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QUANTUM CORP
Symbol U : QTM
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Quantum Corporation Reports Fiscal Third Quarter Results

2013-01-30 16:05 ET - News Release

SAN JOSE, CA -- (Marketwire) -- 01/30/13

Quantum Corp. (NYSE: QTM)

Highlights:

  • Total revenue of $159 million, up 8% sequentially
  • Disk systems and software revenue of $41 million, up 13% year-over-year
  • Record DXi revenue, up 19% year-over-year
  • Strong rebound in tape automation revenue over prior quarter, up 25%

Quantum Corp. (NYSE: QTM), a proven global expert in data protection and big data management, today reported results for the third quarter of fiscal 2013 (FQ3'13), ended Dec. 31, 2012. Revenue for the quarter totaled $159 million, down 8 percent from the third quarter of fiscal 2012 (FQ3'12), primarily due to expected declines in OEM and branded tape automation revenue. However, total revenue was up $12 million, or 8 percent, over the prior quarter (FQ2'13). Quantum reported revenue of $41 million from disk system and software sales (including related service), a 13 percent increase over FQ3'12 due to record revenue from DXi® disk system sales. The company also grew tape automation revenue by 25 percent over the prior quarter, as both midrange and enterprise sales rebounded strongly.

Quantum reported a GAAP net loss of $8 million, or 4 cents per share, for FQ3'13, compared to GAAP net income of $4 million in the same quarter of last year. On a non-GAAP basis, the company had net income of $5 million, or 2 cents per share, down from net income of $12 million a year earlier. The year-over-year declines were largely driven by the lower overall revenue. Compared to the prior quarter's results, the GAAP net loss in FQ3'13 was $4 million smaller, and the non-GAAP net income was $10 million higher.

"We improved our financial performance in the December quarter, growing revenue sequentially, driving better-than-expected non-GAAP profits and generating cash," said Jon Gacek, president and CEO of Quantum. "We also had another quarter of record DXi deduplication sales, which contributed to the 14 percent year-over-year increase in combined DXi and StorNext® revenue we've achieved over the first three quarters of the fiscal year.

"In addition, even as we scaled back spending, we continued to invest in new, industry-leading products and solutions for protecting and managing digital content in physical, virtual, cloud and big data environments. These include our Lattus™ wide area storage systems, vmPRO 3.0 virtual backup software, DXi6800 deduplication appliances and Scalar i6000 HD enterprise tape libraries."

Quantum generated $6 million in cash from operating activities in FQ3'13 and ended the quarter with $55 million in cash and cash equivalents.

Outlook
For the fourth quarter of fiscal 2013, Quantum expects:

  • Revenue of approximately $145 million to $150 million, reflecting typical seasonality, with higher sequential disk systems and software revenue.
  • GAAP gross margin rate of approximately 41 percent and non-GAAP gross margin rate of 42 percent.
  • GAAP operating expenses of $66 million to $68 million and non-GAAP operating expenses of $61 million to $63 million.
  • Interest expense of $2.5 million and taxes of $500,000.

Business Highlights
Key business highlights for the December quarter include the following:

