Jaguar Mining Reports Q3 2009 Earnings

    
    Net Income of $0.09/share and Operating Cash Flow of $12.9 Million, Core
    Mines on Plan

    JAG - TSX/NYSE
    

CONCORD, NH, Nov. 9 /CNW/ - Jaguar Mining Inc. ("Jaguar" or the "Company") (JAG: TSX/NYSE, JAG.NT: TSX) reports its financial and operational results for the period ended September 30, 2009. All figures are in U.S. dollars.

    
    Q3 2009 Highlights

    -   Q3 2009 net income of $6.9 million or $0.09 per basic and fully
        diluted share compared to a net loss of $1.3 million or ($0.02) per
        basic and fully diluted share in Q3 2008. Net income for Q3 2009
        benefitted from a 21% increase in the number of ounces of gold sold
        during the quarter, a 10% increase in average gold price realizations
        and foreign exchange gains attributable to the Company's treasury
        management program.

    -   Q3 2009 gold sales rose to 36,314 ounces at an average price of $969
        per ounce yielding revenue of $35.2 million compared to Q3 2008 gold
        sales of 29,926 ounces at an average price of $862 per ounce and
        revenue of $25.8 million. This represents a 36% increase in gold
        sales revenue.

    -   Q3 2009 gold production totaled 41,585 ounces at an average cash
        operating cost of $451 per ounce compared to 34,935 ounces at an
        average cash operating cost of $461 per ounce during the same period
        last year, a production increase of 19% (see Non-GAAP Performance
        Measures).

    -   Q3 2009 gross profit increased to $11.8 million from $6.9 million in
        Q3 2008, a gross profit increase of 71%.

    -   Q3 2009 cash provided by operating activities totaled $12.9 million
        compared to $7.6 million in Q3 2008.

    -   Jaguar invested $32.9 million in growth projects in Q3 2009, up 66%
        from the $19.8 million invested in Q3 2008.

    -   In September, the Company completed the construction of the Phase I
        expansion at Turmalina to boost annual gold production capacity from
        80,000 ounces per year to 100,000 ounces per year.

    -   As of September 30, 2009 the Company held cash, cash equivalents and
        short-term investments of approximately $231.2 million.
    

Commenting on the Q3 2009 results, Daniel R. Titcomb, Jaguar's President and CEO stated, "During the third quarter our management team delivered solid operating results at the same time we continued to expand production capacity and develop a third major project. With our core operating assets meeting production targets and cost objectives, and the progress on the build-out of Caeté on-plan, our ability to generate positive cash flow to fund our plan to reach a mid-tier gold producer in 2011 remains on-track. As we detailed in our MD&A and will discuss further on our earnings conference call, in the local currency we continue to drive our costs significantly lower."

Mr. Titcomb added, "Our recent announcement concerning the acquisition of the Gurupi property in Northern Brazil underscores our Board's confidence in our outstanding management team in Brazil to further capitalize on growth opportunities. In December 2009, a new resource model will be completed and in early-2010 we plan to complete the updated feasibility study on the project. The completion of the technical programs should lead to an even stronger growth plan, positioning Jaguar as one of the largest gold producers in Brazil."

    
    Y-T-D 2009 Highlights

    -   For the nine months ended September 30, 2009 net income of $21.4
        million or $0.29 per basic share and $0.28 per fully diluted share
        compared to a net loss of $0.8 million or ($0.01) per basic and fully
        diluted share for the same period in 2008. Net income during the
        first nine months of 2009 benefitted from a 46% increase in the
        number of ounces of gold sold during the quarter as well as foreign
        exchange gains.

    -   Year-to-date 2009 gold sales through September 30, 2009 rose to
        107,754 ounces at an average price of $940 per ounce yielding revenue
        of $101.2 million compared to gold sales of 73,806 ounces at an
        average price of $891 per ounce and revenue of $65.8 million for the
        same period in 2008.

    -   Year-to-date 2009 gold production totaled 115,211 ounces of gold at
        an average cash operating cost of $444 per ounce compared to 77,130
        ounces at an average cash operating cost of $450 per ounce during the
        same period last year (see Non-GAAP Performance Measures).

