Sign In  |  Register  |  About Los Altos  |  Contact Us

Los Altos, CA
September 01, 2020 1:26pm
7-Day Forecast | Traffic
  • Search Hotels in Los Altos

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Bloomin’ Brands Announces 2023 Q1 Financial Results

Q1 Diluted EPS of $0.93 and Adjusted Diluted EPS of $0.98

Q1 Combined U.S. Comparable Restaurant Sales Growth of 5.1%

Reaffirms All Fiscal Year 2023 Guidance

Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the first quarter 2023 (“Q1 2023”) compared to the first quarter 2022 (“Q1 2022”).

CEO Comments

“The first quarter was a strong start to the year, and I am pleased with the progress of all our brands,” said David Deno, CEO. “Our Q1 results reflected the work we are doing to elevate the customer experience and drive healthy top-line growth. These efforts have resulted in enhanced sales and profits, which set us up well to achieve our 2023 goals.”

Diluted EPS and Adjusted Diluted EPS

The following table reconciles Diluted earnings per share to Adjusted diluted earnings per share for the periods indicated:

 

 

Q1

 

 

 

 

2023

 

2022

 

CHANGE

Diluted earnings per share

 

$

0.93

 

$

0.73

 

$

0.20

 

Adjustments (1)

 

 

0.05

 

 

0.07

 

 

(0.02

)

Adjusted diluted earnings per share (1)

 

$

0.98

 

$

0.80

 

$

0.18

 

 

��

 

 

 

 

 

___________________

(1) Adjustments for the periods presented reflect consideration of our convertible note hedge, which offsets the dilutive impact of the shares underlying the 2025 Notes. There were no adjustments to Net income during the periods presented. See Non-GAAP Measures later in this release.

First Quarter Financial Results

(dollars in millions, unaudited)

 

Q1 2023

 

Q1 2022

 

CHANGE

Total revenues

 

$

1,244.7

 

 

$

1,140.5

 

 

9.1

%

Operating income margin

 

 

9.7

%

 

 

9.4

%

 

0.3

%

Restaurant-level operating margin (1)

 

 

17.9

%

 

 

17.1

%

 

0.8

%

___________________

(1) See Non-GAAP Measures later in this release.

 
  • The increase in Total revenues was primarily due to: (i) higher comparable restaurant sales, (ii) the net impact of restaurant openings and closures, (iii) the benefit of Brazil value added tax exemptions and (iv) the effect of foreign currency translation.
  • Operating income margin improved from Q1 2022 due to: (i) increases in comparable restaurant sales, primarily driven by an increase in menu pricing and lapping the impact of COVID-19 in Brazil and Hong Kong, (ii) the impact of certain cost saving initiatives and (iii) the benefit of Brazil value added tax exemptions. These increases were partially offset by commodity, labor and operating expense inflation.

First Quarter Comparable Restaurant Sales

THIRTEEN WEEKS ENDED MARCH 26, 2023

 

COMPANY-OWNED

Comparable restaurant sales (stores open 18 months or more):

 

 

U.S.

 

 

Outback Steakhouse

 

4.9

%

Carrabba’s Italian Grill

 

6.7

%

Bonefish Grill

 

5.2

%

Fleming’s Prime Steakhouse & Wine Bar

 

3.6

%

Combined U.S.

 

5.1

%

 

 

 

International

 

 

Outback Steakhouse - Brazil (1)

 

14.3

%

_________________

(1) Excludes the effect of fluctuations in foreign currency rates and the benefit of Brazil value added tax exemptions. Includes trading day impact from calendar period reporting.

Dividend Declaration and Share Repurchases

On April 18, 2023, our Board of Directors declared a quarterly cash dividend of $0.24 per share, payable on May 24, 2023 to stockholders of record at the close of business on May 10, 2023.

Through April 26, 2023, we repurchased 1.1 million shares for a total of $27 million. On February 7, 2023, our Board of Directors approved a $125 million authorization (the “2023 Share Repurchase Program”) that will expire on August 7, 2024. We have $113 million of share repurchase authorization remaining under the 2023 Share Repurchase Program.

