loss) per diluted share as
     reported                                      $ 0.08   $ (0.13)     $ 0.68   $ (0.22)
    Liz Claiborne-related, restructuring and
     other expenses, net of tax (c) (d) (e)          0.05       0.06       0.19       0.69
                                                ---------  ---------  ---------  ---------
    Net income (loss) per basic as adjusted        $ 0.13   $ (0.07)     $ 0.87     $ 0.47
                                                =========  =========  =========  =========
  (c)  For the twelve months ended June 30, 2009, gross margin and net income include
   $18.9 million of non-cash expenses relating to the Liz Claiborne inventory purchased by
   the Company at a higher cost prior to the effective date of the Liz Claiborne license
   agreement and $1.0 million of Liz Claiborne transition expenses in cost of sales. Net
   income for the twelve months ended June 30, 2009, also includes $3.4 million of Liz
   Claiborne transition expenses in selling, general and administrative expenses.
  (d)  For the three months ended June 30, 2010, includes $1.4 million related to the
   implementation of our Oracle accounting and order processing systems, $0.2 million of
   restructuring expenses related to our Global Efficiency Re-engineering initiative, $0.5
   million of restructuring expenses not related to our Global Efficiency Re-engineering
   initiative and $0.1 million of debt extinguishment costs. For the twelve months ended
   June 30, 2010, includes $3.9 million related to the implementation of our Oracle
   accounting and order processing systems, $1.9 million of restructuring expenses related
   to our Global Efficiency Re-engineering initiative, $1.5 million of restructuring
   expenses not related to our Global Efficiency Re-engineering initiative and $0.1
   million of debt extinguishment costs. For the three months ended June 30, 2009,
   includes $1.7 million related to the implementation of our Oracle accounting and order
   processing systems, $1.3 million of restructuring expenses related to our Global
   Efficiency Re-engineering initiative and $0.1 million of restructuring expenses not
   related to our Global Efficiency Re-engineering initiative. For the twelve months ended
   June 30, 2009, includes $3.4 million related to the implementation of our Oracle
   accounting and order processing systems, $3.5 million of restructuring expenses related
   to our Global Efficiency Re-engineering initiative and $1.1 million of restructuring
   expenses not related to our Global Efficiency Re-engineering initiative.
  (e)  On a reported basis, for both the three and twelve months ended June 30, 2010, our
   effective tax rate, which is calculated as a percentage of loss or income before income
   taxes, was 241.9% and 14.4%, respectively. On an adjusted basis, for the three and
   twelve months ended June 30, 2010, our effective tax rate was 594.7% and 16.9%,
   respectively. On a reported basis, for the three and twelve months ended June 30, 2009,
   our effective tax rate, which is calculated as a percentage of loss or income before
   income taxes, was 35.6% and 57.4%, respectively. On an adjusted basis, for the three
   months and twelve months ended June 30, 2009, our effective tax rate was 28.0% and
   20.8%, respectively.
                                                   SEGMENT NET SALES
  The table below is a comparative summary of our net sales by reportable segment for the three and twelve months
   ended June 30, 2010 and 2009.

                                                     % Increase                                      % Increase
  (In thousands)           Three Months Ended        (Decrease)          Twelve Months Ended         (Decrease)
                          --------------------  --------------------  ------------------------  --------------------
                                                            Constant                                        Constant
                           June 30,   June 30,               Rates     June 30,     June 30,                 Rates
                             2010       2009       GAAP        (f)       2010         2009         GAAP        (f)
                          ---------  ---------  ----------  --------  -----------  -----------  ----------  --------
  Segment Net Sales
    North America
     Fragrance            $ 121,401  $ 116,432        4.3%      3.9%    $ 672,990    $ 662,235        1.6%      1.2%
    International            95,684     85,225       12.2%     16.0%      384,447      366,361        4.9%      5.2%
    Other                    11,158     10,905        2.3%      2.3%       46,340       41,629       11.3%     11.3%
                          ---------  ---------  ----------  --------  -----------  -----------  ----------  --------
  Total                   $ 228,243  $ 212,562                        $ 1,103,777  $ 1,070,225
                          =========  =========        7.4%      8.6%  ===========  ===========        3.1%      2.9%
  (f)  Constant currency information compares results between periods assuming exchange rates had remained constant
   period-over-period and excludes gains and losses from foreign currency contracts. We calculate constant currency
   information by translating current-period results using prior-year GAAP foreign currency exchange rates. The
   International segment net sales for the three and twelve months of fiscal 2009 exclude $2.8 million and $14.1
   million, respectively, of gains associated with our foreign currency contracts for purposes of calculating our
   constant currency information.
     ELIZABETH ARDEN, INC. AND SUBSIDIARIES
         CONSOLIDATED BALANCE SHEET DATA
                   (Unaudited)

