SOURCE: ARC Document Solutions, Inc.

ARC Document Solutions, Inc.

August 04, 2015 16:05 ET

ARC Document Solutions Reports Results for Second Quarter 2015

WALNUT CREEK, CA--(Marketwired - Aug 4, 2015) - ARC Document Solutions, Inc. (NYSE: ARC), the nation's leading document solutions provider for the architecture, engineering, and construction (AEC) industry, today reported its financial results for the second quarter ended June 30, 2015.

2015 Second Quarter Business Highlights:

  • Sales grew 4.0% year-over-year
  • Adjusted diluted earnings per share were $0.13 vs. $0.10 in Q2 2014
  • Gross profit rose 4.2% delivering a gross margin of 36.0%
  • Adjusted cash flow from operations was $16.9 million vs. $15.7 million in Q2 2014
  • Adjusted EBITDA of $21.6 million; grew 3% in line with sales despite planned investments in SG&A
  • Maintains 2015 diluted annual adjusted earnings per share projected to be in the range of $0.37 to $0.41; annual adjusted cash provided by operating activities projected to be in the range of $61 to $66 million; and annual adjusted EBITDA to be in the range of $75 million to $80 million
Financial Highlights:          
  Three Months Ended     Six Months Ended  
  June 30,     June 30,  
(All dollar amounts in millions, except EPS) 2015     2014     2015     2014  
Net Sales $ 113.4     $ 109.0     $ 217.7     $ 209.4  
Gross Margin   36.0 %     36.0 %     35.3 %     34.9 %
Net income attributable to ARC $ 9.3     $ 4.5     $ 13.7     $ 5.9  
Adjusted Net Income attributable to ARC $ 6.2     $ 4.5     $ 9.4     $ 6.3  
Earnings per share - Diluted $ 0.19     $ 0.10     $ 0.29     $ 0.13  
Adjusted earnings per share - Diluted $ 0.13     $ 0.10     $ 0.20     $ 0.13  
Adjusted EBITDA $ 21.6     $ 20.9     $ 38.4     $ 37.0  
Cash provided by operating activities $ 16.9     $ 14.0     $ 22.2     $ 21.7  
Adjusted cash provided by operating activities $ 16.9     $ 15.7     $ 23.3     $ 23.9  
Capital Expenditures $ 4.1     $ 3.0     $ 7.6     $ 6.6  
Debt & Capital Leases (including current)                 $ 189.0     $ 210.8  

Management Commentary
"As our strong earnings per share performance suggests, we experienced continued sales growth across all of our business lines, driven primarily by MPS and CDIM," said K. "Suri" Suriyakumar, Chairman, President and CEO of ARC Document Solutions. "We also saw notable increases in our AIM business, and stronger-than-usual quarterly performance in Equipment and Supplies sales out of China. Despite the growth in lower margin equipment and supplies sales during the period, we grew gross profit by more than four percent."

Mr. Suriyakumar continued, "Combined with our continued strength in cash generation, our second quarter sales performance reflects incremental, but steady progress in the adoption of our new business lines. While we are eager to accelerate sales growth, it is taking time to gain traction in our new product lines. Even as successes emerge, new accounts are not likely to contribute significantly to year-over-year growth in 2015, but rather to 2016 and beyond. We are confident that we can demonstrate the outstanding value of our new solutions over the next 12 to 18 months, and build momentum for the future."

Jorge Avalos, ARC Document Solutions' Chief Financial Officer said, "Sales growth and capital structure improvements both contributed to our strong earnings in the second quarter. Adjusted cash flow from operations of $16.9 million grew 7.6% year-over-year during the period, allowing us to double our mandatory principal payments on ARC's senior debt, further reducing the company's leverage ratio. Also, our initiatives to improve sales and marketing began demonstrating their value via impressive sales growth in AIM and in some of the digital services we sell as a part of our CDIM portfolio. We expect these strategic investments to continue to add value in future quarters."

2015 Second Quarter Supplemental Information:
Net sales were $113.4 million, a 4.0% increase compared to the second quarter of 2014.

Days sales outstanding in Q2 2015 were 54, compared to 52 days in Q2 2014.

AEC customers comprised approximately 77% of our total net sales, while non-AEC customers made up approximately 23% of our total net sales.

