From a press release issued by Clear Channel Entertainment — Motor Sports:

Suzuki Crossover Challenge Rider List Announced

AURORA, Ill. – Clear Channel Entertainment – Motor Sports and American Suzuki Motor Corporation (ASMC) announced the rider line up for the sixth-annual Suzuki Crossover Challenge. The Suzuki Crossover Challenge – for the first time ever – is scheduled to run during the night program of THQ World Supercross GP/THQ AMA Supercross Series January 24, at San Diego’s Qualcomm Stadium.

The Crossover Challenge is comprised of 24 action sport athletes and celebrities, separated into eight teams of three, competing on identically prepared Suzuki RM 125cc motorcycles. The combined points from all three riders determine the team’s final score. The winning team presents $1,000 to a charity of their choice.

1. Aaron Vincent, snowboarding
2. Victor Sheldon, Jet Skiing
3. Robbie Miranda, BMX
4. Jason Ellis, Skateboarding
5. Jordan Burns, music
6. Salman Agah, skateboarding
7. Steve Caballero, skateboarding
8. Aaron Cooke, BMX
9. Jason Bikowski, television personality
10. Doug Sloan, television personality
11. Adam Booth, BMX
12. Karim Amour, mountain biking
13. Anthony Furlong, skateboarding
14. Jim Doman, kyaking
15. John Hopkins, road racing
16. Jeremy Toye, road racing
17. Dwayne Taylor, BMX
18. Joe Lawwill, mountain biking
19. Garth Tarlow, surfing
20. Josh Sleigh, surfing
21. Robbie Van Winkle, music
22. Brian Lopes, mountain biking
23. John Haskell, Suzuki
24. Greg Herbold, mountain biking

For more information, or to purchase tickets, please log on to www.sxgp.com, www.ticketmaster.com, www.unlvtickets.com(Las Vegas only), www.tickets.com (San Francisco only).

THQ World Supercross GP is a 17 round global series that is produced and promoted by Clear Channel Entertainment and Dorna Off Road S.L. In 2003-2004, the 17 event THQ World Supercross GP will be comprised of two European events, Seville, Spain and Arnhem, Holland, and 15 of the 16 events that are conducted in major markets throughout the United States as part of the AMA Supercross Series. The other AMA Supercross Series event held in Daytona Beach, Fla. is independently produced by the International Speedway Corporation, and is not a part of the THQ World Supercross GP.

Copyright 2004, Roadracing World Publishing, Inc.

Yamaha’s Damon Buckmaster, Jason DiSalvo, Aaron Gobert and Jamie Hacking; Erion Honda’s Jake Zemke and Alex Gobert; and Yoshimura Suzuki’s Ben Spies are testing at Mazda Raceway Laguna Seca today and tomorrow.

Conditions are currently in the high-50s/low-60s.

Tire service at the Dunlop-teams-only test is being provided by Terry Newby and Gabe Smith of Sport Tire Services, the Dunlop racing tire distributor for the Western U.S..

No technicians or engineers from Dunlop Tire Company are present and no apparent tire R&D is taking place at the test.

No effort is being made to prevent members of the press or the general public from entering the paddock and observing the proceedings.

From a press release issued by Honda Racing Information:

MotoGP test Sepang, Malaysia. January 22, 2004.

Endurance the big test on final day for Honda in Malaysia

Honda completed their third and final day of testing at the Malaysian Sepang circuit today, with temperatures slightly cooler than the previous two days, a bonus for the riders, many of whom set about riding endurance sessions to finish off. There was a slight breeze around the circuit throughout the day, and with it came a little bad luck for a couple of the Honda set, with the most dramatic incident of the day undoubtedly going to Camel Honda’s Makoto Tamada who suffered a tyre problem while travelling down the main straight, effectively ending his day early.

Sete Gibernau of Telefonica MoviStar Honda also had an engine problem which threatened to do the same for him, however the Spaniard had his team put in his previous day’s engine, to go on to set some fast laps during a race simulation session. Max Biaggi (Camel Honda Team) was quick once more, and began to look even more at home on the RC211V as he did more endurance tests with Michelin tyres like many of the Honda riders today. Colin Edwards (Telefonica MoviStar Honda) perhaps had done too much, as he called it a day early feeling the effects of the intensive work after a long winter break.

