SOURCE: Given Imaging

Given Imaging

November 01, 2011 16:01 ET

Given Imaging Reports Third Quarter 2011 Results

16% Increase in Third Quarter 2011 Revenue to $44.7 Million; 66% Increase in Third Quarter 2011 Non-GAAP EPS to $0.17; Company Raises 2011 Revenue Guidance to $173 Million - $177 Million

YOQNEAM, ISRAEL--(Marketwire - Nov 1, 2011) - Given Imaging Ltd. (NASDAQ: GIVN) today announced financial results for the third quarter ended September 30, 2011.

Worldwide revenues were $44.7 million in the third quarter of 2011, a 16 percent increase from $38.7 million in the third quarter of 2010. Gross margin on a non-GAAP basis in the third quarter of 2011 was 77.6 percent, compared to 77.3 percent in the third quarter of 2010.

Non-GAAP operating profit was $5.8 million, compared to $2.7 million in the third quarter of 2010. On a non-GAAP basis, net income for the third quarter of 2011 was $5.3 million, or $0.17 per share on a fully diluted basis, compared to $3.2 million, or $0.11 per share on a fully diluted basis in the third quarter of 2010. On a GAAP basis, net income for the third quarter of 2011 was $3.8 million, or $0.12 per share, compared to $1.0 million, or $0.03 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 September 30, 2011 totaled $96.2 million. Net cash provided by operating activities in the third quarter was $5.8 million.

"In the third quarter we celebrated our tenth year as a publicly traded company, and since our initial public offering, we have consistently delivered annual revenue growth, and we intend to continue doing so. We achieved this by expanding our core PillCam business and creating a more diversified company through the acquisition of Bravo and Sierra. Today, these businesses account for almost 30% of our revenues," said Homi Shamir, President and CEO, Given Imaging.

"Looking at future drivers of success, we see enrollment in the 800-patient, multi-center PillCam COLON 2 pivotal trial progressing well and we expect to complete the clinical procedure phase of the trial by the end of the May/June 2012 timeframe as planned."

Third Quarter 2011 Revenue Analysis

Revenues in the Americas region in the third quarter of 2011 increased by 3 percent to $26.9 million from $26.2 million in the same period last year. Revenues in the EMEA region increased by 27 percent to $10.7 million compared to $8.4 million in the same period last year. APAC revenues increased by 75 percent to $7.1 million, compared to $4.0 million in the same period in 2010.

Worldwide PillCam SB sales increased 12% and amounted to 58,900 capsules in the third quarter of 2011, compared to 52,600 capsules in the same period last year. PillCam SB sales in the Americas region were approximately 34,800 capsules, a 4.7% decrease compared to 36,500 capsules in the third quarter of last year. PillCam SB sales in the EMEA region increased by 31% to 13,800 capsules, compared to 10,500 capsules in the third quarter of 2010, while PillCam SB sales in the APAC region grew by 82% to 10,200 capsules, compared to 5,600 capsules in the same period in 2010.

Supplemental first quarter data can be found at www.givenimaging.com in the Investor Relations section.

Nine Month Financial Results

For the nine month period ended September 30, 2011, revenues increased by 15 percent to $129.5 million and include sales of $19.6 million from Sierra Scientific Instruments (Sierra), which the Company acquired on April 1, 2010. Nine month 2010 revenue of $112.9 million included $11.6 million sales from Sierra. Sales in the Americas region in the first nine months of 2011 increased 7 percent to $78 million and include revenues of $12.2 million from sales of Sierra products. Revenues in the same period in 2010 were $72.6 million, including sales of $7.1 million from Sierra. Sales in the EMEA region increased 18 percent to $33.8 million, and include $4.5 million from Sierra. Revenue in the EMEA region in the same period in 2010 was $28.5 million, including $3.2 million from Sierra. Sales in the APAC region increased 51 percent to $17.7 million, including $2.7 million from Sierra, compared to $11.8 million, including $1.1 million from Sierra last year.

On a non-GAAP basis, gross profit margin for the nine month period was 77.0 percent compared to 77.3 percent in 2010. On a GAAP basis, gross profit margin in the first nine months of 2011 was 76.4 percent, compared to 75.7 percent in first nine months of 2010. On a non-GAAP basis, net income for the first nine months of 2011 was $12.4 million or $0.40 per share compared to $13.8 million, or $0.45 per share on a fully diluted GAAP basis. GAAP net income for the first nine months of 2011 was $6.4 million or $0.20 per share compared to $5.3 million or $0.17 per share in the same quarter of last year.

