-----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, T7QU3Cnv38pY0MgQkGsizJdI8Horky1dBZpyvGsPBlVmT7GIT8hmMiGR2ipflASg lZLc+N3OsLwxC4cKa+ZF5g== 0000313927-03-000418.txt : 20030804 0000313927-03-000418.hdr.sgml : 20030804 20030804075036 ACCESSION NUMBER: 0000313927-03-000418 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030804 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030804 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHURCH & DWIGHT CO INC /DE/ CENTRAL INDEX KEY: 0000313927 STANDARD INDUSTRIAL CLASSIFICATION: SOAP, DETERGENT, CLEANING PREPARATIONS, PERFUMES, COSMETICS [2840] IRS NUMBER: 134996950 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10585 FILM NUMBER: 03819108 BUSINESS ADDRESS: STREET 1: 469 N HARRISON ST CITY: PRINCETON STATE: NJ ZIP: 08543-5297 BUSINESS PHONE: 6096835900 MAIL ADDRESS: STREET 1: 469 N HARRISON STREET CITY: PRINCETON STATE: NJ ZIP: 08543-5297 8-K 1 f8-kcover.txt 8403 FORM 8-K - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 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 Commission File Number 1-10585 Date of the report (Date of earliest event reported): August 4, 2003 -------------------------------------------- CHURCH & DWIGHT CO., INC. (Exact Name of Registrant as Specified in its Charter)
Delaware 13-4996950 (State or Other Jurisdiction or Incorporation) (I.R.S. Employer Identification No.)
469 North Harrison Street, Princeton, New Jersey 08543 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (609) 683-5900 N/A (Former Name or Former Address, if Changed Since Last Report) -------------------------------------------- - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------- ITEM 5. OTHER EVENTS On August 4, 2003, Church & Dwight Co., Inc. ("Company") issued a press release relating to earnings for the quarter ended June 27, 2003 and the Company's investor and analyst conference to be held on Monday, August 4, 2003. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits Exhibit 99 Press Release by the Company dated August 4, 2003. ITEM 9. REGULATION FD DISCLOSURE The following information is furnished by Church & Dwight Co., Inc. (the "Company") pursuant to Item 12. "Disclosure of Results of Operations and Financial Condition." On August 4, 2003, the Company issued a press release announcing its financial results for the second quarter of 2003. The press release is set forth in the attached Exhibit 99. Exhibit 99 includes references to earnings before interest, taxes, depreciation and amortization ("EBITDA"). A reconciliation of EBITDA to net cash provided by (used in) operating activities, the most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), is also provided in the exhibit. Management believes that the presentation of EBITDA, a non-GAAP financial measure, is useful because it allows investors and management to evaluate and Compare the Company's liquidity in a more meaningful manner. In addition, EBITDA is a required component of the financial covenants contained in the Company's credit facility. Exhibit 99 also includes references to sales, gross profit and operating profit on a combined basis, including Armkel LLC and other unconsolidated affiliates. A reconciliation of reported sales, gross profit and operating profit to combined sales, gross profit and operating profits is provided in the exhibit. Management believes that the presentation of combining sales and operating results with affiliate companies over which the Company exerts significant influence, but does not control the financial and operating decisions is useful because it allows investors and management to evaluate and compare the Company's financial results in the same manner in which the Company manages its businesses. Exhibit 99 also includes references to adjusted net income. A reconciliation of net income to adjusted net income is provided in the exhibit. Management believes that the presentation of adjusted net income is useful because it allows investors and management to evaluate and compare the performance of the Company in a more meaningful manner by adjusting for non-recurring items. