Question-and-Answer Session
Operator
Thank you sir. Ladies and gentlemen, the Q&A session is open.[Operator Instructions]. Now the first question comes from Mr. Mark Stogner from Exane [ph]. Mr. Stogner please proceed with your question.
Unidentified Analyst
Yes. Good evening, Mark Stogner [ph] from Exane BNP Paribas. I have two questions if I may. The first one is on the operating cost. If I am correct, it was only Ä5 million over the Q3. Could you let us know if there were any exceptional items or it was a trend of a lower operating cost is there for the mid term? And my second question is on the guidance for the retail in 2007. Could you also confirm to us that you still expect the 22% comparable stock sales growth of 2007?
Andrea Guerra - Chief Executive Officer
Yes. So, I will answer to your second question first. Then we move back to the first. So, we expect another quarter around the 3% comps that we were able to deliver in quarter two. Regarding your first question, Enrico?
Enrico Cavatorta - Chief Financial Officer
I would like to be sure which corporate cost are you're referring about?
Unidentified Analyst
The elimination, the plus Ä39 million for the nine months including the exceptional gain. So if I'm correct it was Ä5 million for Q3.
Enrico Cavatorta - Chief Financial Officer
Yes, that's correct. And as you know this is a much lower number than Q3 of last year.
Unidentified Analyst
Yes.
Enrico Cavatorta - Chief Financial Officer
We normally have in this corporate cost ...where the corporate cost that was quite stable during the year; and year after year. Then we have amortization of our retail trademark. This again quite a simple number and the third component is the elimination, consolidation of the profit makeup. And that is the number that is less predictable of the three, in particular in this quarter, we had a positive effect. While last year, it was negative; and it was simply due to the movement of the inventory of the supplementary product in our retail division.
Unidentified Analyst
Okay, thank you.
Operator
Next question comes Luca Cipiccia from Goldman Sachs. Mr. Luca Cipiccia please proceed with your question.
Luca Cipiccia - Goldman Sachs
Hi. Good afternoon. Just a couple of questions on the retail division; just if you could give more details on the... well, if we look at the profitability of Pearle Vision and LensCrafters standalone maybe in the nine-month period. If you could comment on the year-on-year trend particularly for Pearle, just to understand where we stand in that development. And secondly, the merger operation on your license business; referring back to your comment. If you could explain, given the dilution that is having on the group performance and your increased focus on the say... premium segment. What is the strategic need or benefit of that business going forward? And my third question is again linking back to some of the comments in your presentation. With regards to the labs and the lens business; we've seen I think with a couple of weeks ago, Essilor posting almost 11% organic growth in the U.S., showing no signs of slowdown whatsoever; and they put that down largely to the Labs business. Given the environment that you're seeing now; are you tempted or are you considering to maybe expand that part of the business throughout going forward? Thanks.
Andrea Guerra - Chief Executive Officer
Yes. Hello so, regarding LensCrafters and Pearle Vision, profitability increased compared to a year ago. When we look to licensed brands, we like the business. We may not like all the business. But it's a ... let me say a simple and profitable business year-to-date and we're confident that it can dilute us in this specific period but help us in the long term. Regarding labs and lenses, we are extremely happy as I said before during the presentation of what we're doing. We have invested significant amount of money in our labs. We think we have really state-of-art technology. I think that we developed a number of excellent ideas. I think that 2008 will be a year where we expand our lab services through our franchising network. So, we will continue in 2008 to focus inside our --.
Luca Cipiccia - Goldman Sachs
And where would your franchise network now this ... we could say this by as number of players. Is it fragmented in that sense or --
Andrea Guerra - Chief Executive Officer
Very, very fragmented.
Luca Cipiccia - Goldman Sachs
And again on the license comment that you made, without being specific, but are you... is there a divergence in performance between the three full months or right now you are let's say the pressure that you're witnessing is pretty much consistent. It depends more on the price positioning maybe rather than model itself.
Andrea Guerra - Chief Executive Officer
No that is difference between the brands and we will take some decisions.
Luca Cipiccia - Goldman Sachs
Okay. Thank you.
