UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTIONS 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) August 2, 2007.
ENTEGRIS, INC.
(Exact name of registrant as Specified in its Charter)
Delaware
(State or Other Jurisdiction of Incorporation or Organization)
| 000-30789 | 41-1941551 | |
| (Commission File Number) | (I.R.S. Employer Identification No.) |
| 3500 Lyman Boulevard, Chaska, MN | 55318 | |
| (Address of principal executive offices) | (Zip Code) |
(952) 556-3131
(Registrant’s telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02. | Results of Operations and Financial Condition |
On August 2, 2007, the registrant issued a press release to announce results for the second quarter of 2007, ended June 30, 2007. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
In accordance with General Instructions B.2 of Form 8-K, the information in this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. The information set forth herein will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits |
| Exhibit 99.1 |
Press Release, Dated August 2, 2007 |
Page 1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| ENTEGRIS, INC. | ||||
| Dated: August 2, 2007 | By | /s/ Gregory B. Graves | ||
| Gregory B. Graves, | ||||
| Senior Vice President & Chief Financial Officer | ||||
Page 2
Exhibit 99.1
Entegris Reports Results for Second Quarter of Fiscal 2007
Wafer cleaning equipment business to be divested
CHASKA (Minneapolis), Minn., August 2, 2007 – Entegris, Inc. (Nasdaq: ENTG) today reported its financial results for its fiscal second quarter ended June 30, 2007. Highlights for the quarter included:
| • | Sales of $153.5 million, excluding sales of $2 million related to discontinued operations |
| • | Non-GAAP operating margin of 10.5% |
| • | Diluted GAAP EPS of $0.11, including a one-time gain of $0.03 per share |
| • | Diluted Non-GAAP EPS from continuing operations of $0.11 |
| • | Cash from operations of $49 million |
Second-quarter sales were $153.5 million, versus $179.3 million for the same period a year ago and $159.6 million in the first quarter of fiscal 2007. Second-quarter sales exclude revenues of approximately $2 million from a line of wafer carrier cleaning equipment the Company intends to divest, which has been reported within discontinued operations.
Second-quarter GAAP net income was $14.8 million, or $0.11 per fully diluted share, which includes a loss from discontinued operations of $1.0 million net of tax, or $0.01 per diluted share. On a non-GAAP basis, second-quarter net income from continuing operations was $15.1 million, or $0.11 per diluted share. The non-GAAP result is adjusted to exclude the effects of merger-related and other restructuring charges and a one-time, pre-tax gain of $6.1 million, or $0.03 per diluted share, from the sale of the Company’s equity interest in a “quick turn” tooling manufacturer. A reconciliation of GAAP to non-GAAP results is provided elsewhere in this release.
The second-quarter results include total pretax stock-based compensation of $2.7 million, or $0.01 per fully diluted share, of which $0.5 million represents integration-related stock-based compensation.
Sales for the six months ended June 30, 2007 were $313.1 million. First-half GAAP net income was $25.2 million, or $0.19 per diluted share. On a non-GAAP basis, first-half net income from continuing operations was $30.0 million, or $0.22 per diluted share.
Gideon Argov, president and chief executive officer, said: “Second-quarter sales were at the low end of our guidance, excluding the impact of discontinued operations. Sales of our unit-driven products were 60 percent of total second-quarter sales, as the favorable impact of higher semiconductor production on our business was offset by seasonally slower sales of data storage component shippers and general weakness in some non-semiconductor microelectronics markets. Sales of capital-driven products, which were 40 percent of total second-quarter sales, were consistent with slower capital spending in the industry.”
Argov added: “As we continue to look for ways to optimize our business, we have decided to exit a small, non-strategic line of cleaning equipment. In addition, we are in the process of transferring the manufacturing of four key product lines from our U.S.-based manufacturing sites to our facility in Kulim, Malaysia.”
The Company ended the quarter with $138.5 million of cash, cash equivalents, and short-term investments. “With the successful completion of a $250 million tender offer in June, we have reset the Company’s capital structure to support our focus on maximizing return on invested capital. Our solid balance sheet and strong cash flow continue to provide us flexibility to grow our business and to continue to repurchase shares over time,” Argov said.
