-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Q7Z4rO7/GQSsSIQHT0VWHCvgcs4R61zwrdwoQV5nULRZznE1MOUhsia9CrAiDPHA ITLzLi2vBPwpWSvxIkQYGg== 0000931763-01-501055.txt : 20010719 0000931763-01-501055.hdr.sgml : 20010719 ACCESSION NUMBER: 0000931763-01-501055 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20010718 ITEM INFORMATION: ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLOBAL PAYMENTS INC CENTRAL INDEX KEY: 0001123360 STANDARD INDUSTRIAL CLASSIFICATION: TELEGRAPH & OTHER MESSAGE COMMUNICATIONS [4822] IRS NUMBER: 582567903 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-16111 FILM NUMBER: 1684066 BUSINESS ADDRESS: STREET 1: FOUR CORPORATE SQUARE CITY: ATLANTA STATE: GA ZIP: 30329 BUSINESS PHONE: 4047282363 MAIL ADDRESS: STREET 1: FOUR CORPORATE SQUARE CITY: ATLANTA STATE: GA ZIP: 30329 8-K 1 d8k.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 18, 2001 ------------- Commission File No. 001-16111 --------- Global Payments Inc. -------------------- (Exact name of registrant as specified in its charter) Georgia 58-2567903 ------- ---------- (State or other jurisdiction of (IRS Employer incorporation) Identification Number) Four Corporate Square, Atlanta, Georgia 30329 --------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (404) 728-2363 -------------- N/A --- (Former name, former address and former fiscal year, if changed since last year) Item 5. Other Events ------------ On July 18, 2001, Global Payments Inc. issued a press release, which is filed herewith as Exhibit 99.1 and incorporated in this Item 5 by this reference. Item 7. Financial Statements and Exhibits --------------------------------- (c) 99.1 - Press Release dated July 18, 2001. 99.2 - Combined Quarterly Statements of Income, is presented for information purposes for fiscal years 2000 and 2001. Item 9. Regulation FD Disclosure ------------------------ In order to summarize and expand our expectation on results of operations for fiscal 2002, the following information is provided in accordance with the SEC's Regulation FD: For the fiscal year ended May 31, 2001 2002 Normalized Expected Results Results ------- ------- Revenue (in millions) $350.3 $ 455 to $ 462 Basic Earnings Per Share $ 1.08 $ 1.24 to $ 1.29 Diluted Earnings Per Share $ 1.06 $ 1.19 to $ 1.24 Impact of SFAS 142 included in the Expected Results $ - $ 0.10 For the first quarter ended August 31, 2001 2002 Normalized Expected Results Results ------- ------- Revenue (in millions) $ 85.2 $ 111 to $114 Basic Earnings Per Share $ 0.32 $ 0.33 to $0.35 Diluted Earnings Per Share $ 0.31 $ 0.32 to $0.34 Impact of SFAS 142 included in the Expected Results $ - $ 0.02 Forward-Looking Information When used in this Current Report on Form 8-K and elsewhere by management of Global Payments Inc. ("Global Payments" or the "Company"), from time to time, the words "believes," "anticipates," "expects," "intends," "plans" and similar expressions and statements that are necessarily dependent on future events are intended to identify forward-looking statements concerning the Company's business operations, economic performance and financial condition, including in particular, the Company's business strategy and means to implement the strategy, the Company's objectives, the amount of future capital expenditures, the likelihood of the Company's success in developing and introducing new products and expanding its business, and the timing of the introduction of new and modified products or services. For such statements, the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 is applicable and invoked. Such statements are based on a number of assumptions, estimates, projections or plans that are inherently subject to significant risks, uncertainties and contingencies that are subject to change. Actual revenues, revenue growth and margins will be dependent upon all such factors and their results subject to risks related to the implementation of changes by the Company, the failure to implement changes, and customer acceptance of such changes or lack of change. Actual results of events could differ materially from those anticipated in the Company's forward- looking statements, as a result of a variety of factors, including: (a) those set forth in Risk Factors in the Company's Information Statement included in the Registration Statement on Form 10 which are incorporated herein by this reference; (b) those set forth elsewhere herein; (c) those set forth from time to time in the Company's press releases and reports and other filings made with the Securities and Exchange Commission; and (d) those