Andrea Guerra - Chief Executive Officer
Thank you.
Operator
: Next question comes from Mr. Evian Rambo from HSBC. Mr. Rambo, please proceed with your question.
Evian Rambo - HSBC
Yes. Hi good evening; Evian Rambo from HSBC in London. Just coming back to the license brands, you were mentioning streamlining the license brand strategy for the existing three licensed brands. Can that imply exiting one of the three; and what would be the implications of that? Two, other questions. You mentioned for wholesale that the Chanel contract was underway and looking good. I don't know if that's the term you'd use exactly, but just as if you can say a bit more on that front and then finally on the Sunglass Hut's concept. Can we expect watches to out as of Q4? Is that correct?
Enrico Cavatorta - Chief Financial Officer
Yes. So watches will be out by Q4. And Chanel contract as soon as we sign it, I will give you the details as we usually do. As I said we're happy about the global turns. And a guiding license brand, if I could have been little bit more precise, I would have been today in discussions and I will be back to you. But I mean nothing extraordinary, no cost related and profitability enhancements.
Evian Rambo - HSBC
Okay and just one quick follow-up, because there's an element I missed I think, the comps in retail accelerated in Q3 versus the first two quarters. Do you expect is that correct you are close to 3% as well as in Q4, did I misunderstand that?
Andrea Guerra - Chief Executive Officer
Yes, and probably Kerry do you want to give some more color on this?
Kerry Bradley - Chief Operating Officer, Retail North America
Well I'll simply say that we had a good solid start to the quarter and we have some strong programs in front of us. So we're fully expecting in North America to have a good solid quarter. Probably slightly ahead of what we had in third quarter.
Evian Rambo - HSBC
Thank you very much. Thanks.
Operator
Next question comes from Mr. Flavio Cereda from Merrill Lynch. Mr. Cereda please proceed with your question.
Flavio Cereda - Merrill Lynch
Hi good evening. Two questions one of them is on North American retail and perhaps some I can pick up Kerry on the last comment that you made. It seems to me that I am looking on the various website, both LensCrafters and Pearle, you have fairly aggressive promotions going on at the movement. So I was wondering if you could clarify, clearly this helped to build up traffic. I am not sure what the impact would be on margins and profitability, so I am wondering whether am I wrong that you are running more promotions that you were running this time in last year and the other question I have is to the wholesale and specifically in Europe it seems that your sales in Europe have slowed down in the quarter and I was wondering whether you could give us a sense of what you are seeing? Thank you.
Andrea Guerra - Chief Executive Officer
Flavio I would just rather give you the answer on Europe wholesale and I would ask Kerry to give you feedback on retail U.S. and I said summer has been short or nil in some European countries. We had some weeks in July of basically no reorders August, September and October have been back to normal standards, so and as I said the acceptance of new collections has been strong. So I am looking really to a end of the year. I mean we all experienced this summer around Europe. So especially this sum has been hit, Kerry do you want to keep on answering to Flavio.
Kerry Bradley - Chief Operating Officer, Retail North America
Yes. And Flavio you are right, we have added some promotions during this year. If you look to our premium brands LensCrafters and Pearle, we find there our promotions that are almost profitable of those that allow them to buy the very best products, very best lens products with a discount of the top and we are offering discount at LensCrafters and at Pearle on the lens purchases and on the complete pairs, and we find that we are sell multiple payers and trade people up, so that our average dollar per transaction actually goes up and we are very happy with the profitability building traffic and conversion.
Our value brands tend to be our license brands, we intend to do more price point... entry price point type promotions and again those would not be real healthy for LensCrafters or Pearle, but these types of promotions yes indeed do build profitability.
Flavio Cereda - Merrill Lynch
Okay. Thank you.
Operator
Next question comes from the line of Mr. Daniel Hofkin from William Blair. Mr. Hofkin please proceed with your question.
