News Release | Contact: | |
For Immediate Release | Anna Austin, EVP, Corporate Communications (636) 534-2271 Email: investor.relations@tlcvision.com |
TLCVisionReports Second Quarter Earnings of $0.16 Per Share;
Strategic Initiatives Drive 14% Revenue Increase
ST. LOUIS, MO, August 9, 2006: 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 months ended June 30, 2006. 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 activities excluding the impact of the AMD segment, representing 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.
“TLCVisiondemonstrated this quarter that our strategic initiatives are delivering results,” said Jim Wachtman, President and Chief Executive Officer. “These results were achieved with contribution from all of our business segments. The Company delivered overall revenue growth and refractive procedure volume growth in our core centers, despite a slowdown in the industry. With 84 refractive centers and double digit growth in our Other Healthcare Services segment, we are positioned well for the future.”
SECOND QUARTER HIGHLIGHTS:
• | 14% revenue growth. |
• | 4% increase in refractive centers procedure volume (including LECC). |
• | Over 20% revenue growth in Other Healthcare Services. |
• | Earnings per share of $0.16 (including a cumulative income tax benefit). |
• | Continued strong operating cash flow of $0.20 per share. |
REVENUES
TLCVision’ssecond quarter revenues were $76.2 million, an increase of over 14% from 2005.
• | Total refractive revenues were up 12% to $53.4 million, reflecting higher average selling prices in the centers business, the benefit of 2005 acquisitions and the early contribution from our value-priced strategy. Center revenues were 15% higher during the quarter, and total refractive center procedure volumes (including LECC) were 31,900, up over 4% from prior year, despite softness in the overall industry. Access revenues were down only 1%, the smallest decline in six quarters. |
• | Other Healthcare Services revenues (excluding AMD) increased 24% to $22.8 million, with strong growth in our cataract business of 23%. Total surgical procedures of 19,300 were 8% above prior year. Vision Source grew by 19% over the same period in 2005. |
EARNINGS
Consolidated: Net income for the second quarter was $10.9 million, including the AMD net loss of $0.4 million.
Operating Business: Net income for the quarter of $11.3 million (or $0.16 per fully diluted share) was more than double prior year reported results of $5.2 million (or $0.07 per share). Excluding both the cumulative income tax benefit noted below and the benefit of reducing the Company’s effective tax rate from the 38% rate applied last quarter, the resulting pro forma net income would have been $5.4 million (or $0.08 per fully diluted share), 25% higher than the comparable pro forma results in 2005 on a per share basis.
During the quarter, TLCVisioncompleted its analysis of available net operating losses and evaluation of its income tax accounting. The findings and conclusions reached include the following:
• | We have decided to restate our 2005 Form 10-K to record $1.2 million of income tax expense from 2005 (where it was originally recorded and disclosed) to 2004. This adjustment will have no impact on 2006 results. |
• | The Company confirmed that it has net operating loss carryforwards of approximately $187 million available to offset future taxable income. This amount was significantly higher than estimated at the end of 2005. |
• | Reflecting the new level of net operating loss carryforwards, the Company recorded a cumulative adjustment to our income tax accounts, resulting in a one-time benefit of $3.4 million. |
• | The Company reduced its effective tax rate from a 38% historic rate to approximately 12% for the full year 2006. |
STRONG CASH GENERATION
Operating cash flow for the second quarter was $13.8 million, or $0.20 per fully diluted share. The Company continues to maintain a strong financial position, with cash and short-term investments totaling $45.7 million.
YEAR-TO-DATE RESULTS
For the six months ended June 30, 2006, revenues grew 12% to $153.8 million from $137.9 million for the six months ended June 30, 2005. Total centers procedure volume (including LECC) was 67,000, a 2% increase from prior year. Other Healthcare Services revenues increased 19% to $41.5 million.
For the six months ended June 30, 2006, consolidated net income was $13.6 million including a net $3.2 million loss from the AMD segment. Net income for the Operating Business was $16.8 million or $0.24 per share, a 28% increase over prior year on a per-share basis.
