SARASOTA, Fla.–(BUSINESS WIRE)–Helios Technologies, Inc. (Nasdaq: HLIO) (“Helios” or the “Company”), a global industrial technology leader that develops and manufactures solutions for both the hydraulics and electronics markets, today reported financial results for the third quarter and year-to-date period ended September 28, 2019.
- Strong third quarter free cash flow of 15% of sales contributes to $27 million debt reduction
- EPS of $0.40; Non-GAAP Cash EPS of $0.61; resulting from $138 million net sales
- Adjusted EBITDA of $23.6 million, 23.6% margin on sales
- Updating 2019 guidance due to further end market softening
SARASOTA, Fla.–(BUSINESS WIRE)–Helios Technologies, Inc. (Nasdaq: HLIO) (“Helios” or the “Company”), a global industrial technology leader that develops and manufactures solutions for both the hydraulics and electronics markets, today reported financial results for the third quarter and year-to-date period ended September 28, 2019.
Wolfgang Dangel, the Company’s President and Chief Executive Officer, commented, “We are pleased with revenue and the quality of earnings produced in both segments of our business during the third quarter, as we continue to experience economic softening in our end markets. We realized organic sales growth in our Hydraulics segment, which benefited from a solid order backlog. However, our Electronics segment sales were again impacted by challenging end markets and the effects of customer contract changes we made earlier this year. From a profitability perspective, we have established a flexible cost base throughout our organization and both segments effectively employed cost management initiatives, allowing us to generate a resilient adjusted EBITDA margin relative to our topline. In our Sun Hydraulics business, we incurred one-time organizational restructuring charges related to our offer of early retirement as well as a small reduction in force. These actions allow us to achieve a more agile and competitive cost structure going forward as well as align the talent of the organization with our future growth strategies. The restructuring initiative will provide fourth quarter savings of approximately $0.6 million, resulting in a $3.0 million to $3.5 million reduction in our total cost base for 2020.”
Mr. Dangel added, “In addition to our focus on costs, we continue to concentrate on cash flows. We realized free cash flow in excess of 15% during the quarter, bringing our year-to-date adjusted free cash flow to our target 10% level. We reduced debt by $27 million, bringing our net debt to adjusted EBITDA down to 2.3x, as we work toward our goal of less than 2x.”
Third Quarter 2019 Consolidated Results
| ($ in millions, except per share data) | Q3 2019 | Q3 2018 | Change | % Change | |||||||||
| Net sales |
$ |
138.0 |
|
$ |
135.8 |
|
$ |
2.2 |
|
2% |
|||
| Gross profit |
$ |
52.1 |
|
$ |
51.7 |
|
$ |
0.4 |
|
1% |
|||
| Gross margin |
|
37.8 |
% |
|
38.1 |
% |
|||||||
| Operating income |
$ |
19.1 |
|
$ |
19.2 |
|
$ |
(0.1 |
) |
(1%) |
|||
| Operating margin |
|
13.8 |
% |
|
14.1 |
% |
|||||||
| Non-GAAP adjusted operating margin |
|
20.4 |
% |
|
21.3 |
% |
|||||||
| Net income |
$ |
12.8 |
|
$ |
11.6 |
|
$ |
1.2 |
|
10% |
|||
| Diluted EPS |
$ |
0.40 |
|
$ |
0.36 |
|
$ |
0.04 |
|
11% |
|||
| Non-GAAP cash net income |
$ |
19.5 |
|
$ |
19.8 |
|
$ |
(0.3 |
) |
(2%) |
|||
| Non-GAAP cash EPS |
$ |
0.61 |
|
$ |
0.62 |
|
$ |
(0.01 |
) |
(2%) |
|||
| Adjusted EBITDA |
$ |
32.6 |
|
$ |
33.6 |
|
$ |
(1.0 |
) |
(3%) |
|||
| Adjusted EBITDA margin |
|
23.6 |
% |
|
24.8 |
% |
|||||||
See the attached tables for additional important disclosures regarding Helios’s use of non-GAAP adjusted operating income, non-GAAP adjusted operating margin, non-GAAP cash net income, non-GAAP cash EPS, adjusted EBITDA (earnings before net interest expense, income taxes, depreciation and amortization, and certain non-recurring charges) and adjusted EBITDA margin (adjusted EBITDA as a percentage of sales) as well as reconciliations of GAAP operating income to non-GAAP adjusted operating income and GAAP net income to non-GAAP cash net income and adjusted EBITDA. Helios believes that, when used in conjunction with measures prepared in accordance with GAAP, non-GAAP measures described above help in the understanding of its operating performance.