    -   Gross profit for the nine months ended September 30, 2009 increased
        to $32.2 million from $20.3 million during the same period in 2008.

    -   Cash provided by operating activities during the first nine months of
        2009 totaled $30.7 million compared to $4.1 million during the first
        nine months of 2008.

    -   Invested $58.6 million in growth projects during the first nine
        months of 2009, down from the $75.4 million invested during the same
        period in 2008.

    -   Achieved underground development targets of 10.7 km for the nine
        months ended September 30, 2009 and since the inception of the
        Company to nearly 40 km.

    -   Completed the Turmalina expansion on-schedule in September and
        commissioned the new circuits on October 5, 2009. Remained on-
        schedule for the development of Caeté, the Company's third major
        project.

    -   Raised a net $159.1 million through a private offering of 4.5% senior
        convertible notes due 2014.

    -   Commenced a consent solicitation to purchase the Company's
        outstanding 10.5% Secured Notes due March 23, 2012 to eliminate this
        higher cost debt and regain control of valuable collateral that was
        pledged in the indenture.

    Summary of Key Operating Results

    The following is a summary of key operating results.

                          ---------------------------------------------------
                              Three Months Ended       Nine Months Ended
                                 September 30             September 30
                          ---------------------------------------------------
                              2009         2008         2009         2008
                          ---------------------------------------------------
    (unaudited)
    ($ in 000s, except
    per share amounts)
    Gold sales            $    35,165  $    25,799  $   101,236  $    65,783
    Ounces sold                36,314       29,926      107,754       73,806
    Average sales price
     $/ounce                      969          862          940          891
    Gross profit               11,815        6,901       32,218       20,251
    Net income (loss)           6,906       (1,301)      21,389         (814)
    Basic earnings
     (loss) per share            0.09        (0.02)        0.29        (0.01)
    Diluted earnings
     (loss) per share            0.09        (0.02)        0.28        (0.01)
    Weighted avg. #
     of shares outstanding
     - basic               78,173,757   64,035,732   74,952,395   62,548,196
    Weighted avg. #
     of shares outstanding
     - diluted             80,736,853   64,035,732   76,595,985   62,548,196
    

Additional details are available in the Company's filings on SEDAR and EDGAR, including Management's Discussion and Analysis of Financial Condition and Results of Operations and Interim Consolidated Financial Statements for the period ended September 30, 2009.

Non-GAAP Performance Measures

The Company has included the non-GAAP performance measures discussed below in this press release. These non-GAAP performance measures do not have any standardized meaning prescribed by Canadian GAAP ("GAAP") and, therefore, may not be comparable to similar measures presented by other companies. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, these non-GAAP measures provide investors with additional information that will better enable them to evaluate the Company's performance. Accordingly, these Non-GAAP measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.

The Company has included cash operating cost per tonne processed, cash operating cost per ounce processed and cash operating margin per ounce because it believes these figures are a useful indicator of a mine's performance as they provide: (i) a measure of the mine's cash margin per ounce, by comparison of the cash operating costs per ounce to the price of gold; (ii) the trend in costs as the mine matures; and, (iii) an internal benchmark of performance to allow for comparison against other mines. The definitions for these performance measures and reconciliation of the non-GAAP measures to reported GAAP measures are set out in the following tables.

    
                                                   --------------------------
                                                   Three Months  Nine Months
                                                          Ended        Ended
                                                      September    September
    Cash Operating Margin per oz of gold               30, 2009     30, 2009
                                                   --------------------------
    Average sales price per oz of gold              $       969  $       940
      less
    Cost per oz of gold produced                            451          444
      equals
    Cash operating margin per oz of gold            $       518  $       496

