Alan Hatcher

Primerica Board Members Cynthia N. Day and Beatriz “Bea” Perez Recognized for Board Leadership Excellence

Business Wire, November 12, 2020

Duluth – Primerica, Inc. (NYSE: PRI), a leading provider of financial services to middle-income families throughout North America, is proud to announce that two members of its Board of Directors have been recognized for excellence in Board leadership.

Cynthia N. Day, President and CEO of Citizens Trust Bank, has received the Lettie Pate Whitehead Evans Award for an outstanding female board member from OnBoard, a leading authority on women in the boardroom and executive suites of Georgia public companies. The award is presented annually to a female board member who has served as an outstanding role model for advancing OnBoard’s mission of increasing the number of women in executive leadership and on corporate boards.

Beatriz “Bea” Perez, Senior Vice President and Chief Communications, Public Affairs, Sustainability and Marketing Assets Officer for The Coca-Cola Company, was recently named to Latino Leaders Magazine’s 2020 list of Latinos on Boards. Latino Leaders Magazine strives to advance the Latino Community by promoting the stories of success and leadership, bringing leaders together through its magazine, gatherings, and social media platforms, as well as inspiring them to connect work together for a better future.

Glenn Williams, Primerica Chief Executive Officer, said, "We are fortunate to have both Cynthia and Bea serve on our Board of Directors. Their leadership helps ensure that diversity, unity, and equality for all people are more than just words at Primerica. We congratulate them for receiving these honors, and we are proud of their commitment to creating opportunities for the diverse families that we serve.”

Ms. Day was elected to Primerica’s Board in January 2014 and Ms. Perez was elected to Primerica’s Board in May 2014.

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by Alan Hatcher

Primerica Reports First Quarter 2020 Results

Investment and Savings Products sales increase 28% to $2.2 billion

Issued Term Life policies grow 11%

Term Life Insurance net premiums grow 10%; adjusted direct premiums grow 11%

Strong momentum in recruiting leads to 5% growth in new life-licensed representatives

Net earnings per diluted share (EPS) of $1.75, down 5%; return on stockholders’ equity (ROE) of 18.2%

Diluted adjusted operating EPS of $2.05, up 18%; adjusted net operating income return on adjusted stockholders’ equity (ROAE) of 21.8%

Declared dividend of $0.40 per share, payable on June 15, 2020

Duluth – Primerica, Inc. (NYSE : PRI) today announced financial results for the quarter ended March 31, 2020. Total revenues of $524.9 million increased 6% compared to the first quarter of 2019. Net income of $72.5 million decreased 8%, while earnings per diluted share (EPS) of $1.75 decreased 5% compared to the same quarter last year. The decline in both net income and EPS were driven by pre-tax realized losses on the invested asset portfolio of $10.0 million and mark-to-market adjustments on the reinsurance deposit asset of $6.4 million in the current quarter.

Adjusted operating revenues, adjusted net operating income and diluted adjusted operating earnings per share, which are non-GAAP financial measures, continue to exclude the impact of realized gains/losses and the mark-to-market adjustment on the reinsurance deposit asset. A reconciliation of non-GAAP to GAAP financial measures is included at the end of this release.

Adjusted operating revenues were $541.3 million, increasing 10% compared to the first quarter of 2019. Adjusted net operating income of $85.0 million increased 13%, while diluted adjusted operating earnings per share of $2.05 increased 18% compared to the same quarter last year.

First quarter results reflect strong sales and financial performance in both the Term Life and Investment and Savings Products (ISP) segments. Term Life operating revenues increased 10% year-over-year due principally to an 11% increase in adjusted direct premiums, while pre-tax income increased 18%, reflecting favorable year-over-year trends in persistency. ISP revenues increased 14% and pre-tax income grew 12% year-over-year, led by robust sales and growth in average client asset values. The significant market downturn at the end of the quarter led to an increase in Canadian Segregated Fund DAC amortization in the period. During the quarter, the Company repurchased $90 million of common stock toward its $250 million goal for the year.

“Our quarterly results reflect the strength of our financial position and the sales momentum that has been building for some time,” said Glenn Williams, Chief Executive Officer. “While the COVID-19 pandemic may adversely impact our financial results in the near-term, our strong momentum at its onset and the flexibility of our sales force and distribution model give us confidence that we will be able to navigate through this major health crisis and any economic downturn.”