set forth from time to time in the Company's analyst calls and discussions. The Company cautions that such factors are not exclusive. Consequently, all of the forward-looking statements made herein are qualified by these cautionary statements and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update forward looking or other statements or to publicly release the results of any revisions of such forward-looking statements that may be made to reflect events or circumstances after the date hereof, or thereof, as the case may be, or to reflect the occurrence of unanticipated events. SIGNATURES ---------- 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 hereunto duly authorized. GLOBAL PAYMENTS INC. -------------------- (Registrant) By: /s/ James G. Kelly ------------------- James G. Kelly Chief Financial Officer (Principal Financial Officer and Chief Accounting Officer) Date: July 18, 2001 EX-99.1 2 dex991.txt PRESS RELEASE DATED JULY 18, 2001 EXHIBIT 99.1 For Immediate Release Contact: Betty Feezor 404-728-3204 Voice 404-728-3417 Fax investor.relations@globalpay.com -------------------------------- GLOBAL PAYMENTS ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS FOR FISCAL 2001 ATLANTA, July 18, 2001 --- Global Payments Inc. (NYSE: GPN) today announced results for the fourth quarter and fiscal year ended May 31, 2001. These results are stated on a normalized basis, which excludes the impact of divested businesses and other non-recurring items, and includes certain pro forma costs assuming its spin off from National Data Corporation occurred on June 1, 1999. For the fourth quarter, normalized revenue grew by 25% to $102.7 million, net income was $8.7 million, and diluted earnings per share was $0.25. These results compare to prior year same period normalized revenue of $81.9 million, net income of $6.6 million, and diluted earnings per share of $0.25. For the fiscal year, normalized revenue grew by 7% to $350.3 million, net income was $30.9 million, and diluted earnings per share was $1.06. These results compare to prior year normalized revenue of $327.2 million, net income of $30.2 million, and diluted earnings per share of $1.13. The year-over-year normalized results reflect 8% revenue growth from the Merchant Services channel offset by declines in the Funds Transfer channel. Global continues to be a strong generator of cash, with normalized EBITDA of $82.5 million for the year. For the fiscal year on a GAAP reported basis, revenue was $353.2 million, net income was $23.7 million, and diluted earnings per share was $0.81. GAAP results for the fourth quarter of fiscal 2001 include a restructuring charge of $4.9 million relating to facilities consolidation and severance ($2.2 million of which is non-cash), a non-recurring reserve of $3.0 million involving a change in operating guidelines concerning aged chargebacks in our merchant settlement function, as well as a non-operating, non-cash loss of $5.0 million on the write down of Global's sole Internet-related investment. Global also issued 9.8 million shares of common stock to Commerce Imperial Bank of Canada in the fourth quarter in conjunction with its acquisition of CIBC's merchant acquiring business, resulting in a significant increase to shares outstanding. In commenting on the results, Paul R. Garcia, chief executive officer, said, "We have completed the most significant year in our thirty-four year history. We became an independently traded public company through the spin off from National Data Corporation. We have revamped our direct sales force, consolidated operations, expanded our ISO sales channel, and invested in our core infrastructure. "Additionally, we have significantly expanded our North American market presence through our acquisition of CIBC's VISA portfolio, which closed in March, and our pending acquisition of National Bank of Canada's MasterCard portfolio, planned to close this fall. Upon the completion of these acquisitions, we will become the largest publicly-traded, independent MasterCard and VISA acquirer in Canada with the capability to provide Canadian businesses one source for all of their VISA, MasterCard, debit, and other payment processing requirements. We also broadened our market penetration in the western United States through our acquisition of Imperial Bank's merchant portfolio. "We are well positioned for growth in fiscal 2002. We expect to achieve fiscal 2002 revenue of $455 to $462 million, reflecting growth of 30% to 32% over fiscal 2001 normalized results of $350.3 million. Our revenue growth will be driven by