-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UQeyO0ZtPDFp4GX/c6YQ80GReAGzlLELuEeO4g+KrFPmF+RE52aNGNY1HRdCkK7I 9Heo0HYjADCVpRrcrulXUA== 0000914760-05-000111.txt : 20050419 0000914760-05-000111.hdr.sgml : 20050419 20050419105108 ACCESSION NUMBER: 0000914760-05-000111 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050418 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050419 DATE AS OF CHANGE: 20050419 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CPI CORP CENTRAL INDEX KEY: 0000025354 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PERSONAL SERVICES [7200] IRS NUMBER: 431256674 STATE OF INCORPORATION: DE FISCAL YEAR END: 0206 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10204 FILM NUMBER: 05758359 BUSINESS ADDRESS: STREET 1: 1706 WASHINGTON AVE CITY: ST LOUIS STATE: MO ZIP: 63103-1790 BUSINESS PHONE: 3142311575 MAIL ADDRESS: STREET 1: 1706 WASHINGTON AVE CITY: ST LOUIS STATE: MO ZIP: 63103 8-K 1 c20242_8k041805.txt APRIL 18, 2005 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) APRIL 18, 2005 -------------- CPI CORP. --------- (Exact name of registrant as specified in charter) DELAWARE 0-11227 43-1256674 - -------------------------------------------------------------------------------- (State of other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 1706 WASHINGTON AVENUE, ST. LOUIS, MISSOURI 63103-1790 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (314) 231-1575 ----------------------------- N/A - -------------------------------------------------------------------------------- (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 (see General Instruction A.2. below): [ ] 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 April 18, 2005, CPI Corp. issued a press release setting forth its financial results for its fourth quarter and fiscal year ending February 5, 2005. A copy of the press release is attached hereto as Exhibit 99.1. The press release furnished as Exhibit 99.1 contains certain non-GAAP financial measures. These non-GAAP measures are provided to enhance the investors' overall understanding of the Company's current financial performance. Specifically, the Company believes the non-GAAP financial measures provide useful information to both management and investors by excluding certain items that may not be indicative of the Company's core operating results. The Company believes these financial measures are useful to investors in understanding certain non-GAAP information used by management in its financial and operational decision-making. These measures should be considered in addition to results prepared in accordance with GAAP, and are not a substitute for, or superior to, GAAP results. The non-GAAP measures included in the attached press release have been reconciled to the nearest GAAP measure. The information in this Form 8-K is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this Form 8-K shall not be incorporated by reference in any other filing under the Securities Exchange Act of 1934 or Securities Act of 1933 except as shall be expressly set forth by specific reference to this Form 8-K in such filing. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits 99.1 Press release issued on April 18, 2005. (Furnished and not filed with the SEC) 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 thereunto duly authorized. CPI CORP. Date: April 19, 2005 By: /s/ Gary W. Douglas -------------------------------------- Gary W. Douglass Executive Vice President, Finance and Chief Financial Officer and Member of the Office of the Chief Executive EX-99.1 2 c20242_x99.txt PRESS RELEASE ISSUED APRIL 18, 2005 CPI CORP. NEWS FOR IMMEDIATE RELEASE FOR RELEASE April 18, 2005 - -------------------------------------------------------------------------------- FOR FURTHER INFORMATION, CONTACT: ================================================================================ NAME Jane Nelson FROM CPI Corp. ---------------------- --------------- ADDRESS 1706 Washington Avenue CITY St. Louis ---------------------- --------------- STATE, ZIP Missouri 63103 TELEPHONE (314) 231-1575 ---------------------- --------------- - -------------------------------------------------------------------------------- CPI CORP. ANNOUNCES FOURTH QUARTER AND FISCAL 2004 RESULTS KEY HIGHLIGHTS -------------- o Q4 EPS rises 47% year-to-year to $1.65 o Q4 comparable week sales trend turns