August 18, 2022

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Eagle Materials Reports Third Quarter Results EPS From Continuing Operations of $1.94 on Revenue of $405 Million

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DALLAS–(BUSINESS WIRE)–Eagle Materials Inc. (NYSE: EXP) today reported financial results for the third quarter of fiscal 2021 ended December 31, 2020. Notable items for the quarter are highlighted below (unless otherwise noted, all comparisons are with the prior year’s fiscal third quarter):

Third Quarter Fiscal 2021 Results

  • Record third quarter revenue of $404.7 million, up 18%
  • Third quarter diluted earnings per share from continuing operations of $1.94, up 87%

    • Prior-year diluted earnings per share include an asset impairment charge of $0.47 related to continuing operations

Commenting on the third quarter results, Michael Haack, President and CEO, said, “Our third quarter results demonstrate the overall resilience of our portfolio. Despite continued pandemic-related economic uncertainty, our wallboard shipments were up 9%, a third quarter record for American Gypsum, and our cement shipments were up 28%, reflecting the strong performance of the recently acquired Kosmos Cement Business and the strength of our core markets. We continued to generate strong operating cash flow, which significantly improved our balance sheet and liquidity position providing us with increased financial flexibility.”

Mr. Haack continued, “As we continue to navigate the COVID-19 environment, I want to thank our team for their exceptional work under extraordinary circumstances, delivering strong results, remaining focused on the integration of Kosmos and keeping our strategic projects on schedule. We continue to closely monitor the disruptions caused by the COVID-19 pandemic and their possible impact on our business in current and future periods. We also continue to enforce strict health and safety protocols to protect our employees, customers and business partners, and we will continue to manage our cash flow prudently and protect our balance sheet.”

Segment Results

Heavy Materials: Cement, Concrete and Aggregates

Revenue in the Heavy Materials sector, which includes Cement, Concrete and Aggregates, as well as Joint Venture and intersegment Cement revenue, was $277.6 million, a 21% improvement. Heavy Materials operating earnings increased 31% to $75.5 million primarily because of improved Cement net sales prices and earnings from the recently acquired Kosmos Cement Business.

Cement revenue for the quarter, including Joint Venture and intersegment revenue, was up 28% to $234.1 million, and operating earnings were $70.4 million, up 30%. These increases reflect improved Cement net sales prices and the significant contribution of the recently acquired Kosmos Cement Business, which accounted for approximately $45 million of revenue and $13 million of operating earnings during the quarter.

The average net sales price for the quarter increased 2% to $111.91 per ton. Excluding the impact from the Kosmos Cement Business, the average net sales price increased 4%. Cement sales volume for the quarter was 1.8 million tons, up 28% versus the prior-year period. Excluding the impact from the Kosmos Cement Business, our Cement sales volume was flat with the prior-year period.

Concrete and Aggregates revenue decreased 7% to $43.5 million. The decline reflects the sale of our Northern California concrete and aggregates businesses during the first quarter of fiscal 2021. Excluding the results from the sold businesses, Concrete and Aggregates revenue was up 13%. Third quarter operating earnings for Concrete and Aggregates increased 52% to $5.1 million, primarily reflecting improvements in organic Concrete sales volume, Concrete sales prices, and operating efficiencies, as well as lower diesel fuel costs.

Light Materials: Gypsum Wallboard and Paperboard

Revenue in the Light Materials sector, which includes Gypsum Wallboard and Paperboard, increased 8%, reflecting improved Wallboard sales volume and pricing. Gypsum Wallboard sales volume was a third quarter record of 727 million square feet (MMSF), up 9%, while the average Gypsum Wallboard net sales price increased 1% to $147.87 per MSF. Given the improved demand outlook for single-family construction activity in the US and increasing demand for our products, our American Gypsum wallboard business implemented a wallboard price increase during the quarter and another increase in early January.

Paperboard sales volume for the quarter declined 1% to 79,000 tons. The average Paperboard net sales price was $484.92 per ton, up 5% from the prior year, consistent with the pricing provisions in our long-term sales agreements.

