News Release | Contact: | |
For Immediate Release | Anna Austin, EVP, Corporate Communications (314) 523-8354 Ian Chadsey, Manager, Investor Relations (905) 238-3904 Email: investor.relations@tlcvision.com |
TLCVision
Reports Second Quarter Financial Results
and Announces
Several New Acquisitions
St. Louis, Missouri, August 9, 2005: TLC Vision Corporation (NASDAQ:TLCV; TSX:TLC), North America’s premier eye care services company, today announced its financial results for the second quarter and six month period ended June 30, 2005. All dollar amounts are expressed in U.S. currency and results are reported in accordance with U.S. generally accepted accounting principles (U.S. GAAP) unless otherwise noted.
Second Quarter Highlights:
CONSOLIDATED: | ||
– – – | Revenues were $66.8 million, up 3% EPS of $0.08 on net income of $5.5 million Operating cash flow was $7.0 million or $0.10 per share | |
OPERATING BUSINESS (Excluding AMD): | ||
– | Revenues were $66.3 million, up $1.7 million or 3% | |
– | EPS of $0.10 on net income of $7.1 million, up 5% Operating cash flow was $11.6 million or $0.16 per share, up 36% | |
Six-Month | ||
Highlights: | ||
CONSOLIDATED: | ||
– – – | Revenues were $137.9 million, up 6% EPS of $0.21 on net income of $15.1 million Operating cash flow was $12.8 million or $0.18 per share | |
OPERATING BUSINESS (Excluding AMD): | ||
– | Revenues were $136.9 million, up 6% | |
– | EPS of $0.25 on net income of $18.4 million, up 20% Operating cash flow was $23.3 million or $0.32 per share, up 18% |
Editor’s Note: “Operating Business” (or “Operating”) is defined as TLCVision’s operating activities excluding the impact of the AMD segment, principally represented by our investment in OccuLogix Inc. To provide maximum transparency for investors, Operating Business financial results are listed separately from consolidated results in this press release.
“TLCVisiondelivered on the company’s EPS target of $0.10 for the second quarter and grew the Operating Business net income by 20% for the first half of 2005,” commented Jim Wachtman, President and Chief Executive Officer. “These results continue to demonstrate the tremendous income and cash generation inherent in our business model, even though revenues were not as robust as we had hoped. We’re confident that our current organic and acquisition strategies will deliver both revenue and earnings growth in the second half of 2005.”
REVENUES
TLCVision’s quarterly Operating Business net revenues were $66.3 million vs. $64.6 million in the second quarter last year, an increase of $1.7 million or 3%. TLCVisionrefractive centers’ revenues were up 4.5% to $38 million, driven by higher CustomLASIK mix of 61% that contributed to a 6% higher price per procedure. Overall, centers procedure volume grew by 1% for the quarter, but exited the quarter with procedure growth of 6.3% year-over-year. The access business revenues declined 6.8% during the quarter, as stronger mobile volumes (procedures up 5.3%) were more than offset by lower fixed-site volume. Resulting overall refractive procedures were 49,900, down 3.3% vs. the prior year. Other healthcare revenues grew by 4%, and MSS mobile cataract revenues grew by 17% as a result of organic procedure growth as well as acquisitions. Total revenue growth does not reflect the timing of several acquisitions whose full benefit will begin to be realized in the second half of 2005.
SOLID NET INCOME AND EARNING PER SHARE
TLCVisioncontinues to demonstrate the leverage in its refractive business model, primarily through its centers, and realize growing contribution from its other healthcare services. Consolidated net income was $5.5 million or $0.08 per share for the second quarter. Net income from the Operating Business grew by 5%, contributing $7.1 million or $0.10 per share.
STRONG CASH GENERATION
The business model continues to demonstrate strong cash generation.
Consolidated Cash Position: Operating cash flow per share was $7.0 million or $0.10 per share, vs. $8.5 million or $0.12 per share in 2004.
With the consolidation of OccuLogix’s cash position, TLCVision’scash and short-term investments totaled $141.6 million, up 193% vs. prior year.
Operating Business Cash Position: Operating cash flow per share rose 36% to $0.16 from $0.12, and demonstrates our ongoing strong cash generation.
The company continues to maintain a strong financial position, with cash and short-term investments up 91% vs. prior year and totaling $92.1 million.
