News Release | Contact: | |
For Immediate Release | Anna Austin, EVP, Corporate Communications (314) 523-8354 Email: investor.relations@tlcvision.com |
TLCVisionReports Fourth Quarter and Full Year 2005 Financial Results; Reaffirms Outlook for
2006
ST. LOUIS, MO, March 16, 2006: TLC Vision Corporation (NASDAQ:TLCV; TSX:TLC), North America’s premier eye care services company, today announced its financial results for the fourth quarter and full year ended December 31, 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.
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 solid, broad-based revenue growth over prior year in the operating business, which is especially noteworthy given the uneven demand in the core LASIK market in the fourth quarter,” said Jim Wachtman, President and Chief Executive Officer. “We met analysts mean earnings expectations for the quarter, even while funding the initial start up investment in our new LASIK Select(SM) centers. The implementation of our refractive expansion strategy is well on track, including the integration of TruVision and the opening of 5 new LASIK Select(SM) locations in the first quarter of 2006, bringing our total number of refractive centers to 83.”
REVENUES
Q4 2005:TLCVision’sfourth quarter consolidated net revenues were $60.5 million, an increase of 6% from the comparable period in 2004. Excluding the AMD business segment, revenues from the Operating Business were $60.3 million versus $56.5 million last year, an increase of $3.8 million or 7%.
• | Total refractive revenues were up 1% to $40.8 million, with total refractive procedures of 39,800 compared to 42,200 the prior year, down 6%. Center revenues were 5% higher during the quarter, as softer economic conditions resulted in a 3% decline in same store procedures that were more than offset by revenues from new centers. Access revenues were down by 15% due to lower demand and the loss of fixed site business. |
• | Other healthcare services revenues (excluding AMD) increased 21% to $19.5 million, with strong growth in our mobile cataract (+22%) and ambulatory surgery centers businesses (+37%). Vision Source grew by 21% over the same period in 2004. |
Full Year 2005:TLCVision’sfull year consolidated net revenues were up 5% to $260 million, and net revenues from the Operating Business were $258 million (up 5%).
• | Annual refractive revenues of $186.6 million were up 2% from 2004, with a total of 190,900 procedures. Centers revenues of $150.2 million were up 6% from 2004, as same store revenue growth of 3% combined with the revenues from the refractive acquisitions closed earlier in the year. Access revenues for the year of $36.5 million were 10% lower than 2004 due to lower demand and the loss of fixed site customers. |
• | Other healthcare services revenues (excluding AMD) of $71.6 million grew by 12% on a full year basis and 17% in the second half of 2005. |
EARNINGS
Q4 2005:The consolidated business generated a net pre-tax loss for the fourth quarter of $2.6 million, as OccuLogix loss from operations combined with several non-cash charges related to its revaluation of certain assets as a result of their preliminary analysis of the MIRA-1 clinical trial. After removing the loss from the AMD business, net pre-tax income from the Operating Business was $0.9 million or $0.01 per share. It is important to note that current year earnings include the start-up costs of the LASIK Select (SM) branded centers (approximately $0.4 million) and the costs to close or renegotiate three underperforming locations (approximately $1.7 million). Comparable pre-tax earnings for 2004 were $1.3 million.
Also included in the fourth quarter financial results was $1.7 million of principally non-cash income tax expense, of which $1.2 million related to the correction on understated income tax expense in 2004.
The resulting consolidated net loss for the quarter of $4.3 million compared with net income of $26.1 million for the prior period, including a one-time gain of $25.8 million from the company’s sale of OccuLogix shares in its initial public offering. The net loss for the Operating Business was $0.8 million or $0.01 per fully diluted share.
Full Year 2005:Consolidated pre-tax income was $14.8 million or $0.21 per share. Pre-tax income from the Operating Business totaled $22.6 million for 2005, up $1.5 million or 7% from 2004. Pre-tax earnings per share were $0.32, meeting analysts mean estimates for the year after deducting cash income tax expense of $0.01.
