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) Octob October 26, 2011 er 26, 2011
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:
¨ | 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 October 26, 2011, Newport Corporation (the Registrant) announced its financial results for the third quarter and nine months ended October 1, 2011, and its financial outlook for the fourth quarter and full year of 2011. The press release issued by the Registrant 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 Registrant 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 Registrant 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 are described below. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the Registrants financial measures prepared in accordance with GAAP.
Net Income and Net Income Per Diluted Share
The Registrant has provided non-GAAP measures of net income and net income per diluted share for the three and nine months ended October 1, 2011 and October 2, 2010, which exclude a number of items that management considers to be outside of the Registrants core operating results. The items excluded from these non-GAAP measures are summarized below, and a table detailing the excluded items and reconciling such non-GAAP results with the Registrants GAAP results is included following the statements of income that are a part of the press release.
For the three months ended October 1, 2011, the non-GAAP measures have been adjusted to exclude (1) acquisition-related costs relating primarily to the Registrants acquisitions of Ophir Optronics Ltd. (Ophir) and High Q Technologies GmbH (High Q); (2) a commitment fee for an interim revolving line of credit that was not utilized; (3) severance payments; and (4) the income tax impact related to the foregoing excluded amounts. For the nine months ended October 1, 2011, the non-GAAP measures have been adjusted to exclude (1) the amounts excluded for the three-month period as described in the preceding sentence; (2) a gain recorded in the first quarter of 2011 resulting from a non-recurring currency translation adjustment; (3) additional acquisition-related costs; (4) a gain associated with the recovery of amounts related to a previously divested business; and (5) the income tax impact of the foregoing excluded amounts.
For the three months ended October 2, 2010, the non-GAAP measures have been adjusted to exclude a foreign currency translation loss and a gain on sale relating to the sale of a business by the Registrant, and the tax impact of such excluded amounts. For the nine months ended October 2, 2010, the non-GAAP measures have been adjusted to exclude such foreign currency translation loss and a net loss relating to the sale of a business by the Registrant, and the tax impact of such excluded amounts.
Expected Sales for 2011
The Registrant acquired High Q on July 29, 2011, and acquired Ophir on October 4, 2011. In the press release, the Registrant has provided supplemental information regarding the Registrants expected sales for 2011 on a non-GAAP basis, including the results of High Q and Ophir as though the acquisitions had occurred at the beginning of 2011. A table reconciling such expected non-GAAP sales to the Registrants expected GAAP sales for 2011 is included following the statements of income that are a part of the press release.
The Registrant has provided these non-GAAP results and guidance with the intent of providing both management and investors with a more complete understanding of the Registrants underlying operational results and performance trends and a more meaningful basis for comparison of the Registrants results with its historical and future financial
results. 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 Registrants incentive plans.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit No. |
Description | |
99.1 | Press Release dated October 26, 2011 (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.
October 26, 2011 | NEWPORT CORPORATION | |||||
By: | /s/ Jeffrey B. Coyne | |||||
Jeffrey B. Coyne | ||||||
Senior Vice President, General Counsel and | ||||||
Corporate Secretary |
EXHIBIT INDEX
Exhibit No. |
Description | |
99.1 | Press Release dated October 26, 2011 (furnished pursuant to Item 2.02 and not deemed filed). |
Exhibit 99.1
Press Release
Contact:
Charles F. Cargile, 949/863-3144
Newport Corporation, Irvine, CA
investor@newport.com
or
Dan Peoples, 858/552-8146
Makinson Cowell (US)
NEWPORT CORPORATION REPORTS
THIRD QUARTER 2011 RESULTS
Irvine, California October 26, 2011 Newport Corporation (NASDAQ: NEWP) today reported financial results for its third quarter and nine months ended October 1, 2011. The company noted the following highlights regarding its third quarter results:
| $125.6 million in net sales; |
| $118.6 million in new orders; |
| Net income of $10.5 million, or $0.27 per diluted share, when calculated according to generally accepted accounting principles (GAAP); |
| Net income of $11.7 million, or $0.30 per diluted share, when calculated on a non-GAAP basis excluding certain expenses related primarily to recent acquisition and financing activities; and |
| Generated $30.0 million of net cash from operating activities. |
Robert J. Phillippy, Newports President and Chief Executive Officer, stated, We continued to deliver solid financial performance in the third quarter despite a reduction in sales to semiconductor equipment customers resulting from the slowdown in that industry. Our third quarter gross margin remained strong at 44.4%, which allowed us to maintain a year-to-date gross margin of 45.1%, in line with our target of 45%. In addition, we produced strong cash from operating activities again this quarter. This, together with the successful completion of our senior secured credit facility, enabled us to close our acquisition of Ophir Optronics on October 4, 2011, while retaining sufficient cash to repay our $126.8 million of convertible notes when they become due in February of 2012, and to continue to pursue our strategic agenda.