  • Quantum introduced a new family of wide area storage solutions, named Lattus, which provides globally distributed disk-based archives that are extremely scalable and cost-effective and allows storage of data forever on disk without interruption or migration. Integrating dispersed next-generation object storage and Quantum file system technologies, the Lattus family offers a new approach to archiving that overcomes the limitations and inefficiencies posed by traditional disk architectures in multi-petabyte storage environments. The first Lattus product, Lattus-X, began shipping in December.
  • The company integrated its Q-Cloud™ backup and disaster recovery services with Symantec OpenStorage (OST) technology, providing NetBackup and Backup Exec customers with multiple options for leveraging Q-Cloud's services. Q-Cloud now directly supports NetBackup and Backup Exec software, enabling both backup applications to stay completely aware of all copies of data backed up to a Q-Cloud DXi appliance.
  • Quantum began offering full-featured, free downloads of its vmPRO virtual machine backup software and DXi V1000 virtual deduplication appliance, providing a risk-free way to explore their superior features and value. The vmPRO Standard Edition software protects up to 1 TB of virtual data and can be upgraded to vmPRO Enterprise Edition for additional capacity, making it easy for customers to adopt Quantum vmPRO™ and scale it to meet their growth requirements. The DXi V1000 stores up to 15 TB of deduplicated data and works with vmPRO software to offer a 100 percent virtual data protection solution as well as a path to the cloud.
  • LTO-6 technology started shipping in Quantum's Scalar i6000 and i500 tape libraries, as well as in its autoloaders, drives and media. LTO-6 nearly doubles capacity and increases transfer rates by up to 43 percent over LTO-5 technology, further enhancing the role of tape as an integral component of a broader tiered storage strategy.
  • Quantum products continued to garner industry honors, as the DXi V1000 was named "Virtualisation Product of the Year" at the 2012 Storage, Virtualisation and Cloud Computing (SVC) Awards, and Quantum's StorNext data management software was recognized as runner-up in the Storage Software Appliance category. In addition, earlier this month, Storage magazine announced that the DXi V1000 is a finalist for its 2012 Product of the Year awards, and Network Computing selected the DXi6701/02 midrange deduplication appliance as a Product of the Year finalist for its upcoming awards.

Conference Call and Audio Webcast Notification
Quantum will hold a conference call today, Jan. 30, 2013, at 2:00 p.m. PST, to discuss its fiscal third quarter results. Press and industry analysts are invited to attend in listen-only mode. Dial-in number: (480) 629-9645 (U.S. & International). Quantum will provide a live audio webcast of the conference call beginning today, Jan. 30, 2013, at 2:00 p.m. PST. Site for the webcast and related information: http://www.quantum.com/investors.

About Quantum
Quantum is a proven global expert in data protection and big data management, providing specialized storage solutions for physical, virtual and cloud environments. From small businesses to major enterprises, more than 100,000 customers have trusted Quantum to help maximize the value of their data by protecting and preserving it over its entire lifecycle. With Quantum, customers can Be Certain™ they're able to adapt in a changing world -- keeping more data longer, bridging from today to tomorrow, and reducing costs. See how at www.quantum.com/BeCertain.

Quantum, the Quantum logo, Be Certain, DXi, StorNext, Lattus, Scalar, Q-Cloud and Quantum vmPRO are either registered trademarks or trademarks of Quantum Corporation and its affiliates in the United States and/or other countries. All other trademarks are the property of their respective owners.

"Safe Harbor" Statement under the U.S. Private Securities Litigation Reform Act of 1995: This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Specifically, without limitation, all of our statements under the "Outlook" section are forward-looking statements within the meaning of the Safe Harbor. All forward-looking statements in this press release are based on information available to Quantum on the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause Quantum's actual results to differ materially from those implied by the forward-looking statement. More detailed information about these risk factors, and additional risk factors, are set forth in Quantum's periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled "Risk Factors" in Quantum's Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 14, 2012 and in Quantum's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 9, 2012. Quantum expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Measures

Quantum believes that the non-GAAP financial measures disclosed above provide useful and supplemental information to investors regarding its quarterly financial performance. Quantum management uses these non-GAAP financial measures internally to understand, manage and evaluate the company's business results and make operating decisions. For instance, Quantum management often makes decisions regarding staffing, future management priorities and how the company will direct future operating expenses on the basis of non-GAAP financial measures. In addition, compensation of our employees is based in part on the performance of our business based on non-GAAP operating income.

The non-GAAP financial measures used in this press release exclude the impact of acquisition expenses, amortization of intangibles, restructuring charges and share-based compensation expense for the following reasons:

Acquisition Expenses
The acquisition expenses were those expenses incurred to acquire Pancetera, Inc. and are not part of Quantum's future core operations.

Amortization of Intangible Assets
This includes acquired intangibles such as purchased technology and customer relationships in connection with prior acquisitions. These expenses are not factored into management's evaluation of potential acquisitions or Quantum's performance after completion of the acquisitions because they are not related to Quantum's core operating performance. In addition, the frequency and amount of such charges can vary significantly based on the size and timing of acquisitions and the maturities of the businesses being acquired. Excluding acquisition-related charges from non-GAAP measures provides investors with a basis to compare Quantum against the performance of other companies without the variability caused by purchase accounting.