Daniel Hofkin - William Blair & Company
Good evening everyone. Just a quick question on with the Sunglass Hut and I guess particularly in North America a very nice sequential trends there. I am just curious to know on the mix between let's say there's been a built up in sales momentum. What's been the profitability trend would you say year-to-year in the third quarter within Sunglass Hut and then compare that to the first half that would be my first question. The second question is can you quantify to what degree the, I guess the unfavorable weather in Europe may have impacted your wholesale margins and what the improvement of what you have done greater in a more normal environment? Thank you.
Enrico Cavatorta - Chief Financial Officer
Regarding profitability of the different brands, I can tell you that I'm really happy to see that quarter after quarter; compared to a year ago we are able to increase it. We are yet today not exactly reporting profit and loss by brands. Probably when we start to do it in the future, but I mean has increased and has significantly increased in the last three years. Regarding profitability on wholesale I think that it was not much hitting our profitability, but possibly more our top line and I mean, has been a month has gone and we have forgotten it.
Daniel Hofkin - William Blair & Company
Okay, I guess just to clarify that the first point, I thought you would indicate us maybe misheard this. There are a couple of points when the audio was fading and I don't know if that was just my line. But the question I guess would I think you indicated that both LensCrafters and Pearle Vision, had higher year-to-year profitability, compared to last year's quarter and I just was wondering, it sounds like a Sunglass Hut maybe not as favorable comparison, but still a better performance relative to the first half, if you could just comment on that and then I guess.
Enrico Cavatorta - Chief Financial Officer
I agree with what you said, I mean, that's what happens.
Daniel Hofkin - William Blair & Company
Okay and then in Europe what's enabled you to given that the even though it was the month that obviously showed up in the quarter, and obviously encouraging to see that that has picked back up. I am just wondering how you were able to adjust or is it a fact that the trend did deal the following the first month, what kind of help there.
Enrico Cavatorta - Chief Financial Officer
It was one month then I mean everything started to be.
Daniel Hofkin - William Blair & Company
Fair enough.
Enrico Cavatorta - Chief Financial Officer
It's fine.
Daniel Hofkin - William Blair & Company
Okay.
Enrico Cavatorta - Chief Financial Officer
No particular, as I said I didn't talk much about it, because I mean if you look that this was the 2005, 2006, 2007, third quarter in a row and to be at that level and increasing profitability on time.
Daniel Hofkin - William Blair & Company
Okay I appreciate it. Thank you.
Enrico Cavatorta - Chief Financial Officer
Thank you.
Operator
Next question comes from Mr. Luca Orsini from One Investments. Mr. Orsini please proceed with your question.
Luca Orsini - One Investment
Okay good Afternoon, just have a small question. You mentioned that the profitability the drop in profitability in the third quarter of the retail division was 70 basis points of that was due to the opening of shops and refurbishment and kind of investments in the retail segment. My question is the following, this is obviously you must have had an acceleration in that quarter, but it is not an isolated factor. if I had to ask you the same question, what would it had been on a sequential basis that number and what number been on year-on-year basis, just to get some sense, you see what I mean?
Enrico Cavatorta - Chief Financial Officer
Yes I think that overall year-on-year in you are say between the 50 basis points and 75 basis points cost into that investment, here we are.
Luca Orsini - One Investment
So if you look on year-on-year the extra cost should have been between 60 basis points and 70 basis points and sequentially?
Enrico Cavatorta - Chief Financial Officer
What do you mean by sequentially?
Luca Orsini - One Investment
In the nine months, is that what you said?
Enrico Cavatorta - Chief Financial Officer
This is what, I mean its 70 basis point in the quarter in the quarter, in the nine months it's between 50 and 75.
Luca Orsini - One Investment
Okay. And how do you explain the other 120 basis points? Or it's only insisting is the only the brand
Enrico Cavatorta - Chief Financial Officer
No, no. What I mean, I think that we like to highlight our good things and we are ready to highlight our not so great things. We talked about China and we talked about license brands profit dilution. I mean we talked about the three topics, and I think we have repeated them six or seven times. So here we are. And always keep in mind, and I am boring on this that some basis points are given to wholesale markets. Like I mean it's a very easy equation; retail was much focused on private labels. And private labels they had a higher percent in margin, and Luxottica wholesale had no margins. With our branded products, retail had a little bit less percentage margin and the wholesale has a good percentage margin. Overall the company is gaining a lot of money. The two divisions are a little bit off-balance.
