Lilly Reports Strong Second-Quarter 2010 Results
INDIANAPOLIS, July 22 /PRNewswire-FirstCall/ -- -- Nine percent revenue growth driven by higher volume continues strong
trend for the year.
-- 21 percent of Q2 revenue invested in R&D to advance pipeline of nearly
70 potential new medicines in clinical development.
-- Ongoing cost-containment efforts support double-digit growth in
operating income.
-- Q2 earnings per share grow to $1.22 (reported), or $1.24 (non-GAAP).
-- 2010 earnings per share guidance range raised to $4.44 to $4.59
(reported), or $4.50 to $4.65 (non-GAAP), following strong first-half
results.
Eli Lilly and Company (NYSE:LLY) today announced financial results for
the second quarter of 2010.
$in millions, except per share data Second Quarter
--------------
2010 2009 % Growth
---- ---- --------
Total Revenue -
Reported $5,748.7 $5,292.8 9%
Net Income - Reported 1,348.9 1,158.5 16%
EPS - Reported 1.22 1.06 15%
Net Income - non-GAAP 1,366.9 1,226.7 11%
EPS - non-GAAP 1.24 1.12 11%
-------------- ---- ---- ---
Financial results for 2010 and 2009 are presented on both a
reported and a non-GAAP basis. Reported results were prepared in
accordance with generally accepted accounting principles (GAAP) and
include all revenue and expenses recognized during the period.
Non-GAAP results exclude the items described in the reconciliation
tables. The non-GAAP results are presented in order to provide
additional insights into the underlying trends in the company's
business. The company's 2010 financial guidance is also being
provided on both a reported and a non-GAAP basis.
"Lilly continued to deliver solid financial results in the
second quarter, driven by volume-based revenue gains and ongoing
cost-containment efforts that resulted in double-digit earnings
growth," said John C. Lechleiter Ph.D., Lilly's chairman and chief
executive officer. "We're pleased with these results and the
opportunities they create. This strong financial performance
enables us to fund our R&D pipeline of nearly 70 clinical stage
assets and make strategic acquisitions in order to deliver an
increased number of innovative medicines to patients in the
future."
Key Events Over the Last Three Months
-- The company signed a definitive merger agreement to acquire Alnara
Pharmaceuticals, Inc., a privately-held company developing protein
therapeutics for the treatment of metabolic diseases. Alnara's lead
product in development is liprotamase, a non-porcine pancreatic enzyme
replacement therapy (PERT). Liprotamase is under review by the U.S.
Food and Drug Administration for the treatment of exocrine pancreatic
insufficiency (EPI).
-- The company signed a development and exclusive license agreement with
Marcadia Biotech, Inc. for Marcadia's short-acting glucagon program,
covering glucagon analogs that may provide greater convenience and
ease-of-use for the treatment of severe hypoglycemia. The program
includes MAR531, a glucagon analog that is in preclinical development.
-- The company, along with its partners Amylin Pharmaceuticals, Inc. and
Alkermes, Inc., announced that the U.S. Food and Drug Administration
(FDA) classified the Bydureon(TM) complete response as a Class 2
resubmission and assigned a new Prescription Drug User Fee Act (PDUFA)
action date of October 22, 2010.
-- The company, along with its partner, Kowa Pharmaceuticals America
Inc., announced the launch of Livalo® in the United States. Livalo is
indicated for adults as an adjunctive therapy to diet for the
treatment of primary hyperlipidemia or mixed dyslipidemia.
-- The company announced a new partnership with Walmart to provide a
co-branded insulin product for people with diabetes. Beginning in
mid-September, Lilly's Humulin® brand of biosynthetic human insulin
will be available in Walmart pharmacies across the U.S. under the
dual-branded name Humulin® ReliOn®.
Second-Quarter Reported Results
In the second quarter of 2010, worldwide total revenue was
$5.749 billion, an increase of 9 percent compared with the second
quarter of 2009. This 9 percent revenue growth was comprised of an
increase of 5 percent due to higher volume, 2 percent due to higher
prices and 1 percent due to the impact of foreign exchange rates
(numbers do not add due to rounding). Total revenue in the U.S.
increased 8 percent to $3.262 billion due to higher prices and, to
a lesser extent, increased volume. Total revenue outside the U.S.
increased 9 percent to $2.487 billion due to increased demand and,
to a lesser extent, the favorable impact of foreign exchange rates
outside the Euro zone, partially offset by lower prices.