                                                   --------------------------
    Summary of Cash Operating Cost per tonne       Three Months  Nine Months
     processed                                            Ended        Ended
                                                      September    September
                                                       30, 2009     30, 2009
                                                   --------------------------
    Production costs per statement of operations(1) $17,294,000  $50,811,000
    Change in inventory(2)                            1,396,000      (24,000)
    Operational cost of gold produced(3)             18,690,000   50,787,000
      divided by
    Tonnes processed                                    356,000    1,045,000
      equals
    Cost per tonne processed                        $     52.50  $     48.60

                                                   --------------------------
    Turmalina Cash Operating Cost per tonne        Three Months  Nine Months
     processed                                            Ended        Ended
                                                      September    September
                                                       30, 2009     30, 2009
                                                   --------------------------
    Production costs                                $ 8,386,000  $23,733,000
    Change in inventory(2)                              762,000       35,000
    Operational cost of gold produced(3)              9,148,000   23,768,000
      divided by
    Tonnes processed                                    154,000      409,000
      equals
    Cost per tonne processed                        $     59.40  $     58.10

                                                   --------------------------
    Paciencia Cash Operating Cost per tonne        Three Months  Nine Months
     processed                                            Ended        Ended
                                                      September    September
                                                       30, 2009     30, 2009
                                                   --------------------------
    Production costs                                $ 8,076,000  $23,657,000
    Change in inventory(2)                              286,000   (1,101,000)
    Operational cost of gold produced(3)              8,362,000   22,556,000
      divided by
    Tonnes processed                                    167,000      467,000
      equals
    Cost per tonne processed                        $     50.10  $     48.30

                                                   --------------------------
    Sabara Cash Operating Cost per tonne           Three Months  Nine Months
     processed                                            Ended        Ended
                                                      September    September
                                                       30, 2009     30, 2009
                                                   --------------------------
    Production cost                                 $   832,000  $ 3,421,000
    Change in inventory(2)                              348,000      719,000
    Operational cost of gold produced(3)              1,180,000    4,140,000
      divided by
    Tonnes processed                                     35,000      169,000
      equals
    Cost per tonne processed                        $     33.70  $     24.50

                                                   --------------------------
    Summary of Cash Operating Cost per oz of gold  Three Months  Nine Months
     produced                                             Ended        Ended
                                                      September    September
                                                       30, 2009     30, 2009
                                                   --------------------------
    Production costs per statement of operations(1) $17,294,000  $50,811,000
    Change in inventory(2)                            1,461,000      343,000
    Operational cost of gold produced(3)             18,755,000   51,154,000
      divided by
    Gold produced (oz)                                   41,585      115,211
      equals
    Cost per oz of gold produced                    $       451  $       444

                                                   --------------------------
    Turmalina Plant Cash Operating Cost per oz     Three Months  Nine Months
     produced                                             Ended        Ended
                                                      September    September
                                                       30, 2009     30, 2009
                                                   --------------------------
    Production costs                                $ 8,386,000  $23,733,000
    Change in inventory(2)                              762,000      (36,000)
    Operational cost of gold produced(3)              9,148,000   23,697,000
      divided by
    Gold produced (oz)                                   22,250       60,887
      equals
    Cost per oz of gold produced                    $       411  $      389

                                                   --------------------------
    Paciencia Plant Cash Operating Cost per oz     Three Months  Nine Months
     produced                                             Ended        Ended
                                                      September    September
                                                       30, 2009     30, 2009
                                                   --------------------------
    Production costs                                $ 8,076,000  $23,657,000
    Change in inventory(2)                              317,000     (526,000)
    Operational cost of gold produced(3)              8,393,000   23,131,000
      divided by
    Gold produced (oz)                                   17,927       47,965
      equals
    Cost per oz of gold produced                    $       468  $       482

                                                   --------------------------
    Sabara Cash Operating Cost per oz              Three Months  Nine Months
     produced                                             Ended        Ended
                                                      September    September
                                                       30, 2009     30, 2009
                                                   --------------------------
    Production costs                                $   832,000  $ 3,421,000
    Change in inventory(2)                              382,000      905,000
    Operational cost of gold produced(3)              1,214,000    4,326,000
      divided by
    Gold produced (oz)                                    1,408        6,359
      equals
    Cost per oz of gold produced                    $       860  $       680


    (1) Production costs do not include cost of goods sold adjustment of
        approximately $439,000 for the three months ended September 30, 2009
        and $2.6 million for the nine months ended September 30, 2009.

