EX-99.1 2 a09-4621_1ex99d1.htm EX-99.1

Exhibit 99.1

 

GRAPHIC

 

Investor Contact: Michael J. Carlotti

Media Contact: Laura Olson-Reyes

(702) 584-7995

(702) 584-7742

mcarlotti@ballytech.com

lolson-reyes@ballytech.com

 

BALLY TECHNOLOGIES, INC. REPORTS RECORD DILUTED EPS OF $0.59
ON RECORD SECOND QUARTER REVENUE OF $233 MILLION

 

·                  GAME EQUIPMENT GROSS MARGIN IMPROVES TO A RECORD 49 PERCENT FROM 44 PERCENT LAST YEAR

 

·                  SYSTEMS GROSS MARGIN INCREASES TO 77 PERCENT FROM 73 PERCENT LAST YEAR

 

·                  INSTALLED BASE OF RENTAL AND DAILY-FEE GAMES UP 32 PERCENT FROM LAST YEAR

 

·                  OPERATING MARGIN IMPROVES TO A RECORD 25 PERCENT FROM 20 PERCENT LAST YEAR

 

·                  CASH FLOW FROM OPERATIONS FOR THE SIX MONTHS ENDED DECEMBER 31, 2008 INCREASES 133 PERCENT TO $73 MILLION FROM LAST YEAR

 

·                  COMPANY NARROWS FISCAL 2009 DILUTED EPS GUIDANCE TO RANGE OF $2.15 TO $2.35

 

LAS VEGAS, February 3, 2009 — Bally Technologies, Inc. (NYSE: BYI), a leader in slots, video machines, casino management systems, and networked solutions for the global gaming industry, announced today record diluted earnings per share (“Diluted EPS”) of $0.59 and $1.11 on revenue of $233 million and $471 million for the three months and six months ended December 31, 2008, respectively.  For the second quarter, Diluted EPS increased 40 percent over the same period last year.

 

“We are very pleased to report the most profitable quarter in Bally’s history despite the challenging economy,” said Richard M. Haddrill, the Company’s Chief Executive Officer.  “We continue to see the benefits of our research and development spend and our commitment to executing well in all of our technology businesses.”

 

“Our continued efforts to improve our gross margins, particularly in our gaming equipment business, were highlighted by our record gross margin of 49 percent for the quarter driven by an average selling price (“ASP”) of $14,531, stronger manufacturing efficiencies, and better inventory management,” added Robert C. Caller, the Company’s Chief Financial Officer.  “Control of expenses and improvements in gross margins allowed us to drive operating margin to 25 percent during the quarter from 20 percent last year despite increased investment in research and development.”

 


 

Second Quarter Fiscal 2009 Highlights

 

 

 

Three Months Ended December 31,

 

Six Months Ended December 31,

 

 

 

2008

 

2007

 

2008

 

2007

 

 

 

(dollars in millions, except per share amounts)

 

Revenues:

 

 

 

 

 

 

 

 

 

Bally Gaming and Systems

 

$

223.6

 

$

218.9

 

$

451.0

 

$

396.5

 

Casino Operations

 

9.7

 

11.8

 

19.7

 

23.2

 

Total Revenue

 

$

233.3

 

$

230.7

 

$

470.7

 

$

419.7

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

33.6

 

$

24.4

 

$

63.9

 

$

45.7

 

Adjusted EBITDA

 

$

78.3

 

$

63.9

 

$

150.9

 

$

122.4

 

Diluted EPS

 

$

0.59

 

$

0.42

 

$

1.11

 

$

0.79

 

 

Three Months Ended December 31, 2008 Compared with Three Months Ended December 31, 2007

 

·                  Total revenues increased 1 percent to $233 million as compared with $231 million in the same period last year.

·                  Operating income increased 27 percent to $59 million as compared with $47 million in the same period last year.

·                  Operating margin was 25 percent as compared with 20 percent in the same period last year.

·                  Net income increased 37 percent to $34 million as compared with $24 million in the same period last year.

·                  Adjusted EBITDA increased 23 percent to $78 million as compared with $64 million in the same period last year.