First Quarter Distribution & Segment Results

Distribution Results

		1Q 2020		1Q 2019	% Change
Life-Licensed Sales Force [1]		130,095		129,821	*
Recruits		84,762		63,223	34%
New Life-Licensed Representatives		10,599		10,065	5%
Life Insurance Policies Issued		71,318		64,242	11%
Life Productivity (2)		0.18		0.16	*
ISP Product Sales ($ billions)	$	2.25	$	1.76	28%
Average Client Asset Values ($ billions)	$	66.59	$	61.45	8%

• End of period
• Life productivity equals policies issued divided by the average number of life insurance licensed representatives per month

*     Not calculated or less than 1%

Segment Results

		1Q 2020		1Q 2019	% Change
				($ in thousands)
Adjusted Operating Revenues:
Term Life Insurance	$	327,746	$	296,843	10%
Investment and Savings Products		185,032		162,672	14%
Corporate and Other Distributed Products (1)		28,567		30,478	(6)%
Total adjusted operating revenues (1)	$	541,345	$	489,993	10%
Adjusted Operating Income (Loss) before income taxes:
Term Life Insurance	$	82,892	$	70,339	18%
Investment and Savings Products		47,700		42,684	12%
Corporate and Other Distributed Products (1)		(19,637)		(15,649)	25%
Total adjusted operating income before    income taxes (1)	$	110,955	$	97,374	14%

[1] See the Non-GAAP Financial Measures section and the Adjusted Operating Results reconciliation tables at the end of this release for additional information.

Life Insurance Licensed Sales Force

During the first quarter, we ran two incentives that offered discounted independent business application fees to new recruits. The first was held in early January to generate excitement at the start of the new year and the second in late March as COVID-19 concerns began to emerge. These incentives, combined with strong recruiting momentum during the non-promotion period, led to a 34% increase in the number of new recruits year-over-year. New life licensed representatives increased 5% year-over-year, facing some headwinds in March as testing sites began to close due to the pandemic. As of March 31, 2020, the Company had 130,095 independent life-licensed representatives, largely unchanged year-over-year.

Term Life Insurance

Life insurance policies issued during the first quarter increased 11% to 71,318, reflecting the momentum that began late last year and reversing a quarterly deceleration of productivity experienced over the last few years. Productivity for the quarter was 0.18 policies per life insurance licensed representative, up from 0.16 policies per life insurance licensed representative in the prior year.

Revenues of $327.7 million increased 10% compared to the first quarter of 2019 and pretax income of $82.9 million increased 18% year-over-year. Performance was driven by 11% growth in adjusted direct premiums and strong, favorable trends in persistency. Benefits and claims were in line with historical experience. Insurance expenses increased 13% from growth in the business and enhanced technology-related capabilities.

Given the timing of the onset of the COVID-19 pandemic in the U.S. and Canada, the Term Life Insurance segment’s production and financial results were not notably impacted by the pandemic in the first quarter.

Investment and Savings Products

Total product sales during the current quarter were a record $2.2 billion, a 28% increase compared to the same quarter last year. The increase in sales was due to a combination of strong demand for mutual funds and variable annuity products and, to a lesser degree, higher sales of managed accounts. Average client asset values were $66.6 billion, increasing 8% year-over-year. The impact of market disruption during the quarter reduced quarter-end client asset values to $59.0 billion. Net client inflows were $543 million, compared to $227 million in the first quarter of 2019, reflecting strong year-over-year sales growth and redemptions that were in line with the growth in client asset values.

Revenues of $185.0 million during the quarter increased 14% compared to the same quarter in 2019 and pre-tax income of $47.7 million increased 12% year-over-year. Sales-based revenues grew 21% in-line with growth in revenue-generating product sales, while asset-based revenues grew 11% due to growth in average client asset values. Sales and asset-based commission expenses generally grew in-line with the associated revenues. The market disruption at the end of March adversely impacted Canadian segregated fund DAC amortization by $1.8 million in contrast to favorable market conditions in the first quarter of 2019 that lowered amortization by $1.9 million in the prior year period.

Corporate and Other Distributed Products

During the quarter, the Company recorded an adjusted operating loss before taxes of $19.6 million compared to an adjusted operating loss before taxes of $15.6 million during the first quarter of 2019. The year-over-year increase in pre-tax loss includes a $1.6 million charge to recognize an allowance for reinsured benefits and claims on a discontinued line of business ceded in 1995 to a reinsurance counter-party that was ordered into receivership this year. Additionally, allocated net investment income was $2.0 million lower as a higher proportion of investment income was allocated to the Term Life Insurance segment to support growth in the business.

Taxes

The first quarter effective income tax rate was 23.4% which is higher than last year’s first quarter rate of 22.7%. The difference is largely driven by a lower tax benefit being recognized on vested equity awards as the difference between the grant and vest prices was smaller on awards vesting this year than on those vesting in the prior year period.

