DES PLAINES, IL--(Marketwire - March 9, 2011) - Schawk, Inc. (
NYSE:
SGK), a leading
provider of brand development and deployment services, enabling companies
of all sizes to connect their brands with consumers, reported
fourth-quarter and full-year 2010 results. Net income in the fourth
quarter of 2010 was $6.3 million, or $0.24 per diluted share, versus $3.7
million, or $0.15 per diluted share, in the fourth quarter of 2009. Net
income for the full year of 2010 was $32.4 million, or $1.25 per diluted
share, compared to $19.5 million, or $0.78 per diluted share, for the
comparable prior-year period. Net income and EPS for the full year were
record highs for the Company.
Net income for the full year of 2009 was positively impacted by the receipt
of $9.2 million in cash as part of an indemnity claim settlement in
connection with the Company's 2005 acquisition of Seven Worldwide Holdings,
Inc., of which $5.0 million was reported as income. The favorable
after-tax impact was $0.20 per share for the period ended December 31,
2009. On a non-GAAP basis, adjusting for financial impacts relating to the
indemnity claim settlement and certain other items as further detailed in
this release, 2010 full-year Adjusted net income was $31.1 million, or
$1.20 per diluted share, compared to $23.1 million, or $0.93 per diluted
share, during the prior-year period, on a comparable basis.
President and Chief Executive Officer David A. Schawk commented, "I am very
pleased with our record earnings for 2010. Our performance reflects the
continued expansion of our brand development and deployment activities and
focus on utilizing our global capacity more efficiently. In addition, we
experienced growth during 2010 in our largest client channel, consumer
packaged goods, reflecting their increased product innovation activity.
The increase in overall revenue coupled with our continued focus on global
capacity management contributed to an approximate 66 percent increase in
our net income for 2010."
Mr. Schawk added, "Our continued strong cash flow during the year has led
to further debt reduction and a solid cash position at year end, thereby
positioning us well to invest in our business and future opportunities to
the extent they arise. Furthermore, our improved operating results and
balance sheet enabled us to double our quarterly dividend to eight cents
during the fourth quarter of 2010, which further underscores our confidence
in the business and its future growth."
Mr. Schawk concluded, "We also expanded our digital marketing and creative
capabilities through the acquisitions of Real Branding and Untitled London
Limited during 2010. These acquisitions reflect our continued commitment
to strengthening our overall portfolio of brand development and deployment
services that we offer to our clients as they expand their ways of
connecting with consumers. Overall, given some continuing uncertainties
within the global economy, I am both excited and proud of what we
accomplished during 2010."
Consolidated Results for the Year Ended December 31, 2010
Consolidated net sales in 2010 were $460.6 million compared to $452.4
million in the same period of 2009, an increase of approximately $8.2
million, or 1.8 percent. Year-over-year sales were positively impacted by
changes in foreign currency translation rates of approximately $5.2
million, as the U.S. dollar decreased in value relative to the local
currencies of certain of the Company's non-U.S. subsidiaries.
Consumer packaged goods (CPG) accounts sales during the full year of 2010
were $329.0 million, or 71.4 percent of total net sales, compared to $318.7
million in the same period of 2009, an increase of 3.2 percent, reflecting
increased product and brand activity by the Company's clients. Advertising
and retail accounts sales in 2010 were $88.4 million, or 19.2 percent of
total sales, a decrease of 1.5 percent, from $89.8 million during the full
year of 2009, primarily driven by the loss of a non-core retail client.
Entertainment accounts sales for the full year of 2010 of $29.1 million, or
6.3 percent of total sales, decreased 11.3 percent, from $32.8 million in
the same period of 2009, driven by continued declines in promotional
activity.
Gross profit was $178.6 million during 2010, an increase of $7.5 million
from the same period of 2009. Full-year 2010 gross profit as a percentage
of sales increased to 38.8 percent from 37.8 percent in the prior-year
period. The full-year improvement in gross profit percent was largely
driven by the improved operating leverage resulting from higher sales and
certain cost-reduction actions enacted by the Company during 2010.
Selling, general and administrative (SG&A) expenses declined approximately
$6.9 million to $124.2 million during 2010 from $131.1 million in 2009.
