SOURCE: Omniture

February 08, 2007 16:10 ET

Omniture Reports Fourth Quarter and Fiscal 2006 Financial Results

Company Delivers 86% Organic Revenue Growth and Doubles Customer Base

OREM, UT -- (MARKET WIRE) -- February 8, 2007 -- Omniture, Inc. (NASDAQ: OMTR), a leading provider of online business optimization software, today announced results for its fourth quarter and 2006 fiscal year ended December 31, 2006. Omniture reported another record revenue quarter, with fourth quarter revenue of $23.5 million, an increase of 71 percent over the fourth quarter of 2005 and 12 percent over the third quarter of 2006. Total revenue for the year was $79.7 million, an increase of 86 percent over 2005.

GAAP net loss in the fourth quarter of 2006 was $0.8 million or $0.02 per diluted share, compared to a net loss of $7.2 million, or $0.52 per diluted share, in the fourth quarter of 2005. GAAP net loss for 2006 was $7.7 million or $0.25 per diluted share compared to a net loss of $17.4 million or $1.27 per diluted share for 2005. Non-GAAP net income was $0.9 million or $0.02 per diluted share for the fourth quarter. For the year, non-GAAP net loss was $2.4 million or $0.08 per diluted share. Non-GAAP net income and net loss excludes the effect of expensing stock-based compensation under SFAS 123R beginning in 2006, amortization of deferred compensation related to stock options, amortization of intangible assets related to a warrant and a patent license agreement, imputed interest related to this patent license agreement and non-recurring acquisition related expenses.

Fourth quarter and fiscal 2006 adjusted EBITDA was $3.5 million and $8.0 million respectively. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and stock-based compensation.

Operating cash flow for the fourth quarter was $4.7 million. Free cash flow, defined by the company as operating cash flow reduced by capital expenditures of $1.2 million, was $3.5 million for the quarter.

"2006 was a breakout year for Omniture," stated Josh James, CEO and co-founder of Omniture. "We expanded our market leadership in Web analytics and more importantly, established our products as the foundation for measuring and optimizing online business."

During the fourth quarter of 2006, Omniture added over 250 new customers, bringing the total to approximately 1,800 and captured data from over 420 billion transactions. With its recent acquisition of Instadia, the company now has over 2,000 customers. New customer relationships secured include: Boston Scientific, Bud TV, Canoe, DivX, eVite, Freedom Communications, Haggar Clothing, Hard Rock Café, K&L Wine Merchants, Microsoft Zune, Scottrade, SmartMoney.com, Vehix.com and Virgin America; and internationally, Channel 4, Club Méditerranée, De Telegraaf Media, Rakuten, Seek.com.au, Sony Worldwide and StepStone Deutschland AG.

Guidance

-- Q1 FY 2007: Revenue for the company's first quarter is expected to
be in the range of $26 million to $27 million.  GAAP net loss is
expected to be in the range of $0.05 to $0.04 per diluted share.
Excluding the effect of stock-based compensation expense, the
amortization of certain intangible assets, imputed interest expense and
non-recurring acquisition related expenses, non-GAAP net income is
expected to be between $0.00 to $0.01 per diluted share.  Omniture
expects to record positive adjusted EBITDA in the range of $2.0 million
to $2.5 million.

-- Full Year FY 2007: Revenue for the company's full year 2007 is
expected to be in the range of $128 million to $130 million.  GAAP net
loss is expected to be in the range of $0.15 to $0.13 per diluted
share.  Excluding the effect of stock-based compensation expense, the
amortization of certain intangible assets,  imputed interest expense
and non-recurring acquisition related expenses, non-GAAP net income for
the year is expected to be in the range of $0.07 to $0.09 per diluted
share.  Omniture expects to record positive adjusted EBITDA in the
range of $16 million to $18 million.
Information for Conference Call to Discuss Q4 FY 2006 Financial Results

Omniture, Inc. will host a conference call and simultaneous audio-only webcast at 5:00 p.m. (Eastern Time). To access the conference call, dial 866-770-7146, or 617-213-8068 for international callers. The access code is 18975896. Please call 10 minutes prior to the scheduled conference call time. The webcast will be available on the "Investor Relations" section of the company's corporate Web site at www.omtr.com. A replay of the conference call will be accessible by telephone after 7:00 p.m. (Eastern Time) by dialing 888-286-8010 (or 617-801-6888), reservation number, 69781608. The conference call will also be archived on the company's corporate Web site. Both the replay and archived web cast will be available until February 22, 2007.