SIX-MONTH FINANCIAL RESULTS
Total Operating Business net revenues were up 6% to $136.9 million compared to $129.6 million. Refractive revenues were $103 million, up 5%. Other healthcare revenues, excluding the AMD segment, were up 7% and MSS mobile cataract revenues were up 15%. Consolidated net income was up 6% to $15.1 million and contributed $0.21 earnings per share. Operating Business earnings were up 20% to $18.4 million, and contributed $0.25 earnings per share.
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GROWTH THROUGH NEW ACQUISITIONS
“These new business activities continue to deliver on our strategy and position us for long term growth as a diversified eye care services provider, and to capitalize on new implantable opportunities in the refractive and cataract markets,” commented Jim Wachtman. “The impact of these acquisitions will begin to be realized in the second half of 2005, and fully in fiscal 2006 and we expect to continue this strong acquisition trend in those same periods.”
REFRACTIVE
TLCVisionannounces the acquisition of Millennium Laser Eye in Washington, DC, retaining a 100% ownership in this large refractive business with annual revenues of $4M and annual procedure volume of over 2000. Millennium Laser Eye is a well recognized brand in the market, with a strong co-management based model which is synergistic to our current operations. This acquisition expands TLC’s already strong geographic presence in this market, the 8th largest in the country, and adds to the existing team of exceptional surgeons. Dr. Andrew Holtzman, a leading surgeon in this market, will remain with the center.
In addition, the Kremer Laser Eye acquisition in Philadelphia, PA, was announced in July, generating over $19M in annual revenues, and adding three refractive centers and 7,500 refractive procedures per year, plus one ASC and over 1,500 cataract procedures per year.
AMBULATORY SURGERY CENTERS
TLCVisionhas cleared state regulatory hurdles in the development of two new ambulatory surgery centers (ASCs) in Delaware and Oklahoma. TLCVisionwill have a significant minority interest in both centers, which are expected to be operational by the end of the second quarter, 2006. Both ASCs are single-specialty, two-room ophthalmic facilities, and will ultimately support other procedures for additional revenue generation. In addition, TLCVisionexercised an option to buy another 5% of the Rayner Surgery Center in Oxford, Mississippi, increasing our ownership in that successful venture to 70%.
MOBILE CATARACT
Midwest Surgical Services completed 3 acquisitions of mobile cataract services companies, adding 42 sites in 8 states, bringing total sites to over 460 sites across 42 states. The mobile cataract acquisitions broaden our presence nationally and continue to strengthen our industry leadership position in outsourced cataract and related services.
CONFERENCE CALL
TLCVisionis pleased to invite all interested parties to participate in a conference call during which these results will be discussed. The call will be held today, August 9, at 10:00 a.m. Eastern Time at1-800-732-6079. The call will also be broadcast live and archived on the Company’s web site atwww.tlcv.com under the “Webcasts” link in the Investor Relations section. In addition, the live web cast will be available at various other popular portals and financial web sites.
ABOUT TLCVISION
TLCVisionis North America’s premier eye care services company, providing eye doctors with the tools and technologies needed to deliver high-quality patient care. Through its centers management and technology access service models, TLCVisionmaintains leading positions in Refractive, Cataract, Optometric Services and AMD markets. More information about TLCVisioncan be found on the web site at www.tlcv.com.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934, which statements can be identified by the use of forward looking terminology, such as “may”, “will”, “expect”, ”intend”, “anticipate”, “estimate”, “predict”, “plans” or “continue” or the negative thereof or other variations thereon or comparable terminology referring to future events or results. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous factors, including the timing of expenditures, effects of competition, changes to pricing, acquisitions and expansion opportunities, any of which could cause actual results to vary materially from current results or TLCVision’s anticipated future results. See the Company’s reports filed with the Canadian Securities Regulators and the U.S. Securities and Exchange Commission from time to time for cautionary statements identifying important factors with respect to such forward looking statements, including certain risks and uncertainties, that could cause actual results to differ materially from results referred to in forward looking statements. TLCVision assumes no obligation to update the information contained in this press release.
