SOURCE: ARC Document Solutions, Inc.

ARC Document Solutions, Inc.

November 06, 2014 16:05 ET

ARC Document Solutions Reports Results for Third Quarter 2014

WALNUT CREEK, CA--(Marketwired - Nov 6, 2014) - 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 third quarter ended September 30, 2014.

Quarterly Business Highlights:

  • Q3 Adjusted earnings per share of $0.06 vs. $0.02 in Q3 2013
  • Q3 Gross margin of 33.9%; year-over-year increase of 140 basis points
  • Q3 cash flow from operations was $15.3 million and included cash payments for trade secret litigation and quarterly interest payments on senior debt
  • Revises 2014 fully-diluted annual adjusted earnings per share outlook from $0.19 to $0.23 to be in the range of $0.24 to $0.27, narrows the outlook for 2014 annual cash provided by operating activities from $51 million to $56 million to be in the range of $52 to $54 million, and revises the outlook for annual adjusted EBITDA from $69 million to $73 million to be in the range of $71 million to $74 million

   
Financial Highlights:  
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
(All dollar amounts in millions, except EPS)   2014     2013     2014     2013  
Net Revenue   $ 106.8     $ 101.3     $ 316.2     $ 305.9  
Gross Margin     33.9 %     32.5 %     34.6 %     33.0 %
Net income (loss) attributable to ARC   $ 3.7     $ (0.5 )   $ 9.6     $ 0.7  
Adjusted Net Income attributable to ARC   $ 2.9     $ 0.8     $ 9.2     $ 3.0  
Earnings (loss) per share - Diluted   $ 0.08     $ (0.01 )   $ 0.20     $ 0.01  
Adjusted earnings per share - Diluted   $ 0.06     $ 0.02     $ 0.20     $ 0.07  
Adjusted EBITDA   $ 18.3     $ 16.6     $ 55.2     $ 50.8  
Cash provided by operating activities   $ 15.3     $ 20.0     $ 37.0     $ 40.0  
Capital Expenditures   $ 3.4     $ 4.8     $ 10.0     $ 14.9  
Debt & Capital Leases (including current)                   $ 205.6     $ 213.4  
                                 

Management Commentary

"It was an excellent quarter and our performance clearly highlighted the difference between the document solutions provider we are today, the reprographics company we were prior to the recession, and the role we'll play in the future distributing documents and information from the cloud with secure mobile access. Our customers are asking us to find new ways to meet their needs, work with them in the cloud, and create new solutions for them to interact with the massive amounts of information they generate," said K. "Suri" Suriyakumar, Chairman, President and CEO of ARC Document Solutions. "It's a different ballgame."

"We achieved double digit growth in managed print services and color, we saw more growth in archiving and information management and our construction document hyperlinking services, and there was great interest and new placements around the country for our PlanWell SmartScreens," Mr. Suriyakumar continued. "Our robust margin expansion led to strong earnings performance, and strong cash generation provided the means to aggressively reduce our senior debt in the same fashion we established in the first two quarters of the year, improving both our capital structure and our debt ratios."

The Company also announced that it has entered into a commitment letter with Wells Fargo Bank to refinance the Company's existing line of credit and its current "Term B" loan facility with a new secured credit facility containing "tranche A" revolving loans and "Term A" loans expected to be syndicated primarily to commercial banking institutions active in the "pro rata" bank market. The closing of the new loan facility is subject to the satisfaction of various conditions, including the receipt of commitments from the proposed lenders and the negotiation of definitive documentation. The Company expects the interest rate of the new five-year Term A facility to be at or near LIBOR plus 250 basis points. The Company expects to close the new loan facility before the end of the fourth quarter.

2014 Third Quarter Supplemental Information:

Net sales were $106.8 million, a 5.5% increase compared to the third quarter of 2013.

Days sales outstanding in Q3 2014 were 54, compared to 52 days in Q3 2013.

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 Onsite Services contracts at the end of the third quarter was approximately 8,330, an increase of nearly 630 contracts from the beginning of the year.