Sales and Orders
Sales in the third quarter of 2011 were $125.6 million, an increase of 0.3% compared with the $125.2 million recorded in the third quarter of 2010. Sales for the first nine months of 2011 were $384.1 million, a 10.7% increase over the $346.9 million recorded in the first nine months of 2010. The companys sales in the current year periods included $4.9 million of sales of High Q Technologies GmbH, which Newport acquired on July 29, 2011.
New orders received in the third quarter of 2011 were $118.6 million, a decrease of 8.4% compared with the $129.5 million received in the third quarter of 2010. Orders for the first nine months of 2011 were $392.0 million, an increase of 3.2% compared with the $379.7 million in orders received in the first nine months of 2010.
The companys sales and orders by end market in the third quarter and first nine months of 2011 were as follows:
(In thousands, except percentages, unaudited) | Three Months Ended | Nine Months Ended | Percentage Change vs. Prior Year Period |
|||||||||||||||||||||||
Third | Nine | |||||||||||||||||||||||||
October 1, | October 2, | October 1, | October 2, | Quarter | Months | |||||||||||||||||||||
2011 | 2010 ¹ | 2011 | 2010 ¹ | 2011 | 2011 | |||||||||||||||||||||
Sales by End Market |
||||||||||||||||||||||||||
Scientific research, aerospace and defense/security |
$ | 41,976 | $ | 38,272 | $ | 123,228 | $ | 118,059 | 9.7 | % | 4.4 | % | ||||||||||||||
Microelectronics |
33,671 | 44,161 | 119,414 | 109,301 | -23.8 | % | 9.3 | % | ||||||||||||||||||
Life and health sciences |
30,749 | 24,122 | 81,840 | 68,272 | 27.5 | % | 19.9 | % | ||||||||||||||||||
Industrial manufacturing and other |
19,202 | 18,632 | 59,659 | 51,305 | 3.1 | % | 16.3 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 125,598 | $ | 125,187 | $ | 384,141 | $ | 346,937 | 0.3 | % | 10.7 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Orders by End Market |
||||||||||||||||||||||||||
Scientific research, aerospace and defense/security |
$ | 44,346 | $ | 38,597 | $ | 127,679 | $ | 113,851 | 14.9 | % | 12.1 | % | ||||||||||||||
Microelectronics |
29,326 | 43,703 | 127,852 | 134,782 | -32.9 | % | -5.1 | % | ||||||||||||||||||
Life and health sciences |
26,572 | 27,516 | 78,774 | 77,605 | -3.4 | % | 1.5 | % | ||||||||||||||||||
Industrial manufacturing and other |
18,361 | 19,669 | 57,719 | 53,449 | -6.7 | % | 8.0 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 118,605 | $ | 129,485 | $ | 392,024 | $ | 379,687 | -8.4 | % | 3.2 | % | ||||||||||||||
|
|
|
|
|
|
|
|
Notes:
1 | Certain prior period amounts have been reclassified to conform to the current period presentation. |
The company noted the following points regarding its third quarter sales and orders results:
| The company recorded sales increases compared with the third quarter of 2010 in all of its target end markets except Microelectronics. Sales to this market declined significantly compared with the prior year period, due primarily to a |
2
decline in sales to the companys semiconductor equipment customers, which are experiencing reduced demand for their products due to an industry-wide slowdown. The companys sales to Life and Health Sciences customers increased significantly year-over-year, driven primarily by the addition of sales of High Q Technologies. |
| Orders were lower in the third quarter of 2011 compared with the third quarter of 2010. All-time record quarterly orders from customers in the companys Scientific Research end market partially offset reductions in its other end markets, particularly the Microelectronics market. |
Operating Income
Newport reported operating income of $14.2 million in the third quarter of 2011, compared with operating income of $15.8 million in the third quarter of 2010. The company noted that the decline was due primarily to operating expenses related to acquisitions and severance payments that were not incurred in the prior year period, and to higher operating expenses in the third quarter of 2011 related to its global expansion initiative.
