YOQNEAM, ISRAEL--(Marketwire - Aug 3, 2011) - Given Imaging Ltd. (
Worldwide revenues were $44.8 million in the second quarter of 2011, a 6.3 percent increase from $42.1 million in the second quarter of 2010. Gross margin on a non-GAAP basis in the second quarter of 2011 was 76.0 percent, compared to 77.3 percent in the second quarter of 2010 due to certain one-time charges. The Company anticipates that gross margin for the remainder of the year will be higher and in line with company projections.
Non-GAAP operating profit was $4.8 million, compared to $7.2 million in the second quarter of 2010. On a non-GAAP basis, net income for the second quarter of 2011 was $4.1 million, or $0.13 per share on a fully diluted basis, compared to $6.3 million, or $0.20 per share on a fully diluted basis in the second quarter of 2010. On a GAAP basis, net income for the second quarter of 2011 was $1.9 million, or $0.06 per share, compared to $2.2 million, or $0.07 per share, in the same quarter of last year. A reconciliation of GAAP results to non-GAAP results is attached.
Cash and cash equivalents, short-term investments and marketable securities on June 30, 2011 totaled $91.5 million. Net cash provided by operating activities in the second quarter was $5.1 million.
"We are pleased with another quarter of solid financial results, including the 4.0% increase in second quarter revenues in the Americas region. We are also encouraged by revenue growth of 14% in the EMEA region in the first six months of 2011, and confident that we will achieve our full year revenue goal for the region. Therefore, our 2011 guidance remains unchanged, despite the challenges of the global economy," said Homi Shamir, President and CEO of Given Imaging. "On the development front, enrollment in the large multi-center PillCam COLON 2 pivotal trial which began in early June is proceeding on schedule and the majority of centers are actively enrolling patients."
Second Quarter 2011 Revenue Analysis
Revenues in the Americas region increased by 4.0 percent to $26.9 million in the second quarter of 2011 from $25.9 million in the same period last year. Revenues in the EMEA region were $11.8 million compared to $11.6 million in the same period last year. APAC revenues increased by 30 percent to $6.0 million, compared to $4.6 million in the same period in 2010.
Worldwide PillCam SB sales amounted to 58,700 capsules in the second quarter of 2011, compared to 59,900 capsules in the same period last year. PillCam SB sales in the Americas region were approximately 36,250 capsules, compared to 37,200 capsules in the second quarter of last year. PillCam SB sales in the EMEA region were 15,150 capsules, compared to 16,500 capsules in the second quarter of 2010 and PillCam SB sales in the APAC region were 7,300 capsules, compared to 6,100 capsules in the same period in 2010.
Supplemental first quarter data can be found at www.givenimaging.com in the Investor Relations section.
Six Month Financial Results
For the six month period ended June 30, 2011, revenues increased by 14 percent to $84.7 million and include sales of $11.7 million from Sierra Scientific Instruments (Sierra), which the company acquired on April 1, 2010. First half 2010 revenue included $5.7 million sales from Sierra. Sales in the Americas region in the first half of 2011 were 51.0 million, including revenues of $7.3 million from sales of Sierra products, compared to $46.5 million in the same period in 2010. Revenues in Americas in the same period of 2010 included sales of $3.6 million from Sierra. Sales in the EMEA region were $23.0 million, including $3.1 million from Sierra compared to $20.1 million, including $1.6 million from Sierra in the same period in 2010. Sales in the APAC region were $10.7 million, including $1.3 million from Sierra, compared to $7.7 million, including $0.6 million from Sierra last year.
On a non-GAAP basis, gross profit margin for the six month period was 76.7 percent compared to 77.2 percent in 2010. On a GAAP basis, gross profit margin in the first six months of 2011 was 76.1 percent, compared to 75.2 percent in first half of 2010. On a non-GAAP basis, net income for the first six months of 2011 was $7.1 million or $0.23 per share compared to $10.6 million, or $0.35 per share on a fully diluted GAAP basis. GAAP net income for the first six months of 2011 was $2.6 million or $0.08 per share compared to $4.3 million, or $0.14 per share in the same quarter of last year.
Recent Developments
PillCam COLON 2 Trial Initiation
-- In June, the company announced the initiation of an 800 patient multi-center pivotal trial for PillCam COLON 2. The trial will support the planned 510(k) submission to the U.S. Food and Drug Administration (FDA).