Outlook
For its fiscal third quarter ending September 29, 2007, the Company currently expects sales from continuing operations to be down 4 to 8 percent to approximately $142 million to $148 million. Reflecting the lower estimated sales in the third quarter and the Company’s commitment to sustained strategic investments in new product development and manufacturing initiatives, GAAP net income per diluted share is expected to range from $0.03 to $0.05. Non-GAAP net income per diluted share is expected to range from approximately $0.05 to $0.07, reflecting pretax adjustments for merger-related amortization expense of $3.5 million and integration-related stock-based compensation expense of approximately $0.4 million.
Second-Quarter Results Conference Call Details
Entegris will hold a conference call to discuss its results for the 2007 second quarter on Thursday, August 2, 2007, at 10:00 a.m. Eastern Time. Participants should dial 1-888-202-2422 (domestic callers) or 1-913-981-5592 (callers outside the U.S.); all callers should use passcode 5455564. A replay of the call can be accessed at 1-719-457-0820 using the same passcode. The call will also be webcast on the investor relations portion of the Entegris website at www.entegris.com.
ABOUT ENTEGRIS
Entegris is the global leader in materials integrity management, delivering a wide range of products for purifying, protecting and transporting critical materials used in processing and manufacturing in semiconductor and other high tech industries. Entegris is ISO 9001 certified and has manufacturing, customer service and/or research facilities in the United States, China, France, Germany, Israel, Japan, Malaysia, Singapore, South Korea and Taiwan. Additional information can be found at www.entegris.com.
NON-GAAP INFORMATION
In addition to reporting results that are determined in accordance with generally accepted accounting principles in the U.S. (GAAP), the Company also reports non-GAAP results of operations that exclude certain expenses and charges. These non-GAAP results are provided as a complement to results provided in accordance with GAAP in order to provide investors with relevant and useful information about the Company’s ongoing operations. As such, non-GAAP information primarily excludes expenses and charges resulting from purchase accounting and integration activities associated with the Company’s August 2005 merger with Mykrolis
Corporation. Earnings guidance for the quarter ending September 29, 2007 is disclosed on both a GAAP and a non-GAAP basis. A reconciliation of GAAP to non-GAAP financial information discussed in this release is contained in the attached exhibits and on the Company’s website at www.entegris.com.
Forward-Looking Statements
Certain information contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current management expectations only as of the date of this press release, which involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Statements which are modified by words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “may,” “will,” “should” or the negative thereof and similar expressions as they relate to Entegris or our management are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. These risks include, but are not limited to, fluctuations in the market price of Entegris’ stock, future operating results of Entegris, other acquisition and investment opportunities available to Entegris, general business and market conditions and other factors. Additional information concerning these and other risk factors may be found in previous financial press releases issued by Entegris and Entegris’ periodic public filings with the Securities and Exchange Commission, including the discussion described under the headings “Risks Relating to our Business and Industry,” “Manufacturing Risks,” “International Risks,” and “Risks Related to Securities Markets and Ownership of Our Securities” in Item 1A of our Annual Report on Form 10–K for the fiscal year ended December 31, 2006, as well as other matters and important factors disclosed previously and from time to time in the filings of Entegris with the U.S. Securities and Exchange Commission. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we undertake no obligation to update publicly any forward-looking statements contained herein.