·                  Selling, general and administrative expenses (“SG&A”) remained at 26 percent of total revenue as compared with the same period last year.

·                  Research and development expenses (“R&D”) increased by 31 percent to 8 percent of total revenue as compared with 6 percent in the same period last year.

 

Six Months Ended December 31, 2008 Compared with Six Months Ended December 31, 2007

 

·                  Total revenues increased 12 percent to $471 million as compared with $420 million in the same period last year.

·                  Operating income increased 28 percent to $113 million as compared with $88 million in the same period last year.

·                  Operating margin was 24 percent as compared with 21 percent in the same period last year.

·                  Net income increased 40 percent to $64 million as compared with $46 million in the same period last year.

·                  Adjusted EBITDA increased 23 percent to $151 million as compared with $122 million in the same period last year.

·                  SG&A expenses declined to 25 percent of total revenue as compared with 27 percent in the same period last year.

·                  R&D expenses increased by 40 percent to 8 percent of total revenue as compared with 7 percent in the same period last year.

 

During the second quarter of fiscal 2009, the Company repurchased approximately 740,000 shares of its common stock for approximately $16 million.  To date in fiscal 2009, the Company has repurchased over one million shares of its common stock for approximately $27 million, leaving approximately $73 million remaining under its share-repurchase authorization.

 

In December 2008, the Company entered into a floating-to-fixed interest-rate swap agreement with a notional value of $218.8 million and a maturity date of September 26, 2012.  This interest-rate swap agreement serves to fix the floating LIBOR-based debt under the term loan to fixed-rate debt at an interest rate of 1.89 percent plus an applicable LIBOR margin as set forth in the Company’s credit agreement, effectively fixing the interest rate on this portion of the debt at 5.14 percent.  Based on the Company’s current leverage ratio at December 31, 2008, this rate would drop to 4.64 percent on the next reset date of March 31, 2009.

 

During the second quarter, the Company received a $3 million insurance reimbursement from previous claims for the 2005 U.S. Gulf Coast hurricanes, which reduced SG&A expenses.

 

2


 

Unaudited summary financial information for the Bally Gaming Equipment and Systems segment for the three months and six months ended December 31, 2008 and 2007 is presented below:

 

 

 

Three Months Ended December 31,

 

Six Months Ended December 31,

 

 

 

2008

 

%
Rev

 

2007

 

%
Rev

 

2008

 

%
Rev

 

2007

 

%
Rev

 

 

 

(dollars in millions)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gaming Equipment

 

$

101.3

 

45

%

$

108.4

 

49

%

$

208.6

 

46

%

$

192.7

 

49

%

Gaming Operations

 

66.4

 

30

%

54.2

 

25

%

134.2

 

30

%

108.3

 

27

%

Systems

 

55.9

 

25

%

56.3

 

26

%

108.2

 

24

%

95.5

 

24

%

Total revenues

 

$

223.6

 

100

%

$

218.9

 

100

%

$

451.0

 

100

%

$

396.5

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Margin:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gaming Equipment (1)

 

$

49.9

 

49

%

$

47.7

 

44

%

$

97.3

 

47

%

$

86.6

 

45

%

Gaming Operations

 

45.4

 

68

%

31.4

 

58

%

92.6

 

69

%

67.4

 

62

%

Systems (1)

 

43.1

 

77

%

40.9

 

73

%

79.7

 

74

%

70.9

 

74

%

Total gross margin

 

$

138.4

 

62

%

$

120.0

 

55

%

$

269.6

 

60

%

$

224.9

 

57

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

$

51.7

 

23

%

$

50.6

 

23

%

$

99.8

 

22

%

$

91.6

 

23

%

Research and development costs

 

19.3

 

9

%

14.7

 

7

%

39.2

 

9

%

28.0

 

7

%

Depreciation and amortization

 

4.7

 

2

%

3.5

 

2

%

8.8

 

2

%

7.4

 

2

%

Operating income

 

$

62.7

 

28

%

$

51.2

 

23

%

$

121.8

 

27

%

$

97.9

 

25

%

 

(1) Gross Margin from Gaming Equipment and Systems excludes amortization related to certain intangibles, including core technology and license rights, which are included in depreciation and amortization.