Digestive Disease Week 2011
-- In May, more than 150 podium and poster sessions featuring Given Imaging products were presented at Digestive Disease Week (DDW). Included in these presentations were data from the largest European multicenter study of PillCam COLON 2 which concluded that PillCam COLON is an appropriate tool for visualizing the colon.
PillCam ESO 3 FDA Clearance
-- In May, the company announced that it received clearance from the FDA for PillCam ESO 3. The clearance included a new version of RAPID® software, and the new DataRecorder 3. PillCam ESO 3 incorporates new features developed for the PillCam COLON 2 video capsule currently available in Europe.
2011 Guidance
The Company continues to expect that 2011 revenues will be between $165 million and $173 million. The Company continues to expect that 2011 GAAP earnings per share will be between $0.35 - $0.40 and Non-GAAP earnings per share will be between $0.65 - $0.70.
Conference Call / Webcast Information
U.S. Call / Webcast
The company will host a conference call in English at 9:00 am ET on Thursday, August 4, 2011. To participate in this teleconference, please dial 800-992-7415 fifteen minutes before the conference is scheduled to begin. Callers outside of the U.S. should dial 913-312-0946. The call will also be webcast live at www.givenimaging.com. A replay of the call will be available for two weeks on the company's website, or until August 18, 2011, by dialing 888-203-1112. Callers outside of the U.S. should dial 719-457-0820. The replay participant code is 4149553.
Hebrew Call
A separate conference call in Hebrew will take place on August 4, 2011 at 2:00 pm Israel time, 7:00 am ET. To access this call, please dial +972 3 9180610 ten minutes before the conference is scheduled to begin. A replay of the call will be available from August 7 until August 8, 2011 by dialing +972 3 925590.
About Given Imaging Ltd.
Since pioneering the field of capsule endoscopy in 2001, Given Imaging has become a world leader in GI medical devices, offering health care providers a range of innovative options for visualizing, diagnosing and monitoring the digestive system. The company offers a broad product portfolio including PillCam® video capsules for the small bowel, esophagus and colon [PillCam® COLON not approved for use in the United States], industry-leading ManoScan™ high-resolution manometry and Bravo® wireless and Digitrapper® pH and impedance products. Given Imaging is committed to delivering breakthrough innovations to the GI community and to supporting its ongoing clinical needs. Given Imaging's headquarters are located in Yoqneam, Israel, with operating subsidiaries in the United States, Germany, France, Japan, Australia, Vietnam and Hong Kong. For more information, please visit www.givenimaging.com.
Use of Non-GAAP Measures
This press release provides financial measures for net income and basic and diluted earnings per share that exclude certain items and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management's and investors' ability to evaluate the Company's net income and earnings per share and to compare it with historical net income and earnings per share.
The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, projections about our business and our future revenues, expenses and profitability. Forward-looking statements may be, but are not necessarily, identified by the use of forward-looking terminology such as "may," "anticipates," "estimates," "expects," "intends," "plans," "believes," and words and terms of similar substance. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual events, results, performance, circumstances or achievements of the Company to be materially different from any future events, results, performance, circumstances or achievements expressed or implied by such forward-looking statements. Factors that could cause actual events, results, performance, circumstances or achievements to differ from such forward-looking statements include, but are not limited to, the following: (1) our ability to develop and bring to market new products, (2) our ability to successfully complete any necessary or required clinical studies with our products, (3) our ability to receive regulatory clearance or approval to market our products or changes in regulatory environment, (4) our success in implementing our sales, marketing and manufacturing plans, (5) the level of adoption of our products by medical practitioners, (6) the emergence of other products that may make our products obsolete, (7) lack of an appropriate bowel preparation materials to be used with our PillCam COLON capsule, (8) protection and validity of patents and other intellectual property rights, (9) the impact of currency exchange rates, (10) the effect of competition by other companies, (11) the outcome of significant litigation, (12) our ability to obtain reimbursement for our product from government and commercial payors, (13) quarterly variations in operating results, (14) the possibility of armed conflict or civil or military unrest in Israel, (15) the impact of global economic conditions, (16) our ability to successfully integrate acquired businesses, (17) changes and reforms in applicable healthcare laws and regulations, (18) adverse events related to our products or product quality issues that could require us to recall products and impact our sales, and (19) other risks and factors disclosed in our filings with the U.S. Securities and Exchange Commission, including, but not limited to, risks and factors identified under such headings as "Risk Factors," "Cautionary Language Regarding Forward-Looking Statements" and "Operating Results and Financial Review and Prospects" in the Company's Annual Report on Form 20-F for the year ended December 31, 2010. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except for the Company's ongoing obligations to disclose material information under the applicable securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.