Fiscal 2023 Financial Outlook

We are reaffirming all aspects of our full-year financial guidance as previously communicated in our February 16, 2023 earnings release.

Q2 2023 Financial Outlook

The table below presents our expectations for selected fiscal Q2 2023 operating results:

Financial Results:

 

Q2 2023 Outlook

U.S. comparable restaurant sales

 

0.5% to 1.5%

 

 

 

GAAP diluted earnings per share (1)

 

$0.59 to $0.64

 

 

 

Adjusted diluted earnings per share (2)

 

$0.62 to $0.67

_________________

(1) For GAAP purposes assumes weighted average diluted shares of approximately 98 million.

(2) Assumes weighted average adjusted diluted shares of approximately 93 million, which includes the benefit of the convertible note hedge entered into in May 2020.

Conference Call

The Company will host a conference call today, April 28, 2023 at 8:15 AM EDT. The conference call will be webcast live from the Company’s website at http://www.bloominbrands.com under the Investors section. A replay of this webcast will be available on the Company’s website after the call.

Non-GAAP Measures

In addition to the results provided in accordance with GAAP, this press release and related tables include certain non-GAAP measures, which present operating results on an adjusted basis. These are supplemental measures of performance that are not required by or presented in accordance with GAAP and include: (i) Restaurant-level operating income and the corresponding margin and (ii) Adjusted diluted earnings per share.

Restaurant-level operating margin is a non-GAAP financial measure widely regarded in the industry as a useful metric to evaluate restaurant-level operating efficiency and performance of ongoing restaurant-level operations, and we use it for these purposes, overall and particularly within our two segments.

We believe that our use of non-GAAP financial measures permits investors to assess the operating performance of our business relative to our performance based on GAAP results and relative to other companies within the restaurant industry by isolating the effects of certain items that may vary from period to period without correlation to core operating performance or that vary widely among similar companies. However, our inclusion of these adjusted measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items or that the items for which we have made adjustments are unusual or infrequent or will not recur. We believe that the disclosure of these non-GAAP measures is useful to investors as they form part of the basis for how our management team and Board of Directors evaluate our operating performance, allocate resources and administer employee incentive plans.

These non-GAAP financial measures are not intended to replace GAAP financial measures, and they are not necessarily standardized or comparable to similarly titled measures used by other companies. We maintain internal guidelines with respect to the types of adjustments we include in our non-GAAP measures. These guidelines endeavor to differentiate between types of gains and expenses that are reflective of our core operations in a period, and those that may vary from period to period without correlation to our core performance in that period. However, implementation of these guidelines necessarily involves the application of judgment, and the treatment of any items not directly addressed by, or changes to, our guidelines will be considered by our disclosure committee. You should refer to the reconciliations of non-GAAP measures in tables four, five and six included later in this release for descriptions of the actual adjustments made in the current period and the corresponding prior period.

About Bloomin’ Brands, Inc.

Bloomin’ Brands, Inc. is one of the largest casual dining restaurant companies in the world with a portfolio of leading, differentiated restaurant concepts. The Company has four founder-inspired brands: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. The Company owns and operates more than 1,450 restaurants in 47 states, Guam and 13 countries, some of which are franchise locations. For more information, please visit www.bloominbrands.com.