Total number of MPS contracts at the end of the second quarter was approximately 8,720, an increase of approximately 220 contracts from the end of 2014.

Adjusted EBITDA is EBITDA net of loss on extinguishment of debt, the impact of trade secret litigation costs, stock-based compensation expense, and restructuring expense.

                       
                       

Sales from Services and Product Lines as a Percentage of Net Sales           
           
  Three Months Ended     Six Months Ended  
  June 30,     June 30,  
Services and Product Line 2015     2014     2015     2014  
CDIM 51.9 %   52.8 %   52.2 %   53.0 %
MPS 32.7 %   32.8 %   33.5 %   32.8 %
AIM 3.0 %   2.7 %   2.8 %   2.6 %
Equipment and supplies sales 12.4 %   11.7 %   11.5 %   11.6 %
                       
                       

Outlook:
ARC Document Solutions is maintaining its annual 2015 outlook. The company's diluted annual adjusted earnings per share outlook is expected to be in the range of $0.37 to $0.41. The outlook for annual adjusted cash provided by operating activities is projected to be in the range of $61 to $66 million; and annual adjusted EBITDA is projected to be in the range of $75 million to $80 million.

Teleconference and Webcast:
ARC Document Solutions will host a conference call and audio webcast today at 2:00 P.M. Pacific Time (5:00 P.M. Eastern Time) to discuss results for the Company's second quarter of 2015. To access the live audio call, dial 888-500-6950. International callers may join the conference by dialing 719-325-2244. The conference ID number is 9858879. A live webcast will also be made available on the investor relations page of ARC Document Solution's website at ir.e-arc.com.

A replay of the call will be available for five days after the call's conclusion. To access the replay, dial 888-203-1112. International callers may access the replay by dialing 719-457-0820. The conference ID number is 9858879. The webcast will also be made available at www.e-arc.com for approximately 90 days following the call's conclusion.

About ARC Document Solutions (NYSE: ARC)
ARC Document Solutions is a leading document solutions company serving businesses of all types, with an emphasis on the non-residential segment of the architecture, engineering and construction industries. The Company helps more than 90,000 customers reduce costs and increase efficiency in the use of their documents, improve document access and control, and offers a wide variety of ways to print, produce, and store documents. ARC provides its solutions onsite in more than 8,700 of its customers' offices, offsite in service centers around the world, and digitally in the form of proprietary software and web applications. For more information please visit www.e-arc.com.

Forward-Looking Statements
This press release contains forward-looking statements that are based on current opinions, estimates and assumptions of management regarding future events and the future financial performance of the Company. Words such as "expect," "taking time," "can demonstrate the outstanding value of our new solutions over the next 12 to 18 months," "build momentum for the future," and similar expressions identify forward-looking statements and all statements other than statements of historical fact, including, but not limited to, any projections regarding earnings, revenues and financial performance of the Company, could be deemed forward-looking statements. We caution you that such statements are only predictions and are subject to certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. In addition to matters affecting the construction, managed print services, document management or reprographics industries, or the economy generally, factors that could cause actual results to differ from expectations stated in forward-looking statements include, among others, the factors described in the caption entitled "Risk Factors" in Item 1A in ARC Document Solution's Annual Report on Form 10-K for the fiscal year ended December 31, 2014, Quarterly Reports on Form 10-Q, and other periodic filings and prospectuses. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