Operating income for the first nine months of 2011 was $47.9 million, an increase of 39.0% over the $34.5 million recorded in the first nine months of 2010. The improvement was driven primarily by the higher gross profit in the current year period, which was due primarily to the higher sales level. The company noted that it generated this increase in operating income despite incurring $3.2 million of acquisition-related costs and severance payments that were not included in the comparable period of 2010.
Net Income
Newport reported net income in the third quarter of 2011 of $10.5 million, or $0.27 per diluted share, when calculated in accordance with GAAP, compared with net income of $12.6 million, or $0.34 per diluted share, in the third quarter of 2010. On a non-GAAP basis, excluding certain expenses related to acquisitions, a commitment fee for an interim revolving line of credit and severance payments, the company would have recorded net income in the third quarter of 2011 of $11.7 million, or $0.30 per diluted share. On a non-GAAP basis, excluding a foreign currency loss and a gain relating to the sale of a business, the company would have recorded net income in the third quarter of 2010 of $12.8 million, and its earnings per diluted share would have been unchanged.
3
The companys net income for the first nine months of 2011 calculated in accordance with GAAP was $45.2 million, or $1.17 per share, compared with $25.9 million, or $0.69 per diluted share, in the first nine months of 2010. On a non-GAAP basis, excluding a non-recurring currency translation adjustment, certain acquisition-related expenses, a divestiture related gain, a commitment fee for an interim revolving line of credit and severance payments, the company would have recorded net income in the first nine months of 2011 of $40.8 million, or $1.05 per diluted share. On a non-GAAP basis, excluding a foreign currency loss and a net loss relating to the sale of a business, the company would have recorded net income in the first nine months of 2010 of $26.9 million, or $0.72 per diluted share.
Management considers the expenses and gains excluded from the companys non-GAAP financial information to be outside of its core business results, and believes that the supplemental presentation of such non-GAAP financial information helps to provide a more meaningful comparison of its financial results between periods. A reconciliation of the companys net income and net income per diluted share calculated in accordance with GAAP, and on a non-GAAP basis as described above, is provided following the statements of income included in this release.
Recently Completed Acquisitions and Financing Activities
On October 4, 2011, the company completed its acquisition of Ophir Optronics Ltd., a global leader in precision infrared optics, photonics instrumentation and three-dimensional non-contact measurement equipment headquartered in Jerusalem, Israel. Ophirs fourth quarter operating results from and after that date will be included in Newports consolidated financial results for the fourth quarter of 2011.
On the same date, the company also closed a $250 million senior secured credit facility to provide funding for the acquisition of Ophir, the future repayment of the $126.8 million of subordinated convertible notes due in February 2012, and for general corporate purposes. The company borrowed the $185 million term loan portion of the facility at closing, and has a $65 million revolving credit facility available for future capital needs.
Financial Outlook
Commenting on the companys outlook, Mr. Phillippy said, Our results for the third quarter and first nine months of 2011 demonstrate Newports solid operational and financial foundation. We are excited about taking the next step in our strategy with the addition of High Q and Ophir, which significantly expands our served market opportunities and global reach. We remain confident that both Ophir and High Q will be accretive to Newports financial results in the fourth quarter of 2011 and beyond.
4
Based on its current financial outlook, including the addition of High Q Technologies and Ophir Optronics, the company expects its sales in the fourth quarter of 2011 to be in the range of $160 million to $165 million, which would result in record sales of $544 million to $549 million for the full year of 2011. The company noted that if Ophir and High Q had been combined with Newport for all of 2011, Newports expected full year 2011 sales would have been in the range of $650 million to $655 million.
Mr. Phillippy concluded, The addition of Ophir and High Q expands our business significantly, while reducing the proportion of our revenue that is subject to the cyclicality of the semiconductor equipment industry. Although market conditions in that industry have slowed, we are confident that the revenue from these acquisitions, combined with our organic growth initiatives, will more than offset the effects of this slowdown, enabling us to deliver year-over-year sales growth in 2012.