Luca Orsini - One Investment
Well thank you very much.
Andrea Guerra - Chief Executive Officer
It's a pleasure.
Operator
Next question comes from Ms. Allegra Perry from Lehman Brothers. Ms. Perry please proceed with your question.
Allegra Perry - Lehman Brothers
Yes. Good evening. I have three questions, please. Firstly on retail full year guidance. Apologies, if I missed it, but I wondering if you could give us some specific guidance on retail margins for the full year. Specifically are you still guiding towards flat margin. Secondly on North America Retail overall. I was wondering if you could give us some flavor for how momentum evolved between the months during the quarter, as well as the transient footfall and conversion rate. And lastly on Tiffany, I was wondering if we could have a little more color on the pricing of the range and also how your distribution will planned for that... for that collection?
Andrea Guerra - Chief Executive Officer
The last questions you referred To Tiffany I guess?
Allegra Perry - Lehman Brothers
Yes, sorry Tiffany, I was just wondering what the pricing of the range will be. How it compares to other brands and also how the distribution will be organized?
Enrico Cavatorta - Chief Financial Officer
So Tiffany will be priced between $380 and $1100, standard optical. Obviously it's a quite selective distribution as you can imagine we are targeting a penetration similar to Chanel and the Bulgari One. We're starting in North America. In December we will move in Q1 2008 in Japan, China, Australia, Hong Kong, Mexico and UK. And we will move in all other European and other Asian markets during the course of 2008, so we are accelerating the path compared to the initial project. Kerry do you want to answer the retail questions.
Kerry Bradley - Chief Operating Officer, Retail North America
I'll just take you through the question around momentum month-to-month and we saw a clear growth each month. We started with our slowest month in July and that happened to be one of the slowest months in all of retail North America across all categories. And then we had a very good August and a very strong September and again we are carrying some momentum into Q4, but we do expect to build throughout this quarter as well.
Enrico Cavatorta - Chief Financial Officer
Regarding retail margin compared to last full year. I think that to consider a full 100 basis points to last the last year is a correct number.
Allegra Perry - Lehman Brothers
Okay thank you. And just had last question, on footfall and conversion rates in the U.S.. I don't know if we can get a little more color on that.
Kerry Bradley - Chief Operating Officer, Retail North America
As Andrea has said conversion is what it's all about, We have seen a very solid foot traffic with the moderate-to-high end customer with the more value end customer, which we do have some of those in each one of our businesses, we have seen a pull back in a deferral, so our traffic is overall down, but those who are coming are spending, and so we focus 100% on conversion, and our conversion rates are up versus last year.
Allegra Perry - Lehman Brothers
Thank you.
Operator
Next question comes from Mr. Domenico Ghilotti from Euromobiliare. Mr. Ghilotti please proceed with your question.
Domenico Ghilotti - Euromobiliare SIM
Good afternoon. First of all I would like to have some indication on the level of revisions you add on the list by season wholesale. You mentioned this upward revision in prices. If you can give us also some range. And second is a clarification on the guidance, I presume you are factoring in an comp exchange rate, but I would like check on this and also on the retail side. You mentioned that 8% comp sales for some, and could you provide also an indication there for the retail division overall?
Enrico Cavatorta - Chief Financial Officer
Regarding the list price, I think that during...I started off saying it, and during the presentation. I forgot to talk about it. So we had a solid, more than 5% increase, 6% or 7% increase in North America in July. And in September, rest of the world, we had a 7% to 9% increases. In all our new collection, which means an average of 5% on our sales in September.
Domenico Ghilotti - Euromobiliare SIM
Okay. Thank you. On the guidance?
Andrea Guerra - Chief Executive Officer
: Guidance I mean, I think we are anticipating too much.
Domenico Ghilotti - Euromobiliare SIM
Just to check, that it is a compact exchange rate I presume.
