8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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): February 17, 2005

Computer Horizons Corp.

 (Exact name of registrant as specified in its charter)

New York	0-7282	13-2638902
(State or other jurisdiction	(Commission	IRS Employer
of incorporation or organization)	File Number)	Identification No.)
49 Old Bloomfield Avenue
Mountain Lakes, New Jersey		07046-1495
(Address of principal executive offices)

Registrant’s telephone number, including area code: (973) 299-4000

(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 communication 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 2.02Results of Operations and Financial Condition.

The information in this Form 8-K and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, nor be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

On February 17, 2005, Computer Horizons Corp. (the “Company”) issued a press release regarding the Company’s financial results for its fourth fiscal quarter and year ended December 31, 2004. The full text of the Company’s press release is attached hereto as Exhibit 99.1.

Item 9.01Financial Statements and Exhibits.

(c)Exhibits.

Exhibit Number	Description
99.1	Press Release of Computer Horizons Corp. dated February 17, 2005.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:  February 17, 2005
	COMPUTER HORIZONS CORP.
	By:	/s/ William J. Murphy
		William J. Murphy
		Chief Executive Officer

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE
CONTACT:	Michael Shea, CFO	Lauren Felice
	David Reingold, Senior Vice President, Marketing, IR	RF Binder Partners
	Computer Horizons Corp.	(212) 994-7541
	(973) 299-4000	lauren.felice@rfbinder.com
	mshea@computerhorizons.com
	dreingol@computerhorizons.com

COMPUTER HORIZONS REPORTS FOURTH QUARTER AND YEAR-END 2004
RESULTS

Realignment Initiatives, Including Goodwill Impairment Charge, Completed; Growth and
Profitability Expected For 2005; Top Line Growth Trend Continues

Mountain Lakes, NJ, February 17, 2005 - Computer Horizons Corp. (Nasdaq: CHRZ), a strategic solutions and professional services company, today announced its financial results for the fourth quarter and year ended December 31, 2004.

Executive Summary

William J. Murphy, president and chief executive officer of Computer Horizons, commented, “Revenues for the fourth quarter 2004 were in line with previously issued Company guidance.  Operating performance, excluding special charges, for the fourth quarter was outside previously issued company guidance by an additional $0.01 loss.  During the quarter, we experienced top line growth of 10 percent over the fourth quarter of 2003, continuing the revenue growth trend started in the second quarter of 2004.  Excluding special charges/credits, adjusted EBITDA remained positive for the year at $1.6 million, an improvement over last year.  In addition, for the full year 2004 we improved gross margins by 1.8 percent to 31.2 percent and cut our operating losses by approximately one-half.  Although we have not yet achieved our bottom-line objectives, we anticipate continued improvement towards our goal of returning CHC to its tradition of growth and profitability in 2005, and anticipate that our Chimes subsidiary will be a strong contributor.”

Realignment Initiatives and Goodwill Impairment

The Company reported that it completed its previously announced realignment initiatives during the fourth quarter, and as such, recognized a $2.9 million charge.  The Company’s business model has been realigned, effective January 1, 2005, around its three distinct segments of customers: Federal Government, Commercial and Vendor Management Services (Chimes), and

will report accordingly to conform to the new presentation of CHC business segments for the first quarter of 2005.   The Company has entered 2005 with a $5 million reduction in its annual costs, which will be predominantly reflected in CHC’s Commercial Business division and is designed to deliver improved operational performance.

In addition, as required by FAS 142, the Company reassessed the carrying value of goodwill associated with its Solutions Group as of December 31, 2004.  Based on an evaluation prepared by an independent appraisal firm, the Company determined that goodwill was impaired and recorded a non-cash charge of $20.3 million, related to the write-off of the Commercial Solutions goodwill.  The remaining goodwill of $27.6 million, as of December 31, 2004, is associated with CHC’s Federal Government practice and is not impaired.