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TLC VISION CORPORATION | ||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||
(In thousands except per share amounts) | ||||||||||||||||||||||||
Three Months Ended June | Three Months Ended | |||||||||||||||||||||||
30, 2005 | June 30, 2004 | |||||||||||||||||||||||
Results Before AMD | Results Before AMD | |||||||||||||||||||||||
Segment | AMD Segment | Total TLCVision | Segment | AMD Segment | Total TLCVision | |||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Refractive: | ||||||||||||||||||||||||
Centers | $ | 38,010 | $ | — | $ | 38,010 | $ | 36,374 | $ | — | $ | 36,374 | ||||||||||||
Access | 9,828 | — | 9,828 | 10,544 | — | 10,544 | ||||||||||||||||||
Other healthcare services | 18,414 | 568 | 18,982 | 17,681 | 62 | 17,743 | ||||||||||||||||||
Total revenues | 66,252 | 568 | 66,820 | 64,599 | 62 | 64,661 | ||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||
Refractive: | ||||||||||||||||||||||||
Centers | 25,921 | — | 25,921 | 24,645 | — | 24,645 | ||||||||||||||||||
Access | 7,200 | — | 7,200 | 7,135 | — | 7,135 | ||||||||||||||||||
Other healthcare services | 10,697 | 510 | 11,207 | 10,463 | 111 | 10,574 | ||||||||||||||||||
Total cost of revenues | 43,818 | 510 | 44,328 | 42,243 | 111 | 42,354 | ||||||||||||||||||
Gross profit (loss) | 22,434 | 58 | 22,492 | 22,356 | (49 | ) | 22,307 | |||||||||||||||||
General and administrative | 7,232 | 1,995 | 9,227 | 6,032 | 83 | 6,115 | ||||||||||||||||||
Marketing and sales | 5,656 | 187 | 5,843 | 4,677 | 43 | 4,720 | ||||||||||||||||||
Research and development, clinical and regulatory | — | 1,310 | 1,310 | — | 350 | 350 | ||||||||||||||||||
Amortization of intangibles | 1,032 | — | 1,032 | 1,057 | — | 1,057 | ||||||||||||||||||
Other | (363 | ) | — | (363 | ) | (1,184 | ) | — | (1,184 | ) | ||||||||||||||
Restructuring, severance and other charges | — | — | — | 2,755 | — | 2,755 | ||||||||||||||||||
Total operating costs | 13,557 | 3,492 | 17,049 | 13,337 | 476 | 13,813 | ||||||||||||||||||
Operating income (loss) | 8,877 | (3,434 | ) | 5,443 | 9,019 | (525 | ) | 8,494 | ||||||||||||||||
Interest income | 798 | 421 | 1,219 | 473 | — | 473 | ||||||||||||||||||
Interest expense | (424 | ) | — | (424 | ) | (745 | ) | — | (745 | ) | ||||||||||||||
Minority interests | (2,516 | ) | 1,411 | (1,105 | ) | (2,454 | ) | — | (2,454 | ) | ||||||||||||||
Earnings from equity investments | 680 | — | 680 | 613 | — | 613 | ||||||||||||||||||
Income (loss) before income taxes | 7,415 | (1,602 | ) | 5,813 | 6,906 | (525 | ) | 6,381 | ||||||||||||||||
Income tax expense | (302 | ) | — | (302 | ) | (142 | ) | — | (142 | ) | ||||||||||||||
Net income (loss) | $ | 7,113 | $ | (1,602 | ) | $ | 5,511 | $ | 6,764 | $ | (525 | ) | $ | 6,239 | ||||||||||
Earnings (loss) per share — diluted | $ | 0.10 | $ | (0.02 | ) | $ | 0.08 | $ | 0.09 | $ | 0.00 | $ | 0.09 | |||||||||||
Weighted average number of common shares outstanding - diluted | 72,071 | 72,071 | 72,071 | 71,249 | 71,249 | 71,249 | ||||||||||||||||||
Note: The AMD segment includes the Company’s majority interest in OccuLogix, Inc. (formerly Vascular Sciences Corporation), OccuLogix, L.P. and RHEO Clinic, Inc. | ||||||||||||||||||||||||
TLC VISION CORPORATION | ||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||
(In thousands except per share amounts) | ||||||||||||||||||||||||
Six Months Ended June | Six Months Ended June | |||||||||||||||||||||||
30, 2005 | 30, 2004 | |||||||||||||||||||||||