HRC factory tester Tohru Ukawa did a full 21-lap race simulation on the latest version of the RC211V, and lowered his time by over 15 seconds when compared to his race time in October, whereas Nicky Hayden (Repsol Honda) set a similar lap-time on his version of the machine after finally getting back some of the rhythm he found towards the end of the 2003 season.

Max Biaggi – 2:02.585. 50 laps

“It’s been a quite good three days here in Sepang. The temperature helps a lot, it means we can play around with set-up and test many different tyres. I always felt comfortable here, and have been consistently fast, that’s the main thing. I’m happy with what equipment I’ve got at the moment, it’s definitely an improvement on what we had before, but we have to look to the future and we will hope for even more developments, because that is what it is all about. I and the team will all be trying 100 percent to do our best, so we are looking forward to continuing our work here in a couple of weeks time.”

Sete Gibernau – 2:02.7.

“It was a very strange and difficult day. I went out with a new engine this morning and it broke almost immediately. I had the choice to put in yesterday’s engine or stop, so we decided to carry on but take things easy and maybe even limit its performance slightly to not go through the same problem. I wanted to do this to try and get some new information for Michelin by doing an endurance session. The front tyres we used were a completely new generation and initially we were in the 2:02, 2:03 level, but it dropped off. We had bad luck, but physically and mentally this is good preparation for later on in the season when things might not go so well.”

Tohru Ukawa – 2:03.2. 76 laps

“Today we ended by doing a full 21-lap race simulation, and I would say that I was about 15 or 20 seconds faster than when I rode here in October. To say that we haven’t even got the bike set-up perfectly yet, that’s good news. We made a lot of changes to the bike to get grip levels up to where we need them, changing suspension, chassis and many other settings, and it’s getting close but there is still work to do. The lap time could be better I think, but I don’t know if I will get another chance to test this bike before the other riders get into it.”

Colin Edwards – 2:03.3. 38 laps

“I was worried before coming here because I knew I had to do lots of laps on the 17-inch front for Michelin, which I haven’t done for four years since I began working on the 16.5 with the Superbike. I think I maybe felt a bit of the fear of change from that today. I ran a 17″ all day, and the work the MotoGP guys have done on this means that it makes a big difference. I’d say I’m now at 50-50 between the two. The 17 on the Honda makes it feel balanced and more comfortable – it’s not that elsewhere it necessarily will, but I have to make my own decisions and not think about other people’s preferences.”

Makoto Tamada – 2:03.5. 30 laps

“It had been a good couple of days testing until today, but these sort of things happen. We have worked well with the new engine we have been given, working in many different areas to improve the all-round set-up of the bike. The engine is smoother for the tyres now, but it can still get better, so despite finishing early today, I look forward to our next test session to test things further.”

Nicky Hayden – 2:03.2. 68 laps

“It was great to get back on the bike after the winter break. Over the three days we got faster and faster and the bike felt better and better. Some of the new Michelins we tested were very good and we tried both 17 inch and 16.5 fronts. The new engine parts work well and I’m really lookin’ forward to ridin’ the new 2004 bike back here in a month. Sepang isn’t one of my favourite tracks on the GP circuit but I’m feelin’ more comfortable and confident here than I have ever felt.”


Trevor Morris, Hayden Crew Chief:

“Very pleased with the first outing of 2004 really. Nicky is going well and it’s great to see he went faster today on normal tyres than he did on qualifying tyres at the GP last October. We did a simulated long run and he got into a good fast rhythm so we’re all very encouraged. We got a lot of valuable data on various 2004 parts which will be very useful in building the 2004 bikes back at the workshop which we’ll be riding next month.”


Shoji Tachikawa, Repsol Honda Team Manager:

“The times are very similar to those of 2003 and to get to this pace straight after the winter break is very good. The team got back on pace fast and we gathered a lot of data that will be very important; especially when we come back with the 2004 bike.”


Carlo Fiorani, Repsol Honda Team Sporting Manager:

“It’s good to be back in action with half the team going so well. We now look forward very much to the tests here on February 11-13 when we will be a full team again, welcoming Alex Barros and his crew to the Repsol Honda Team on the 2004 bike.”