positive o Digital conversion efforts continue apace |X| 217 studios now fully converted |X| Plans in place to convert most remaining studios in 2005 o 70 or more new studios expected to be opened in 2005 in connection with the planned conversions of Kmart stores to Sears Essentials nameplate o New $30 million credit facility in place to support digital investment and studio expansions ST. LOUIS, MO, APRIL 18, 2005 - CPI CORP. (NYSE-CPY) today reported earnings per share increased 47% to $1.65 per diluted share for the 12-week fourth quarter ended February 5, 2005 compared to earnings per share of $1.12 per diluted share, reported in the 13-week fourth quarter of fiscal 2004. Net income for the same periods increased to $12.8 million in 2004 from $9.2 million in 2003. The fourth quarter of 2004 included a total of $292,000, or $.04 per diluted share of after-tax amounts recorded as other charges and impairments while the fourth quarter of fiscal 2003 included a total of $3.2 million, or $.39 per diluted share of after-tax charges recorded as other charges and impairments and $1.4 million, or $.17 per diluted share of after-tax charges recorded as net losses from discontinued operations. The discontinued operations presentation resulted from the Company's decision to exit its Mexican and mobile photography operations in the second quarter of 2004. Net sales for the 12-week fourth quarter of 2004 were $99.5 million compared to $101.2 million for the 13-week fourth quarter of 2003. Prior year revenues included approximately $7.1 million attributable to the additional 13th week in the fourth quarter of 2003. On a comparable week sales basis, excluding the impact of the 13th week in the fourth quarter of 2003, the Company's fiscal MORE... CPI Corp. 2004 fourth quarter net sales increased approximately 6% over the comparable 12-week period in the prior year quarter. This increase resulted from a 14% increase in average sales per customer sitting partially offset by an 8% decrease in customer sittings. The Company believes that the reversal in the negative sales trends experienced since late 2003 is largely attributable to the impact of the following initiatives undertaken throughout the year and continuing. o The implementation of a significant computer hardware and printer upgrade in all of our U.S. studios which improved the performance of our legacy systems while laying the foundation for a transition to digital. o The successful conversion of 128 of our studios to full digital format prior to the start of the fourth quarter busy season. These studios significantly outperformed the analog film studios in the fourth quarter and continue to do so to date. o The restoration of coverage and training hours to our studios that had been significantly reduced in the fiscal 2003 fourth quarter in response to then-declining sales trends. o The effectuation of offer changes and targeted price increases as well as the increased utilization of more efficient advertising vehicles. o The introduction of new products contributing in excess of $1 million in fourth quarter sales. Income from operations for the fourth quarter of 2004 was $21.3 million compared to $16.9 million in the comparable quarter of the prior year. Operating results for the fourth quarter of 2003 reflect pre-tax charges totaling $5.0 million while results for the fourth quarter of 2004 reflect pre-tax charges totaling $467,000. The comparability of the operating results between fiscal 2004 and 2003 is also significantly impacted by the additional week of operations included in the 13-week fourth quarter of fiscal 2003. The $4.4 million increase in operating income is principally the result of a $2.4 million decrease in cost of sales and a $4.6 million decrease in other charges and impairments partially offset by a $1.7 million decrease in sales (resulting from the inclusion of approximately $7.1 million in additional sales in the fourth quarter of 2003 related to the 13th week) and a $1.1 million increase in selling, general and administrative expenses. The decrease in cost of sales resulted from reduced levels of customer sittings as well as productivity improvements generated from improved manufacturing processes. These decreases were partially offset by start-up costs and inefficiencies (both in-studio and in the central lab) in connection with the new digital studios, higher