Operating earnings were $48.0 million in the sector, an increase of 1%, reflecting improved Wallboard sales volume and pricing, partially offset by higher operating costs, primarily due to higher recycled fiber costs.

Sale of Oil and Gas Proppants Business

On September 18, 2020, the Company sold its Oil and Gas Proppants business to Smart Sand, Inc. The current-year and prior-year financial results of the Oil and Gas Proppants segment have been classified as Discontinued Operations on the Statement of Earnings. The assets and liabilities of the Oil and Gas Proppants segment have been reflected on separate lines for Discontinued Operations on the Balance Sheet.

Planned Separation of Heavy Materials and Light Materials Businesses

As previously announced on May 30, 2019, the Company plans to separate its Heavy Materials and Light Materials businesses into two independent, publicly traded corporations by means of a tax-free spin-off to Eagle shareholders. We remain committed to the separation and continue to make preparations to ensure that the two businesses are well-positioned for the separation, although the timing of the separation remains uncertain given the effects of the COVID-19 pandemic.

Details of Financial Results

We conduct one of our cement plant operations through a 50/50 joint venture, Texas Lehigh Cement Company LP (the Joint Venture). We use the equity method of accounting for our 50% interest in the Joint Venture. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture’s revenue and operating earnings, which is consistent with the way management organizes the segments within the Company for making operating decisions and assessing performance.

In addition, for segment reporting purposes, we report intersegment revenue as a part of a segment’s total revenue. Intersegment sales are eliminated on the consolidated income statement. Refer to Attachment 3 for a reconciliation of these amounts.

About Eagle Materials Inc.

Eagle Materials Inc. manufactures and distributes Portland Cement, Gypsum Wallboard, Recycled Gypsum Paperboard and Concrete and Aggregates from more than 70 facilities across the US. Eagle’s corporate headquarters is in Dallas, Texas.

Eagle’s senior management will conduct a conference call to discuss the financial results, forward looking information and other matters at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Thursday, January 28, 2021. The conference call will be webcast on the Eagle website, eaglematerials.com. A replay of the webcast and the presentation will be archived on the website for one year.

Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when the Company is discussing its beliefs, estimates or expectations. These statements are not historical facts or guarantees of future performance but instead represent only the Company’s belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside the Company’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. The principal risks and uncertainties that may affect the Company’s actual performance include the following: the cyclical and seasonal nature of the Company’s businesses; public infrastructure expenditures; adverse weather conditions; the fact that our products are commodities and that prices for our products are subject to material fluctuation due to market conditions and other factors beyond our control; availability of raw materials; changes in energy costs including, without limitation, natural gas, coal and oil; changes in the cost and availability of transportation; unexpected operational difficulties, including unexpected maintenance costs, equipment downtime and interruption of production; material nonpayment or non-performance by any of our key customers; fluctuations in or changes in the nature of activity in the oil and gas industry; inability to timely execute announced capacity expansions; difficulties and delays in the development of new business lines; governmental regulation and changes in governmental and public policy (including, without limitation, climate change and other environmental regulation); possible outcomes of pending or future litigation or arbitration proceedings; changes in economic conditions specific to any one or more of the Company’s markets; competition; cyber-attacks or data security breaches; announced increases in capacity in the gypsum wallboard and cement industries; changes in the demand for residential housing construction or commercial construction or construction projects undertaken by state or local governments; risks related to pursuit of acquisitions, joint ventures and other transactions or the execution or implementation of such transactions, including the integration of operations acquired by the Company; general economic conditions; and interest rates. For example, increases in interest rates, decreases in demand for construction materials or increases in the cost of energy (including, without limitation, natural gas, coal and oil) could affect the revenue and operating earnings of our operations. In addition, changes in national or regional economic conditions and levels of infrastructure and construction spending could also adversely affect the Company’s result of operations. With respect to our acquisition of certain assets from Kosmos Cement Company, factors, risks and uncertainties that may cause actual future events and developments to vary materially from those anticipated in such forward-looking statements include, but are not limited to, failure to realize expected synergies from or other benefits of the transaction, significant difficulties encountered in integration or unexpected ownership transition costs, unknown liabilities or other adverse developments affecting the assets acquired and the target business, including the effect on the acquired business of the same or similar factors discussed above to which our Heavy Materials business is subject. Additionally, the proposed separation of our Heavy Materials and Light Materials businesses into two independent, publicly traded corporations is subject to various risks and uncertainties, including risks related to conditions in debt and equity markets and risks related to the effects of the COVID-19 pandemic, and may not be completed on the terms or timeline currently contemplated, or at all. Finally, any forward-looking statements made by the Company are subject to the risks and impacts associated with natural disasters, pandemics or other unforeseen events, including, without limitation, the COVID-19 pandemic and responses thereto designed to contain its spread and mitigate its public health effects, as well as their impact on economic conditions, capital and financial markets. The COVID-19 pandemic and responses thereto may disrupt our business and are likely to have an adverse effect on demand for our products, attributable to, among other things, reductions in consumer spending, increases in unemployment and decreases in revenues and construction budgets of state or local governments. These and other factors are described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020 and subsequent quarterly and annual reports upon filing. These reports are filed with the Securities and Exchange Commission. All forward-looking statements made herein are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. The Company undertakes no duty to update any forward-looking statement to reflect future events or changes in the Company’s expectations.