Financial Highlights

CHC recorded consolidated revenues for the fourth quarter of 2004 of $67.6 million, a 10 percent increase over the fourth quarter of 2003 and a 3 percent decline on a sequential basis, due to seasonality in the fourth quarter.  The Company reported a net loss of approximately $24.3 million, or $(0.78) per share, for the fourth quarter of 2004, compared with a net loss of $2.2 million, or $(0.07) per share in the comparable period of 2003.  The net loss for the fourth quarter 2004 includes amortization of intangibles and special charges which approximate:

•$20.3 million (net of tax), or $(0.65) per share related to goodwill impairment;

•$1.8 million (net of tax), or ($0.06) per share, pertaining to restructuring and severance costs;

•$583,000 (net of tax), or $(0.02) per share, related to a write-off of assets;

•$378,000 (net of tax), or $(0.01) per share, pertaining to professional fees for the restatement of financials associated with a previously announced accounting error; and

•$310,000 (net of tax), or $(0.01) per share, related to the amortization of intangibles.

The net loss for the fourth quarter of 2003 includes special charges of $2.0 million (net of tax), or $(0.07) per share, relating to restructuring, special charges consisting of costs associated with the unilateral proposal and activities of Aquent LLC and amortization expense.

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For the full year 2004, CHC recorded consolidated revenues of $262.5 million, a 7 percent increase from the prior year.  The Company reported a net loss of $25.2 million or $(0.82) per share for the full year of 2004, compared with a net loss of $17.2 million, or $(0.56) per share, in the comparable period of 2003. The net loss for the full year 2004 includes amortization of intangibles and charges/credits which approximate:

•$20.3 million (net of tax), or $(0.65) per share charge related to goodwill impairment;

•$1.8 million (net of tax), or ($0.06) per share, pertaining to restructuring and severance costs;

•$583,000 (net of tax), or $(0.02) per share, related to a write-off of assets;

•$378,000 (net of tax), or $(0.01) per share, pertaining to professional fees for the restatement of financials associated with a previously announced accounting error;

•$1.1 million (net of tax), or $(0.03) per share, related to the amortization of intangibles, and

•$603,000 (net of tax) credit or $0.02 per share, related to an insurance refund.

The full year 2003 net loss includes special charges totalling $13.4 million (net of tax), or $(0.44) per share, relating to severance charges, the write-off of a terminated project, costs associated with the unilateral proposal and activities of Aquent LLC, restructuring costs at CHC’s Canadian facilities, a loss on sale of assets and amortization of intangibles.

Commenting on CHC’s financial position and performance, Michael J. Shea, chief financial officer of Computer Horizons, said, “Completing the year with adjusted EBITDA of $1.6 million (See Adjusted EBITDA Reconciliation table) was a significant achievement for us, demonstrating an improvement over 2003.

“Our balance sheet remains strong, with approximately $34 million in cash at December 31, 2004, no debt and a very strong working capital ratio of 3.5 to 1. Additionally, the Company further reduced DSOs by 2 days, down to 68 days, from the prior year period.”

Commenting on operations, Murphy added, “For the fourth quarter, a seasonally softer quarter, we experienced a 2 percent year-over-year decline in revenues in our Solutions business.  The

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year-over-year decrease is a combination of increased revenue in our Federal Government practice of 30 percent offset by decreases in our Commercial Solutions business of 18 percent, resulting in the 2 percent decrease.

“We continue to believe our Montreal nearshore outsourcing capability is a key differentiator from others in the market and has stirred significant interest for new projects from existing and potential clients on the Commercial side.    At the same time, we anticipate growth to continue, overall, in the Federal IT market.

“Chimes turned in a solid performance for the full year 2004 with 15 percent revenue growth.  This growth was due largely to headcount expansions at existing customers.  We enter 2005 with four new customers.  All of these new customer implementations have been completed and will begin generating revenue in the first quarter of 2005.  We believe we are poised to accelerate top-line growth while at the same time investing prudently to expand the footprint of Chimes.  The pipeline for Chimes remains strong, and we believe there continues to be strong interest in adoption of Vendor Management Services (VMS) by large companies.