Given Imaging Ltd. and its Consolidated Subsidiaries
Excluded Items
For the Three Months Ended June 30, 2010 and 2011
(Unaudited, dollars in thousands)
Research Selling General Tax
Gross And And And Other Expense
Profit Development Marketing Admin Expenses (Benefit) Total
------ ----------- --------- -------- --------- -------- ------
Three month
period ended
June 30,
2011
Compensation
expenses $ - $ 160 $ 499 $ 1,306 $ - $ - $1,965
Sierra PPA 237 - 81 - - (128) 190
------ ----------- --------- -------- --------- -------- ------
Total $ 237 $ 160 $ 580 $ 1,306 $ - $ (128) $2,155
====== =========== ========= ======== ========= ======== ======
Three month
period ended
June 30,
2010
Compensation
expenses $ - $ 73 $ 299 $ 2,420 $ - $ - $2,792
Sierra PPA 1,509 111 82 250 - (679) 1,273
------ ----------- --------- -------- --------- -------- ------
Total $1,509 $ 184 $ 381 $ 2,670 $ - $ (679) $4,065
====== =========== ========= ======== ========= ======== ======
Given Imaging Ltd. and its Consolidated Subsidiaries
Excluded Items
For the Six Months Ended June 30, 2010 and 2011
(Unaudited, dollars in thousands)
Research Selling General Tax
Gross And And And Other Expense
Profit Development Marketing Admin Expenses (Benefit) Total
------ ----------- --------- --------- -------- -------- ------
Six month
period ended
June 30,
2011
Compensation
expenses $ - $ 342 $ 1,060 $ 2,700 $ - $ - $4,102
Sierra PPA 474 - 162 - - -255 381
------ ----------- --------- --------- -------- -------- ------
Total $ 474 $ 342 $ 1,222 $ 2,700 $ 0 ($ 255) $4,483
====== =========== ========= ========= ======== ======== ======
Six month
period ended
June 30,
2010
Compensation
expenses $ - $ 156 $ 626 $ 3,623 $ - $ - $4,405
Tax
(benefit) 1,509 111 82 930 - (679) 1,953
------ ----------- --------- --------- -------- -------- ------
Total $1,509 $ 267 $ 708 $ 4,553 $ 0 ($ 679) $6,358
====== =========== ========= ========= ======== ======== ======
Given Imaging Ltd. and its Consolidated Subsidiaries
Reconciliation of GAAP results to non-GAAP results
For the Three months ended June 30, 2010 and 2011
Condensed, in thousands except share and per share data
Q2 2011 Q2 2010
Specified Non Specified Non
GAAP Items(*) GAAP GAAP Items(*) GAAP
------- -------- ------- ------- -------- -------
Revenues $44,773 - $44,773 $42,134 - $42,134
Cost of revenues (10,985) 237 (10,748) (11,062) 1,509 (9,553)
Gross profit 33,788 237 34,025 31,072 32,581
Gross profit as a
% of revenues 75.5% - 76.0% 73.7% 77.3%
Operating expenses
Research and
development, net (5,619) 160 (5,459) (5,163) 184 (4,979)
Sales and marketing (19,869) 580 (19,289) (16,345) 381 (15,964)
General and
administrative (5,729) 1,306 (4,423) (6,956) 2,670 (4,286)
Other, net (59) - (59) (171) 0 (171)
Total operating
expenses (31,276) 2,046 (29,230) (28,635) 3,235 (25,400)
Operating profit 2,512 2,283 4,795 2,437 3,235 7,181
Operating profit
as a % of
revenues 5.6% 10.7% 5.8% 17.0%
Financing income
(expense), net 118 - 118 (175) - (175)
Profit before taxes
on income 2,630 2,283 4,913 2,262 3,235 7,006
Tax expense (716) (128) (844) (100) (679) (779)
Net Profit 1,914 2,155 4,069 2,162 2,556 6,227
Net loss
attributable to
non-controlling
interest 3 - 3 49 - 49
Net profit
attributable to
shareholders $ 1,917 $ 2,155 $ 4,072 $ 2,211 $ 2,556 $ 6,276
Net profit
attributable to
shareholders as
a % of revenues 4.3% 9.1% 5.2% 14.9%
Earnings per share
Basic Earnings
attributable to
shareholders per
Ordinary Share $ 0.06 $ 0.06 $ 0.14 $ 0.07 $ 0.04 $ 0.21
Diluted Earnings
