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Rayonier Reports Second Quarter 2003 Earnings

July 22, 2003

JACKSONVILLE, Fla.--(BUSINESS WIRE)--July 22, 2003--Rayonier (NYSE:RYN) today reported second quarter 2003 net income of $31.7 million, or 74 cents per share, compared to $8.2 million, or 20 cents per share, in first quarter 2003 and $16.3 million, or 38 cents per share, in second quarter 2002. This quarter's results included 59 cents per share (including favorable post closing survey adjustments) for the Matanzas Marsh land sale that closed in April.

Lee Nutter, Chairman, President and CEO said: "Excluding the Matanzas sale, second quarter earnings declined from first quarter as we continued to experience the effects of a sluggish global economy, a severe weather-related shortage of hardwood chips for our performance fibers business and a prolonged slump in domestic timber prices. However, we did see higher absorbent materials prices and cellulose specialties volumes in the quarter."

Excluding the large land sale, earnings were below second quarter 2002 due to higher performance fibers manufacturing costs and lower Northwest U.S. timber volume and prices.

Sales of $296 million were $30 million above first quarter and $27 million higher than second quarter 2002 primarily due to the Matanzas sale.

Cash provided by operating activities increased to $70 million from $39 million in the first quarter and free cash flow to $45 million from $13 million primarily due to higher operating earnings offset by $16 million in tax deposits related to prior years' liabilities. Both cash measures were comparable to second quarter 2002. EBITDA was $95 million, an increase of $31 million and $17 million from first quarter and second quarter 2002, respectively, mainly due to stronger operating results. (EBITDA and free cash flow are non-GAAP measures defined in Exhibit A.)

Debt at quarter-end of $622 million was $5 million and $31 million below the first quarter and year-end 2002, respectively. The debt-to-capital ratio of 45.8 percent reflects a decline of 1.2 and 2.1 percentage points from first quarter and year-end 2002, respectively. Cash invested at quarter-end was $41 million.

Performance Fibers

Sales of $132 million were $4 million above first quarter primarily due to higher cellulose specialties volume. Operating income of $3 million was $4 million above the first quarter mainly due to higher absorbent materials prices somewhat offset by a lower average price for cellulose specialties due to mix, and higher manufacturing costs. Compared to second quarter 2002, sales increased $8 million while operating income declined $8 million. Higher volume and average price in both cellulose specialties and absorbent materials were more than offset by increased hardwood chip, chemical and maintenance costs, and an equipment outage at the Jesup, Georgia, mill.

Timber and Land

Sales of $92 million and operating income of $59 million were $30 million and $33 million, respectively, above the first quarter, mainly due to the Matanzas sale, offset somewhat by lower Northwest U.S. timber volume and prices. (See Exhibit H for details regarding Matanzas' contribution to sales, operating income, net income and EBITDA.) Compared to second quarter 2002, sales and operating income increased $34 million and $28 million, respectively, due to the large land sale and stronger New Zealand timber prices partially offset by lower U.S. timber prices and volumes.

Wood Products

Sales of $31 million were slightly above first quarter and an operating loss of $2 million represented an improvement of $1 million principally due to lower manufacturing costs and higher lumber prices. Compared to second quarter 2002, sales and operating income declined $7 million and $2 million, respectively. Lower lumber prices, and higher MDF manufacturing costs on a US dollar basis, were partially offset by a reduction in lumber manufacturing costs.

Other Operations

Sales of $41 million were $5 million below first quarter while the operating loss of $1 million compared to breakeven in the first quarter. Compared to second quarter 2002, sales and operating income declined $12 million and $1 million, respectively.

Other Items

Corporate expenses of $7.9 million were $2.9 million and $2.6 million above first quarter 2003 and second quarter 2002, respectively, primarily due to higher incentive compensation accruals and other administrative expenses.

Interest expense of $12 million was unchanged from first quarter and $3 million below second quarter 2002 primarily due to lower debt.

Interest and miscellaneous income of $0.4 million compared to $1.1 million in the first quarter (which included $0.8 million of interest income from a pre-1994 tax audit) and an expense of $0.1 million in second quarter 2002.