    (2) Under the Company's revenue recognition policy, revenue is recognized
        when legal title passes. Since total cash operating costs are
        calculated on a production basis, this change reflects the portion of
        gold production for which revenue has not been recognized in the
        period.

    (3) The basis for calculating cost per ounce produced includes the change
        to gold in process inventory, whereas the cost per tonne processed
        does not.

    The following tables are included in Jaguar's audited financial statements
as filed on SEDAR and EDGAR. Readers should refer to those filings for the
associated footnotes which are an integral part of the tables.

    Interim Consolidated Balance Sheets
    (Expressed in thousands of U.S. dollars)

    -------------------------------------------------------------------------
                                                   September 30, December 31,
                                                           2009         2008
    -------------------------------------------------------------------------
                                                     (unaudited)
    Assets
    Current assets:
      Cash and cash equivalents                     $   225,582  $    20,560
      Short-term investments                              5,625            -
      Inventory                                          31,103       19,946
      Prepaid expenses and sundry assets                 10,721        5,351
      Unrealized foreign exchange gains                   1,108            -
    -------------------------------------------------------------------------
                                                        274,139       45,857

      Prepaid expenses and sundry assets                 46,709       26,164
      Net smelter royalty                                 1,006        1,006
      Restricted cash                                       107        3,106
      Property, plant and equipment                     182,040      148,422
      Mineral exploration projects                       79,522       79,279

    -------------------------------------------------------------------------
                                                    $   583,523  $   303,834
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities and Shareholders' Equity
    Current liabilities:
      Accounts payable and accrued liabilities      $    23,451  $    13,416
      Notes payable                                      76,695        4,319
      Income taxes payable                               13,359        8,626
      Asset retirement obligations                        1,120        1,337
      Unrealized foreign exchange losses                      -        2,421
    -------------------------------------------------------------------------
                                                        114,625       30,119

      Deferred compensation liabilities                   4,764          434
      Notes payable                                     124,908       69,729
      Future income taxes                                 3,540            -
      Asset retirement obligations                        7,300        6,828
    -------------------------------------------------------------------------
      Total liabilities                                 255,137      107,110

    Shareholders' equity
      Common shares                                     316,854      245,067
      Stock options                                      16,641       19,059
      Contributed surplus                                42,071        1,167
      Deficit                                           (47,180)     (68,569)
    -------------------------------------------------------------------------
                                                        328,386      196,724
      Commitments
      Subsequent events
    -------------------------------------------------------------------------
                                                    $   583,523  $   303,834
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Interim Consolidated Statements of Operations and Comprehensive Income
    (Expressed in thousands of U.S. dollars, except per share amounts)

    (unaudited)

    -------------------------------------------------------------------------
                         Three Months Three Months  Nine Months  Nine Months
                                Ended        Ended        Ended        Ended
                            September    September    September    September
                             30, 2009     30, 2008     30, 2009     30, 2008
    -------------------------------------------------------------------------

    Gold sales               $ 35,165     $ 25,799     $101,236     $ 65,783
    Production costs          (17,733)     (15,621)     (53,384)     (37,762)
    Stock-based compensation     (180)           -         (362)           -
    Depletion and
     amortization              (5,437)      (3,277)     (15,272)      (7,770)
    -------------------------------------------------------------------------
    Gross profit               11,815        6,901       32,218       20,251
    -------------------------------------------------------------------------

    Operating expenses:
      Exploration                 547          800        1,877        2,648
      Stock-based
       compensation             1,762          205        3,845          698
      Administration            2,798        3,227       10,618        9,142
      Management fees             481          180        1,283          554
      Amortization                121           73          338          180
      Accretion expense           192          174          572          309
      Other                       596          298        1,491          715
    -------------------------------------------------------------------------
      Total operating
       expenses                 6,497        4,957       20,024       14,246
    -------------------------------------------------------------------------