Second-quarter 2010 total revenue was reduced by approximately $70
million due to the impact of U.S. health care reform.
Gross margin increased 9 percent, in-line with total revenue
growth. Gross margin as a percent of total revenue was 82.2
percent, which was essentially flat compared to the second quarter
of 2009.
Marketing, selling and administrative expenses increased 3
percent compared with the second quarter of 2009, to $1.755
billion. The increase was driven by higher marketing and selling
expenses outside the U.S., partially offset by lower administrative
expenses and company-wide cost containment efforts. Research and
development expenses were $1.187 billion, or 21 percent of total
revenue. Compared with the second quarter of 2009, research and
development expenses grew 14 percent due primarily to increased
costs of late-stage clinical trials and associated development
milestones. Total operating expense, defined as the sum of research
and development, marketing, selling and administrative expenses,
increased 7 percent compared with the second quarter of 2009.
In the second quarter of 2010, the company recognized a charge
of $27.3 million for restructuring primarily related to severance
and other related costs from previously announced strategic actions
that the company is taking to reduce its cost structure and global
workforce. In the second quarter of 2009, the company incurred a
special pretax charge of $105.0 million in connection with the
settlement of several states' litigation claims involving
Zyprexa.
Operating income in the second quarter of 2010 increased 18
percent to $1.755 billion, compared to the second quarter of 2009
due to revenue growing at a faster rate than cost of sales and
operating expense, as well as lower asset impairments,
restructuring and other special charges.
Other income (expense) improved $5.7 million, to a net expense
of $18.4 million, primarily due to lower net interest
expense.
The effective tax rate was 22.3 percent in the second quarter of
2010, compared with an effective tax rate of 21.1 percent in the
second quarter of 2009, due to the expiration of the R&D tax
credit in the U.S. at the end of 2009.
Net income and earnings per share increased to $1.349 billion
and $1.22, respectively, compared with second-quarter 2009 net
income of $1.159 billion and earnings per share of $1.06.
Second-Quarter non-GAAP Results
Operating income increased 12 percent to $1.782 billion, due to
revenue growing at a higher rate than operating expenses. The
effective tax rate was 22.5 percent, up from 22.0 percent in the
second quarter of 2009. Net income and earnings per share both
increased 11 percent to $1.367 billion and $1.24, respectively.
Excluding the impact of changes in foreign exchange rates,
operating income and earnings per share would have increased
approximately 9 percent and 8 percent, respectively.
For purposes of non-GAAP reporting, items totaling $.02 and $.06
per share for the second quarters of 2010 and 2009, respectively,
have been excluded. For further detail, see the reconciliation
below as well as the footnotes to the non-GAAP income statement
later in this press release.
Second Quarter
--------------
2010 2009 % Growth
---- ---- --------
Earnings per share (reported) $1.22 $1.06 15%
Charge related to Zyprexa litigation - .06
Restructuring charges .02 -
Earnings per share (non-GAAP) $1.24 $1.12 11%
----- -----
Year-to-Date Results
For the first six months of 2010, worldwide total revenue
increased 9 percent to $11.234 billion, compared with the same
period in 2009. Reported net income and earnings per share were
$2.597 billion and $2.35, respectively. Net income and earnings per
share, on a non-GAAP basis, were $2.664 billion and $2.41,
respectively.
For purposes of non-GAAP reporting, items totaling $.06 per
share for the first six months of both 2010 and 2009 have been
excluded. For further detail, see the reconciliation below as well
as the footnotes to the non-GAAP income statement later in this
press release.