ARC Document Solutions, Inc.  
Consolidated Balance Sheets  
(In thousands, except per share data)  
(Unaudited)            
    June 30,     December 31,  
Current assets:   2015     2014  
  Cash and cash equivalents   $ 15,436     $ 22,636  
  Accounts receivable, net of allowances for accounts receivable of $2,225 and $2,413     68,344       62,045  
  Inventories, net     19,135       16,251  
  Deferred income taxes     227       278  
  Prepaid expenses     4,789       4,767  
  Other current assets     4,836       6,080  
    Total current assets     112,767       112,057  
Property and equipment, net of accumulated depreciation of $220,164 and $214,697     59,454       59,520  
Goodwill     212,608       212,608  
Other intangible assets, net     20,851       23,841  
Deferred financing fees, net     2,038       2,440  
Deferred income taxes     994       1,110  
Other assets     2,434       2,492  
    Total assets   $ 411,146     $ 414,068  
Current liabilities:                
  Accounts payable   $ 25,459     $ 26,866  
  Accrued payroll and payroll-related expenses     11,934       13,765  
  Accrued expenses     20,541       22,793  
  Current portion of long-term debt and capital leases     21,322       27,969  
    Total current liabilities     79,256       91,393  
Long-term debt and capital leases     167,708       175,916  
Deferred income taxes     34,578       33,463  
Other long-term liabilities     3,492       3,458  
    Total liabilities     285,034       304,230  
Commitments and contingencies                
Stockholders' equity:                
ARC Document Solutions, Inc. stockholders' equity:                
  Preferred stock, $0.001 par value, 25,000 shares authorized; 0 shares issued and outstanding     --       --  
  Common stock, $0.001 par value, 150,000 shares authorized; 47,088 and 46,800 shares issued and 46,987 and 46,723 shares outstanding     47       47  
  Additional paid-in capital     113,544       110,650  
  Retained earnings (deficit)     6,340       (7,353 )
  Accumulated other comprehensive loss     (477 )     (161 )
      119,454       103,183  
  Less cost of common stock in treasury, 101 and 77 shares     612       408  
    Total ARC Document Solutions, Inc. stockholders' equity     118,842       102,775  
Noncontrolling interest     7,270       7,063  
    Total equity     126,112       109,838  
    Total liabilities and equity   $ 411,146     $ 414,068  
                 
                 
                 
                       
                       
ARC Document Solutions, Inc.           
Consolidated Statements of Operations           
(In thousands, except per share data)           
(Unaudited)          
           
  Three Months Ended     Six Months Ended  
  June 30,     June 30,  
  2015     2014     2015     2014  
Service sales $ 99,336     $ 96,198     $ 192,661     $ 185,129  
Equipment and supplies sales   14,053       12,784       25,047       24,226  
  Total net sales   113,389       108,982       217,708       209,355  
Cost of sales   72,530       69,775       140,828       136,214  
  Gross profit   40,859       39,207       76,880       73,141  
Selling, general and administrative expenses   27,132       28,283       54,587       54,389  
Amortization of intangible assets   1,442       1,503       2,931       3,001  
Restructuring expense   11       271       85       754  
  Income from operations   12,274       9,150       19,277       14,997  
Other income, net   (30 )     (23 )     (56 )     (49 )
Loss on extinguishment of debt   97       --       97       --  
Interest expense, net   1,939       3,944       3,796       7,857  
  Income before income tax provision   10,268       5,229       15,440       7,189  
Income tax provision   811       607       1,572       1,271  
  Net income   9,457       4,622       13,868       5,918  
(Income) loss attributable to noncontrolling interest   (200 )     (77 )     (175 )     23  
  Net income attributable to ARC Document Solutions, Inc. shareholders $ 9,257     $ 4,545     $ 13,693     $ 5,941  
Earnings per share attributable to ARC Document Solutions, Inc. shareholders:                              
  Basic $ 0.20     $ 0.10     $ 0.29     $ 0.13  
  Diluted $ 0.19     $ 0.10     $ 0.29     $ 0.13  
Weighted average common shares outstanding:                              
  Basic   46,611       46,254       46,528       46,122  
  Diluted   47,558       46,834       47,634       46,759  
                               
                               
   
   
ARC Document Solutions, Inc.  
Non-GAAP Measures  
Reconciliation of cash flows provided by operating activities to EBIT, EBITDA and Adjusted EBITDA  
(In thousands)  
(Unaudited)  
           
  Three Months Ended     Six Months Ended  
  June 30,     June 30,  
  2015     2014     2015     2014  
Cash flows provided by operating activities $ 16,864     $ 14,024     $ 22,152     $ 21,738  
  Changes in operating assets and liabilities, net of effect of business acquisitions   2,928       930       12,344       5,159  
  Non-cash expenses, including depreciation, amortization and restructuring   (10,335 )     (10,332 )     (20,628 )     (20,979 )
  Income tax provision   811       607       1,572       1,271  
  Interest expense, net   1,939       3,944       3,796       7,857  
  (Income) loss attributable to the noncontrolling interest   (200 )     (77 )     (175 )     23  
EBIT   12,007       9,096       19,061       15,069  
  Depreciation and amortization   8,520       8,532       17,075       17,025  
EBITDA   20,527       17,628       36,136       32,094  
  Loss on extinguishment of debt   97       --       97       --  
  Trade secret litigation costs(1)   --       2,083       34       2,481  
  Restructuring expense   11       271       85       754  
  Stock-based compensation   921       881       2,004       1,662  
Adjusted EBITDA $ 21,556     $ 20,863     $ 38,356     $ 36,991  
                               