Sales
- Acquisition related – $3.9 million
- Organic growth – $0.8 million, 1%, excluding the effect of currency
- Foreign currency translation on sales – $2.5 million unfavorable
Profits and margins
- Gross profit and margin drivers – Cost management efforts, offset by a change in the margin profile of products sold; last year included $2.1 million of acquisition inventory step-up amortization
- Selling, engineering and administrative (SEA) expenses – Decreased primarily due to cost reduction efforts and lower performance-based compensation; improved as a percent of sales
- Unusual items – $1.7 million organizational restructuring charges and $2.7 million loss on disposal of intangible asset unfavorably impacted current year operating income
- Amortization of intangible assets – $4.5 million ($7.0 million in prior year due to short-lived acquisition intangibles)
- Other operating profit and margin factors – Last year included $0.7 million for acquisition and financing related expenses
Non-operating items
- Interest expense – $3.8 million ($4.6 million in prior year), decrease due to lower debt and interest rates
- Effective tax rate – 17.3%, down from 18.6% last year
EPS, non-GAAP cash EPS and adjusted EBITDA
- GAAP EPS – Cost management efforts, lower amortization and lower interest, partially offset by restructuring charges and loss on disposal of intangible asset; last year included acquisition-related expenses
- Non-GAAP cash EPS – Comparable to last year, reflects above adjusted for amortization, unusual items and acquisition-related costs
- Adjusted EBITDA margin – Reflects unfavorable product mix, partially offset by cost management efforts
Year-to-date 2019 Consolidated Results
| ($ in millions, except per share data) |
|
2019 |
|
|
2018 |
|
Change |
% Change |
||||
| Net sales |
$ |
428.7 |
|
$ |
369.3 |
|
$ |
59.4 |
16% |
|||
| Gross profit |
$ |
164.9 |
|
$ |
139.8 |
|
$ |
25.1 |
18% |
|||
| Gross margin |
|
38.5 |
% |
|
37.9 |
% |
||||||
| Operating income |
$ |
71.3 |
|
$ |
53.5 |
|
$ |
17.8 |
33% |
|||
| Operating margin |
|
16.6 |
% |
|
14.5 |
% |
||||||
| Non-GAAP adjusted operating margin |
|
20.8 |
% |
|
22.1 |
% |
||||||
| Net income |
$ |
46.5 |
|
$ |
30.3 |
|
$ |
16.2 |
53% |
|||
| Diluted EPS |
$ |
1.45 |
|
$ |
0.97 |
|
$ |
0.48 |
49% |
|||
| Non-GAAP cash net income |
$ |
60.6 |
|
$ |
54.7 |
|
$ |
5.9 |
11% |
|||
| Non-GAAP cash EPS |
$ |
1.89 |
|
$ |
1.76 |
|
$ |
0.13 |
8% |
|||
| Adjusted EBITDA |
$ |
102.0 |
|
$ |
91.9 |
|
$ |
10.1 |
11% |
|||
| Adjusted EBITDA margin |
|
23.8 |
% |
|
24.9 |
% |
||||||
See the attached tables for additional important disclosures regarding Helios’s use of non-GAAP adjusted operating income, non-GAAP adjusted operating margin, non-GAAP cash net income, non-GAAP cash EPS, adjusted EBITDA and adjusted EBITDA margin as well as reconciliations of GAAP operating income to non-GAAP adjusted operating income and GAAP net income to non-GAAP cash net income and adjusted EBITDA. Helios believes that, when used in conjunction with measures prepared in accordance with GAAP, non-GAAP measures described above help in the understanding of its operating performance.