Year-to-date % Growth
------------ --------
2010 2009
---- ----
Earnings per share (reported) $2.35 $2.25 4%
Charge related to Zyprexa litigation - .06
In-process research and development
charge associated with .03 -
Acrux licensing agreement
Restructuring charges .03 -
Earnings per share (non-GAAP) $2.41 $2.31 4%
----- -----
Revenue Highlights - Reported
% Change
Over/
Second Quarter (Under)
(Dollars in
millions)
2010 2009 2009
---- ----
Zyprexa(R) $1,262.9 $1,203.2 5%
Cymbalta(R) 867.7 744.4 17%
Alimta(R) 551.8 385.3 43%
Humalog(R) 504.6 477.5 6%
Cialis(R) 418.7 363.6 15%
Gemzar(R) 293.4 353.2 (17)%
Humulin 265.2 248.1 7%
Evista(R) 259.5 251.3 3%
Forteo(R) 209.6 203.3 3%
Strattera(R) 147.1 142.8 3%
Total Revenue $5,748.7 $5,292.8 9%
% Change
Over/
Year-to-Date (Under)
(Dollars in
millions)
2010 2009 2009
----
Zyprexa(R) $2,477.9 $2,326.2 7%
Cymbalta(R) 1,670.9 1,453.7 15%
Alimta(R) 1,079.2 720.6 50%
Humalog(R) 1,011.0 928.0 9%
Cialis(R) 827.0 722.4 14%
Gemzar(R) 581.2 721.0 (19)%
Humulin 523.0 488.7 7%
Evista(R) 501.1 508.2 (1)%
Forteo(R) 404.1 390.7 3%
Strattera(R) 293.5 301.7 (3)%
Total Revenue $11,234.2 $10,339.8 9%
Zyprexa
In the second quarter of 2010, Zyprexa sales totaled $1.263
billion, an increase of 5 percent compared with the second quarter
of 2009. U.S. sales of Zyprexa increased 10 percent to $638.2
million, driven by higher prices, partially offset by lower demand.
Zyprexa sales in international markets increased 1 percent, to
$624.7 million, driven by the favorable impact of foreign exchange
rates and higher demand, offset by lower prices.
Cymbalta
For the second quarter of 2010, Cymbalta generated $867.7
million in sales, an increase of 17 percent compared with the
second quarter of 2009. U.S. sales of Cymbalta increased 14
percent, to $707.9 million, driven by higher prices and higher
volume. Sales outside the U.S. were $159.8 million, an increase of
30 percent, driven by higher demand, including recent launches in
Japan and Canada.
Alimta
For the second quarter of 2010, Alimta generated sales of $551.8
million, an increase of 43 percent compared with the second quarter
of 2009. U.S. sales of Alimta increased 28 percent, to $253.6
million, due to increased demand. Sales outside the U.S. increased
60 percent, to $298.3 million, due to increased demand. Demand
outside the U.S. was favorably impacted by the approval in the
second quarter of 2009 of the non-small cell lung cancer indication
in Japan.
Humalog
For the second quarter of 2010, worldwide Humalog sales
increased 6 percent, to $504.6 million. Sales in the U.S. increased
3 percent to $299.7 million, driven by higher volume, partially
offset by lower net effective selling prices. Sales outside the
U.S. increased 10 percent to $205.0 million, driven by higher
demand and, to a lesser extent, the favorable impact of foreign
exchange rates.
Cialis
Cialis sales for the second quarter of 2010 increased 15 percent
to $418.7 million. U.S. sales of Cialis were $165.2 million in the
second quarter, an 11 percent increase compared with the second
quarter of 2009, driven primarily by higher prices and higher
volume. Sales of Cialis outside the U.S. increased 18 percent, to
$253.5 million, driven primarily by increased demand.
Gemzar
Gemzar sales totaled $293.4 million in the second quarter of
2010, a decrease of 17 percent from the second quarter of 2009.
Sales in the U.S. decreased 3 percent, to $189.8 million, due to
lower net effective selling prices. Sales outside the U.S.
decreased 34 percent, to $103.6 million, due to lower demand and
lower prices as a result of the entry of generic competition in
most major markets.
Humulin
Worldwide Humulin sales increased 7 percent in the second
quarter of 2010, to $265.2 million. U.S. sales increased 21 percent
to $115.3 million, driven by increased prices and, to a lesser
extent, increased demand. Sales outside the U.S. decreased 2
percent, to $150.0 million, driven by lower prices, partially
offset by the favorable impact of foreign exchange rates.
Evista
Evista sales were $259.5 million in the second quarter of 2010,
a 3 percent increase compared with the second quarter of 2009. U.S.
sales of Evista increased 4 percent to $175.6 million, as a result
of higher prices, partially offset by lower demand. Sales outside
the U.S. increased 1 percent to $83.9 million, driven by the
favorable impact of foreign exchange rates, offset by lower
demand.