Results Before AMD | Results Before AMD | |||||||||||||||||||||||
Segment | AMD Segment | Total TLCVision | Segment | AMD Segment | Total TLCVision | |||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Refractive: | ||||||||||||||||||||||||
Centers | $ | 81,775 | $ | — | $ | 81,775 | $ | 75,212 | $ | — | $ | 75,212 | ||||||||||||
Access | 21,239 | — | 21,239 | 22,593 | — | 22,593 | ||||||||||||||||||
Other healthcare services | 33,855 | 1,000 | 34,855 | 31,760 | 271 | 32,031 | ||||||||||||||||||
Total revenues | 136,869 | 1,000 | 137,869 | 129,565 | 271 | 129,836 | ||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||
Refractive: | ||||||||||||||||||||||||
Centers | 54,450 | — | 54,450 | 50,797 | — | 50,797 | ||||||||||||||||||
Access | 14,610 | — | 14,610 | 15,307 | — | 15,307 | ||||||||||||||||||
Other healthcare services | 20,328 | 1,030 | 21,358 | 19,378 | 334 | 19,712 | ||||||||||||||||||
Total cost of revenues | 89,388 | 1,030 | 90,418 | 85,482 | 334 | 85,816 | ||||||||||||||||||
Gross profit (loss) | 47,481 | (30 | ) | 47,451 | 44,083 | (63 | ) | 44,020 | ||||||||||||||||
General and administrative | 14,411 | 3,876 | 18,287 | 12,595 | 180 | 12,775 | ||||||||||||||||||
Marketing and sales | 10,468 | 372 | 10,840 | 8,790 | 65 | 8,855 | ||||||||||||||||||
Research and development, clinical and regulatory | — | 2,654 | 2,654 | — | 724 | 724 | ||||||||||||||||||
Amortization of intangibles | 2,043 | — | 2,043 | 2,069 | — | 2,069 | ||||||||||||||||||
Other | (1,033 | ) | — | (1,033 | ) | (1,732 | ) | — | (1,732 | ) | ||||||||||||||
Restructuring, severance and other charges | — | — | — | 2,755 | — | 2,755 | ||||||||||||||||||
Total operating costs | 25,889 | 6,902 | 32,791 | 24,477 | 969 | 25,446 | ||||||||||||||||||
Operating income (loss) | 21,592 | (6,932 | ) | 14,660 | 19,606 | (1,032 | ) | 18,574 | ||||||||||||||||
Interest income | 1,515 | 776 | 2,291 | 951 | — | 951 | ||||||||||||||||||
Interest expense | (882 | ) | — | (882 | ) | (1,626 | ) | — | (1,626 | ) | ||||||||||||||
Minority interests | (4,701 | ) | 2,910 | (1,791 | ) | (4,328 | ) | — | (4,328 | ) | ||||||||||||||
Earnings from equity investments | 1,339 | — | 1,339 | 1,012 | — | 1,012 | ||||||||||||||||||
Income (loss) before income taxes | 18,863 | (3,246 | ) | 15,617 | 15,615 | (1,032 | ) | 14,583 | ||||||||||||||||
Income tax expense | (500 | ) | — | (500 | ) | (292 | ) | — | (292 | ) | ||||||||||||||
Net income (loss) | $ | 18,363 | $ | (3,246 | ) | $ | 15,117 | $ | 15,323 | $ | (1,032 | ) | $ | 14,291 | ||||||||||
Earnings (loss) per share — diluted | $ | 0.25 | $ | (0.04 | ) | $ | 0.21 | $ | 0.22 | $ | (0.02 | ) | $ | 0.20 | ||||||||||
Weighted average number of common shares outstanding - diluted | 72,057 | 72,057 | 72,057 | 70,341 | 70,341 | 70,341 | ||||||||||||||||||
Note: The AMD segment includes the Company’s majority interest in OccuLogix, Inc. (formerly Vascular Sciences Corporation), OccuLogix, L.P. and RHEO Clinic, Inc. | ||||||||||||||||||||||||
TLC VISION CORPORATION | ||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
June 30, 2005 (Unaudited) | December 31, 2004 | |||||||||||||||||||||||
Results Before AMD | Results Before AMD | |||||||||||||||||||||||
Segment | AMD Segment | Total TLCVision | Segment (Unaudited) | AMD Segment (Unaudited) | Total TLCVision | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 52,269 | $ | 11,670 | $ | 63,939 | $ | 15,847 | $ | 17,588 | $ | 33,435 | ||||||||||||
Short-term investments | 39,875 | 37,785 | 77,660 | 68,515 | 42,500 | 111,015 | ||||||||||||||||||
