UNITED STATES
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)
May 6, 2015
NEWPORT CORPORATION
(Exact name of registrant as specified in its charter)
Nevada |
|
000-01649 |
|
94-0849175 |
(State or other jurisdiction of incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
1791 Deere Avenue, Irvine, California |
|
92606 |
(Address of principal executive offices) |
|
(Zip Code) |
(949) 863-3144
(Registrants telephone number, including area code)
Not Applicable
(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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o 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 May 6, 2015, Newport Corporation (the Company) announced its financial results for the first quarter ended April 4, 2015, as well as its financial outlook for the second quarter and full year of 2015. The press release issued by the Company in connection with the announcement is attached to this report as Exhibit 99.1.
This information shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as may be set forth by specific reference in such a filing.
Use of Non-GAAP Financial Measures
In the press release attached to this report as Exhibit 99.1, the Company has supplemented certain of its financial measures prepared in accordance with accounting principles generally accepted in the United States (GAAP) with non-GAAP financial measures. These non-GAAP financial measures and the reasons for their inclusion, as well as the limitations on the usefulness of such information to an investor, are described below.
The Company has provided non-GAAP measures of (1) gross profit, (2) operating income, (3) net income attributable to Newport Corporation, and (4) net income per diluted share attributable to Newport Corporation, for the three months ended April 4, 2015 and March 29, 2014, which exclude a number of items that management considers to be outside of the Companys core operating results. A table detailing the items excluded from the non-GAAP measures and reconciling such non-GAAP results with the Companys GAAP results is included following the consolidated statements of income and comprehensive income that are a part of the press release.
In the press release, the Company has also provided qualitative guidance concerning its expected non-GAAP net income for the full year of 2015 and its expected non-GAAP operating income and non-GAAP earnings per diluted share for the second quarter of 2015. As of May 6, 2015, the Company is unable to quantify the impact of the items expected to be excluded from such non-GAAP results.
The Company has provided this non-GAAP information in addition to its GAAP results and guidance with the intent of providing both management and investors with an enhanced understanding of the Companys core operating results and performance trends, and with additional measures that the Company believes are useful for comparing the Companys results with its historical and future financial results, as well as with the results of other companies that may report non-GAAP measures that exclude similar items. The Company believes that the items excluded from these non-GAAP measures generally do not reflect the ongoing operating performance of the Companys business. In addition, these adjusted non-GAAP measures are among the primary indicators that management uses as a basis for its planning and forecasting and may also be used by management for other purposes including its evaluation of performance to determine the achievement of goals under the Companys incentive plans.
However, the presentation of this additional information is not meant to be considered in isolation or as a substitute for the Companys financial measures prepared in accordance with GAAP. These non-GAAP measures exclude items that may have a material impact on the Companys operating results calculated in accordance with GAAP, which impact is included in the Companys GAAP financial statements. Although the Company believes it is useful for investors to view the Companys core operating results in the absence of the excluded items, certain of these excluded items represent actual expenses that impact the cash available to the Company for other uses. To gain a comprehensive understanding of all impacts on the Companys income from any and all events, management also relies upon the Companys GAAP financial statements, and investors should as well. Further, the Company notes that non-GAAP measures may be defined and calculated differently among companies, or from period to period by the same company, which may limit the usefulness of the non-GAAP information to an investor.
The Company expects to incur stock-based compensation expense, amortization of intangible assets, and acquisition-related, restructuring and severance costs in future periods, and may also incur other items, such as significant gains or losses from contingencies. Additionally, the Company may be impacted by significant tax matters in future periods. The Company may present non-GAAP financial measures for such future periods that exclude any or all of the foregoing items, if it believes that doing so is consistent with the goal of providing useful information to investors and management.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
|
Description |
99.1 |
|
Press Release dated May 6, 2015 (furnished pursuant to Item 2.02 and not deemed filed). |
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.