Capital

During the first quarter, the Company repurchased 880,222 shares of common stock for $90 million. The Company expects to repurchase $250 million of its common stock during 2020. The Board of Directors has approved a dividend of $0.40 per share, payable on June 15, 2020, to stockholders of record on May 22, 2020.

Primerica has a strong balance sheet and continues to be well-capitalized to meet future needs. Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be about 430% and holding company liquidity of $272 million as of March 31, 2020.

Non-GAAP Financial Measures

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company presents certain non-GAAP financial measures. Specifically, the Company presents adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, adjusted stockholders’ equity and diluted adjusted operating earnings per share. Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the “IPO coinsurance transactions”) for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business. Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of realized investment gains (losses) and fair value mark-to-market (“MTM”) investment adjustments, including credit impairments, for all periods presented. We exclude realized investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset’s maturity or sale that are not directly associated with the Company’s insurance operations. Adjusted stockholders’ equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders’ equity as unrealized gains (losses) from the Company’s available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an available-for-sale security matures or is sold.

Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business. These measures have limitations, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Reconciliations of GAAP to non-GAAP financial measures are attached to this release.

Earnings Webcast Information

Primerica will hold a webcast on Thursday, April 30, 2020 at 10:00 am ET, to discuss the quarter’s results. To access the webcast, go to http://investors.primerica.com at least 15 minutes prior to the event to register, download and install any necessary software. A replay of the call will be available for approximately 30 days on Primerica’s website, http://investors.primerica.com. This release and a detailed financial supplement will be posted on Primerica’s website.

Forward-Looking Statements

Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, major public health pandemics, epidemics or outbreaks, specifically the novel COVID-19 pandemic; our failure to continue to attract and license new recruits, retain sales representatives or license or maintain the licensing of sales representatives; new laws or regulations that could apply to our distribution model, which could require us to modify our distribution structure; changes to the independent contractor status of sales representatives; our or sales representatives’ violation of or non-compliance with laws and regulations; any failure to protect the confidentiality of client information; differences between our actual experience and our expectations regarding mortality or persistency as reflected in the pricing for our insurance policies; the occurrence of a catastrophic event; changes in federal, state and provincial legislation or regulation that affects our insurance, investment product, and mortgage businesses; our failure to meet regulatory capital ratios or other minimum capital and surplus requirements; a downgrade or potential downgrade in our insurance subsidiaries’ financial strength ratings or our senior debt ratings; inadequate or unaffordable reinsurance or the failure of our reinsurers to perform their obligations; the failure of our investment products to remain competitive with other investment options or the change to investment and savings products offered by key providers in a way that is not beneficial to our business or a significant change in the competitive environment in which we operate; fluctuations in the performance of client assets under management; litigation and regulatory investigations and actions concerning us or sales representatives; heightened standards of conduct or more stringent licensing requirements for sales representatives; inadequate policies and procedures regarding suitability review of client transactions; the failure of, or legal challenges to, the support tools we provide to the sales force; the failure of our information technology systems, breach of our information security, failure of our business continuity plan or the loss of the Internet; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio; incorrectly valuing our investments; changes in accounting standards may impact how we record and report our financial condition and results of operations; economic down cycles that impact our business, financial condition and results of operations; the inability of our subsidiaries to pay dividends or make distributions; our inability to generate and maintain a sufficient amount of working capital; our noncompliance with the covenants of our senior unsecured debt; the loss of key personnel or sales force leaders; and fluctuations in the market price of our common stock or Canadian currency exchange rates. These and other risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the "Investor Relations" section of our website at http://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.

 

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

		March 31, 2020		December 31, 2019
		(In thousands)
Assets
Investments:
Fixed-maturity securities available-for-sale, at fair value	$	2,242,037	$	2,356,996
Fixed-maturity security held-to-maturity, at amortized cost		1,237,270		1,184,370
Equity securities, at fair value		34,125		40,684
Trading securities, at fair value		44,997		43,233
Policy loans		31,799		32,927
Total investments		3,590,228		3,658,210
Cash and cash equivalents		273,085		256,876
Accrued investment income		18,582		17,361
Reinsurance recoverables		4,132,897		4,169,823
Deferred policy acquisition costs, net		2,346,656		2,325,750
Agent balances, due premiums and other receivables		226,830		227,100
Intangible assets, net		45,275		45,275
Income taxes		66,744		70,492
Operating lease right-of-use assets		49,192		47,265
Other assets		392,498		384,634
Separate account assets		2,128,924		2,485,745
Total assets	$	13,270,911	$	13,688,531
Liabilities and Stockholders' Equity
Liabilities:
Future policy benefits	$	6,472,397	$	6,446,569
Unearned and advance premiums		16,905		15,470
Policy claims and other benefits payable		330,489		339,954
Other policyholders' funds		390,040		388,663
Notes payable		374,131		374,037
Surplus note		1,236,644		1,183,728
Income taxes		208,357		209,221
Operating lease liabilities		55,315		53,487
Other liabilities		498,699		510,443
Payable under securities lending		28,896		28,723
Separate account liabilities		2,128,924		2,485,745
Total liabilities		11,740,797		12,036,040
Stockholders' equity:
Common stock		405		412
Paid-in capital		-		-
Retained earnings		1,565,803		1,593,281
Accumulated other comprehensive income (loss),   net of income tax		(36,094)		58,798
Total stockholders' equity		1,530,114		1,652,491
Total liabilities and stockholders' equity	$	13,270,911	$	13,688,531