Restructuring Charges
Restructuring charges primarily relate to expenses associated with changes to Quantum's operating structure. Restructuring charges are excluded from non-GAAP financial measures because they are not considered core operating activities. Although Quantum has engaged in various restructuring activities in the past, each has been a discrete event based on a unique set of business objectives. Management believes that it is appropriate to exclude restructuring charges from Quantum's non-GAAP financial measures, as it enhances the ability of investors to compare Quantum's period-over-period operating results from continuing operations.

Share-Based Compensation Expense
Share-based compensation expense relates primarily to equity awards such as stock options and restricted stock units. Share-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are often beyond Quantum's control. As a result, management excludes this item from Quantum's internal operating forecasts and models. Management believes that non-GAAP measures adjusted for share-based compensation provide investors with a basis to measure Quantum's core performance against the performance of other companies without the variability created by share-based compensation as a result of the variety of equity awards used by other companies and the varying methodologies and assumptions used.

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material impact on the company's reported financial results and, therefore, should not be relied upon as the sole financial measures to evaluate the company. The non-GAAP financial measures are meant to supplement, and be viewed in conjunction with, GAAP financial measures. Investors are encouraged to review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release.



                            QUANTUM CORPORATION
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                  (In thousands, except per share amounts)
                                (Unaudited)

                               Three Months Ended       Nine Months Ended
                             ----------------------  ----------------------
                              December    December    December    December
                              31, 2012    31, 2011    31, 2012    31, 2011
                             ----------  ----------  ----------  ----------

Revenue:
  Product                    $  112,517  $  124,081  $  306,395  $  341,475
  Service                        35,340      35,362     107,138     107,956
  Royalty                        11,538      14,049      34,081      42,635
                             ----------  ----------  ----------  ----------
    Total revenue               159,395     173,492     447,614     492,066
Cost of revenue:
  Product                        72,007      77,238     204,641     218,044
  Service                        19,360      22,537      59,926      65,732
  Restructuring benefit
   related to cost of revenue        --          --          --        (300)
                             ----------  ----------  ----------  ----------
    Total cost of revenue        91,367      99,775     264,567     283,476
                             ----------  ----------  ----------  ----------
      Gross margin               68,028      73,717     183,047     208,590

  Operating expenses:
    Research and development     18,615      17,629      56,639      55,212
    Sales and marketing          33,588      33,350     103,307      94,990
    General and
     administrative              14,851      15,759      46,910      46,991
    Restructuring charges         6,602          --       6,602         699
                             ----------  ----------  ----------  ----------
                                 73,656      66,738     213,458     197,892
  Gain on sale of patents            --          --          --       1,500
                             ----------  ----------  ----------  ----------
      Income (loss) from
       operations                (5,628)      6,979     (30,411)     12,198

  Other income and expense           60        (142)       (388)       (422)
  Interest expense               (2,230)     (2,450)     (5,896)     (8,111)
                             ----------  ----------  ----------  ----------
        Income (loss) before
         income taxes            (7,798)      4,387     (36,695)      3,665
  Income tax provision              348         473       1,217       1,416
                             ----------  ----------  ----------  ----------
        Net income (loss)    $   (8,146) $    3,914  $  (37,912) $    2,249
                             ==========  ==========  ==========  ==========


  Basic and diluted net
   income (loss) per share:  $    (0.04) $     0.02  $    (0.16) $     0.01

  Weighted average common and
   common equivalent shares:
      Basic                     240,786     233,812     239,099     231,661
      Diluted                   240,786     239,912     239,099     239,261


Included in the above
 Statements of Operations:

  Amortization of
   intangibles:
    Cost of revenue          $      911  $    1,472  $    3,407  $    6,148
    Sales and marketing           1,856       3,256       7,668       9,872
    General and
     administrative                  --          --          --          32
                             ----------  ----------  ----------  ----------
                                  2,767       4,728      11,075      16,052
  Share-based compensation:
    Cost of revenue                 626         495       1,839       1,518
    Research and development        925         795       2,772       2,466
    Sales and marketing           1,273       1,127       3,603       3,059
    General and
     administrative                 892       1,007       3,515       3,203
                             ----------  ----------  ----------  ----------
                                  3,716       3,424      11,729      10,246