The effective tax rate of 24.6 percent was below the second quarter 2002 rate of 27.8 percent as a result of increased foreign and other tax credits and this quarter's disproportionately high contribution to expected annual income. The 2003 first quarter tax benefit of 4.2 percent resulted primarily from a $2.3 million favorable tax audit negotiation.

Outlook

"We continue to see strong interest in higher value properties and increased demand for our cellulose specialty products," Nutter said. "However, weather-related hardwood chip shortages continue to impact performance fibers' production schedules and costs. Also, given seasonally lower Northwest U.S. timber volume and uncertainty over the timing of an anticipated land sale, third quarter earnings could be significantly lower than second quarter's excluding the Matanzas transaction."

Nutter also said the company is concluding a strategic study designed to extract more value for its shareholders from its U.S. timber assets. He said the study, being conducted with the assistance of legal and investment banking advisors, is expected to be completed by the end of the third quarter.

Rayonier has more than 2 million acres of timber and land in the U.S. and New Zealand and is the world's premier supplier of high performance specialty cellulose fibers. Approximately 40 percent of Rayonier's sales are outside the U.S. to customers in more than 50 countries.

Reported results are preliminary and not final until filing of the second quarter Form 10-Q with the Securities and Exchange Commission. Comments about anticipated demand, expenses and earnings are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The following important factors, among others, could cause actual results to differ materially from those expressed in the forward-looking statements: changes in global market trends and world events; interest rate and currency movements; fluctuations in demand for cellulose specialties, absorbent materials, timber or wood products; adverse weather conditions; changes in production costs for wood products or performance fibers, particularly for raw materials such as wood, energy and chemicals; unexpected delays in the closing of land sale transactions; and implementation or revision of governmental policies and regulations affecting the environment, import and export controls or taxes. For additional factors that could impact future results, please see the company's most recent Form 10-K on file with the Securities and Exchange Commission.

A conference call will be held on Tuesday, July 22 at 4:15 p.m. EDT to discuss these results. Interested parties are invited to listen to the live webcast by logging onto http://www.rayonier.com and following the link. Supplemental materials will be available at the website. A replay will be available on the site shortly after the call where it will be archived for one month. Also, investors may access the "listen only" conference call by dialing 913-981-5584.

For more information, visit the company's web site at http://www.rayonier.com. Complimentary copies of Rayonier press releases and other financial documents are also available by mail or fax by calling 1-800-RYN-7611.

 
                                 RAYONIER
                        FINANCIAL  HIGHLIGHTS (i)
                      JUNE 30, 2003  (unaudited)

          (millions of dollars, except per share information)

                          Three Months Ended        Six Months Ended
                    ----------------------------- -------------------
                     June 30,  Mar. 31,  June 30,  June 30,  June 30,
                      2003      2003      2002      2003      2002
                    --------- --------- --------- --------- ---------
 Profitability
    Sales             $295.9    $265.9    $269.3    $561.8    $538.0
    Operating
     income            $54.0     $19.2     $39.7     $73.2     $67.4
    Income from
     continuing
     operations        $31.7      $8.2     $17.6     $39.9     $26.6
    Discontinued
     operations           $-        $-     $(1.3)       $-     $(0.9)
    Net income
     (after disc.
     ops)              $31.7      $8.2     $16.3     $39.9     $25.7
    Diluted earnings
     per share:
       Continuing
        operations     $0.74 $0.20 $0.41 $0.94 $0.62
       Net income
        (after
        disc. ops)     $0.74 $0.20 $0.38 $0.94 $0.60
    Operating income
      as a percent
      of sales          18.2%      7.2%     14.7%     13.0%     12.5%
    ROE
     (annualized)(a)     6.0%      3.6%      8.2%      6.4%      6.3%

 Capital Resources
  and Liquidity
    Cash provided by
     operating
     activities        $69.5     $39.3     $68.8    $108.8    $130.5
    EBITDA (b)         $95.4     $64.8     $78.9    $160.2    $152.8
    Free cash flow(c)  $45.4     $13.3     $44.5     $58.7     $80.1
    Repayment of
     debt, net          $5.7     $25.8     $47.9     $31.5     $83.7
    Debt              $622.2    $627.5    $782.0    $622.2    $782.0
    Debt / capital      45.8%     47.0%     51.6%     45.8%     51.6%


(a) From continuing operations; major land sales are not annualized.