Attachment 1 Statement of Consolidated Earnings

Attachment 2 Revenue and Earnings by Lines of Business

Attachment 3 Sales Volume, Average Net Sales Prices and Intersegment and Cement Revenue

Attachment 4 Consolidated Balance Sheets

Attachment 5 Depreciation, Depletion and Amortization by Lines of Business

Attachment 1

Eagle Materials Inc.

Statement of Consolidated Earnings

(dollars in thousands, except per share data)

(unaudited)

 

 

Quarter Ended

December 31,

 

Nine Months Ended

December 31,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

Revenue

$

404,667

 

$

342,904

 

$

1,279,340

 

$

1,098,838

 

 

 

 

 

 

 

 

Cost of Goods Sold

 

291,288

 

 

249,701

 

 

940,815

 

 

818,521

 

 

 

 

 

 

 

 

Gross Profit

 

113,379

 

 

93,203

 

 

338,525

 

 

280,317

 

 

 

 

 

 

 

 

Equity in Earnings of Unconsolidated JV

 

10,083

 

 

10,700

 

 

28,456

 

 

32,489

Corporate General and Administrative Expenses

 

(11,327)

 

 

(13,794)

 

 

(40,225)

 

 

(48,506)

Gain on Sale of Businesses

 

 

 

 

 

51,973

 

 

Impairment Losses

 

 

 

(25,131)

 

 

 

 

(25,131)

Other Non-Operating Income

 

2,297

 

 

722

 

 

1,898

 

 

1,445

 

 

 

 

 

 

 

 

Earnings from Continuing Operations before Interest and Income Taxes

 

114,432

 

 

65,700

 

 

380,627

 

 

240,614

 

Interest Expense, net

 

(9,360)

 

 

(9,543)

 

 

(35,957)

 

 

(28,526)

 

 

 

 

 

 

 

 

Earnings from Continuing Operations before Income Taxes

 

105,072

 

 

56,157

 

 

344,670

 

 

212,088

 

Income Tax Expense

 

(23,879)

 

 

(12,683)

 

 

(76,515)

 

 

(50,217)

 

 

 

 

 

 

 

 

Earnings from Continuing Operations

$

81,193

 

$

43,474

 

$

268,155

 

$

161,871

 

 

 

 

 

 

 

 

Gain (Loss) from Discontinued Operations, net of tax

 

 

 

(158,106)

 

 

5,278

 

 

(163,406)

 

 

 

 

 

 

 

 

Net Earnings (Loss)

$

81,193

 

$

(114,632)

 

$

273,433

 

$

(1,535)

 

 

 

 

 

 

 

 