Forward-Looking Statements

Certain statements contained herein, including statements under the headings “CEO Comments”, “Fiscal 2023 Financial Outlook” and “Q2 2023 Financial Outlook” are not based on historical fact and are “forward-looking statements” within the meaning of applicable securities laws. Generally, these statements can be identified by the use of words such as “guidance,” “believes,” “estimates,” “anticipates,” “expects,” “on track,” “feels,” “forecasts,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could,” “would” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the Company’s forward-looking statements. These risks and uncertainties include, but are not limited to: consumer reaction to public health and food safety issues; increases in labor costs and fluctuations in the availability of employees; increases in unemployment rates and taxes; competition; interruption or breach of our systems or loss of consumer or employee information; price and availability of commodities and other impacts of inflation; our dependence on a limited number of suppliers and distributors; the effects of a health pandemic and uncertainties about its depth and duration, as well as the impacts to economic conditions, the responses of domestic and foreign federal, state and local governments to a pandemic and consumer behavior; political, social and legal conditions in international markets and their effects on foreign operations and foreign currency exchange rates; our ability to address environmental, social and governance matters; local, regional, national and international economic conditions; changes in patterns of consumer traffic, consumer tastes and dietary habits; the effects of changes in tax laws; costs, diversion of management attention and reputational damage from any claims or litigation; government actions and policies; challenges associated with our remodeling, relocation and expansion plans; our ability to preserve the value of and grow our brands; consumer confidence and spending patterns; weather, acts of God and other disasters and the ability or success in executing related business continuity plans; the Company’s ability to make debt payments and planned investments and the Company’s compliance with debt covenants; the cost and availability of credit; interest rate changes; and any impairments in the carrying value of goodwill and other assets. Further information on potential factors that could affect the financial results of the Company and its forward-looking statements is included in its most recent Form 10-K and subsequent filings with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statement, except as may be required by law. These forward-looking statements speak only as of the date of this release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Note: Numerical figures included in this release have been subject to rounding adjustments.

TABLE ONE

BLOOMIN’ BRANDS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

THIRTEEN WEEKS ENDED

(in thousands, except per share data)

 

MARCH 26, 2023

 

MARCH 27, 2022

Revenues

 

 

 

 

Restaurant sales

 

$

1,228,234

 

 

$

1,123,575

 

Franchise and other revenues

 

 

16,512

 

 

 

16,960

 

Total revenues

 

 

1,244,746

 

 

 

1,140,535

 

Costs and expenses

 

 

 

 

Food and beverage

 

 

384,214

 

 

 

359,370

 

Labor and other related

 

 

341,542

 

 

 

312,511

 

Other restaurant operating

 

 

282,927

 

 

 

259,110

 

Depreciation and amortization

 

 

46,302

 

 

 

41,775

 

General and administrative

 

 

65,804

 

 

 

58,674

 

Provision for impaired assets and restaurant closings

 

 

3,324

 

 

 

1,839

 

Total costs and expenses

 

 

1,124,113

 

 

 

1,033,279

 

Income from operations

 

 

120,633

 

 

 

107,256

 

Interest expense, net

 

 

(12,444

)

 

 

(13,633

)

Income before provision for income taxes

 

 

108,189

 

 

 

93,623

 

Provision for income taxes

 

 

14,761

 

 

 

15,929

 

Net income

 

 

93,428

 

 

 

77,694

 

Less: net income attributable to noncontrolling interests

 

 

2,117

 

 

 

2,183

 

Net income attributable to Bloomin’ Brands

 

$

91,311

 

 

$

75,511

 

 

 

 

 

 

Earnings per share:

 

 

 

 

Basic

 

$

1.02

 

 

$

0.85

 

Diluted

 

$

0.93

 

 

$

0.73

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

Basic

 

 

89,116

 

 

 

89,355

 

Diluted

 

 

98,011

 

 

 

103,454

 

TABLE TWO

BLOOMIN’ BRANDS, INC.

SEGMENT RESULTS

(UNAUDITED)

(dollars in thousands)

 

THIRTEEN WEEKS ENDED

U.S. Segment

 

MARCH 26, 2023

 

MARCH 27, 2022

Revenues

 

 

 

 

Restaurant sales

 

$

1,080,569

 

 

$

1,023,635

 

Franchise and other revenues

 

 

12,427

 

 

 

12,772

 

Total revenues

 

$

1,092,996

 

 

$

1,036,407

 

International Segment

 

 

 

 

Revenues

 

 

 

 

Restaurant sales (1)

 

$

147,665

 

 

$

99,940

 

Franchise and other revenues

 

 

4,085

 

 

 

4,188

 

Total revenues

 

$

151,750

 

 

$

104,128

 

Reconciliation of Segment Income from Operations to Consolidated Income from Operations

 

 

 

 

Segment income from operations

 

 

 

 

U.S.