  Acquisition expenses               --          --          --         325



                            QUANTUM CORPORATION
                   CONDENSED CONSOLIDATED BALANCE SHEETS
                               (In thousands)
                                (Unaudited)


                                              December 31,      March 31,
                                                  2012            2012*
                                             --------------  --------------

                    Assets
Current assets:
  Cash and cash equivalents                  $       51,340  $       51,261
  Restricted cash                                     3,515           4,230
  Accounts receivable                               115,993         110,840
  Manufacturing inventories                          53,845          61,111
  Service parts inventories                          34,931          39,050
  Deferred income taxes                               4,927           5,295
  Other current assets                                8,638           9,434
                                             --------------  --------------
    Total current assets                            273,189         281,221

Long-term assets:
  Property and equipment                             24,055          25,440
  Intangible assets and goodwill                     70,650          81,725
  Other long-term assets                             10,055           6,962
                                             --------------  --------------
    Total long-term assets                          104,760         114,127

                                             --------------  --------------
                                             $      377,949  $      395,348
                                             ==============  ==============

    Liabilities and Stockholders' Deficit
Current liabilities:
  Accounts payable                           $       46,539  $       56,304
  Accrued warranty                                    7,746           7,586
  Deferred revenue, current                          86,030          93,441
  Accrued restructuring charges                       4,935           1,752
  Accrued compensation                               32,289          31,971
  Income taxes payable                                  227           1,133
  Other accrued liabilities                          17,477          17,866
                                             --------------  --------------
    Total current liabilities                       195,243         210,053

Long-term liabilities:
  Deferred revenue, long-term                        39,191          36,430
  Deferred income taxes                               4,432           4,564
  Long-term debt                                         --          49,495
  Convertible subordinated debt                     205,000         135,000
  Other long-term liabilities                         6,163           6,486
                                             --------------  --------------
    Total long-term liabilities                     254,786         231,975

  Stockholders' deficit                             (72,080)        (46,680)

                                             --------------  --------------
                                             $      377,949  $      395,348
                                             ==============  ==============


-----------------------------------------------------------
* Derived from the March 31, 2012 audited Consolidated
 Financial Statements.



                            QUANTUM CORPORATION
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (In thousands)
                                (Unaudited)

                                                       Nine Months Ended
                                                   ------------------------
                                                     December     December
                                                     31, 2012     31, 2011
                                                   -----------  -----------
Cash flows from operating activities:
  Net income (loss)                                $   (37,912) $     2,249
  Adjustments to reconcile net income (loss) to net
   cash provided by (used in) operating activities:
    Depreciation                                         9,283        8,776
    Amortization                                        12,013       17,785
    Service parts lower of cost or market
     adjustment                                          7,026        7,564
    Deferred income taxes                                  231         (785)
    Share-based compensation                            11,729       10,246
    Changes in assets and liabilities, net of
     effect of acquisition:
      Accounts receivable                               (5,153)        (131)
      Manufacturing inventories                          1,502      (17,463)
      Service parts inventories                          2,857        3,150
      Accounts payable                                  (9,748)       7,052
      Accrued warranty                                     160           46
      Deferred revenue                                  (4,650)      (2,727)
      Accrued restructuring charges                      3,184       (3,347)
      Accrued compensation                                 326        1,975
      Income taxes payable                                (901)         438
      Other assets and liabilities                       1,921       (1,735)
                                                   -----------  -----------
Net cash provided by (used in) operating activities     (8,132)      33,093

Cash flows from investing activities:
  Purchases of property and equipment                   (9,389)      (8,538)
  (Increase) decrease in restricted cash                   691       (2,317)
  Purchases of other investments                        (2,169)          --
  Return of principal from other investments               208           97
  Payment for business acquisition, net of cash
   acquired                                                 --       (8,152)
                                                   -----------  -----------
Net cash used in investing activities                  (10,659)     (18,910)