The decline in SG&A expenses year over year was primarily driven by certain
cost-reduction activities implemented in 2009 and 2010 partially offset by
approximately $1.6 million of business and systems integration expenses
related to the Company's information technology and business process
improvement initiative.
The Company recorded a $2.3 million loss on foreign exchange exposures in
the full year of 2010, compared to a gain of $0.5 million in the same
period of 2009. The Company's foreign exchange gains or losses relate
primarily to unhedged currency exposure from intercompany debt obligations
of the Company's non-U.S. subsidiaries. Since foreign currency gains or
losses primarily relate to intercompany financing activity, the economic
impact to the Company is minimal, as these gains or losses are largely
offset by corresponding losses or gains in accumulated comprehensive
income, net, included in stockholders' equity.
Acquisition integration and restructuring expenses declined from $6.5
million during the full year of 2009 to $2.0 million during the same period
of 2010. These charges relate to employee terminations and other associated
costs which arose from the Company's continued focus on consolidating,
reducing and re-aligning its work force and operations. The actions taken
during 2010 are expected to result in annualized savings of approximately
$10.9 million for 2011, with approximately $4.9 million realized during
2010.
In 2010, the Company reported asset impairment expenses of $0.7 million
primarily related to certain equipment which sustained damage and was
rendered inoperable at one of the Company's facilities. During 2009, the
Company recorded $1.4 million of expense related to the impairment of
long-lived assets. This expense was primarily related to a revaluation of
a non-core vacant property owned by the Company.
Additionally, the Company recorded income of $0.2 million during 2010
reflecting its final adjustment of a multi-employer pension withdrawal
liability. In 2008, the Company decided to terminate participation in a
union supplemental retirement and disability fund, and recorded an initial
$7.3 million liability related to its decision. In 2009, an additional
$1.8 million of expense was recorded to reflect the Company's estimate of
its liability at year end 2009. The Company currently expects the final
settlement to be paid during the second quarter of 2011.
As previously mentioned, net income for the full year of 2009 was
positively impacted by the receipt of $9.2 million in cash as part of an
indemnity claim settlement in connection with the Company's 2005
acquisition of Seven Worldwide Holdings, Inc., of which $5.0 million was
reported as income.
Schawk reported operating income of $49.6 million in 2010 compared to $35.8
million in 2009. The increase year over year was driven primarily by
increases in gross profit and reduced SG&A expense partially offset by the
non-recurring indemnity settlement income reported during 2009.
For the full year of 2010, the Company reported a tax expense of $10.0
million compared to $7.6 million during the same period in 2009. The
increase in tax expense for 2010 compared to the prior year is primarily
due to discrete period tax benefits and amended tax return adjustments
recorded during 2009.
Net income in 2010 was $32.4 million, or $1.25 per diluted share, compared
to $19.5 million, or $0.78 per diluted share, in 2009. Non-GAAP Adjusted
net income was $31.1 million, or $1.20 per diluted share, for 2010 compared
to $23.1 million, or $0.93 per diluted share, on a comparable basis for the
prior-year period. Please refer to the tables at the end of this press
release for a reconciliation of these non-GAAP measures.
Adjusted EBITDA and Management Adjusted EBITDA Performance
Adjusted EBITDA for full year 2010 was $69.8 million compared to $58.4
million for the comparable period of 2009. Management adjusted EBITDA for
full year 2010 was $75.4 million compared to $65.4 million for the
prior-year period. Please refer to the "Reconciliation of Non-GAAP
Adjusted EBITDA and Management Adjusted EBITDA" table attached at the end
of this press release for a reconciliation of these measures.
Conference Call
Schawk invites you to join its fourth-quarter and full-year 2010 earnings
conference call on Thursday, March 10, 2011, at 9:00 a.m. Central time. To
participate in the conference call, please dial
800-299-7635 or
617-786-2901 at least five minutes prior to the start time and ask for the
Schawk, Inc. conference call, or on the Internet, go to
http://phx.corporate-ir.net/playerlink.zhtml?c=82169&s=wm&e=3792464. If
you are unavailable to participate on the live call, a replay will be
available through March 17 at 5:00 p.m. Central time. To access the
replay, dial
888-286-8010 or
617-801-6888, enter conference ID 73463854, and follow the prompts. The
replay will also be available on the Internet for 30 days at the following
address
http://phx.corporate-ir.net/playerlink.zhtml?c=82169&s=wm&e=3792464.