Forteo
Second-quarter sales of Forteo were $209.6 million, a 3 percent
increase compared with the second quarter of 2009. U.S. sales of
Forteo remained flat, at $131.4 million as higher net effective
selling prices were offset by lower demand. Sales outside the U.S.
increased 10 percent, to $78.2 million, due primarily to higher
demand.
Strattera
During the second quarter of 2010, Strattera generated $147.1
million of sales, an increase of 3 percent compared with the second
quarter of 2009. U.S. sales decreased 5 percent to $100.4 million,
due to decreased demand, partially offset by higher net effective
selling prices. Sales outside the U.S. increased 26 percent, to
$46.7 million, driven by increased demand. Demand outside the U.S.
was favorably impacted by the 2009 launch in Japan.
Byetta®
Lilly recognizes in revenue its 50 percent share of Byetta's
gross margin in the U.S., 100 percent of Byetta sales outside the
U.S., and its sales of Byetta pen delivery devices to its partner,
Amylin Pharmaceuticals. For the second quarter of 2010, Lilly
recognized total revenue of $106.9 million for Byetta, a decrease
of 7 percent.
Worldwide sales of Byetta were $178.8 million in the second
quarter of 2010, a 13 percent decrease compared with the second
quarter of 2009, due to competitive pressures in the U.S. and
German markets. U.S. sales of Byetta decreased 20 percent to $140.7
million compared with the second quarter of 2009, while sales of
Byetta outside the U.S. grew 24 percent to $38.1 million.
Erbitux®
Lilly recognizes net royalties received from its Erbitux
collaboration partners and revenue from manufactured product sold
to these partners. For the second quarter of 2010, Lilly recognized
total revenue of $103.8 million for Erbitux, an increase of 4
percent.
Effient(TM)
Worldwide Effient sales were $22.9 million in the second quarter
of 2010, up from $8.8 million in the first quarter of 2010. U.S.
Effient sales were $16.3 million. Sales outside the U.S. were $6.6
million.
Animal Health
Worldwide sales of animal health products in the second quarter
of 2010 were $324.2 million, an increase of 18 percent compared
with the second quarter of 2009. U.S. sales grew 20 percent, to
$185.0 million, primarily due to higher demand. Sales outside the
U.S. increased 15 percent, to $139.1 million, driven by increased
demand and the favorable impact of foreign exchange rates.
2010 Financial Guidance
Following strong performance in the first six months of 2010,
the company has raised its 2010 earnings per share guidance to a
range of $4.44 to $4.59 on a reported basis and $4.50 to $4.65 on a
non-GAAP basis, excluding potential restructuring charges primarily
related to severance and other related costs from previously
announced strategic actions that the company is taking to reduce
its cost structure and global workforce. The company has also
revised certain other elements of its full-year 2010 financial
guidance.
2010 Earnings Per Share Expectations:
2010
Expectations 2009 Results % Growth
Earnings per share
(reported) $4.44 to $4.59 $3.94 13% to 16%
Charges related to Zyprexa
litigation - .13
Asset impairments and
restructuring charges .03 .29
In-process research and
development charge .03 .05
associated with Acrux
(2010) and Incyte
(2009) licensing
agreements
Earnings per share (non-
GAAP) $4.50 to $4.65 $4.42 2% to 5%
-------------- -----
Numbers in the 2009 column do not add due to rounding.
The company still expects volume-driven revenue growth in the
mid-single digits, driven primarily by Alimta, Cymbalta, Humalog,
Cialis and Effient.
The company now anticipates that gross margin as a percent of
revenue will be flat to increasing. Excluding the effect of foreign
exchange rates on international inventories sold, the company still
expects gross margin as a percent of revenue to increase.
Marketing, selling and administrative expenses are now projected
to grow in the low-single digits while research and development
expenses are still projected to grow in the low-double
digits.
Other income is still expected to be a net expense of between
$50.0 and $100.0 million, and the tax rate is still expected to be
approximately 23 percent.
Cash flows are expected to be sufficient to fund capital
expenditures now estimated at less than $900 million, as well
anticipated business development activity and the company's
dividend.
Webcast of Conference Call
As previously announced, investors and the general public can
access a live webcast of the second-quarter 2010 financial results
conference call through a link on Lilly's website at www.lilly.com.
The conference call will be held today from 9:00 a.m. to 10:00 a.m.