continued domestic and Canadian expansion in our Direct merchant acquiring channel. We expect to achieve fiscal 2002 basic earnings per share of $1.24 to $1.29, reflecting growth of 15% to 19% over fiscal 2001 normalized results of $1.08. On a diluted basis, we expect earnings per share of $1.19 to $1.24. These estimates include a $0.10 favorable impact expected to result from adoption of SFAS 142, "Goodwill and Other Intangible Assets", which no longer requires amortization of goodwill. "We believe that our expectation of 15% to 19% basic earnings per share growth reflects a significant improvement over our normalized basic earnings per share decline of 4% during fiscal 2001. Further, we expect continued growth in fiscal 2003, as we benefit from the integration of our recent acquisitions and continue to build momentum in our existing lines of business." Global Payments Inc. is a leading provider of electronic transaction processing services to merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies and multi-national corporations located throughout the United States, Canada and the United Kingdom. Global Payments offers a comprehensive line of payment solutions, including credit and debit cards, business-to-business purchasing cards, gift cards, check guarantee, check verification and recovery, terminal management and funds transfer services. ### This document may contain forward-looking statements concerning the Company's operations, current and future performance and financial condition. These items involve risks and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, development difficulties, the ability to consummate and integrate acquisitions, and other risks detailed in the Company's SEC filings, including the most recent Form 10. The Company undertakes no obligation to revise any of these statements to reflect future circumstances or the occurrence of unanticipated events. Normalized CONSOLIDATED STATEMENTS OF INCOME GLOBAL PAYMENTS INC. AND SUBSIDIARIES (In thousands, except per share data) - --------------------------------------------------------------------------------
Three Months Ended May 31, ----------------------------------------------- 2001 2000 --------------------- ------------------------ Revenues $ 102,699 $ 81,914 - ------------------------------------------------------------------------------------------------------------------------------------ Operating expenses: Cost of service 55,655 43,339 Sales, general and administrative 30,639 24,886 ----------------------------------------------- 86,294 68,225 ----------------------------------------------- Operating income 16,405 13,689 - ------------------------------------------------------------------------------------------------------------------------------------ Other income (expense): Interest and other income 549 (361) Interest and other expense (1,356) (1,473) Minority interest (1,475) (1,092) ----------------------------------------------- (2,282) (2,926) ----------------------------------------------- Income before income taxes 14,123 10,763 Provision for income taxes 5,437 4,149 - ------------------------------------------------------------------------------------------------------------------------------------ Net income $ 8,686 $ 6,614 =============================================== Basic earnings per share $ 0.25 $ 0.25 =============================================== Weighted average basic shares outstanding 34,339 26,204 =============================================== Diluted earnings per share ** $ 0.25 $ 0.25 =============================================== Weighted average diluted shares outstanding ** 35,224 26,384 ================================================
** -Diluted share and per share information is on a pro forma basis for fiscal 2000. Press Release Page 4 Normalized CONSOLIDATED STATEMENTS OF INCOME GLOBAL PAYMENTS INC. AND SUBSIDIARIES (In thousands, except per share data) - --------------------------------------------------------------------------------
Year Ended May 31, ---------------------------- 2001 2000 ----------- -------------- Revenues $ 350,315 $ 327,183 - -------------------------------------------------------------------------------- Operating expenses: Cost of service 187,121 174,038 Sales, general and administrative 102,480 93,985 ---------------------------- 289,601 268,023 ---------------------------- Operating income 60,714 59,160 - -------------------------------------------------------------------------------- Other income (expense): Interest and other income 2,039 796 Interest and other expense (6,999) (6,752) Minority interest (5,430) (4,117) ---------------------------- (10,390) (10,073) ---------------------------- Income before income taxes 50,324 49,087 Provision for income taxes 19,375 18,921 - -------------------------------------------------------------------------------- Net income $ 30,949 $ 30,166 ============================ Basic earnings per share $ 1.08 $ 1.13 ============================ Weighted average basic shares outstanding 28,616 26,586 ============================ Diluted earnings per share ** $ 1.06 $ 1.13 ============================ Weighted average diluted shares outstanding ** 29,134 26,793 ============================