May 6, 2015 |
NEWPORT CORPORATION | |
|
| |
|
| |
|
By: |
/s/ Jeffrey B. Coyne |
|
|
Jeffrey B. Coyne |
|
|
Senior Vice President, General Counsel and |
|
|
Corporate Secretary |
Exhibit 99.1
Press Release
Contact:
Charles F. Cargile, 949/863-3144
Newport Corporation, Irvine, CA
investor@newport.com
or
Christopher Harrison, 212/896-1267
KCSA Strategic Communications
newport@kcsa.com
NEWPORT CORPORATION REPORTS
FIRST QUARTER 2015 RESULTS
Irvine, California May 6, 2015 Newport Corporation (NASDAQ: NEWP) today reported financial results for its first quarter ended April 4, 2015, and its outlook for the second quarter and full year of 2015. The company noted the following regarding the first quarter results:
· Net sales of $156.7 million and new orders of $154.6 million;
· Net income of $8.7 million, or $0.21 per diluted share, when measured according to generally accepted accounting principles (GAAP);
· Non-GAAP net income of $14.6 million, or $0.36 per diluted share, excluding the amortization of intangible assets, stock-based compensation expense, acquisition-related, restructuring and severance costs, losses on disposals of assets and the tax impact of the excluded amounts; and
· Repurchases of approximately 300,000 shares of common stock for approximately $6.0 million during the quarter.
Newports sales and orders by end market were as follows:
|
|
|
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Percentage |
|
Percentage |
| |||||||
|
|
Three Months Ended |
|
Change vs. |
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Change vs. |
| |||||||
|
|
April 4, |
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January 3, |
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March 29, |
|
Prior |
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Prior Year |
| |||
(In thousands, except percentages, unaudited) |
|
2015 |
|
2015 |
|
2014 |
|
Quarter |
|
Period |
| |||
Sales by End Market |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Scientific research |
|
$ |
35,365 |
|
$ |
34,780 |
|
$ |
31,881 |
|
1.7 |
% |
10.9 |
% |
Microelectronics |
|
39,877 |
|
41,612 |
|
33,953 |
|
-4.2 |
% |
17.4 |
% | |||
Life and health sciences |
|
32,586 |
|
34,038 |
|
34,262 |
|
-4.3 |
% |
-4.9 |
% | |||
Defense and security |
|
14,398 |
|
14,310 |
|
11,577 |
|
0.6 |
% |
24.4 |
% | |||
Industrial manufacturing and other |
|
34,429 |
|
33,989 |
|
35,217 |
|
1.3 |
% |
-2.2 |
% | |||
Total |
|
$ |
156,655 |
|
$ |
158,729 |
|
$ |
146,890 |
|
-1.3 |
% |
6.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Orders by End Market |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Scientific research |
|
$ |
34,534 |
|
$ |
40,772 |
|
$ |
28,255 |
|
-15.3 |
% |
22.2 |
% |
Microelectronics |
|
36,193 |
|
44,782 |
|
42,579 |
|
-19.2 |
% |
-15.0 |
% | |||
Life and health sciences |
|
30,374 |
|
51,738 |
|
29,662 |
|
-41.3 |
% |
2.4 |
% | |||
Defense and security |
|
15,186 |
|
18,821 |
|
11,325 |
|
-19.3 |
% |
34.1 |
% | |||
Industrial manufacturing and other |
|
38,338 |
|
36,207 |
|
35,463 |
|
5.9 |
% |
8.1 |
% | |||
Total |
|
$ |
154,625 |
|
$ |
192,320 |
|
$ |
147,284 |
|
-19.6 |
% |
5.0 |
% |
Note: Newports fiscal quarter ended January 3, 2015 was comprised of 14 weeks, whereas its fiscal quarters ended April 4, 2015 and March 29, 2014 were each comprised of 13 weeks.
