EX-99.1 2 v111594_ex99-1.htm Unassociated Document
 

Contact: Merilee Raines, Chief Financial Officer, 1-207-556-8155

FOR IMMEDIATE RELEASE
 

IDEXX Laboratories Announces First Quarter Results
 

WESTBROOK, Maine, April 25, 2008— IDEXX Laboratories, Inc. (NASDAQ: IDXX), today reported that revenue for the first quarter of 2008 increased 18% to $249.1 million from $211.2 million for the first quarter of 2007. Diluted earnings per share (“EPS”) for the quarter ended March 31, 2008 were $0.43, compared to $0.32, for the same period in the prior year. Non-GAAP adjusted diluted EPS for the first quarter grew 21% to $0.41 from $0.34 for the first quarter of 2007.
 
“Our first quarter results demonstrated the robustness of our diversified, global business model. We continued to generate strong revenue growth across our portfolio despite a weakening economy in the U.S.,” said Jonathan W. Ayers, Chairman and Chief Executive Officer. “Our 17% revenue growth in the Companion Animal Group was driven by 11% organic revenue growth, acquisitions that strengthened our core businesses, and the benefit of currency translation on international sales. We achieved double digit organic revenue growth, despite a comparison to an unusually strong first quarter in 2007, when our business saw a surge in revenue resulting from the pet food recall in North America. Overall, I was very pleased that the company was able to continue to perform well on both the top line and bottom line.
 
“In addition to this strong current quarter financial performance, IDEXX achieved important milestones on our innovation agenda. We began shipping our two next-generation point-of-care veterinary instruments, Catalyst Dx™ and SNAPshot Dx™, at the end of the quarter. These two additions to the IDEXX VetLab Suite strengthen an already strong in-house laboratory offering. We are on track with our disciplined ramp objectives and expect to place 1,000 to 1,200 Catalyst Dx™ analyzers in 2008. Customer interest is very strong, as we expected, and our sales volumes will not be constrained by market demand this year.”
 
Revenue Performance
 
Companion Animal Group (“CAG”) revenue for the first quarter of 2008 increased 17% to $203.6 million from $173.4 million for the first quarter of 2007. Acquisitions of reference laboratories contributed just under 3% to growth and changes in foreign currency exchange rates contributed an additional 4%. Growth for the quarter adjusted for acquisitions and foreign currency exchange rates was 11%.
 
Water segment revenue for the first quarter of 2008 increased 17% to $16.8 million from $14.4 million for the first quarter of 2007 due primarily to higher sales volume, partly offset by lower average unit sales prices. Higher sales volumes resulted in part from our commencement in September 2007 of distribution of certain water testing kits manufactured by Invitrogen Corporation, which contributed 6% to revenue growth. Compared to the same period of 2007, changes in foreign currency exchange rates contributed 5% to Water revenue growth.
 
IDEXX Announces First Quarter Results
April 25, 2008
Page 2 of 11
 
Production Animal Segment (“PAS”) revenue for the first quarter of 2008 increased 26% to $21.2 million from $16.8 million for the first quarter of 2007 due primarily to higher livestock diagnostics sales volume, including sales attributable to Institut Pourquier (“Pourquier”), which we acquired in March 2007. Sales of Pourquier products contributed 12% to PAS revenue growth. The favorable impact of higher sales volume was partly offset by lower average unit sales prices for our post-mortem test for bovine spongiform encephalopathy (“BSE”) due to greater price competition. Compared to the same period of 2007, changes in foreign currency exchange rates contributed 12% to PAS revenue growth.
 
Additional Operating Results
 
Gross profit for the first quarter of 2008 increased $21.3 million, or 20%, to $129.8 million from $108.6 million for the first quarter of 2007. As a percentage of total revenue, gross profit increased to 52% from 51%. Year-over-year, the gross profit percentage was favorably impacted by higher average unit sales prices in our rapid assay and laboratory and consulting services businesses; lower cost of slides sold for use in our chemistry analyzers; the impact of foreign currency rates on sales denominated in those currencies; and the absence of discrete items associated with purchase accounting for acquisitions that occurred in the first quarter of 2007. These favorable impacts were partially offset by increased cost of service in the laboratory and consulting services business.
 