“We anticipate 2005 will be a key year for Chimes.  As we have achieved critical mass, we believe the Chimes model will demonstrate its value and will be a major contributor to CHC’s overall bottom line.

Summary

“For the full year, 2004 was an improvement in many ways over 2003, but was not without its challenges.  We achieved revenue growth, improved gross margins, were adjusted EBITDA positive and cut our operating losses in half, excluding special charges and credits.  We have worked diligently to reduce expenses wherever possible.  However, we have to point out that the external cost this year of Sarbanes-Oxley compliance has been singularly significant, adding approximately $0.03 per share to our operational expenses.  This is a challenge for almost all public companies,” concluded Murphy.

Looking Forward

Based on current business conditions, CHC expects its revenue in the first quarter of 2005 to be in the range of $68.0 million to $70.0 million, with operating results, excluding amortization of intangibles, expected in the range of breakeven to $0.02 earnings per share.

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The Company re-confirmed its expectations for growth and profitability for the full year 2005.  CHC expects revenues for the full year 2005 to be in the range of $280 to $290 million, with operating results, excluding amortization of intangibles, expected in the range of $0.10 to $0.14 per share.

Reconciliation of Segments Income/ (Loss) Before

Income Tax Benefit to Consolidated Income/(Loss) Before Income Tax Benefit

(in Thousands)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2004			2003			2004			2003
Total Segment Loss Before Income Tax Benefit:	$	(1,928	)	$	(305	)	$	(3,220	)	$	(5,558	)
Adjustments:
Restructuring charges	(2,859		)	(293		)	(2,859		)	(3,278		)
Goodwill impairment	(20,306		)	—			(20,306		)	—
Write-off of assets	(910		)	—			(910		)	—
Loss on sale of assets	—			(151		)	—			(424		)
Loss on investments	—			(432		)	—			(432		)
Interest income, net	29			142			234			478
Write-off of terminated project, included in S,G, & A	—			—			—			(3,064		)
Special (charges)/credits	—			(1,335		)	939			(10,113		)
Amortization of intangibles	(483		)	(558		)	(1,695		)	(1,084		)
Total Adjustments:	(24,529		)	(2,627		)	(24,597		)	(17,917		)
Consolidated Loss Before Income Tax Benefit	$	(26,457	)	$	(2,932	)	$	(27,817	)	$	(23,475	)

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OPERATIONAL REVIEW BY BUSINESS SEGMENT

Condensed financial information is presented below for each of the Company’s business segments.  Total income/(loss) before income taxes excludes interest income/expense, amortization, loss on sale of assets and special charges/credits. [See Reconciliation of Segments Income/ (Loss) Before Income Taxes to Consolidated Income/ (Loss) Before Income Taxes.]

(in Thousands)

	THREE MONTHS ENDED						TWELVE MONTHS ENDED
	December 31, 2004			December 31, 2003			December 31, 2004			December 31, 2003
Revenues:
IT Services	$	35,536		$	29,332		$	131,204		$	133,070
Solutions Group	26,290			26,814			108,231			92,122
Chimes	5,808			5,519			23,092			20,018
Total Revenues	67,634			61,665			262,527			245,210
Gross Profit:
IT Services	6,310			5,977			24,613			26,740
Solutions Group	8,492			8,637			35,612			26,646
Chimes	5,419			5,190			21,696			18,626
Total Gross Profit	20,221			19,804			81,921			72,012
%	29.9		%	32.1		%	31.2		%	29.4		%
Operating Income:
IT Services	927			1,903			5,631			8,053
Solutions Group	1,683			2,733			9,187			9,258
Chimes	203			200			1,420			(2,177		)
Total Operating Income/ (Loss):	2,813			4,836			16,238			15,134
%	4.2		%	7.8		%	6.2		%	6.2		%
Corporate Allocation:
IT Services	3,009			2,860			11,915			12,108
Solutions Group	1,240			1,743			5,438			6,743
Chimes	492			538			2,105			1,841
Total Corporate Allocation	4,741			5,141			19,458			20,692
%	7.0		%	8.3		%	7.4		%	8.4		%
Total Income/ (loss) before Income Taxes/ (benefit):
IT Services	(2,082		)	(957		)	(6,284		)	(4,055		)
Solutions Group	443			990			3,749			2,515
Chimes	(289		)	(338		)	(685		)	(4,018		)
Total Income/ (loss) before Income Taxes/ (benefit)	$	(1,928	)	$	(305	)	$	(3,220	)	$	(5,558	)
%	(2.9		)%	(0.5		)%	(1.2		)%	(2.3		)%