** -Diluted share and per share information is on a pro forma basis. Press Release Page 5 Combined Statement of Income GLOBAL PAYMENTS INC. (in thousands) ================================================================================
Fourth Quarter Ending May 31, 2001 2000 ---------------------------------------------- --------------- Normalized One-Time GAAP GAAP ---------------------------------------------- --------------- Revenue $ 102,699 $ - $ 102,699 $ $ 84,204 Operating expenses: Cost of service 55,655 2,996 58,651 45,025 Sales, general and administrative 30,639 - 30,639 25,201 Restructuring and other - 4,882 4,882 - ---------------------------------------------- --------------- 86,294 7,878 94,172 70,226 ---------------------------------------------- --------------- Operating income 16,405 (7,878) 8,527 13,978 EBITDA 23,354 (7,878) 15,476 19,123 Other income/(expense) Interest and other income 549 - 549 (361) Non-cash loss on investment - (5,000) (5,000) - Interest and other expense (1,356) - (1,356) (1,314) Minority interest in earnings (1,475) - (1,475) (1,092) ---------------------------------------------- --------------- (2,282) (5,000) (7,282) (2,767) ---------------------------------------------- --------------- Income before income taxes 14,123 (12,878) 1,245 11,211 Income Taxes 5,437 (4,958) 479 4,321 ---------------------------------------------- --------------- Net Income 8,686 (7,920) 766 6,890 ============================================== =============== Basic Shares 34,339 - 34,339 26,204 Basic Earnings per Share $ 0.25 $ (0.23) $ 0.02 $ 0.26 ============================================== =============== Pro Forma Diluted Shares 35,224 - 35,224 26,384 Pro Forma Diluted Earnings per Share $ 0.25 $ (0.23) $ 0.02 $ 0.26 ============================================== ===============
Press Release Page 6 Combined Statement of Income GLOBAL PAYMENTS INC. (in thousands) - --------------------------------------------------------------------------------
Fiscal Year Ending May 31, 2001 2000 ---------------------------------------------- --------------- Normalized One-Time GAAP GAAP ---------------------------------------------- --------------- Revenue $ 350,315 $ 2,880 $ 353,195 $ 340,033 Operating expenses: Cost of service 187,121 5,268 192,389 181,479 Sales, general and administrative 102,480 398 102,878 95,342 Restructuring and other - 4,882 4,882 - ---------------------------------------------- --------------- 289,601 10,548 300,149 276,821 ---------------------------------------------- --------------- Operating income 60,714 (7,668) 53,046 63,212 EBITDA 82,469 (7,667) 74,802 83,240 Other income/(expense) Interest and other income 2,039 - 2,039 796 Non-cash loss on investment - (5,000) (5,000) - Interest and other expense (6,999) 828 (6,171) (6,119) Minority interest in earnings (5,430) - (5,430) (4,117) ---------------------------------------------- --------------- (10,390) (4,172) (14,562) (9,440) ---------------------------------------------- --------------- Income before income taxes 50,324 (11,840) 38,484 53,772 Income Taxes 19,375 (4,559) 14,816 20,725 ---------------------------------------------- --------------- Net Income 30,949 (7,281) 23,668 33,047 ---------------------------------------------- --------------- Basic Shares 28,616 - 28,616 26,586 Basic Earnings per Share $ 1.08 $ (0.25) $ 0.83 $ 1.24 ---------------------------------------------- --------------- Pro Forma Diluted Shares 29,134 - 29,134 26,793 Pro Forma Diluted Earnings per Share $ 1.06 $ (0.25) $ 0.81 $ 1.23 ---------------------------------------------- ---------------
