0-24293
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43-1309065
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(Commission File Number)
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(IRS Employer Identification No.)
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411 Fountain Lakes Blvd.
St. Charles, MO
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63301
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(Address of Principal Executive Offices)
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(Zip Code)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No.
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Description
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99.1
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Text of press release issued by the Company dated March 9, 2012.
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LMI AEROSPACE, INC.
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By:
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/s/ Lawrence E. Dickinson
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Lawrence E. Dickinson
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Vice President, Chief Financial Officer and Secretary
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Exhibit
Number
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Description
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Text of press release issued by the Company dated March 9, 2012.
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Contact:
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Ed Dickinson
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Chief Financial Officer, 636.916.2150
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·
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Sales of $254.0 million for full-year 2011, a historical high for the Company, up 13.7% from 2010 and sales of $65.0 million for the fourth quarter of 2011, up 18.9 percent from $54.7 million in the prior year comparable quarter.
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·
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Earnings per diluted share of $0.35 in the fourth quarter of 2011compared to $0.26 per diluted share in the prior year comparable quarter.
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·
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Guidance for 2012 has been adjusted for revenue growth in the Engineering Services segment and reduced revenue due to certain program delays in the Aerostructures segment.
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Net Sales
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Q4 2011 |
% of Total
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Q4 2010 |
% of Total
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($ in millions)
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Large commercial aircraft
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$ | 18.2 | 41.6 | % | $ | 13.3 | 37.7 | % | ||||||||
Corporate and regional aircraft
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14.8 | 33.8 | % | 11.6 | 32.9 | % | ||||||||||
Military
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8.4 | 19.2 | % | 7.8 | 22.1 | % | ||||||||||
Other
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2.4 | 5.4 | % | 2.6 | 7.3 | % | ||||||||||
Total Net Sales
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$ | 43.8 | 100.0 | % | $ | 35.3 | 100.0 | % |
Net Sales
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Q4 2011 |
% of Total
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Q4 2010 |
% of Total
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||||||||||||
($ in millions)
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Large commercial aircraft
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$ | 7.2 | 34.0 | % | $ | 7.2 | 37.1 | % | ||||||||
Corporate and regional aircraft
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5.9 | 27.8 | % | 5.5 | 28.4 | % | ||||||||||
Military
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6.2 | 29.2 | % | 3.6 | 18.6 | % | ||||||||||
Other
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1.9 | 9.0 | % | 3.1 | 15.9 | % | ||||||||||
Total Net Sales
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$ | 21.2 | 100.0 | % | $ | 19.4 | 100.0 | % |
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·
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Net sales of between $186.0 million and $198.0 million
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·
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Gross profit of between 27.6 percent and 28.8 percent
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·
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SG&A of between $28.5 million and $29.1 million
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·
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Net sales of between $96.0 million and $100.0 million
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·
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Gross profit of between 17.5 percent and 18.5 percent
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·
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SG&A of between $8.2 million and $8.6 million
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December 31,
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December 31,
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|||||||
2011
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2010
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Assets
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(Unaudited)
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Current assets:
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Cash and cash equivalents
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$ | 7,868 | $ | 1,947 | ||||
Trade accounts receivable
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42,720 | 34,006 | ||||||
Inventories
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51,081 | 45,148 | ||||||
Prepaid expenses and other current assets
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2,595 | 2,729 | ||||||
Deferred income taxes
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4,085 | 3,846 | ||||||
Total current assets
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108,349 | 87,676 | ||||||
Property, plant and equipment, net
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27,340 | 21,346 | ||||||
Goodwill
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49,102 | 49,102 | ||||||
Intangible assets, net
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17,642 | 20,827 | ||||||
Other assets
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2,173 | 898 | ||||||
Total assets
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$ | 204,606 | $ | 179,849 | ||||
Liabilities and shareholders’ equity
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Current liabilities:
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Accounts payable
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$ | 13,224 | $ | 7,898 | ||||
Accrued expenses
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10,875 | 11,246 | ||||||
Short-term deferred gain on sale of real estate
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233 | 233 | ||||||
Current installments of long-term debt and capital lease obligations
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29 | 181 | ||||||
Total current liabilities
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24,361 | 19,558 | ||||||
Long-term deferred gain on sale of real estate
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2,840 | 3,073 | ||||||
Long-term debt and capital lease obligations, less current installments
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- | 28 | ||||||
Long-term deferred revenue
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701 | - | ||||||
Deferred income taxes
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8,919 | 7,427 | ||||||
Total long-term liabilities
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12,460 | 10,528 | ||||||
Shareholders’ equity:
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Common stock, $0.02 par value per share; authorized 28,000,000 shares; issued 12,123,992 and 12,075,030 shares at December 31, 2011 and December 31, 2010, respectively
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242 | 242 | ||||||
Preferred stock, $0.02 par value per share; authorized 2,000,000 shares; none issued at either date
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- | - | ||||||
Additional paid-in capital
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74,823 | 73,440 | ||||||
Treasury stock, at cost, 249,082 shares at December 31, 2011 and 301,772 shares at December 31, 2010
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(1,182 | ) | (1,432 | ) | ||||
Retained earnings
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93,902 | 77,513 | ||||||
Total shareholders’ equity
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167,785 | 149,763 | ||||||
Total liabilities and shareholders’ equity
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$ | 204,606 | $ | 179,849 |