Cash flows from financing activities:
  Repayments of long-term debt                         (49,495)     (35,698)
  Borrowings of convertible subordinated debt, net      67,701           --
  Payment of taxes due upon vesting of restricted
   stock                                                (1,926)      (2,638)
  Proceeds from issuance of common stock                 2,604        7,506
                                                   -----------  -----------
Net cash provided by (used in) financing activities     18,884      (30,830)

Effect of exchange rate changes on cash and cash
 equivalents                                               (14)        (113)

Net increase (decrease) in cash and cash
 equivalents                                                79      (16,760)
Cash and cash equivalents at beginning of period        51,261       76,010
                                                   -----------  -----------
Cash and cash equivalents at end of period         $    51,340  $    59,250
                                                   ===========  ===========



                            QUANTUM CORPORATION
                      GAAP TO NON-GAAP RECONCILIATION
                  (In thousands, except per share amounts)
                                (Unaudited)

                               Three Months Ended December 31, 2012
                       ----------------------------------------------------
                                                       Per Share  Per Share
                                                          Net        Net
                                   Gross       Net       Income     Income
                         Gross     Margin     Income    (Loss),    (Loss),
                         Margin     Rate      (Loss)     Basic     Diluted
                       --------- ---------  ---------  ---------  ---------
GAAP                   $  68,028      42.7% $  (8,146) $   (0.04) $   (0.04)
Non-GAAP Reconciling
 Items:
  Amortization of
   intangibles               911                2,767
  Share-based
   compensation              626                3,716
  Restructuring charges       --                6,602
                       ---------            ---------
Non-GAAP               $  69,565      43.6% $   4,939  $    0.02  $    0.02

      Computation of
       basic and
       diluted net
       income (loss)
       per share:                                         GAAP     Non-GAAP
                                                       ---------  ---------
        Net income
         (loss)                                        $  (8,146) $   4,939
          Interest on
           dilutive
           convertible
           notes                                              --        533
                                                       ---------  ---------
        Income (loss)
         for purposes
         of computing
         income (loss)
         per diluted
         share                                         $  (8,146) $   5,472
                                                       =========  =========

      Weighted average
       shares:
        Basic                                            240,786    240,786
          Dilutive
           shares from
           stock plans                                        --      1,892
          Dilutive
           shares from
           convertible
           notes                                              --     28,490
                                                       ---------  ---------
        Diluted                                          240,786    271,168
                                                       =========  =========

                                Nine Months Ended December 31, 2012
                       ----------------------------------------------------
                                   Gross               Per Share  Per Share
                         Gross     Margin              Net Loss,  Net Loss,
                         Margin     Rate     Net Loss    Basic     Diluted
                       --------- ---------  ---------  ---------  ---------
GAAP                   $ 183,047      40.9% $ (37,912) $   (0.16) $   (0.16)
Non-GAAP Reconciling
 Items:
  Amortization of
   intangibles             3,407               11,075
  Share-based
   compensation            1,839               11,729
  Restructuring charges       --                6,602
                       ---------            ---------
Non-GAAP               $ 188,293      42.1% $  (8,506) $   (0.04) $   (0.04)

      Computation of
       basic and
       diluted net loss
       per share:                                         GAAP     Non-GAAP
                                                       ---------  ---------
        Net loss                                       $ (37,912) $  (8,506)

      Weighted average
       shares:
        Basic and
         diluted                                         239,099    239,099


                               Three Months Ended December 31, 2011
                       ----------------------------------------------------
                                                       Per Share  Per Share
                                   Gross                  Net        Net
                         Gross     Margin      Net      Income,    Income,
                         Margin     Rate      Income     Basic     Diluted
                       --------- ---------  ---------  ---------  ---------
GAAP                   $  73,717      42.5% $   3,914  $    0.02  $    0.02
Non-GAAP Reconciling
 Items:
  Amortization of
   intangibles             1,472                4,728
  Share-based
   compensation              495                3,424
                       ---------            ---------
Non-GAAP               $  75,684      43.6% $  12,066  $    0.05  $    0.05

