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0000950134-08-013797.txt : 20080731
0000950134-08-013797.hdr.sgml : 20080731
20080731153659
ACCESSION NUMBER: 0000950134-08-013797
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 3
CONFORMED PERIOD OF REPORT: 20080730
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20080731
DATE AS OF CHANGE: 20080731
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: UNITED STATES LIME & MINERALS INC
CENTRAL INDEX KEY: 0000082020
STANDARD INDUSTRIAL CLASSIFICATION: MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
IRS NUMBER: 750789226
STATE OF INCORPORATION: TX
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-04197
FILM NUMBER: 08981824
BUSINESS ADDRESS:
STREET 1: 13800 MONTFORT DR
STREET 2: SUITE 330
CITY: DALLAS
STATE: TX
ZIP: 75240
BUSINESS PHONE: 9729918400
MAIL ADDRESS:
STREET 1: 13800 MONTDORT DR
STREET 2: SUITE 330
CITY: DALLAS
STATE: TX
ZIP: 75240
FORMER COMPANY:
FORMER CONFORMED NAME: SCOTTISH HERITABLE INC
DATE OF NAME CHANGE: 19920703
FORMER COMPANY:
FORMER CONFORMED NAME: RANGAIRE CORP
DATE OF NAME CHANGE: 19900405
FORMER COMPANY:
FORMER CONFORMED NAME: ROBERTS MANUFACTURING CO INC
DATE OF NAME CHANGE: 19690311
8-K
1
d58930e8vk.htm
FORM 8-K
e8vk
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) July 30, 2008
UNITED STATES LIME & MINERALS, INC.
(Exact Name of Registrant as Specified in Charter)
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TEXAS
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0-4197
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75-0789226 |
(State or other jurisdiction of
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(Commission File Number)
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(I.R.S. Employer Identification No.) |
incorporation or organization) |
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5429 LBJ FREEWAY, SUITE 230, DALLAS, TEXAS
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75240 |
(Address of principal executive offices)
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(Zip Code) |
(972) 991-8400
(Registrants Telephone Number, Including Area Code)
(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.):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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o |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
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Exhibit |
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Number |
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Exhibit |
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99.1
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News Release of United States Lime & Minerals, Inc. dated July 30, 2008 |
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On July 30, 2008, United States Lime & Minerals, Inc. issued a News Release announcing the
financial results for the quarter ended June 30, 2008. A copy of the News Release is attached
hereto as Exhibit 99.1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, United States Lime &
Minerals, Inc. has duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
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Date: July 31, 2008 |
UNITED STATES LIME & MINERALS, INC.
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By: |
/s/ M. Michael Owens
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M. Michael Owens, Vice President and |
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Chief Financial Officer |
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2
EXHIBIT INDEX
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Exhibit |
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Number |
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Exhibit |
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99.1
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News Release of United States Lime & Minerals, Inc. dated July 30, 2008 |
3
EX-99.1
2
d58930exv99w1.htm
NEWS RELEASE
exv99w1
Exhibit 99.1
United States Lime & Minerals, Inc. News Release
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FOR IMMEDIATE RELEASE
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Contact: Timothy W. Byrne |
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(972) 991-8400 |
UNITED STATES LIME & MINERALS REPORTS
SECOND QUARTER 2008 RESULTS
Dallas, Texas, July 30, 2008 United States Lime & Minerals, Inc. (NASDAQ: USLM) today
reported second quarter 2008 results: Revenues increased to $41.2 million from $32.2 in the
comparable prior year quarter, an increase of $9.0 million, or 27.9%. Revenues from the
Companys lime and limestone operations in the second quarter 2008 increased $6.6 million, or
22.1%, to $36.4 million from $29.8 million in the comparable 2007 quarter, while revenues from
its natural gas interests increased $2.4 million, or 99.5%, to $4.8 million from $2.4 million
in the comparable prior year quarter. For the six months ended June 30, 2008, revenues
increased to $74.4 million from $61.6 million in the comparable 2007 period, an increase of
$12.8 million, or 20.7%. Revenues from the Companys lime and limestone operations in the
first six months 2008 increased $9.6 million, or 16.7%, to $67.0 million from $57.4 million in
the comparable 2007 period, while revenues from its natural gas interests increased $3.2
million, or 75.8%, to $7.4 million from $4.2 million in the comparable prior year period. The
increase in lime and limestone revenues primarily resulted from increased lime sales and
average price increases for the Companys lime and limestone products of approximately 7.5% and
7.2% in the second quarter and first half 2008, respectively, compared to the comparable 2007
periods. In addition, there was reduced construction demand during the second quarter 2007 due
to near record rainfalls in both Texas and Oklahoma.
The Company reported net income of $6.1 million ($0.95 per share diluted) in the second
quarter 2008, compared to net income of $3.2 million ($0.50 per share diluted) in the second
quarter 2007, an increase of $2.9 million, or 91.3%. For the first half 2008, net income
increased by $3.7 million, or 70.3%, to $8.9 million, compared to $5.2 million for the first
half 2007.
The Companys gross profit was $11.2 million for the second quarter 2008, compared to $7.2
million in the comparable 2007 quarter, an increase of $4.0 million, or 55.2%. Gross profit for
the first six months 2008 was $17.9 million, an increase of $5.1 million, or 39.9%, from $12.8
million in the first six months 2007. Included in gross profit for the second quarter and
first half 2008 were $7.1 million and $11.7 million, respectively, from the Companys lime and
limestone operations, compared to $5.6 million and $9.9 million, respectively, in the
comparable 2007 periods. Gross profit from the Companys natural gas interests for the second
quarter and first half 2008 was $4.0 million and $6.2 million, respectively, compared to $1.6
million and $2.9 million, respectively, in the comparable 2007 periods. The increases in gross
profit from lime and limestone operations were primarily due to increased revenues, partially
offset by increased energy costs.