 

 

 

Three Months Ended
December 31,

 

Six Months Ended
December 31,

 

 

 

2008

 

2007

 

2008

 

2007

 

Operating Statistics

 

 

 

 

 

 

 

 

 

New gaming devices

 

6,099

 

7,144

 

12,697

 

12,295

 

Original Equipment Manufacturer (“OEM”) units

 

40

 

—

 

505

 

—

 

New unit ASP

 

$

14,531

 

$

13,147

 

$

14,288

 

$

13,201

 

 

 

 

As of December 31,

 

 

 

2008

 

2007

 

End of period installed base:

 

 

 

 

 

Gaming monitoring units installed base

 

331,000

 

305,000

 

Casino management systems installed base

 

628

 

570

 

Systems managed cashless games

 

292,000

 

270,000

 

 

 

 

 

 

 

Wide-area progressive

 

992

 

973

 

Local-area progressive

 

227

 

352

 

Total linked progressive systems

 

1,219

 

1,325

 

 

 

 

 

 

 

Rental and daily-fee games

 

12,222

 

9,290

 

Lottery systems

 

8,003

 

7,851

 

Centrally determined systems

 

44,536

 

42,773

(1)

 

(1)          Daily-fee revenue from approximately 7,400 units included in the centrally determined systems end-of-period installed base total as of December 31, 2007 was deferred, and was not included in gaming operations revenue until the second quarter of 2008 when the completion of certain contractual commitments necessary to recognize revenue under the Company’s revenue-recognition policy occurred.

 

3


 

“We shipped 6,099 new gaming sale units in the second quarter,” said Gavin Isaacs, the Company’s Chief Operating Officer.  “We continue to be pleased with our steady improvement in ship share globally and our ability to leverage our broad product portfolio across a diversified range of customers.  We attribute this success to our continued investments in game content as displayed by the many new games we showed at last November’s Global Gaming Expo and better management of our business.  We are also particularly pleased with our second quarter’s game equipment gross margin, which was a record 49 percent and drove a $2.2-million improvement in gross margin dollars over the prior year.”

 

“Our stream of new and enhanced system products continues to drive real business benefits for our customers,” said Ramesh Srinivasan, the Company’s Executive Vice President — Systems.  “Our R&D efforts to bring additional products and modules to the marketplace in 2009, including the iVIEW Display Manager™, Business Intelligence Solutions™, Power Banking™, Live Rewards™, and Version 11.0 products, continue to make good progress.  Most of these new products will increase the software proportion of our overall product base.  As such, we believe this gives us the ability to increase our System gross margin over time.  We are, therefore, increasing our estimated range for Systems gross margin to 70 percent to 80 percent, with a target of 75 percent.  Finally, our maintenance revenues set a new record at $12.3 million for the quarter.  We now expect that our fiscal 2009 maintenance revenues will be $50 to $52 million.”

 

Highlights of Certain Results for the Three Months Ended December 31, 2008

 

Gaming Equipment

 

·                  Revenues decreased 7 percent to $101 million as compared with $108 million in the same period last year.

·                  New gaming device sales decreased 15 percent to 6,099 units as compared with 7,144 units in the same period last year.

·                  New unit sales to international customers increased 16 percent to 1,210 units, or 20 percent of our total new-unit shipments as compared with the same period last year.

·                  ASP of new gaming devices, excluding OEM sales, increased 11 percent to $14,531 per unit, primarily as a result of product mix including the sale of certain premium-priced units.

·                  Gross margin increased to a record 49 percent from 44 percent in the same period last year, primarily due to the increase in ASP, improved purchasing and manufacturing efficiencies, lower manufacturing costs, and better management of discounts.

 

Gaming Operations

 

·                  Revenues increased 23 percent to $66 million as compared with $54 million in the same period last year, primarily driven by a 32-percent increase in the installed base of rental and daily fee games due to the popularity of our premium products and conversion of older Class II devices.