About Schawk, Inc.
Schawk, Inc. is a leading provider of brand development and deployment
services, enabling companies of all sizes to connect their brands with
consumers. With a global footprint of operations in 18 countries, Schawk
helps companies create compelling and consistent brand experiences by
providing integrated strategic, creative and executional services across
brand touchpoints. Founded in 1953, Schawk is trusted by many of the
world's leading organizations to help them achieve global brand
consistency. For more information about Schawk, visit
http://www.schawk.com.
Non-GAAP Financial Measures
In addition to the presentation of Adjusted EBITDA and Management adjusted
EBITDA in this release, the Company has presented certain other non-GAAP
measures in the attachment entitled "Reconciliation of Non-GAAP measures to
GAAP." Management believes that the presentation of non-GAAP measures
provides investors with greater transparency and supplemental data relating
to the Company's financial condition and results of operations and provides
more consistent insight into the performance of the Company's core
operations from period to period by showing the effects of certain
non-operating items. These non-GAAP measures are reconciled to the closest
GAAP measures on the schedules attached to this press release. The
non-GAAP measures should not be viewed as alternatives to GAAP and may not
be consistent with similar measures provided by other companies.
Safe Harbor Statement
Certain statements in this press release are forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and are subject to the safe harbor created thereby. These
statements are made based upon current expectations and beliefs that are
subject to risk and uncertainty. Actual results might differ materially
from those contained in the forward-looking statements because of factors,
such as, among other things, our ability to maintain an effective system of
disclosure and internal controls and the discovery of any future control
deficiencies or weaknesses, which may require substantial costs and
resources to rectify; higher than expected costs, or unanticipated
difficulties associated with, integrating acquired operations; higher than
expected costs associated with compliance with legal and regulatory
requirements; the strength of the United States economy in general and,
specifically, market conditions for the consumer products industry; the
level of demand for Schawk's services; changes in or weak consumer
confidence and consumer spending; unfavorable foreign exchange rate
fluctuations; loss of key management and operational personnel; our ability
to implement our growth strategy, rebranding initiatives and cost reduction
plans and to realize anticipated cost savings; the ability of the Company
to comply with the financial covenants contained in its debt agreements and
obtain waivers or amendments in the event of non-compliance with such
covenants; the stability of state, federal and foreign tax laws; our
continued ability to identify and exploit industry trends and exploit
technological advances in the imaging industry; the stability of political
conditions in foreign countries in which we have production capabilities;
terrorist attacks and the U.S. response to such attacks; as well as other
factors detailed in Schawk, Inc.'s filings with the Securities and Exchange
Commission.
The discussion of the Company's financial results within this earnings
release should be read and considered in context of the Company's most
recent annual Form 10-K filing with the Securities and Exchange Commission.
For more information about Schawk, visit its website at
http://www.schawk.com.
Schawk, Inc.
Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
December 31, Increase (Decrease)
-------------------- --------------------
2010 2009 Amount Percent
--------- --------- --------- ---------
Net sales $ 118,516 $ 121,906 $ (3,390) (2.8)%
Cost of sales 72,453 72,366 87 0.1 %
--------- --------- ---------
Gross profit 46,063 49,540 (3,477) (7.0)%
Selling, general and
administrative expenses 31,954 32,805 (851) (2.6)%
Acquisition integration and
restructuring expenses 1,237 2,813 (1,576) (56.0)%
Foreign exchange loss (gain) 62 547 (485) (88.7)%