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registration has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized. CHURCH & DWIGHT CO., INC. a Delaware Corporation Date: August 4, 2003 By: /s/ Robert A. Davies III --------------------------------------- Robert A. Davies III Chief Executive Officer EX-99 3 f8kreleas.txt 8403 EXHIBIT 99 Exhibit 99 Contact: Zvi Eiref Chief Financial Officer 609/279-7666 CHURCH & DWIGHT REPORTS SECOND QUARTER RESULTS RAISES FULL-YEAR EPS OBJECTIVE TO $1.84-1.86 PER SHARE - -------------------------------------------------------------------------------- PRINCETON, NJ, AUGUST 4, 2003 - Church & Dwight Co., Inc. (NYSE:CHD) today reported second quarter net income of $24.6 million or $0.59 per diluted share, a $0.14 per share or 31% increase over the $18.7 million or $0.45 per diluted share for the same period last year. The second quarter's results include, as part of equity in earnings of affiliates, a net $0.07 per share contribution by the Company's affiliate, Armkel LLC, primarily resulting from settlement of litigation. In addition, the quarter includes a $0.06 per share gain from the reversal of prior years' tax reserves resulting from the settlement of a State tax dispute. Last year's results included income of $0.05 per share related to the profit allocation under the Armkel joint venture agreement. Excluding these items, earnings would have been $0.46 per share for the quarter, an increase of $0.06 per share or 15% over $0.40 per share in the second quarter of 2002. "We are pleased with our first half operating results, as well as with the progress on several new sales and product initiatives," said Chairman and Chief Executive Officer of Church & Dwight Robert A. Davies, III. "While we expect to continue investing in our businesses, primarily through increased marketing activity, we are comfortable enough to raise our earnings per share objective from the previously announced $1.77-1.81 per share to $1.84-1.86 per share for the year." Church & Dwight second quarter sales of $256.3 million were $2.2 million or 0.9% below last year's $258.5 million. The decline was due to the discontinuation of certain former USA Detergents cleaners and Carter-Wallace pet care products, as well as the reversal in last year's second quarter of $2.3 million in prior year promotion reserves due to a change in estimates. These items together contributed about 2% of last year's sales; excluding them, this year's second quarter sales were about 1% above last year. At the product line level, higher sales of liquid laundry detergent and certain deodorizers and cleaners, as well as increased exports, were offset by lower sales of laundry detergent powder, fabric softeners and certain oral care products. On a combined basis, including Armkel and other unconsolidated affiliates, sales increased $7.5 million or 2% to $380.7 million. - more - The Company's gross margin increased 1.7% to 31.1% of sales, as integration benefits from the USA Detergents and Carter-Wallace acquisitions, and other cost reduction programs, more than offset energy-related and other commodity-based cost increases. Selling, general and administrative expenses declined 0.4% to 11.0% of sales. The Company deployed most of this margin improvement to support new marketing initiatives, and marketing spending increased $4.1 million or 19% to $26.3 million, representing 10.3% of sales compared to 8.6% last year. During the second quarter, the Company achieved broad national distribution and initiated advertising support for the new Arrid(R) Total line of antiperspirants, targeted primarily to women, as well as Arm & Hammer(R) Complete Care, a major addition to the Dental Care toothpaste line. On the household products side of the business, the Company significantly expanded its distribution of both Xtra(R) and Arm & Hammer liquid laundry detergent in the mass channel. The Company also introduced Brillo(R) Scrub'n'Toss disposable cleaning pads and Arm & Hammer Pet Fresh(TM) Carpet Deodorizer with a new hair-release ingredient targeted to pet owners, both of which should reach national distribution in the third quarter. Early in the third quarter, the Company began shipments of Arm & Hammer Easy Flush(TM) clumping cat litter, a technically advanced product targeted to consumers who keep their litter boxes in the bathroom. Below the operating income line, the Company benefited