BASIC EARNINGS (LOSS) PER SHARE

 

 

 

 

 

 

 

Continuing Operations

$

1.96

 

$

1.05

 

$

6.47

 

$

3.83

Discontinued Operations

$

 

$

(3.82)

 

$

0.13

 

$

(3.87)

Net Earnings

$

1.96

 

$

(2.77)

 

$

6.60

 

$

(0.04)

 

 

 

 

 

 

 

 

DILUTED EARNINGS (LOSS) PER SHARE

 

 

 

 

 

 

 

Continuing Operations

$

1.94

 

$

1.04

 

$

6.43

 

$

3.81

Discontinued Operations

$

 

$

(3.82)

 

$

0.13

 

$

(3.87)

Net Earnings

$

1.94

 

$

(2.77)

 

$

6.56

 

$

(0.04)

 

 

 

 

 

 

 

 

AVERAGE SHARES OUTSTANDING

 

 

 

 

 

 

 

Basic

 

41,494,149

 

 

41,314,289

 

 

41,451,801

 

 

42,246,329

Diluted

 

41,834,590

 

 

41,615,495

 

 

41,682,541

 

 

42,527,360

Attachment 2

Eagle Materials Inc.

Revenue and Earnings by Lines of Business

(dollars in thousands)

(unaudited)

 

 

Quarter Ended

December 31,

 

Nine Months Ended

December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heavy Materials:

 

 

 

 

 

 

 

 

Cement (Wholly Owned)

$

201,741

 

$

148,475

 

$

676,423

 

$

502,452

 

Concrete and Aggregates

 

43,530

 

 

46,797

 

 

133,914

 

 

141,762

 

 

 

245,271

 

 

195,272

 

 

810,337

 

 

644,214

 

 

 

 

 

 

 

 

 

 

Light Materials:

 

 

 

 

 

 

 

 

Gypsum Wallboard

 

135,658

 

 

125,070

 

 

397,018

 

 

380,454

 

Gypsum Paperboard

 

23,738

 

 

22,562

 

 

71,985

 

 

74,170

 

 

 

159,396

 

 

147,632

 

 

469,003

 

 

454,624

 

 

 

 

 

 

 

 

 

 

Total Revenue

$

404,667

 

$

342,904

 

$

1,279,340

 

$

1,098,838

 

 

 

 

Segment Operating Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heavy Materials:

 

 

 

 

 

 

 

 

Cement (Wholly Owned)

$

60,351

 

$

43,480

 

$

182,346

 

$

124,338

 

Cement (Joint Venture)

 

10,083

 

 

10,700

 

 

28,456

 

 

32,489

 

Concrete and Aggregates

 

5,075

 

 

3,334

 

 

15,748

 

 

15,023

 

 

 

75,509

 

 

57,514

 

 

226,550

 

 

171,850

 

 

 

 

 

 

 

 

 

 

Light Materials:

 

 

 

 

 

 

 

 

Gypsum Wallboard

 

40,792

 

 

38,484

 

 

119,723

 

 

114,872

 

Gypsum Paperboard

 

7,161

 

 

9,021

 

 

20,708

 

 

29,060

 

 

 

47,953

 

 

47,505

 

 

140,431

 

 

143,932

 

 

 

 

 

 

 

 

 

 

Other Operations

 

 

 

(1,116)

 

 

 

 

(2,976)

 

 

 

 

 

 

 

 

 

 

Sub-total

 

123,462

 

 

103,903

 

 

366,981

 

 

312,806

 

 

 

 

 

 

 

 

 

 

Corporate General and Administrative Expense

 

(11,327)

 

 

(13,794)

 

 

(40,225)

 

 

(48,506)

 

Gain on Sale of Businesses

 

 

 

 

 

51,973

 

 

 

Impairment Losses

 

 

 

(25,131)

 

 

 

 

(25,131)

 

Other Non-Operating Income

 

2,297

 

 

722

 

 

1,898

 

 

1,445

 

 

 

 

 

 

 

 

 

 

Earnings from Continuing Operations before Interest and Income Taxes

$

114,432

 

$

65,700

 

$

380,627

 

$

240,614

 

 

 

 

* Excluding Intersegment and Joint Venture Revenue listed on Attachment 3

Attachment 3

Eagle Materials Inc.