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Solutions Group Highlights

•Revenues for the fourth quarter were $26.3 million, a 2 percent decrease from the fourth quarter of 2003 and an 11 percent decrease from the third quarter of 2004.  The sequential revenue decrease is primarily attributable to seasonality, particularly in the Federal Government marketplace, as well as several commercial projects coming to a close.

•Total billable headcount at the end of the fourth quarter was approximately 1,000.

•Revenues from our Federal Government practice accounted for approximately 44 percent of Solutions Group business in the fourth quarter.

•While annual profit increased from the Federal sector, this contribution was offset by losses in the Commercial sector.

•Funded backlog for RGII is $20 million and contracted (unfunded) backlog approximates $112 million.

•CHC won engagements with several new customers during the fourth quarter, predominantly driven by interest in its flexible delivery model and nearshore outsourcing capability.

Chimes, Inc. Highlights

•Chimes reported $5.8 million in revenue for the fourth quarter of 2004, a 5 percent increase over the comparable period in 2003, and a 3 percent decline from the third quarter 2004.  The sequential revenue decrease is predominantly attributable to seasonality.

•The momentum at Chimes continues to build, with several of its largest existing customers renewing their contracts, as well as expanding relationships at several other existing customers.

•For the full year, Chimes dramatically reduced its pre-tax loss, from $4.0 million in 2003 to approximately $700,000 in 2004.

IT Services Highlights

•Revenues for the fourth quarter increased 21 percent over the comparable period in 2003 and 5 percent sequentially from $33.8 million to $35.5 million.

•Customer requirements continued strong during the fourth quarter. CHC’s IT Services business did not experience the seasonal downturn it has historically experienced during the fourth quarter.

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•CHC was added to three new preferred vendor lists during the quarter.

•Total billable headcount at the end of the fourth quarter was approximately 1,600 – an increase of 4 percent over the third quarter of 2004.

•For the full year, the increased pre-tax loss in the IT Services business is attributable to lower gross profit dollars, resulting from a greater volume of lower-margin business.

Computer Horizons Corp. will conduct a conference call webcast at 10:00 AM (ET) today to discuss fourth quarter results.  The call will be broadcast live via the Internet and can be accessed at http://www.computerhorizons.com (click on investor section).  A replay of the call will be available beginning at approximately 1:00 PM (ET) today, through 12:00 AM (ET) on February 28, 2004.  The replay may also be accessed via the Internet at www.computerhorizons.com (click on investor section), or by calling 877-519-4471 (973-341-3080 from outside the United States).  The confirmation code is 5696690.

About Computer Horizons Corp.

Computer Horizons Corp. (‘CHC’) (NASDAQ: CHRZ) provides professional information technology (IT) services to a broad array of vertical markets, such as financial services, healthcare, pharmaceutical, telecom, consumer packaged goods, as well as the federal government, through its wholly-owned subsidiary, RGII Technologies, Inc.

CHC’s wholly-owned subsidiary, Chimes, uses its proprietary technology to enable its Global 2000 customer base to align and integrate business planning with human resource management across an enterprise’s business functions.  For more information on Computer Horizons, visit www.computerhorizons.com.

Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995) that involve a number of risks and uncertainties.  It is possible that the assumptions made by management—including, but not limited to, those relating to contract awards, service offerings, market opportunities, results, performance expectations, expectations of cost savings, or proceeds from sale of certain operations—may not materialize.