Press Release Page 7 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands) - -------------------------------------------------------------------------------------------------------------- Twelve Months Ended May 31, ----------------------------------- 2001 2000 -------------- -------------- Cash flows from operating activities: Net income $ 23,668 $ 33,047 Non-cash items Depreciation and amortization 21,756 20,028 Restructuring and other 2,198 - Non-cash loss on investment 5,000 - Provision for losses 6,586 1,019 Deferred income taxes (3,694) 1,786 Minority interest in earnings 5,430 4,117 Other, net (346) 1,500 Changes in working capital, which provided (used) cash Merchant processing 7,562 (22,280) Other, net 10,454 2,079 -------------- -------------- Net cash provided by operating activities 78,614 41,296 -------------- -------------- Cash flows from investing activities: Capital expenditures (13,601) (6,002) Net business development activities (19,848) (5,000) -------------- -------------- Net cash used by investing activities (33,449) (11,002) -------------- -------------- Cash flows from financing activities: Net borrowings on line of credit 73,000 - Net repayments to NDC (106,197) (15,050) Principal payments under capital leases and other notes (3,144) (9,457) Net stock issued to employees under stock plans and dividends (1,157) - Distributions to minority interests (4,330) (4,377) -------------- -------------- Net cash used in financing activities (41,828) (28,884) -------------- -------------- Increase in cash and cash equivalents 3,337 1,410 Cash and cash equivalents, beginning of period 2,766 1,356 -------------- -------------- Cash and cash equivalents, end of period $ 6,103 $ 2,766 ============== ==============
Press Release Page 8 CONSOLIDATED CONDENSED BALANCE SHEETS GLOBAL PAYMENTS INC. AND SUBSIDIARIES
(In thousands) - --------------------------------------------------------------------------------------------------- May 31, May 31, 2001 2000 ------------- ------------- Assets - ------ Cash and cash equivalents $ 6,103 $ 2,766 Accounts receivable, net 39,605 34,229 Merchant processing receivable 77,736 32,213 Other current assets 14,338 11,017 ------------- ------------- Current assets 137,782 80,225 Property and equipment, net 44,336 28,665 Intangible assets, net 277,375 173,726 Other assets 395 5,330 ------------- ------------- Total assets $ 459,888 $ 287,946 ============= ============= Liabilities & Shareholders' Equity - ---------------------------------- Line of credit $ 73,000 $ - Due to NDC - 96,125 Merchant processing payable 10,113 11,880 Accounts payable and other accrued liabilities 47,916 26,748 Obligations under capital leases 2,739 2,900 ------------- ------------- Current liabilities 133,768 137,653 Obligations under capital leases 1,974 4,332 Other accrued liabilities 14,272 7,694 ------------- ------------- Total liabilities 150,014 149,679 ------------- ------------- Minority interest in equity of subsidiaries 38,852 18,472 Shareholders' equity 271,022 119,795 ------------- ------------- Total liabilities & shareholders' equity $ 459,888 $ 287,946 ============= =============
Press Release Page 9 EX-99.2 3 dex992.txt COMBINED QUARTERLY STATEMENTS OF INCOME Exhibit 99.2 Combined Statement of Income GLOBAL PAYMENTS INC. (in thousands) ================================================================================
FY 00 ACTUAL FY 00 NORMALIZED ----------------------------------------------- -------------------------------------------- Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Year Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Year ----------------------------------------------- -------------------------------------------- Revenue Merchant Services $84,202 $78,835 $76,324 $78,901 $318,262 $78,662 $76,556 $74,479 $76,830 $306,527 Funds Transfer 5,626 5,339 5,503 5,303 21,771 5,335 5,100 5,137 5,084 20,656 ----------------------------------------------- --------------------------------------------- 89,828 84,174 81,827 84,204 340,033 83,997 81,656 79,616 81,914 327,183 Operating expenses: Cost of service 46,022 45,891 44,541 45,025 181,479 43,808 43,898 42,993 43,339 174,038 Sales, general and administrative 23,267 23,008 23,866 25,201 95,342 22,962 22,517 23,620 24,886 93,985 ----------------------------------------------- --------------------------------------------- 69,289 68,899 68,407 70,226 276,821 66,770 66,415 66,613 68,225 268,023 ----------------------------------------------- --------------------------------------------- Operating income 20,539 15,275 13,420 13,978 63,212 17,227 15,241 13,003 13,689 59,160 EBITDA 25,668 20,375 18,074 19,123 83,240 22,356 20,341 17,657 18,834 79,188 Other income/(expense) Interest and other income 283 361 513 (361) 796 283 361 513 (361) 796 Interest and other expense (1,522) (1,657) (1,626) (1,314) (6,119) (1,680) (1,815) (1,784) (1,473) (6,752) Minority