Sales Volume, Average Net Sales Prices and Intersegment and Cement Revenue

(unaudited)

 

Sales Volume

 

Quarter Ended

December 31,

 

Nine Months Ended

December 31,

 

2020

 

2019

 

Change

 

2020

 

2019

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

Cement (M Tons):

 

 

 

 

 

 

 

 

 

 

 

Wholly Owned

1,616

 

1,199

 

+35

%

 

5,429

 

4,046

 

+34

%

Joint Venture

226

 

240

 

-6

%

 

678

 

721

 

-6

%

 

1,842

 

1,439

 

+28

%

 

6,107

 

4,767

 

+28

%

 

 

 

 

 

 

 

 

 

 

 

 

Concrete (M Cubic Yards)

327

 

357

 

-8

%

 

1,032

 

1,095

 

-6

%

 

 

 

 

 

 

 

 

 

 

 

 

Aggregates (M Tons)

583

 

749

 

-22

%

 

1,533

 

2,608

 

-41

%

 

 

 

 

 

 

 

 

 

 

 

 

Gypsum Wallboard (MMSFs)

727

 

669

 

+9

%

 

2,151

 

2,010

 

+7

%

 

 

 

 

 

 

 

 

 

 

 

 

Paperboard (M Tons):

 

 

 

 

 

 

 

 

 

 

 

Internal

32

 

33

 

-3

%

 

101

 

99

 

+2

%

External

47

 

47

 

0

%

 

142

 

148

 

-4

%

 

79

 

80

 

-1

%

 

243

 

247

 

-2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Net Sales Price*

 

Quarter Ended

December 31,

 

Nine Months Ended

December 31,

 

 

2020

 

 

2019

 

Change

 

 

2020

 

 

2019

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

Cement (Ton)

$

111.91

 

$

110.09

 

+2

%

 

$

110.84

 

$

109.69

 

+1

%

Concrete (Cubic Yard)

$

116.88

 

$

112.96

 

+3

%

 

$

115.66

 

$

108.17

 

+7

%

Aggregates (Ton)

$

8.96

 

$

9.20

 

-3

%

 

$

9.54

 

$

9.36

 

+2

%

Gypsum Wallboard (MSF)

$

147.87

 

$

146.46

 

+1

%

 

$

145.86

 

$

148.51

 

-2

%

Paperboard (Ton)

$

484.92

 

$

460.65

 

+5

%

 

$

487.76

 

$

482.34

 

+1

%

 

*Net of freight and delivery costs billed to customers.

 

Intersegment and Cement Revenue

 

Quarter Ended

December 31,

 

Nine Months Ended

December 31,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

Intersegment Revenue:

 

 

 

 

 

 

 

Cement

$

5,241

 

$

6,174

 

$

17,539

 

$

17,130

Concrete and Aggregates

 

 

 

350

 

 

106

 

 

1,134

Paperboard

 

15,864

 

 

15,251

 

 

50,432

 

 

48,190

 

$

21,105

 

$

21,775

 

$

68,077

 

$

66,454

 

 

 

 

 

 

 

 

Cement Revenue:

 

 

 

 

 

 

 

Wholly Owned

$

201,741

 

$

148,475

 

$

676,423

 

$

502,452

Joint Venture

 

27,110

 

 

28,382

 

 

79,603

 

 

85,775

 

$

228,851

 

$

176,857

 

$

756,026

 

$

588,227

Attachment 4

Eagle Materials Inc.