from a $1.2 million increase in earnings from affiliates; a $2.8 million reduction in interest and other expenses due to debt reduction and foreign exchange gains; and a $2.4 million reduction in tax reserves due to the previously mentioned State tax settlement. Six months net income of $45.6 million or $1.09 per share was $0.28 or 35% higher than last year's $33.6 million or $0.81 per share. Excluding the items described in the second paragraph, as well as a $0.06 per share Armkel acquisition-related charge in last year's first quarter, earnings per share would have increased by $0.14 per share or 17% to $0.96 per share from $0.82 per share in the same period last year. Six months sales of $504.6 million were $10.7 million or 2.1% below last year's $515.3 million. Excluding the prior year items referred to in the sales commentary above, this year's sales were about flat with the previous year. On a combined basis, including Armkel and other affiliates, sales were $738.7 million, an increase of $12 million or 1.7% over last year's $726.7 million. During the quarter, the Company repaid debt of approximately $21 million. At quarter-end, the Company had total outstanding debt of $320 million, and cash of $54 million, for a net debt position of $266 million, a reduction of $79 million from the same period last year. Earnings before interest, taxes, depreciation and amortization (EBITDA), a measure widely used by investors, are estimated at $70 million for the six months, based on the definition in the Company's bank loan agreement. - more - ARMKEL, LLC Armkel, a 50/50 joint venture between Church & Dwight and the private equity group, Kelso & Company, reported net income of $22.5 million compared to $15.6 million in the same period last year. This quarter's results include a $13.1 million net gain from the settlement of litigation, the proceeds of which Armkel expects to receive in August. This gain is partially offset by a $3.1 million impairment charge related to a former Carter-Wallace facility being held for sale, resulting in a net gain from these matters of $10 million. Church & Dwight's share of this gain, referred to in the second paragraph of this release, is $5 million or $0.07 per share. Excluding this gain, Armkel's second quarter net income would have been $12.5 million, compared to last year's net income of $14.7 million excluding the income of the Italian business which was disposed of earlier this year. Due to the timing of its marketing programs as well as an increase in new product activity, Armkel's marketing spending rose by approximately $7 million or over 50% to $19.7 million, representing 17% of sales versus 12% last year. Sales of $113.5 million were $9 million or 8.7% above last year's $104.4 million as reported, and 2.9% higher after excluding foreign exchange translation gains. Domestic sales of $57.6 million were 1.3% below last year. Trojan(R) condoms, First Response(R) pregnancy kits and Nair(R) depilatories all improved their relative market positions; however, sales of Nair depilatories, a highly seasonal product line, were substantially lower due to an estimated 20% market contraction related to unseasonably cool and wet weather conditions. International sales of $55.9 million were 21.2% ahead of last year due to a strong performance by the European businesses, particularly in the areas of skin care, oral care and depilatories. Excluding foreign exchange translation gains, international sales were 8.4% higher than last year. Six months net income was $37.7 million compared to last year's $15.9 million. Adjusting for the second quarter items described above, as well as other matters described on an attached exhibit, including an acquisition-related accounting charge in last year's first quarter, net income would have increased $3.5 million or 15.6% to $26.0 million for the six-month period. Six months sales of $213.1 million were $21.3 million or 11.1% higher than last year's $191.8 million as reported, and 6.3% higher adjusted for foreign exchange translation gains. Domestic sales of $109.7 million were 2.6% higher. International sales of $103.4 million were 22% higher as reported, and 11% higher adjusted for foreign exchange translation gains. Armkel had total outstanding