Research and development (“R&D”) expense for the first quarter of 2008 was $17.3 million, or 7% of revenue, compared to $16.0 million, or 8% of revenue, for the first quarter of 2007. R&D expense grew primarily as a result of higher personnel costs due, in part, to incremental new product and technology development initiatives and product enhancement efforts related primarily to IDEXX VetLab® instrumentation, rapid assay, and digital radiography products. These increases were largely offset by a net decrease in new product development spending as we completed development of Catalyst Dx™ and SNAPshot Dx™.
 
Selling, general and administrative (“SG&A”) expense for the first quarter of 2008 was $73.8 million, or 30% of revenue, compared to $61.7 million, or 29% of revenue, for the first quarter of 2007. Increased SG&A expense was due primarily to expanded worldwide sales, marketing and customer support resources; higher spending on information technology; and incremental activities associated with recently acquired businesses.
 
IDEXX Announces First Quarter Results
April 25, 2008
Page 3 of 11
 
Supplementary Analysis of Results
 
The accompanying financial tables provide more information concerning our revenue and other operating results for the three months ended March 31, 2008, as well as a reconciliation of non-GAAP adjusted diluted EPS to earnings per share.
 
Outlook
 
The Company offers the following revised guidance for the full year of 2008:
 
·  
Revenue is expected to be $1.06 billion to $1.075 billion, updated from guidance of $1.05 billion to $1.07 billion provided in January of this year, which represents revenue growth of 15% to 17%.
 
·  
Diluted earnings per share are expected to be $1.84 to $1.87, updated from guidance of $1.83 to $1.87 provided in January of this year, which represents EPS growth of 26% to 28%. Excluding the impact of acquisition-related purchase accounting and acquisition integration costs and the write-down of certain pharmaceutical assets in 2007 and discrete income tax benefits in 2008, non-GAAP adjusted diluted EPS are projected to grow 15% to 17%.
 
Conference Call and Webcast Information
 
IDEXX Laboratories will be hosting a conference call today at 9:00 a.m. (eastern) to discuss its first quarter results. To participate in the conference call, dial 612-332-0107 or 800-230-1766 and reference confirmation code 919872. An audio replay will be available through May 2, 2008 by dialing 320-365-3844 and referencing replay code 919872. 
 
The call will also be available via live or archived Webcast on the IDEXX Laboratories' web site at www.idexx.com.
 
Annual Meeting
 
IDEXX Laboratories, Inc. today announced that it will host a simultaneous Webcast of its Annual Meeting of Stockholders, to be held on Wednesday, May 7, 2008, at 10:00 a.m. (eastern) at the Portland Marriott at Sable Oaks in South Portland, Maine.
 
Chairman and Chief Executive Officer, Jonathan W. Ayers will chair the meeting. Investors may listen to the Annual Meeting and view a presentation live via a link on the Company’s Web site, www.idexx.com. An archived edition of the meeting will be available after 1:00 p.m. (eastern) on that day via the same link.
 
IDEXX Announces First Quarter Results
April 25, 2008
Page 4 of 11
 
About IDEXX Laboratories
 
IDEXX Laboratories, Inc. is a leader in companion animal health, serving practicing veterinarians around the world with innovative, technology-based offerings, including a broad range of diagnostic products and services, practice management systems and pharmaceuticals. IDEXX products enhance the ability of veterinarians to provide advanced medical care and to build more economically successful practices. IDEXX is also a worldwide leader in providing diagnostic tests and information for the production animal industry and tests for the quality and safety of water and milk. Headquartered in Maine, IDEXX Laboratories employs more than 4,500 people and offers products to customers in over 100 countries.
 

 
Note Regarding Forward-Looking Statements 
 
 
This press release contains statements about the Company’s business prospects and estimates of the Company’s financial results for future periods that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's expectations of future events as of the date of this press release, and the Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments. Actual results could differ materially from management’s expectations. Factors that could cause or contribute to such differences include the following: the Company’s ability to develop, manufacture, introduce and market new products and enhancements to existing products; the effectiveness of the Company’s sales and marketing activities; disruptions, shortages or pricing changes that affect the Company’s purchases of products and materials from third parties, including from sole source suppliers; the Company’s ability to identify acquisition opportunities, complete acquisitions and integrate acquired businesses; the impact of competition, technological change, and veterinary hospital consolidation on the markets for the Company’s products; the Company’s ability to manufacture complex biologic products; the effect of government regulation on the Company’s business, including government decisions about whether and when to approve the Company’s products and decisions regarding labeling, manufacturing and marketing products; the impact of distributor purchasing decisions on sales of the Company’s products that are sold through distribution; changes or trends in veterinary medicine that affect the rate of use of the Company’s products and services by veterinarians; the effects of deep or sustained economic weakness on pet owner decisions regarding pet health care; the Company’s ability to obtain patent and other intellectual property protection for its products, successfully enforce its intellectual property rights and defend itself against third party claims against the Company; the effects of operations outside the U.S., including from currency fluctuations, different regulatory, political and economic conditions, and different market conditions; and the loss of key employees. A further description of these and other factors can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2007, in the section captioned "Risk Factors.”
 