      Computation of
       basic and
       diluted net
       income per
       share:                                             GAAP     Non-GAAP
                                                       ---------  ---------
        Net income                                     $   3,914  $  12,066
          Interest on
           dilutive
           convertible
           notes                                              --      1,191
                                                       ---------  ---------
        Income for
         purposes of
         computing
         income per
         diluted share                                 $   3,914  $  13,257
                                                       =========  =========

      Weighted average
       shares:
        Basic                                            233,812    233,812
          Dilutive
           shares from
           stock plans                                     6,100      6,100
          Dilutive
           shares from
           convertible
           notes                                              --     31,158
                                                       ---------  ---------
        Diluted                                          239,912    271,070
                                                       =========  =========

                                Nine Months Ended December 31, 2011
                       ----------------------------------------------------
                                                       Per Share  Per Share
                                   Gross                  Net        Net
                         Gross     Margin      Net      Income,    Income,
                         Margin     Rate      Income     Basic     Diluted
                       --------- ---------  ---------  ---------  ---------
GAAP                   $ 208,590      42.4% $   2,249  $    0.01  $    0.01
Non-GAAP Reconciling
 Items:
  Amortization of
   intangibles             6,148               16,052
  Share-based
   compensation            1,518               10,246
  Restructuring charges     (300)                 399
  Acquisition expenses        --                  325
                       ---------            ---------
Non-GAAP               $ 215,956      43.9% $  29,271  $    0.13  $    0.12

      Computation of
       basic and
       diluted net
       income per
       share:                                             GAAP     Non-GAAP
                                                       ---------  ---------
        Net income                                     $   2,249  $  29,271
          Interest on
           dilutive
           convertible
           notes                                              --      3,560
                                                       ---------  ---------
        Income for
         purposes of
         computing
         income per
         diluted share                                 $   2,249  $  32,831
                                                       =========  =========

      Weighted average
       shares:
        Basic                                            231,661    231,661
          Dilutive
           shares from
           stock plans                                     7,600      7,600
          Dilutive
           shares from
           convertible
           notes                                              --     31,158
                                                       ---------  ---------
        Diluted                                          239,261    270,419
                                                       =========  =========


The non-GAAP financial information set forth in this table is not prepared
 in accordance with generally accepted accounting principles and may be
 different from non-GAAP financial information used by other companies.



                             QUANTUM CORPORATION
                     FORECAST FOURTH QUARTER FISCAL 2013
                       GAAP TO NON-GAAP RECONCILIATION
                            (Dollars in millions)

                                                             ---------------
                                                                Percentage
                                                             ---------------
Forecast fourth quarter gross margin rate on a GAAP basis         41.3%

Forecast amortization of intangibles                               0.3%
Forecast share-based compensation                                  0.4%

                                                             ---------------
Forecast fourth quarter gross margin rate on a non-GAAP
 basis                                                            42.0%
                                                             ===============


                                                             ---------------
                                                               Dollar Range
                                                             ---------------
Forecast fourth quarter operating expense on a GAAP basis    $65.9  -  $67.9

Forecast amortization of intangibles                               1.8
Forecast share-based compensation                                  3.1

                                                             ---------------
Forecast fourth quarter operating expense on a non-GAAP
 basis                                                       $61.0  -  $63.0
                                                             ===============



Estimates based on current (January 30, 2013) projections.

The projected GAAP and non-GAAP financial information set forth in this
 table represent forward-looking statements within the meaning of the
 Private Securities Litigation Reform Act of 1995. For risk factors that
 could impact these projections, see our Annual Report on Form 10-K as filed
 with the SEC on June 14, 2012. We disclaim any obligation to update
 information in any forward-looking statement.

The non-GAAP financial information set forth in this table is not prepared
 in accordance with generally accepted accounting principles and may be
 different from non-GAAP financial information used by other companies.

Contact:
Brad Cohen
Public Relations
Quantum Corp.
(408) 944-4044
brad.cohen@quantum.com

Christi Lee
Investor Relations
Quantum Corp.
(408) 944-4450
ir@quantum.com

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