Commenting on the results, Robert J. Phillippy, Newports President and Chief Executive Officer, stated, The Newport team is off to a strong start in 2015. Our first quarter sales and new orders increased 6.6% and 5.0%, respectively, compared with the prior year first quarter, despite the unfavorable impact of foreign exchange rates. More importantly, we continued to leverage this sales growth into higher profit levels. On a non-GAAP basis, our operating income of $21.9 million increased 22.1%, and our earnings per diluted share of $0.36 increased 24.1%, compared with the prior year first quarter. We believe that our strong performance is the direct result of effective execution in our business and the increasing contributions of our strategic growth initiatives.
Operating Income and Net Income
Newport reported operating income for the first quarter of 2015 of $13.6 million, or 8.7% of net sales, when calculated in accordance with GAAP. On a non-GAAP basis, excluding the amortization of intangible assets, stock-based compensation expense, acquisition-related, restructuring and severance costs and losses on disposals of assets, the companys operating income for the first quarter of 2015 was $21.9 million, or 13.9% of net sales.
On a GAAP basis, the company reported net income for the first quarter of 2015 of $8.7 million, or $0.21 per diluted share. On a non-GAAP basis, excluding the items referenced above and the tax impact of such excluded amounts, the companys net income for the first quarter of 2015 was $14.6 million, or $0.36 per diluted share.
The company has provided a reconciliation of its gross profit, operating income, net income and net income per diluted share calculated in accordance with GAAP and on a non-GAAP basis following the statements of income and comprehensive income included in this release. Management believes that the supplemental presentation of non-GAAP financial information provides insight into the companys core business results, as well as a useful resource for comparison of its financial results between periods.
Liquidity and Share Repurchase Program
As of April 4, 2015, the company had a total of $32.7 million in cash, cash equivalents, restricted cash and marketable securities, total indebtedness of $81.6 million and $166.3 million of borrowing capacity available on its revolving credit facility. In the first quarter of 2015, Newport generated $5.1 million in cash from operations.
Mr. Phillippy stated, Our prudent allocation of capital enables us to strengthen our operating and financial position while enhancing value for our shareholders through accretive acquisitions and share repurchases. During the first quarter, we paid $8.4 million, net of adjustments and cash received, to acquire FEMTOLASERS Produktions GmbH, a leading developer and manufacturer of advanced ultrafast lasers headquartered in Vienna, Austria, and we used approximately $6.0 million to repurchase Newport shares. Since the third quarter of 2014, we have used $16.3 million to repurchase approximately 870,000 shares at an average price of $18.73, representing more than 2% of Newports outstanding shares. The company noted that approximately 3.0 million shares remain available for repurchase under the program previously authorized by the companys board of directors, and the company expects to continue to repurchase shares for the foreseeable future. The amount and timing of future repurchases will depend on factors such as the companys share price level, its other capital requirements and the terms of the companys credit facility.
Acquisitions
On February 11, 2015, Newport completed its acquisition of FEMTOLASERS, adding to the companys significant expertise and intellectual property position in advanced ultrafast laser systems. Newport expects FEMTOLASERS to contribute approximately $5 million to $8 million in sales during the remainder of 2015, and expects the acquisition to be accretive to the companys earnings in the next 12 months. FEMTOLASERS results were immaterial to Newports first quarter 2015 income statement.
Financial Outlook
Commenting on Newports full year outlook, Mr. Phillippy said, We are encouraged by our first quarter performance, and expect to have record sales and non-GAAP net income again in 2015. Our business and the end markets we serve are well balanced, and although conditions in these markets vary, we are confident that Newports overall trajectory is very positive. We will continue to efficiently allocate our capital to increase our earnings per share through accretive, strategic acquisitions, share buybacks and debt reductions.
Commenting specifically on the second quarter of 2015, Mr. Phillippy added, In the second quarter, we expect our sales to increase year-over-year once again, despite the anticipated unfavorable impact of foreign exchange rates, to between $154 million and $161 million, and we expect to again achieve year-over-year increases in non-GAAP operating income and non-GAAP earnings per diluted share.