About Non-GAAP Financial Measures

In this release and during our conference call as described above we use or plan to discuss certain non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP. A reconciliation between non-GAAP and GAAP measures can be found in the accompanying tables and on the Investor Relations section of our corporate Web site at www.omtr.com. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies.

We believe that, while these non-GAAP measures are not a substitute for GAAP results, they provide a basis for evaluating the Company's operating results because they facilitate the comparison of results for future periods with results from past periods. Omniture adopted SFAS 123R on January 1, 2006 using the prospective method. Results of prior periods have not been restated to conform with the 2006 presentation. Omniture also recorded deferred compensation in 2005 related to the granting of options which is being amortized in subsequent periods. We believe the calculation of net income and loss, calculated without stock-based compensation expense, the amortization of certain intangible assets, imputed interest expense and non-recurring acquisition related expenses, provides a meaningful comparison to our net loss figures reported for 2005 and prior years. We also believe that adjusted EBITDA, which we calculate as earnings before interest, taxes, depreciation, amortization and stock-based compensation, is an indicator of the Company's financial results and cash flows and is useful to investors in evaluating operating performance. These non-GAAP measures have been reconciled to the nearest GAAP measure as required under SEC rules.

About Omniture

Omniture, Inc., is a leading provider of online business optimization software, enabling customers to manage and enhance online, offline and multi-channel business initiatives. Omniture's software, which it hosts and delivers to its customers on-demand, enables customers to capture, store and analyze information generated by their websites and other sources and to gain critical business insights into the performance and efficiency of marketing and sales initiatives and other business processes. In addition, Omniture offers a range of professional services that complement its online services, including implementation services, best practices, consulting services, customer support and user training provided through Omniture University. Omniture's customers include eBay, AOL, Wal-Mart, Gannett, Microsoft, Oracle, General Motors and HP. www.omniture.com.

Note on Forward-looking Statements

Management believes that certain statements in this release may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933, including, but not limited to, statements regarding our business strategy, continuing customer demand for our services, our leadership in the market for on-demand, online business optimization services, including web analytics, the strength of our business in 2006, and expectations regarding revenue, GAAP and non-GAAP net income and loss, and adjusted EBITDA. These statements are based on current expectations and assumptions regarding future events and business performance and involve certain risks and uncertainties that could cause actual results to differ materially, including, but not limited to, risks associated with changes in the demand for our services, our ability to continue to attract new customers and sell additional services to our existing customers, the continued adoption by customers of our SiteCatalyst service and other product and service offerings, the significant capital requirements of our business model that make it more difficult to achieve positive cash flow and profitability if we continue to grow rapidly, our ability to develop or acquire new services, disruptions in our business and operations as a result of acquisitions, possible fluctuations in our operating results and rate of growth, the continued growth of the market for on-demand, online business optimization services, changes in the competitive dynamics of our markets, the inaccurate assessment of changes in our markets, errors, interruptions or delays in our services or other performance problems with our services, our ability to hire, retain and motivate our employees and manage our growth, our ability to effectively expand our sales and marketing capabilities, our ability to develop and maintain strategic relationships with third parties with respect to either technology integration or channel development, our ability to expand the sales of our services to customers located outside the United States, our ability to implement and maintain proper and effective internal controls, the adoption of laws or regulations, or interpretations of existing law, that could limit our ability to collect and use Internet user information, the blocking or erasing of "cookies," the unauthorized disclosure of personally identifiable information regarding Web site visitors, whether through breach of our secure network by an unauthorized party, employee theft or misuse, or otherwise, changes in relevant accounting standards and securities laws and regulations; and such other risks as identified in Omniture's quarterly report on Form 10-Q for the period ended September 30, 2006 and from time to time in other reports filed by Omniture with the U.S. Securities Exchange Commission. These reports are available on the Investor Relations page of our corporate Web site at www.omtr.com. Omniture undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

                              Omniture, Inc.
              Condensed Consolidated Statements of Operations
                  (in thousands, except per share data)
                                (unaudited)