                            June 30,  June 30,
  (In thousands)              2010      2009
                            --------  --------
  Cash                      $ 26,881  $ 23,102
  Accounts Receivable, Net   170,067   190,273
  Inventories                271,058   318,535
  Property and Equipment,
   Net                        76,583    64,110
  Exclusive Brand
   Licenses, Trademarks
   and Intangibles, Net      179,444   186,321
  Goodwill                    21,054    21,054
  Total Assets               843,471   884,075
  Short-Term Debt             59,000   115,000
  Current Portion of
   Long-Term Debt                 --       545
  Current Liabilities        253,870   310,150
  Long-Term Liabilities      236,984   237,147
  Total Debt                 277,699   338,911
  Shareholders' Equity       352,617   336,778
  Working Capital            306,524   286,611
                SUPPLEMENTARY CASH FLOW INFORMATION
                            (Unaudited)
                           (In thousands)
                                              Twelve Months Ended
                                              -------------------
                                               June 30,  June 30,
                                                 2010      2009
                                              ---------  --------
  Net cash provided by operating activities   $ 113,959  $ 36,986
  Net cash used in investing activities        (35,721)  (31,663)
  Net cash used in financing activities        (74,337)   (7,529)
  Net increase (decrease) in cash and cash
   equivalents                                    3,779   (3,294)

In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Elizabeth Arden, Inc. is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "should," "estimated," "intends," "plans," "believes" and "projects") may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our guidance and expectations regarding net sales, earnings, operating cash flow and returns on invested capital, and the costs, savings and benefits we expect in connection with our Global Efficiency Re-engineering initiative and related restructuring plan. In addition, any such statements are qualified in their entirety by reference to, and are accompanied by, the following key factors that have a direct bearing on our results of operations:

  --  factors affecting our relationships with our customers or our customers'
      businesses, including the absence of contracts with customers, our
      customers' financial condition, and changes in the retail, fragrance and
      cosmetic industries, such as the consolidation of retailers and the
      associated closing of retail doors as well as retailer inventory control
      practices, including, but not limited to levels of inventory carried at
      point of sale and practices used to control inventory shrinkage;
  --  risks of international operations, including foreign currency
      fluctuations, hedging activities, economic and political consequences of
      terrorist attacks, disruptions in travel, unfavorable changes in U.S. or
      international laws or regulations, diseases and pandemics and political
      instability in certain regions of the world;
  --  our reliance on third-party manufacturers for substantially all of our
      owned and licensed products and our absence of contracts with suppliers
      of distributed brands and components for manufacturing of owned and
      licensed brands;
  --  delays in shipments, inventory shortages and higher costs of production
      due to the loss of or disruption in our distribution facilities or at
      key third party manufacturing or fulfillment facilities that manufacture
      or provide logistic services for our products;
  --  our ability to respond in a timely manner to changing consumer
      preferences and purchasing patterns and other international and domestic
      conditions and events that impact consumer confidence and demand, such
      as domestic or global recessions;
  --  our ability to protect our intellectual property rights;
  --  the success, or changes in the timing or scope, of our new product
      launches, advertising and merchandising programs;
  --  the quality, safety and efficacy of our products;
  --  the impact of competitive products and pricing;
  --  our ability to (i) implement our growth strategy and acquire or license
      additional brands or secure additional distribution arrangements, (ii)
      successfully and cost-effectively integrate acquired businesses or new
      brands, and (iii) finance our growth strategy and our working capital
      requirements;
  --  our level of indebtedness, our ability to realize sufficient cash flow
      from operations to meet our debt service obligations and working capital
      requirements and the restrictive covenants in our revolving credit
      facility and the indenture for our 7 3/4% senior subordinated notes;
  --  changes in product mix to less profitable products;
  --  the retention and availability of key personnel;
  --  changes in the legal, regulatory and political environment that impact,
      or will impact, our business, including changes to customs or trade
      regulations, laws or regulations relating to product ingredients or
      other chemicals, or accounting standards or critical accounting
      estimates;
  --  the success of, and costs associated with, our Global Efficiency
      Re-engineering initiative and related restructuring plan, including our
      transition to a turnkey manufacturing process and implementation of our
      new Oracle financial accounting and order processing system;
  --  the potential for significant impairment charges relating to our
      trademarks, goodwill or other long-lived assets that could result from a
      number of factors, including downward pressure on our stock price; and
  --  other unanticipated risks and uncertainties.

We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. This press release is qualified in its entirety by the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the year ended June 30, 2009.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Elizabeth Arden, Inc.

CONTACT:  Elizabeth Arden, Inc.
Marcey Becker, Senior Vice President, Finance
(212) 212-1068
Integrated Corporate Relations
Investor/Press Contact:
Allison Malkin
Michael Fox
(203) 682-8200