EX-99.1 2 f52349exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
FOR ADDITIONAL INFORMATION:
     
Investor Relations Contact:
  Media Contact:
 
    
AppliedMicro Circuits Corporation
  AppliedMicro Circuits Corporation
Bob Gargus
  Kathy Ligon
Phone: (408) 542-8752
  Phone: (408) 702-3127
E-Mail: bgargus@amcc.com
  E-Mail: kligon@amcc.com
Thursday, April 30, 2009
Company Press Release
APPLIEDMICRO CIRCUITS CORPORATION REPORTS
FOURTH QUARTER FISCAL 2009 FINANCIAL RESULTS
SUNNYVALE, Calif., —April 30, 2009—AppliedMicro Circuits Corporation [NASDAQ: AMCC] today reported its financial results for the fourth quarter of fiscal 2009 ending March 31st, 2009.
  •   Q4 net revenues from continuing operations were $41.0 million down 30% year over year and 14% sequentially. Q4 revenues from the discontinued storage business were $4.5 million and down 65% year over year and 54% sequentially.
 
  •   Q4 and fiscal 2009 GAAP net loss was $(27.4) million and $(309.3) million or $(0.42) and $(4.74) per share, respectively. Q4 and fiscal 2009 loss from discontinued operations were $(4.6) million and $(48.2) million or $(0.07) and $(0.74) per share, respectively.
 
  •   Q4 2009 non-GAAP net loss was $(11.8) million or $(0.18) per share and fiscal 2009 non-GAAP net income of $10.2 million or $0.16 per share.
 
  •   Total cash was approximately $184 million as of March 31, 2009 (before the cash from the sale of the storage business).
 
  •   On April 21, 2009 AMCC completed the sale of its 3ware storage adapter solutions business for $20 million in cash.
 
  •   In Q4 2009, AMCC announced a reduction in force impacting slightly over 100 people that will result in anticipated annual savings of $14 to $16 million (this does not include the divestiture of the storage business).
 
  •   AMCC announced the introduction of the Yahara family of 10GbE Framer/Mapper/PHY devices for multi-service transport platforms and Metro/Long Haul Optical networks.

 

 

Net revenues from continuing operations for the fourth quarter of fiscal 2009 were $41.0 million compared to $47.7 million in the third quarter of fiscal 2009, representing a sequential decline of 14% and a decline of 30% over the $58.6 million in net revenues reported in the fourth quarter of fiscal 2008. Revenues from continuing operations for the fiscal year ended March 31, 2009 were $214.2 million compared to $194.1 million for last year, a 10% increase.
The net loss on a generally accepted accounting principles (GAAP) basis for the fourth quarter of fiscal 2009 was $(27.4) million or $(0.42) per share. The fourth quarter GAAP net loss compares with a net loss of $(274.5) million or $(4.20) per share for the third quarter of fiscal 2009 and a net loss of $(86.3) million or $(1.33) per share for the fourth quarter of fiscal 2008. The GAAP net loss for fiscal 2009 was $(309.3) million or $(4.74) per share compared to $(115.1) million or $(1.70) per share for fiscal 2008. The losses for fiscal 2009 and 2008 included $264.1 million and $71.5 million, respectively, relating to the impairment write-down of goodwill.
Non-GAAP loss from continuing operations for the fourth quarter of fiscal 2009 was $(8.4) million or $(0.13) per share, compared to non-GAAP income from continuing operations of $3.3 million or $0.05 per share in the third quarter of fiscal 2009 and non-GAAP net income from continuing operations of $5.3 million or $0.08 per share for the fourth quarter of fiscal 2008. The non-GAAP net income from continuing operations for fiscal 2009 was $11.6 million or $0.18 per share compared to a non-GAAP loss from continuing operations of $(7.1) million or $(0.10) per share for fiscal 2008.
“The lower revenues were in line with our expectations given the overall depressed market conditions. The sale of our 3ware storage adapter business enables us to focus on our core strengths in the development of integrated circuits for energy-optimized packet-based networks. Given our solid product cycles and design-win pipeline combined with our strategic refocus, I am confident we will emerge from this downturn as a much stronger company.” said Kambiz Hooshmand, president and chief executive officer.
Bob Gargus, chief financial officer commented, “The fourth quarter was difficult, but with the divestiture and certain cost control measures that we have put in place, we are confident that it will enable us to optimally focus our resources on our core business sectors and give us a solid base to scale as revenues ramp back.”
AMCC reports its financial results in accordance with GAAP and also provides additional financial data that have not been prepared in accordance with GAAP. The non-GAAP results and other financial measures reported by the Company exclude certain items that are required by GAAP, such as restructuring charges, amortization of purchased intangibles, stock-based compensation charges, impairment of goodwill, strategic investment written off and gain on renegotiated design tool agreement, other than temporary impairment on investments, tax provision related to the creation of deferred tax liability relating to a prior asset purchase acquisition transaction, realized gain on sale of strategic equity investment, payroll tax on certain stock option exercises and expenses related to stock option investigation and other litigation. Expenses related to stock option investigation consist primarily of fees paid to professional service firms in connection with the Company’s internal investigation of historical stock option grant practices and the resulting restatement of the Company’s financial statements, the investigations by the Securities and Exchange Commission and the U.S. Attorney’s office arising