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Unaudited)

Benefits and expenses:

	Three months ended March 31,
		2020		2019
Revenues:	(In thousands, except per-share amounts)
Direct premiums	$	702,637	$	677,286
Ceded premiums		(386,825)		(389,795)
Net premiums		315,812		287,491
Commissions and fees		190,069		167,315
Net investment income		15,420		24,111
Realized investment gains (losses)		(10,030)		2,847
Other, net		13,665		13,223
Total revenues		524,936		494,987
Benefits and claims		134,813		122,284
Amortization of deferred policy acquisition costs		70,311		64,628
Sales commissions		96,607		83,799
Insurance expenses		48,709		43,402
Insurance commissions		6,844		5,619
Interest expense		7,192		7,180
Other operating expenses		65,914		65,707
Total benefits and expenses		430,390		392,619
Income before income taxes		94,546		102,368
Income taxes		22,077		23,203
Net income	$	72,469	$	79,165

Earnings per share:

Basic earnings per share

$

1.75

$

1.84

Diluted earnings per share

$

1.75

$

1.83

 

Weighted-average shares used in computing earnings per share:
Basic	41,131	42,824
Diluted	41,239	42,942

PRIMERICA, INC. AND SUBSIDIARIES

Consolidated Adjusted Operating Results Reconciliation
(Unaudited – in thousands, except per share amounts)

	Three months ended March 31,
		2020		2019	% Change
Total revenues	$	524,936	$	494,987	6%
Less: Realized investment gains (losses)		(10,030)		2,847
Less: 10% deposit asset MTM included in NII		(6,379)		2,147
Adjusted operating revenues	$	541,345	$	489,993	10%

 

Income before income taxes	$	94,546	$	102,368	(8)%
Less: Realized investment gains (losses)		(10,030)		2,847
Less: 10% deposit asset MTM included in NII		(6,379)		2,147
Adjusted operating income before income taxes	$	110,955	$	97,374	14%

 

Net income		$	72,469	$	79,165	(8)%
Less: Realized investment gains (losses)			(10,030)		2,847
Less: 10% deposit asset MTM included in NII			(6,379)		2,147
Less: Tax impact of preceding items			3,832		(1,132)
Adjusted net operating income		$	85,046	$	75,303	13%

 

Diluted earnings per share (1)	$	1.75	$	1.83	(5)%
Less: Net after-tax impact of operating adjustments		(0.30)		0.09
Diluted adjusted operating earnings per share (1)	$	2.05	$	1.74	18%

(1)Percentage change in earnings per share is calculated prior to rounding per share amounts.

TERM LIFE INSURANCE SEGMENT

Adjusted Premiums Reconciliation
(Unaudited – in thousands)

	Three months ended March 31,
		2020		2019	% Change
Direct premiums	$	696,564	$	670,755	4%
Less: Premiums ceded to IPO coinsurers		260,076		276,150
Adjusted direct premiums	$	436,488	$	394,605	11%
Ceded premiums	$	(385,232)	$	(388,100)
Less: Premiums ceded to IPO coinsurers		(260,076)		(276,150)
Other ceded premiums	$	(125,156)	$	(111,950)

 

Net premiums

$

311,332

$

282,655

10%

CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT

Adjusted Operating Results Reconciliation
(Unaudited – in thousands)

	Three months ended March 31,
		2020		2019	% Change
Total revenues	$	12,158	$	35,472	(66)%
Less: Realized investment gains (losses)		(10,030)		2,847
Less: 10% deposit asset MTM included in NII		(6,379)		2,147
Adjusted operating revenues	$	28,567	$	30,478	(6)%

 

Loss before income taxes	$	(36,046)	$	(10,655)		238%
Less: Realized investment gains (losses)		(10,030)		2,847
Less: 10% deposit asset MTM included in NII		(6,379)		2,147
Adjusted operating loss before income taxes	$	(19,637)	$	(15,649)		25%