From a press release issued by Clear Channel Entertainment — Motor Sports:

Formula USA “Thunderbike” Class Rule Change

Fort Worth, TX: Formula USA intends to change the horsepower to weight ratio for the National Thunderbike Championship class for 2004. The 2003 specification called for a 3.5 pound per horsepower rule, but in 2004 Formula USA will utilizes a 3.8 horsepower to weight ratio in the “Thunderbike” class starting at Daytona Int’l Speedway February 28-29. The 2004 Formula USA Rule Book will state that a “Horsepower to weight limit of 3.8 pounds per horsepower will be required for all Thunderbike machines.” This rule will first be effective at the Daytona Int’l Speedway February 28-29, 2004 event for Round 1 of the Formula USA Championship Series. The rule is intended to make the various brands of machinery in the Thunderbike class equally competitive.

The Thunderbike class (formerly known as Heavyweight Sportsman) has proven to be very interesting competition with various brands of motorcycles. In the past it had acted as another class for Buell Lighting Series racers to test and compete in, as well as a competition forum for various other manufacturers such as Suzuki, Ducati, Triumph, Honda, BMW and their various models of single, twin, and triple cylinder machines. The strongest competition for the Buell in Thunderbike has been the Suzuki SV650 and Ducati 750 F1. With Buell machines producing anywhere between 90hp to 120hp and weighing 390 to 420 pounds versus Suzuki’s SV producing a wide range from 65hp to 100hp weighing in at 300 to 350 pounds, it has provided close competition for both brands. In 2004, BMW will reintroduce their Boxer Cup machines to the Thunderbike class with Nate Kern on board and offer an alternative to the Buell/Suzuki battles. Kern rode the BMW to a top 10 finish in the 20th Annual Race of Champions last Fall.

Defending Formula USA Thunderbike National Champion is Daytona’s own David Estok racing for Kosco Buell/Harley-Davidson. Estok will display the # 1 plate for 2004, as he defends his National Championship at the eight rounds of the Formula USA Championship Series. The first round at Daytona places Estok versus 2002 Champion Jeffrey Johnson, the Championship Cup Series Defending National Thunderbike Champions Darren James on a Buell, and Ed Key on a Suzuki SV650. Former Buell Lightning Series National Champion Bryan Bemisderfer will also be in contention along with Daytona top finishers Joe Rozynski, Richie Morris, Tripp Nobles, Greg Avello, Jerry Wood, Dan Bilanski, Kiyo Watanabe, and BMW racer Nate Kern.

For class or contingency sponsorship information contact: [email protected]

Formula USA Championship Series

Feb 26-29 Daytona Intl Speedway

April 23-25 Road America

May 29-31 Summit Point

June 18-20 New Hampshire Intl

June 25-27 Virginia Intl Raceway

August 13-15 Barber Motorsports

September 24-26 Las Vegas Classic Course

October 22-24 Daytona Intl Speedway

Copyright 2004, Roadracing World Publishing, Inc.

Early reports out of Sepang, Malaysia say that four-time AMA Superbike Champion Mat Mladin rode a Suzuki GSV-R MotoGP racebike on Bridgestone tires at the tropical circuit today, making about 15 laps.

Mladin’s comments regarding the bike matched those made by Suzuki MotoGP riders Kenny Roberts and John Hopkins, according to the team.

Mladin’s times on the GSV-R were about three seconds a lap slower than Hopkins’ times and about two seconds a lap slower than Roberts’ times, according to team sources, which is remarkable considering how little time Mladin had on the bike and the tires.

Hopkins and Roberts have been limited to each making about 20 laps a day, due to technical problems, including continuing problems related to transmission shifting.

Mladin is at Sepang testing his GSX-R1000 Superbike with the Yoshimura Suzuki AMA team.

Copyright 2004, Roadracing World Publishing, Inc.

Twelve riders representing three tire manufacturers will attend a special test session at Daytona International Speedway (DIS) January 25-26.

Representing Dunlop will be American Honda’s Ben Bostrom and Miguel Duhamel, Erion Honda’s Jake Zemke, Kawasaki’s Tommy Hayden and Roger Lee Hayden, and Yamaha’s Jason DiSalvo.