 

 

from the internal investigation and the defense of derivative lawsuits arising from the Company’s internal investigation and other litigation relates to an accrual made for a potential litigation settlement. Income taxes are adjusted to an estimated non-GAAP effective tax rate. These non-GAAP measures are not a substitute for GAAP measures and may not be consistent with the presentation used by other companies. The Company uses the non-GAAP financial measures to evaluate and manage its operations. The Company is providing this information to allow investors to perform additional financial analysis and because it is consistent with the financial models and estimates published by analysts who follow the Company. The attached schedule reconciles non-GAAP results and other financial measures reported by the Company with the most directly comparable GAAP financial measures.
AMCC management will be holding a conference call today, April 30, 2009, at 2:00 p.m. Pacific Time/5:00 p.m. Eastern Time to discuss additional details regarding the Company’s performance for the fourth quarter of fiscal 2009 and to provide guidance for the first quarter of fiscal 2010. You may access the conference call via any of the following:
     
Teleconference:
  719-325-4830
Conference ID:
  1494407
Web Broadcast:
  http://investor.amcc.com/events.cfm
Replay:
  719-457-0820 (available through May 5, 2009)
AMCC Overview
AMCC is a global leader in energy efficient sustainable solutions to Process, Transport, and Store information for the next generation of internet data center and carrier central office. As a leader in high speed signal processing, IP & Ethernet packet processing, and storage processing, AMCC’s patented innovations provide high value highly integrated Systems On a Chip (SoCs) for Telecom, Enterprise and Consumer Applications.
AMCC’s corporate headquarters are located in Sunnyvale, California. Sales and engineering offices are located throughout the world. We maintain a web site to which we regularly post copies of our press releases, our filings with the Securities and Exchange Commission and additional information about us. Interested persons can also subscribe on our web site to email alerts or RSS feeds. Please visit www.amcc.com.
This news release contains forward-looking statements that reflect the Company’s current view with respect to future events and financial performance, including statements regarding the Company’s focus, product cycles, design-win pipeline, strategic re-focus and future revenues. These forward-looking statements are only predictions based on current information and expectations and are subject to certain risks and uncertainties, including, but not limited to, customer demand for the Company’s products, the businesses of the Company’s major customers, reductions, rescheduling or cancellation of orders by the Company’s customers, successful and timely development of products, market acceptance of new products, and general economic conditions. More information about potential factors that could affect the Company’s business and financial results is included in the “Risk Factors” set forth in the Company’s Annual Report on Form 10-K for the year ended March 31, 2008, and the Company’s other filings with the Securities and Exchange Commission. Actual results could differ materially, as a result of such factors, from those set forth in the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the issuance of this press release.
-Financial Tables Follow-

 

 

APPLIED MICRO CIRCUITS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
                 
    March 31,     March 31,  
    2009     2008  
ASSETS
                
 
                
Current assets:
                
Cash, cash equivalents and short-term investments
   $ 184,009     $ 142,889  
Accounts receivable, net
     17,537       28,800  
Inventories
     26,598       30,293  
Other current assets
     8,871       11,097  
Assets of discontinued operations
     8,558       8,678  
 