Consolidated operating cash flow for the six month period was $22.8 million. Operating cash flow for the Operating Business was $27.7 million or $0.40 per share.
2006 OPERATING BUSINESS FINANCIAL GUIDANCE
Reflecting the financial results for the first six months of the year, as well as factoring in the revised refractive industry growth rates for 2006 and the retiming of planned ambulatory surgery center acquisitions, we are updating our 2006 guidance for the Operating Business as follows:
• | Net revenues are now anticipated to be between $290 million and $300 million, or a growth of between 12% and 16% from full year 2005 results, reflecting the lower overall growth prospects for the refractive industry and the delay in closing of planned ASC acquisitions. |
• | While the level of pre-tax earnings is not anticipated to change, as a result of the favorable income tax adjustments noted earlier and the lower overall effective tax rate, fully taxed earnings per share are now anticipated to be between $0.30 to $0.33. |
• | Operating cash flow per share guidance has been maintained at between $0.58 and $0.62. |
“While we are decreasing our revenue guidance to better reflect current market conditions, we are holding to our expectations for earnings and cash flow,” said Jim Wachtman. “We continue to have confidence in the strategy that we are executing to grow the Company.”
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 4:30 pm Eastern Time at 1-877-888-3490. 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. A replay will be available until August 23 by dialing 1-888-509-0081 and entering pass code 628166.
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, and its managed care contracting strength, TLCVision maintains leading positions in Refractive and Cataract markets. More information about TLCVision can be found on the corporate websitewww.tlcv.com. Go towww.tlcvision.com orwww.lasikselectvision.com for information on refractive surgery.
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.
Three Months Ended | |||||||||||||||||||||||||||
June 30, 2006 | Three Months Ended June 30, 2005 | (As Restated) | |||||||||||||||||||||||||
Results Before AMD | |||||||||||||||||||||||||||
Results Before AMD Segment | AMD Segment | Total TLCVision | Segment | AMD Segment | Total TLCVision | ||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||
Refractive: | |||||||||||||||||||||||||||
Centers | $ | 43,598 | $ | — | $ | 43,598 | $ | 38,010 | $ | — | $ | 38,010 | |||||||||||||||
Access | 9,771 | — | 9,771 | 9,828 | — | 9,828 | |||||||||||||||||||||
Other healthcare services | 22,846 | — | 22,846 | 18,414 | 568 | 18,982 | |||||||||||||||||||||
Total revenues | 76,215 | — | 76,215 | 66,252 | 568 | 66,820 | |||||||||||||||||||||
Cost of revenues: | |||||||||||||||||||||||||||
Refractive: | |||||||||||||||||||||||||||
Centers | 29,908 | — | 29,908 | 25,921 | — | 25,921 | |||||||||||||||||||||
Access | 7,160 | — | 7,160 | 7,200 | — | 7,200 | |||||||||||||||||||||
Other healthcare services | 13,946 | — | 13,946 | 10,697 | 510 | 11,207 | |||||||||||||||||||||
Total cost of revenues | 51,014 | — | 51,014 | 43,818 | 510 | 44,328 | |||||||||||||||||||||
Gross profit | 25,201 | — | 25,201 | 22,434 | 58 | 22,492 | |||||||||||||||||||||