IDEXX Announces First Quarter Results
April 25, 2008
Page 5 of 11
 
IDEXX Laboratories, Inc. and Subsidiaries
Consolidated Statement of Operations
Amounts in thousands except per share data (Unaudited)
 
     
Three Months Ended
  
     
March 31,
  
March 31,
  
 
 
  
2008
  
2007
  
Revenue:
Revenue
  
$
249,074
  
$
211,155
  
Expenses and
               
Income:
Cost of revenue
    
119,238
   
102,576
 
 
Gross profit
    
129,836
   
108,579
 
 
Sales and marketing
    
44,001
   
35,582
 
 
General and administrative
    
29,821
   
26,149
 
 
Research and development
    
17,295
    
15,971
 
 
Income from operations
    
38,719
   
30,877
 
 
Interest income (expense), net
    
(485
)
  
28
 
 
Income before provision for income taxes
    
38,234
   
30,905
 
 
Provision for income taxes
    
10,683
   
9,878
 
Net Income:
Net income
  
$
27,551
  
$
21,027
  
 
Earnings per share: Basic
  
$
0.45
  
$
0.34
  
 
Earnings per share: Diluted
  
$
0.43
  
$
0.32
  
 
Shares outstanding: Basic
    
60,865
   
62,274
 
 
Shares outstanding: Diluted
    
63,558
   
65,083
 
 
 
Historical share and per share data has been retroactively restated to reflect the additional shares of common stock that were distributed on November 26, 2007 as a result of the two-for-one split of our outstanding common stock.
 

IDEXX Laboratories, Inc. and Subsidiaries
Key Operating Information (Unaudited)
 
     
Three Months Ended
  
     
March 31,
  
March 31,
  
 
 
  
2008
  
2007
  
Key Operating
Gross profit
    
52.1
%
  
51.4
%
Ratios (as a
Sales, marketing, general and
             
percentage of
administrative expense
    
29.6
%
  
29.2
%
revenue):
Research and development expense
    
6.9
%
  
7.6
%
 
Income from operations(1)
    
15.5
%
  
14.6
%
                 
                 
International
International revenue (in thousands)
  
$
103,328
  
$
80,869
  
Revenue:
International revenue as a percentage of
              
 
total revenue
    
41.5
%
  
38.3
%
 
(1)  The sum of individual items may not equal the total due to rounding.
IDEXX Announces First Quarter Results
April 25, 2008
Page 6 of 11
 
Non-GAAP Financial Measures
Amounts in thousands except per share data (Unaudited)
 
   
Three Months Ended
  
   
Gross Profit
  
Income from
Operations
  
Net Income
  
Earnings per Share
Diluted
  
   
Mar. 31,
  
Mar. 31,
  
Mar. 31,
  
Mar. 31,
  
Mar. 31,
  
Mar. 31,
  
Mar. 31,
  
Mar. 31,
  
 
  
2008
  
2007
  
2008
  
2007
  
2008
  
2007
  
2008
  
2007
  
                                   
GAAP measurement
  
$
129,836  
$
108,579  
$
38,719  
$
30,877  
$
27,551  
$
21,027  
$
0.43  
$
0.32  
% of revenue
     52.1
%
   51.4
%
   15.5
%
   14.6
%
   11.1
%
   10.0
%
            
Acquisition-related purchase accounting
                                                  
and acquisition integration costs (1)
     -    
1,248
     -    
1,434
    -     904     -    
0.01
  
Discrete income tax benefits(2)
    
-
    
-
    
-
    
-
    
(1,472
)
  
-
    
(0.02
)
  
-
  
Non-GAAP comparative measurements(3)
  
$
129,836
  
$
109,827
  
$
38,719
  
$
32,311
  
$
26,079
  
$
21,931
  
$
0.41
  
$
0.34
  
% of revenue
    
52.1
%
  
52.0
%
  
15.5
%
  
15.3
%
  
10.5
%
  
10.4
%
            
 
Management believes adjusted diluted EPS is a useful non-GAAP financial measure to evaluate the results of ongoing operations, excluding significant specified events, period over period, and therefore believes that investors may find this information useful in addition to the GAAP results.
 