(b) EBITDA is defined as earnings from continuing operations before
    interest expense, income taxes, depreciation, depletion,
    amortization and the non-cash cost of land sales.  EBITDA is a
    non-GAAP measure of gross cash generating capacity of the company.

(c) Free cash flow is defined as cash provided by operating activities
    of continuing operations less net custodial capital spending,
    dividends at prior year level and the tax benefit on the exercise
    of stock options.  Free cash flow is a non-GAAP measure of
    discretionary cash available for capital expenditures, paying
    dividends above the prior year level, repurchasing the company's
    common shares and/or reducing debt.


(i) Prior period earnings per share data have been restated to
    reflect the June 12, 2003 three-for-two stock split.

                                 -A-


                               RAYONIER
             CONDENSED STATEMENTS OF CONSOLIDATED INCOME (i)
                       JUNE 30, 2003 (unaudited)

          (millions of dollars, except per share information)

                                           Three Months Ended
                                  -----------------------------------
                                    June 30,   March 31,    June 30,
                                     2003        2003        2002
                                  ----------- ----------- -----------

 Sales                                $295.9      $265.9      $269.3
                                  ----------- ----------- -----------
 Costs and expenses
    Cost of sales                      231.3       238.3       220.6
    Selling and general expenses        13.0        10.0        10.4
    Other operating expense
     (income)                           (2.4)       (1.6)       (1.4)
                                  ----------- ----------- -----------
 Operating income                       54.0        19.2        39.7

 Interest expense                      (12.4)      (12.4)      (15.3)
 Interest and miscellaneous
   income (expense), net                 0.4         1.1        (0.1)
                                  ----------- ----------- -----------
 Income from continuing
  operations before
  income taxes                          42.0         7.9        24.3
 Income tax (expense) benefit          (10.3)        0.3        (6.7)
                                  ----------- ----------- -----------
 Income from continuing
  operations                           $31.7        $8.2       $17.6
 Discontinued operations, net              -           -        (1.3)
                                  ----------- ----------- -----------
 Net income                            $31.7        $8.2       $16.3
                                  =========== =========== ===========

 Net income per Common Share
   Basic EPS
      From continuing operations       $0.76 $0.20 $0.42
                                  =========== =========== ===========
      Net income (after disc.
       ops)                            $0.76 $0.20 $0.39
                                  =========== =========== ===========
   Diluted EPS
      From continuing operations       $0.74 $0.20 $0.41
                                  =========== =========== ===========
      Net income (after disc.
       ops)                            $0.74 $0.20 $0.38
                                  =========== =========== ===========

 Weighted average Common
 Shares used for determining
   Basic EPS                      41,796,776  41,671,289  41,593,197
                                  =========== =========== ===========
   Diluted EPS                    42,516,508  42,203,489  42,487,176
                                  =========== =========== ===========


                                                 Six Months Ended
                                             -----------------------
                                               June 30,    June 30,
                                                2003        2002
                                             ----------- -----------

 Sales                                           $561.8      $538.0
                                             ----------- -----------
 Costs and expenses
    Cost of sales                                 469.6       449.6
    Selling and general expenses                   23.0        21.8
    Other operating expense (income)               (4.0)       (0.8)
                                             ----------- -----------
 Operating income                                  73.2        67.4

 Interest expense                                 (24.8)      (30.8)
 Interest and miscellaneous
   income (expense), net                            1.5         0.3
                                             ----------- -----------
 Income from continuing operations
   before income taxes                             49.9        36.9
 Income tax (expense) benefit                     (10.0)      (10.3)
                                             ----------- -----------
 Income from continuing operations                $39.9       $26.6
 Discontinued operations, net                         -        (0.9)
                                             ----------- -----------
 Net income                                       $39.9       $25.7
                                             =========== ===========

 Net income per Common Share
   Basic EPS
      From continuing operations                  $0.96 $0.64
                                             =========== ===========
      Net income (after disc. ops)                $0.96 $0.62
                                             =========== ===========
   Diluted EPS
      From continuing operations                  $0.94 $0.62
                                             =========== ===========
      Net income (after disc. ops)                $0.94 $0.60
                                             =========== ===========

 Weighted average Common
 Shares used for determining
   Basic EPS                                 41,734,379  41,442,021
                                             =========== ===========
   Diluted EPS                               42,344,871  42,312,855
                                             =========== ===========


(i) Prior period earnings per share and share data have been restated
    to reflect the June 12, 2003 three-for-two stock split.