Actual results may differ materially from those projected or implied in any forward-looking statements.  In addition to the above factors, other important factors include the risks associated with unforeseen technical difficulties, the ability to meet customer requirements, market acceptance of service offerings, changes in technology and standards, the ability to complete cost-reduction initiatives, the ability to execute the sale of certain operations or other initiatives, dependencies on key employees, customer satisfaction, availability of technical talent, dependencies on certain technologies, delays, market acceptance and competition, as well as other risks described from time to time in the Company’s filings with the Securities and Exchange Commission, press releases, and other communications.

Financial Tables Follow

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Adjusted EBITDA Reconciliation:

A reconciliation of net income/ (loss) as reported to adjusted EBITDA is as follows: (in thousands)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2004			2003			2004			2003
Net Loss as reported	$	(24,270	)	$	(2,181	)	$	(25,172	)	$	(17,155	)
Income tax benefit	(2,210		)	(824		)	(2,690		)	(6,409		)
Restructuring charges	2,859			293			2,859			3,278
Goodwill impairment	20,306			—			20,306			—
Write-off of assets	910			—			910			—
(Gain)/Loss on sale of assets	—			151			—			424
Net (gain)/loss on investments	—			432			—			432
Write-off of terminated project, included in SG&A	—			—			—			3,064
Special charges/(credits)	—			1,335			(939		)	10,113
Minority interest	23			73			45			89
Depreciation	1,112			1,500			4,821			5,336
Amortization of Intangibles	483			558			1,695			1,084
Interest income	(29		)	(142		)	(234		)	(478		)
Adjusted EBITDA*	$	(816	)	$	1,195		$	1,601		$	(222	)

* To supplement our consolidated financial statements presented in accordance with GAAP, we use the non-GAAP financial measure of Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), which is adjusted from results based on GAAP to exclude certain items.  This non-GAAP financial measure is provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future.  Specifically, we believe the non-GAAP financial measure provided is useful information to both management and investors by excluding certain items that may not be indicative of our core operating results.  In addition, because we have historically reported certain non-GAAP financial measures to investors, we believe the inclusion of non-GAAP financial measures provides consistency in our financial reporting.  These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results.  The non-GAAP financial measure included in this press release has been reconciled to the nearest GAAP measure.

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Computer Horizons Corp. and Subsidiaries

Consolidated Condensed Statements of Operations

(Unaudited – In thousands, except per share data)

	THREE MONTHS ENDED						TWELVE MONTHS ENDED
	December 31, 2004			December 31, 2003			December 31, 2004			December 31, 2003
Revenues:
IT Services	$	35,536		$	29,332		$	131,204		$	133,070
Solutions Group	26,290			26,814			108,231			92,122
Chimes	5,808			5,519			23,092			20,018
Total	67,634			61,665			262,527			245,210
Direct Costs	47,413			41,861			180,606			173,198
Gross Profit	20,221			19,804			81,921			72,012
Selling, General & Admin.	22,149			20,109			85,141			80,634
Restructuring Charges	2,859			293			2,859			3,278
Goodwill impairment	20,306			—			20,306			—
Write-off of assets	910			—			910			—
Special Charges/(Credits)	—			1,335			(939		)	10,113
Amortization of Intangibles	483			558			1,695			1,084
Loss from Operations	(26,486		)	(2,491		)	(28,051		)	(23,097		)
Gain/(Loss) on Sale of Assets	—			(151		)	—			(424		)
Loss on Investments	—			(432		)	—			(432		)
Net Interest Income	29			142			234			478
Loss Before Income Tax	(26,457		)	(2,932		)	(27,817		)	(23,475		)
Income Tax Benefit	2,210			824			2,690			6,409
Minority Interest	(23		)	(73		)	(45		)	(89		)
Net Loss	$	(24,270	)	$	(2,181	)	$	(25,172	)	$	(17,155	)
Loss per share – (Basic and Diluted):
Net Loss Per Share	$	(0.78	)	$	(0.07	)	$	(0.82	)	$	(0.56	)
Weighted Average Number of Shares Outstanding – Basic and Diluted	31,061,000			30,609,000			30,870,000			30,455,000