                                                                     %
                          Three Months Ended  Three Months Ended Increase
                             December 31,        December 31,   (Decrease)
                          ==================  ================== ========
                                     % of                % of
                            2005    Revenues     2006   Revenues
                          ========  =======   ========  =======
Revenues:
  Subscription            $ 12,954       94%  $ 21,907       93%       69%
  Professional services
   and other                   793        6      1,554        7        96
                          --------  -------   --------  -------
    Total revenues          13,747      100     23,461      100        71

Cost of revenues (1):
  Subscription               7,070       51      8,195       35        16
  Professional services
   and other                   573        4        793        3        38
                          --------  -------   --------  -------
    Total cost of
     revenues                7,643       55      8,988       38        18
                          --------  -------   --------  -------
Gross profit                 6,104       45     14,473       62       137
Operating expenses (1):
  Sales and marketing        6,941       51      9,594       41        38
  Research and development   1,876       14      2,400       11        28
  General and
   administrative            1,992       14      3,611       15        81
  Litigation settlement      2,604       19          -        -      (100)
                          --------  -------   --------  -------
    Total operating
     expenses               13,413       98     15,605       67        16
                          --------  -------   --------  -------
Loss from operations        (7,309)     (53)    (1,132)      (5)      (85)
Interest income                246        2        884        4       259
Interest expense               (89)      (1)      (300)      (1)      237
Other expense                  (34)       -       (135)      (1)      297
                          --------  -------   --------  -------
Loss before provision for
 income taxes               (7,186)     (52)      (683)      (3)      (90)
Provision for income
 taxes                          15        -         80        -       433
                          --------  -------   --------  -------
Net loss                  $ (7,201)     (52)% $   (763)      (3)%     (89)%
                          ========  =======   ========  =======

Net loss per share:
  Net loss per share,
   basic and diluted      $  (0.52)           $  (0.02)               (96)%
  Weighted-average
   number of shares,
   basic and diluted        13,892              47,340                241%

Adjusted EBITDA (2)       $   (526)      (4)% $  3,537       15%     (772)%

(1) Amounts include
 stock-based compensation
 expenses, as follows:
   Cost of subscription
    revenues              $     14        0%  $     87        0%
   Cost of professional
    services and other
    revenues                     2        0         24        0
   Sales and marketing         110        1        359        1
   Research and
    development                 79        1        182        1
   General and
    administrative              46        0        389        2
                          --------  -------   --------  -------
     Total stock-based
      compensation
      expenses            $    251        2%  $  1,041        4%
                          ========  =======   ========  =======


(2) Adjusted EBITDA is equal to the loss from operations less patent
    license and litigation settlement costs, depreciation,
    amortization and stock-based compensation



                              Omniture, Inc.
              Condensed Consolidated Statements of Operations
                  (in thousands, except per share data)


                                                                     %
                          Year Ended            Year Ended       Increase
                         December 31,          December 31,     (Decrease)
                     ====================  ====================  ========
                                  % of                  % of
                       2005     Revenues     2006     Revenues
                     =========  ========   =========  ========
                                                (unaudited)

Revenues:
  Subscription       $  41,066        96%  $  74,580        94%        82%
  Professional
   services and
   other                 1,738         4       5,169         6        197
                     ---------  --------   ---------  --------
     Total revenues     42,804       100      79,749       100         86

Cost of revenues (1):
  Subscription          18,496        43      28,827        36         56
  Professional
   services and
   other                 1,963         5       2,999         4         53
                     ---------  --------   ---------  --------
     Total cost of
      revenues          20,459        48      31,826        40         56
                     ---------  --------   ---------  --------
Gross profit            22,345        52      47,923        60        114
Operating expenses
 (1):
  Sales and
   marketing            24,259        57      35,227        44         45
  Research and
   development           6,647        15       8,732        11         31
  General and
   administrative        6,220        15      12,107        15         95
  Litigation
   settlement            2,604         6           -         -       (100)
                     ---------  --------   ---------  --------
     Total operating
      expenses          39,730        93      56,066        70         41
                     ---------  --------   ---------  --------
Loss from operations   (17,385)      (41)     (8,143)      (10)       (53)
Interest income            599         1       2,117         2        253
Interest expense          (574)       (1)     (1,285)       (2)       124
Other expense              (66)        -        (219)        -        232
                     ---------  --------   ---------  --------
Loss before
 provision for
 income taxes          (17,426)      (41)     (7,530)      (10)       (57)
Provision for income
 taxes                      15         -         195         -      1,200
                     ---------  --------   ---------  --------
Net loss             $ (17,441)      (41)% $  (7,725)      (10)%      (56)%
                     =========  ========   =========  ========