Andrea Guerra - Chief Executive Officer
No, no, no. I mean when you talk about end of year forecast, and we talk about 108, 110, we were referring to a 135.
Domenico Ghilotti - Euromobiliare SIM
Okay.
Andrea Guerra - Chief Executive Officer
If that moves above the 135 we are obviously targeting more 108 than 110.
Domenico Ghilotti - Euromobiliare SIM
And also it was mentioned in the outlook for 2008. So when you are saying that wholesale is expected about 10%, so double digit, and retail comp sales.
Andrea Guerra - Chief Executive Officer
We are really, to date we are making a plan at 140, and that number refers to 140.
Domenico Ghilotti - Euromobiliare SIM
My last question, sorry, would you expect a contribution from watches [ph]
to 2007 sales, just to have a more clear base say base for 2008.
Enrico Cavatorta - Chief Financial Officer
Peanuts, for cost and revenue.
Domenico Ghilotti - Euromobiliare SIM
Okay. Thank you.
Operator
Next question comes from Ms. Francesca Di Pasquantonio from Deutsche Bank. Ms. Di Pasquantonio, please proceed with your question.
Francesca Di Pasquantonio - Deutsche Bank
Yes good evening. I have a few follow-up questions, if I may. The first one is, going back to European wholesale business. You mentioned that the business is back to normal standard. Does it mean 20% organic growth? That's the first question. The second question is, you are obviously planning ... I expect you would be planning your 2008 without assuming that the slowdown which currently is affecting the value brands that will spread out to the high end brands. Can you confirm this? The third question is regarding again, I'm sorry the retail profitability. But I just want to clarify if my understanding is correct, because the significant amount of non-recurring that you refer to both for the third quarter and the nine months to year would really imply that the underlying business excluding the value brands...I mean the underlying profitability excluding the value brands for LensCrafters and Sunglass Hut, has not been heard. So, that's the third question. If you could confirm that?
Enrico Cavatorta - Chief Financial Officer
I confirm the third. I confirm the second. I do not confirm the first. I mean, when you say that the organic growth continues at 20% in our sales, we are targeting that, I'm not committing to that and obviously more and more it's a tougher number.
Francesca Di Pasquantonio - Deutsche Bank
Okay. If I may follow-up a question on retail margins. I was just curious to understand how much of you total sales over the last three... over the last quarter was made out of just promotional activities and if that had any vested margins, if you could somehow quantify that. And just to understand what we could extrapolate going forward?
Andrea Guerra - Chief Executive Officer
I don't think that we are able to extrapolate any specific item there. As Kerry was saying I think we have been quite clever in our premium retail brands to grow and have some good proposals and obviously compare.
Francesca Di Pasquantonio - Deutsche Bank
Well, you mean that you are giving out internally of gross margin on the promotion you try to recover by improving the [inaudible] basically
Andrea Guerra - Chief Executive Officer
Yes
Francesca Di Pasquantonio - Deutsche Bank
for each consumer.
Andrea Guerra - Chief Executive Officer
And this works.
Francesca Di Pasquantonio - Deutsche Bank
Okay. Final question if I may. Is it possible to have an idea of the Managed Vision Care cost with retail profitability?
Andrea Guerra - Chief Executive Officer
Managed Vision Care is not a cost.
Francesca Di Pasquantonio - Deutsche Bank
Its not.
Andrea Guerra - Chief Executive Officer
Managed vision care is an excellent tool to have traffic in the store. Managed Vision Care is to bring people in the store and then it is our job to driven them up at least the mix and have somewhat a lower ticket, but not consistent. I mean normally we are able to extract with values also from Managed Vision Care consumers that we can if you want to have a more detailed and deeper analysis of Managed Vision Care and other... in another region.
Francesca Di Pasquantonio - Deutsche Bank
The reason why, I was asking is that I shouldn't be worried, if you decide to be more expensive in your Manage Vision Care reach, in order to improve the traffic.
Andrea Guerra - Chief Executive Officer
No.
Francesca Di Pasquantonio - Deutsche Bank
So, there is no cost side to the equation or not significant anyway?