    Income before the
     following                  5,318        1,944       12,194        6,005
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Loss on forward
     derivatives                    -            -            -          318
    Loss (gain) on forward
     foreign exchange
     derivatives               (1,108)       1,489       (1,935)         (95)
    Foreign exchange
     loss (gain)               (3,080)       5,189      (16,072)      (2,749)
    Interest expense            1,525        2,934        6,388       10,091
    Interest income            (1,047)        (758)      (2,797)      (3,459)
    Gain on disposition
     of property                 (542)           -       (1,456)           -
    Other non-operating
     expenses (recovery)         (596)          83          145         (287)
    -------------------------------------------------------------------------
    Total other expenses
     (recoveries)              (4,848)       8,937      (15,727)       3,819

    Income (loss) before
     income taxes              10,166       (6,993)      27,921        2,186
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Income taxes
      Current income taxes      2,202          813        2,992        5,034
      Future income taxes
       (recovery)               1,058       (6,505)       3,540       (2,034)
    -------------------------------------------------------------------------
    Total income taxes          3,260       (5,692)       6,532        3,000
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Net income (loss) and
     comprehensive income
     (loss) for the period      6,906       (1,301)      21,389         (814)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Basic net income
     (loss) per share        $   0.09     $  (0.02)    $   0.29     $  (0.01)
    Diluted net income
     (loss) per share        $   0.09     $  (0.02)    $   0.28     $  (0.01)

    Weighted average
     number of common
     shares outstanding
     - Basic               78,173,757   64,035,732   74,952,395   62,548,196
    Weighted average
     number of common
     shares outstanding
     - Diluted             80,736,853   64,035,732   76,595,985   62,548,196



    Interim Consolidated Statements of Cash Flows
    (Expressed in thousands of U.S. dollars)

    (unaudited)

    -------------------------------------------------------------------------
                         Three Months Three Months  Nine Months  Nine Months
                                Ended        Ended        Ended        Ended
                            September    September    September    September
                             30, 2009     30, 2008     30, 2009     30, 2008
    -------------------------------------------------------------------------

    Cash provided by (used in):
      Operating activities:
        Net income (loss)
         and comprehensive
         income (loss)       $  6,906     $ (1,301)    $ 21,389     $   (814)
        Items not involving
         cash:
          Unrealized foreign
           exchange loss
           (gain)                 363        5,502       (8,302)       3,807
          Stock-based
           compensation         1,942          205        4,207          698
          Non-cash interest
           expense
           (recovery)            (894)         605          150        2,584
          Accretion expense       192          174          572          309
          Future income
           taxes (recovery)     1,058       (6,505)       3,540       (2,034)
          Depletion and
           amortization         5,558        3,277       15,610        7,770
          Amortization of
           net smelter
           royalty                  -           62            -          219
          Unrealized loss
           (gain) on
           foreign exchange
           contracts           (1,108)       2,113       (3,529)       2,456
        Reclamation
         expenditure              (34)           -         (317)           -
    -------------------------------------------------------------------------
                               13,983        4,132       33,320       14,995

      Change in non-cash
       operating working
       capital
          Accounts receivable       -        7,800            -            -
          Inventory            (4,476)      (1,702)      (7,640)      (4,072)
          Prepaid expenses
           and sundry assets   (5,066)      (4,982)      (9,945)     (13,121)
          Accounts payable
           and accrued
           liabilities          5,406        1,494       10,265        2,350
          Current taxes
           payable              3,017          811        4,734        3,976
    -------------------------------------------------------------------------
                               12,864        7,553       30,734        4,128
      Financing activities:
          Issuance of common
           shares, special
           warrants and
           warrants, net       44,271            -      107,963      105,803
          Decrease in
           restricted cash      3,000            -        2,998           (3)
          Shares purchased
           for cancellation         -       (2,939)           -       (6,381)
          Settlement of
           forward
           derivatives              -            -            -      (14,500)
          Repayment of debt      (152)      (2,242)      (2,712)     (17,108)
          Increase in debt    118,328           63      118,328        4,002
    -------------------------------------------------------------------------
                              165,447       (5,118)     226,577       71,813