Net loss per share:
  Net loss per
   share, basic and
   diluted           $   (1.27)            $   (0.25)                 (80)%
  Weighted-average
   number of shares,
   basic and diluted    13,694                30,332                  121%

Adjusted EBITDA (2)  $  (5,984)      (14)% $   8,047        10%      (234)%

(1) Amounts include
 stock-based
 compensation
 expenses, as
 follows:
  Cost of
   subscription
   revenues          $      41         0%  $     203         0%
  Cost of
   professional
   services and
   other revenues            6         0          54         0
  Sales and
   marketing               156         0         993         1
  Research and
   development             243         1         563         1
  General and
   administrative           64         0       1,345         2
                     ---------  --------   ---------  --------
    Total
    stock-based
    compensation
    expenses         $     510         1%  $   3,158         4%
                     =========  ========   =========  ========


(2) Adjusted EBITDA is equal to the loss from operations less patent
    license and litigation settlement costs, depreciation,
    amortization and stock-based compensation



                              Omniture, Inc.
                    Reconciliation of Non-GAAP Measures
                  (in thousands, except per share data)
                                (unaudited)


                                 Three Months Ended        Year Ended
                                    December 31,          December 31,
                                ====================  ====================
                                  2005       2006       2005       2006
                                =========  =========  =========  =========

Reconciliation of Net Loss on a
 GAAP Basis to Net (Loss)
 Income on a Non-GAAP Basis:

Net loss on a GAAP basis        $  (7,201) $    (763) $ (17,441) $  (7,725)
  Stock-based compensation            251      1,041        510      3,158
  Amortization of intangible
   asset related to
   co-marketing and
   reseller agreement (1)             (14)        81        321        314
  Litigation settlement             2,604          -      2,604          -
  Amortization of patent
   licenses (2)                     1,910        315      1,910      1,260
  Imputed interest on patent
   license obligation (3)               -         94          -        518
  Unrealized loss on foreign
   currency forward contract
   related to Instadia
   acquisition (4)                      -         94          -         94
                                ---------  ---------  ---------  ---------
Net (loss) income on a non-GAAP
 basis                          $  (2,450) $     862  $ (12,096) $  (2,381)
                                =========  =========  =========  =========

Reconciliation of Diluted Net
 Loss per Share on a GAAP Basis
 to Diluted Net (Loss) Income
 per Share on a Non-GAAP Basis:

Diluted net loss per share on a
 GAAP basis                     $   (0.52) $   (0.02) $   (1.27) $   (0.25)
  Stock-based compensation           0.02       0.03       0.04       0.10
  Amortization of intangible
   asset related to co-marketing
   and reseller agreement (1)       (0.00)      0.00       0.02       0.01
  Litigation settlement              0.18          -       0.19          -
  Amortization of patent
   licenses (2)                      0.14       0.01       0.14       0.04
  Imputed interest on patent
   license obligation (3)               -       0.00          -       0.02
  Unrealized loss on foreign
   currency forward contract
   related to Instadia
   acquisition (4)                      -       0.00          -       0.00
                                ---------  ---------  ---------  ---------
Diluted net (loss) income per
 share on a non-GAAP basis      $   (0.18) $    0.02  $   (0.88) $   (0.08)
                                =========  =========  =========  =========

Reconciliation of Net Cash
 Provided By (Used In)
 Operating Activities to
 Adjusted EBITDA:

Net cash provided by (used in)
 operating activities           $     187  $   4,765  $  (4,789) $   3,735
  Loss on disposal of property
   and equipment                        -          -         (5)         -
  Net changes in operating
   assets and liabilities            (605)      (859)    (1,246)     4,730
  Other (income) expense, net        (123)      (449)        41       (613)
  Provision for income taxes           15         80         15        195
                                ---------  ---------  ---------  ---------
Adjusted EBITDA                 $    (526) $   3,537  $  (5,984) $   8,047
                                =========  =========  =========  =========