 

$

133,243

 

 

$

132,226

 

International

 

 

24,508

 

 

 

8,884

 

Total segment income from operations

 

 

157,751

 

 

 

141,110

 

Unallocated corporate operating expense

 

 

(37,118

)

 

 

(33,854

)

Total income from operations

 

$

120,633

 

 

$

107,256

 

________________

(1) Restaurant sales in Brazil increased $9.6 million during the thirteen weeks ended March 26, 2023 in connection with value added tax exemptions resulting from recent tax legislation.

TABLE THREE

BLOOMIN’ BRANDS, INC.

SUPPLEMENTAL BALANCE SHEET INFORMATION

 

 

MARCH 26, 2023

 

DECEMBER 25, 2022

(dollars in thousands)

 

(UNAUDITED)

 

 

Cash and cash equivalents

 

$

94,441

 

 

$

84,735

 

Net working capital (deficit) (1)

 

$

(672,587

)

 

$

(632,290

)

Total assets

 

$

3,231,793

 

 

$

3,320,425

 

Total debt, net

 

$

767,969

 

 

$

833,292

 

Total stockholders’ equity

 

$

322,841

 

 

$

273,909

 

_________________

(1) We have, and in the future may continue to have, negative working capital balances (as is common for many restaurant companies). We operate successfully with negative working capital because cash collected on restaurant sales is typically received before payment is due on our current liabilities, and our inventory turnover rates require relatively low investment in inventories. Additionally, ongoing cash flows from restaurant operations and gift card sales are typically used to service debt obligations and to make capital expenditures.

TABLE FOUR

BLOOMIN’ BRANDS, INC.

RESTAURANT-LEVEL OPERATING INCOME AND MARGIN NON-GAAP RECONCILIATIONS

(UNAUDITED)

Consolidated

 

THIRTEEN WEEKS ENDED

(dollars in thousands)

 

MARCH 26, 2023

 

MARCH 27, 2022

Income from operations

 

$

120,633

 

 

$

107,256

 

Operating income margin

 

 

9.7

%

 

 

9.4

%

Less:

 

 

 

 

Franchise and other revenues

 

 

16,512

 

 

 

16,960

 

Plus:

 

 

 

 

Depreciation and amortization

 

 

46,302

 

 

 

41,775

 

General and administrative

 

 

65,804

 

 

 

58,674

 

Provision for impaired assets and restaurant closings

 

 

3,324

 

 

 

1,839

 

Restaurant-level operating income (1)

 

$

219,551

 

 

$

192,584

 

Restaurant-level operating margin

 

 

17.9

%

 

 

17.1

%

_________________

(1) The following categories of revenue and operating expenses are not included in restaurant-level operating margin because we do not consider them reflective of operating performance at the restaurant-level within a period:

(a) Franchise and other revenues, which are earned primarily from franchise royalties and other non-food and beverage revenue streams, such as rental and sublease income.

(b) Depreciation and amortization which, although substantially all of which is related to restaurant-level assets, represent historical sunk costs rather than cash outlays for the restaurants.

(c) General and administrative expense, which includes primarily non-restaurant-level costs associated with support of the restaurants and other activities at our corporate offices.

(d) Asset impairment charges and restaurant closing costs, which are not reflective of ongoing restaurant performance in a period.

U.S.

 

THIRTEEN WEEKS ENDED

(dollars in thousands)

 

MARCH 26, 2023

 

MARCH 27, 2022

Income from operations

 

$

133,243

 

 

$

132,226

 

Operating income margin

 

 

12.2

%

 

 

12.8

%

Less:

 

 

 

 

Franchise and other revenues

 

 

12,427

 

 

 

12,772

 

Plus:

 

 

 

 

Depreciation and amortization

 

 

38,163

 

 

 

34,758

 

General and administrative

 

 

25,505

 

 

 

23,445

 

Provision for impaired assets and restaurant closings

 

 

3,324

 

 

 

58

 

Restaurant-level operating income

 

$

187,808

 

 

$

177,715

 

Restaurant-level operating margin

 

 

17.4

%

 

 

17.4

%

International

 

THIRTEEN WEEKS ENDED

(dollars in thousands)

 

MARCH 26, 2023

 

MARCH 27, 2022

Income from operations

 

$

24,508

 

 

$

8,884

 

Operating income margin

 