Adjusted EBITDA is EBITDA net of the impact of loss on extinguishment of debt, 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     Nine Months Ended  
    September 30,     September 30,  
Services and Product Line   2014     2013     2014     2013  
Onsite Services   32.7 %   30.6 %   31.8 %   29.6 %
Traditional Reprographics   26.4 %   28.5 %   27.4 %   29.1 %
Color Services   21.4 %   20.4 %   21.2 %   20.7 %
Digital Services   7.9 %   8.2 %   8.0 %   8.3 %
Equipment and Supplies Sales   11.6 %   12.3 %   11.6 %   12.3 %
                         

Outlook:

ARC Document Solutions has revised its outlook upward for annual adjusted earnings per share in 2014 from $0.19 to $0.23 to be in the range of $0.24 to $0.27 on a fully diluted basis. The outlook for annual cash flow from operations has been narrowed from $51 million to $56 million to be in the range of $52 million to $54 million. The outlook for annual adjusted EBITDA has been revised upward from $69 million to $73 million to be in the range of $71 million to $74 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 third quarter of 2014. To access the live audio call, dial 888-461-2024. International callers may join the conference by dialing 719-325-2144. The conference ID number is 1208767. A live webcast will also be made available on the investor relations page of ARC Document Solutions' website at www.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 1208767. 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 8,000 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," "confident," "assume," "intent," 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, 2013, 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)  
    September 30,     December 31,  
Current assets:   2014     2013  
Cash and cash equivalents   $ 24,835     $ 27,362  
  Accounts receivable, net of allowances for accounts receivable of $2,507 and $2,517     64,056       56,328  
  Inventories, net     16,167       14,047  
  Deferred income taxes     347       356  
  Prepaid expenses     5,208       4,324  
  Other current assets     3,466       4,013  
    Total current assets     114,079       106,430  
Property and equipment, net of accumulated depreciation of $215,606 and $206,636     59,515       56,181  
Goodwill     212,608       212,608  
Other intangible assets, net     24,682       27,856  
Deferred financing fees, net     2,575       3,242  
Deferred income taxes     976       1,186  
Other assets     2,356       2,419  
    Total assets   $ 416,791     $ 409,922  
Current liabilities:                
  Accounts payable   $ 25,427     $ 23,363  
  Accrued payroll and payroll-related expenses     14,733       11,497  
  Accrued expenses     23,369       21,365  
  Current portion of long-term debt and capital leases     11,394       21,500  
    Total current liabilities     74,923       77,725  
Long-term debt and capital leases     194,238       198,228  
Deferred income taxes     33,110       31,667  
Other long-term liabilities     3,059       3,163  
    Total liabilities     305,330       310,783  
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; 46,790 and 46,365 shares issued and 46,721 and 46,320 shares outstanding     46       46  
  Additional paid-in capital     109,690       105,806  
  Retained deficit     (5,026 )     (14,628 )
  Accumulated other comprehensive income     229       634  
      104,939       91,858  
  Less cost of common stock in treasury, 69 and 45 shares     319       168  
    Total ARC Document Solutions, Inc. stockholders' equity     104,620       91,690  
Noncontrolling interest     6,841       7,449  
    Total equity     111,461       99,139  
    Total liabilities and equity   $ 416,791     $ 409,922  
                     
                     
                     
ARC Document Solutions, Inc.  
Consolidated Statements of Operations  
(In thousands, except per share data)  
(Unaudited)  
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2014     2013     2014     2013  
Service sales   $ 94,426     $ 88,830     $ 279,555     $ 268,258  
Equipment and supplies sales     12,381       12,422       36,607       37,652  
  Total net sales     106,807       101,252       316,162       305,910  
Cost of sales     70,584       68,372       206,798       205,040  
  Gross profit     36,223       32,880       109,364       100,870  
Selling, general and administrative expenses     26,331       24,019       80,720       72,683  
Amortization of intangible assets     1,497       1,610       4,498       5,056  
Restructuring expense     11       657       765       1,765  
  Income from operations     8,384       6,594       23,381       21,366  
Other income     (22 )     (25 )     (71 )     (86 )
Loss on extinguishment of debt     347       262       347       262  
Interest expense, net     3,780       5,895       11,637       18,012  
  Income before income tax provision     4,279       462       11,468       3,178  
Income tax provision     659       790       1,930       1,946  
  Net income (loss)     3,620       (328 )     9,538       1,232  
Loss (income) attributable to noncontrolling interest     41       (122 )     64       (545 )
  Net income (loss) attributable to ARC Document Solutions, Inc. shareholders   $ 3,661     $ (450 )   $ 9,602     $ 687  
Earnings (loss) per share attributable to ARC Document Solutions, Inc. shareholders:                                
  Basic   $ 0.08     $ (0.01 )   $ 0.21     $ 0.01  
  Diluted   $ 0.08     $ (0.01 )   $ 0.20     $ 0.01  
Weighted average common shares outstanding:                                
  Basic     46,338       45,976       46,195       45,880  
  Diluted     47,015       45,976       46,856       45,947  
                                   
                                   
                                   