ABOUT NEWPORT CORPORATION
Newport Corporation is a leading global supplier of advanced-technology products and systems to customers in the scientific research, microelectronics, life and health sciences, industrial manufacturing and defense/security markets. Newports innovative solutions leverage its expertise in advanced technologies, including lasers, photonics and precision motion equipment, and optical components and sub-systems, to enhance the capabilities and productivity of its customers manufacturing, engineering and research applications. Newport is part of the Standard & Poors SmallCap 600 Index and the Russell 2000 Index.
Learn more about Newport at www.newport.com and follow the company on Twitter, YouTube and Facebook. To download Newports investor relations app, which offers access to its SEC filings, press releases, videos, audiocasts and more, please visit Apples App Store for the iPhone and iPad or Google Play for Android mobile devices.
INVESTOR CONFERENCE CALL
Robert J. Phillippy, President and Chief Executive Officer, and Charles F. Cargile, Senior Vice President, Chief Financial Officer and Treasurer, will host an investor conference call today, May 6, 2015, at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to review the companys results for the first quarter of 2015 and its business outlook for the second quarter and remainder of 2015. The call will be open to all interested investors through a live audio web broadcast via the Internet at www.newport.com/investors. The call also will be available to investors and analysts by dialing 877-375-4189 within the U.S. and Canada or 973-935-2046 from abroad.
The webcast will be archived on the Newport website and can be reached through the same link. An archived webcast will also be available on Newports investor relations app. A telephonic playback of the conference call will be available by calling 855-859-2056 within the U.S. and Canada and 404-537-3406 from abroad. Playback will be available beginning at 8:00 p.m. Eastern time on Wednesday, May 6, 2015, and continue through 11:59 p.m. Eastern time on Wednesday, May 13, 2015. The replay passcode is 22767580.
SAFE HARBOR STATEMENT
This news release contains forward-looking statements, including without limitation statements regarding the companys expectation of continuing to repurchase shares for the foreseeable future; the expected future sales and earnings accretion of FEMTOLASERS; the companys expectation of achieving record sales and non-GAAP net income in 2015; the companys confidence in its overall very positive trajectory and its expectation that it will continue to grow its earnings per diluted share via accretive, strategic acquisitions, share buybacks and debt reductions; and the companys expected sales, non-GAAP operating income and non-GAAP earnings per diluted share in the second quarter of 2015. Without limiting the generality of the foregoing, words such as may, will, expect, believe, anticipate, intend, could, estimate or continue or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Assumptions relating to the foregoing involve judgments and risks with respect to, among other things, the strength of business conditions in the industries Newport serves, particularly the semiconductor and defense and security industries; Newports ability to achieve the expected benefits from the integration of acquired businesses; Newports ability to successfully penetrate and increase sales to its targeted end markets; the levels of private and governmental research funding worldwide; potential order cancellations and push-outs; future economic, competitive and market conditions, including those in Europe and Asia and those related to its strategic markets; whether its products will continue to achieve customer acceptance; and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Newport. Certain of these