A reconciliation of Newports pro forma expected sales for 2011 to Newports GAAP expected sales for the year is provided following the statements of income included in this release.
ABOUT NEWPORT CORPORATION
Newport Corporation is a leading global supplier of advanced-technology products and systems to customers in the scientific research, aerospace and defense/security, microelectronics, life and health sciences and precision industrial manufacturing markets. Newports innovative solutions leverage its expertise in photonics technologies, including lasers, photonics instrumentation, sub-micron positioning systems, vibration isolation, optical components and subsystems, precision automation and three-dimensional non-contact measurement equipment, 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.
INVESTOR CONFERENCE CALL
Robert J. Phillippy, President and Chief Executive Officer, and Charles F. Cargile, Senior Vice President and Chief Financial Officer, will host an investor conference call today, October 26, 2011, at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to review the companys results for
5
the third quarter and first nine months of 2011 and its outlook for the fourth quarter and full year of 2011. The call will be open to all interested investors through a live audio web broadcast via the Internet at www.newport.com/investors and www.earnings.com. The call also will be available to investors and analysts by dialing 888-713-3592 within the U.S. and Canada or 913-312-1483 from abroad.
The webcast will be archived on both websites and can be reached through the same links. A telephonic playback of the conference call also will be available by calling 888-203-1112 within the U.S. and Canada and 719-457-0820 from abroad. Playback will be available beginning at 8:00 p.m. Eastern time today and continue through 8:00 p.m. Eastern time on Wednesday, November 2, 2011. The replay passcode is 1245687.
6
SAFE HARBOR STATEMENT
This news release contains forward-looking statements, including without limitation statements regarding the availability of Newports revolving credit facility, the expected impact on Newports financial results of the High Q Technologies and Ophir Optronics acquisitions, including sales and earnings accretion, Newports expected sales in the fourth quarter and full year of 2011, and Newports expectation of year-over-year sales growth in 2012. 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, Newports ability to achieve expected benefits from the integration of Ophir Optronics and High Q Technologies; the strength of business conditions in the industries Newport serves, particularly the semiconductor industry; Newports ability to successfully penetrate and increase sales to its targeted end markets, particularly the life and health sciences market; 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 Form 10-K for the year ended January 1, 2011 and in Ophirs Annual Report filed with the Israeli Securities Authority for the year ended December 31, 2010. 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.