                               
                               

(1) On February 1, 2013, we filed a civil complaint against a competitor and a former employee in the Superior Court of California for Orange County, which alleged, among other claims, the misappropriation of ARC trade secrets; namely, proprietary customer lists that were used to communicate with ARC customers in an attempt to unfairly acquire their business. In prior litigation with the competitor based on related facts, in 2007 the competitor entered into a settlement agreement and stipulated judgment, which included an injunction. We instituted this suit to stop the defendant from using similar unfair business practices against us in the Southern California market. The case proceeded to trial in May 2014, and a jury verdict was entered for the defendants. In the first quarter of 2015, we entered into a settlement and paid the defendant. Legal fees associated with the litigation were recorded as selling, general and administrative expense.

ARC Document Solutions, Inc.
Non-GAAP Measures
Reconciliation of cash flows provided by operating activities to adjusted cash flows provided by operating activities
(In thousands)
(Unaudited)
         
  Three Months Ended   Six Months Ended
  June 30,   June 30,
  2015   2014   2015   2014
Cash flows provided by operating activities $ 16,864   $ 14,024   $ 22,152   $ 21,738
  Payments related to trade secret litigation costs   34     1,395     1,033     1,514
  Payments related to restructuring expenses   23     313     141     616
Adjusted cash flows provided by operating activities $ 16,921   $ 15,732   $ 23,326   $ 23,868
                       
                       
                       
   
ARC Document Solutions, Inc.  
Non-GAAP Measures  
Reconciliation of net income attributable to ARC to unaudited adjusted net income attributable to ARC  
(In thousands, except per share data)  
(Unaudited)  
   
  Three Months Ended     Six Months Ended  
  June 30,     June 30,  
  2015     2014     2015     2014  
Net income attributable to ARC Document Solutions, Inc. $ 9,257     $ 4,545     $ 13,693     $ 5,941  
  Loss on extinguishment of debt   97       --       97       --  
  Restructuring expense   11       271       85       754  
  Trade secret litigation costs   --       2,083       34       2,481  
  Income tax benefit related to above items   (42 )     (917 )     (84 )     (1,261 )
  Deferred tax valuation allowance and other discrete tax items   (3,151 )     (1,469 )     (4,407 )     (1,626 )
Unaudited adjusted net income attributable to ARC Document Solutions, Inc. $ 6,172     $ 4,513     $ 9,418     $ 6,289  
                               
Actual:                              
Earnings per share attributable to ARC Document Solutions, Inc. shareholders:                              
  Basic $ 0.20     $ 0.10     $ 0.29     $ 0.13  
  Diluted $ 0.19     $ 0.10     $ 0.29     $ 0.13  
Weighted average common shares outstanding:                              
  Basic   46,611       46,254       46,528       46,122  
  Diluted   47,558       46,834       47,634       46,759  
                               
Adjusted:                              
Earnings per share attributable to ARC Document Solutions, Inc. shareholders:                              
  Basic $ 0.13     $ 0.10     $ 0.20     $ 0.14  
  Diluted $ 0.13     $ 0.10     $ 0.20     $ 0.13  
Weighted average common shares outstanding:                              
  Basic   46,611       46,254       46,528       46,122  
  Diluted   47,558       46,834       47,634       46,759  
                               
                               
                               
         
ARC Document Solutions, Inc.
Non-GAAP Measures
Reconciliation of net income attributable to ARC Document Solutions, Inc. shareholders to EBIT, EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
 