Entegris, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
| Three months ended | Six months ended | |||||||||||||||
| June 30, 2007 |
July 1, 2006 |
June 30, 2007 |
July 1, 2006 |
|||||||||||||
| Net sales |
$ | 153,508 | $ | 179,296 | $ | 313,079 | $ | 335,702 | ||||||||
| Cost of sales(a) |
88,014 | 92,315 | 179,078 | 175,893 | ||||||||||||
| Gross profit |
65,494 | 86,981 | 134,001 | 159,809 | ||||||||||||
| Selling, general and administrative expenses(b) |
44,317 | 51,553 | 90,260 | 103,250 | ||||||||||||
| Engineering, research and development expenses |
9,679 | 9,977 | 20,213 | 19,019 | ||||||||||||
| Operating income |
11,498 | 25,451 | 23,528 | 37,540 | ||||||||||||
| Interest income, net |
2,559 | 1,897 | 5,376 | 3,919 | ||||||||||||
| Other income, net (c) |
6,074 | 799 | 6,050 | 1,594 | ||||||||||||
| Income before income taxes |
20,131 | 28,147 | 34,954 | 43,053 | ||||||||||||
| Income tax expense |
4,461 | 9,524 | 8,814 | 14,460 | ||||||||||||
| Equity in net earnings of affiliates |
(80 | ) | (159 | ) | (104 | ) | (195 | ) | ||||||||
| Income from continuing operations |
15,750 | 18,782 | 26,244 | 28,788 | ||||||||||||
| (Loss) income from discontinued operations, net of taxes |
(973 | ) | (589 | ) | (1,084 | ) | 758 | |||||||||
| Net income |
$ | 14,777 | $ | 18,193 | $ | 25,160 | $ | 29,546 | ||||||||
| Basic income (loss) per common share: |
||||||||||||||||
| Continuing operations |
$ | 0.12 | $ | 0.14 | $ | 0.20 | $ | 0.21 | ||||||||
| Discontinued operations |
$ | (0.01 | ) | $ | 0.00 | $ | (0.01 | ) | $ | 0.01 | ||||||
| Net income per common share |
$ | 0.11 | $ | 0.13 | $ | 0.19 | $ | 0.22 | ||||||||
| Diluted income (loss) per common share: |
||||||||||||||||
| Continuing operations |
$ | 0.12 | $ | 0.13 | $ | 0.20 | $ | 0.20 | ||||||||
| Discontinued operations |
$ | (0.01 | ) | $ | 0.00 | $ | (0.01 | ) | $ | 0.01 | ||||||
| Net income per common share |
$ | 0.11 | $ | 0.13 | $ | 0.19 | $ | 0.21 | ||||||||
| Weighted average shares outstanding: |
||||||||||||||||
| Basic |
129,225 | 137,445 | 130,709 | 137,167 | ||||||||||||
| Diluted |
132,293 | 140,621 | 133,763 | 140,512 | ||||||||||||
| a) | Cost of sales for the three months and six months ended June 30, 2007 include $(15) thousand and $0.4 million, respectively, of merger-related and other restructuring charges, integration expenses, and integration-related stock-based compensation expense. Cost of sales for the three months and six months ended July 1, 2006 include $(0.3) million and $2.1 million of merger-related and other restructuring charges, integration expenses, and integration-related stock-based compensation expense. |
| b) | Selling, general and administrative expenses for the three months and six months ended June 30, 2007 include $4.6 million and $10.7 million, respectively, of merger-related and other restructuring charges, integration expense, integration-related stock-based compensation expense, and merger-related amortization of intangibles. Selling, general and administrative expenses for the three months and six months ended July 1, 2006 include $9.4 million and $20.1 million, respectively, million of merger-related and other restructuring charges, integration expense, integration-related stock-based compensation expense, and merger-related amortization of intangibles. |
| c) | Other income, net for the three months and six months ended June 30, 2007 includes a $6.1 million gain from the sale of an equity investment. |
Entegris, Inc.