judgments and risks are discussed in more detail in Newports periodic reports filed with the Securities and Exchange Commission. Although Newport believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by Newport or any other person that Newports objectives or plans will be achieved. Newport undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
###
Newport Corporation
Consolidated Statements of Income and Comprehensive Income
(Unaudited)
|
|
Three Months Ended |
| ||||
|
|
April 4, |
|
March 29, |
| ||
(In thousands, except per share amounts) |
|
2015 |
|
2014 |
| ||
|
|
|
|
|
| ||
Net sales |
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$ |
156,655 |
|
$ |
146,890 |
|
Cost of sales |
|
86,374 |
|
81,431 |
| ||
Gross profit |
|
70,281 |
|
65,459 |
| ||
|
|
|
|
|
| ||
Selling, general and administrative expenses |
|
40,609 |
|
39,206 |
| ||
Research and development expense |
|
14,955 |
|
14,138 |
| ||
Loss (gain) on sale or other disposal of assets, net |
|
1,088 |
|
(411 |
) | ||
Operating income |
|
13,629 |
|
12,526 |
| ||
|
|
|
|
|
| ||
Interest and other expense, net |
|
(903 |
) |
(976 |
) | ||
Income before income taxes |
|
12,726 |
|
11,550 |
| ||
|
|
|
|
|
| ||
Income tax provision |
|
4,062 |
|
3,609 |
| ||
Net income |
|
8,664 |
|
7,941 |
| ||
Net income attributable to non-controlling interests |
|
|
|
55 |
| ||
Net income attributable to Newport Corporation |
|
$ |
8,664 |
|
$ |
7,886 |
|
|
|
|
|
|
| ||
Net income |
|
$ |
8,664 |
|
$ |
7,941 |
|
Other comprehensive income (loss): |
|
|
|
|
| ||
Foreign currency translation (losses) gains |
|
(6,211 |
) |
461 |
| ||
Unrecognized net pension gains |
|
470 |
|
43 |
| ||
Unrealized (losses) gains on investments and marketable securities |
|
(108 |
) |
20 |
| ||
Other comprehensive income (loss) |
|
(5,849 |
) |
524 |
| ||
Comprehensive income |
|
$ |
2,815 |
|
$ |
8,465 |
|
|
|
|
|
|
| ||
Comprehensive income attributable to non-controlling interests |
|
$ |
|
|
$ |
69 |
|
Comprehensive income attributable to Newport Corporation |
|
2,815 |
|
8,396 |
| ||
Comprehensive income |
|
$ |
2,815 |
|
$ |
8,465 |
|
|
|
|
|
|
| ||
Net income per share attributable to Newport Corporation: |
|
|
|
|
| ||
Basic |
|
$ |
0.22 |
|
$ |
0.20 |
|
Diluted |
|
$ |
0.21 |
|
$ |
0.19 |
|
|
|
|
|
|
| ||
Shares used in the computation of net income per share: |
|
|
|
|
| ||
Basic |
|
39,601 |
|
39,525 |
| ||
Diluted |
|
40,560 |
|
40,499 |
| ||
|
|
|
|
|
| ||
Other operating data: |
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|
|
|
| ||
New orders received during the period |
|
$ |
154,625 |
|
$ |
147,284 |
|
Backlog at the end of period scheduled to ship within 12 months |
|
$ |
175,165 |
|
$ |
192,122 |
|
Newport Corporation
Supplemental Non-GAAP Measures
(Unaudited)
|
|
Three Months Ended |
| ||||
|
|
April 4, |
|
March 29, |
| ||
(In thousands, except percentages and per share amounts) |
|
2015 |
|
2014 |
| ||
Net sales |
|
$ |
156,655 |
|
$ |
146,890 |
|
|
|
|
|
|
| ||
Cost of sales: |
|
|
|
|
| ||
Cost of sales - GAAP |
|
$ |
86,374 |