·                  Gross margin increased to 68 percent from 58 percent in the same period last year, primarily as a result of the significant increases in both rental and participation revenue which had little associated variable costs.

·                  Cost of gaming operations decreased 8 percent to approximately $21 million as compared with $23 million in the same period last year, primarily due to decreases in expenditures for parts, signs, and meters and royalty expense during the period.

 

Systems

 

·                  Revenues decreased 1 percent to $56 million as compared with the same period last year.

·                  Gross margin increased to 77 percent from 73 percent in the same period last year, primarily as a result of an increased proportion of software, services, and maintenance revenue during the quarter.

·                  Maintenance revenues increased to a record $12.3 million as compared with $10 million in the same period last year.

 

Highlights of Certain Results for the Six Months Ended December 31, 2008

 

Gaming Equipment

 

·                  Revenues increased 8 percent to $209 million as compared with $193 million in the same period last year.

·                  New gaming device sales increased 3 percent to 12,697 units as compared with 12,295 units in the same period last year.

 

4


 

·                  New unit sales to international customers increased 24 percent to 2,609 units, or 21 percent of our total new-unit shipments as compared with the same period last year.

·                  ASP of new gaming devices, excluding OEM sales, increased 8 percent to $14,288 per unit, primarily as a result of product mix.

·                  Gross margin increased to 47 percent from 45 percent in the same period last year, primarily due to the increase in ASP and improved purchasing and manufacturing efficiencies due to increased volumes, lower manufacturing costs, and better management of discounts.

 

Gaming Operations

 

·                  Revenues increased 24 percent to $134 million as compared with $108 million in the same period last year, primarily driven by a 59-percent increase in the average installed base of rental and daily fee games due to the popularity of Bally’s premium products and conversion of older Class II devices.

·                  Gross margin increased to 69 percent from 62 percent in the same period last year, primarily as a result of the significant increases in both rental and participation revenue which had little associated variable costs.

·                  Cost of gaming operations increased 2 percent to approximately $42 million as compared with $41 million in the same period last year, primarily due to depreciation expense included in the cost of gaming operations which was higher due to the increase in Bally-owned gaming operations units.  This was offset by decreases in expenditures for parts, signs, and meters and royalty expense during the period.

 

Systems

 

·                  Revenues increased 13 percent to $108 million as compared with $96 million in the same period last year.

·                  Gross margin remained constant at 74 percent in both periods.

·                  Maintenance revenues increased to a record $25 million, as compared with $20 million in the same period last year.

 

Fiscal 2009 Business Update

 

The Company also narrowed its fiscal 2009 guidance for Diluted EPS to $2.15 to $2.35, from an earlier range of $2.15 to $2.45.  This represents estimated growth of 16 to 27 percent over fiscal 2008 Diluted EPS.  This narrowed guidance is based upon better visibility into the fiscal year and considers a weak economy and significant capital challenges for certain customers, offset by the Company’s expected continued strong competitive position and ongoing cost-savings and gross margin initiatives.

 

The Company has provided this updated range of earnings guidance for fiscal 2009 to give investors general information on the overall direction of its business at this time. The guidance provided is subject to numerous uncertainties, including, among others, overall economic and capital market conditions, the market for gaming devices and systems, competitive product introductions, complex revenue-recognition rules related to the Company’s business, and assumptions about the Company’s new product introductions and regulatory approvals.  The Company may update this fiscal 2009 guidance from time to time as the year progresses.