Andrea Guerra - Chief Executive Officer
Not significant.
Francesca Di Pasquantonio - Deutsche Bank
Thank you.
Andrea Guerra - Chief Executive Officer
Thank you Francesca.
Operator
Next question comes from Mr. Stefano Corneliani from Intermonte Securities, Mr. Corneliani, please proceed with your question. Mr. Corneliani is not available at the moment. Next question comes from Mr. Daniel Hofkin from William Blair. Mr. Hofkin please proceed with your questions.
Daniel Hofkin - William Blair & Company
Hi just a quick follow-up Andrea you are answering a question as to little bit ago regarding 2008 and unfortunately the sound faded out. I was hoping you might be able to just repeat what you had said apologize for that, the other question was regarding traffics trends between the North American concept, I assume and may be this is wrong, if you take out the licensed retail brands and look if you were to compare let's say the Optical versus Sun that the traffic trend is more impacted on the Sunglass side but, if that's true if you could give some sense of that? Thank you.
Andrea Guerra - Chief Executive Officer
So regarding traffic Sun is not at all hurt by any kind of traffic slow down today. So...
Daniel Hofkin - William Blair & Company
Is that changed?
Andrea Guerra - Chief Executive Officer
Excuse me.
Daniel Hofkin - William Blair & Company
Is that a change? It sounded like after the quarter there had been some softer customer traffic, maybe just overall mall traffic being slower.
Andrea Guerra - Chief Executive Officer
No, not in our Sun business.
Daniel Hofkin - William Blair & Company
Okay.
Andrea Guerra - Chief Executive Officer
Regarding guidance I think the only thing I added was that we are today working on a basis of a dollar-euro exchange rate at 1.40. I don't think I added anything else.
Daniel Hofkin - William Blair & Company
Okay. Thank you.
Andrea Guerra - Chief Executive Officer
Thank you.
Operator
Next question comes from Francesca Di Pasquantonio from Deutsche Bank. Ms. Di Pasquantonio please proceed with your question.
Francesca Di Pasquantonio - Deutsche Bank
Yes sorry two follow-up questions from me, one is on the, I know it's too early, but the retail margin on 2008, considering the 50, 75 basis points cost for the let's say network investment. Considering that the non-recurring cost from China should somehow decrease and assuming that the value brand profitability has to at least to remain flat. That should mean just refers to significant improvement with respect to the 2007 12.1% to 12.2% expected margins. Should we should we be aware of any other non-recurring factors which could make... spoil the picture the picture slightly for 2008 and in particular more cost for ILORI that you haven't foreseen a faster development of the network in terms ILORI, compared to original expectations?
Andrea Guerra - Chief Executive Officer
When we look to what we have been doing on our retail network, I am very happy about what we have been doing. I mean we could pulled and pushed our profitability to really other levels. But I don't think we would be happy here standing and looking to our 2008, 2009, 2010 and saying what we do next. So we decided to go further in doing a number of different activities that will for sure turn to be more profitable in the future. We are targeting a higher a profitability level, compared to this year. I think it is too early to give any specific number. This is all I want to say but I really hope that the message of the great work we did on store network is not seen as negative, but we feel extremely happy and positive of the enhancement of Sunglass Hut, LensCrafters will be the same in Australia, the LensCrafters network in China. I am proud of what we have been doing.
Francesca Di Pasquantonio - Deutsche Bank
Okay. I mean we can expect additional work to be done on the network in 2008 which could --
Andrea Guerra - Chief Executive Officer
As we have written, I mean the first thing we write is execution 2008.
Francesca Di Pasquantonio - Deutsche Bank
Okay. Thank you.
Andrea Guerra - Chief Executive Officer
Thank you.
Operator
Mr. Guerra there are no more questions.
Andrea Guerra - Chief Executive Officer
So thank you to everyone and see you in mid... probably, hopefully mid-November and then mid-January. Thank you. Bye-bye.
Operator
Ladies and gentlemen. Thank you for attending this afternoon conference. You may now replace your handsets. Thank you.
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