Income tax expense of $7.9 million for the full year includes a non-cash charge of $7.1 million. This charge corrects the reversal of deferred tax valuation allowances that are more properly recorded as reductions in intangible asset values and an increase to equity. Accordingly, the Company’s financials have been restated for the first three quarters of 2005 to reflect an increase in income tax expense totaling $5.7 million in addition to the $1.2 million adjustment for 2004 noted above.
On an annual basis, consolidated net income was $6.9 million or $0.10 per share. The Operating Business generated full year net income of $14.7 million or $0.21 per share.
STRONG CASH GENERATION
Consolidated:The business model continues to generate strong cash flow to fund the Company’s growth strategy. Consolidated operating cash flow was $3.4 million ($0.05 per share) for the fourth quarter and $22.5 million ($0.32 per share) for the full year. Year-end consolidated cash and short-term investments totaled $69.9 million.
Operating Business:Operating cash flow from the Operating Business in the fourth quarter was $7.9 million ($0.11 per share), up $2.3 million or 42% from last year. For the full year, operating cash flow of $41.6 million, or $0.58 per share, was $6.5 million or 19% ahead of last year. The Company continues to maintain a strong financial position, with cash and short-term investments for the Operating Business totaling $28.7 million.
2006 FINANCIAL GUIDANCE
“We remain very confident that our strategy will continue to deliver consistent, strong growth in revenues, earnings and cash flow. With that in mind, we are reaffirming our 2006 financial guidance for the Operating Business,” said Jim Wachtman.
• | 2006 net revenues of between $308 million and $318 million, or a growth of between 19% and 23% from full year 2005 results; |
• | Fully diluted pre-tax earnings per share of $0.33 and $0.36, including approximately $1.1 million of compensation expense related to stock options which will be recorded for the first time in 2006, and costs related to our rollout of LASIK Select (SM) which are anticipated to cost $0.03 in 2006. |
• | Fully-taxed earnings per share of between $0.20 to $0.22, reflecting a book income tax expense at a 40% effective rate; |
• | Operating cash flow per share of between $0.58 and $0.62. |
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, March 16, at 10:30 am Eastern Time at 1-877-888-7019. 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.
AboutTLCVision
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, and its managed care contracting strength, TLCVision maintains leading positions in Refractive and Cataract markets. More information about TLCVision can be found on the website atwww.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.
TLC VISION CORPORATION | ||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||
(In thousands except per share amounts) | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||
December 31, 2005 | December 31, 2004 | |||||||||||||||||||||||
Results Before AMD | Results Before AMD | |||||||||||||||||||||||
Segment | AMD Segment | Total TLCVision | Segment | AMD Segment | Total TLCVision | |||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Refractive: | ||||||||||||||||||||||||
Centers | $ | 33,425 | $ | — | $ | 33,425 | $ | 31,724 | $ | — | $ | 31,724 | ||||||||||||
Access | 7,368 | — | 7,368 | 8,676 | — | 8,676 | ||||||||||||||||||