 

Non-GAAP Financial Measures

 

The following table reconciles the Company’s net income (loss), as determined in accordance with generally accepted accounting principles (“GAAP”), to Adjusted EBITDA:

 

 

 

Three Months Ended
December 31,

 

Six Months Ended
December 31,

 

 

 

2008

 

2007

 

2008

 

2007

 

 

 

(in 000s)

 

Net income (loss)

 

$

33,564

 

$

24,416

 

$

63,868

 

$

45,698

 

Interest expense, net

 

5,241

 

6,243

 

9,178

 

12,503

 

Income tax (benefit) expense

 

18,670

 

15,235

 

35,807

 

28,344

 

Depreciation and amortization

 

17,333

 

15,139

 

34,982

 

29,254

 

Share-based compensation

 

3,538

 

2,851

 

7,096

 

6,585

 

Adjusted EBITDA

 

$

78,346

 

$

63,884

 

$

150,931

 

$

122,384

 

 

5


 

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, including asset charges and share-based compensation) is a supplemental non-GAAP financial measure used by the Company’s management and by some industry analysts to evaluate the Company’s ability to service debt, and is used by some investors and financial analysts in the gaming industry in measuring and comparing Bally’s leverage, liquidity, and operating performance to other gaming companies.  Adjusted EBITDA for the three-month and six-month periods ended December 31, 2008 includes the $3 million insurance reimbursement from previous claims for the 2005 U.S. Gulf Coast hurricanes.  Adjusted EBITDA should not be considered an alternative to operating income or net cash from operations as determined in accordance with GAAP.  Not all companies calculate Adjusted EBITDA the same way and the Company’s presentation may be different from those presented by other companies.

 

Earnings Conference Call and Webcast

 

As previously announced, the Company is hosting a conference call and webcast today at 4:30 p.m. EST (1:30 p.m. PST). The conference-call dial-in number is 800-638-5495 or 617-614-3946 (Passcode: Bally), and the webcast can be accessed by visiting BallyTech.com and selecting “Investor Relations.” Interested parties should initiate the call and webcast process at least five minutes prior to the beginning of the presentation. For those who miss this event, an archived version will be available at BallyTech.com until March 5, 2009.

 

About Bally Technologies, Inc.

With a history dating back to 1932, Las Vegas-based Bally Technologies designs, manufactures, operates, and distributes advanced gaming devices, systems, and technology solutions worldwide. Bally’s product line includes reel-spinning slot machines, video slots, wide-area progressives, and Class II, lottery, and central determination games and platforms. As the world’s No. 1 gaming systems company, Bally also offers an array of casino management, slot accounting, bonusing, cashless, and table-management solutions. The Company also owns and operates Rainbow Casino in Vicksburg, Miss. Additional Company information, including the Company’s investor presentations, can be found at BallyTech.com.

 

This news release may contain “forward-looking” statements within the meaning of the Securities Act of 1933, as amended, and is subject to the safe harbor created thereby. Such information involves important risks and uncertainties that could significantly affect the results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements.  Future operating results may be adversely affected as a result of a number of risks that are detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update the information in this press release and represents that the information is only valid as of today’s date.

 

— BALLY TECHNOLOGIES, INC. —

 

6


 

BALLY TECHNOLOGIES, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

Three Months Ended
December 31,

 

Six Months Ended
December 31,

 

 

 

 

2008

 

2007

 

2008

 

2007

 

 

 

 

(in 000s, except per share amounts)

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

Gaming equipment and systems

 

$

157,241

 

$

164,730

 

$

316,815

 

$

288,262

 

 

Gaming operations

 

66,407

 

54,178

 

134,183

 

108,256

 

 

Casino operations

 

9,646

 

11,744

 

19,694

 

23,164

 

 

 

 

233,294

 

230,652

 

470,692

 

419,682

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

Cost of gaming equipment and systems (1)

 

64,221

 

76,139

 

139,813

 

130,802

 

 

Cost of gaming operations

 

20,999

 

22,757

 

41,559

 

40,816

 

 

Direct cost of casino operations

 

4,320

 

4,719

 

8,675

 

9,431

 

 

Selling, general and administrative

 

59,516

 

60,992

 

117,953

 

113,263

 

 

Research and development costs

 

19,331

 

14,647

 

39,202

 

27,956

 

 

Depreciation and amortization

 

5,458

 

4,596

 

10,564

 

9,450

 

 

 

 

173,845

 

183,850

 

357,766

 

331,718

 

 

Operating income

 

59,449

 

46,802

 

112,926

 

87,964

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

Interest income

 

947

 

1,027

 