                                 -B-


                               RAYONIER
              BUSINESS SEGMENT SALES AND OPERATING INCOME
                       JUNE 30, 2003 (unaudited)

                         (millions of dollars)


                         Three Months Ended         Six Months Ended
                   ------------------------------ -------------------
                    June 30,   Mar. 31,  June 30,  June 30,  June 30,
                     2003       2003      2002      2003      2002
                   ---------- --------- --------- --------- ---------
 Sales
  Performance Fibers
   Cellulose
    specialties        $91.7     $87.1     $86.6    $178.8    $177.2
  Absorbent materials   40.4      41.4      37.5      81.8      76.2
                   ---------- --------- --------- --------- ---------
    Total Performance
     Fibers            132.1     128.5     124.1     260.6     253.4
                   ---------- --------- --------- --------- ---------

  Timber and Land
   Timber               38.5      43.6      45.4      82.1      87.7
   Land                 53.1      17.6      12.6      70.7      31.7
                   ---------- --------- --------- --------- ---------
    Total Timber
     and Land           91.6      61.2      58.0     152.8     119.4
                   ---------- --------- --------- --------- ---------

  Wood Products         31.4      30.0      38.3      61.4      72.3

  Other Operations      41.2      46.5      53.0      87.7     100.6

  Intersegment
   eliminations         (0.4)     (0.3)     (4.1)     (0.7)     (7.7)
                   ---------- --------- --------- --------- ---------

    Total sales       $295.9    $265.9    $269.3    $561.8    $538.0
                   ========== ========= ========= ========= =========

 Operating income (loss)
  Performance Fibers    $2.8     $(1.2)    $11.0      $1.6     $17.8

  Timber and Land
   Timber               11.6      16.7      20.9      28.3      41.6
   Land                 47.6       9.1      10.8      56.7      19.4
                   ---------- --------- --------- --------- ---------
    Total Timber
     and Land           59.2      25.8      31.7      85.0      61.0

    Wood Products       (2.4)     (3.2)     (0.5)     (5.6)     (1.3)

    Other Operations    (0.9)        -       0.4      (0.9)     (1.2)

    Corporate           (7.9)     (5.0)     (5.3)    (12.9)    (11.7)

    Intersegment
     eliminations and
     other (Including
     Corporate FX)       3.2       2.8       2.4       6.0       2.8
                   ---------- --------- --------- --------- ---------

    Total operating
     income            $54.0     $19.2     $39.7     $73.2     $67.4
                   ========== ========= ========= ========= =========


                                  -C-


                               RAYONIER
  CONDENSED CONSOLIDATED BALANCE SHEET AND STATEMENTS OF CASH FLOWS
                      JUNE 30, 2003  (unaudited)
                        (millions of dollars)

 CONDENSED CONSOLIDATED BALANCE SHEET
                                             June 30,      Dec. 31,
                                              2003          2002
                                          -------------  ------------
 Assets
 Current assets                                 $255.5        $228.8
 Timber, timberlands and logging roads,
  net of depletion and amortization              998.5       1,023.2
 Property, plant and equipment                 1,399.6       1,387.4
 Less accumulated depreciation                   885.3         846.3
                                          -------------  ------------
                                                 514.3         541.1
                                          -------------  ------------
 Other assets                                     91.0          94.1
                                          -------------  ------------
                                              $1,859.3      $1,887.2
                                          =============  ============
 Liabilities and Shareholders' Equity
 Current liabilities                            $135.6        $171.8
 Deferred income taxes                           130.2         110.2
 Long-term debt                                  618.7         649.6
 Non-current reserves for dispositions
  and discontinued operations                    144.6         146.3
 Other non-current liabilities                    94.3          99.6
 Shareholders' equity                            735.9         709.7
                                          -------------  ------------
                                              $1,859.3      $1,887.2
                                          =============  ============