###
7
Newport Corporation
Consolidated Statements of Income
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||
October 1, | October 2, | October 1, | October 2, | |||||||||||||
(In thousands, except per share amounts) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Net sales |
$ | 125,598 | $ | 125,187 | $ | 384,141 | $ | 346,937 | ||||||||
Cost of sales |
69,815 | 71,452 | 210,810 | 200,471 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
55,783 | 53,735 | 173,331 | 146,466 | ||||||||||||
Selling, general and administrative expenses |
30,417 | 28,030 | 93,629 | 83,247 | ||||||||||||
Research and development expense |
11,152 | 9,894 | 31,785 | 28,755 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating income |
14,214 | 15,811 | 47,917 | 34,464 | ||||||||||||
Foreign currency translation gain (loss) from dissolution of subsidiary |
| (554 | ) | 7,198 | (554 | ) | ||||||||||
Interest and other expense, net |
(2,348 | ) | (2,414 | ) | (6,377 | ) | (6,256 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Income before income taxes |
11,866 | 12,843 | 48,738 | 27,654 | ||||||||||||
Income tax provision |
1,364 | 239 | 3,555 | 1,717 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income |
$ | 10,502 | $ | 12,604 | $ | 45,183 | $ | 25,937 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income per share: |
||||||||||||||||
Basic |
$ | 0.28 | $ | 0.34 | $ | 1.21 | $ | 0.71 | ||||||||
Diluted |
$ | 0.27 | $ | 0.34 | $ | 1.17 | $ | 0.69 | ||||||||
Shares used in the computation of net income per share: |
||||||||||||||||
Basic |
37,543 | 36,722 | 37,342 | 36,594 | ||||||||||||
Diluted |
38,571 | 37,579 | 38,732 | 37,529 | ||||||||||||
Other operating data: |
||||||||||||||||
New orders received during the period |
$ | 118,605 | $ | 129,485 | $ | 392,024 | $ | 379,687 | ||||||||
Backlog at the end of period scheduled to ship within 12 months |
$ | 152,377 | $ | 131,955 |
8
Newport Corporation
Supplemental Non-GAAP Measures
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||
(In thousands, except per share amounts) | October 1, 2011 |
October 2, 2010 |
October 1, 2011 |
October 2, 2010 |
||||||||||||
Net income: |
||||||||||||||||
Net income - GAAP |
$ | 10,502 | $ | 12,604 | $ | 45,183 | $ | 25,937 | ||||||||
Foreign currency translation (gain) loss from dissolution of subsidiary |
| 554 | (7,198 | ) | 554 | |||||||||||
Acquisition-related costs |
759 | | 3,098 | | ||||||||||||
Commitment fee for interim revolving line of credit |
500 | | 500 | | ||||||||||||
Severance costs |
125 | | 125 | | ||||||||||||
Loss (gain) related to sale of businesses |
| (357 | ) | (619 | ) | 454 | ||||||||||
Income tax (provision) benefit on non-GAAP adjustments |
(191 | ) | 7 | (287 | ) | (72 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Non-GAAP net income |