 

PRIMERICA, INC. AND SUBSIDIARIES

Adjusted Stockholders' Equity Reconciliation
(Unaudited – in thousands)    

		March 31, 2020			December 31, 2019	% Change
Stockholders' equity	$	1,530,114		$	1,652,491	(7)%
Less: Unrealized net investment gains (losses) recorded in stockholders' equity, net of income tax		(1,318)			64,563
Adjusted stockholders' equity	$	1,531,432		$	1,587,928	(4)%

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by Alan Hatcher

Primerica to Kickoff 2020 in Dallas

Event to Showcase 2020 Initiatives, New Executive Hires, and 2019 Successes 

Duluth, GA, January 6, 2020 – Primerica, Inc. (NYSE: PRI), a leading provider of financial services to families in North America, is hosting over 500 of its top Regional Vice Presidents from across the U.S. and Canada to kick off the new year in Dallas on January 6-7, 2020. The event will launch Primerica’s next decade of helping people become properly protected and financially secure, and it will provide education and training opportunities for the sales leaders in attendance.

2020 Initiatives

“As we enter 2020, the need for what Primerica does for families has never been greater, and we are more committed than ever to helping them achieve their financial goals,” said Glenn Williams, Primerica CEO. “We will continue to improve the breadth and value of our products and services to enable us to meet more of our clients’ needs. We are using emerging technology to make our client interactions faster, more convenient, and more effective. These enhancements also help make our sales representatives more productive and improve our business opportunity for thousands of entrepreneurs across the U.S. and Canada.”

Williams continued, “As competitors continue to move up market, we’re fortunate to have a diverse and talented sales force that provides us with a distinct competitive advantage in working to meet the financial needs of middle-income families. Events like our Dallas meeting ensure that our sales force is armed with the latest information and training they need to continue to deliver on our mission of helping people get on a path toward financial security.”

Executive Appointments

Primerica announced today that it has expanded its talent base by adding two new executives to the Company’s existing management team. Estee Faranda joined the Company as of December 30, 2019 and will become the CEO of PFS Investments (PFSI). Faranda will assume responsibility for leading the Company’s investment and savings products (ISP) business from Bill Kelly, a long-time Primerica executive who has split his time between ISP leadership and serving as co-head of the Company’s Business Technology group. Kelly will devote his full attention to building out the Technology team to deliver industry-leading digital capabilities. In addition, PFSI’s strong team of existing Marketing and Operations leaders will remain focused on the growth of the ISP business.

Faranda is an accomplished business leader who joins Primerica from a leading platform provider in the managed account industry. Faranda was named among the “2018 Women to Watch” by Investment News, and also was named one of the “Top 16 Women in WealthTech” in 2019 by Investment Advisor. A well-known and dynamic industry speaker, she currently serves on the Board of Governors at the Money Management Institute.

Emily Roman has been appointed to the role of Executive Vice President and Chief Actuary, effective February 24, 2020.  Roman will be replacing Dan Settle, who has served as Primerica’s Chief Actuary for the past 16 years and will retire at the end of 2020. Rowe has more than 20 years of actuarial management experience in the life insurance and financial services industries.

“Primerica is fortunate to have one of the strongest leadership teams within our industry,” said Williams. “We’re pleased to have Estee and Emily join our team of proven senior management executives, helping ensure that we have positioned our top talent to achieve our major initiatives,” said Williams. “These two accomplished leaders will help us continue to successfully execute our strategy to drive long-term growth.”

2019 Successes¹

The Company also will celebrate 2019 successes in Dallas, including the achievement of total face amount of life insurance in force of approximately $808 billion at year end, as well as an increase in projected Investment and Savings Products sales to over $7.5 billion. Primerica ended the year with a sales force of more than 130,500 life insurance-licensed representatives and more than 25,700 mutual fund-licensed representatives.

Additional 2019 production results include:

• Recruiting of New Representatives: 282,207
• Term Life Insurance Face Amount Issued: $94 billion
• Term Life Insurance Claims Paid to Policy Beneficiaries: $1.4 billion
• Client Asset Values of approximately $70 billion at year end

“We continued to execute our strategy to drive growth and improve performance by expanding distribution and prudently deploying capital, leading to another year of solid performance. I am proud of the leadership provided by our representatives in 2019. Thanks to their hard work and that of our employees, Primerica enters 2020 well-positioned to continue to deliver value to all of our stakeholders,” says Williams.

1. All production results contained herein are projected.

1050114

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by Alan Hatcher