 CONDENSED CONSOLIDATED STATEMENTS OF
  CASH FLOWS
                                           Six Months Ended June 30,
                                          ---------------------------
                                              2003          2002
                                          -------------  ------------
 Cash provided by operating activities:
    Income from continuing operations            $39.9         $26.6
    Depreciation, depletion, amortization
     and non-cash cost of land sales              85.5          85.0
    Other non-cash items included in
     income                                        7.9           1.8
    Changes in working capital and other
     assets and liabilities                      (24.5)         17.1
                                          -------------  ------------
                                                 108.8         130.5
                                          -------------  ------------
 Cash used for investing activities:
                                          -------------  ------------
    Capital expenditures, net of sales
     and retirements                             (32.7)        (33.6)
                                          -------------  ------------

 Cash used for financing activities:
    Repayment of debt, net                       (31.5)        (83.7)
    Dividends paid, shares issued, net           (16.5)         (7.5)
                                          -------------  ------------
                                                 (48.0)        (91.2)
                                          -------------  ------------
 Cash provided by discontinued operations            -          18.9
                                          -------------  ------------
 Cash and cash equivalents:
    Increase in cash and cash equivalents         28.1          24.6
    Balance, beginning of year                    18.9          14.1
                                          -------------  ------------
    Balance, end of period                       $47.0         $38.7
                                          =============  ============


                                 -D-


                               RAYONIER
                SELECTED  SUPPLEMENTAL FINANCIAL DATA
                      JUNE 30, 2003  (unaudited)

                        (millions of dollars)

                          Three Months Ended        Six Months Ended
                    ----------------------------- -------------------
                     June 30,  Mar. 31,  June 30,  June 30,  June 30,
                      2003      2003      2002      2003      2002
                    --------- --------- --------- --------- ---------

Geographical Data
 (Non-U.S.)
 Sales
  New Zealand $22.0     $18.5     $17.5     $40.5     $37.3
  Other                  2.9       4.6      11.5       7.5      24.8
                    --------- --------- --------- --------- ---------
     Total             $24.9     $23.1     $29.0     $48.0     $62.1
                    ========= ========= ========= ========= =========

 Operating income
  (loss)
  New Zealand $1.7      $1.5      $2.5      $3.2      $1.9
  Other                 (0.5)     (0.4)      0.4      (0.9)     (1.0)
                    --------- --------- --------- --------- ---------
     Total              $1.2      $1.1      $2.9      $2.3      $0.9
                    ========= ========= ========= ========= =========

Timber
 Sales
  Northwest U.S.       $15.0     $20.3     $20.3     $35.3     $37.6
  Southeast U.S.        18.3      19.4      21.4      37.7      44.1
  New Zealand            5.2       3.9       3.7       9.1       6.0
                    --------- --------- --------- --------- ---------
     Total             $38.5     $43.6     $45.4     $82.1     $87.7
                    ========= ========= ========= ========= =========

 Operating income
  (loss)
  Northwest U.S.        $7.3     $12.6     $14.9     $19.9     $27.8
  Southeast U.S.         3.9       4.2       6.1       8.1      13.9
  New Zealand            0.4      (0.1)     (0.1)      0.3      (0.1)
                    --------- --------- --------- --------- ---------
     Total             $11.6     $16.7     $20.9     $28.3     $41.6
                    ========= ========= ========= ========= =========

EBITDA
 Performance Fibers    $22.3     $17.5     $30.6     $39.8     $55.7
 Timber and Land        77.6      48.5      47.5     126.1     101.1
 Wood Products           0.8      (0.3)      3.0       0.5       5.3
 Other Operations       (0.7)      0.2       0.9      (0.5)     (0.2)
 Corporate and
  other                 (4.6)     (1.1)     (3.1)     (5.7)     (9.1)
                    --------- --------- --------- --------- ---------
     Total             $95.4     $64.8     $78.9    $160.2    $152.8
                    ========= ========= ========= ========= =========


                                 -E-


                               RAYONIER
                  SELECTED  OPERATING  INFORMATION
                      JUNE 30, 2003  (unaudited)