effective print media costs associated with onsite-fulfilled product in the new digital studios as well as inefficiencies related to the installation and startup operations of new digital printers in the Company's analog studios. Selling, general and administrative costs increased primarily as a result of increases in studio employment costs, health insurance costs and professional services costs partially offset by planned net reductions in advertising costs, lower corporate employment costs and decreases in various other categories of expenses related to our ongoing corporate cost containment efforts. The increase MORE... CPI Corp. in studio employment costs resulted principally from our initiative to restore coverage and training hours to our studios that had been reduced in the fourth quarter of 2003 in response to the then-declining sales trends. Studio labor also reflects increased labor and training investment in connection with the startup operation of the Company's digital studios. The increase in professional services costs relates to the initial implementation of internal control reporting required by the Sarbanes-Oxley Act. The lower corporate employment costs are a result of various corporate headquarters staff reductions made throughout fiscal 2004. FISCAL 2004 RESULTS - ------------------- The Company also reported a net loss for the 52-week fiscal year ended February 5, 2005 of $18.5 million, or $2.35 per diluted share, compared to net earnings of $1.2 million, or $.15 per diluted share for the 53-week 2003 fiscal year ended February 7, 2004. Both 2004 and 2003 were significantly impacted by the recording of a number of charges and impairments, as well as net losses from discontinued operations. Fiscal 2004 included a total of $22.5 million, or $2.85 per diluted share, of after-tax charges and net losses from discontinued operations while fiscal 2003 included $8.2 million, or $1.01 per diluted share, of such charges and losses. Net sales for 2004 declined $17.1 million or 6% to $281.9 million from the $299.0 million recorded in 2003. During 2004, the Company's Sears Portrait Studios experienced an 11% decrease in sittings which was only partially offset by a 5% increase in average sales per customer sitting. On a comparable week sales basis, excluding the approximate impact of the additional operating week in fiscal 2003, the Company's fiscal 2004 net sales decreased approximately 4% from fiscal 2003. The Company experienced a nearly 12% sales decline during the first half of 2004 based on both sittings and average sale declines. Through the first half of 2004, the average sale per customer sitting was down 4% compared to the first half of 2003 due largely to increased discounting of offers in response to competitive pressures. The negative first half average sale trend was totally reversed in the third quarter of 2004 when for that quarter the Company reported average sales per customer sitting increased 6% compared to the comparable quarter in 2003. As a result, the Company's negative sales trend moderated to just over a 2% decline. As discussed above, comparable week sales trends turned positive in the fourth quarter as the Company benefited from an approximate 14% increase in its average sale per customer sitting. The Company attributes the improvement in the sales trend experienced over the course of the year to the impact of the various initiatives discussed earlier in this press release. MORE... CPI Corp. In 2004, the Company recorded a loss from continuing operations of $6.5 million compared to earnings from continuing operations in 2003 of $9.4 million. Operating results for both years were significantly impacted by pre-tax charges totaling $15.7 million and $5.5 million, respectively. Other charges and impairments recorded in 2004 and 2003 are summarized below: thousands Nature of Charge 2004 2003 ---------------- ---- ---- Recorded as a Component of Income (Loss) From Operations: Accruals related to accelerated vesting of supplemental retirement plan benefits and guaranteed bonuses for 2004 $ 3,656 $ - Impairment charges 6,516 - Reserves for severance and related costs 3,430 1,346 Pension plan curtailment - 2,385 Consent solicitation costs 816 1,663 Production facility closure - 121 Contract terminations and settlements 1,261 - -------- ------- 15,679 5,515 Recorded as a Component of Other