Sales
- Acquisition related – $65.5 million
- Organic growth – $0.3 million, excluding the effect of currency
- Foreign currency translation on organic sales – $6.4 million unfavorable
Profits and margins
- Gross profit and margin drivers –Acquisitions, price increases and cost management efforts, partially offset by lower margin CFP business model; last year included $5.2 million of acquisition inventory step-up amortization
- SEA expenses – Increased primarily due to Faster and CFP acquisitions as well as investments to support the growth and change in Helios business structure, partially offset by cost management efforts; improved as a percent of sales
- Unusual items – $1.7 million organizational restructuring charges and $2.7 million loss on disposal of intangible asset unfavorably impacted current year operating income
- Amortization of intangible assets – $13.5 million ($17.2 million in prior year)
- Other operating profit and margin factors – Last year included $5.6 million for acquisition and financing related expenses
Non-operating items
- Net interest expense – Higher due to debt to fund the Faster and CFP acquisitions
- Foreign currency transaction loss – $3.8 million in prior year, including loss on foreign exchange forward contract to secure funds for Faster acquisition
- Effective tax rate – 20.5%, down from 23.0% last year
EPS, non-GAAP cash EPS and adjusted EBITDA
- GAAP EPS – Improvement primarily driven by acquisition growth and cost management efforts, partially offset by investments to support growth, and an unfavorable product mix; last year included acquisition-related expenses
- Non-GAAP cash EPS – Improvement primarily driven by acquisition growth and cost management efforts, partially offset by investments to support growth
- Adjusted EBITDA margin – Impacted by investments to support growth and lower margin CFP business model
Hydraulics Segment Review
(Refer to sales by geographic region and segment data in accompanying tables)
Segment sales of $110.1 million increased 6% over the prior-year third quarter. The $6.0 million increase included $3.9 million from the acquired CFP business and $4.4 million from organic sales, partially offset by $2.3 million from unfavorable changes in foreign currency exchange rates. Shipments continued to be strong in the Americas region with organic sales increasing 13%. The Europe, Middle East, Africa (EMEA) region declined 4% and Asia/Pacific (APAC) region sales grew 3% organically, both excluding the $2.3 million effect of unfavorable foreign currency exchange rate changes.
Third quarter 2019 gross margin of 35.5% was down from the prior year’s 37.6% as unfavorable product mix and foreign currency exchange rates offset improvements from price increases, net of material cost increases.
SEA expenses in the 2019 third quarter included $0.8 million for the CFP business, partially offset by cost management efforts and lower performance-based compensation.
In the third quarter of 2019, the Company incurred one-time costs of $1.7 million for early retirement and severance charges related to organizational restructuring and a $2.7 million loss on the disposal of an intangible asset from the termination of a technology licensing agreement.
Primarily due to the $4.4 million for restructuring charges and intangible asset disposal described above, third quarter operating income decreased $4.8 million to $17.9 million, representing 16.3% of sales, compared with 21.8% last year.
Year to date, segment sales grew $70.0 million, or 26%, to $340.3 million, compared with the 2018 period. The growth included $65.5 million of acquisition revenue contributed by Faster and CFP, and 4% organic growth excluding the $5.9 million impact of unfavorable changes in foreign currency exchange rates. Operating income for the year-to-date period was $65.8 million, or 19.3% of sales.
Electronics Segment Review
(Refer to sales by geographic region and segment data in accompanying tables)
Segment sales were $28.0 million for the 2019 third quarter, a 12% decrease compared with the third quarter of last year. The decline was primarily due to softer demand in recreational and oil and gas end markets as well as the impact of releasing contractual obligations to allow the Company to offer all products to a broader and more diversified customer base. Foreign currency translation had a $0.2 million unfavorable impact on segment sales in the quarter.