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     Nine Months Ended  
    September 30,     September 30,  
    2014     2013     2014     2013  
Cash flows provided by operating activities (1)   $ 15,311     $ 20,019     $ 37,049     $ 40,010  
  Changes in operating assets and liabilities, net of effect of business acquisitions     (1,174 )     (9,575 )     3,985       (7,017 )
  Non-cash expenses, including depreciation, amortization and restructuring     (10,517 )     (10,772 )     (31,496 )     (31,761 )
  Income tax provision     659       790       1,930       1,946  
  Interest expense, net     3,780       5,895       11,637       18,012  
  Loss (income) attributable to the noncontrolling interest     41       (122 )     64       (545 )
EBIT     8,100       6,235       23,169       20,645  
  Depreciation and amortization     8,536       8,669       25,561       26,090  
EBITDA     16,636       14,904       48,730       46,735  
  Loss on extinguishment of debt     347       262       347       262  
  Trade secret litigation costs (2)     306       --       2,787       --  
  Restructuring expense     11       657       765       1,765  
  Stock-based compensation     956       728       2,618       2,049  
Adjusted EBITDA   $ 18,256     $ 16,551     $ 55,247     $ 50,811  
                                 
(1) Cash flows provided by operating activities for the three and nine months ended September 30, 2013 includes cash payments related to restructuring of $0.7 million and $3.3 million, respectively. Cash flows provided by operating activities for the nine months ended September 30, 2013 includes an income tax refund of $3.8 million received in 2013 related to our 2009 consolidated federal income tax return. Cash flows provided by operating activities for the three and nine months ended September 30, 2014 includes cash payments for trade secret litigation costs of $1.1 million and $2.6 million, respectively, and cash payments related to restructuring of $0.6 million and $1.2 million, respectively.
   
(2) 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 our 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 August 2014, we filed a Notice of Appeal. Legal fees associated with the litigation totaled $0.3 million and $2.8 million for the three and nine months ended September 30, 2014, respectively.
   
   
   
ARC Document Solutions, Inc.
Non-GAAP Measures
Reconciliation of net income (loss) attributable to ARC to unaudited adjusted net income attributable to ARC
(In thousands, except per share data)
(Unaudited)
 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2014     2013     2014     2013  
Net income (loss) attributable to ARC Document Solutions, Inc.   $ 3,661     $ (450 )   $ 9,602     $ 687  
  Loss on extinguishment of debt     347       262       347       262  
  Restructuring expense     11       657       765       1,765  
  Trade secret litigation costs     306       --       2,787       --  
  Income tax benefit related to above items     (258 )     (359 )     (1,519 )     (790 )
  Deferred tax valuation allowance and other discrete tax items     (1,172 )     685       (2,798 )     1,073  
Unaudited adjusted net income attributable to ARC Document Solutions, Inc.   $ 2,895     $ 795     $ 9,184     $ 2,997  
                                 
Actual:                                
Earnings (loss) per share attributable to ARC Document Solutions, Inc. shareholders:                                
  Basic   $ 0.08     $ (0.01 )   $ 0.21     $ 0.01  
  Diluted   $ 0.08     $ (0.01 )   $ 0.20     $ 0.01  
Weighted average common shares outstanding:                                
  Basic     46,338       45,976       46,195       45,880  
  Diluted     47,015       45,976       46,856       45,947  
                                 
Adjusted:                                
Earnings per share attributable to ARC Document Solutions, Inc. shareholders:                                
  Basic   $ 0.06     $ 0.02     $ 0.20     $ 0.07  
  Diluted   $ 0.06     $ 0.02     $ 0.20     $ 0.07  
Weighted average common shares outstanding:                                
  Basic     46,338       45,976       46,195       45,880  
  Diluted     47,015       46,487       46,856       45,947  
                                 
                                 
                                 
ARC Document Solutions, Inc.
Non-GAAP Measures
Reconciliation of net income (loss) attributable to ARC Document Solutions, Inc. shareholders to EBIT, EBITDA and Adjusted EBITDA
(In thousands)
(Unaudited)
    Three Months Ended     Nine Months Ended
    September 30,     September 30,
    2014   2013     2014   2013
Net income (loss) attributable to ARC Document Solutions, Inc. shareholders   $ 3,661   $ (450 )   $ 9,602   $ 687
  Interest expense, net     3,780     5,895       11,637     18,012
  Income tax provision     659     790       1,930     1,946
EBIT     8,100     6,235       23,169     20,645
  Depreciation and amortization     8,536     8,669       25,561     26,090
EBITDA     16,636     14,904       48,730     46,735
  Loss on extinguishment of debt     347     262       347     262
  Trade secret litigation costs     306     --       2,787     --
  Restructuring expense     11     657       765     1,765
  Stock-based compensation     956     728       2,618     2,049
Adjusted EBITDA   $ 18,256   $ 16,551     $ 55,247   $ 50,811
                           