Expense Following Income (Loss) from Operations: Impairment and related obligation of preferred security interest 9,789 - -------- ------- Total Other Charges and Impairments $ 25,468 $ 5,515 ======== ======= The $15.9 million decrease in operating earnings between 2003 and 2004 resulted principally from a $17.1 million decrease in sales and a $10.2 million increase in other charges and impairments partially offset by a $3.2 million decrease in cost of sales and a $7.9 million decrease in selling, general and administrative expenses. The decrease in cost of sales between 2003 and 2004 is generally attributable to the same factors discussed in the previous section of this press release relating to the fourth quarter. The decrease in selling, general and administrative costs is the result of planned net reductions in advertising costs, lower corporate employment costs, and net decreases in various other categories of expenses such as travel and meetings, studio supplies, and postage and freight. These decreases were partially offset by increases in studio employment costs related to the broad restoration of coverage and training hours as well as the startup operation of digital studios, costs and inefficiencies associated both the Company's digital conversion efforts as well as with the implementation of the system-wide studio hardware upgrade project, increases in health insurance costs and professional services costs incurred in conjunction with the first year of required internal control reporting under Section 404 of the Sarbanes-Oxley Act. MORE... CPI Corp. 2005 OUTLOOK - ------------ o Digital conversion of existing Sears Portrait Studios - ----------------------------------------------------- As previously reported, the Company converted 128 of its U.S. studios to full digital format in 2004. Thus far in 2005, another 89 studios have been converted bringing the current total to 217. As previously discussed, the converted digital studios, as a whole, are significantly outperforming the remaining film studios. The Company currently plans to convert most remaining U.S. studios to full digital format in 2005. o Opening of new studios in Sears Essential stores - ------------------------------------------------ As part of Sears' off-mall expansion strategy, which is now expected to be accelerated as a result of the closing of the Kmart/Sears merger on March 24, 2005, the Company anticipates opening potentially in excess of 70 brand new portrait studios in planned Sears Essential stores in 2005. These studios, generally occupying a smaller footprint and containing only one camera room, will be fully digital from inception. o Estimated 2005 capital requirements - ----------------------------------- To execute its 2005 plans to convert a substantial share of its remaining Sears Portrait Studios to digital, as well as open anticipated new portrait studios in new Sears Essential stores, the Company estimates its total 2005 capital needs could reach a level approximating $27 million, depending significantly upon how many new studios are opened during the year. o Revolving credit facility - ------------------------- To provide additional operating flexibility, including the ability to implement its digital conversion plans as well as respond to new studio expansion opportunities, while managing the seasonal nature of its business, the Company recently finalized a new two-year bank revolving credit facility. The new facility provides for a $30 million borrowing line in 2005 reducing to $25 million in 2006. o 2005 sales update - ----------------- Preliminary net sales for the ten-week period ended April 16, 2005 represent an approximate 3% increase over the comparable ten-week period of fiscal 2004 which ended on April 17, 2004. This increase is being driven by similar trends in sits and customer averages as those experienced in the latter part of the Company's 2004 third quarter and in the fourth quarter. The actual results for the first quarter of fiscal 2005, which ends on April 30, 2005, may differ from the 10-week results in part due to the number and amount of completed portraits at the studio pending delivery to customers at April 30, 2005. * * * * * MORE... CPI Corp. A conference call and audio webcast are scheduled for Tuesday, April 19, 2005 at 10:00 a.m. central time to discuss the fourth quarter and fiscal 2004 financial