Third quarter 2019 gross margin was 46.4%, relatively consistent with 46.5% last year. Cost management efforts which resulted in production efficiencies drove the performance.
SEA costs decreased by $1.5 million in the quarter compared with last year due to the cost management efforts and lower performance-based compensation.
Operating income was $6.0 million in the third quarter of 2019, compared with $6.3 million in 2018, with the 2019 operating margin improving to 21.4% from 19.9% last year.
Year to date, segment sales were down 11% to $88.5 million, compared with the 2018 period. Foreign currency had a $0.5 million unfavorable impact. Despite the sales decline, operating income was $19.0 million, with the 2019 year-to-date operating margin improving to 21.5% from 20.2% last year.
Balance Sheet and Cash Flow Review
Total debt was $318.3 million at September 28, 2019, down from $345.1 million at June 29, 2019 and $352.7 million at the end of 2018. Cash and cash equivalents at September 28, 2019 were $13.7 million after using available cash to reduce debt, compared with $13.3 million at June 29, 2019 and $23.5 million at December 29, 2018. The net debt to adjusted EBITDA ratio improved to 2.3x at September 28, 2019.
Cash provided by operations was $50.9 million and $44.2 million in the first three quarters of 2019 and 2018, respectively. Year-to-date operating cash flow reached $61.6 million after considering the second quarter contingent consideration payment. The improvement was mainly due to improved cash from earnings and working capital management.
Capital expenditures were $19.6 million and $18.7 million in the first three quarters of 2019 and 2018, respectively. Capital expenditures in 2019 are estimated to be $25 million to $28 million, in support of the Company’s ongoing investments to drive its innovative leadership.
2019 Outlook and Guidance
The Company is updating its guidance for 2019:
|
Previous 2019 |
Updated 2019 |
|
|
|
Guidance |
Guidance |
Change |
|
| Consolidated revenue |
$565 – $575 million |
$550 – $555 million |
~(3)% |
| Hydraulics segment revenue |
$453 – $458 million |
$439 – $442 million |
~(3)% |
| Electronics segment revenue |
$112 – $117 million |
$111 – $113 million |
~(2)% |
| GAAP EPS |
$1.95 – $2.05 |
$1.70 – $1.75 |
$(0.25) – $(0.30) |
| Non-GAAP cash EPS |
$2.40 – $2.50 |
$2.24 – $2.29 |
$(0.16) – $(0.21) |
| Adjusted EBITDA margin |
23.5% – 24.0% |
22.4% – 22.8% |
~(115) bps |
Mr. Dangel noted, “We are updating our 2019 guidance given the further softening of most of our end markets globally. While we have backlog in our Hydraulics segment that will support fourth quarter sales, this will be offset by softening demand in specific end markets as well as mix issues that create reserve capacity continuing from past quarters. We will realize the results of our cost management efforts including the restructuring, but the lower revenue will reduce margins and net income. We will continue to monitor the economic climate and its impact on our business, further adjusting costs as needed. And, given our market positioning, we will be ready to react when our end markets do recover. As economic cycles are a normal part of business, we remain committed to the goals we established for Vision 2025.”
Webcast
The Company will host a conference call and webcast tomorrow morning at 9:00 a.m. Eastern Time to review its financial and operating results and discuss its corporate strategies and outlook. A question-and-answer session will follow.
The conference call can be accessed by calling (201) 689-8573. The audio webcast can be monitored at www.heliostechnologies.com. Participants will have the ability to ask questions on either the teleconference call or the webcast.
A telephonic replay will be available from 12:00 p.m. ET on the day of the call through Tuesday, November 12, 2019. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13694908. The webcast replay will be available in the investor relations section of the Company’s website at www.heliostechnologies.com, where a transcript will also be posted once available.