Production volumes from the Companys natural gas interests for the second quarter 2008
totaled 359 thousand MCF from 25 wells, sold at an average price of $13.27 per MCF, compared to
273 thousand MCF from 12 wells, sold at an average price of $8.75 per MCF, in the comparable
2007 quarter. Production volumes for the first half 2008 from natural gas interests totaled 620
thousand MCF at an average price of $11.95 per MCF, compared to the first half 2007 when 498
thousand MCF was produced and sold at an average price of $8.47 per MCF. Based on ongoing
drilling activity pursuant to the lease agreement, five new wells are expected to begin
production in the second half 2008.
Interest expense in the second quarter 2008 decreased $235 thousand, or 20.5%, to $911
thousand from $1.1 million in the second quarter 2007. Interest expense in the first six months
2008 decreased to $1.9 million from $2.2 million in the first six months 2007, a decrease of
$288 thousand or 13.2%. The decrease in interest expense in the 2008 periods primarily
resulted from decreased average outstanding debt due to the repayment of $13.4 million of debt
since June 30, 2007.
While our lime and limestone operating costs continue to be impacted by rising prices for
petroleum products and solid fuels, increased steel demand and higher average selling prices in
the second quarter 2008
resulted in an improvement in gross profit margin as a percentage of
lime and limestone revenues compared to recent periods, said Timothy W. Byrne, President and
Chief Executive Officer. However, the weakening economy remains a concern for the demand for
our lime and limestone in the second half 2008 and, given our increasing energy costs, we need
to continue to increase prices for our lime and limestone products in
order to return to our historical margins. Mr. Byrne added, Recent higher natural gas prices
and increased production have continued to provide increased revenues and gross profit from our
natural gas interests. Mr. Byrne concluded, We are pleased to report that, due to our
increased market capitalization, the Company was added to the Russell 3000® Index when the
Russell Investment Group reconstituted its comprehensive set of U.S. and global equity indexes
on June 27, 2008.
United States Lime & Minerals, Inc., a NASDAQ-listed public company with headquarters in
Dallas, Texas, is a manufacturer of lime and limestone products, supplying primarily the
construction, steel, municipal sanitation and water treatment, paper, roof shingle and
agriculture industries. The Company primarily serves markets in the Central United States
through its wholly owned subsidiaries, Arkansas Lime Company, Colorado Lime Company, Texas Lime
Company, U.S. Lime Company, U.S. Lime Company Shreveport, U.S. Lime Company St. Clair and
U.S. Lime Company Transportation. The Company also owns royalty and working interests
pursuant to an oil and gas lease and a drillsite agreement on its Johnson County, Texas
property, located in the Barnett Shale Formation.
Any statements contained in this news release that are not statements of historical fact
are forward-looking statements as defined in the Private Securities Litigation Reform Act of
1995. The Company undertakes no obligation to publicly update or revise any forward-looking
statements, and investors are cautioned that such statements involve risks and uncertainties
that could cause actual results to differ materially from expectations, including without
limitation those risks and uncertainties indicated from time to time in the Companys filings
with the Securities and Exchange Commission.
(Tables Follow)
United States Lime & Minerals, Inc.
Condensed Consolidated Financial Data
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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INCOME STATEMENTS |
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2008 |
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2007 |
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2008 |
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2007 |
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Revenues |
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Lime and limestone operations |
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$ |
36,420 |
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$ |
29,822 |
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$ |
67,001 |
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$ |
57,429 |
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Natural gas interests |
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4,763 |
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2,387 |
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7,417 |
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4,220 |
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Total |
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$ |
41,183 |
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$ |
32,209 |
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$ |
74,418 |
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$ |
61,649 |
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Gross profit |
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$ |
11,164 |
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$ |
7,193 |
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$ |
17,929 |
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$ |
12,815 |
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Operating profit |
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$ |
9,167 |
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$ |
5,401 |
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$ |
14,015 |
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$ |
9,260 |
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Interest expense |
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911 |
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1,146 |
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1,890 |
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2,178 |
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Other (income), net |
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(42 |
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(78 |
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(83 |
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(116 |
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Income tax expense |
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2,241 |
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1,166 |
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3,308 |
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1,972 |
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Net income |
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$ |
6,057 |
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$ |
3,167 |
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$ |
8,900 |
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$ |
5,226 |
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Income per share of common stock: |
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Basic |
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$ |
0.96 |
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$ |
0.51 |
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$ |
1.41 |
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$ |
0.84 |
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Diluted |
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$ |
0.95 |
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$ |
0.50 |
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$ |
1.40 |
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$ |
0.83 |
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Weighted average shares outstanding: |
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Basic |
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6,297 |
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6,243 |
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6,296 |
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6,228 |
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Diluted |
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6,364 |
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6,331 |
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6,357 |
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6,317 |
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June 30, |
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December 31, |
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BALANCE SHEETS |
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2008 |
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2007 |
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Assets: |
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Current assets |
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$ |
32,829 |
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$ |
25,331 |
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Property, plant and equipment, net |
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135,149 |
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132,151 |
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Other assets, net |
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634 |
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745 |
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Total assets |
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$ |
168,612 |
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$ |
158,227 |
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Liabilities and Stockholders Equity: |
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Current liabilities |
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$ |
20,678 |
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$ |
16,465 |
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Debt, excluding current installments |
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49,603 |
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54,037 |
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Deferred tax liabilities, net |
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4,752 |
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3,280 |
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Other liabilities |
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2,656 |
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2,740 |
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Stockholders equity |
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90,923 |
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81,705 |
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Total liabilities and stockholders equity |
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$ |
168,612 |
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$ |
158,227 |
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- end -
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