We use these supplemental non-GAAP financial measures to evaluate the Company's comparative financial performance. The specified items that are excluded in these non-GAAP measures are actual charges that impact net income and cash flows, however, we believe that it is useful to evaluate our core business performance period over period excluding these specified items, in addition to relying upon GAAP financial measures.
 
(1) We believe that the change from period to period due to specific acquisition-related purchase accounting and integration costs is not representative of ongoing operations and is not indicative of future performance. Specific acquisition-related discrete costs do not include amortization expense related to acquired intangible assets. We applied the statutory income tax rates of the applicable tax jurisdictions to calculate the after-tax impact of these discrete items.
 
(2) We believe that certain significant discrete income tax items create impacts on financial measures that are not indicative of future performance because the items are not likely to recur within a reasonable period. For 2008, the separately identified discrete income tax benefit was due to a reduction in international deferred tax liabilities due to lower anticipated international tax rates.
 
(3) The sum of the individual items may not equal the non-GAAP measurement due to rounding of the individual items in this presentation.

IDEXX Announces First Quarter Results
April 25, 2008
Page 7 of 11

IDEXX Laboratories, Inc. and Subsidiaries
Segment Information
Amounts in thousands (Unaudited)
 
     
Three Months Ended
  
     
March 31,
  
March 31,
  
 
 
  
2008
  
2007
  
Revenue:
CAG
  
$
203,609
  
$
173,433
  
 
Water
    
16,816
   
14,405
 
 
PAS
    
21,162
   
16,811
 
 
Other
    
7,487
   
6,506
 
 
Total
  
$
249,074
  
$
211,155
  
                 
Gross Profit:
CAG
  
$
101,985
  
$
86,330
  
 
Water
    
10,315
   
9,232
 
 
PAS
    
14,233
   
10,963
 
 
Other
    
3,127
   
1,914
 
 
Unallocated
    
176
   
140
  
 
Total
  
$
129,836
  
$
108,579
  
                 
Income from
                
Operations:
CAG
  
$
29,555
  
$
23,585
  
 
Water
    
6,270
   
5,642
 
 
PAS
    
5,828
   
3,965
 
 
Other
    
(189
)
  
(413
)
 
Unallocated
    
(2,745
)
  
(1,902
)
 
Total
  
$
38,719
  
$
30,877
  
                 
Gross Profit
                
(as a percentage
                
of revenue):
CAG
    
50.1
%
  
49.8
%
 
Water
    
61.3
%
  
64.1
%
 
PAS
    
67.3
%
  
65.2
%
 
Other
    
41.8
%
  
29.4
%
                 
Income from
                
Operations
                
(as a percentage
                
of revenue):
CAG
    
14.5
%
  
13.6
%
 
Water
    
37.3
%
  
39.2
%
 
PAS
    
27.5
%
  
23.6
%
 
Other
    
(2.5
%)
  
(6.4
%)
 
IDEXX Announces First Quarter Results
April 25, 2008
Page 8 of 11
 
IDEXX Laboratories, Inc. and Subsidiaries
Revenues by Product and Service Categories
Amounts in thousands (Unaudited)
 
Three Months Ended
  
Net Revenue
  
March 31,
2008
  
March 31,
2007
  
Dollar
Change
  
Percentage
Change
  
 Percentage
Change from Currency(1)
  
 Percentage
Change from
Acquisitions(2)
  
 Percentage
Change Net of
Acquisitions
and Currency
Effect(3)
  