 

16.2

%

 

 

8.5

%

Less:

 

 

 

 

Franchise and other revenues

 

 

4,085

 

 

 

4,188

 

Plus:

 

 

 

 

Depreciation and amortization

 

 

5,919

 

 

 

5,536

 

General and administrative

 

 

7,673

 

 

 

4,928

 

Provision for impaired assets and restaurant closings

 

 

 

 

 

1,775

 

Restaurant-level operating income

 

$

34,015

 

 

$

16,935

 

Restaurant-level operating margin

 

 

23.0

%

 

 

16.9

%

TABLE FIVE

BLOOMIN’ BRANDS, INC.

CONSOLIDATED RESTAURANT-LEVEL OPERATING MARGIN NON-GAAP RECONCILIATIONS

(UNAUDITED)

 

 

THIRTEEN WEEKS ENDED

 

FAVORABLE CHANGE

YEAR TO DATE

 

 

MARCH 26, 2023

 

MARCH 27, 2022

 

Restaurant sales

 

100.0

%

 

100.0

%

 

 

 

 

 

 

 

 

 

Food and beverage

 

31.3

%

 

32.0

%

 

0.7

%

Labor and other related

 

27.8

%

 

27.8

%

 

%

Other restaurant operating

 

23.0

%

 

23.1

%

 

0.1

%

 

 

 

 

 

 

 

Restaurant-level operating margin

 

17.9

%

 

17.1

%

 

0.8

%

TABLE SIX

BLOOMIN’ BRANDS, INC.

ADJUSTED DILUTED EARNINGS PER SHARE NON-GAAP RECONCILIATIONS

(UNAUDITED)

 

 

THIRTEEN WEEKS ENDED

(in thousands, except per share data)

 

MARCH 26, 2023

 

MARCH 27, 2022

Net income attributable to Bloomin’ Brands

 

$

91,311

 

$

75,511

 

 

 

 

 

Diluted earnings per share

 

$

0.93

 

$

0.73

Adjusted diluted earnings per share (1)

 

$

0.98

 

$

0.80

 

 

 

 

 

Diluted weighted average common shares outstanding

 

 

98,011

 

 

103,454

Adjusted diluted weighted average common shares outstanding (1)

 

 

93,180

 

 

94,722

_________________

(1) Adjusted diluted weighted average common shares outstanding was calculated excluding the dilutive effect of 4,831 and 8,732 shares for the thirteen weeks ended March 26, 2023 and March 27, 2022, respectively, to be issued upon conversion of the 2025 Notes to satisfy the amount in excess of the principal since our convertible note hedge offsets the dilutive impact of the shares underlying the 2025 Notes.

TABLE SEVEN

BLOOMIN’ BRANDS, INC.

COMPARATIVE RESTAURANT AND OFF-PREMISES ONLY KITCHEN INFORMATION

(UNAUDITED)

Number of restaurants:

 

DECEMBER 25, 2022

 

OPENINGS

 

CLOSURES

 

MARCH 26, 2023

U.S.

 

 

 

 

 

 

 

 

Outback Steakhouse

 

 

 

 

 

 

 

 

Company-owned

 

566

 

1

 

(3

)

 

564

Franchised

 

127

 

 

 

 

127

Total

 

693

 

1

 

(3

)

 

691

Carrabba’s Italian Grill

 

 

 

 

 

 

 

 

Company-owned

 

199

 

 

 

 

199

Franchised

 

19

 

 

 

 

19

Total

 

218

 

 

 

 

218

Bonefish Grill

 

 

 

 

 

 

 

 

Company-owned

 

173

 

 

(1

)

 

172

Franchised

 

7

 

 

(2

)

 

5

Total

 

180

 

 

(3

)

 

177

Fleming’s Prime Steakhouse & Wine Bar

 

 

 

 

 

 

 

 

Company-owned

 

65

 

 

 

 

65

Aussie Grill

 

 

 

 

 

 

 

 

Company-owned

 

7

 

 

 

 

7

U.S. total

 

1,163

 

1

 

(6

)

 

1,158

International

 

 

 

 

 

 

 

 

Company-owned

 

 

 