            
Total current assets
     245,573       221,757  
Marketable securities
     —       51,919  
Property and equipment, net
     25,749       25,233  
Goodwill
     —       264,130  
Purchased intangibles
     32,965       56,025  
Other assets
     20,323       13,783  
 
            
Total assets
   $ 324,610     $ 632,847  
 
            
 
                
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
 
                
Current liabilities:
                
Accounts payable
   $ 16,715     $ 25,518  
Other current liabilities
     23,925       22,659  
 
            
Total current liabilities
     40,640       48,177  
Deferred tax liability
     —       3,958  
Stockholders’ equity
     283,970       580,712  
 
            
Total liabilities and stockholders’ equity
   $ 324,610     $ 632,847  
 
            

 

 

APPLIED MICRO CIRCUITS CORPORATION
GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
                                         
    Three Months Ended     Year Ended  
    March 31,     December 31,     March 31,     March 31,     March 31,  
    2009     2008     2008     2009     2008  
 
Net revenues
   $ 41,001     $ 47,726     $ 58,557     $ 214,216     $ 194,115  
Cost of revenues
     21,842       22,226       28,874       101,070       98,756  
 
                              
Gross profit
     19,159       25,500       29,683       113,146       95,359  
Operating expenses:
                                        
Research and development
     24,202       18,625       19,916       84,687       86,117  
Selling, general and administrative
     11,151       11,315       13,095       50,097       52,037  
Amortization of purchased intangibles
     1,005       1,005       1,005       4,020       4,061  
Impairment of goodwill
     —       222,972       —       222,972       —  
Restructuring charges, net
     7,717       1,024       1,489       8,623       2,958  
Litigation settlement
     —       —       1,125       130       1,125  
Option investigation related expenses, net
     (4 )     (79 )     1,363       80       1,072  
 
                              
Total operating expenses
     44,071       254,862       37,993       370,609       147,370  
 
                              
Operating loss
     (24,912 )     (229,362 )     (8,310 )     (257,463 )     (52,011 )
Interest and other (expense) income, net
     1,693       (7,397 )     (1,551 )     (7,581 )     10,579  
 
                              
Loss from continuing operations, before income taxes
     (23,219 )     (236,759 )     (9,861 )     (265,044 )     (41,432 )
Income tax expense (benefit)
     (455 )     (4,396 )     4,135       (3,946 )     3,773  
 
                              
Loss from continuing operations
     (22,764 )     (232,363 )     (13,996 )     (261,098 )     (45,205 )
Loss from discontinued operations, net of tax (a)
     (4,622 )     (42,097 )     (72,313 )     (48,235 )     (69,916 )
 
                              
Net loss
   $ (27,386 )   $ (274,460 )   $ (86,309 )   $ (309,333 )   $ (115,121 )
 
                              
 
                                        
Basic and diluted loss per share:
                                        
Loss per share from continuing operations
   $ (0.35 )   $ (3.55 )   $ (0.22 )   $ (4.00 )   $ (0.67 )
Loss per share from discontinued operations
     (0.07 )     (0.65 )     (1.11 )     (0.74 )     (1.03 )
 
                              
Net loss per share
   $ (0.42 )   $ (4.20 )   $ (1.33 )   $ (4.74 )   $ (1.70 )
 
                              
Shares used in calculating basic and diluted loss per share
     65,703       65,366       64,886       65,271       67,775  
 
                              
 
(a)   The following table provides information on the components of the loss from discontinued operations for the periods presented :
Components of discontinued operations
                                         
    Three Months Ended     Year Ended  
    March 31,     December 31,     March 31,     March 31,     March 31,  
    2009     2008     2008     2009     2008  
Net revenues
   $ 4,508     $ 9,839     $ 12,977     $ 39,849     $ 52,031  
Cost of revenues
     4,071       5,537       7,657       24,437       27,912  
 
                              
Gross profit
     437       4,302       5,320       15,412       24,119  
Operating expenses:
                                        
