News Release | Contact: | |
For Immediate Release | James J. Hyland, VP Investor Relations (636) 534-2369 Email: investor.relations@tlcvision.com |
TLCVisionReports 7% Same Store Volume Increase In Refractive Centers
Same Store Centers Revenue Increases 9%
ST. LOUIS, MO, August 9, 2007:TLC Vision Corporation(NASDAQ:TLCV; TSX:TLC), North America’s premier eye care services company, today announced results for the second quarter ended June 30, 2007.
• | Revenue for the second quarter was $81.1 million, a 6% increase over prior year revenue of $76.2 million. |
• | Consolidated net income for the second quarter was $0.9 million ($.01 per diluted share), compared to $10.9 million ($.16 per diluted share) from the prior year period. |
• | The AMD net loss for the second quarter was ($0.7) million, compared to ($0.4) million from the prior year period. The AMD segment includes the Company’s interest in OccuLogix, Inc. |
• | Net income before AMD for the second quarter was $1.6 million ($0.02 per diluted share) compared to $11.3 million ($.16 per diluted share) for the prior year period. |
To facilitate a comparison of this quarter’s results with the results of the prior year period, the company is presenting pro forma net income and pro-forma EPS for the second quarter of 2007 and the second quarter of 2006. Excluding the effects of non-recurring costs and normalizing interest expense and income taxes, net income for the second quarter of 2007 was $2.9 million, or $.04 per diluted share, compared to $7.0 million, or $0.10 per diluted share, in the prior year period.
A reconciliation of reported net income to pro forma net income for both the quarter and the six months is included in the attached Consolidated Statements of Operations.
Jim Wachtman, President and Chief Executive Officer of TLCVision, commented, “During the second quarter, we continued the growth trend established during our first quarter. Refractive Centers procedure volume growth increased significantly, and we continue to exceed industry procedure volume growth rates. The investments in our marketing infrastructure are returning growth across all of our patient acquisition channels, and we continued to improve our operational efficiencies throughout the organization. Our transformation plan remains on schedule, and we remain committed to the roadmap that we established when we introduced our new business model in late 2006.”
“As we look ahead into the current quarter, we have a high degree of confidence in delivering double digit procedure volume and revenue growth in our Refractive Centers business. We continue to lay the groundwork which will help us achieve our stated goal of strengthening the TLC Laser Eye Centers® brand. We are confident that the investment we are making in the business today is the key to long-term shareholder value,” said Wachtman.
Business Unit Review*
• | Refractive Centers includes the Company’s 80 centers that provide laser vision correction surgery. Two new majority-owned centers, in Chicago and Portland, were announced during the quarter. Total centers revenues were up 8% to $47.0 million (9% same store). Total procedures of 33,900, including minority-owned centers, were up 5% overall and up 7% on a same store basis. |
• | Doctor Services includes the Company’s refractive access, mobile cataract access, and ambulatory surgery centers and practices. Doctor Services revenues increased 2% to $26.0 million. Refractive access revenues were 3% below prior year, as higher pricing and new service offerings offset a 9% decline in procedure volume to 15,700. Total mobile cataract access revenues of $9.5 million were 5% over prior year on higher cataract volumes and new offerings. Our ambulatory surgery center and practice businesses delivered revenue of $7.1 million, 6% above prior year. |
• | Eye Care consists primarily of the Company’s Vision Source optometric franchising business. Eye Care revenues grew 15% over prior year as a result of new franchises and higher fees per franchisee. |
Year-to Date Results
• | Revenue for the six months ended June 30, 2007, was $164 million, compared to $154 million for the prior year period, an increase of 7%. |
• | Consolidated net income was $4.4 million ($0.06 per fully diluted share) compared to $13.6 million ($0.19 per fully diluted share) for the prior year period. |
• | The AMD net loss of ($3.2) million, was consistent with the prior year period. |
• | Net income before AMD was $7.6 million ($0.11 per diluted share), compared to $16.8 million ($.24 per diluted share) for the prior year period. |
To facilitate a comparison of year-to-date results with the results of the prior year period, the Company is presenting pro forma net income and pro-forma EPS for the six months ending June 30, 2007, and for the prior year period. Excluding the effects of non-recurring costs and normalizing income taxes and interest expense, net income for the six months ended June 30, 2007 was $9.6 million, or $.14 per diluted share, compared to $14.0 million, or $.20 per diluted share in the prior year period.
*The unaudited, interim consolidated financial statements for the three months ended June 30, 2006 include certain reclassifications to conform with the business-line and segment classifications for the three months ended June 30, 2007.
Cash Flow
Year-to-date operating cash flow, excluding the results of the AMD segment, was $21.7 million, or $.31 per share, compared to $27.7 million, or $.40 per share, in the prior year period. The primary reason for the decrease was the incremental marketing investment in the Refractive Centers business.
Conference Call
TLCVisioninvites all interested parties to participate in a conference call during which time the financial and operating results will be discussed. The call will be held today, at 10:30 a.m. Eastern Time. To participate, please dial 888-575-8232. International callers may dial 416-406-6419. The call will be broadcast live on the Company’s web site atwww.tlcv.com under the “Webcasts” link in the Investor Relations section. In addition, the live webcast will be available at various other popular portals and financial web sites.