2,103

 

2,004

 

 

Interest expense

 

(6,188

)

(7,270

)

(11,281

)

(14,507

)

 

Other, net

 

(1,664

)

116

 

(4,230

)

993

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes and minority interest

 

52,544

 

40,675

 

99,518

 

76,454

 

 

Income tax expense

 

(18,670

)

(15,235

)

(35,807

)

(28,344

)

 

Minority interest

 

(310

)

(1,024

)

157

 

(2,412

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

33,564

 

$

24,416

 

$

63,868

 

$

45,698

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.62

 

$

0.45

 

$

1.17

 

$

0.84

 

 

Diluted earnings per share

 

$

0.59

 

$

0.42

 

$

1.11

 

$

0.79

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

Basic

 

54,419

 

54,382

 

54,745

 

54,213

 

 

Diluted

 

56,731

 

58,524

 

57,428

 

57,970

 

 

 

(1)                Cost of gaming equipment and systems excludes amortization related to certain intangibles, including core technology and license rights, which are included in depreciation and amortization.

 

7


 

BALLY TECHNOLOGIES, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

December 31,
2008

 

June 30,
2008

 

 

 

(in 000s, except share amounts)

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

63,209

 

$

66,570

 

Restricted cash

 

16,009

 

13,111

 

Accounts and notes receivable, net of allowances for doubtful accounts of $11,100 and $12,055

 

196,841

 

215,762

 

Inventories

 

63,773

 

94,238

 

Income tax receivable

 

13,737

 

8,534

 

Deferred income tax assets

 

68,816

 

68,816

 

Deferred cost of revenue

 

50,459

 

58,983

 

Other current assets

 

23,860

 

21,673

 

Total current assets

 

496,704

 

547,687

 

 

 

 

 

 

 

Restricted long-term investments

 

11,021

 

10,469

 

Long-term receivables

 

12,923

 

10,653

 

Property, plant and equipment, net of accumulated depreciation of $61,770 and $59,217

 

75,979

 

71,107

 

Leased gaming equipment, net of accumulated depreciation of $105,967 and $93,839

 

98,113

 

101,280

 

Goodwill

 

161,981

 

162,727

 

Intangible assets, net

 

35,670

 

36,249

 

Deferred income tax assets

 

10,764

 

10,734

 

Long-term deferred cost of revenue

 

33,639

 

35,211

 

Other assets, net

 

16,267

 

9,007

 

Total assets

 

$

953,061

 

$

995,124

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

29,876

 

$

44,888

 

Accrued liabilities

 

48,845

 

63,328

 

Customer deposits

 

19,136

 

29,496

 

Jackpot liabilities

 

16,302

 

13,614

 

Deferred revenue

 

100,547

 

129,909

 

Current maturities of long-term debt and capital leases

 

39,459

 

13,163

 

Total current liabilities

 

254,165

 

294,398

 

 

 

 

 

 

 

Long-term debt and capital leases, net of current maturities

 

241,250

 

291,341

 

Long-term deferred revenue

 

54,711

 

55,691

 

Other income tax liability

 

19,023

 

18,750

 

Other liabilities

 

8,074

 

9,837

 

Total liabilities

 

577,223

 

670,017

 

Minority interest

 

963

 

1,782

 

Commitments and contingencies

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Special stock, 10,000,000 shares authorized: Series E, $100 liquidation value; 115 shares issued and outstanding

 

12

 

12

 

Common stock, $.10 par value; 100,000,000 shares authorized; 56,808,000 and 56,318,000 shares issued and 54,548,000 and 55,144,000 outstanding

 

5,675

 

5,626

 

Treasury stock at cost, 2,260,000 and 1,174,000 shares

 

(52,768

)

(25,041

)

Additional paid-in capital

 

318,766

 

302,146

 

Accumulated other comprehensive income

 

8

 

1,268

 

Retained earnings

 

103,182

 

39,314

 

Total stockholders’ equity

 

374,875

 

323,325

 

Total liabilities and stockholders’ equity

 

$

953,061

 

$

995,124

 

 

8