debt of $406.1 million, and cash of $44.4 million, for a net debt position of $361.7 at quarter-end, a reduction of $41 million from the same period last year. During the past 12 months, Armkel has paid approximately $27 million in severance, integration and other acquisition-related costs, and sold its Italian subsidiary for approximately $22.6 million. Armkel's EBITDA, excluding the net settlement proceeds, is estimated at approximately $53 million for the six months. - more - Commenting on the results of Church & Dwight and its affiliates, Mr. Davies noted that both Church & Dwight and Armkel are pursuing the same strategy of expanding their gross margins while increasing the level of spending on marketing and new product development. For the first six months, combined gross margin increased 1.8% to 38.3% compared to last year's 36.5%. Combined marketing spending rose almost $12 million or 18% to $75 million, representing 10.2% of sales compared to 8.7% in the same period last year. R&D spending was also significantly higher. Despite the increase in marketing spending, combined operating profit increased to $104.8 million or 14.2% of sales from $98.4 million or 13.5% of sales in the previous year. These results are adjusted for the matters described in this release, as shown on the attached exhibit. Mr. Davies concluded, "Looking ahead, we intend to build on our strong first half results. Our confidence in meeting the Company's objectives is reflected both in the new earnings guidance and in the Board's recent decision to increase the dividend." As previously reported, at its July 23 Board Meeting, the Board declared a half-cent, or 6.7%, dividend increase to $0.08 per share. The dividend is payable September 2, 2003 to stockholders of record at the close of business on August 8, 2003. This is the Company's 410th regular quarterly dividend. Church & Dwight will host a conference call to discuss second quarter 2003 earnings results with the investment community on August 4 at 10:00 a.m. (EST). To participate, dial in at 800-884-5695. A replay will be available two hours after the call at 888-286-8010, access code 90273033, as well as on the company's website. Also, you can participate via webcast by visiting the Investor Relations section of the Company's website at www.churchdwight.com. Church & Dwight Co., Inc. is the manufacturer of household, personal care and specialty products, sold under the ARM & HAMMER brand name and other well-known trademarks. This release contains forward-looking statements relating, among others, to anticipated earnings per share, increased marketing activity, gross margin improvement and new product activity. These statements represent the intentions, plans, expectations and beliefs of Church & Dwight, and are subject to risks, uncertainties and other factors, many of which are outside the Company's control and could cause actual results to differ materially from such forward-looking statements. The uncertainties include assumptions as to market growth and consumer demand (including the effect of political and economic events on consumer demand), raw material and energy prices, the financial condition of major customers, and the Company's determination and ability to exercise its option to acquire the remaining 50% interest in Armkel. With regard to the new product introductions referred to in this release, there is particular uncertainty relating to trade, competitive and consumer reactions. Other factors, which could materially affect the results, include the outcome of contingencies, including litigation, pending regulatory proceedings, environmental remediation and the acquisition or divestiture of assets. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult the Company's disclosures, in its filings with the U.S. Securities and Exchange Commission, particularly those contained in Risk Factors in Item 1 of Part 1 of the Company's Annual Report on Form 10K for the year ended December 31, 2002. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995. # # # CHURCH & DWIGHT CO., INC. Product Line Net Sales, Gross Profit and Operating Profit Including Unconsolidated Affiliates 2nd Quarter and Six Months 2003 vs. 2002