|
$ |
81,431 |
|
Amortization of intangible assets |
|
955 |
|
962 |
| ||
Stock-based compensation expense |
|
396 |
|
212 |
| ||
Non-GAAP cost of sales |
|
85,023 |
|
80,257 |
| ||
Non-GAAP gross profit |
|
$ |
71,632 |
|
$ |
66,633 |
|
|
|
|
|
|
| ||
Non-GAAP gross profit as a percentage of net sales |
|
45.7 |
% |
45.4 |
% | ||
|
|
|
|
|
| ||
Operating income: |
|
|
|
|
| ||
Operating income - GAAP |
|
$ |
13,629 |
|
$ |
12,526 |
|
Amortization of intangible assets |
|
2,089 |
|
2,479 |
| ||
Stock-based compensation expense |
|
4,084 |
|
2,337 |
| ||
Acquisition-related, restructuring and severance costs |
|
962 |
|
968 |
| ||
Loss (gain) on sale or other disposal of assets, net |
|
1,088 |
|
(411 |
) | ||
Non-GAAP operating income |
|
$ |
21,852 |
|
$ |
17,899 |
|
|
|
|
|
|
| ||
Non-GAAP operating income as a percentage of net sales |
|
13.9 |
% |
12.2 |
% | ||
|
|
|
|
|
| ||
Net income attributable to Newport Corporation: |
|
|
|
|
| ||
Net income - GAAP |
|
$ |
8,664 |
|
$ |
7,886 |
|
Amortization of intangible assets |
|
2,089 |
|
2,479 |
| ||
Stock-based compensation expense |
|
4,084 |
|
2,337 |
| ||
Acquisition-related, restructuring and severance costs |
|
962 |
|
968 |
| ||
Loss (gain) on sale or other disposal of assets, net |
|
1,088 |
|
(411 |
) | ||
Income tax provision on non-GAAP adjustments |
|
(2,322 |
) |
(1,691 |
) | ||
Non-GAAP net income |
|
$ |
14,565 |
|
$ |
11,568 |
|
|
|
|
|
|
| ||
Net income per diluted share attributable to Newport Corporation: |
|
|
|
|
| ||
Net income - GAAP |
|
$ |
0.21 |
|
$ |
0.19 |
|
Total non-GAAP adjustments |
|
0.15 |
|
0.10 |
| ||
Non-GAAP net income per diluted share |
|
$ |
0.36 |
|
$ |
0.29 |
|
Newport Corporation
Consolidated Balance Sheets
(Unaudited)
|
|
April 4, |
|
January 3, |
| ||
(In thousands) |
|
2015 |
|
2015 |
| ||
|
|
|
|
|
| ||
ASSETS |
|
|
|
|
| ||
Current assets: |
|
|
|
|
| ||
Cash and cash equivalents |
|
$ |
31,192 |
|
$ |
46,883 |
|
Restricted cash |
|
1,524 |
|
1,704 |
| ||
Marketable securities |
|
6 |
|
57 |
| ||
Accounts receivable, net |
|
103,946 |
|
96,512 |
| ||
Inventories, net |
|
121,188 |
|
112,440 |
| ||
Current deferred tax assets |
|
20,885 |
|
20,734 |
| ||
Prepaid expenses and other current assets |
|
22,053 |
|
14,948 |
| ||
Total current assets |
|
300,794 |
|
293,278 |
| ||
|
|
|
|
|
| ||
Property and equipment, net |
|
82,914 |
|
82,793 |
| ||
Goodwill |
|
104,643 |
|
97,524 |
| ||
Long-term deferred tax assets |
|
5,204 |
|
5,005 |
| ||
Intangible assets, net |
|
72,093 |
|
70,811 |
| ||
Investments and other assets |
|
27,494 |
|
30,516 |
| ||
Total assets |
|
$ |
593,142 |
|
$ |
579,927 |
|
|
|
|
|
|
| ||
LIABILITIES AND STOCKHOLDERS EQUITY |
|
|
|
|
| ||
Current liabilities: |
|
|
|
|
| ||
Short-term borrowings |
|
$ |
3,567 |
|
$ |
3,772 |
|
Accounts payable |
|
35,990 |
|
31,448 |
| ||
Accrued payroll and related expenses |
|
35,967 |
|
34,607 |
| ||
Accrued expenses and other current liabilities |
|
34,227 |
|
31,797 |
| ||
Total current liabilities |
|
109,751 |
|
101,624 |
| ||
|
|
|
|
|
| ||
Long-term debt |
|
78,000 |
|
71,000 |
| ||
Pension liabilities |
|
27,724 |
|
28,554 |
| ||
Long-term deferred tax liabilities |
|
14,559 |
|
14,272 |
| ||
Other long-term liabilities |
|
7,616 |
|
7,773 |
| ||
|
|
|
|
|
| ||
Total stockholders equity |
|
355,492 |
|
356,704 |
| ||
Total liabilities and stockholders equity |
|
$ |
593,142 |
|
$ |
579,927 |
|
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