Other healthcare services | 19,518 | 206 | 19,724 | 16,130 | 346 | 16,476 | ||||||||||||||||||
Total revenues | 60,311 | 206 | 60,517 | 56,530 | 346 | 56,876 | ||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||
Refractive: | ||||||||||||||||||||||||
Centers | 25,879 | — | 25,879 | 24,599 | — | 24,599 | ||||||||||||||||||
Access | 6,045 | — | 6,045 | 6,646 | — | 6,646 | ||||||||||||||||||
Other healthcare services | 11,920 | 2,345 | 14,265 | 10,259 | 492 | 10,751 | ||||||||||||||||||
Total cost of revenues | 43,844 | 2,345 | 46,189 | 41,504 | 492 | 41,996 | ||||||||||||||||||
Gross profit (loss) | 16,467 | (2,139 | ) | 14,328 | 15,026 | (146 | ) | 14,880 | ||||||||||||||||
General and administrative | 6,538 | 2,981 | 9,519 | 6,833 | 466 | 7,299 | ||||||||||||||||||
Marketing and sales | 5,308 | 168 | 5,476 | 5,063 | 77 | 5,140 | ||||||||||||||||||
Research and development, clinical and regulatory | — | 1,456 | 1,456 | — | 576 | 576 | ||||||||||||||||||
Amortization of intangibles | 950 | — | 950 | 1,013 | — | 1,013 | ||||||||||||||||||
Other expenses, net | 1,769 | 1 | 1,770 | 80 | — | 80 | ||||||||||||||||||
Total operating costs | 14,565 | 4,606 | 19,171 | 12,989 | 1,119 | 14,108 | ||||||||||||||||||
Operating income (loss) | 1,902 | (6,745 | ) | (4,843 | ) | 2,037 | (1,265 | ) | 772 | |||||||||||||||
Gain on sale of OccuLogix, Inc. stock | — | — | — | — | 25,792 | 25,792 | ||||||||||||||||||
Interest income | 513 | 406 | 919 | 564 | 52 | 616 | ||||||||||||||||||
Interest expense | (421 | ) | — | (421 | ) | (418 | ) | — | (418 | ) | ||||||||||||||
Minority interests | (1,834 | ) | 2,891 | 1,057 | (1,362 | ) | 411 | (951 | ) | |||||||||||||||
Earnings from equity investments | 718 | — | 718 | 490 | — | 490 | ||||||||||||||||||
Income (loss) before income taxes | 878 | (3,448 | ) | (2,570 | ) | 1,311 | 24,990 | 26,301 | ||||||||||||||||
Income tax expense | (1,689 | ) | 3 | (1,686 | ) | (206 | ) | — | (206 | ) | ||||||||||||||
Net income (loss) | $ | (811 | ) | $ | (3,445 | ) | $ | (4,256 | ) | $ | 1,105 | $ | 24,990 | $ | 26,095 | |||||||||
Earnings (loss) per share — diluted | $ | (0.01 | ) | $ | (0.05 | ) | $ | (0.06 | ) | $ | 0.02 | $ | 0.34 | $ | 0.36 | |||||||||
Weighted average number of common shares outstanding — diluted | 68,645 | 68,645 | 68,645 | 71,846 | 71,846 | 71,846 | ||||||||||||||||||
Note: The AMD segment primarily includes the Company’s majority interest in OccuLogix, Inc. (formerly Vascular Sciences Corp.). | ||||||||||||||||||||||||
TLC VISION CORPORATION | ||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||
(In thousands except per share amounts) | ||||||||||||||||||||||||
Year Ended December | Year Ended December | |||||||||||||||||||||||
31, 2005 | 31, 2004 | |||||||||||||||||||||||
Results Before AMD | Results Before AMD | |||||||||||||||||||||||
Segment | AMD Segment | Total TLCVision | Segment | AMD Segment | Total TLCVision | |||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Refractive: | ||||||||||||||||||||||||
Centers | $ | 150,168 | $ | — | $ | 150,168 | $ | 141,782 | $ | — | $ | 141,782 | ||||||||||||
Access | 36,453 | — | 36,453 | 40,659 | — | 40,659 | ||||||||||||||||||
Other healthcare services | 71,563 | 1,841 | 73,404 | 63,969 | 837 | 64,806 | ||||||||||||||||||
Total revenues | 258,184 | 1,841 | 260,025 | 246,410 | 837 | 247,247 | ||||||||||||||||||
Cost of revenues: | ||||||||||||||||||||||||