attributable to
shareholders per
Ordinary Share $ 0.06 $ 0.06 $ 0.13 $ 0.06 $ 0.08 $ 0.20
(*)See specified items
Given Imaging Ltd. and its Consolidated Subsidiaries
Reconciliation of GAAP results to non-GAAP results
For the six months ended June 30, 2010 and 2011
Condensed, in thousands except share and per share data
YTD 2011 YTD 2010
Specified Non Specified Non
GAAP Items (*) GAAP GAAP Items(*) GAAP
------- -------- ------- ------- -------- -------
Revenues $84,742 - $84,742 $74,231 - $74,231
Cost of revenues (20,252) 474 (19,778) (18,398) 1,509 (16,889)
Gross profit 64,490 474 $64,964 55,833 - 57,342
Gross profit as
a % of revenues 76.1% 76.7% 75.2% 77.2%
Operating expenses
Research and
development, net (11,080) 342 (10,738) (8,940) 267 (8,673)
Sales and marketing (37,118) 1,222 (35,896) (31,094) 708 (30,386)
General and
administrative (12,251) 2,700 (9,551) (12,090) 4,553 (7,537)
Other, net (76) - (76) (234) 0 (234)
Total operating
expenses (60,525) 4,264 (56,261) (52,358) 5,528 (46,830)
Operating profit 3,965 4,738 8,703 3,475 5,528 10,512
Operating profit
as a % of
revenues 4.7% 10.3% 4.7% 14.2%
Financing income, net 22 - 22 803 - 803
Profit before taxes
on income 3,987 4,738 8,725 4,278 5,528 11,315
Tax expense (1,308) (255) (1,563) (229) (679) (908)
Net Profit 2,679 4,483 7,162 4,049 4,849 10,407
Net loss (profit)
attributable to
non-controlling
interest (85) - (85) 215 - 215
Net profit
attributable to
shareholders $ 2,594 $ 4,483 $ 7,077 $ 4,264 $ 4,849 $10,622
Net profit
attributable to
shareholders as a
% of revenues 3.1% 8.4% 5.7% 14.3%
Earnings per share
Basic Earnings
attributable to
shareholders per
Ordinary Share $ 0.10 $ 0.15 $ 0.26 $ 0.14 $ 0.16 $ 0.36
Diluted Earnings
attributable to
shareholders per
Ordinary Share $ 0.08 $ 0.14 $ 0.23 $ 0.14 $ 0.16 $ 0.35
(*)See specified items
Given Imaging Ltd. and its Consolidated Subsidiaries
Interim Consolidated Balance Sheets
In thousands except share data
(Unaudited)
June 30 December 31
----------- -----------
2011 2010
----------- -----------
Assets
Current assets
Cash and cash equivalents $ 34,816 $ 34,619
Short-term investments 41,859 51,973
Accounts receivable:
Trade 28,032 27,862
Other 2,955 4,291
Inventories 22,178 19,076
Prepaid expenses 1,824 1,585
Deferred tax assets 1,900 1,638
Advances to suppliers 1,197 441
----------- -----------
Total current assets 134,761 141,485
Deposits 1,278 1,212
Assets held for employee severance payments 7,336 6,393
Marketable Securities 14,832 3,873
Non-current Inventory 4,626 5,626
Fixed assets, at cost, less accumulated
depreciation 12,843 13,709
Intangible assets, less accumulated amortization 30,567 25,813
Goodwill 24,089 24,089
----------- -----------
Total Assets $ 230,332 $ 222,200
=========== ===========
Given Imaging Ltd. and its Consolidated Subsidiaries
Interim Consolidated Balance Sheets
In thousands except share data
(Unaudited)
June 30 December 31
---------- -----------
2011 2010
---------- -----------
Liabilities and equity
Current liabilities
Current installments of obligation under capital
lease $ 172 $ 168
Accounts payable:
Trade 6,149 9,125
Other 24,731 26,065
Deferred income 636 788
---------- -----------
Total current liabilities 31,688 36,146
---------- -----------
Long-term liabilities
Obligation under capital lease, net 166 244
Liability in respect of employees' severance
payments 8,120 7,151
Deferred tax liabilities 5,616 5,871
---------- -----------
Total long-term liabilities 13,902 13,266
---------- -----------
Total liabilities 45,590 49,412