General and administrative | 7,085 | — | 7,085 | 7,232 | 1,995 | 9,227 | |||||||||||||||||||||
Marketing and sales | 6,704 | — | 6,704 | 5,656 | 187 | 5,843 | |||||||||||||||||||||
Research and development, clinical and regulatory | — | — | — | — | 1,310 | 1,310 | |||||||||||||||||||||
Amortization of intangibles | 874 | — | 874 | 1,032 | — | 1,032 | |||||||||||||||||||||
Other expenses (income), net | (169 | ) | — | (169 | ) | (363 | ) | — | (363 | ) | |||||||||||||||||
Total operating costs | 14,494 | — | 14,494 | 13,557 | 3,492 | 17,049 | |||||||||||||||||||||
Operating income (loss) | 10,707 | — | 10,707 | 8,877 | (3,434 | ) | 5,443 | ||||||||||||||||||||
Gain on sale of OccuLogix, Inc. stock | — | 1,450 | 1,450 | — | — | — | |||||||||||||||||||||
Interest income | 222 | — | 222 | 558 | 421 | 979 | |||||||||||||||||||||
Interest expense | (141 | ) | — | (141 | ) | (184 | ) | — | (184 | ) | |||||||||||||||||
Minority interests | (2,938 | ) | — | (2,938 | ) | (2,516 | ) | 1,411 | (1,105 | ) | |||||||||||||||||
Earnings (losses) from equity investments | 951 | (1,850 | ) | (899 | ) | 680 | — | 680 | |||||||||||||||||||
Income (loss) before income taxes | 8,801 | (400 | ) | 8,401 | 7,415 | (1,602 | ) | 5,813 | |||||||||||||||||||
Income tax benefit (expense) | 2,466 | — | 2,466 | (2,178 | ) | — | (2,178 | ) | |||||||||||||||||||
Net income (loss) | $ | 11,267 | $ | (400 | ) | $ | 10,867 | $ | 5,237 | $ | (1,602 | ) | $ | 3,635 | |||||||||||||
Earnings (loss) per share — diluted | $ | 0.16 | $ | 0.00 | $ | 0.16 | $ | 0.07 | $ | (0.02 | ) | $ | 0.05 | ||||||||||||||
Weighted average number of common shares outstanding — diluted | 69,830 | 69,830 | 69,830 | 72,071 | 72,071 | 72,071 | |||||||||||||||||||||
Note: The AMD segment includes the Company’s interest in OccuLogix, Inc. | |||||||||||||||||||||||||||
TLC VISION CORPORATION | |||||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||||||||||||||||
(In thousands except per share amounts) | |||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||
June 30, 2006 | Six Months Ended June 30, 2005 (As Restated) | ||||||||||||||||||||||||||
| |||||||||||||||||||||||||||
Results Before AMD | |||||||||||||||||||||||||||
Results Before AMD Segment | AMD Segment | Total TLCVision | Segment | AMD Segment | Total TLCVision | ||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||
Refractive: | |||||||||||||||||||||||||||
Centers | $ | 91,537 | $ | — | $ | 91,537 | $ | 81,775 | $ | — | $ | 81,775 | |||||||||||||||
Access | 20,759 | — | 20,759 | 21,239 | — | 21,239 | |||||||||||||||||||||
Other healthcare services | 41,500 | — | 41,500 | 33,855 | 1,000 | 34,855 | |||||||||||||||||||||
Total revenues | 153,796 | — | 153,796 | 136,869 | 1,000 | 137,869 | |||||||||||||||||||||
Cost of revenues: | |||||||||||||||||||||||||||
Refractive: | |||||||||||||||||||||||||||
Centers | 61,796 | — | 61,796 | 54,450 | — | 54,450 | |||||||||||||||||||||
Access | 14,675 | — | 14,675 | 14,610 | — | 14,610 | |||||||||||||||||||||
Other healthcare services | 25,273 | 1,659 | 26,932 | 20,328 | 1,030 | 21,358 | |||||||||||||||||||||
Total cost of revenues | 101,744 | 1,659 | 103,403 | 89,388 | 1,030 | 90,418 | |||||||||||||||||||||
Gross profit (loss) | 52,052 | (1,659 | ) | 50,393 | 47,481 | (30 | ) | 47,451 | |||||||||||||||||||
General and administrative | 16,153 | 1,759 | 17,912 | 14,411 | 3,876 | 18,287 | |||||||||||||||||||||