2011 Guidance Update

The Company expects that 2011 revenues will be between $173 million and $177 million compared to prior revenue guidance of between $165 million and $173 million.

The Company now expects that earnings per share will be toward the lower end of prior guidance of between $0.35 - $0.40 on a GAAP basis and between $0.65 - $0.70 on a non-GAAP basis primarily due to one-time charges that lowered gross margin in the first half of this year.

Recent Developments

American College of Gastroenterology Annual Scientific Meeting and Postgraduate Course

  • More than 50 posters and oral presentations including new data underscoring the value of PillCam SB in detecting and monitoring Crohn's disease were presented at the American College of Gastroenterology Annual Scientific Meeting and Postgraduate Course taking place this week in Washington D.C.

United European Gastroenterology Week

  • The first consensus guidelines regarding the use of PillCam COLON in a clinical setting were presented in an oral presentation at UEGW 2011, Europe's largest medical meeting which took place in late October. These guidelines are endorsed by the European Society for Gastrointestinal Endoscopy and have been submitted for peer review publication. In addition, more than 50 oral presentations highlighting the clinical utility of Given Imaging's products were presented.

Peer Review Publications

  • Data from the largest multi-center study of PillCam COLON 2 conducted to date was published in the September edition of Gastrointestinal Endoscopy. The results confirm that the second-generation PillCam COLON capsule demonstrated a high sensitivity for the detection of clinically relevant polypoid lesions and, thus, could be an appropriate tool for visualizing the colon.

  • A study published in the September issue of Inflammatory Bowel Disease showed that physicians changed how they treated the majority of their symptomatic IBD cases after performing PillCam capsule endoscopy.

Conference Call / Webcast Information

U.S. Call / Webcast
The Company will host a conference call in English at 9:00 am ET on Wednesday, November 2, 2011. To participate in this teleconference, please dial 888-778-8912 fifteen minutes before the conference is scheduled to begin. Callers outside of the U.S. should dial 913-312-1500. 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 November 16, 2011, by dialing 888-203-1112. Callers outside of the U.S. should dial 719-457-0820. The replay participant code is 4200715.

Hebrew Call
A separate conference call in Hebrew will take place on November 2, 2011 at 1:00 pm Israel time, 7:00 am ET. To access this call, please dial +972 3-9180609 ten minutes before the conference is scheduled to begin. A replay of the call will be available from November 2 until November 4, 2011 by dialing +972 3-9255901.

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) quality issues and adverse events related to our products, such as capsule retention, aspiration and failure to attach or detach, bleeding or perforation that could require us to recall products and impact our sales and net income, 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 September 30, 2010 and 2011
(Unaudited, dollars in thousands)





Gross
Profit




Research
And
Development




Selling
And
Marketing




General
And
Admin





Other
Expenses




Tax
Expense
(Benefit)






Total
Three month period ended September 30, 2011
Compensation expenses $ - $ 157 $ 475 $ 738 $ - $ - $ 1,370
Sierra PPA 237 - 81 - - (126 ) 192
Total $ 237 $ 157 $ 556 $ 738 $ - $ (126 ) $ 1,562
Three month period ended September 30, 2010
Compensation expenses $ - $ 148 $ 367 $ 1,550 $ - $ - $ 2,065
Sierra PPA 236 (111 ) 82 - - (82 ) 125
Total $ 236 $ 37 $ 449 $ 1,550 $ - $ (82 ) $ 2,190

Given Imaging Ltd. and its Consolidated Subsidiaries
Excluded Items
For the Nine Months Ended September 30, 2010 and 2011
(Unaudited, dollars in thousands)


Gross
Profit

Research
And
Development

Selling
And
Marketing

General
And
Admin


Other
Expenses

Tax
Expense
(Benefit)