Refractive: | ||||||||||||||||||||||||
Centers | 106,476 | — | 106,476 | 101,440 | — | 101,440 | ||||||||||||||||||
Access | 26,974 | — | 26,974 | 28,863 | — | 28,863 | ||||||||||||||||||
Other healthcare services | 43,537 | 3,738 | 47,275 | 39,389 | 1,046 | 40,435 | ||||||||||||||||||
Total cost of revenues | 176,987 | 3,738 | 180,725 | 169,692 | 1,046 | 170,738 | ||||||||||||||||||
Gross profit (loss) | 81,197 | (1,897 | ) | 79,300 | 76,718 | (209 | ) | 76,509 | ||||||||||||||||
General and administrative | 27,647 | 8,850 | 36,497 | 26,009 | 857 | 26,866 | ||||||||||||||||||
Marketing and sales | 21,055 | 659 | 21,714 | 18,541 | 164 | 18,705 | ||||||||||||||||||
Research and development, clinical and regulatory | — | 5,250 | 5,250 | — | 1,825 | 1,825 | ||||||||||||||||||
Amortization of intangibles | 4,039 | — | 4,039 | 4,098 | — | 4,098 | ||||||||||||||||||
Other expenses, net | 935 | (166 | ) | 769 | 940 | — | 940 | |||||||||||||||||
Total operating costs | 53,676 | 14,593 | 68,269 | 49,588 | 2,846 | 52,434 | ||||||||||||||||||
Operating income (loss) | 27,521 | (16,490 | ) | 11,031 | 27,130 | (3,055 | ) | 24,075 | ||||||||||||||||
Gain on sale of OccuLogix, Inc. stock | — | — | — | — | 25,792 | 25,792 | ||||||||||||||||||
Interest income | 2,687 | 1,593 | 4,280 | 1,902 | 52 | 1,954 | ||||||||||||||||||
Interest expense | (1,737 | ) | — | (1,737 | ) | (2,617 | ) | — | (2,617 | ) | ||||||||||||||
Minority interests | (8,401 | ) | 7,058 | (1,343 | ) | (7,364 | ) | 411 | (6,953 | ) | ||||||||||||||
Earnings from equity investments | 2,545 | — | 2,545 | 2,057 | — | 2,057 | ||||||||||||||||||
Income (loss) before income taxes | 22,615 | (7,839 | ) | 14,776 | 21,108 | 23,200 | 44,308 | |||||||||||||||||
Income tax expense | (7,891 | ) | — | (7,891 | ) | (600 | ) | — | (600 | ) | ||||||||||||||
Net income (loss) | $ | 14,724 | $ | (7,839 | ) | $ | 6,885 | $ | 20,508 | $ | 23,200 | $ | 43,708 | |||||||||||
Earnings (loss) per share — diluted | $ | 0.21 | $ | (0.11 | ) | $ | 0.10 | $ | 0.29 | $ | 0.32 | $ | 0.61 | |||||||||||
Weighted average number of common shares outstanding — diluted | 71,380 | 71,380 | 71,380 | 71,088 | 71,088 | 71,088 | ||||||||||||||||||
Note: The AMD segment primarily includes the Company’s majority interest in OccuLogix, Inc. (formerly Vascular Sciences Corp.). | ||||||||||||||||||||||||
TLC VISION CORPORATION | ||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
December 31, 2005 | ||||||||||||||||||||||||
(Unaudited) | December 31, 2004 | |||||||||||||||||||||||
Results Before | ||||||||||||||||||||||||
Results Before AMD | AMD Segment | AMD Segment | ||||||||||||||||||||||
Segment | AMD Segment | Total TLCVision | (Unaudited) | (Unaudited) | Total TLCVision | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 22,122 | $ | 9,607 | $ | 31,729 | $ | 15,847 | $ | 17,588 | $ | 33,435 | ||||||||||||
Short-term investments | 6,550 | 31,663 | 38,213 | 68,515 | 42,500 | 111,015 | ||||||||||||||||||
Accounts receivable | 20,056 | 527 | 20,583 | 16,489 | 954 | 17,443 | ||||||||||||||||||
Prepaid expenses, inventory and other | 11,604 | 5,519 | 17,123 | 12,212 | 1,609 | 13,821 | ||||||||||||||||||
Total current assets | 60,332 | 47,316 | 107,648 | 113,063 | 62,651 | 175,714 | ||||||||||||||||||
Intercompany | 1,693 | (1,693 | ) | — | 1,877 | (1,877 | ) | — | ||||||||||||||||
Restricted cash | 975 | — | 975 | 932 | — | 932 | ||||||||||||||||||