$ | 11,695 | $ | 12,808 | $ | 40,802 | $ | 26,873 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income per diluted share: |
||||||||||||||||
Net income - GAAP |
$ | 0.27 | $ | 0.34 | $ | 1.17 | $ | 0.69 | ||||||||
Total non-GAAP adjustments |
0.03 | 0.00 | (0.12 | ) | 0.03 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Non-GAAP net income per diluted share |
$ | 0.30 | $ | 0.34 | $ | 1.05 | $ | 0.72 | ||||||||
|
|
|
|
|
|
|
|
(In millions) | Range | |||||||
Expected 2011 Sales: |
||||||||
Expected Newport sales for 2011 - GAAP |
$ | 544 | $ | 549 | ||||
Estimated 2011 sales of Ophir prior to the closing date |
91 | 91 | ||||||
2011 sales of High Q prior to the closing date |
15 | 15 | ||||||
|
|
|
|
|||||
Expected Newport non-GAAP sales for 2011 including Ophir and High Q for the full year of 2011 |
$ | 650 | $ | 655 | ||||
|
|
|
|
9
Newport Corporation
Consolidated Balance Sheets
(Unaudited)
October 1, | January 1, | |||||||
(In thousands) | 2011 | 2011 | ||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 209,362 | $ | 90,992 | ||||
Marketable securities |
7,741 | 109,192 | ||||||
Accounts receivable, net |
77,035 | 84,238 | ||||||
Notes receivable, net |
1,606 | 3,313 | ||||||
Inventories, net |
97,447 | 84,508 | ||||||
Deferred income taxes |
9,795 | 9,424 | ||||||
Prepaid expenses and other current assets |
12,214 | 10,362 | ||||||
|
|
|
|
|||||
Total current assets |
415,200 | 392,029 | ||||||
Property and equipment, net |
46,558 | 46,160 | ||||||
Goodwill |
75,749 | 69,322 | ||||||
Deferred income taxes |
2,139 | 3,493 | ||||||
Intangible assets, net |
33,250 | 24,990 | ||||||
Investments and other assets |
24,388 | 20,396 | ||||||
|
|
|
|
|||||
$ | 597,284 | $ | 556,390 | |||||
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Short-term borrowings, net |
$ | 133,937 | $ | 12,468 | ||||
Accounts payable |
23,966 | 31,691 | ||||||
Accrued payroll and related expenses |
25,292 | 30,804 | ||||||
Accrued expenses and other current liabilities |
34,192 | 28,416 | ||||||
|
|
|
|
|||||
Total current liabilities |
217,387 | 103,379 | ||||||
Long-term debt, net |
6,923 | 122,042 | ||||||
Obligations under capital leases, less current portion |
848 | 979 | ||||||
Accrued pension liabilities |
14,142 | 13,279 | ||||||
Other liabilities |
21,618 | 21,252 | ||||||
Stockholders equity |
336,366 | 295,459 | ||||||
|
|
|
|
|||||
$ | 597,284 | $ | 556,390 | |||||
|
|
|
|
10
L1$5J]E1E7[]@T07 MD!2C/E]ZY4TCJ%3*8P%-V["'I"95S7XA[G+A7L!I>B5F?F MD*W%_3_ H9C0MHSRXY3J-7BK MIGM^@7]:MM7FVY7,=+P\BD*2Z"I!['163-[5$%DS$6;KD(JD8BA"F`*(&N^" MGR3<4>8Y+)P1KD[>ZC2;,QT#"-I97NB5B9KK8[E51M5;JC:+!"&=S<(4JC"0 M`45&,S'G`YP`'"J"86CJQK_F8ME5K$ `4L9&I M$Y:6B:+E6?2S]&)7=@95%FI."JF0WQBN(A[Q#IIKA!Y#>0B1VO*#R2S&;T]^ MH8)7+N#.71N,I.&"Q1*XBQV6Z25UT\R"A!%,QT0:F.41'L41[`$A>+GB\X1< M090]LR3%8E[ISE4'4ELNE/I'4-=DY#N!E9):]W5Q+RS!ZX4#W*&8BT*81']O M;TZ!@/0'0'0'0+68^*#B-' @B]RZX=8'SAR)YBG(>H&M-06E8^>C'<>^7A M;/5[!