---------- -----------
Equity
Shareholders' equity
Ordinary Shares, NIS 0.05 par value each
(90,000,000 shares authorized; 30,334,313 and
29,829,277 shares issued and fully paid as of
June 30, 2011 and December 31, 2010, respectively) 357 350
Additional paid-in capital 204,275 194,899
Capital reserve 2,051 2,051
Accumulated other comprehensive gain (loss) (13) 95
Accumulated deficit (22,113) (24,707)
---------- -----------
Shareholders' equity 184,557 172,688
---------- -----------
Non-controlling interest 185 100
---------- -----------
Total Equity 184,742 172,788
---------- -----------
Total liabilities and equity $ 230,332 $ 222,200
========== ===========
Given Imaging Ltd. and its Consolidated Subsidiaries
Interim Consolidated Statements of Operations
In thousands except share and per share data
(Unaudited)
Six-month period ended Three-month period
June 30 ended June 30 Year ended
---------------------- ---------------------- December 31
2011 2010 2011 2010 2010
---------- ---------- ---------- ---------- ----------
Revenues $ 84,742 $ 74,231 $ 44,773 $ 42,134 $ 157,809
Cost of
revenues (20,252) (18,398) (10,985) (11,062) (37,629)
---------- ---------- ---------- ---------- ----------
Gross profit 64,490 55,833 33,788 31,072 120,180
---------- ---------- ---------- ---------- ----------
Operating expenses
Research and
development,
gross (11,615) (9,447) (5,842) (5,423) (21,695)
Government
grants 535 507 223 260 1,477
---------- ---------- ---------- ---------- ----------
Research and
development,
net (11,080) (8,940) (5,619) (5,163) (20,218)
Sales and
marketing (37,118) (31,094) (19,869) (16,345) (67,114)
General and
administrative (12,251) (12,090) (5,729) (6,956) (25,138)
Other, net (76) (234) (59) (171) (759)
---------- ---------- ---------- ---------- ----------
Total operating
expenses (60,525) (52,358) (31,276) (28,635) (113,229)
---------- ---------- ---------- ---------- ----------
Operating income 3,965 3,475 2,512 2,437 6,951
Financing income
(expense), net 22 803 118 (175) 2,599
---------- ---------- ---------- ---------- ----------
Income before
taxes on income 3,987 4,278 2,630 2,262 9,550
Income tax
expense (1,308) (229) (716) (100) (1,362)
---------- ---------- ---------- ---------- ----------
Net income 2,679 4,049 1,914 2,162 8,188
Net loss (income)
attributable
to non-controlling
interest (85) 215 3 49 290
---------- ---------- ---------- ---------- ----------
Net income
attributable to
shareholders $ 2,594 $ 4,264 $ 1,917 $ 2,211 $ 8,478
========== ========== ========== ========== ==========
Earnings per share
Basic Earnings
attributable to
shareholders
per Ordinary
Share $ 0.09 $ 0.14 $ 0.06 $ 0.07 $ 0.29
========== ========== ========== ========== ==========
Diluted Earnings
attributable to
shareholders
per Ordinary
Share $ 0.08 $ 0.13 $ 0.06 $ 0.07 $ 0.28
========== ========== ========== ========== ==========
Weighted average
number of
Ordinary Shares
used to compute
basic Earnings
per Ordinary
share 30,009,592 29,551,276 30,126,138 29,674,785 29,670,842
========== ========== ========== ========== ==========
Weighted average
number of
Ordinary Shares
used to compute
diluted Earnings
per Ordinary
share 31,062,476 30,676,309 31,309,679 30,706,200 30,525,654
========== ========== ========== ========== ==========
Given Imaging Ltd. and its Consolidated Subsidiaries
Consolidated Statements of Cash Flows
In thousands
(Unaudited)
Six-month period Three-month period
ended June 30 ended June 30 Year ended
------------------- ------------------ December 31