interest in earnings (1,071) (923) (1,031) (1,092) (4,117) (1,071) (923) (1,031) (1,092) (4,117) ----------------------------------------------- --------------------------------------------- (2,310) (2,219) (2,144) (2,767) (9,440) (2,468) (2,377) (2,302) (2,926) (10,073) ----------------------------------------------- --------------------------------------------- Income before income taxes 18,229 13,056 11,276 11,211 53,772 14,759 12,864 10,701 10,763 49,087 Income Taxes 7,025 5,033 4,346 4,321 20,725 5,688 4,958 4,126 4,149 18,921 ----------------------------------------------- --------------------------------------------- Net Income 11,204 8,023 6,930 6,890 33,047 9,071 7,906 6,575 6,614 30,166 =============================================== ============================================= Basic Shares 27,101 26,701 26,336 26,204 26,586 27,101 26,701 26,336 26,204 26,586 Basic Earnings per Share $ 0.41 $ 0.30 $ 0.26 $ 0.26 $ 1.24 $ 0.33 $ 0.30 $ 0.25 $ 0.25 $ 1.13 =============================================== ============================================= Pro Forma Diluted Shares 27,348 26,878 26,561 26,384 26,793 27,348 26,878 26,561 26,384 26,793 Pro Forma Diluted Earnings per Share $ 0.41 $ 0.30 $ 0.26 $ 0.26 $ 1.23 $ 0.33 $ 0.29 $ 0.25 $ 0.25 $ 1.13 =============================================== =============================================
Combined Statement of Income GLOBAL PAYMENTS INC. (in thousands) - --------------------------------------------------------------------------------
FY 01 ACTUAL FY 01 NORMALIZED ----------------------------------------------- -------------------------------------------- Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Year Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Year ----------------------------------------------- -------------------------------------------- Revenue Merchant Services $82,076 $77,752 $76,745 $ 98,406 $334,979 $80,053 $76,895 $76,745 $ 98,406 $332,099 Funds Transfer 5,115 4,879 3,929 4,293 18,216 5,115 4,879 3,929 4,293 18,216 ----------------------------------------------- --------------------------------------------- 87,191 82,631 80,674 102,699 353,195 85,168 81,774 80,674 102,699 350,315 Operating expenses: Cost of service 45,881 43,250 44,607 58,651 192,389 44,296 42,563 44,607 55,655 187,121 Sales, general and administrative 24,729 23,409 24,101 30,639 102,878 24,502 23,238 24,101 30,639 102,480 Restructuring and other - - - 4,882 4,882 - - - - - ----------------------------------------------- --------------------------------------------- 70,610 66,659 68,708 94,172 300,149 68,798 65,801 68,708 86,294 289,601 ----------------------------------------------- --------------------------------------------- Operating income 16,581 15,972 11,966 8,527 53,046 16,370 15,973 11,966 16,405 60,714 EBITDA 21,497 20,871 16,958 15,476 74,802 21,285 20,872 16,958 23,354 82,469 Other income/(expense) Interest and other income 700 530 260 549 2,039 700 530 260 549 2,039 Non-cash loss on investment - - - (5,000) (5,000) - - - - - Interest and other expense (1,791) (1,599) (1,425) (1,356) (6,171) (2,205) (2,013) (1,425) (1,356) (6,999) Minority interest in earnings (1,427) (1,233) (1,295) (1,475) (5,430) (1,427 (1,233) (1,295) (1,475) (5,430) ----------------------------------------------- --------------------------------------------- (2,518) (2,302) (2,460) (7,282) (14,562) (2,932) (2,716) (2,460) (2,282) (10,390) ----------------------------------------------- --------------------------------------------- Income before income taxes 14,063 13,670 9,506 1,245 38,484 13,438 13,257 9,506 14,123 50,324 Income Taxes 5,414 5,263 3,660 479 14,816 5,174 5,104 3,660 5,437 19,375 ----------------------------------------------- --------------------------------------------- Net Income 8,649 8,407 5,846 766 23,668 8,264 8,153 5,846 8,686 30,949 =============================================== ============================================= Basic Shares 26,222 26,311 26,475 34,339 28,616 26,222 26,311 26,475 34,339 28,616 Basic Earnings per Share $ 0.33 $ 0.32 $ 0.22 $ 0.02 $ 0.83 $ 0.32 $ 0.31 $ 0.22 $ 0.25 $ 1.08 =============================================== ============================================= Pro Forma Diluted Shares 26,403 26,716 27,080 35,224 29,134 26,403 26,716 27,080 35,224 29,134 Pro Forma Diluted Earnings per Share $ 0.33 $ 0.31 $ 0.22 $ 0.02 $ 0.81 $ 0.31 $ 0.31 $ 0.22 $ 0.25 $ 1.06 =============================================== =============================================
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