      Investing activities
          Short term
           investments         (5,625)           -       (5,625)           -
          Mineral
           exploration
           projects            (8,475)      (9,386)     (15,583)     (31,779)
          Purchase of
           property, plant
           and equipment      (18,808)     (10,387)     (37,348)     (43,614)
    -------------------------------------------------------------------------
                              (32,908)     (19,773)     (58,556)     (75,393)

    Effect of foreign
     exchange on non-U.S.
     dollar denominated cash
     and cash equivalents         959       (2,841)       6,267       (5,163)
    Increase (decrease) in
     cash and cash
     equivalents              146,362      (20,179)     205,022       (4,615)
    Cash and cash
     equivalents,
     beginning of period       79,220       61,275       20,560       45,711
    -------------------------------------------------------------------------
    Cash and cash
     equivalents,
     end of period           $225,582     $ 41,096     $225,582     $ 41,096
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Conference Call Details

    The Company will hold a conference call tomorrow, November 10 at 10:00
a.m. ET, to discuss the results.

           From North America:        800-218-5691
           International:             213-416-2192
           Replay:
           From North America:        800-675-9924
           International:             213-416-2185
           Replay ID:                 111009
           Webcast:                   www.jaguarmining.com
    

A presentation will be available prior to the call on the Company's homepage at www.jaguarmining.com.

About Jaguar Mining

Jaguar is one of the fastest growing gold producers in Brazil with operations in a prolific greenstone belt in the state of Minas Gerais. Jaguar is actively exploring and developing additional mineral resources at its 93,000-acre land base in Minas Gerais and on an additional 182,000 acres in the state of Ceara in the Northeast of Brazil through a joint venture. The Company has no gold hedges in place thereby providing the leverage to gold prices directly to its investors. Additional information is available on the Company's website at www.jaguarmining.com.

Forward Looking Statements

Certain statements in this press release constitute "Forward-Looking Statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. This press release contains Forward-Looking Statements, including statements concerning steadily gain of the Company's financial performance, including operating cash flow and earnings. Forward-Looking Statements can be identified by the use of words, such as "are expected", "is forecast", "is targeted", "approximately" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-Looking Statements involve known and unknown risks, uncertainties and other factors, which may cause the actual timing of commissioning, completion dates or use of proceeds to be materially different from any future results or performance expressed or implied by the Forward-Looking Statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating gold prices and monetary exchange rates, the possibility of project cost delays and overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, uncertainties related to production rates, timing of production and the cash and total costs of production, changes in applicable laws including laws related to mining development, environmental protection, and the protection of the health and safety of mine workers, the availability of labour and equipment, the possibility of labour strikes and work stoppages and changes in general economic conditions. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. These forward-looking statements represent the Company's views as of the date hereof. Subsequent events and developments could cause the Company's views to change. The Company does not undertake to update any forward-looking statements, either written or oral, that may be made from time to time by or on behalf of the Company subsequent to the date of this discussion. For a discussion of important factors affecting the Company, including fluctuations in the price of gold and exchange rates, uncertainty in the calculation of mineral resources, competition, uncertainty concerning geological conditions and governmental regulations and assumptions underlying the Company's forward-looking statements, see the "CAUTIONARY NOTE" regarding forward-looking statements and "RISK FACTORS" in the Company's Annual Information Form for the year ended December 31, 2008 filed on System for Electronic Document Analysis and Retrieval and available at http://www.sedar.com and the Company's Annual Report on Form 40-F for the year ended December 31, 2008 filed with the United States Securities and Exchange Commission and available at www.edgar.com.

%CIK: 0001333849

SOURCE Jaguar Mining Inc.

For further information: For further information: Investors and analysts: Bob Zwerneman, Vice President Corporate Development and Director of Investor Relations, (603) 224-4800, bobz@jaguarmining.com; Media inquiries: Valéria Rezende DioDato, Director of Communication, (603) 224-4800, valeria@jaguarmining.com


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