Research and development
     2,758       2,630       2,976       11,470       11,433  
Selling, general and administrative
     2,142       2,103       2,774       9,561       9,870  
Amortization of purchased intangibles
     315       315       315       1,260       1,260  
Impairment of goodwill
     —       41,158       71,494       41,158       71,494  
Restructuring charges, net
     —       126       27       126       27  
 
                              
Total operating expenses
     5,215       46,332       77,586       63,575       94,084  
 
                              
Loss from discontinued operations, before income taxes
     (4,778 )     (42,030 )     (72,266 )     (48,163 )     (69,965 )
Income tax expense (benefit)
     (156 )     67       47       72       (49 )
 
                              
Loss from discontinued operations, net of tax
   $ (4,622 )   $ (42,097 )   $ (72,313 )   $ (48,235 )   $ (69,916 )
 
                              

 

 

APPLIED MICRO CIRCUITS CORPORATION
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET INCOME (LOSS) FOR CONTINUING AND DISCONTINUED OPERATIONS
(in thousands, except per share data)
(unaudited)
                                         
    Three Months Ended     Year Ended  
    March 31,     December 31,     March 31,     March 31,     March 31,  
    2009     2008     2008     2009     2008  
 
GAAP loss — from continuing operations
   $ (22,764 )   $ (232,363 )   $ (13,996 )   $ (261,098 )   $ (45,205 )
Adjustments:
                                        
Stock-based compensation charges
     2,076       1,547       2,691       9,185       10,056  
Amortization of purchased intangibles
     4,588       4,588       4,863       18,900       19,601  
Impairment of goodwill
     —       222,972       —       222,972       —  
Restructuring charges, net
     7,717       1,024       1,489       8,623       2,958  
Impairment of strategic investment
     —       —       3,000       —       3,000  
Other than temporary investment impairment
     203       10,104       836       17,144       1,682  
Gain on renegotiated design tool agreement
     —       —       —       —       (749 )
Realized gain on sale of strategic equity investment
     —       —       —       —       (4,649 )
Payroll taxes on certain stock option exercises
     —       —       —       —       3  
Litigation settlement
     —       —       1,125       130       1,125  
Option investigation related expenses, net
     (4 )     (79 )     1,363       80       1,072  
Income tax adjustments
     (196 )     (4,498 )     3,970       (4,306 )     3,993  
 
                              
Total GAAP to non-GAAP adjustments — continuing operations
     14,384       235,658       19,337       272,728       38,092  
 
                              
 
                                        
Non-GAAP income (loss) — continuing operations
   $ (8,380 )   $ 3,295     $ 5,341     $ 11,630     $ (7,113 )
 
                              
 
                                        
Diluted income (loss) per share — continuing operations
   $ (0.13 )   $ 0.05     $ 0.08     $ 0.18     $ (0.10 )
 
                              
 
                                        
Shares used in calculating diluted income (loss) per share
     65,703       65,531       65,039       65,480       67,775  
 
                              
 
                                        
Income (loss) per share — continuing operations:
                                        
GAAP loss per share — continuing operations
   $ (0.35 )   $ (3.55 )   $ (0.22 )   $ (4.00 )   $ (0.67 )
GAAP to non-GAAP adjustments
     0.22       3.60       0.30       4.18       0.57  
 
                              
Non-GAAP income (loss) per share — continuing operations
   $ (0.13 )   $ 0.05     $ 0.08     $ 0.18     $ (0.10 )
 
                              
 
                                        
Reconciliation of shares used in calculating the non-GAAP income per share:
                                        
Shares used in calculating the basic and diluted income (loss) per share
     65,703       65,366       64,886       65,271       67,775  
Adjustment for dilutive securities
     —       165       153       209       —  
 
                              
Non-GAAP shares used in the EPS calculation
     65,703       65,531       65,039       65,480       67,775  
 
                              
 
                                        
Discontinued operations
                                        
 
                                        
GAAP loss from discontinued operations
   $ (4,622 )   $ (42,097 )   $ (72,313 )   $ (48,235 )   $ (69,916 )
Adjustments:
                                        
Stock-based compensation charges
     197       358       387       1,198       1,251  
Amortization of purchased intangibles
     1,040       1,040       1,040       4,160       4,160  
Impairment of goodwill
     —       41,158       71,494       41,158       71,494  
Restructuring charges, net
     —       126       27       126       27  
Impairment of strategic investment
                                        