Marketing and sales | 13,506 | 169 | 13,675 | 10,468 | 372 | 10,840 | |||||||||||||||||||||
Research and development, clinical and regulatory | — | 1,475 | 1,475 | — | 2,654 | 2,654 | |||||||||||||||||||||
Amortization of intangibles | 1,738 | — | 1,738 | 2,043 | — | 2,043 | |||||||||||||||||||||
Other expenses (income), net | (526 | ) | 849 | 323 | (1,033 | ) | — | (1,033 | ) | ||||||||||||||||||
Total operating costs | 30,871 | 4,252 | 35,123 | 25,889 | 6,902 | 32,791 | |||||||||||||||||||||
Operating income (loss) | 21,181 | (5,911 | ) | 15,270 | 21,592 | (6,932 | ) | 14,660 | |||||||||||||||||||
Gain on sale of OccuLogix, Inc. stock | — | 1,450 | 1,450 | — | — | — | |||||||||||||||||||||
Interest income | 869 | 366 | 1,235 | 1,275 | 776 | 2,051 | |||||||||||||||||||||
Interest expense | (679 | ) | — | (679 | ) | (642 | ) | — | (642 | ) | |||||||||||||||||
Minority interests | (5,467 | ) | 2,715 | (2,752 | ) | (4,701 | ) | 2,910 | (1,791 | ) | |||||||||||||||||
Earnings (losses) from equity investments | 1,874 | (1,850 | ) | 24 | 1,339 | — | 1,339 | ||||||||||||||||||||
Income (loss) before income taxes | 17,778 | (3,230 | ) | 14,548 | 18,863 | (3,246 | ) | 15,617 | |||||||||||||||||||
Income tax expense | (969 | ) | — | (969 | ) | (5,255 | ) | — | (5,255 | ) | |||||||||||||||||
Net income (loss) | $ | 16,809 | $ | (3,230 | ) | $ | 13,579 | $ | 13,608 | $ | (3,246 | ) | $ | 10,362 | |||||||||||||
Earnings (loss) per share — diluted | $ | 0.24 | $ | (0.05 | ) | $ | 0.19 | $ | 0.19 | $ | (0.05 | ) | $ | 0.14 | |||||||||||||
Weighted average number of common shares outstanding — diluted | 69,832 | 69,832 | 69,832 | 72,057 | 72,057 | 72,057 | |||||||||||||||||||||
Note: The AMD segment includes the Company’s interest in OccuLogix, Inc. | |||||||||||||||||||||||||||
TLC VISION CORPORATION | |||||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
June 30, 2006 | |||||||||||||||||||||||||||
(Unaudited) | December 31, 2005 | ||||||||||||||||||||||||||
Results Before AMD | AMD Segment | ||||||||||||||||||||||||||
Results Before AMD Segment | AMD Segment | Total TLCVision | Segment (Unaudited) | (Unaudited) | Total TLCVision | ||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 35,869 | $ | 10 | $ | 35,879 | $ | 22,122 | $ | 9,607 | $ | 31,729 | |||||||||||||||
Short-term investments | 9,825 | — | 9,825 | 6,550 | 31,663 | 38,213 | |||||||||||||||||||||
Accounts receivable, net | 19,811 | — | 19,811 | 20,056 | 527 | 20,583 | |||||||||||||||||||||
Prepaid expenses, inventory and other | 12,053 | — | 12,053 | 11,604 | 5,519 | 17,123 | |||||||||||||||||||||
Total current assets | 77,558 | 10 | 77,568 | 60,332 | 47,316 | 107,648 | |||||||||||||||||||||
Intercompany | (565 | ) | 565 | — | 1,693 | (1,693 | ) | — | |||||||||||||||||||
Restricted cash | 1,010 | — | 1,010 | 975 | — | 975 | |||||||||||||||||||||
Investments and other assets | 21,712 | 18,278 | 39,990 | 19,838 | — | 19,838 | |||||||||||||||||||||
Goodwill | 96,440 | — | 96,440 | 99,402 | — | 99,402 | |||||||||||||||||||||
Other intangible assets, net | 22,249 | — | 22,249 | 23,886 | 135 | 24,021 | |||||||||||||||||||||
Fixed assets, net | 53,117 | — | 53,117 | 48,646 | 513 | 49,159 | |||||||||||||||||||||