(Dollars in Millions) THREE MONTHS ENDED JUNE 27, 2003 THREE MONTHS ENDED JUNE 28, 2002 -------------------------------- -------------------------------- CHD CHD & CHD CHD & As Reported Affiliates Adj's* Affiliates As Reported Affiliates Adj's* Affiliates ----------- ---------- ------- ---------- ----------- ---------- ------ ---------- Deodorizers & Cleaning $ 61.1 $ - $ - $ 61.1 $ 63.5 $ - $ - $ 63.5 Laundry $ 98.2 $ - $ - $ 98.2 $ 97.7 $ - $ - $ 97.7 Personal Care $ 40.9 $ 57.6 $ - $ 98.5 $ 43.3 $ 58.3 $ - $ 101.6 International $ 9.3 $ 55.9 $ (0.6) $ 64.6 $ 7.5 $ 46.2 $(0.1) $ 53.6 --------- -------- ------- -------- --------- -------- ------ -------- Total Consumer Products $ 209.5 $ 113.5 $ (0.6) $ 322.4 $ 212.0 $ 104.5 $(0.1) $ 316.4 Specialty Products Division $ 46.8 $ 13.8 $ (2.3) $ 58.3 $ 46.5 $ 11.7 $(1.4) $ 56.8 -------- -------- ------- -------- -------- -------- ------ -------- Total Reported Net Sales $ 256.3 $ 127.3 $ (2.9) $ 380.7 $ 258.5 $ 116.2 $(1.5) $ 373.2 ======= ======= ======= ======== ======== ======== ====== ======== Gross Profit $ 79.6 $ 68.4 $ - $ 148.0 $ 75.9 $ 62.4 $ - $ 138.3 % of Net Sales 31.1% 38.9% 29.4% 37.1% Marketing Costs $ 26.3 $ 19.8 $ - $ 46.1 $ 22.2 $ 13.0 $ - $ 35.2 % of Net Sales 10.3% 12.1% 8.6% 9.4% Operating Profit $ 25.0 $ 34.6 $(10.1) $ 49.5 $ 24.3 $ 27.2 $ - $ 51.5 % of Net Sales 9.8% 13.0% 9.4% 13.8%
(Dollars in Millions) SIX MONTHS ENDED JUNE 27, 2003 SIX MONTHS ENDED JUNE 28, 2002 ------------------------------ ------------------------------ CHD CHD & CHD CHD & As Reported Affiliates Adj's* Affiliates As Reported Affiliates Adj's* Affiliates ----------- ---------- ------- ---------- ----------- ---------- ----- ----------- Deodorizers & Cleaning $ 114.3 $ - $ - $ 114.3 $ 126.1 $ - $ - $ 126.1 Laundry $ 198.8 $ - $ - $ 198.8 $ 197.9 $ - $ - $ 197.9 Personal Care $ 83.5 $ 109.7 $ - $ 193.2 $ 84.9 $ 107.0 $ - $ 191.9 International $ 17.2 $ 103.4 $ (1.3) $ 119.3 $ 15.9 $ 84.9 $ - $ 100.8 -------- ------- ------- ------- -------- -------- ------ -------- Total Consumer Products $ 413.8 $ 213.1 $ (1.3) $ 625.6 $ 424.8 $ 191.9 $ - $ 616.7 Specialty Products Division $ 90.8 $ 25.8 $ (3.5) $ 113.1 $ 90.5 $ 21.7 $(2.2) $ 110.0 -------- -------- ------- ------- -------- -------- ------ -------- Total Reported Net Sales $ 504.6 $ 238.9 $ (4.8) $ 738.7 $ 515.3 $ 213.6 $(2.2) $ 726.7 ======== ======== ======= ======= ======== ======== ====== ======== Gross Profit $ 153.4 $ 129.4 $ - $ 282.8 $ 149.2 $ 107.6 $ 8.1 $ 264.9 % of Net Sales 30.4% 38.3% 29.0% 36.5% Marketing Costs $ 43.2 $ 31.9 $ - $ 75.1 $ 39.0 $ 24.5 $ - $ 63.5 % of Net Sales 8.6% 10.2% 7.6% 8.7% Operating Profit $ 53.8 $ 60.8 $ (9.8) $ 104.8 $ 51.5 $ 38.8 $ 8.1 $ 98.4 % of Net Sales 10.7% 14.2% 10.0% 13.5%
* Adjustments include: the elimination of intercompany sales; in 2003 the settlement of litigation and the write-down of an asset held for sale; and in the six-month period of 2002, the inventory step-up charge. Reconciliation of Net Cash Provided by Operating Activities to EBITDA: (Dollars in Millions) CHD As Reported Armkel Net Cash Provided by $ 43.5 $ 5.2 Operating Activities Interest Expense $ 9.9 $ 15.8 Current Income Tax Provision $ 14.5 $ 5.5 Proceeds from Affiliates $ 2.3 $ - Change in Working Capital $ 5.4 $ 38.8 Litigation Settlement $ - $ (12.7) Interest Income $ (0.7) $ (0.5) Other $ (4.3) $ 1.4 -------- -------- EBITDA $ 70.6 $ 53.5 ======== ========
ARMKEL LLC Net Income Reconciliation (Dollars in Millions) Three Months Ended Six Months Ended ------------------ ---------------- June 27, 2003 June 28, 2002 June 27, 2003 June 28, 2002 ------------- ------------- ------------- ------------- Net Income as reported $ 22.5 $ 15.6 $ 37.7 $ 15.9 Litigation Settlement $ (13.1) $ - $ (12.7) $ - Write-down of Asset Held for Sale $ 3.1 $ - $ 3.1 $ - Gain on sale of Italian Subsidiary $ - $ - $ (1.9) $ - Italian Subsidiary Net Income $ - $ (0.9) $ (0.2) $ (1.5) Inventory Step-up charge $ - $ - $ - $ 8.1 ----------- ---------- ---------- ---------- Adjusted Net Income $ 12.5 $ 14.7 $ 26.0 $ 22.5 =========== ========== ========== ==========