Three Months Ended
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Year Ending
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December 31
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December 31
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2011
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2010
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2011
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2010
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(Unaudited)
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(Unaudited)
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Sales and service revenue
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Product sales
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$ | 42,333 | $ | 33,982 | $ | 161,435 | $ | 143,919 | ||||||||
Service revenues
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22,693 | 20,730 | 92,605 | 79,437 | ||||||||||||
Net sales
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65,026 | 54,712 | 254,040 | 223,356 | ||||||||||||
Cost of sales and service revenue
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Cost of product sales
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31,546 | 25,792 | 117,368 | 106,891 | ||||||||||||
Cost of service revenues
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18,965 | 17,016 | 77,022 | 64,965 | ||||||||||||
Cost of sales
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50,511 | 42,808 | 194,390 | 171,856 | ||||||||||||
Gross profit
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14,515 | 11,904 | 59,650 | 51,500 | ||||||||||||
Selling, general and administrative expenses
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8,871 | 8,401 | 34,726 | 32,435 | ||||||||||||
Income from operations
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5,644 | 3,503 | 24,924 | 19,065 | ||||||||||||
Other income (expense):
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Interest expense
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(142 | ) | (142 | ) | (669 | ) | (696 | ) | ||||||||
Other, net
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104 | 48 | (730 | ) | 58 | |||||||||||
Total other expense
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(38 | ) | (94 | ) | (1,399 | ) | (638 | ) | ||||||||
Income before income taxes
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5,606 | 3,409 | 23,525 | 18,427 | ||||||||||||
Provision for income taxes
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1,530 | 359 | 7,136 | 5,496 | ||||||||||||
Net income
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$ | 4,076 | $ | 3,050 | $ | 16,389 | $ | 12,931 | ||||||||
Amounts per common share:
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Net income per common share
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$ | 0.35 | $ | 0.27 | $ | 1.42 | $ | 1.13 | ||||||||
Net income per common share assuming dilution
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$ | 0.35 | $ | 0.26 | $ | 1.40 | $ | 1.11 | ||||||||
Weighted average common shares outstanding
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11,596,501 | 11,452,588 | 11,559,895 | 11,420,524 | ||||||||||||
Weighted average dilutive common shares outstanding
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11,766,134 | 11,670,895 | 11,741,513 | 11,636,385 |
Year Ended December 31,
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2011
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2010
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(Unaudited)
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Operating activities:
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$ | 16,389 | $ | 12,931 | ||||
Net income
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Adjustments to reconcile net income to net cash provided by operating activities:
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Depreciation and amortization
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7,241 | 7,289 | ||||||
Intangible asset impairment
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1,163 | - | ||||||
Contingent consideration write-off
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(1,235 | ) | - | |||||
Restricted stock compensation
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1,254 | 1,794 | ||||||
Charges for inventory obsolescence and valuation
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820 | 1,099 | ||||||
Change in deferred tax assets and liabilities
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1,253 | (166 | ) | |||||
Other noncash items
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(227 | ) | (240 | ) | ||||
Changes in operating assets and liabilities, net of acquired businesses:
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Trade accounts receivable
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(8,871 | ) | 1,440 | |||||
Inventories
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(6,753 | ) | (544 | ) | ||||
Prepaid expenses and other assets
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(1,080 | ) | 800 | |||||
Current income taxes
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818 | (735 | ) | |||||
Accounts payable
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4,354 | 639 | ||||||
Accrued expenses
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1,049 | 2,538 | ||||||
Net cash provided by operating activities
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16,175 | 26,845 | ||||||
Investing activities:
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Additions to property, plant and equipment
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(10,267 | ) | (7,151 | ) | ||||
Proceeds from sale of equipment
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270 | 6 | ||||||
Net cash used by investing activities
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(9,997 | ) | (7,145 | ) | ||||
Financing activities:
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Principal payments on long-term debt and notes payable
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(180 | ) | (327 | ) | ||||
Advances on revolving line of credit
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- | 13,520 | ||||||
Payments on revolving line of credit
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- | (30,520 | ) | |||||
Other, net
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(77 | ) | (457 | ) | ||||
Net cash used by financing activities
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(257 | ) | (17,784 | ) | ||||
Net increase (decrease) in cash and cash equivalents
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5,921 | 1,916 | ||||||
Cash and cash equivalents, beginning of year
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1,947 | 31 | ||||||
Cash and cash equivalents, end of year
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$ | 7,868 | $ | 1,947 |
Three Months Ended
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Year Ended
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December 31
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December 31
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2011
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2010
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2011
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2010
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Non-GAAP Financial Information
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Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)(1):
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Net Income
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$ | 4,076 | $ | 3,050 | $ | 16,389 | 12,931 | |||||||||
Income tax expense
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1,530 | 359 | 7,136 | 5,496 | ||||||||||||
Depreciation and amortization
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1,890 | 1,769 | 7,241 | 7,289 | ||||||||||||
Intangible asset impairment
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- | - | 1,163 | - | ||||||||||||
Contingent consideration write-off
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- | - | (1,235 | ) | - | |||||||||||
Stock based compensation
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342 | 413 | 1,254 | 1,794 | ||||||||||||
Interest expense
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142 | 142 | 669 | 696 | ||||||||||||
Other, net
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(104 | ) | (48 | ) | 730 | (58 | ) | |||||||||
Adjusted EBITDA
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$ | 7,876 | $ | 5,685 | $ | 33,347 | 28,148 | |||||||||
Free Cash Flow (2):
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Net cash provided by operating activities
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$ | 1,986 | $ | 3,510 | $ | 16,175 | 26,845 | |||||||||
Less:
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Capital expenditures
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(2,544 | ) | (1,220 | ) | (10,267 | ) | (7,151 | ) | ||||||||
Free cash flow
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$ | (558 | ) | $ | 2,290 | $ | 5,908 | 19,694 |