Accounts receivable | 17,829 | 1,307 | 19,136 | 16,489 | 954 | 17,443 | ||||||||||||||||||
Prepaids and other current assets | 12,342 | 4,523 | 16,865 | 12,212 | 1,609 | 13,821 | ||||||||||||||||||
Total current assets | 122,315 | 55,285 | 177,600 | 113,063 | 62,651 | 175,714 | ||||||||||||||||||
Intercompany | 2,045 | (2,045 | ) | — | 1,877 | (1,877 | ) | — | ||||||||||||||||
Restricted cash | 907 | — | 907 | 932 | — | 932 | ||||||||||||||||||
Investments and other assets | 12,197 | — | 12,197 | 10,482 | — | 10,482 | ||||||||||||||||||
Goodwill | 57,408 | — | 57,408 | 53,774 | — | 53,774 | ||||||||||||||||||
Intangibles, net | 17,614 | 144 | 17,758 | 18,037 | 103 | 18,140 | ||||||||||||||||||
Fixed assets, net | 45,718 | 466 | 46,184 | 45,636 | 563 | 46,199 | ||||||||||||||||||
Total assets | $ | 258,204 | $ | 53,850 | $ | 312,054 | $ | 243,801 | $ | 61,440 | $ | 305,241 | ||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts payable | $ | 8,756 | $ | 383 | $ | 9,139 | $ | 8,491 | $ | 225 | $ | 8,716 | ||||||||||||
Accrued liabilities | 19,632 | 2,205 | 21,837 | 23,425 | 3,714 | 27,139 | ||||||||||||||||||
Current portion of long-term debt | 4,395 | — | 4,395 | 8,664 | — | 8,664 | ||||||||||||||||||
Total current liabilities | 32,783 | 2,588 | 35,371 | 40,580 | 3,939 | 44,519 | ||||||||||||||||||
Long-term debt, less current maturities | 10,995 | — | 10,995 | 9,991 | — | 9,991 | ||||||||||||||||||
Other long-term liabilities | 2,919 | — | 2,919 | 2,242 | 480 | 2,722 | ||||||||||||||||||
Minority interests | 10,145 | 25,287 | 35,432 | 9,307 | 27,915 | 37,222 | ||||||||||||||||||
Total liabilities | 56,842 | 27,875 | 84,717 | 62,120 | 32,334 | 94,454 | ||||||||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
Capital stock | 430,988 | 30,196 | 461,184 | 428,877 | 30,082 | 458,959 | ||||||||||||||||||
Option and warrant equity | 2,080 | — | 2,080 | 2,872 | — | 2,872 | ||||||||||||||||||
Accumulated deficit | (231,706 | ) | (4,221 | ) | (235,927 | ) | (250,068 | ) | (976 | ) | (251,044 | ) | ||||||||||||
Total stockholders’ equity | 201,362 | 25,975 | 227,337 | 181,681 | 29,106 | 210,787 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 258,204 | $ | 53,850 | $ | 312,054 | $ | 243,801 | $ | 61,440 | $ | 305,241 | ||||||||||||
Note: The AMD segment includes the Company’s majority interest in OccuLogix, Inc. (formerly Vascular Sciences Corporation), OccuLogix, L.P. and RHEO Clinic, Inc. | ||||||||||||||||||||||||
TLC VISION CORPORATION | ||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||||||||||||||||||
(In thousands except per share amounts) | ||||||||||||||||||||||||
Six Months Ended June | Six Months Ended June | |||||||||||||||||||||||
30, 2005 | 30, 2004 | |||||||||||||||||||||||
Results Before AMD | Results Before AMD | |||||||||||||||||||||||
Segment | AMD Segment | Total TLCVision | Segment | AMD Segment | Total TLCVision | |||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||||||
Net income (loss) | $ | 18,363 | $ | (3,246 | ) | $ | 15,117 | $ | 15,323 | $ | (1,032 | ) | $ | 14,291 | ||||||||||
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||||||||||||||||||||||||
Depreciation and amortization | 7,929 | 59 | 7,988 | 8,980 | 38 | 9,018 | ||||||||||||||||||
Write-offs (reimbursements) of investments in research and development | ||||||||||||||||||||||||
arrangements | (300 | ) | — | (300 | ) | — | 724 | 724 | ||||||||||||||||