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended Six Months Ended ================================================================================================================================== (In thousands, except per share data) June 27, 2003 June 28, 2002 June 27, 2003 June 28, 2002 - ---------------------------------------------------------------------------------------------------------------------------------- Net Sales $ 256,263 $ 258,463 $ 504,561 $ 515,265 Cost of sales 176,690 182,525 351,154 366,077 - ---------------------------------------------------------------------------------------------------------------------------------- Gross profit 79,573 75,938 153,407 149,188 Marketing expenses 26,288 22,153 43,231 38,985 Selling, general and administrative expenses 28,236 29,492 56,346 58,683 - ---------------------------------------------------------------------------------------------------------------------------------- Income from Operations 25,049 24,293 53,830 51,520 Equity in earnings of affiliates 12,528 11,364 20,680 12,281 Other income (expense), net (3,753) (6,551) (8,624) (12,267) - ---------------------------------------------------------------------------------------------------------------------------------- Income before minority interest and taxes 33,824 29,106 65,886 51,534 Income taxes 9,192 10,414 20,299 17,830 Minority Interest 6 40 15 129 - ---------------------------------------------------------------------------------------------------------------------------------- Net Income $ 24,626 $ 18,652 $ 45,572 $ 33,575 ================================================================================================================================== Net Income per share - Basic $0.61 $0.47 $1.14 $0.85 Net Income per share - Diluted $0.59 $0.45 $1.09 $0.81 - ---------------------------------------------------------------------------------------------------------------------------------- Dividend per share $0.075 $0.075 $0.15 $0.15 Weighted average shares outstanding - Basic 40,132 39,584 40,039 39,425 Weighted average shares outstanding - Diluted 42,072 41,855 41,967 41,677 ===================================================================================================================================
CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in thousands) June 27, 2003 June 28, 2002 - -------------------------------------------------------------------------------------------------------------------------- Assets ========================================================================================================================== Current Assets Cash, equivalents and securities $ 54,011 $ 75,285 Accounts receivable 102,383 107,257 Inventories 86,535 97,137 Other current assets 23,624 35,349 - -------------------------------------------------------------------------------------------------------------------------- Total Current Assets 266,553 315,028 - -------------------------------------------------------------------------------------------------------------------------- Property, Plant and Equipment (Net) 244,839 239,546 Equity Investment in Affiliates 148,479 125,775 Intangibles and other assets 332,796 315,353 - ------------------------------------------------------------------------------------------------------------------------- Total Assets $ 992,667 $ 995,702 ========================================================================================================================= Liabilities and Stockholders' Equity - ------------------------------------------------------------------------------------------------------------------------- Short-Term Debt $ 66,481 $ 20,430 Other current liabilities 170,425 174,294 - ------------------------------------------------------------------------------------------------------------------------- Total Current Liabilities 236,906 194,724 - ------------------------------------------------------------------------------------------------------------------------- Long-Term Debt 253,243 399,201 Other Long-Term Liabilities 105,169 80,355 Stockholders' Equity 397,349 321,422 - ------------------------------------------------------------------------------------------------------------------------- Total Liabilities and Stockholders' Equity $ 992,667 $ 995,702 =========================================================================================================================
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