Total
Nine month period
ended September 30, 2011
Compensation expenses $ - $ 499 $ 1,535 $ 3,438 $ - $ - $ 5,472
Sierra PPA 711 - 243 - - (381 ) 573
Total $ 711 $ 499 $ 1,778 $ 3,438 $ 0 $ (381 ) $ 6,045
Nine month period
ended September 30, 2010
Compensation expenses $ - $ 304 $ 993 $ 5,173 $ - $ - $ 6,470
Sierra acquisition expenses - - - 686 - - 686
Sierra PPA 1,745 - 164 250 - (761 ) 1,398
Total $ 1,745 $ 304 $ 1,157 $ 6,109 $ 0 $ (761 ) $ 8,554
Given Imaging Ltd. and its Consolidated Subsidiaries
Reconciliation of GAAP results to non-GAAP results
For the Three months ended September 30, 2010 and 2011
Condensed, in thousands except share and per share data
Q3 2011 Q3 2010
Specified Non Specified Non
GAAP Items (*) GAAP GAAP Items (*) GAAP
Revenues $ 44,729 - $ 44,729 $ 38,658 - $ 38,658
Cost of revenues (10,263 ) 237 (10,026 ) (8,999 ) 236 (8,763 )
Gross profit 34,466 237 34,703 29,659 29,895
Gross profit as a % of revenues 77.1 % - 77.6 % 76.7 % 77.3 %
Operating expenses
Research and development, net (6,847 ) 157 (6,690 ) (5,635 ) 37 (5,598 )
Sales and marketing (18,006 ) 556 (17,450 ) (17,408 ) 449 (16,959 )
General and administrative (5,267 ) 738 (4,529 ) (6,046 ) 1,550 (4,496 )
Other, net (248 ) - (248 ) (142 ) 0 (142 )
Total operating expenses (30,368 ) 1,451 (28,917 ) (29,231 ) 2,036 (27,195 )
Operating profit 4,098 1,688 5,786 428 2,036 2,700
Operating profit as a % of revenues 9.2 % 12.9 % 1.1 % 7.0 %
Financing income, net 438 - 438 887 - 887
Profit before taxes on income 4,536 1,688 6,224 1,315 2,036 3,587
Income tax (780 ) (126 ) (906 ) (334 ) (82 ) (416 )
Net Income 3,756 1,562 5,318 981 1,954 3,171
Net loss attributable to non-controlling interest 6 - 6 30 - 30
Net profit attributable to shareholders $ 3,762 $ 1,562 $ 5,324 $ 1,011 $ 1,954 $ 3,201
Net profit attributable to shareholders as a % of revenues 8.4 % 11.9 % 2.6 % 8.3 %
Earnings per share
Basic Earnings attributable to shareholders per Ordinary Share $ 0.12 $ 0.06 $ 0.18 $ 0.03 $ 0.08 $ 0.11
Diluted Earnings attributable to shareholders per Ordinary Share $ 0.12 $ 0.05 $ 0.17 $ 0.03 $ 0.08 $ 0.11
(*)See specified items
Given Imaging Ltd. and its Consolidated Subsidiaries
Reconciliation of GAAP results to non-GAAP results
For the nine months ended September 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 $ 129,471 - $ 129,471 $ 112,889 - $ 112,889
Cost of revenues (30,515 ) 711 (29,804 ) (27,397 ) 1,745 (25,652 )
Gross profit 98,956 711 $ 99,667 85,492 1,745 87,237
Gross profit as a % of revenues 76.4 % 77.0 % 75.7 % 77.3 %
Operating expenses
Research and development, net (17,927 ) 499 (17,428 ) (14,575 ) 304 (14,271 )
Sales and marketing (55,124 ) 1,778 (53,346 ) (48,502 ) 1,157 (47,345 )
General and administrative (17,518 ) 3,438 (14,080 ) (18,136 ) 6,109 (12,027 )
Other, net (324 ) - (324 ) (376 ) 0 (376 )
Total operating expenses (90,893 ) 5,715 (85,178 ) (81,589 ) 7,570 (74,019 )
Operating profit 8,063 6,426 14,489 3,903 9,315 13,218
Operating profit as a % of revenues 6.2 % 11.2 % 3.5 % 11.7 %
Financing income, net 460 - 460 1,690 - 1,690
Profit before taxes on income 8,523 6,426 14,949 5,593 9,315 14,908
Income tax (2,088 ) (381 ) (2,469 ) (563 ) (761 ) (1,324 )
Net Income 6,435 6,045 12,480 5,030 8,554 13,584
Net loss (profit) attributable to non-controlling interest (79 ) - (79 ) 245 - 245
Net profit attributable to shareholders $ 6,356 $ 6,045 $ 12,401 $ 5,275 $ 8,554 $ 13,829
Net profit attributable to shareholders as a % of revenues
4.9 % 9.6 % 4.7 % 12.3 %