Impairment of long-lived assets 8 1,305 (1,297) (99.4)%
Multiemployer pension
withdrawal (income) expense (700) 1,800 (2,500) nm
--------- --------- ---------
Operating income 13,502 10,270 3,232 31.5 %
Other income (expense)
Interest income 8 311 (303) (97.4)%
Interest expense (1,800) (2,428) 628 (25.9)%
--------- --------- ---------
Income before income taxes 11,710 8,153 3,557 43.6 %
Income tax provision 5,388 4,434 954 21.5 %
--------- --------- ---------
Net income $ 6,322 $ 3,719 $ 2,603 70.0 %
========= ========= =========
Earnings per share:
Basic $ 0.25 $ 0.15 $ 0.10
Diluted $ 0.24 $ 0.15 $ 0.09
Weighted average number of
common and common equivalent
shares outstanding:
Basic 25,701 25,053
Diluted 26,156 25,308
nm = not meaningful
Schawk, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
Twelve Months Ended
December 31, Increase (Decrease)
-------------------- --------------------
2010 2009 Amount Percent
--------- --------- --------- ---------
Net sales $ 460,626 $ 452,446 $ 8,180 1.8 %
Cost of sales 282,070 281,372 698 0.2 %
--------- --------- ---------
Gross profit 178,556 171,074 7,482 4.4 %
Selling, general and
administrative expenses 124,222 131,118 (6,896) (5.3)%
Acquisition integration and
restructuring expenses 1,974 6,459 (4,485) (69.4)%
Foreign exchange loss (gain) 2,306 (542) 2,848 nm
Impairment of long-lived assets 688 1,441 (753) (52.3)%
Multiemployer pension
withdrawal (income) expense (200) 1,800 (2,000) nm
Indemnity settlement income -- (4,986) 4,986 nm
--------- --------- ---------
Operating income 49,566 35,784 13,782 38.5 %
Other income (expense)
Interest income 39 535 (496) (92.7)%
Interest expense (7,201) (9,225) 2,024 (21.9)%
--------- --------- ---------
Income before income taxes 42,404 27,094 15,310 56.5 %
Income tax provision 9,984 7,597 2,387 31.4 %
--------- --------- ---------
Net income $ 32,420 $ 19,497 $ 12,923 66.3 %
========= ========= =========
Earnings per share:
Basic $ 1.27 $ 0.78 $ 0.49
Diluted $ 1.25 $ 0.78 $ 0.47
Weighted average number of
common and common equivalent shares
outstanding:
Basic 25,465 24,966
Diluted 25,883 25,001
nm = not meaningful
Schawk, Inc.
Consolidated Balance Sheets
(In thousands, except share amounts)
December 31, December 31,
2010 2009
------------ ------------
Assets
Current assets:
Cash and cash equivalents $ 36,889 $ 12,167
Trade accounts receivable, less allowance for
doubtful accounts of $1,525 in 2010 and
$1,619 in 2009 95,207 88,822
Inventories 18,250 20,536
Prepaid expenses and other current assets 9,356 8,192
Income tax receivable 2,943 2,565
Deferred income taxes 347 992
------------ ------------
Total current assets 162,992 133,274
Property and equipment, net 48,684 50,247
Goodwill, net 193,626 187,664
Other intangible assets, net:
Customer relationships 36,461 36,321
Other 817 1,284
Deferred income taxes 868 1,424
Other assets 6,411 6,005
------------ ------------
Total assets $ 449,859 $ 416,219
============ ============
Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable $ 21,930 $ 16,957
Accrued expenses 64,007 64,079
Deferred income taxes 3,260 205
Income taxes 1,038 14,600
Current portion of long-term debt 29,587 12,858
------------ ------------
Total current liabilities 119,822 108,699
------------ ------------
Long-term liabilities:
Long-term debt 37,080 64,707
Deferred income taxes 9,135 2,059
Other long-term liabilities 19,696 15,920
------------ ------------
Total long-term liabilities 65,911 82,686
------------ ------------
Stockholders' equity:
Common stock, $0.008 par value, 40,000,000
shares authorized, 30,506,252 and 29,855,796
shares issued at December 31, 2010 and 2009,
respectively; 25,761,334 and 25,108,894
shares outstanding at December 31, 2010 and
2009, respectively 224 220
Additional paid-in capital 200,205 191,701
Retained earnings 113,258 85,953
Accumulated comprehensive income, net 11,247 7,804
Treasury stock, at cost, 4,744,918 and
4,746,902 shares of common stock at
December 31, 2010 and 2009, respectively (60,808) (60,844)
------------ ------------
Total stockholders' equity 264,126 224,834
------------ ------------
Total liabilities and stockholders' equity $ 449,859 $ 416,219
============ ============
Schawk, Inc.