    Three Months Ended   Six Months Ended
    June 30,   June 30,
    2015   2014   2015   2014
Net income attributable to ARC Document Solutions, Inc. shareholders   $ 9,257   $ 4,545   $ 13,693   $ 5,941
  Interest expense, net     1,939     3,944     3,796     7,857
  Income tax provision     811     607     1,572     1,271
EBIT     12,007     9,096     19,061     15,069
  Depreciation and amortization     8,520     8,532     17,075     17,025
EBITDA     20,527     17,628     36,136     32,094
  Loss on extinguishment of debt     97     --     97     --
  Trade secret litigation costs     --     2,083     34     2,481
  Restructuring expense     11     271     85     754
  Stock-based compensation     921     881     2,004     1,662
Adjusted EBITDA   $ 21,556   $ 20,863   $ 38,356   $ 36,991
                         
                         
                         
 
ARC Document Solutions, Inc.
Net Sales by Product Line
(In thousands)
(Unaudited)
  Three Months Ended   Six Months Ended
  June 30,   June 30,
  2015   2014   2015   2014
Service Sales                      
CDIM   58,835     57,542     113,477     110,882
MPS   37,134     35,743     73,011     68,752
AIM   3,367     2,913     6,173     5,495
  Total service sales   99,336     96,198     192,661     185,129
Equipment and supplies sales   14,053     12,784     25,047     24,226
  Total net sales $ 113,389   $ 108,982   $ 217,708   $ 209,355
                       

Non-GAAP Financial Measures
EBIT, EBITDA and related ratios presented in this report are supplemental measures of our performance that are not required by or presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These measures are not measurements of our financial performance under GAAP and should not be considered as alternatives to net income, income from operations, or any other performance measures derived in accordance with GAAP or as an alternative to cash flows from operating, investing or financing activities as a measure of our liquidity.

EBIT represents net income before interest and taxes. EBITDA represents net income before interest, taxes, depreciation and amortization. EBIT margin is a non-GAAP measure calculated by dividing EBIT by net sales. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by net sales.

We have presented EBIT, EBITDA and related ratios because we consider them important supplemental measures of our performance and liquidity. We believe investors may also find these measures meaningful, given how our management makes use of them. The following is a discussion of our use of these measures.

We use EBIT and EBITDA to measure and compare the performance of our operating segments. Our operating segments' financial performance includes all of the operating activities except debt and taxation which are managed at the corporate level for U.S. operating segments. As a result, we believe EBIT is the best measure of operating segment profitability and the most useful metric by which to measure and compare the performance of our operating segments. We use EBITDA to measure performance for determining consolidated-level compensation. In addition, we use EBIT and EBITDA to evaluate potential acquisitions and potential capital expenditures.

EBIT, EBITDA and related ratios have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are as follows:

  • They do not reflect our cash expenditures, or future requirements for capital expenditures and contractual commitments;
  • They do not reflect changes in, or cash requirements for, our working capital needs;
  • They do not reflect the significant interest expense, or the cash requirements necessary, to service interest or principal payments on our debt;
  • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and
  • Other companies, including companies in our industry, may calculate these measures differently than we do, limiting their usefulness as comparative measures.

Because of these limitations, EBIT, EBITDA, and related ratios should not be considered as measures of discretionary cash available to us to invest in business growth or to reduce our indebtedness. We compensate for these limitations by relying primarily on our GAAP results and using EBIT, EBITDA and related ratios only as supplements. For more information, see our interim Condensed Consolidated Financial Statements and related notes on our 2015 second quarter report on Form 10-Q. Additionally, please refer to our 2014 Annual Report on Form 10-K.

Our presentation of adjusted net income, adjusted EBITDA, and adjusted cash flows from operations over certain periods is an attempt to provide meaningful comparisons to our historical performance for our existing and future investors. The unprecedented changes in our end markets over the past several years have required us to take measures that are unique in our history and specific to individual circumstances. Comparisons inclusive of these actions make normal financial and other performance patterns difficult to discern under a strict GAAP presentation. Each non-GAAP presentation, however, is explained in detail in the reconciliation tables above.