Total assets | $ | 271,521 | $ | 18,853 | $ | 290,374 | $ | 254,772 | $ | 46,271 | $ | 301,043 | |||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||
Accounts payable | $ | 9,675 | $ | — | $ | 9,675 | $ | 10,517 | $ | 514 | $ | 11,031 | |||||||||||||||
Accrued liabilities | 21,715 | — | 21,715 | 22,158 | 2,295 | 24,453 | |||||||||||||||||||||
Current maturities of long-term debt | 6,595 | — | 6,595 | 5,268 | — | 5,268 | |||||||||||||||||||||
Total current liabilities | 37,985 | — | 37,985 | 37,943 | 2,809 | 40,752 | |||||||||||||||||||||
Long-term debt, less current maturities | 14,236 | — | 14,236 | 12,665 | — | 12,665 | |||||||||||||||||||||
Other long-term liabilities | 3,132 | — | 3,132 | 3,427 | — | 3,427 | |||||||||||||||||||||
Minority interests | 14,696 | — | 14,696 | 14,284 | 21,510 | 35,794 | |||||||||||||||||||||
Total liabilities | 70,049 | — | 70,049 | 68,319 | 24,319 | 92,638 | |||||||||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||
Common stock | 418,193 | 30,898 | 449,091 | 419,936 | 30,767 | 450,703 | |||||||||||||||||||||
Option and warrant equity | 1,814 | — | 1,814 | 1,861 | — | 1,861 | |||||||||||||||||||||
Accumulated deficit | (218,535 | ) | (12,045 | ) | (230,580 | ) | (235,344 | ) | (8,815 | ) | (244,159 | ) | |||||||||||||||
Total stockholders’ equity | 201,472 | 18,853 | 220,325 | 186,453 | 21,952 | 208,405 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 271,521 | $ | 18,853 | $ | 290,374 | $ | 254,772 | $ | 46,271 | $ | 301,043 | |||||||||||||||
Note: The AMD segment includes the Company’s interest in OccuLogix, Inc. | |||||||||||||||||||||||||||
TLC VISION CORPORATION | |||||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||||||||||||||||||||||
(In thousands except per share amounts) | |||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||
June 30, 2006 | Six Months Ended June 30, 2005 (As Restated) | ||||||||||||||||||||||||||
- | - | | |||||||||||||||||||||||||
Results Before AMD | |||||||||||||||||||||||||||
Results Before AMD Segment | AMD Segment | Total TLCVision | Segment | AMD Segment | Total TLCVision | ||||||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||||||
Net income (loss) | $ | 16,809 | $ | (3,230 | ) | $ | 13,579 | $ | 13,608 | $ | (3,246 | ) | $ | 10,362 | |||||||||||||
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||||||||||||||||||||||||||
Depreciation and amortization | 7,642 | 34 | 7,676 | 7,929 | 59 | 7,988 | |||||||||||||||||||||
Reimbursements from investments in research and development | |||||||||||||||||||||||||||
arrangements | (300 | ) | — | (300 | ) | (300 | ) | — | (300 | ) | |||||||||||||||||
Minority interests | 5,467 | (2,715 | ) | 2,752 | 4,701 | (2,910 | ) | 1,791 | |||||||||||||||||||
(Earnings) losses from equity investments | (1,874 | ) | 1,850 | (24 | ) | (1,339 | ) | — | (1,339 | ) | |||||||||||||||||
Deferred taxes | 2,019 | — | 2,019 | 4,126 | — | 4,126 | |||||||||||||||||||||
Loss (gain) on sales and disposals of fixed assets | (28 | ) | 29 | 1 | (96 | ) | — | (96 | ) | ||||||||||||||||||
Gain on sale of OccuLogix, Inc. stock | — | (1,450 | ) | (1,450 | ) | — | — | — | |||||||||||||||||||
Write-down of OccuLogix, Inc. inventory | — | 1,625 | 1,625 | — | — | — | |||||||||||||||||||||
Gain on sale of subsidiary | — | — | — | (319 | ) | — | (319 | ) | |||||||||||||||||||
Non-cash compensation expense | 739 | 186 | 925 | 69 | 137 | 206 | |||||||||||||||||||||