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COMPUTER HORIZONS CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(Unaudited – In Thousands)

	December 31, 2004			December 31, 2003
ASSETS
Current Assets:
Cash and cash equivalents	$	33,649		$	52,610
Accounts receivable, less allowance for doubtful accounts	51,322			48,295
Deferred income taxes	1,868			4,514
Refundable income taxes	4,088			—
Other current assets	5,550			4,759
Total current assets	96,477			110,178
Property and equipment, net	5,995			9,323
Other assets – net:
Goodwill	27,625			34,218
Intangibles	3,253			2,408
Deferred income taxes	17,698			14,813
Other assets	8,036			9,386
Total Assets	$	159,084		$	180,326
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	7,615		$	8,287
Accrued payroll	8,489			7,791
Income taxes payable	1,377			1,243
Tax benefit reserve	—			19,600
Restructuring reserve	3,351			2,620
Other accrued expenses	6,763			5,813
Total Current Liabilities	27,595			45,354
Other long-term liabilities	5,708			4,635
Shareholders’ Equity:
Common stock	3,315			3,315
Additional paid in capital	151,281			133,046
Accumulated comprehensive loss	(2,200		)	(2,789		)
Retained earnings/ (deficit)	(14,072		)	11,100
	138,324			144,672
Less treasury shares	(12,543		)	(14,335		)
Total shareholders’ equity	125,781			130,337
Total Liabilities and Shareholders’ Equity	$	159,084		$	180,326

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COMPUTER HORIZONS CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited – In Thousands)

	December 31, 2004			December 31, 2003
Cash flows from operating activities
Net loss	$	(25,172	)	$	(17,155	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred taxes	(1,254		)	(6,750		)
Depreciation	4,821			5,336
Amortization of Intangibles	1,695			1,084
Provision for bad debts	969			4,644
Loss/(Gain) on sale of assets	—			424
Loss on investments	—			432
Goodwill impairment charge	20,306			—
Write-off of assets	910			—
Change in assets and liabilities, net of acquisitions:
Accounts receivable	(696		)	14,635
Other current assets	(786		)	2,388
Other assets	(245		)	(3,612		)
Refundable income taxes	(4,088		)	19,051
Accrued payroll, payroll taxes and benefits	(49		)	3,262
Accounts payable	(1,072		)	(4,026		)
Income taxes payable	134			1,033
Other accrued expenses	1,803			(1,673		)
Other liabilities	1,327			(2,200		)
Net cash provided by/(used in) operating activities	(1,397		)	16,873
Cash flows from investing activities
Purchases of furniture and equipment	(2,050		)	(2,387		)
Proceeds from sale of investments	—			2,517
Acquisitions, net of cash	(14,714		)	(22,178		)
Proceeds received from the sale of assets	—			149
Acquisition of intangibles	—			(566		)
Acquisition of goodwill	(2,461		)	(1,057		)
Net cash provided by/(used in) investing activities	(19,225		)	(23,522		)
Cash flows from financing activities
Payment of notes payable	—			(2,636		)
Stock options exercised	774			959
Purchase of treasury shares	—			(1,230		)
Stock issued on employee stock purchase plan	623			391
Net cash provided by/(used in) financing activities	1,397			(2,516		)
Foreign currency losses	264			2,006
Net increase/(decrease) in cash and cash equivalents	(18,961		)	(7,159		)
Cash and cash equivalents at beginning of year	52,610			59,769
Cash and cash equivalents at end of period	$	33,649		$	52,610
Supplemental disclosure of cash flow information:
Details of acquisition:
Tangible assets acquired (including cash of $1,168)	$	4,613		$	13,083
Liabilities assumed	(2,523		)	(7,442		)
Goodwill	11,252			13,958
Intangibles	2,540			2,926
Cash paid	15,882			22,525
Less: Cash received in acquisition	(1,168		)	(347		)
Net cash paid	$	14,714		$	22,178

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