Eastern Daylight Time (EDT) and will be available for replay via
the website through August 20, 2010.
Lilly, a leading innovation-driven corporation, is developing a
growing portfolio of pharmaceutical products by applying the latest
research from its own worldwide laboratories and from
collaborations with eminent scientific organizations. Headquartered
in Indianapolis, Ind., Lilly provides answers - through medicines
and information - for some of the world's most urgent medical
needs. Additional information about Lilly is available at
www.lilly.com; Lilly's clinical trial registry is available at
www.lillytrials.com.
F-LLY
This press release contains forward-looking statements that are
based on management's current expectations, but actual results may
differ materially due to various factors. There are significant
risks and uncertainties in pharmaceutical research and development.
There can be no guarantees with respect to pipeline products that
the products will receive the necessary clinical and manufacturing
regulatory approvals or that they will prove to be commercially
successful. The company's results may also be affected by such
factors as competitive developments affecting current products;
rate of sales growth of recently launched products; the timing of
anticipated regulatory approvals and launches of new products;
regulatory actions regarding currently marketed products; other
regulatory developments and government investigations; patent
disputes and other litigation involving current and future
products; the impact of governmental actions regarding pricing,
importation, and reimbursement for pharmaceuticals, including U.S.
health care reform; changes in tax law; asset impairments and
restructuring charges; acquisitions and business development
transactions; and the impact of exchange rates and global
macroeconomic conditions. For additional information about the
factors that affect the company's business, please see the
company's latest Form 10-Q filed April 2010 and Form 10-K filed
February 2010. The company undertakes no duty to update
forward-looking statements.
Alimta® (pemetrexed, Lilly)
Bydureon(TM) (exenatide for extended-release injectable
suspension, Amylin Pharmaceuticals)
Byetta® (exenatide injection, Amylin Pharmaceuticals)
Cialis® (tadalafil, Lilly)
Cymbalta® (duloxetine hydrochloride, Lilly)
Effient(TM) (prasugrel, Lilly)
Erbitux® (cetuximab, ImClone Systems, Lilly)
Evista® (raloxifene hydrochloride, Lilly)
Forteo® (teriparatide of recombinant DNA origin injection, Lilly)
Gemzar® (gemcitabine hydrochloride, Lilly)
Humalog® (insulin lispro injection of recombinant DNA origin, Lilly)
Humulin® (human insulin of recombinant DNA origin, Lilly)
Livalo® (pitavastatin, Kowa Pharmaceuticals America Inc.)
Strattera® (atomoxetine hydrochloride, Lilly)
Zyprexa® (olanzapine, Lilly)
Eli Lilly and Company Employment Information
June 30, 2010 December 31, 2009
------------- -----------------
Worldwide Employees 39,200 40,360
Eli Lilly and Company
Operating Results (Unaudited) - REPORTED
(Dollars in millions, except per share data)
Three Months Ended
June 30
2010 2009 % Chg.
---- ---- ------
Total Revenue 5,748.7 5,292.8 9%
Cost of sales 1,023.9 947.4 8%
Research and development 1,187.2 1,040.4 14%
Marketing, selling and
administrative 1,755.4 1,708.2 3%
Acquired in-process
research and development - - NM
Asset impairments,
restructuring and other
special charges 27.3 105.0 (74)%
Operating income 1,754.9 1,491.8 18%
Net interest income
(expense) (36.5) (45.5)
Net other income
(expense) 18.1 21.4
Other income (expense) (18.4) (24.1) (24)%
Income before income
taxes 1,736.5 1,467.7 18%
Income taxes 387.6 309.2 25%
----- -----
Net income $1,348.9 $1,158.5 16%
======== ========
Earnings per share -
basic $1.22 $1.06 15%
===== =====
Earnings per share -
diluted $1.22 $1.06 15%
===== =====
Dividends paid per share $.49 $.49 0%
1,103,782 1,097,184
Weighted-average shares
outstanding (thousands)
- basic
Weighted-average shares
outstanding (thousands)
- diluted 1,103,807 1,097,213
Six Months Ended
June 30
2010 2009 % Chg.