About Helios Technologies
Helios Technologies is a global industrial technology leader that develops and manufactures hydraulic and electronic control solutions for diverse markets. The Company does business through its operating subsidiaries around the world, including Sun Hydraulics, Enovation Controls, and Faster Group. The Company operates in two business segments, Hydraulics and Electronics. There are three key technologies within the Hydraulics segment: cartridge valve technology (“CVT”), quick-release hydraulic coupling solutions (“QRC”) and hydraulic system design (“Systems”). Within CVT, products provide functions important to a hydraulic system: to control rates and direction of fluid flow and to regulate and control pressures. QRC products allow users to connect and disconnect quickly from any hydraulic circuit without leakage and ensure high-performance under high temperature and pressure using one or multiple couplers. Systems provide engineered solutions for machine users, manufacturers or designers to fulfill complete system design requirements including electro-hydraulic, remote control, electronic control and programmable logic controller systems, as well as automation of existing equipment. The Company’s Electronics segment is an international leader in complete, fully-tailored display and control solutions for engines, engine-driven equipment and specialty vehicles. Its broad range of display, controls and instrumentation are complemented by its extensive application expertise and unparalleled depth of software, embedded programming, hardware and sustaining engineering teams. The segment’s expertise allows it to deliver maximum results for its customers and their applications with the state-of-the-art solutions that are extremely rugged and reliable while being east to use and integrate. This technology is referred to as Electronic Controls (“EC”). Helios Technologies and information about its associated companies is available online at www.heliostechnologies.com.
FORWARD-LOOKING INFORMATION
This news release contains “forward‐looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward‐looking statements involve risks and uncertainties, and actual results may differ materially from those expressed or implied by such statements. They include statements regarding the intent, belief or current expectations, estimates, vision or projections of Helios Technologies, Inc. (“Helios” or the “Company”), its directors or its officers about the Company and the industry in which it operates, and assumptions made by management, and include among other items, (i) the Company’s strategies regarding growth, including its intention to develop new products and make acquisitions; (ii) the Company’s financing plans; (iii) the Company’s expectations regarding our sales, expenses, gross margins and other results of operations; (iv) trends affecting the Company’s financial condition or results of operations; (v) the Company’s ability to continue to control costs and to meet its liquidity and other financing needs; (vi) the declaration and payment of dividends; (vii) the Company’s ability to respond to changes in customer demand domestically and internationally, including as a result of standardization; and (viii) potential challenges relating to changes in and compliance with governmental laws and regulations affecting our U.S. and international business. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur. Important factors that could cause the actual results to differ materially from those in the forward‐looking statements include, among other items, (i) the economic cyclicality of the capital goods industry in general and the hydraulics and electronics industries in particular, which directly affect customer orders, lead times and sales volume; (ii) fluctuations in global business conditions, including the impact of economic recessions in the U.S. and other parts of the world, (iii) conditions in the capital markets, including the interest rate environment and the availability of capital; (iv) changes in the competitive marketplace that could affect the Company’s revenue and/or costs, such as increased competition, lack of qualified engineering, marketing, management or other personnel, and increased labor and raw materials costs; (v) risks related to the integration of the businesses of the Company, Enovation Controls and Faster Group; (vi) changes in technology or customer requirements, such as standardization of the cavity into which screw‐in cartridge valves must fit, which could render the Company’s products or technologies noncompetitive or obsolete; (vii) new product introductions, product sales mix and the geographic mix of sales nationally and internationally; and (viii) changes relating to the Company’s international sales, including changes in regulatory requirements or tariffs, compliance with anti-corruption laws and trade laws, including export and import compliance, trade or currency restrictions, fluctuations in exchange rates, and tax and collection issues. Further information relating to factors that could cause actual results to differ from those anticipated is included but not limited to information under the heading Item 1. “Business” and Item 1A. “Risk Factors” in the Company’s Form 10-K for the year ended December 29, 2018. The Company disclaims any intention or obligation to update or revise forward‐looking statements, whether as a result of new information, future events or otherwise.