results and provide a Company update. To participate in the call, please dial 888-260-4537 or 706-634-1012 at least 5 minutes before start time. The webcast can be accessed on the Company's own site at www.cpicorp.com as well as www.fulldisclosure.com. To listen to a live broadcast, please go to these websites at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software. A replay will be available on the above web sites as well as by dialing 706-645-9291 or 800-642-1687 and providing confirmation code 5580336. The replay will be available through April 26, 2005 by phone and for approximately 30 days on the Internet. CPI is a portrait photography company offering photography services in the United States, Puerto Rico and Canada through Sears Portrait Studios. The Company also operates searsphotos.com, an on-line photofinishing service as well as the vehicle for the Company's customers to archive, share portraits via email and order additional portraits and products. The statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. Management wishes to caution the reader that these forward-looking statements, such as our outlook for portrait studios, net income, future cash requirements, cost savings, compliance with debt covenants, valuation allowances, reserves for charges and impairments and capital expenditures, are only predictions or expectations; actual events or results may differ materially as a result of risks facing us. Such risks include, but are not limited to: customer demand for our products and services, the Company's ability to obtain financing when needed under reasonable terms, the overall level of economic activity in our major markets, competitors' actions, manufacturing interruptions, dependence on certain suppliers, changes in our relationship with Sears and the condition and strategic planning of Sears and the impact of the Kmart/Sears merger, fluctuations in operating results, the ultimate impact of the Prints Plus bankruptcy, the attraction and retention of qualified personnel, unforeseen difficulties arising from installation and operation of new equipment in our portrait studios and other risks as may be described in our filings with the Securities and Exchange Commission, including our Form 10-K for the year ended February 7, 2004. Tables to follow... MORE... CPI Corp. CPI CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per share amounts) 12 Weeks Vs 13 Weeks 52 Weeks Vs 53 Weeks -------------------- -------------------- Feb.5,2005 Feb.7,2004 Feb.5,2005 Feb.7,2004 ---------- ---------- ---------- ---------- Net sales $99,498 $101,237 $281,865 $299,044 Cost and expenses: Cost of sales (exclusive of depreciation and amortization shown below) 11,961 14,316 36,899 40,070 Selling, general and administrative expenses 61,839 60,710 219,367 227,238 Depreciation and amortization 3,949 4,259 16,391 16,806 Other charges and impairments 467 5,035 15,679 5,515 ------- -------- -------- -------- 78,216 84,320 288,336 289,629 Income (loss) from continuing operations 21,282 16,917 (6,471) 9,415 Interest expense 449 657 2,180 2,949 Interest income 326 358 1,226 1,709 Impairment and related obligations of preferred security interest 145 - 9,789 - Other income, net 54 84 263 850 ------- -------- -------- -------- Earnings (loss) from continuing operations before income taxes 21,068 16,702 (16,951) 9,025 Income tax expense (benefit) 8,223 6,145 (2,189) 3,183 ------- -------- -------- -------- Net earnings (loss) from continuing operations 12,845 10,557 (14,762) 5,842 Loss from discontinued operations, net of income tax benefits (3) (1,407) (3,746) (4,624) ------- -------- -------- -------- Net earnings (loss) $12,842 $9,150 ($18,508) $1,218 ======= ====== ======== ====== Earnings (loss) per common share - diluted From continuing operations $1.65 $1.29 ($1.87) $0.72 From discontinued operations (0.00) (0.17) (0.48) (0.57) ------- -------- -------- -------- Net earnings (loss) - diluted $1.65 $1.12 ($2.35) $0.15 ======= ====== ======== ====== Earnings (loss) per common share - basic From continuing operations $1.66 $1.31 ($1.87) $0.72 From discontinued operations (0.00) (0.17) (0.48) (0.57) ------- -------- -------- -------- Net earnings (loss) - basic $1.66 $1.14 ($2.35) $0.15 ======= ====== ======== ====== Weighted average number of common and common equivalent shares outstanding: Diluted 7,797 8,186 7,888 