Ducati Austin’s Eric Bostrom and Team Valvoline EMGO Suzuki’s Steve Rapp and Vincent Haskovec will ride for Michelin.

Lee Acree, Michael Barnes and Geoff May will test for Pirelli at Daytona.

Ben Bostrom, Duhamel and Zemke will only ride their CBR1000RR Superbikes. The Hayden brothers will only ride ZX-10R Superstock machines. DiSalvo will ride his Superstock YZF-R1. Eric Bostrom only races a 999 Ducati Superbike. Rapp, Haskovec, Acree, Barnes and May will ride Suzuki GSX-R1000 Superstock racebikes.

The additional test was scheduled by AMA Pro Racing and DIS following catastrophic rear Dunlop tire failures at high speed during two recent test sessions at Daytona. The exact goal of the test has not been stated by officials from AMA Pro Racing or DIS, but insiders believe it is meant to determine if the recent tire failures are a Dunlop-specific problem or a problem related to the weight and speed of the current crop of 1000cc Superbike and Superstock racebikes.

From a press release issued by the AMA:

AMA REACTS TO JANKLOW SENTENCE

PICKERINGTON, Ohio — The American Motorcyclist Association (AMA) reports that former U.S. Rep. Bill Janklow (R-SD), who was convicted December 8, 2003, of second-degree manslaughter and three other counts related to a traffic crash that claimed the life of a Minnesota motorcyclist, was sentenced today to 100 days in the Minnehaha County Jail. Janklow will not have to spend time in the South Dakota State Penitentiary, and he could be eligible for a work-release program after 30 days in jail.

On Saturday, August 16, motorcyclist Randolph Scott of Hardwick, Minnesota, was killed in a collision with a car driven by Janklow. The fatal crash took place at the intersection of two county roads in eastern South Dakota. Reports released by investigators indicated that Janklow’s car, traveling at speeds estimated at more that 70 mph, did not stop at the stop sign and continued into the path of the motorcycle, giving the rider no chance to avoid the fatal collision.

Janklow’s resignation from the U.S. House of Representatives took effect on January 20, 2004.

“The AMA is extremely disappointed with this sentence,” said Edward Moreland, AMA Vice President for Government Relations. “This South Dakota court has handed down a judicial insult to motorcyclists nationwide, and to the memory of Randolph Scott, the motorcyclist who paid the price for Mr. Janklow’s criminal conduct.”

According to a recent Associated Press review of South Dakota court records dating back to 1989, 80 percent of those convicted of second-degree manslaughter have been sent to jail or prison. Average jail time was six months, and the average prison term was almost seven years.

In the days following the accident, the AMA called on motorcyclists nationwide to contact South Dakota Gov. Mike Rounds and Attorney General Larry Long, urging them to seek justice in the case. Using AMA Rapid Response, motorcyclists and other concerned citizens can send e-mail messages directly to South Dakota officials. AMA Rapid Response, which allows users to contact lawmakers, government officials and the media with the click of a button, is available on the Association’s website, AMADirectlink.com.

The AMA notes that tragic crashes like the one involving Janklow, in which a car or other vehicle violates the right of way of a motorcycle, are all too common on the nation’s highways. The most comprehensive study ever conducted into motorcycle accidents found that nearly 75 percent of motorcycle accidents involve another vehicle, and that in almost two-thirds of those crashes, the cause could be traced to the other vehicle violating the motorcyclist’s right-of-way.

For more than a year, the AMA has been involved in a campaign called Motorcyclists Matter that focuses attention on the dangers faced by motorcyclists and other vulnerable road users, including bicyclists and pedestrians, as a result of drivers who violate their right-of-way. The Association is also campaigning in Washington, D.C., for funding for a new study into the causes of motorcycle accidents — the first in more than two decades.

From a press release issued by Harley-Davidson:

HARLEY-DAVIDSON REPORTS RECORD FOURTH QUARTER
AND 18th CONSECUTIVE RECORD YEAR

Company sets goal of 400,000 motorcycles for 2007

Milwaukee, Wis. — Harley-Davidson, Inc. (NYSE: HDI) today announced record revenue and earnings for its fourth quarter and year ended December 31, 2003. Revenue for the quarter was $1.16 billion compared with $1.03 billion in the year-ago quarter, a 12.8 percent increase. Net income for the quarter was $182.4 million compared to $150.9 million, an increase of 20.9 percent over the year ago quarter. Fourth quarter diluted earnings per share (EPS) was 60 cents, a 22.4 percent increase compared with last year’s 49 cents.