(1) This item is recorded in sales and marketing expense in the Condensed
    Consolidated Statements of Operations

(2) This item is recorded in cost of subscription revenues in the Condensed
    Consolidated Statements of Operations

(3) This item is recorded in interest expense in the Condensed Consolidated
    Statements of Operations

(4) This item is recorded in other expense in the Condensed Consolidated
    Statements of Operations



                              Omniture, Inc.
              Reconciliation of Forward Looking GAAP Diluted Net
            Loss Per Share to Non-GAAP Diluted Net Income Per Share
                               (unaudited)


                                  Three Months Ended       Year Ended
                                    March 31, 2007      December 31, 2007
                                  ===================  ===================

Diluted net loss per share on a
 GAAP basis                       $ (0.05) to $ (0.04) $ (0.15) to $ (0.13)
  Stock-based compensation                  0.04               0.18
  Amortization of certain
   intangible assets (1)                    0.00               0.02
  Amortization of patent
   licenses (2)                             0.01               0.02
  Imputed interest on patent
   license obligation (3)                   0.00               0.00
                                  -------------------  -------------------
Diluted net income per share on a
 non-GAAP basis                   $  0.00  to $  0.01  $  0.07  to $  0.09
                                  ===================  ===================



                                Omniture, Inc.
                   Reconciliation of Forward Looking GAAP Net Cash
                 Provided By Operating Activities to Adjusted EBITDA
                               (in millions)
                                (unaudited)

                                  Three Months Ended       Year Ended
                                    March 31, 2007      December 31, 2007
                                  ===================  ===================

Net cash provided by operating
 activities on a GAAP basis       $      1.9 to $ 2.4  $    16.0 to $ 18.0
  Net changes in operating
   assets and liabilities                    0.5                 2.2
  Other income, net                         (0.5)               (2.5)
  Provision for income taxes                 0.1                 0.3
                                  -------------------  -------------------
Adjusted EBITDA                   $      2.0 to $ 2.5  $    16.0 to $ 18.0
                                  ===================  ===================


(1) This item is recorded in sales and marketing expense in the Condensed
    Consolidated Statements of Operations

(2) This item is recorded in cost of subscription revenues in the Condensed
    Consolidated Statements of Operations

(3) This item is recorded in interest expense in the Condensed Consolidated
    Statements of Operations



                                 Omniture, Inc.
                              Additional Metrics
                                  (unaudited)

                             March 31, June 30,  September 30, December 31,
                               2005      2005        2005          2005
                             ========  ========  ============  ===========
  Full-time employee
   headcount                      200       262           294          305
  Number of transactions
   captured (in billions)       104.9     139.5         191.0        240.9


                             March 31, June 30,  September 30, December 31,
                               2006      2006        2006          2006
                             ========  ========  ============  ===========
  Full-time employee
   headcount                      312       324           323          353
  Number of transactions
   captured (in billions)       288.5     315.0         362.7        420.7



                                   Three Months Ended       Year Ended
                                      December 31,         December 31,
                                   ==================  ==================
                                     2005      2006      2005      2006
                                   ========  ========  ========  ========
  Revenues by geography (in
   thousands):
  Customers within the United
   States                          $ 12,025  $ 19,261  $ 38,108  $ 66,468
  Customers outside the
   United States                      1,722     4,200     4,696    13,281
                                   --------  --------  --------  --------
      Total revenues               $ 13,747  $ 23,461  $ 42,804  $ 79,749
                                   ========  ========  ========  ========

  As a percentage of total
   revenues:
  Revenues by geography:
  Customers within the United
   States                                87%       82%       89%       83%
  Customers outside the
   United States                         13        18        11        17
                                   --------  --------  --------  --------
      Total                             100%      100%      100%      100%
                                   ========  ========  ========  ========



                              Omniture, Inc.
                  Condensed Consolidated Balance Sheets
                              (in thousands)


                                                          December 31,
                                                      ====================
                                                         2005       2006
                                                      =========  =========
                                                                (unaudited)
Assets:

Current assets:
   Cash and cash equivalents                          $  22,196  $  68,287
   Accounts receivable, net                              12,325     24,126
   Prepaid expenses and other current assets                720      1,571
                                                      ---------  ---------
      Total current assets                               35,241     93,984