This news release will discuss some non-GAAP financial measures, which the Company believes are useful in evaluating our performance. You should not consider the inclusion of this additional information in isolation or as a substitute for results prepared in accordance with GAAP.
Financial Tables Follow.
|
HELIOS TECHNOLOGIES CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) |
|||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||
| September 28, | September 29, | September 28, | September 29, | ||||||||||||||||||
|
|
2019 |
|
|
2018 |
|
|
% Change |
|
2019 |
|
|
2018 |
|
% Change |
|||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||
| Net sales |
$ |
138,045 |
|
$ |
135,837 |
|
2 |
% |
$ |
428,738 |
|
$ |
369,322 |
|
16 |
% |
|||||
| Cost of sales |
|
85,926 |
|
|
84,102 |
|
2 |
% |
|
263,884 |
|
|
229,567 |
|
15 |
% |
|||||
| Gross profit |
|
52,119 |
|
|
51,735 |
|
1 |
% |
|
164,854 |
|
|
139,755 |
|
18 |
% |
|||||
| Gross margin |
|
37.8 |
% |
|
38.1 |
% |
|
38.5 |
% |
|
37.9 |
% |
|||||||||
| Selling, engineering and administrative expenses |
|
24,066 |
|
|
25,440 |
|
(5 |
)% |
|
75,531 |
|
|
69,078 |
|
9 |
% |
|||||
| Restructuring charges |
|
1,724 |
|
|
– |
|
NM |
|
|
1,724 |
|
|
– |
|
NM |
|
|||||
| Amortization of intangible assets |
|
4,478 |
|
|
7,049 |
|
(36 |
)% |
|
13,544 |
|
|
17,174 |
|
(21 |
)% |
|||||
| Loss on disposal of intangible asset |
|
2,713 |
|
|
– |
|
NM |
|
|
2,713 |
|
|
– |
|
NM |
|
|||||
| Operating income |
|
19,138 |
|
|
19,246 |
|
(1 |
)% |
|
71,342 |
|
|
53,503 |
|
33 |
% |
|||||
| Operating margin |
|
13.8 |
% |
|
14.1 |
% |
|
16.6 |
% |
|
14.5 |
% |
|||||||||
| Interest expense, net |
|
3,790 |
|
|
4,622 |
|
(18 |
)% |
|
12,223 |
|
|
9,256 |
|
32 |
% |
|||||
| Foreign currency transaction loss (gain), net |
|
30 |
|
|
(42 |
) |
(171 |
)% |
|
92 |
|
|
3,770 |
|
(98 |
)% |
|||||
| Miscellaneous (income) expense, net |
|
(72 |
) |
|
141 |
|
(151 |
)% |
|
(122 |
) |
|
185 |
|
(166 |
)% |
|||||
| Change in fair value of contingent consideration |
|
(72 |
) |
|
275 |
|
(126 |
)% |
|
703 |
|
|
928 |
|
(24 |
)% |
|||||
| Income before income taxes |
|
15,462 |
|
|
14,250 |
|
9 |
% |
|
58,446 |
|
|
39,364 |
|
48 |
% |
|||||
| Income tax provision |
|
2,671 |
|
|
2,651 |
|
1 |
% |
|
11,986 |
|
|
9,058 |
|
32 |
% |
|||||
| Net income |
$ |
12,791 |
|
$ |
11,599 |
|
10 |
% |
$ |
46,460 |
|
$ |
30,306 |
|
53 |
% |
|||||
| Basic and diluted net income per common share |
$ |
0.40 |
|
$ |
0.36 |
|
11 |
% |
$ |
1.45 |
|
$ |
0.97 |
|
49 |
% |
|||||
| Basic and diluted weighted average shares outstanding |
|
32,027 |
|
|
31,843 |
|
|
32,006 |
|
|
31,093 |
|
|||||||||
| Dividends declared per share |
$ |
0.09 |
|
$ |
0.09 |
|
$ |
0.27 |
|
$ |
0.27 |
|
|||||||||
| NM = Not meaningful | |||||||||||||||||||||