%J"+2 @BMPW\0/$C@=J+[6>. M;O:*W8)FON:Q98B9U:8L-0M<,L?YVK>QUI^V%C(K1#W_`"ABO^U=JJ)OC.!5 M%2G#ES/P\<', 2KMEV1_&R4%6I=H8JC68KU!A(R)JJ$FS5*!V[AZB_7;'`IT3D.4 M#=`\#H$A:W^/;XW-FT[0M9L]-T^*LVF6R;NMC9U'49JN5Q&?L3H[^87A8)JW M.TB&SR0647%%+LF550WM``$``&V8GC>>\>LES[$8U>,J-3AR*G<* M-XN+1!,JSQVKW6?2;]<3N';A3NHY @Z_?\`!\SY.8WH.#;%!#8\ MXTR`7KUFC$W*K%Y].HHDY:/XN1;B#B,F(F0;(NF;E,?>W VYS!.%Q63K4M$4C1?MY#'$WTL?/2\;%3(MT@'VIBZ4=K`']90X M^O03*X@?CV<"^*UKA=&G8VW\BM$KCMM)0$KLKR)>U.`E69R*M)6)SR"BXJM+ M2#58GO24DBR(HG`ID_8 @1WR?_'K\=7)&?F+E%4RU\?KE.N5W\I(X9.M*Y7'\@Z4% M5P[<9_,Q<_2FIUCF$3@P9L?>81$>XB(]!!^!_%!XEL)A-Y-\DM^EHLJ@F4CH MV)S.OO5D_?W!(TP2KR*A.Y/VB8J(&']0$.@=3PS\87"_@:1P^X^Y*TC[M(,Q MCY74K@_=7/3))D8.RS(+3,BJK#Q[G]56L:FQ:JCV$Z8]@[!IOE]X7.$/.#9I M+>=WAM.?:!*UJOU-VO5M*EZQ$#$5E%TWBR)Q3-`Z";@J;P_R*`/ NRLFA`45,` M&4-W$?UZ#8/0)KYF>"G@=S3T*)LT'3D2@9910P=^@Z7@IX+N+_`?9I;; V7 M-7L+HDE2W5=5K]K<12\L8[>NTROOE'9PB$R%$7'L`AC=RB(@(!(NL>/@[^ MQL;ZZ,) R[=S)O6]3<1VH7JJPZ6;I5/-[]=R6A>$EJA7"Y!6_5M"M'3G[< M>DH\>J.`9'T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T! MT'&=5),>QU$R"(=P`YRE$0_I["(>G0<@"`@`@/@8F4E=-N]F:-XVS19X>625B)N9>1ZYU MV!Q*4YTQ,0?W%$!]>@:=T!T!T'\B W\.@XUG#=L4IW"Z*!3G*D0RRI$BF4/W]B91.8H&.;MZ`'J/0 P@/8?U[#_0/8>@_>@_`$!`!`0$!]0$![@(?T@(?KT'[T!T!T!T!T!T! MT!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T!T"Z=HA&L_RJEVC_#7F M\-VV"5!=*"0G*U$)P"JUZNJ2DEVM,W#-%3R)"%1$41.H`)_N`"]AZ#/?\7-) M@]QK?'5A%5>'3F&M>OT`^43;JC6<8AX-1K:J@^8-YHXO;JRL\<1BP<(]VZC) MT+@2"#8WN#6L;R?V"I5"C:;?U*;8J_I.=:]98^LP,"]A'=:E\S@7]DA?DFE9 MN3^[M++'L#IO"B@B+58Q12[E`P"'\H 5RV6#)KQG= M78630-`C:A::4NUG'"3BP,HEG)HNV;YLJ"AD3&^0#&`!Z#[K9KEXRBRZ5%KJ MUJ1OLC8>.-#>WV)HU@>J.75PBK@]E;`>AQ4U+/)<8&(BU2QT>U.4YU#!\IU` M$>P=M7]GWRX2^=T%F[B*A*V>R;5#*7>UY?8HQQ8*S0(VKRM4N,11)F7AW42[ MER3ID'""ZIV_R)*&)Z`4G0<5(W+?=?904=2'6?P%JA<4C]*L8R\'(/(6X6R1 MMUHK$966Z@S""U5KKU*G.%W#LOU3A`[E,"@)4S>\/I+R.U24UE_%PD2H\K]> MV*`RB8I<9F]PG4U(A9E#DM]Y6U9H"=:C7-?EI@QTF1TRE,Q:]U``ZQ1*$RI_ M_P!4T+_Q&=_S 8C$A9$5053D$#M/\`)Q-W,'08"RW2W(TFP.<+M;&9SG`,'HN@ MB^T>*?SEOU!&2:6!ZI!S,M];#*UUS&UZJ*H*+@W5<#)*?O`2$,4P9%G.F3D7 MK\G&Q((##ZMR9G8^8)(IK.7;6(;\;:S (BZU&?$S5'ZQ )L*+*O.JK)R*SN-TZIR4.H)G<@V.`(KBD8H%( MI["A-3H#H#H#H#H#H#H#H#H#H#H#H#H#H#H#H#H#H#H#H#H#H#H#H#H#H(X7 M;(:[=-6=66'V&[T'0RT*'A):%HEAJC9^O4&\[-O(B3D(:9@)U^DV4F';M--R M!2)*'3,0!$2F#H,='),<;WQH,EIZ[[:R7>J7!C)2ENJQ-$.[K].?1$;6$8E- MFV6&L3%10DE'3$C0/JB+NW`&`2^],-08_B670.;4MUKNK1-@9KY[J,)!5][H M-3=9Y"P]B^X*ZA*4F6:H1[R3;H0!?:Y<*NW2<2V%4""D01$`VD7$ BN[)H4!-ZN]]\O:X%U.6NSW!I7 MQORDE#LT&P%7@&+1C[&;!%JA&MSI@9("G*(AK+_`7!GT$U85K:Y"(B(K*7]= MNCFO7RFJ_P`U8R]M%AF5CVEXHQ=DCH1O-'E6Z4PT^B.DF+I$%^Y3>P,Y:9%D MRUI7ML'J+YM42Z16YZ6S^&MU=_D1QK,1%PT;`@]52;J3:$JY;$C5CQ(/R)/' M!6ZIT#^X`.$@IIJ9:PTYP"S5,&;Z8.9)9PFDX7!:"?(`5FB8?>Z43,?W'`OJ M5,!,/H'0:AO66UBZZ6I,UW5;%G.IMZ*U@[&A19FK#/R>?.IB07B59B"GXB>5 M:-F\S]8$?))(HJ)K&6(101`0*&GU,*XY2E: 85^LZ4UJN@U-W" M6G,(E_.OHM[>9E\E*.(UJ]<#+)JRJ#AD9TB=TF*@E(/L#,I;( M+Q5V)F3&`D:K#Q,C'R;-RV<9PB5RJP6;KKD;*?4@()^T M0#Y(?%<=9-LW90.O2_U=.D]E>1C\MUJ @X\XR+-*;:Z),,M5E[B#. M"N3/%:W/VJM2;.)K\RXCG]N/456+)K.6Q!F@FU0%PY