Investments and other assets | 19,838 | — | 19,838 | 10,482 | — | 10,482 | ||||||||||||||||||
Goodwill | 99,402 | — | 99,402 | 53,774 | — | 53,774 | ||||||||||||||||||
Other intangible assets | 23,886 | 135 | 24,021 | 18,037 | 103 | 18,140 | ||||||||||||||||||
Fixed assets | 48,646 | 513 | 49,159 | 45,636 | 563 | 46,199 | ||||||||||||||||||
Total assets | $ | 254,772 | $ | 46,271 | $ | 301,043 | $ | 243,801 | $ | 61,440 | $ | 305,241 | ||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts payable | $ | 10,517 | $ | 514 | $ | 11,031 | $ | 8,491 | $ | 225 | $ | 8,716 | ||||||||||||
Accrued liabilities | 22,158 | 2,295 | 24,453 | 23,425 | 3,714 | 27,139 | ||||||||||||||||||
Current maturities of long-term debt | 5,268 | — | 5,268 | 8,664 | — | 8,664 | ||||||||||||||||||
Total current liabilities | 37,943 | 2,809 | 40,752 | 40,580 | 3,939 | 44,519 | ||||||||||||||||||
Long-term debt, less current maturities | 12,665 | — | 12,665 | 9,991 | — | 9,991 | ||||||||||||||||||
Other long-term liabilities | 3,427 | — | 3,427 | 2,242 | 480 | 2,722 | ||||||||||||||||||
Minority interests | 14,284 | 21,510 | 35,794 | 9,307 | 27,915 | 37,222 | ||||||||||||||||||
Total liabilities | 68,319 | 24,319 | 92,638 | 62,120 | 32,334 | 94,454 | ||||||||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
Common stock | 419,936 | 30,767 | 450,703 | 428,877 | 30,082 | 458,959 | ||||||||||||||||||
Option and warrant equity | 1,861 | — | 1,861 | 2,872 | — | 2,872 | ||||||||||||||||||
Accumulated deficit | (235,344 | ) | (8,815 | ) | (244,159 | ) | (250,068 | ) | (976 | ) | (251,044 | ) | ||||||||||||
Total stockholders’ equity | 186,453 | 21,952 | 208,405 | 181,681 | 29,106 | 210,787 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 254,772 | $ | 46,271 | $ | 301,043 | $ | 243,801 | $ | 61,440 | $ | 305,241 | ||||||||||||
Note: The AMD segment primarily includes the Company’s majority interest in OccuLogix, Inc. (formerly Vascular Sciences Corp.). | ||||||||||||||||||||||||
TLC VISION CORPORATION | ||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||||||||||||||||||
(In thousands except per share amounts) | ||||||||||||||||||||||||
Year Ended December | Year Ended December | |||||||||||||||||||||||
31, 2005 | 31, 2004 | |||||||||||||||||||||||
Results Before AMD | Results Before AMD | |||||||||||||||||||||||
Segment | AMD Segment | Total TLCVision | Segment | AMD Segment | Total TLCVision | |||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||||||
Net income (loss) | $ | 14,724 | $ | (7,839 | ) | $ | 6,885 | $ | 20,508 | $ | 23,200 | $ | 43,708 | |||||||||||
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||||||||||||||||||||||||
Depreciation and amortization | 16,233 | 120 | 16,353 | 17,594 | 87 | 17,681 | ||||||||||||||||||
Write-offs (reimbursements) of investments in research and development | ||||||||||||||||||||||||
arrangements | (300 | ) | — | (300 | ) | (400 | ) | 1,249 | 849 | |||||||||||||||
Minority interests | 8,401 | (7,058 | ) | 1,343 | 7,364 | (411 | ) | 6,953 | ||||||||||||||||
Earnings from equity investments | (2,545 | ) | — | (2,545 | ) | (2,057 | ) | — | (2,057 | ) | ||||||||||||||
Deferred taxes | 6,301 | — | 6,301 | — | — | — | ||||||||||||||||||
Loss (gain) on disposals of fixed assets | 75 | (167 | ) | (92 | ) | 839 | — | 839 | ||||||||||||||||
Gain on sale of OccuLogix, Inc. stock | — | — | — | — | (25,792 | ) | (25,792 | ) | ||||||||||||||||