                                     
CAG
  
$
203,609
  
$
173,433
  
$
30,176
    
17.4
%
  
4.2
%
  
2.7
%
  
10.5
%
Water
    
16,816
    
14,405
    
2,411
    
16.7
%
  
4.5
%
  
-
    
12.2
%
PAS
    
21,162
    
16,811
    
4,351
    
25.9
%
  
11.8
%
  
12.2
%
  
1.9
%
Other
    
7,487
    
6,506
    
981
    
15.1
%
  
4.8
%
  
13.7
%
  
(3.4
%)
Total
  
$
249,074
  
$
211,155
  
$
37,919
    
18.0
%
  
4.9
%
  
3.6
%
  
9.5
%
 


Three Months Ended
 
Net CAG Revenue
  
March 31,
2008
  
March 31,
2007
  
Dollar
Change
  
Percentage
Change
  
 Percentage
Change from
Currency(1)
  
 Percentage
Change from
Acquisitions(2)
  
 Percentage
Change Net of
Acquisitions
and Currency
Effect(3)
  
                                     
Instruments and
consumables
  
$
75,610
  
$
66,956
  
$
8,654
    
12.9
%
  
4.8
%
  
-
    
8.1
%
Rapid assay products
    
38,222
    
31,237
    
6,985
    
22.4
%
  
2.4
%
  
-
    
20.0
%
Laboratory and
consulting services
    
70,107
    
57,888
    
12,219
    
21.1
%
  
5.2
%
  
8.1
%
  
7.8
%
Practice information
management systems
and digital radiography
    
15,025
    
12,525
    
2,500
    
20.0
%
  
2.0
%
  
-
    
18.0
%
Pharmaceutical products
    
4,645
    
4,827
    
(182
)
  
(3.8
%)
  
-
    
-
    
(3.8
%)
Net CAG revenue
  
$
203,609
  
$
173,433
  
$
30,176
    
17.4
%
  
4.2
%
  
2.7
%
  
10.5
%

(1) Represents the percentage change in revenue attributed to the effect of changes in currency rates from the three months ended March 31, 2008 to the three months ended March 31, 2007.

(2) Represents the percentage change in revenue attributed to incremental revenues during the three months ended March 31, 2008 compared to the three months ended March 31, 2007 from businesses acquired since January 1, 2007.

(3) Organic growth
 
IDEXX Announces First Quarter Results
April 25, 2008
Page 9 of 11
 
IDEXX Laboratories, Inc. and Subsidiaries
Consolidated Balance Sheet
Amounts in thousands (Unaudited)
 
     
March 31,
  
December 31,
  
 
 
  
2008
  
2007
  
Assets:
Current Assets:
          
 
Cash and cash equivalents
  
$
60,220
  
$
60,360
  
 
Accounts receivable, net
    
125,245
   
108,384
 
 
Inventories
    
99,878
   
98,804
 
 
Other current assets
    
37,023
   
38,115
 
 
Total current assets
    
322,366
   
305,663
 
 
Property and equipment, at cost
    
270,340
   
255,176
 
 
Less: accumulated depreciation
    
119,246
   
113,324
 
 
Property and equipment, net
    
151,094
   
141,852
 
 
Other long-term assets, net
    
263,397
   
254,664
 
 
Total assets
  
$
736,857
  
$
702,179
  
Liabilities and
 
              
Stockholders’
               
Equity:
Current Liabilities:
              
 
Accounts payable
  
$
25,301
  
$
32,510
  
 
Accrued expenses
    
88,300
   
107,248
 
 
Debt
    
140,682
   
72,956
 
 
Deferred revenue
    
10,743
   
10,678
 
 
Total current liabilities
    
265,026
   
223,392
 
 
Long-term debt, net of current portion
    
5,540
   
5,727
 
 
Other long-term liabilities
    
32,655
   
34,737
 
 
Total long-term liabilities
    
38,195
   
40,464
 
                 
 
Stockholders’ Equity:
              
 
Common stock
    
9,487
   
9,450
 
 
Additional paid-in capital
    
526,169
   
514,773
 
 
Deferred stock units
    
2,513
   
2,201
 
 
Retained earnings
    
613,413
   
585,862
 
 
Treasury stock, at cost
    
(749,318
)
  
(696,668
)
 
Accumulated other comprehensive income
    
31,372
   
22,705
 
 
Total stockholders’ equity
    
433,636
   
438,323
 
 
Total liabilities and stockholders’ equity
  
$
736,857
  
$
702,179
  
 
IDEXX Laboratories, Inc. and Subsidiaries
Key Balance Sheet Information (Unaudited)
 