Revenue for the full year was $4.62 billion, compared with $4.09 billion in 2002, a 13.0 percent increase. Net income for the year was $760.9 million, a 31.1 percent increase versus last year’s $580.2 million, while diluted EPS for the full year was $2.50, a 31.6 percent increase compared with $1.90 in 2002.

“This is the 18th consecutive year that Harley-Davidson has achieved records for both revenue and net income,” said Jeffrey L. Bleustein, chairman and chief executive officer of Harley-Davidson, Inc. “We had a phenomenal year full of memorable once-in-a-lifetime experiences surrounding our 100th Anniversary. Introducing the Harley-Davidson brand to hundreds of thousands of potential customers has undoubtedly sparked the dream of ownership and created new excitement for our products.”

“As we begin our 101st year, we expect to grow the business further with our proven ability to deliver a continuous stream of exciting new motorcycles, related products and services. We have set a new goal for the Company to be able to satisfy a yearly demand of 400,000 Harley-Davidson motorcycles in 2007. By offering innovative products and services, and by driving productivity gains in all facets of our business, we are confident that we can deliver an earnings growth rate in the mid-teens for the foreseeable future,” said Bleustein.

Motorcycles and Related Products Segment – Fourth Quarter Results

Revenue from Harley-Davidson motorcycles was $945.3 million, an increase of $125.0 million or 15.2 percent over the same period last year. Shipments of Harley-Davidson motorcycles totaled 77,056 units, an increase of 11,086 units or 16.8 percent over last year’s fourth quarter. The Company’s shipment target remains 317,000 Harley-Davidson motorcycles for 2004.

Revenue from Parts and Accessories (P&A), which consists of Genuine Motor Parts and Genuine Motor Accessories, totaled $141.0 million, an increase of $11.1 million, or 8.5 percent over the year-ago quarter. Revenue from General Merchandise, which consists of MotorClothes apparel and collectibles, totaled $50.7 million, a decrease of $4.1 million or 7.4 percent. Excluding revenue from 100th Anniversary products in 2002’s fourth quarter, the P&A growth rate would have been 20.3 percent over last year’s fourth quarter and the General Merchandise growth rate would have been 20.0 percent over the same period.

Gross margin was 35.9 percent of revenue, down slightly from the prior year’s 36.1 percent. Gross margin was negatively impacted by a higher proportion of Sportster motorcycle shipments and higher manufacturing costs, but partially offset by favorable foreign currency exchange. Fourth quarter operating margin improved to 21.5 percent in 2003 from 20.7 percent in 2002.

Motorcycle Retail Sales Data

Retail sales of Harley-Davidson motorcycles for the year 2003 grew 8.8 percent in the U.S., 6.7 percent in Europe, and 9.0 percent in Japan compared to 2002. Based on the information currently available, Harley-Davidson’s full year market share for the 651cc and up segment is expected to grow in all of the Company’s major markets. “Given the economic climate during the past year, we are pleased with our retail growth,” said Bleustein.

“Although our U.S. dealer network experienced a modest decline in motorcycle sales in the fourth quarter as compared to last year’s fourth quarter, we believe it is difficult to draw meaningful conclusions from this comparison. The urgency to buy a 100th Anniversary motorcycle prior to the celebrations, along with an unusually late shipment plan for ’04 motorcycles, created two very different selling environments. We are confident that 2004 will be another strong year for Harley-Davidson due to current dealer confidence, momentum from the 100th Anniversary and improving economic indicators,” Bleustein added.

For more motorcycle retail data, see the attached tables.

Financial Services Segment

Harley-Davidson Financial Services, Inc. (HDFS), a subsidiary of Harley-Davidson, Inc., reported fourth quarter operating income of $33.8 million, up $8.5 million or 33.4 percent compared to the year-ago quarter.

“Harley-Davidson Financial Services had another strong quarter in both financial performance and in helping to make the dream of owning a Harley-Davidson motorcycle a reality,” said Bleustein. The segment’s performance was driven by continued strong marketplace acceptance of its finance and insurance products.