Minority interests | 4,701 | (2,910 | ) | 1,791 | 4,328 | — | 4,328 | |||||||||||||||||
Earnings from equity investments | (1,339 | ) | — | (1,339 | ) | (1,012 | ) | — | (1,012 | ) | ||||||||||||||
Loss (gain) on disposals of fixed assets | (96 | ) | — | (96 | ) | 742 | — | 742 | ||||||||||||||||
Gain on the sales of subsidiaries | (319 | ) | — | (319 | ) | (1,143 | ) | — | (1,143 | ) | ||||||||||||||
Non-cash compensation expense | 69 | 137 | 206 | 575 | — | 575 | ||||||||||||||||||
Adjustment to the fair value of investments and long-term receivables | — | — | — | (1,206 | ) | — | (1,206 | ) | ||||||||||||||||
Other | — | 88 | 88 | — | — | — | ||||||||||||||||||
Changes in operating assets and liabilities, net of acquisitions and dispositions: | (5,668 | ) | (4,711 | ) | (10,379 | ) | (7,305 | ) | 368 | (6,937 | ) | |||||||||||||
Cash from operating activities | 23,340 | (10,583 | ) | 12,757 | 19,282 | 98 | 19,380 | |||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Purchases of fixed assets | (5,113 | ) | (64 | ) | (5,177 | ) | (3,691 | ) | (70 | ) | (3,761 | ) | ||||||||||||
Proceeds from sales of fixed assets | 724 | — | 724 | 467 | — | 467 | ||||||||||||||||||
Proceeds from divestitures of investments and subsidiaries, net | 3,430 | — | 3,430 | (271 | ) | — | (271 | ) | ||||||||||||||||
Distributions and loan payments received from equity investments | 1,387 | — | 1,387 | 680 | — | 680 | ||||||||||||||||||
Reimbursements from (investments in) research and development arrangements | 300 | — | 300 | (724 | ) | — | (724 | ) | ||||||||||||||||
Acquisitions and equity investments | (8,881 | ) | — | (8,881 | ) | (4,570 | ) | — | (4,570 | ) | ||||||||||||||
Proceeds from sales of short-term investments | 56,350 | 10,047 | 66,397 | 1,865 | — | 1,865 | ||||||||||||||||||
Purchases of short-term investments | (27,710 | ) | (5,383 | ) | (33,093 | ) | (19,415 | ) | — | (19,415 | ) | |||||||||||||
Other | 35 | (42 | ) | (7 | ) | 907 | — | 907 | ||||||||||||||||
Cash from investing activities | 20,522 | 4,558 | 25,080 | (24,752 | ) | (70 | ) | (24,822 | ) | |||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Restricted cash movement | 25 | — | 25 | 24 | — | 24 | ||||||||||||||||||
Principal payments of debt financing and capital leases | (6,131 | ) | — | (6,131 | ) | (8,305 | ) | — | (8,305 | ) | ||||||||||||||
Proceeds from debt financing | 1,321 | — | 1,321 | — | — | — | ||||||||||||||||||
Distributions to minority interests | (3,744 | ) | — | (3,744 | ) | (3,715 | ) | — | (3,715 | ) | ||||||||||||||
Proceeds from issuance of common stock | 1,089 | — | 1,089 | 18,260 | — | 18,260 | ||||||||||||||||||
Proceeds from issuance of OccuLogix, Inc. common stock | — | 107 | 107 | — | — | — | ||||||||||||||||||
Cash from financing activities | (7,440 | ) | 107 | (7,333 | ) | 6,264 | — | 6,264 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents during the period | 36,422 | (5,918 | ) | 30,504 | 794 | 28 | 822 | |||||||||||||||||
Cash and cash equivalents, beginning of period | 15,847 | 17,588 | 33,435 | 21,554 | 26 | 21,580 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 52,269 | $ | 11,670 | $ | 63,939 | $ | 22,348 | $ | 54 | $ | 22,402 | ||||||||||||
Operating cash flow per diluted share | $ | 0.32 | $ | (0.14 | ) | $ | 0.18 | $ | 0.28 | $ | 0.00 | $ | 0.28 | |||||||||||
Note: The AMD segment includes the Company’s majority interest in OccuLogix, Inc. (formerly Vascular Sciences Corporation), OccuLogix, L.P. and RHEO Clinic, Inc. |
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