     
March 31,
  
December 31,
  
 
 
  
2008
  
2007
  
Key
            
Balance Sheet
Days sales outstanding
    
42.6
   
39.4
 
Information:
Inventory turns
    
2.0
    
2.3
 
 
IDEXX Announces First Quarter Results
April 25, 2008
Page 10 of 11
 
IDEXX Laboratories, Inc. and Subsidiaries
Consolidated Statement of Cash Flows
Amounts in thousands (Unaudited)
 
     
Three Months Ended
  
     
March 31,
  
March 31,
  
 
 
  
2008
  
2007
  
Operating:
Cash Flows from Operating Activities:
              
 
Net income
  
$
27,551
  
$
21,027
  
 
Non-cash charges
    
11,282
   
6,736
 
 
Changes in current assets and liabilities, net of
              
 
acquisitions and disposals
    
(41,622
)
  
(29,553
)
 
Net cash used by operating activities
  
$
(2,789
)
$
(1,790
)
Investing:
Cash Flows from Investing Activities:
              
 
Decrease in investments, net
    
-
   
35,000
 
 
Purchase of property and equipment
    
(17,049
)
  
(10,492
)
 
Acquisition of businesses and intangible assets
    
(7,533
)
  
(80,311
)
 
Acquisition of equipment leased to customers
    
(226
)
  
(238
)
 
Net cash used by investing activities
  
$
(24,808
)
$
(56,041
)
Financing:
Cash Flows from Financing Activities:
              
 
Borrowings on revolving credit facilities, net
    
67,765
   
73,188
  
 
Purchase of treasury stock
    
(51,355
)
  
(34,416
)
 
Proceeds from the exercise of stock options
    
5,974
   
7,916
 
 
Tax benefit from exercise of stock options
    
2,384
   
3,004
 
 
Net cash provided by financing activities
  
$
24,768
  
$
49,692
  
 
Net effect of exchange rate changes
    
2,689
   
410
 
 
Net decrease in cash and cash equivalents
    
(140
)
  
(7,729
)
 
Cash and cash equivalents, beginning of period
    
60,360
   
61,666
 
 
Cash and cash equivalents, end of period
  
$
60,220
  
$
53,937
  
 
 
IDEXX Laboratories, Inc. and Subsidiaries
Free Cash Flow 
Amounts in thousands (Unaudited)
 
     
Three Months Ended
  
     
March 31,
  
March 31,
  
 
 
  
2008
  
2007
  
Free Cash
 
          
Flow:
Net cash used by operating activities
  
$
(2,789
)
$
(1,790
)
 
Financing cash flows attributable to tax benefits from exercise of stock options
    
2,384
   
3,004
 
 
Purchase of fixed assets
    
(17,049
)
  
(10,492
)
 
Acquisition of equipment leased to customers
    
(226
)
  
(238
)
 
Free cash flow
  
$
(17,680
)
$
(9,516
)
 
                 
 
Free cash flow indicates the cash generated from operations and tax benefits attributable to stock option exercises, reduced by investments in fixed assets. We feel free cash flow is a useful measure because it indicates the cash the operations of the business are generating after appropriate reinvestment for recurring investments in fixed assets that are required to operate the business. We believe this is a common financial measure useful to further evaluate the results of operations.
 
IDEXX Announces First Quarter Results
April 25, 2008
Page 11 of 11
 
IDEXX Laboratories, Inc. and Subsidiaries
Common Stock Repurchases
Amounts in thousands except per share data (Unaudited)
 
   
Three Months Ended
  
   
March 31,
  
March 31,
  
   
2008
  
2007
  
           
Share repurchases during the period
    
950
    
810
  
Average price paid per share
  
$
54.03
  
$
42.50
  
               
Shares remaining under repurchase authorization as of March 31, 2008
    
5,902
       
 
 
 

IDEXX Laboratories, Inc. and Subsidiaries
Earnings per Share Adjusted for Stock Split (Unaudited)
 
   
Three Months Ended
  
   
March 31,
 
March 31,
 
   
2008
  
2007
  
             
Basic
              
As reported
  
$
0.45
  
$
0.68
  
Adjusted for stock split
  
$
0.45
  
$
0.34
  
Diluted
              
As reported
  
$
0.43
  
$
0.65
  
Adjusted for stock split
  
$
0.43
  
$
0.32