Segment Financial Data
(Unaudited)
(In thousands)
Three Months Ended
December 31, Increase (Decrease)
-------------------- -------------------
2010 2009 Amount Percent
--------- --------- --------- --------
Sales to external clients:
North America $ 101,662 $ 104,991 $ (3,329) (3.2)%
Europe 17,139 18,537 (1,398) (7.5)%
Asia Pacific 8,784 8,658 126 1.5 %
Intercompany sales elimination (9,069) (10,280) 1,211 (11.8)%
--------- --------- ---------
Sales to external clients $ 118,516 $ 121,906 $ (3,390) (2.8)%
========= ========= =========
Operating segment income
(loss):
North America $ 17,522 $ 17,969 $ (447) (2.5)%
Europe 959 1,656 (697) (42.1)%
Asia Pacific 1,218 2,102 (884) (42.1)%
Corporate (6,197) (11,457) 5,260 45.9 %
========= ========= =========
Operating segment income $ 13,502 $ 10,270 $ 3,232 31.5 %
========= ========= =========
Twelve Months Ended
December 31, Increase (Decrease)
-------------------- -------------------
2010 2009 Amount Percent
--------- --------- --------- --------
Sales to external clients:
North America $ 399,658 $ 390,713 $ 8,945 2.3 %
Europe 66,238 67,409 (1,171) (1.7)%
Asia Pacific 31,393 29,348 2,045 7.0 %
Intercompany sales elimination (36,663) (35,024) (1,639) 4.7 %
--------- --------- ---------
Sales to external clients $ 460,626 $ 452,446 $ 8,180 1.8 %
========= ========= =========
Operating segment income
(loss):
North America $ 68,428 $ 56,734 $ 11,694 20.6 %
Europe 3,812 3,836 (24) (0.6)%
Asia Pacific 4,855 7,389 (2,534) (34.3)%
Corporate (27,529) (32,175) 4,646 14.4 %
--------- --------- ---------
Operating segment income $ 49,566 $ 35,784 $ 13,782 38.5 %
========= ========= =========
Schawk, Inc.
Reconciliation of Non-GAAP measures to GAAP
(Unaudited)
(In Thousands, Except Share Amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------------ ------------------------
2010 2009 2010 2009
----------- ------------ ----------- -----------
Income before income
taxes - GAAP $ 11,710 $ 8,153 $ 42,404 $ 27,094
Adjustments:
Acquisition integration
and restructuring
expenses 1,237 2,813 1,974 6,459
Business and
systems integration
expenses 915 -- 1,564 --
Remediation and related
expenses -- 441 -- 4,484
Multiemployer pension
withdrawal (income)
expense (700) 1,800 (200) 1,800
Impairment of
long-lived assets (1) 8 1,305 688 1,441
Indemnity settlement -- -- -- (4,986)
Foreign currency loss
(gain) 62 547 2,306 (542)
----------- ------------ ----------- -----------
Adjusted income before
income tax - non GAAP 13,232 15,059 48,736 35,750
Adjusted income tax
provision - non GAAP 5,810 7,007 17,616 12,639
----------- ------------ ----------- -----------
Adjusted net income -
non GAAP $ 7,422 $ 8,052 $ 31,120 $ 23,111
=========== ============ =========== ===========
Weighted average common
and common stock
equivalents outstanding
- GAAP (diluted) 26,156 25,308 25,883 25,001
=========== ============ =========== ===========
Earnings per diluted
share - GAAP $ 0.24 $ 0.15 $ 1.25 $ 0.78
Adjustments - net of
tax effects:
Acquisition integration
and restructuring
expenses 0.04 0.07 0.05 0.17
Business and
systems integration
expenses 0.02 -- 0.04 --
Remediation and related
expenses -- 0.01 -- 0.11
Multiemployer pension
withdrawal (income)
expense (0.02) 0.04 (0.01) 0.04
Impairment of
long-lived assets -- 0.03 0.02 0.04
Indemnity settlement -- -- -- (0.20)
Foreign currency loss
(gain) -- 0.02 0.07 (0.01)
Effective settlement of
certain income tax
audits -- -- (0.22) --
----------- ------------ ----------- -----------
Adjusted earnings per
diluted share - non
GAAP $ 0.28 $ 0.32 $ 1.20 $ 0.93
=========== ============ =========== ===========
Income tax provision -
GAAP $ 5,388 $ 4,434 $ 9,984 $ 7,597
Adjustments: (2)
Acquisition integration
and restructuring
expenses 325 1,021 604 2,166
Business and
systems integration
expenses 363 -- 621 --
Remediation and related
expenses -- 175 -- 1,781
Multiemployer pension
withdrawal (income)
expense (278) 715 (79) 715
Impairment of
long-lived assets 3 518 273 563
Foreign currency (gain)
loss 9 144 583 (183)
Effective settlement of
certain income tax
audits -- -- 5,630 --
----------- ------------ ----------- -----------
Adjusted income tax
provision - non GAAP $ 5,810 $ 7,007 $ 17,616 $ 12,639
=========== ============ =========== ===========
(1) Please see the Company's discussion related to certain insurance
recoveries in its 2010 Form 10-K.