Gain on sales of subsidiaries | (319 | ) | — | (319 | ) | (1,143 | ) | — | (1,143 | ) | ||||||||||||||
Non-cash compensation expense | 648 | 790 | 1,438 | 484 | — | 484 | ||||||||||||||||||
Adjustments to the fair values of intangibles, long-term receivables and | ||||||||||||||||||||||||
long-term liabilities | 888 | — | 888 | (1,206 | ) | — | (1,206 | ) | ||||||||||||||||
Other | — | 182 | 182 | — | — | — | ||||||||||||||||||
Changes in operating assets and liabilities, net of acquisitions and dispositions: | (2,513 | ) | (5,095 | ) | (7,608 | ) | (6,923 | ) | 1,967 | (4,956 | ) | |||||||||||||
Cash from operating activities | 41,593 | (19,067 | ) | 22,526 | 35,060 | 300 | 35,360 | |||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Purchases of fixed assets | (8,139 | ) | (182 | ) | (8,321 | ) | (5,103 | ) | (88 | ) | (5,191 | ) | ||||||||||||
Proceeds from sales of fixed assets | 1,494 | 285 | 1,779 | 1,565 | — | 1,565 | ||||||||||||||||||
Proceeds from divestitures of investments and subsidiaries, net | 3,430 | — | 3,430 | 729 | — | 729 | ||||||||||||||||||
Proceeds from sale of OccuLogix, Inc. stock, net | — | — | — | 25,792 | — | 25,792 | ||||||||||||||||||
Distributions and loan payments received from equity investments | 3,039 | — | 3,039 | 2,518 | — | 2,518 | ||||||||||||||||||
Reimbursements from (investments in) research and development | ||||||||||||||||||||||||
arrangements | 300 | — | 300 | (849 | ) | — | (849 | ) | ||||||||||||||||
Acquisitions and equity investments | (67,573 | ) | — | (67,573 | ) | (10,067 | ) | — | (10,067 | ) | ||||||||||||||
Proceeds from short-term investments | 91,025 | 38,725 | 129,750 | 8,353 | — | 8,353 | ||||||||||||||||||
Purchases of short-term investments | (29,060 | ) | (28,035 | ) | (57,095 | ) | (68,555 | ) | (42,500 | ) | (111,055 | ) | ||||||||||||
Other | 49 | (36 | ) | 13 | 60 | — | 60 | |||||||||||||||||
Cash from investing activities | (5,435 | ) | 10,757 | 5,322 | (45,557 | ) | (42,588 | ) | (88,145 | ) | ||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Restricted cash movement | (43 | ) | — | (43 | ) | 444 | — | 444 | ||||||||||||||||
Principal payments of debt financing and capital leases | (9,504 | ) | — | (9,504 | ) | (13,669 | ) | — | (13,669 | ) | ||||||||||||||
Proceeds from debt financing | 1,992 | — | 1,992 | — | — | — | ||||||||||||||||||
Distributions to minority interests | (8,440 | ) | — | (8,440 | ) | (7,216 | ) | — | (7,216 | ) | ||||||||||||||
Purchases of treasury stock | (15,868 | ) | — | (15,868 | ) | — | — | — | ||||||||||||||||
Proceeds from issuances of common stock | 1,980 | — | 1,980 | 25,231 | — | 25,231 | ||||||||||||||||||
Proceeds from issuances of OccuLogix, Inc. stock, net and cash | ||||||||||||||||||||||||
acquired upon consolidation | — | 329 | 329 | — | 59,850 | 59,850 | ||||||||||||||||||
Cash from financing activities | (29,883 | ) | 329 | (29,554 | ) | 4,790 | 59,850 | 64,640 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents during the period | 6,275 | (7,981 | ) | (1,706 | ) | (5,707 | ) | 17,562 | 11,855 | |||||||||||||||
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 | $ | 22,122 | $ | 9,607 | $ | 31,729 | $ | 15,847 | $ | 17,588 | $ | 33,435 | ||||||||||||
Operating cash flow per diluted share | $ | 0.58 | $ | (0.26 | ) | $ | 0.32 | $ | 0.49 | $ | 0.01 | $ | 0.50 | |||||||||||
Note: The AMD segment primarily includes the Company’s majority interest in OccuLogix, Inc. (formerly Vascular Sciences Corp.). |