Specifically, we have presented adjusted net income attributable to ARC and adjusted earnings per share attributable to ARC shareholders for the three and six months ended June 30, 2015 and 2014 to reflect the exclusion of loss on extinguishment of debt, restructuring expense, trade secret litigation costs, and changes in the valuation allowances related to certain deferred tax assets and other discrete tax items. We have presented adjusted cash flows from operating activities for the three and six months ended June 30, 2015 and 2014 to reflect the exclusion of cash payments related to trade secret litigation costs and cash payments related to restructuring expenses. This presentation facilitates a meaningful comparison of our operating results for the three and six months ended June 30, 2015 and 2014. We believe these charges were the result of the current macroeconomic environment, our capital restructuring, or other items which are not indicative of our actual operating performance.

We have presented adjusted EBITDA in the three and six months ended June 30, 2015 and 2014 to exclude loss on extinguishment of debt, trade secret litigation costs, stock-based compensation expense, and restructuring expense. The adjustment of EBITDA for these items is consistent with the definition of adjusted EBITDA in our credit agreement; therefore, we believe this information is useful to investors in assessing our financial performance.

ARC Document Solutions      
Consolidated Statements of Cash Flows      
(In thousands)      
(Unaudited)      
 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2015     2014     2015     2014  
Cash flows from operating activities                                
Net income   $ 9,457     $ 4,622     $ 13,868     $ 5,918  
Adjustments to reconcile net income to net cash provided by operating activities:                                
  Allowance for accounts receivable     156       100       182       247  
  Depreciation     7,078       7,029       14,144       14,024  
  Amortization of intangible assets     1,442       1,503       2,931       3,001  
  Amortization of deferred financing costs     161       214       322       397  
  Amortization of discount on long-term debt     --       224       --       449  
  Stock-based compensation     921       881       2,004       1,662  
  Deferred income taxes     3,847       2,279       6,023       4,172  
  Deferred tax valuation allowance     (3,257 )     (1,748 )     (4,791 )     (3,037 )
  Restructuring expense, non-cash portion     --       7       --       391  
  Loss on extinguishment of debt     97       --       97       --  
  Other non-cash items, net     (110 )     (157 )     (284 )     (327 )
  Changes in operating assets and liabilities:                                
    Accounts receivable     (2,111 )     (4,059 )     (6,633 )     (7,494 )
    Inventory     (1,765 )     85       (2,858 )     (1,929 )
    Prepaid expenses and other assets     (282 )     415       1,717       637  
    Accounts payable and accrued expenses     1,230       2,629       (4,570 )     3,627  
Net cash provided by operating activities     16,864       14,024       22,152       21,738  
Cash flows from investing activities                                
Capital expenditures     (4,136 )     (3,032 )     (7,637 )     (6,597 )
Payments related to business acquisitions     (100 )     (342 )     (142 )     (342 )
Other     193       236       390       400  
Net cash used in investing activities     (4,043 )     (3,138 )     (7,389 )     (6,539 )
Cash flows from financing activities                                
Proceeds from stock option exercises     16       568       561       1,009  
Proceeds from issuance of common stock under Employee Stock Purchase Plan     31       27       58       48  
Share repurchases, including shares surrendered for tax withholding     (204 )     (151 )     (204 )     (151 )
Early extinguishment of long-term debt     (7,250 )     (7,500 )     (7,250 )     (7,500 )
Payments on long-term debt agreements and capital leases     (6,713 )     (2,977 )     (12,780 )     (10,940 )
Net repayments under revolving credit facilities     (760 )     (697 )     (1,744 )     (295 )
Payment of deferred financing costs     (1 )     3       (25 )     (454 )
Payment of hedge premium     --       --       (632 )     --  
Net cash used in financing activities     (14,881 )     (10,727 )     (22,016 )     (18,283 )
Effect of foreign currency translation on cash balances     (65 )     54       53       (72 )
Net change in cash and cash equivalents     (2,125 )     213       (7,200 )     (3,156 )
Cash and cash equivalents at beginning of period     17,561       23,993       22,636       27,362  
Cash and cash equivalents at end of period   $ 15,436     $ 24,206     $ 15,436     $ 24,206  
Supplemental disclosure of cash flow information                                
Noncash investing and financing activities                                
  Capital lease obligations incurred   $ 3,542     $ 5,315     $ 7,042     $ 9,403  
  Contingent liabilities in connection with business acquisitions   $ --     $ 924     $ --     $ 924  
                                 
                                 
                                 

Contact Information

  • Contact Information:
    David Stickney
    VP Corporate Communications and Investor Relations
    925-949-5114