Other | — | 26 | 26 | — | 88 | 88 | |||||||||||||||||||||
Changes in operating assets and liabilities, net of acquisitions and dispositions: | (2,823 | ) | (1,225 | ) | (4,048 | ) | (5,039 | ) | (4,711 | ) | (9,750 | ) | |||||||||||||||
Cash from operating activities | 27,651 | (4,870 | ) | 22,781 | 23,340 | (10,583 | ) | 12,757 | |||||||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||||||
Purchases of fixed assets | (6,349 | ) | — | (6,349 | ) | (5,113 | ) | (64 | ) | (5,177 | ) | ||||||||||||||||
Proceeds from sales of fixed assets | 516 | — | 516 | 724 | — | 724 | |||||||||||||||||||||
Proceeds from divestitures of investments and subsidiaries, net | — | — | — | 3,430 | — | 3,430 | |||||||||||||||||||||
Proceeds from sale of OccuLogix, Inc. stock, net | — | 2,226 | 2,226 | — | — | — | |||||||||||||||||||||
OccuLogix, Inc. cash balance at time of deconsolidation | — | (14,814 | ) | (14,814 | ) | — | — | — | |||||||||||||||||||
Distributions and loan payments received from equity investments | 1,854 | — | 1,854 | 1,387 | — | 1,387 | |||||||||||||||||||||
Reimbursements from investments in research and development | |||||||||||||||||||||||||||
arrangements | 300 | — | 300 | 300 | — | 300 | |||||||||||||||||||||
Acquisitions and equity investments | (3,171 | ) | — | (3,171 | ) | (8,881 | ) | — | (8,881 | ) | |||||||||||||||||
Proceeds from sales of short-term investments | — | 9,925 | 9,925 | 56,350 | 10,047 | 66,397 | |||||||||||||||||||||
Purchases of short-term investments | (3,275 | ) | — | (3,275 | ) | (27,710 | ) | (5,383 | ) | (33,093 | ) | ||||||||||||||||
Other | 24 | (71 | ) | (47 | ) | 35 | (42 | ) | (7 | ) | |||||||||||||||||
Cash from investing activities | (10,101 | ) | (2,734 | ) | (12,835 | ) | 20,522 | 4,558 | 25,080 | ||||||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||||||
Restricted cash movement | (35 | ) | — | (35 | ) | 25 | — | 25 | |||||||||||||||||||
Transfer proceeds from sale of OccuLogix, Inc. stock, net | 2,226 | (2,226 | ) | — | — | — | — | ||||||||||||||||||||
Principal payments of debt financing and capital leases | (1,968 | ) | — | (1,968 | ) | (6,131 | ) | — | (6,131 | ) | |||||||||||||||||
Proceeds from debt financing | 283 | — | 283 | 1,321 | — | 1,321 | |||||||||||||||||||||
Distributions to minority interests | (4,754 | ) | — | (4,754 | ) | (3,744 | ) | — | (3,744 | ) | |||||||||||||||||
Proceeds from issuances of common stock | 445 | — | 445 | 1,089 | — | 1,089 | |||||||||||||||||||||
Proceeds from issuances of OccuLogix, Inc. stock | — | 233 | 233 | — | 107 | 107 | |||||||||||||||||||||
Cash from financing activities | (3,803 | ) | (1,993 | ) | (5,796 | ) | (7,440 | ) | 107 | (7,333 | ) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents during the period | 13,747 | (9,597 | ) | 4,150 | 36,422 | (5,918 | ) | 30,504 | |||||||||||||||||||
Cash and cash equivalents, beginning of period | 22,122 | 9,607 | 31,729 | 15,847 | 17,588 | 33,435 | |||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 35,869 | $ | 10 | $ | 35,879 | $ | 52,269 | $ | 11,670 | $ | 63,939 | |||||||||||||||
Operating cash flow per diluted share | $ | 0.40 | $ | (0.07 | ) | $ | 0.33 | $ | 0.32 | $ | (0.14 | ) | $ | 0.18 | |||||||||||||
Note: The AMD segment includes the Company’s interest in OccuLogix, Inc. |