Earnings per share
Basic Earnings attributable to shareholders per Ordinary Share $ 0.21 $ 0.20 $ 0.41 $ 0.18 $ 0.30 $ 0.48
Diluted Earnings attributable to shareholders per Ordinary Share $ 0.20 $ 0.20 $ 0.40 $ 0.17 $ 0.28 $ 0.45
(*)See specified items
Given Imaging Ltd. and its Consolidated Subsidiaries
Interim Consolidated Balance Sheets
In thousands except share data
(Unaudited)
September 30 December 31
2011 2010
Assets
Current assets
Cash and cash equivalents $ 28,857 $ 34,619
Short-term investments 51,226 51,973
Accounts receivable:
Trade 29,805 27,862
Other 2,826 4,291
Inventories 23,884 19,076
Prepaid expenses 2,059 1,585
Deferred tax assets 1,667 1,638
Advances to suppliers 1,184 441
Total current assets 141,508 141,485
Deposits 1,276 1,212
Assets held for employee severance payments 6,860 6,393
Marketable securities 16,111 3,873
Long-term inventory 3,931 5,626
Fixed assets, at cost, less accumulated depreciation 12,426 13,709
Intangible assets, less accumulated amortization 29,808 25,813
Goodwill 24,089 24,089
Total Assets $ 236,009 $ 222,200
Given Imaging Ltd. and its Consolidated Subsidiaries
Interim Consolidated Balance Sheets
In thousands except share data
(Unaudited)
September 30 December 31
2011 2010
Liabilities and equity
Current liabilities
Current installments of obligation under capital lease $ 179 $ 168
Accounts payable:
Trade 7,271 9,125
Other 24,502 26,065
Deferred income 584 788
Total current liabilities 32,536 36,146
Long-term liabilities
Obligation under capital lease, net 126 244
Liability in respect of employees' severance payments 7,718 7,151
Deferred tax liabilities 5,490 5,871
Total long-term liabilities 13,334 13,266
Total liabilities 45,870 49,412
Equity
Shareholders' equity
Ordinary Shares, NIS 0.05 par value each (90,000,000 shares authorized; 30,425,138 and 29,829,277 shares issued and fully paid as of September 30, 2011 and December 31, 2010, respectively) 359 350
Additional paid-in capital 206,666 194,899
Capital reserve 2,051 2,051
Accumulated other comprehensive income (loss) (765 ) 95
Accumulated deficit (18,351 ) (24,707 )
Shareholders' equity 189,960 172,688
Non-controlling interest 179 100
Total Equity 190,139 172,788
Total liabilities and equity $ 236,009 $ 222,200
Given Imaging Ltd. and its Consolidated Subsidiaries
Interim Consolidated Statements of Operations
In thousands except share and per share data
(Unaudited)
Nine-month period ended September 30 Three-month period ended September 30 Year ended December 31
2011 2010 2011 2010 2010
Revenues $ 129,471 $ 112,889 $ 44,729 $ 38,658 $ 157,809
Cost of revenues (30,515 ) (27,397 ) (10,263 ) (8,999 ) (37,629 )
Gross profit 98,956 85,492 34,466 29,659 120,180
Operating expenses
Research and development, gross (18,743 ) (15,643 ) (7,128 ) (6,196 ) (21,695 )
Government grants 816 1,068 281 561 1,477
Research and development, net (17,927 ) (14,575 ) (6,847 ) (5,635 ) (20,218 )
Sales and marketing (55,124 ) (48,502 ) (18,006 ) (17,408 ) (67,114 )
General and administrative (17,518 ) (18,136 ) (5,267 ) (6,046 ) (25,138 )
Other, net (324 ) (376 ) (248 ) (142 ) (759 )
Total operating expenses (90,893 ) (81,589 ) (30,368 ) (29,231 ) (113,229 )
Operating income 8,063 3,903 4,098 428 6,951
Financing income, net 460 1,690 438 887 2,599
Income before taxes on income 8,523 5,593 4,536 1,315 9,550
Income tax (2,088 ) (563 ) (780 ) (334 ) (1,362 )
Net income 6,435 5,030 3,756 981 8,188
Net loss (profit) attributable to non-controlling interest
(79
)
245