Consolidated Balance Sheets

(dollars in thousands)

(unaudited)

 

 

 

December 31,

 

March 31,

 

 

 

2020

 

 

2019

 

2020*

ASSETS

 

 

 

 

 

 

Current Assets –

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

142,784

 

$

126,255

 

$

118,648

 

Restricted Cash

 

 

5,000

 

 

 

 

 

Accounts and Notes Receivable, net

 

 

142,467

 

 

134,799

 

 

145,808

 

Inventories

 

 

228,667

 

 

233,727

 

 

272,121

 

Federal Income Tax Receivable

 

 

1,900

 

 

 

 

128,413

 

Prepaid and Other Assets

 

 

7,740

 

 

6,058

 

 

6,135

 

Current Assets of Discontinued Operations

 

 

 

 

6,960

 

 

7,092

 

Total Current Assets

 

 

528,558

 

 

507,799

 

 

678,217

 

 

 

 

 

 

 

Property, Plant and Equipment, net

 

 

1,680,646

 

 

1,262,464

 

 

1,756,417

Investments in Joint Venture

 

 

74,914

 

 

71,862

 

 

73,958

Operating Lease Right of Use Asset

 

 

26,927

 

 

26,117

 

 

29,483

Notes Receivable

 

 

8,353

 

 

9,192

 

 

9,139

Goodwill and Intangibles

 

 

393,454

 

 

230,099

 

 

396,463

Assets from Discontinued Operations

 

 

 

 

10,498

 

 

6,739

Other Assets

 

 

12,186

 

 

12,194

 

 

10,604

 

 

$

2,725,038

 

$

2,130,225

 

$

2,961,020

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current Liabilities –

 

 

 

 

 

 

 

Accounts Payable and Accrued Liabilities

 

$

156,510

 

$

146,467

 

$

154,625

 

Operating Lease Liabilities

 

 

6,551

 

 

6,203

 

 

6,585

 

Current Liabilities of Discontinued Operations

 

 

 

 

10,656

 

 

8,487

 

Total Current Liabilities

 

 

163,061

 

 

163,326

 

 

169,697

Long-term Liabilities

 

 

77,391

 

 

68,431

 

 

74,071

Bank Credit Facility

 

 

 

 

585,000

 

 

560,000

Bank Term Loan

 

 

662,082

 

 

 

 

660,761

4.500% Senior Unsecured Notes due 2026

 

 

346,263

 

 

345,594

 

 

346,554

Deferred Income Taxes

 

 

215,059

 

 

50,391

 

 

166,667

Liabilities from Discontinued Operations

 

 

 

 

20,156

 

 

15,427

Stockholders’ Equity –

 

 

 

 

 

 

 

Preferred Stock, Par Value $0.01; Authorized 5,000,000

 

 

 

 

 

 

 

Shares; None Issued

 

 

 

 

 

 

 

Common Stock, Par Value $0.01; Authorized 100,000,000

Shares; Issued and Outstanding 41,939,310; 41,643,970 and

41,649,041 Shares, respectively

 

 

419

 

 

416

 

 

416

Capital in Excess of Par Value

 

 

30,516

 

 

8,325

 

 

10,943

Accumulated Other Comprehensive Losses

 

 

(3,251)

 

 

(3,215)

 

 

(3,581)

Retained Earnings

 

 

1,233,498

 

 

891,801

 

 

960,065

 

Total Stockholders’ Equity

 

 

1,261,182

 

 

897,327

 

 

967,843

 

 

$

2,725,038

 

$

2,130,225

 

$

2,961,020

 
*From audited financial statements

Attachment 5

Eagle Materials Inc.

Depreciation, Depletion and Amortization by Lines of Business

(dollars in thousands)

(unaudited)

 

The following table presents Depreciation, Depletion and Amortization by lines of business for the quarters ended December 31, 2020 and 2019:

 

 

Depreciation, Depletion and Amortization

 

Quarter Ended

December 31,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

Cement

$

19,337

 

$

14,189

 

Concrete and Aggregates

 

2,691

 

 

3,105

 

Gypsum Wallboard

 

5,340

 

 

5,050

 

Paperboard

 

3,509

 

 

2,244

 

Corporate and Other

 

1,203

 

 

578

 

 

$

32,080

 

$

25,166

 

 

 

 

 

 

 

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