2011 2010 2011 2010 2010
-------- --------- -------- -------- ----------
Cash flows from
operating activities:
Net income $ 2,679 $ 4,049 $ 1,914 $ 2,162 $ 8,188
Adjustments required
to reconcile net
income to net cash
provided by operating
activities:
Depreciation and
amortization 4,070 4,056 2,072 2,558 7,662
Goodwill impairment - - - - 20
Changes in deferred
tax assets (262) 373 (236) 167 761
Changes in deferred
tax liabilities (255) - (128) - (888)
Stock based
compensation 4,102 4,405 1,965 2,792 8,482
Loss from disposal
of long term assets 100 292 73 229 739
Other 31 (292) 41 (229) 304
Gain (loss) from
trading securities - 323 - 236 -
Decrease (increase) in
accounts receivable -
trade (170) 2,053 (1,416) (975) 560
Decrease (increase) in
accounts receivable -
other 1,336 (984) 685 (664) (488)
Decrease (increase) in
prepaid expenses (239) 3 482 562 (23)
Decrease (increase) in
advances to suppliers (756) (199) (824) (356) 93
Decrease (increase) in
Inventories (2,102) 2,641 (218) 1,216 2,331
Increase (decrease) in
accounts payable (4,400) (5,593) 912 (383) 3,389
Increase (decrease) in
deferred income (152) 635 (216) 383 554
-------- --------- -------- -------- ----------
Net cash provided by
operating activities $ 3,982 $ 11,762 $ 5,106 $ 7,698 $ 31,684
-------- --------- -------- -------- ----------
Cash flows from
investing activities:
Purchase of fixed
assets and intangible
assets $ (8,058) $ (2,550) $ (759) $ (1,328) $ (5,056)
Deposits (38) (27) (10) (3) (6)
Acquisition of Sierra,
net of cash
acquired (1) - (34,709) - 291 (34,709)
Changes in short term
deposits, net 720 1,990 (4,352) 4,185 (26,830)
Proceeds from sales of
marketable securities 13,212 18,208 4,240 - 25,167
Investments in trading
and marketable
securities (14,910) (5,591) (1,762) (240) (5,953)
-------- --------- -------- -------- ----------
Net cash provided by
(used in) investing
activities $ (9,074) $ (22,679) $ (2,643) $ 2,905 $ (47,387)
======== ========= ======== ======== ==========
Given Imaging Ltd. and its Consolidated Subsidiaries
Consolidated Statements of Cash Flows
In thousands
(Unaudited)
Six-month period Three-month period
ended June 30 ended June 30 Year ended
------------------ ------------------ December 31
2011 2010 2011 2010 2010
-------- -------- -------- -------- ----------
Cash flows from
financing activities:
Principal payments on
capital lease
obligation, net $ (82) $ (49) $ (41) $ (15) $ (143)
Proceeds from the
issuance of Ordinary
Shares 5,281 3,791 3,432 1,800 4,219
Purchase of shares from
a non-controlling
shareholder in a
subsidiary - - - - (403)
-------- -------- -------- -------- ----------
Net cash provided by
financing activities 5,199 3,742 3,391 1,785 3,673
-------- -------- -------- -------- ----------
Effect of exchange rate
changes on cash 90 (227) 40 (307) 191
-------- -------- -------- -------- ----------
Increase (decrease) in
cash and cash
equivalents 197 (7,402) 5,894 12,081 (11,839)
Cash and cash equivalents
at beginning of period 34,619 46,458 28,922 26,975 46,458
-------- -------- -------- -------- ----------
Cash and cash
equivalents at end of
period $ 34,816 $ 39,056 $ 34,816 $ 39,056 $ 34,619
======== ======== ======== ======== ==========
Supplementary cash flow
information Income
taxes paid $ 1,095 $ 94 $ 1,045 $ 46 $ 234
======== ======== ======== ======== ==========
Contact Information:
For further information contact:
Fern Lazar/David Carey
Lazar Partners Ltd.
1-212-867-1768
flazar@lazarpartners.com
dcarey@lazarpartners.com