 

 

 

 

 

Outback Steakhouse - Brazil (1)

 

139

 

1

 

 

 

140

Other (1)(2)

 

36

 

 

 

 

36

Franchised

 

 

 

 

 

 

 

 

Outback Steakhouse - South Korea

 

86

 

5

 

(1

)

 

90

Other (2)

 

47

 

1

 

(1

)

 

47

International total

 

308

 

7

 

(2

)

 

313

System-wide total

 

1,471

 

8

 

(8

)

 

1,471

System-wide total - Company-owned

 

1,185

 

2

 

(4

)

 

1,183

System-wide total - Franchised

 

286

 

6

 

(4

)

 

288

____________________

(1) The restaurant counts for Brazil, including Abbraccio and Aussie Grill restaurants within International Company-owned Other, are reported as of November 30, 2022 and February 28, 2023, respectively, to correspond with the balance sheet dates of this subsidiary.

(2) International Company-owned Other and International Franchised Other each included four Aussie Grill locations as of March 26, 2023.

Number of kitchens (1):

 

DECEMBER 25, 2022

 

OPENINGS

 

CLOSURES

 

MARCH 26, 2023

U.S.

 

 

 

 

 

 

 

 

Company-owned

 

1

 

 

 

 

1

International

 

 

 

 

 

 

 

 

Franchised - South Korea

 

35

 

 

(10

)

 

25

System-wide total

 

36

 

 

(10

)

 

26

____________________

(1) Excludes virtual concepts that operate out of existing restaurants and sports venue locations.

TABLE EIGHT

BLOOMIN’ BRANDS, INC.

COMPARABLE RESTAURANT SALES INFORMATION

(UNAUDITED)

 

 

THIRTEEN WEEKS ENDED

 

 

MARCH 26, 2023

 

MARCH 27, 2022

Year over year percentage change:

 

 

 

 

Comparable restaurant sales (restaurants open 18 months or more):

 

 

 

 

U.S. (1)

 

 

 

 

Outback Steakhouse

 

4.9

%

 

9.2

%

Carrabba’s Italian Grill

 

6.7

%

 

11.5

%

Bonefish Grill

 

5.2

%

 

21.3

%

Fleming’s Prime Steakhouse & Wine Bar

 

3.6

%

 

45.7

%

Combined U.S.

 

5.1

%

 

14.0

%

International

 

 

 

 

Outback Steakhouse - Brazil (2)

 

14.3

%

 

35.9

%

 

 

 

 

 

Traffic:

 

 

 

 

U.S.

 

 

 

 

Outback Steakhouse

 

(1.5

)%

 

(1.0

)%

Carrabba’s Italian Grill

 

1.7

%

 

3.0

%

Bonefish Grill

 

(0.5

)%

 

7.8

%

Fleming’s Prime Steakhouse & Wine Bar

 

0.2

%

 

28.8

%

Combined U.S.

 

(0.7

)%

 

1.5

%

International

 

 

 

 

Outback Steakhouse - Brazil

 

2.2

%

 

28.7

%

 

 

 

 

 

Average check per person (3):

 

 

 

 

U.S.

 

 

 

 

Outback Steakhouse

 

6.4

%

 

10.2

%

Carrabba’s Italian Grill

 

5.0

%

 

8.5

%

Bonefish Grill

 

5.7

%

 

13.5

%

Fleming’s Prime Steakhouse & Wine Bar

 

3.4

%

 

16.9

%

Combined U.S.

 

5.8

%

 

12.5

%

International

 

 

 

 

Outback Steakhouse - Brazil

 

11.6

%

 

7.6

%

____________________

(1) Relocated restaurants closed more than 60 days are excluded from comparable restaurant sales until at least 18 months after reopening.

(2) Includes trading day impact from calendar period reporting. Excludes the effect of fluctuations in foreign currency rates and the benefit of the Brazil tax legislation.

(3) Includes the impact of menu pricing changes, product mix and discounts.

 

Contacts

Tammy Dean

Sr. Director, Corporate Finance and Investor Relations

(813) 830-5311

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 LosAltos.com & California Media Partners, LLC. All rights reserved.