6

30

290
Net income attributable to shareholders
$ 6,356

$ 5,275

$ 3,762

$ 1,011

$ 8,478
Earnings per share
Basic Earnings attributable to shareholders per Ordinary Share
$ 0.21

$ 0.18

$ 0.12

$ 0.03

$ 0.29
Diluted Earnings attributable to shareholders per Ordinary Share $ 0.20 $ 0.17 $ 0.12 $ 0.03 $ 0.28
Weighted average number of Ordinary Shares used to compute basic Earnings per Ordinary Share

30,136,123


29,623,700


30,389,184


29,768,548


29,670,842
Weighted average number of Ordinary Shares used to compute diluted Earnings per Ordinary Share

31,088,653


30,566,498


31,141,006


30,346,875


30,525,654
Given Imaging Ltd. and its Consolidated Subsidiaries
Consolidated Statements of Cash Flows
In thousands
(Unaudited)
Nine-month period ended September 30 Three-month period ended September 30 Year ended December 31
2011 2010 2011 2010 2010
Cash flows from operating activities:
Net income $ 6,435 $ 5,030 $ 3,756 $ 981 $ 8,188
Adjustments required to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 6,193 5,823 2,123 1,767 7,662
Deferred tax assets (29 ) 649 233 276 761
Deferred tax liabilities (381 ) 4,486 (126 ) (82 ) (888 )
Stock based compensation 5,472 6,470 1,370 2,065 8,482
Loss from disposal of fixed assets 349 468 249 176 739
Other 123 121 92 413 324
Net change in trading securities - 108 - (215 ) -
Decrease (increase) in accounts receivable - trade (1,943 ) 3,309 (1,773 ) 1,256 560
Decrease (increase) in accounts receivable - other 1,465 527 129 1,511 (488 )
Increase in prepaid expenses (474 ) (761 ) (235 ) (764 ) (23 )
Decrease (increase) in advances to suppliers (743 ) 149 13 348 93
Decrease (increase) in inventories (3,113 ) 2,213 (1,011 ) (428 ) 2,331
Increase (decrease) in accounts payable (3,329 ) (1,683 ) 1,071 3,992 3,389
Increase (decrease) in deferred income (204 ) 537 (52 ) (98 ) 554
Net cash provided by operating activities 9,821 22,960 5,839 11,198 31,684
Cash flows from investing activities:
Purchase of fixed assets and intangible assets (9,254 ) (3,777 ) (1,196 ) (1,227 ) (5,056 )
Deposits (33 ) (41 ) 5 (14 ) (6 )
Acquisition of Sierra, net of cash acquired (1) - (34,709 ) - - (34,709 )
Changes in short term deposits, net (5,617 ) - (10,409 ) - (26,830 )
Proceeds from sales of marketable securities and short term investments 10,141 26,793 1,000 4,400 25,167
Investments in trading and marketable securities (16,910 ) (21,777 ) (2,000 ) (13,991 ) (5,953 )
Net cash used in investing activities (21,674 ) (33,511 ) (12,600 ) (10,832 ) (47,387 )
Given Imaging Ltd. and its Consolidated Subsidiaries
Consolidated Statements of Cash Flows
In thousands
(Unaudited)
Nine-month period ended September 30 Three-month period ended September 30 Year ended December 31
2011 2010 2011 2010 2010
Cash flows from financing activities:
Principal payments on capital lease obligation, net $ (125 ) $ (86 ) (43 ) $ (37 ) $ (143 )
Proceeds from the issuance of Ordinary Shares 6,304 4,098 1,023 307 4,219
Purchase of shares from a non-controlling shareholder in a subsidiary - (403 ) - (403 ) (403 )
Net cash (used in) provided by financing activities 6,179 3,609 980 (133 ) 3,673
Effect of exchange rate changes on cash (88 ) 332 (178 ) 559 191
Increase (decrease) in cash and cash equivalents (5,762 ) (6,610 ) (5,959 ) 792 (11,839 )
Cash and cash equivalents at beginning of period 34,619 46,458 34,816 39,056 46,458
Cash and cash equivalents at end of period $ 28,857 $ 39,848 $ 28,857 $ 39,848 $ 34,619
Supplementary cash flow information
Income taxes paid $ 1,689 $ 184 $ 594 $ 90 $ 234

Contact Information