(2) Adjustments have been tax-effected at the jurisdictions' statutory
rates.
Schawk, Inc.
Reconciliation of Non-GAAP Adjusted EBITDA and Management Adjusted EBITDA
(Unaudited)
(In Thousands)
Three Months Twelve Months
Ended Ended
December 31, December 31,
------------------ ------------------
2010 2009 2010 2009
-------- --------- -------- --------
Net income - GAAP $ 6,322 $ 3,719 $ 32,420 $ 19,497
Interest expense 1,800 2,428 7,201 9,225
Income tax expense 5,388 4,434 9,984 7,597
-------- --------- -------- --------
Adjusted Income - non GAAP 13,510 10,581 49,605 36,319
Depreciation and amortization
expense 4,353 4,444 17,611 18,653
Impairment of long-lived assets 8 1,305 688 1,441
Non-cash restructuring charges -- -- -- 210
Stock based compensation 472 447 1,886 1,737
-------- --------- -------- --------
Adjusted EBITDA - non GAAP 18,343 16,777 69,790 58,360
Permitted add backs on debt
covenants:
Loss on sale of property and
equipment -- -- -- 44
Pro-forma effect of acquisitions
and asset sales 81 -- 1,104 --
Acquisition integration and
restructuring expenses(1) -- -- -- 3,000
-------- --------- -------- --------
Adjusted EBITDA for covenant
compliance - non GAAP 18,424 16,777 70,894 61,404
Acquisition integration and
restructuring expenses 1,237 2,813 1,974 3,249
Business and systems integration
expenses 915 -- 1,564 --
Pro-forma effect of acquisitions
and asset sales (81) -- (1,104) --
Multiemployer pension plan
withdrawal (income) expense (700) 1,800 (200) 1,800
Indemnity settlement income -- -- -- (4,986)
Foreign exchange loss (gain) 62 547 2,306 (542)
Remediation and related expenses -- 441 -- 4,484
-------- --------- -------- --------
Management adjusted EBITDA - non
GAAP $ 19,857 $ 22,378 $ 75,434 $ 65,409
======== ========= ======== ========
(1) Capped at $3.0 million for 2009 per the Company's new debt agreements.
Amounts in excess of $3.0 million are included as an adjustment for
Management adjusted EBITDA.
Use of Non-GAAP Adjusted EBITDA, Adjusted EBITDA for covenant compliance,
and Management adjusted EBITDA
Adjusted EBITDA, as presented within this release, is defined as earnings
before interest, income taxes, depreciation and amortization, and other
certain non-cash items. Adjusted EBITDA for covenant compliance, as
defined in the Company's January 2010 debt agreements, is defined as
Adjusted EBITDA excluding certain items, including items that are generally
considered non-operating, as permitted under the Company's current
revolving credit facility, and is used by management to gauge its ongoing
compliance with the Company's principal debt covenants, as well as pricing
on its revolving credit facility. Management adjusted EBITDA is used to
evaluate the core operating activities of the Company from period to
period. None of the measures presented above represent cash flows from
operations as defined by generally accepted accounting principles, should
not be considered as an alternative to net income or cash flow from
operations as an indicator of our operating performance, and are not
indicative of cash available to fund all cash flow needs. These measures
also may be inconsistent with similar measures presented by other companies
or EBITDA as defined under guidance from the Securities and Exchange
Commission.
Contact Information: AT SCHAWK, INC.:
Timothy Allen
Vice President, Finance
Operations and Investor Relations
847-827-9494
Timothy.Allen@schawk.com
AT DRESNER CORPORATE SERVICES:
Investors: Philip Kranz
312-780-7240
pkranz@dresnerco.com