                           Three Months Ended       Six Months Ended
                     ----------------------------- ------------------
                      June 30,  Mar. 31,  June 30, June 30,  June 30,
                       2003      2003      2002     2003      2002
                     --------- --------- --------- -------- ---------
Performance Fibers
 Sales Volume
  Cellulose specialties,
   in thousands of
   metric tons            106        99       101      205       205
  Absorbent materials,
   in thousands of
   metric tons             69        78        66      147       136
 Production as a
  percent of capacity    95.9%     97.7%     99.5%    96.8%     98.0%

Timber and Land
 Sales volume - Timber
  Northwest U.S.,
   in millions of
   board feet              67        77        80      144       150
  Southeast U.S.,
   in thousands of
   short green tons     1,144     1,194     1,191    2,338     2,432
  New Zealand,
   in thousands
   of metric tons         148       111       168      259       289

Timber sales volume -
 Intercompany
  Northwest U.S.,
   in millions of
   board feet               -         -        19        -        34
  Southeast U.S.,
   in thousands of
   short green tons         2         3         3        5         8
  New Zealand,
   in thousands of
   metric tons             26        19        10       45        23

 Acres sold            15,014    19,708     3,995   34,722    22,895

Wood Products
 Lumber sales volume,
  in millions of
  board feet               73        71        86      144       165
 Medium-density
  fiberboard sales
  volume, in
  thousands of
  cubic meters             41        41        41       82        77


                                 -F-


                               RAYONIER
                 RECONCILIATION OF NON-GAAP MEASURES
                      JUNE 30, 2003  (unaudited)

                        (millions of dollars)

                           Three Months Ended       Six Months Ended
                      ---------------------------- ------------------
                       June 30, Mar. 31,  June 30, June 30,  June 30,
                        2003     2003      2002     2003      2002
                      --------- -------- --------- -------- ---------

EBITDA
 Cash provided by
  operating activities
  of continuing
  operations             $69.5    $39.3     $68.8   $108.8    $130.5
 Income tax expense
  (benefit)               10.3     (0.3)      6.7     10.0      10.3
 Interest expense         12.4     12.4      15.3     24.8      30.8
 Working capital
  increases (decreases)   17.4      5.6     (11.2)    23.0     (14.2)
 Other balance sheet
  changes                (14.2)     7.8      (0.7)    (6.4)     (4.6)
                      --------- -------- --------- -------- ---------
 EBITDA                  $95.4    $64.8     $78.9   $160.2    $152.8
                      ========= ======== ========= ======== =========


Free cash flow
 Cash provided by
  operating activities
  of continuing
  operations             $69.5    $39.3     $68.8   $108.8    $130.5
 Custodial capital
  spending, net          (13.2)   (16.0)    (13.2)   (29.2)    (28.1)
 Dividends at prior
  year level             (10.1)   (10.0)    (10.0)   (20.1)    (19.9)
 Tax benefit on
  exercise of
  stock options           (0.8)       -      (1.1)    (0.8)     (2.4)
                      --------- -------- --------- -------- ---------
 Free cash flow          $45.4    $13.3     $44.5    $58.7     $80.1
                      ========= ======== ========= ======== =========


                                 -G-


                               RAYONIER
                         Matanzas Marsh Sale
                      JUNE 30, 2003  (unaudited)

         (millions of dollars, except per share information)


                                Original       Survey        Final
                                Closing      Adjustment     Closing
                              ------------ -------------- -----------

 Acres                              8,465            369       8,834

 Sales                              $39.9           $1.8       $41.7
 Costs and expenses
    Non-cash costs                    2.5              -         2.5
    Cash costs                        0.1              -         0.1
                              ------------ -------------- -----------
 Operating income                    37.3            1.8        39.1

 Income tax expense                 (13.4)          (0.7)      (14.1)
                              ------------ -------------- -----------
 Net income                         $23.9           $1.1       $25.0
                              ============ ============== ===========

 Diluted EPS                        $0.56 $0.03 $0.59
                              ============ ============== ===========

 EBITDA                             $39.8           $1.8       $41.6
                              ============ ============== ===========


                                 -H-

CONTACT: Rayonier, Jacksonville
Media Contact: Jay Fredericksen, 904/357-9106
or
Investor Contact: Parag Bhansali, 904/357-9155

SOURCE: Rayonier

Contact

Mark McHugh

Senior Vice President and Chief Financial Officer

Phone: (904) 357-9100

investorrelations@rayonier.com

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