Income tax adjustments
     (50 )     47       27       118       (258 )
 
                              
Total GAAP to non-GAAP adjustments — discontinued operations
     1,187       42,729       72,975       46,760       76,674  
 
                              
 
                                        
Non-GAAP income (loss) — discontinued operations
   $ (3,435 )   $ 632     $ 662       (1,475 )   $ 6,758  
 
                              
 
                                        
Income (loss) per share — discontinued operations:
                                        
GAAP income (loss) per share — discontinued operations
   $ (0.07 )   $ (0.64 )   $ (1.11 )   $ (0.74 )   $ (1.03 )
GAAP to non-GAAP adjustments
     0.02       0.65       1.12       0.72       1.13  
 
                              
Non-GAAP income (loss) per share — discontinued operations
   $ (0.05 )   $ 0.01     $ 0.01     $ (0.02 )   $ 0.10  
 
                              

 

 

APPLIED MICRO CIRCUITS CORPORATION
RECONCILIATION OF CERTAIN NON-GAAP FINANCIAL MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURE
(in thousands)
(unaudited)
The following schedule reconciles certain GAAP financial measures to their corresponding non-GAAP financial measure
                                         
    Three Months Ended     Year Ended  
    March 31,     December 31,     March 31,     March 31,     March 31,  
    2009     2008     2008     2009     2008  
GROSS PROFIT:
                                        
GAAP gross profit
   $ 19,159     $ 25,500     $ 29,683     $ 113,146     $ 95,359  
Gross profit from discontinued operations
     437       4,302       5,320       15,412       24,119  
Amortization of purchased intangibles
     4,308       4,308       4,583       17,780       18,440  
Stock-based compensation expense
     61       91       135       548       671  
 
                              
Non-GAAP gross profit — consolidated operations
   $ 23,965     $ 34,201     $ 39,721     $ 146,886     $ 138,589  
 
                              
 
                                        
OPERATING EXPENSES:
                                        
GAAP operating expenses
   $ 44,071     $ 254,862     $ 37,993     $ 370,609     $ 147,370  
Operating expenses from discontinued operations
     5,215       46,332       77,586       63,575       94,084  
Stock-based compensation expense
     (2,212 )     (1,814 )     (2,943 )     (9,835 )     (10,636 )
Amortization of purchased intangibles
     (1,320 )     (1,320 )     (1,320 )     (5,280 )     (5,321 )
Impairment of goodwill
     —       (264,130 )     (71,494 )     (264,130 )     (71,494 )
Restructuring charges, net
     (7,717 )     (1,150 )     (1,516 )     (8,749 )     (2,985 )
Gain on renegotiated design tool agreement
     —       —       —       —       749  
Payroll taxes on certain stock option exercises
     —       —       —       —       (3 )
Litigation settlement
     —       —       (1,125 )     (130 )     (1,125 )
Option investigation related expenses, net
     4       79       (1,363 )     (80 )     (1,072 )
 
                              
Non-GAAP operating expenses — consolidated operations
   $ 38,041     $ 32,859     $ 35,818     $ 145,980     $ 149,567  
 
                              
 
                                        
INTEREST AND OTHER INCOME, NET
                                        
GAAP interest and other income (expense), net
   $ 1,693     $ (7,397 )   $ (1,551 )   $ (7,581 )   $ 10,579  
Realized gain on sale of strategic equity investments
     —       —       —       —       (4,649 )
Impairment of strategic investment
     —       —       3,000       —       3,000  
Other than temporary investment impairment
     203       10,104       836       17,144       1,682  
 
                              
Non-GAAP interest and other income, net — consolidated operations
   $ 1,896     $ 2,707     $ 2,285     $ 9,563     $ 10,612  
 
                              
 
                                        
INCOME TAX EXPENSE (BENEFIT):
                                        
GAAP income tax expense (benefit)
   $ (455 )   $ (4,396 )   $ 4,135     $ (3,946 )   $ 3,773  
Income tax expense (benefit) from discontinued operations
     (156 )     67       47       72       (49 )
Income tax adjustments
     246       4,450       (3,996 )     4,188       (3,735 )
 