GAAP to Non-GAAP Reconciliation of Statement of Operations
For the Three Months Ended June 30, 2007
(In thousands, except per share data)
(Unaudited)
| U.S. GAAP | Adjustments | Non-GAAP | ||||||||||
| Net sales |
$ | 153,508 | $ | — | $ | 153,508 | ||||||
| Cost of sales(a) |
88,014 | (15 | ) | 88,029 | ||||||||
| Gross profit |
65,494 | 15 | 65,479 | |||||||||
| Selling, general and administrative expenses(b) |
44,317 | 4,614 | 39,703 | |||||||||
| Engineering, research and development expenses |
9,679 | — | 9,679 | |||||||||
| Operating income |
11,498 | (4,599 | ) | 16,097 | ||||||||
| Interest income, net |
2,559 | — | 2,559 | |||||||||
| Other income, net(c) |
6,074 | 6,068 | 6 | |||||||||
| Income before income taxes |
20,131 | 1,469 | 18,662 | |||||||||
| Income tax expense |
4,461 | 810 | 3,651 | |||||||||
| Equity in net earnings of affiliates |
(80 | ) | — | (80 | ) | |||||||
| Income from continuing operations |
15,750 | 659 | 15,091 | |||||||||
| Loss from discontinued operations, net of taxes |
(973 | ) | — | (973 | ) | |||||||
| Net income |
$ | 14,777 | $ | 659 | $ | 14,118 | ||||||
| Basic income (loss) per common share: |
||||||||||||
| Continuing operations |
$ | 0.12 | $ | 0.01 | $ | 0.12 | ||||||
| Discontinued operations |
$ | (0.01 | ) | — | $ | (0.01 | ) | |||||
| Net income per common share |
$ | 0.11 | $ | 0.01 | $ | 0.11 | ||||||
| Diluted income (loss) per common share: |
||||||||||||
| Continuing operations |
$ | 0.12 | $ | 0.00 | $ | 0.11 | ||||||
| Discontinued operations |
$ | (0.01 | ) | — | $ | (0.01 | ) | |||||
| Net income per common share |
$ | 0.11 | $ | 0.00 | $ | 0.11 | ||||||
| Weighted average shares outstanding: |
||||||||||||
| Basic |
129,225 | 129,225 | 129,225 | |||||||||
| Diluted |
132,293 | 132,293 | 132,293 | |||||||||
| a) | Cost of sales is adjusted for $(15) thousand of merger-related and other restructuring charges and integration-related stock-based compensation expense. |
| b) | Selling, general and administrative expenses are adjusted for $0.6 million of integration expense and other restructuring, $0.5 million of integration-related stock-based compensation expense, and $3.5 million of merger-related amortization of intangibles. |
| c) | Other income, net includes a $6.1 million gain from the sale of a minority investment interest. |
Entegris, Inc.
GAAP to Non-GAAP Reconciliation of Statement of Operations
For the Three Months Ended July 1, 2006
(In thousands, except per share data)
(Unaudited)
| U.S. GAAP | Adjustments | Non-GAAP | ||||||||||
| Net sales |
$ | 179,296 | $ | — | $ | 179,296 | ||||||
| Cost of sales(a) |
92,315 | (337 | ) | 92,652 | ||||||||
| Gross profit |
86,981 | 337 | 86,644 | |||||||||
| Selling, general and administrative expenses(b) |
51,553 | 9,392 | 42,161 | |||||||||
| Engineering, research and development expenses |
9,977 | — | 9,977 | |||||||||
| Operating income |
25,451 | (9,055 | ) | 34,506 | ||||||||
| Interest income, net |
1,897 | — | 1,897 | |||||||||
| Other income, net |
799 | — | 799 | |||||||||
| Income before income taxes |
28,147 | (9,055 | ) | 37,202 | ||||||||
| Income tax expense |
9,524 | (3,100 | ) | 12,624 | ||||||||
| Equity in net earnings of affiliates |
(159 | ) | — | (159 | ) | |||||||
| Income from continuing operations |
18,782 | (5,955 | ) | 24,737 | ||||||||
| Loss from discontinued operations, net of taxes |
(589 | ) | — | (589 | ) | |||||||
| Net income |
$ | 18,193 | $ | (5,955 | ) | $ | 24,148 | |||||
| Basic income per common share: |
||||||||||||
| Continuing operations |
$ | 0.14 | $ | (0.04 | ) | $ | 0.18 | |||||
| Discontinued operations |
$ | 0.00 | — | $ | 0.00 | |||||||
| Net income per common share |
$ | 0.13 | $ | (0.04 | ) | $ | 0.18 | |||||
| Diluted income per common share: |
||||||||||||
| Continuing operations |
$ | 0.13 | $ | (0.04 | ) | $ | 0.18 | |||||
| Discontinued operations |
$ | 0.00 | — | $ | 0.00 | |||||||
| Net income per common share |
$ | 0.13 | $ | (0.04 | ) | $ | 0.17 | |||||
| Weighted average shares outstanding: |
||||||||||||
| Basic |
137,445 | 137,445 | 137,445 | |||||||||
| Diluted |
140,621 | 140,621 | 140,621 | |||||||||
| a) | Cost of sales includes $(0.3) million of merger-related and other restructuring charges, integration expenses, and integration-related stock-based compensation expense. |
| b) | Selling, general and administrative expenses include $9.4 million of merger-related and other restructuring charges, integration expense, integration-related stock-based compensation expense, and merger-related amortization of intangibles. |
Entegris, Inc.