                           
ARC Document Solutions, Inc.
Net Sales by Product Line
(In thousands)
(Unaudited)
    Three Months Ended   Nine Months Ended
    September 30,   September 30,
    2014   2013   2014   2013
Service Sales                        
Onsite services(1)   $ 34,950   $ 30,990   $ 100,442   $ 90,542
Traditional reprographics     28,196     28,907     86,702     88,981
Color     22,869     20,638     67,182     63,389
Digital     8,411     8,295     25,229     25,346
  Total services sales     94,426     88,830     279,555     268,258
Equipment and supplies sales     12,381     12,422     36,607     37,652
  Total net sales   $ 106,807   $ 101,252   $ 316,162   $ 305,910
                         
(1) Represents work done at our customer sites, which includes Facilities Management ("FM") and Managed Print Services ("MPS").
   

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 present 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 also use EBIT to measure performance for determining operating segment-level compensation and 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 2014 third quarter report on Form 10-Q. Additionally, please refer to our 2013 Annual Report on Form 10-K.

Our presentation of adjusted net income and adjusted EBITDA 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 nine months ended September 30, 2014 and 2013 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. This presentation facilitates a meaningful comparison of our operating results for the three and nine months ended September 30, 2014 and 2013. 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 presented adjusted EBITDA in the three and nine months ended September 30, 2014 and 2013 to exclude loss on extinguishment of debt, trade secret litigation costs, stock-based compensation expense, and restructuring expense. The adjustment of EBITDA for non-cash adjustments 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     Nine Months Ended  
    September 30,     September 30,  
    2014     2013     2014     2013  
Cash flows from operating activities                                
Net income (loss)   $ 3,620     $ (328 )   $ 9,538     $ 1,232  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:                                
  Allowance for accounts receivable     197       105       444       551  
  Depreciation     7,039       7,059       21,063       21,034  
  Amortization of intangible assets     1,497       1,610       4,498       5,056  
  Amortization of deferred financing costs     190       270       587       831  
  Amortization of discount on long-term debt     207       168       656       500  
  Stock-based compensation     956       728       2,618       2,049  
  Deferred income taxes     2,100       182       6,272       918  
  Deferred tax valuation allowance     (1,615 )     386       (4,652 )     560  
  Restructuring expense, non-cash portion     --       70       --       363  
  Loss on early extinguishment of debt     347       262       347       262  
  Other non-cash items, net     (401 )     (68 )     (337 )     (363 )
  Changes in operating assets and liabilities:                                
    Accounts receivable     (930 )     4,491       (8,424 )     (7,358 )
    Inventory     (142 )     441       (2,071 )     721  
    Prepaid expenses and other assets     (946 )     (1,102 )     (309 )     1,988  
    Accounts payable and accrued expenses     3,192       5,745       6,819       11,666  
Net cash provided by operating activities     15,311       20,019       37,049       40,010  
Cash flows from investing activities                                
Capital expenditures     (3,430 )     (4,814 )     (10,027 )     (14,856 )
Payments related to business acquisitions     --       --       (342 )     --  
Other     105       83       505       622  
Net cash used in investing activities     (3,325 )     (4,731 )     (9,864 )     (14,234 )
Cash flows from financing activities                                
Proceeds from stock option exercises     191       --       1,201       --  
Proceeds from issuance of common stock under Employee Stock Purchase Plan     17       4       65       13  
Share repurchases, including shares surrendered for tax withholding     --       --       (151 )     (90 )
Proceeds from borrowings on long-term debt agreements     --       --       --       402  
Payments of debt extinguishment costs     --       (66 )     --       (66 )
Early extinguishment of long-term debt     (5,000 )     (7,000 )     (12,500 )     (7,000 )
Payments on long-term debt agreements and capital leases     (5,497 )     (2,988 )     (16,437 )     (9,395 )
Net repayments under revolving credit facilities     (532 )     (228 )     (828 )     (438 )
Payment of deferred financing costs     --       --       (454 )     --  
Dividends paid to noncontrolling interest     (486 )     (485 )     (486 )     (485 )
Net cash used in financing activities     (11,307 )     (10,763 )     (29,590 )     (17,059 )
Effect of foreign currency translation on cash balances     (50 )     152       (122 )     316  
Net change in cash and cash equivalents     629       4,677       (2,527 )     9,033  
Cash and cash equivalents at beginning of period     24,206       32,377       27,362       28,021  
Cash and cash equivalents at end of period   $ 24,835     $ 37,054     $ 24,835     $ 37,054  
Supplemental disclosure of cash flow information                                
Noncash investing and financing activities                                
  Capital lease obligations incurred   $ 5,506     $ 2,491     $ 14,909     $ 6,737  
  Contingent liabilities in connection with business acquisitions   $ 186     $ --     $ 1,110     $ --  
                                   

Contact Information

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