|
HELIOS TECHNOLOGIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data) |
|||||||
| September 28, | December 29, | ||||||
|
|
2019 |
|
|
2018 |
|
||
| (Unaudited) |
|
||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents |
$ |
13,706 |
|
$ |
23,477 |
|
|
| Restricted cash |
|
37 |
|
|
38 |
|
|
| Accounts receivable, net of allowance for doubtful accounts | |||||||
| of $1,427 and $1,336 |
|
77,315 |
|
|
72,806 |
|
|
| Inventories, net |
|
89,338 |
|
|
85,989 |
|
|
| Income taxes receivable |
|
590 |
|
|
4,549 |
|
|
| Other current assets |
|
15,397 |
|
|
9,997 |
|
|
| Total current assets |
|
196,383 |
|
|
196,856 |
|
|
| Property, plant and equipment, net |
|
144,230 |
|
|
126,868 |
|
|
| Deferred income taxes |
|
8,697 |
|
|
9,463 |
|
|
| Goodwill |
|
371,803 |
|
|
383,131 |
|
|
| Other intangibles, net |
|
294,682 |
|
|
320,548 |
|
|
| Other assets |
|
5,155 |
|
|
5,299 |
|
|
| Total assets |
$ |
1,020,950 |
|
$ |
1,042,165 |
|
|
| Liabilities and shareholders’ equity | |||||||
| Current liabilities: | |||||||
| Accounts payable |
$ |
34,845 |
|
$ |
40,879 |
|
|
| Accrued compensation and benefits |
|
16,365 |
|
|
13,260 |
|
|
| Other accrued expenses and current liabilities |
|
14,209 |
|
|
9,941 |
|
|
| Current portion of contingent consideration |
|
923 |
|
|
18,120 |
|
|
| Current portion of long-term non-revolving debt, net |
|
6,946 |
|
|
5,215 |
|
|
| Dividends payable |
|
2,884 |
|
|
2,878 |
|
|
| Income taxes payable |
|
218 |
|
|
2,697 |
|
|
| Total current liabilities |
|
76,390 |
|
|
92,990 |
|
|
| Revolving line of credit |
|
225,489 |
|
|
255,750 |
|
|
| Long-term non-revolving debt, net |
|
85,913 |
|
|
91,720 |
|
|
| Contingent consideration, less current portion |
|
872 |
|
|
840 |
|
|
| Deferred income taxes |
|
48,057 |
|
|
57,783 |
|
|
| Other noncurrent liabilities |
|
25,782 |
|
|
12,314 |
|
|
| Total liabilities |
|
462,503 |
|
|
511,397 |
|
|
| Commitments and contingencies |
|
– |
|
|
– |
|
|
| Shareholders’ equity: | |||||||
| Preferred stock, par value $0.001, 2,000,000 shares authorized, | |||||||
| no shares issued or outstanding |
|
– |
|
|
– |
|
|
| Common stock, par value $0.001, 100,000,000 and 50,000,000 shares authorized, | |||||||
| 32,032,882 and 31,964,775 shares issued and outstanding |
|
32 |
|
|
32 |
|
|
| Capital in excess of par value |
|
363,762 |
|
|
357,933 |
|
|
| Retained earnings |
|
256,735 |
|
|
219,056 |
|
|
| Accumulated other comprehensive loss |
|
(62,082 |
) |
|
(46,253 |
) |
|
| Total shareholders’ equity |
|
558,447 |
|
|
530,768 |
|
|
| Total liabilities and shareholders’ equity |
$ |
1,020,950 |
|
$ |
1,042,165 |
|
|
Contacts
Karen L. Howard / Deborah K. Pawlowski
Kei Advisors LLC
(716) 843-3942 / (716) 843-3908
[email protected] / [email protected]