Property and equipment, net                              27,517     31,128
Intangible assets, net                                   10,150      9,796
Other assets                                                143        302
                                                      ---------  ---------
      Total assets                                    $  73,051  $ 135,210
                                                      =========  =========

Liabilities, Convertible Preferred Stock and
 Stockholders' (Deficit) Equity:

Current liabilities:
   Accounts payable                                   $   4,081  $   2,586
   Accrued liabilities                                   13,993     11,435
   Current portion of deferred revenues                  12,855     21,885
   Current portion of notes payable                       3,035      5,997
   Current portion of capital lease obligations              86         53
                                                      ---------  ---------
      Total current liabilities                          34,050     41,956

Deferred revenues, less current portion                     396      2,170
Notes payable, less current portion                       2,794      4,117
Capital lease obligations, less current portion              77         24
Other liabilities                                         4,118        518
Commitments and contingencies
   Convertible preferred stock                           61,882          -
Stockholders' (deficit) equity:
   Common stock                                              14         47
   Additional paid-in capital                             4,104    127,380
   Deferred stock-based compensation                     (3,270)    (2,172)
   Accumulated other comprehensive income                     -          9
   Accumulated deficit                                  (31,114)   (38,839)
                                                      ---------  ---------
      Total stockholders' (deficit) equity              (30,266)    86,425
                                                      ---------  ---------
         Total liabilities, convertible preferred
          stock and stockholders' (deficit) equity    $  73,051  $ 135,210
                                                      =========  =========



                              Omniture, Inc.
              Condensed Consolidated Statements of Cash Flows
                              (in thousands)


                                 Three Months Ended        Year Ended
                                    December 31,          December 31,
                                ====================  ====================
                                  2005       2006       2005       2006
                                =========  =========  =========  =========
                               (unaudited)(unaudited)           (unaudited)

Cash flows from operating
 activities:
Net loss                        $  (7,201) $    (763) $ (17,441) $  (7,725)
Adjustments to reconcile net
 loss to net cash provided by
 (used in) operating activities:
   Depreciation and amortization    2,018      3,628      6,377     13,032
   Stock-based compensation           251      1,041        510      3,158
   Loss on disposal of property
    and equipment                       -          -          5          -
   Patent license and litigation
    settlement costs                4,514          -      4,514          -
   Net changes in operating
    assets and liabilities:
      Accounts receivable, net       (948)    (2,578)    (6,444)   (11,801)
      Prepaid expenses and
       other assets                    77         93         60     (1,010)
      Accounts payable             (1,388)      (286)      (101)    (1,495)
      Accrued and other
       liabilities                    475        513      2,047     (1,228)
      Deferred revenues             2,389      3,117      5,684     10,804
                                ---------  ---------  ---------  ---------
Net cash provided by (used in)
 operating activities                 187      4,765     (4,789)     3,735

Cash flows from investing
 activities:
Purchases of property and
 equipment                         (5,455)    (1,241)   (18,852)   (14,934)
Purchases of intangible assets          -     (1,402)         -     (6,380)
                                ---------  ---------  ---------  ---------
Net cash used in investing
 activities                        (5,455)    (2,643)   (18,852)   (21,314)

Cash flows from financing
 activities:
Proceeds from exercise of stock
 options                                2         56        194        237
Proceeds from issuance of
 convertible preferred stock,
 net of issuance costs                 99          -     39,752          -
Proceeds from issuance of
 common stock, net of issuance
 costs                                  -       (122)         -     59,234
Proceeds from issuance of notes
 payable                                -          -        500      9,608
Principal payments on notes
 payable and capital lease
 obligations                         (775)    (1,582)    (3,536)    (5,409)
                                ---------  ---------  ---------  ---------
Net cash (used in) provided by
 financing activities                (674)    (1,648)    36,910     63,670
                                ---------  ---------  ---------  ---------
Net (decrease) increase in cash
 and cash equivalents              (5,942)       474     13,269     46,091
Cash and cash equivalents at
 beginning of period               28,138     67,813      8,927     22,196
                                ---------  ---------  ---------  ---------
Cash and cash equivalents at
 end of period                  $  22,196  $  68,287  $  22,196  $  68,287
                                =========  =========  =========  =========

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