8,148 Basic 7,759 8,058 7,888 8,082 MORE... CPI Corp. CPI CORP. ADDITIONAL CONSOLIDATED OPERATING INFORMATION ($'s in thousands) 12 Weeks Vs 13 Weeks 52 Weeks Vs 53 Weeks -------------------- -------------------- Feb.5,2005 Feb.7,2004 Feb.5,2005 Feb.7,2004 ---------- ---------- ---------- ---------- Capital expenditures $2,189 $8,102 $15,401 $22,764 EBITDA is calculated as follows: Net earnings (loss) from continuing operations 12,845 10,557 (14,762) 5,842 Income tax expense (benefit) 8,223 6,145 (2,189) 3,183 Interest expense 449 657 2,180 2,949 Depreciation and amortization 3,949 4,259 16,391 16,806 Other non-cash charges 92 2,576 6,445 2,688 ------ ------ ------- ------- EBITDA (1) & (5) $25,558 $24,194 $8,065 $31,468 == == ======= ======= ====== ======= Adjusted EBITDA (2) $26,434 $26,844 $27,581 $34,598 EBITDA margin (3) 25.69% 23.90% 2.86% 10.52% Adjusted EBITDA margin (4) 26.57% 26.52% 9.79% 11.57% (1) EBITDA represents net earnings from continuing operations in thousands of dollars before interest expense, income taxes, depreciation and amortization and other non-cash charges. EBITDA is included because it is one liquidity measure used by certain investors to determine a company's ability to service its indebtedness. EBITDA is unaffected by the debt and equity structure of the company. EBITDA does not represent cash flow from operations as defined by GAAP, is not necessarily indicative of cash available to fund all cash flow needs and should not be considered an alternative to net income under GAAP for purposes of evaluating the Company's results of operations. EBITDA is not necessarily comparable with similarly- titled measures for other companies. (2) Adjusted EBITDA is calculated as follows: EBITDA $25,558 $24,194 $8,065 $31,468 EBITDA adjustments: Accruals related to accelerated vesting of supplemental retirement plan benefits and guaranteed bonuses for 2004 73 - 3,656 - Impairment charges - - 983 - Severance and related costs 248 1,346 3,430 1,346 Consent solicitation costs - 1,183 816 1,663 Production facility closure - 121 - 121 Contract terminations and settlements 410 - 842 - Impairment reserve and related obligations of preferred security interest 145 - 9,789 - ------ ------ ------- ------- Adjusted EBITDA $26,434 $26,844 $27,581 $34,598 ======= ======= ======= ======= (3) EBITDA margin represents EBITDA, as defined in (2), stated as a percentage of sales. (4) Adjusted EBITDA margin represents Adjusted EBITDA, as defined in (2), stated as a percentage of sales. (5) As required by the SEC's Regulation G, a reconciliation of EBITDA, a non-GAAP liquidity measure, with the most directly comparable GAAP liquidity measure, cash flow from continuing operations follows: 12 Weeks Vs 13 Weeks 52 Weeks Vs 53 Weeks -------------------- -------------------- Feb.5,2005 Feb.7,2004 Feb.5,2005 Feb.7,2004 ---------- ---------- ---------- ---------- EBITDA $25,558 $24,194 $8,065 $31,468 Income tax benefit (expense) (8,223) (6,145) 2,189 (3,183) Interest expense (449) (657) (2,180) (2,949) Adjustments for items not requiring cash: Deferred income taxes (5,020) (681) (9,012) (2,504) Deferred revenues and related costs (10,314) (6,502) (2,899) (2,887) Impairment reserve and related obligations of preferred security interest 145 - 9,789 - Other, net 700 603 4,052 (5) Decrease (increase) in current assets 16,338 11,910 338 639 Increase (decrease) in current liabilities (6,704) (1,062) (1,172) 4,375 Increase (decrease) in current income taxes 14,137 4,520 7,238 7,164 ------- ------- ------- ------- Cash flows from continuing operations $26,168 $26,180 $16,408 $32,118 ======= ======= ======= ======= MORE... CPI Corp. CPI CORP. CONDENSED CONSOLIDATED BALANCE SHEETS FEBRUARY 5, 2005 AND FEBRUARY 7, 2004 (In thousands) FEBRUARY 5, FEBRUARY 7, 2005 2004 ----------- ----------- Assets Current assets: Cash and cash equivalents $40,037 $51,011 Other current assets 33,912 40,965 Net property and equipment 41,658 52,735 Other assets 19,493 22,518 ----------- ----------- Total assets $135,100 $167,229 =========== =========== Liabilities and stockholders' equity Current liabilities $71,761 $68,799 Long-term obligations 17,050 25,589 Other liabilities 23,403 21,015 Stockholders' equity 22,886 51,826 ----------- ----------- Total liabilities and stockholders' equity $135,100 $167,229 =========== =========== -----END PRIVACY-ENHANCED MESSAGE-----