GAAP to Non-GAAP Reconciliation of Statement of Operations
For the Six Months Ended June 30, 2007
(In thousands, except per share data)
(Unaudited)
| U.S. GAAP | Adjustments | Non-GAAP | ||||||||||
| Net sales |
$ | 313,079 | $ | — | $ | 313,079 | ||||||
| Cost of sales(a) |
179,078 | 427 | 178,651 | |||||||||
| Gross profit |
134,001 | (427 | ) | 134,428 | ||||||||
| Selling, general and administrative expenses(b) |
90,260 | 10,660 | 79,600 | |||||||||
| Engineering, research and development expenses |
20,213 | 20,213 | ||||||||||
| Operating income |
23,528 | (11,087 | ) | 34,615 | ||||||||
| Interest income, net |
5,376 | — | 5,376 | |||||||||
| Other income (loss), net(c) |
6,050 | 6,068 | (18 | ) | ||||||||
| Income before income taxes |
34,954 | (5,019 | ) | 39,973 | ||||||||
| Income tax expense |
8,814 | (1,266 | ) | 10,080 | ||||||||
| Equity in net earnings of affiliates |
(104 | ) | — | (104 | ) | |||||||
| Income from continuing operations |
26,244 | (3,753 | ) | 29,997 | ||||||||
| Loss from discontinued operations, net of taxes |
(1,084 | ) | — | (1,084 | ) | |||||||
| Net income |
$ | 25,160 | $ | (3,753 | ) | $ | 28,913 | |||||
| Basic income (loss) per common share: |
||||||||||||
| Continuing operations |
$ | 0.20 | $ | (0.03 | ) | $ | 0.23 | |||||
| Discontinued operations |
$ | (0.01 | ) | — | $ | (0.01 | ) | |||||
| Net income per common share |
$ | 0.19 | $ | (0.03 | ) | $ | 0.22 | |||||
| Diluted income (loss) per common share: |
||||||||||||
| Continuing operations |
$ | 0.20 | $ | (0.03 | ) | $ | 0.22 | |||||
| Discontinued operations |
$ | (0.01 | ) | — | $ | (0.01 | ) | |||||
| Net income per common share |
$ | 0.19 | $ | (0.03 | ) | $ | 0.22 | |||||
| Weighted average shares outstanding: |
||||||||||||
| Basic |
130,709 | 130,709 | 130,709 | |||||||||
| Diluted |
133,763 | 133,763 | 133,763 | |||||||||
| a) | Cost of sales includes $0.4 million of merger-related and other restructuring charges, integration expenses, and integration-related stock-based compensation expense. |
| b) | Selling, general and administrative expenses include $10.7 million of merger-related and other restructuring charges, integration expense, integration-related stock-based compensation expense, and merger-related amortization of intangibles. |
| c) | Other income, net includes a $6.1 million gain from the sale of a minority investment interest. |
Entegris, Inc.