The Company’s fourth quarter securitization of $300 million of motorcycle retail loans resulted in a gain of $11.4 million, which represents 3.8 percent of loans sold.

Annualized credit losses on a managed portfolio basis increased during the year from 0.72 percent in 2002 to 0.85 percent in 2003, which is within the 5-year historical range of credit losses of 0.72 to 0.90 percent.

Tax Rate

During the quarter, the Company’s tax rate was 35.5 percent, up from 34.5 percent in the first nine months of the year. The Company expects to maintain a rate of 35.5 percent throughout 2004.

Share Repurchase

During the fourth quarter, the Company invested $73.3 million in repurchasing 1.6 million shares of its stock.

Harley-Davidson, Inc. – Twelve Month Results

For the fiscal year ended 2003, total Harley-Davidson motorcycle shipments were 291,147 units compared with 263,653 units in 2002, a 10.4 percent increase. Harley-Davidson motorcycle revenue was $3.62 billion, an increase of $460.4 million or 14.6 percent.

P&A revenue totaled $712.8 million, a 13.3 percent increase, while General Merchandise revenue totaled $211.4 million, an 8.7 percent decrease compared with 2002. Excluding revenue from 100th Anniversary products for both 2002 and 2003, the P&A growth rate would have been 14.4 percent and the General Merchandise growth rate would have been 12.7 percent.

Full year operating income for HDFS was $167.9 million, an increase of $63.6 million or 61.1 percent compared to 2002.

Cash Flow – Twelve Month Results

Operations generated cash of $935.6 million in 2003, even after a $192.0 million contribution to the Company’s pension plans. This cash provided the Company the ability to invest $227.2 million in capital expenditures, to repurchase 2.3 million shares of Company stock for $103.9 million, to pay $59.0 million in dividends and to increase cash and marketable securities by $526.9 million.

2004 and Beyond

In addition to the previously stated motorcycle unit goal, the Company plans on growth in all of its product lines. Harley-Davidson expects the growth rate for P&A revenues to be slightly higher than the motorcycle unit growth rate, and the General Merchandise growth rate is expected to be lower than the motorcycle unit growth rate. The Company expects the HDFS growth rate to be slightly higher than the Company’s motorcycle unit growth rate.

Company Description

Harley-Davidson, Inc. is the parent company for the group of companies doing business as Harley-Davidson Motor Company, Buell Motorcycle Company and Harley-Davidson Financial Services, Inc. Harley-Davidson Motor Company, the only major U.S.-based motorcycle manufacturer, produces heavyweight motorcycles and offers a complete line of motorcycle parts, accessories, apparel, and general merchandise. Buell Motorcycle Company produces sport and sport-touring motorcycles. Harley-Davidson Financial Services, Inc. provides wholesale and retail financing and insurance programs to Harley-Davidson dealers and customers.

Forward-Looking Statements

The Company intends that certain matters discussed in this release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the Company “believes,” “anticipates,” “expects” or “estimates” or words of similar meaning. Similarly, statements that describe future plans, objectives, outlooks, targets or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated as of the date of this release. Certain of such risks and uncertainties are described below.

Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this release are only made as of the date of this release, and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

The Company’s ability to meet the targets and expectations noted depends upon, among other factors, the Company’s ability to (i) continue to realize production efficiencies at its production facilities through the implementation of innovative manufacturing techniques and other means, (ii) successfully implement production capacity increases in its facilities, (iii) successfully introduce new products and services, (iv) avoid unexpected P&A /general merchandise supplier backorders, (v) sell all of the motorcycles it has the capacity to produce, (vi) continue to develop the capacity of its distributor and dealer network, (vii) avoid unexpected changes in the regulatory environment for its products, (viii) successfully adjust to foreign currency exchange rate fluctuations, (ix) successfully adjust to interest rate fluctuations, and (x) successfully manage changes in the credit quality of HDFS’s loan portfolio.

In addition, the Company could experience delays in the operation of manufacturing facilities as a result of work stoppages, difficulty with suppliers, natural causes or other factors. Risk factors are also disclosed in documents previously filed by the Company with the Securities and Exchange Commission.