                              
Non-GAAP income tax expense (benefit) — consolidated operations
   $ (365 )   $ 121     $ 186     $ 314     $ (11 )
 
                              
 
                                        
RESEARCH AND DEVELOPMENT
                                        
GAAP research and development
   $ 24,202     $ 18,625     $ 19,916     $ 84,687     $ 86,117  
Research and development from discontinued operations
     2,758       2,630       2,976       11,470       11,433  
Stock-based compensation expense
     (853 )     (1,244 )     (1,349 )     (4,532 )     (4,797 )
Gain on renegotiated design tool agreement
     —       —       —       —       749  
Payroll taxes on certain stock option exercises
     —       —       —       —       (2 )
 
                              
Non-GAAP research and development — consolidated operations
   $ 26,107     $ 20,011     $ 21,543     $ 91,625     $ 93,500  
 
                              
 
                                        
SELLING, GENERAL AND ADMINISTRATIVE
                                        
GAAP selling, general and administrative
   $ 11,151     $ 11,315     $ 13,095     $ 50,097     $ 52,037  
Selling, general and administrative expenses from discontinued operations
     2,142       2,103       2,774       9,561       9,870  
Stock-based compensation expense
     (1,359 )     (570 )     (1,594 )     (5,303 )     (5,839 )
Payroll taxes on certain stock option exercises
     —       —       —       —       (1 )
 
                              
Non-GAAP selling, general and administrative — consolidated operations
   $ 11,934     $ 12,848     $ 14,275     $ 54,355     $ 56,067  
 
                              

 

 

APPLIED MICRO CIRCUITS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
                 
    Year Ended March 31,  
    2009     2008  
 
                
Operating activities:
                
Net loss
   $ (309,333 )   $ (115,121 )
Adjustments to reconcile net loss to net cash provided by (used for) operating activities
               
Depreciation
     6,862       6,542  
Amortization of purchased intangibles
     23,060       23,762  
Impairment of goodwill
     264,130       71,494  
Stock-based compensation expense:
                
Stock options
     5,309       9,350  
Restricted stock units
     5,222       1,957  
Non-cash restructuring charges
     1,088       316  
Litigation settlement
     —       1,125  
Net gain on sale of strategic equity investment
     —       (4,649 )
Impairment of strategic investment
     —       3,000  
Impairment of short-term investments and marketable securities
     17,144       1,682  
Net loss on disposal of property
     48       23  
Changes in operating assets and liabilities:
                
Accounts receivable
     11,263       3,758  
Inventories
     3,414       (6,680 )
Other assets
     (4,141 )     2,282  
Accounts payable
     (8,803 )     (1,375 )
Accrued payroll and other accrued liabilities
     597       (7,103 )
Deferred taxes
     (3,957 )     3,957  
Deferred revenue
     668       (476 )
 
            
Net cash provided by (used for) operating activities
     12,571       (6,156 )
 
                
Investing activities:
                
Proceeds from sales and maturities investments
     1,117,424       623,619  
Purchases of investments
     (1,068,205 )     (550,137 )
Purchase of strategic investments
     —       (5,000 )
Net proceeds from the sale of strategic equity investment
     —       5,249  
Purchase of property, equipment and other assets
     (7,259 )     (7,021 )
Proceeds from sale of property, equipment and other assets
     —       1,646  
Net cash paid for acquisitions
     —       232  
 
            
Net cash provided by investing activities
     41,960       68,588  
 
                
Financing activities:
                
Proceeds from issuance of common stock
     2,448       6,431  
Repurchase of Company stock
     —       (56,950 )
Funding of structured stock repurchase agreements
     —       (41,830 )
Funds received from structured stock repurchase agreements including gains
     —       21,112  
Other
     (331 )     (101 )
 
            
Net cash provided by (used for) financing activities
     2,117       (71,338 )
 
            
Net increase (decrease) in cash and cash equivalents
     56,648       (8,906 )
Cash and cash equivalents at beginning of the period
     42,689       51,595  
 
            
Cash and cash equivalents at end of the period
   $ 99,337     $ 42,689