---- ------
Total Revenue 11,234.2 10,339.8 9%
Cost of sales 2,146.4 1,763.8 22%
Research and development 2,226.3 1,987.7 12%
Marketing, selling and
administrative 3,369.8 3,237.4 4%
Acquired in-process
research and development 50.0 - NM
Asset impairments,
restructuring and other
special charges 53.5 105.0 (49)%
---- -----
Operating income 3,388.2 3,245.9 4%
Net interest income
(expense) (73.5) (105.7)
Net other income
(expense) 129.6 10.9
----- ----
Other income (expense) 56.1 (94.8) NM
Income before income
taxes 3,444.3 3,151.1 9%
Income taxes 847.3 679.5 25%
----- -----
Net income $2,597.0 $2,471.6 5%
======== ========
Earnings per share -
basic $2.35 $2.25 4%
===== =====
Earnings per share -
diluted $2.35 $2.25 4%
===== =====
Dividends paid per share $.98 $.98 0%
1,103,817 1,097,195
Weighted-average shares
outstanding (thousands)
- basic
Weighted-average shares
outstanding (thousands)
- diluted 1,103,843 1,097,226
NM - not meaningful
Eli Lilly and Company
Operating Results (Unaudited) - Non-GAAP
(Dollars in millions, except per share data)
Three Months Ended
June 30
2010(a) 2009(b) % Chg.
------- ------- ------
Total Revenue 5,748.7 5,292.8 9%
Cost of sales 1,023.9 947.4 8%
Research and development 1,187.2 1,040.4 14%
Marketing, selling and
administrative 1,755.4 1,708.2 3%
Operating income 1,782.2 1,596.8 12%
Net interest income
(expense) (36.5) (45.5)
Net other income
(expense) 18.1 21.4
Other income (expense) (18.4) (24.1) (24)%
Income before income
taxes 1,763.8 1,572.7 12%
Income taxes 396.9 346.0 15%
----- -----
Net income $1,366.9 $1,226.7 11%
======== ========
Earnings per share -
basic $1.24 $1.12 11%
===== =====
Earnings per share -
diluted $1.24 $1.12 11%
===== =====
Dividends paid per share $.49 $.49 0%
1,103,782 1,097,184
Weighted-average shares
outstanding (thousands)
- basic
Weighted-average shares
outstanding (thousands)
- diluted 1,103,807 1,097,213
Six Months Ended
June 30
2010(a) 2009(b) % Chg.
------- ------
Total Revenue 11,234.2 10,339.8 9%
Cost of sales 2,146.4 1,763.8 22%
Research and development 2,226.3 1,987.7 12%
Marketing, selling and
administrative 3,369.8 3,237.4 4%
Operating income 3,491.7 3,350.9 4%
Net interest income
(expense) (73.5) (105.7)
Net other income
(expense) 129.6 10.9
----- ----
Other income (expense) 56.1 (94.8) NM
Income before income
taxes 3,547.8 3,256.1 9%
Income taxes 883.3 716.3 23%
----- -----
Net income $2,664.5 $2,539.8 5%
======== ========
Earnings per share -
basic $2.41 $2.31 4%
===== =====
Earnings per share -
diluted $2.41 $2.31 4%
===== =====
Dividends paid per share $.98 $.98 0%
1,103,817 1,097,195
Weighted-average shares
outstanding (thousands)
- basic
Weighted-average shares
outstanding (thousands)
- diluted 1,103,843 1,097,226
NM - not meaningful
(a) The second-quarter 2010 financial statements have been adjusted
to eliminate restructuring charges of $27.3 million (pretax), or
$0.02 (after-tax). The year-to-date 2010 financial statements
have been adjusted to eliminate total restructuring charges of $53.5
million (pretax), or $0.03 (after-tax). These charges are primarily
related to severance costs from previously announced strategic
actions that the company is taking to reduce its cost structure and
global workforce. In addition, the year-to-date 2010 financial
statements have been adjusted to eliminate a charge of $50.0 million
(pretax), or $0.03 per share (after-tax), for acquired in-process
research and development associated with the in-licensing agreement
with Acrux Ltd.
(b) The second quarter and year-to-date 2009 financial statements
have been adjusted to eliminate a special pretax charge of $105.0
million, or $0.06 per share (after-tax), in connection with several
states' litigation claims involving Zyprexa.
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Source: Eli Lilly and Company
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Philip
Johnson, +1-317-655-6874, both of Eli Lilly and Company
Web Site: http://www.lilly.com/
Posted: July 2010