GAAP to Non-GAAP Reconciliation of Statement of Operations
For the Six Months Ended July 1, 2006
(In thousands, except per share data)
(Unaudited)
| U.S. GAAP | Adjustments | Non-GAAP | ||||||||||
| Net sales |
$ | 335,702 | $ | — | $ | 335,702 | ||||||
| Cost of sales(a) |
175,893 | 2,111 | 173,782 | |||||||||
| Gross profit |
159,809 | (2,111 | ) | 161,920 | ||||||||
| Selling, general and administrative expenses(b) |
103,250 | 20,105 | 83,145 | |||||||||
| Engineering, research and development expenses |
19,019 | 19,019 | ||||||||||
| Operating income |
37,540 | (22,216 | ) | 59,756 | ||||||||
| Interest income, net |
3,919 | — | 3,919 | |||||||||
| Other income, net |
1,594 | — | 1,594 | |||||||||
| Income before income taxes |
43,053 | (22,216 | ) | 65,269 | ||||||||
| Income tax expense |
14,460 | (7,443 | ) | 21,903 | ||||||||
| Equity in net earnings of affiliates |
(195 | ) | — | (195 | ) | |||||||
| Income from continuing operations |
28,788 | (14,773 | ) | 43,561 | ||||||||
| Income from discontinued operations, net of taxes |
758 | — | 758 | |||||||||
| Net income |
$ | 29,546 | $ | (14,773 | ) | $ | 44,319 | |||||
| Basic income per common share: |
||||||||||||
| Continuing operations |
$ | 0.21 | $ | (0.11 | ) | $ | 0.32 | |||||
| Discontinued operations |
$ | 0.01 | — | $ | 0.01 | |||||||
| Net income per common share |
$ | 0.22 | $ | (0.11 | ) | $ | 0.32 | |||||
| Diluted income per common share: |
||||||||||||
| Continuing operations |
$ | 0.20 | $ | (0.11 | ) | $ | 0.31 | |||||
| Discontinued operations |
$ | 0.01 | — | $ | 0.01 | |||||||
| Net income per common share |
$ | 0.21 | $ | (0.11 | ) | $ | 0.32 | |||||
| Weighted average shares outstanding: |
||||||||||||
| Basic |
137,167 | 137,167 | 137,167 | |||||||||
| Diluted |
140,512 | 140,512 | 140,512 | |||||||||
| a) | Cost of sales includes $2.1 million of merger-related and other restructuring charges, integration expenses, and integration-related stock-based compensation expense. |
| b) | Selling, general and administrative expenses include $20.1 million of merger-related and other restructuring charges, integration expense, integration-related stock-based compensation expense, and merger-related amortization of intangibles. |
Entegris, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
| June 30, 2007 |
December 31, 2006 | |||||
| ASSETS |
||||||
| Cash, cash equivalents and short-term investments |
$ | 138,535 | $ | 274,974 | ||
| Accounts receivable |
102,623 | 127,396 | ||||
| Inventories |
80,401 | 93,426 | ||||
| Deferred tax assets |
45,116 | 45,149 | ||||
| Other current assets and assets held for sale |
11,960 | 15,376 | ||||
| Total current assets |
378,635 | 556,321 | ||||
| Property, plant and equipment, net |
123,081 | 120,987 | ||||
| Intangible assets |
453,212 | 463,408 | ||||
| Deferred tax asset – non-current |
5,331 | 5,157 | ||||
| Other assets |
16,808 | 11,745 | ||||
| Total assets |
$ | 977,067 | $ | 1,157,618 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||
| Current maturities of long-term debt & short term borrowings |
$ | 25,399 | $ | 401 | ||
| Accounts payable |
21,300 | 24,952 | ||||
| Accrued liabilities |
48,929 | 56,479 | ||||
| Income tax payable |
5,225 | 10,025 | ||||
| Liabilities of discontinued operations |
2,389 | 842 | ||||
| Total current liabilities |
103,242 | 92,699 | ||||
| Long-term debt, less current maturities |
2,809 | 2,995 | ||||
| Other liabilities |
45,315 | 45,944 | ||||
| Shareholders’ equity |
825,701 | 1,015,980 | ||||
| Total liabilities and shareholders’ equity |
$ | 977,067 | $ | 1,157,618 | ||
### END ###