A replay of the conference call will be available until August 23, 2007. To access the replay, dial 800-408-3052(pass code: 3228962). The call will also be archived on the Company’s web site atwww.tlcv.com under the “Webcasts” link in the Investor Relations section.
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. TLCVisionassumes no obligation to update the information contained in this press.
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, extensive optometric relationships, aggressive consumer advertising and managed care contracting strength, TLCVisionmaintains leading positions in Refractive, Cataract and Eye Care markets. More information about TLCVisioncan be found on the website atwww.tlcv.com. Information about vision correction surgery can be found on the TLC Laser Eye Centers website atwww.tlcvision.com.
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TLC VISION CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2007 | Three Months Ended June 30, 2006 | |||||||||||||||||||||||||||||||||||||||||||||||
Results Before AMD | Results Before AMD | |||||||||||||||||||||||||||||||||||||||||||||||
Segment | AMD Segment | Total TLCVision | Segment | AMD Segment | Total TLCVision | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||
Refractive centers | $ | 46,952 | $ | - | $46,952 | $ | 43,679 | $ | - | $ | 43,679 | |||||||||||||||||||||||||||||||||||||
Doctor services | 25,964 | — | 25,964 | 25,405 | — | 25,405 | ||||||||||||||||||||||||||||||||||||||||||
Eye care | 8,214 | — | 8,214 | 7,131 | — | 7,131 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | 81,130 | — | 81,130 | 76,215 | — | 76,215 | ||||||||||||||||||||||||||||||||||||||||||
Cost of revenues (excluding amortization): | ||||||||||||||||||||||||||||||||||||||||||||||||
Refractive centers | 32,656 | - | $32,656 | 29,944 | - | 29,944 | ||||||||||||||||||||||||||||||||||||||||||
Doctor services | 18,258 | — | 18,258 | 18,040 | — | 18,040 | ||||||||||||||||||||||||||||||||||||||||||
Eye care | 3,959 | — | 3,959 | 3,030 | — | 3,030 | ||||||||||||||||||||||||||||||||||||||||||
Total cost of revenues (excluding amortization) | 54,873 | — | 54,873 | 51,014 | — | 51,014 | ||||||||||||||||||||||||||||||||||||||||||
Gross profit | 26,257 | — | 26,257 | 25,201 | — | 25,201 | ||||||||||||||||||||||||||||||||||||||||||
General and administrative | 8,966 | 8,966 | 7,085 | — | 7,085 | |||||||||||||||||||||||||||||||||||||||||||
Marketing and sales | 10,686 | 10,686 | 6,704 | — | 6,704 | |||||||||||||||||||||||||||||||||||||||||||
Research and development, clinical and regulatory | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | 927 | 927 | 874 | — | 874 | |||||||||||||||||||||||||||||||||||||||||||
Other expenses, net | 96 | 96 | (169 | ) | — | (169 | ) | |||||||||||||||||||||||||||||||||||||||||
Total operating costs | 20,675 | — | 20,675 | 14,494 | — | 14,494 | ||||||||||||||||||||||||||||||||||||||||||
Operating income | 5,582 | — | 5,582 | 10,707 | — | 10,707 | ||||||||||||||||||||||||||||||||||||||||||
Gain on sale of Occulogix, Inc. stock | — | 933 | 933 | — | 1,450 | 1,450 | ||||||||||||||||||||||||||||||||||||||||||
Interest income | 579 | — | 579 | 464 | — | 464 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | (689 | ) | — | (689 | ) | (383 | ) | — | (383 | ) | ||||||||||||||||||||||||||||||||||||||
Minority interests | (2,761 | ) | - | (2,761) | (2,938 | ) | - | (2,938 | ) | |||||||||||||||||||||||||||||||||||||||
Earnings (losses) from equity investments | 499 | (1,614 | ) | (1,115) | 951 | (1,850 | ) | (899 | ) | |||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 3,210 | (681 | ) | 2,529 | 8,801 | (400 | ) | 8,401 | ||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | (1,653 | ) | - | (1,653) | 2,466 | - | 2,466 | |||||||||||||||||||||||||||||||||||||||||
- | - | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 1,557 | $ | (681 | ) | $ | 876 | $ | 11,267 | $ | (400 | ) | $ | 10,867 | ||||||||||||||||||||||||||||||||||
Earnings (loss) per share — diluted | $0.02 | $ | (0.01 | ) | $ | 0.01 | $0.16 | $- | $ | 0.16 | ||||||||||||||||||||||||||||||||||||||
Weighted average number of common shares outstanding — diluted | 68,581 | 68,581 | 68,581 | 69,830 | 69,830 | 69,830 | ||||||||||||||||||||||||||||||||||||||||||
Calculation of Pro Forma Net Income and EPS | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) , as reported | 1,557 | 11,267 | ||||||||||||||||||||||||||||||||||||||||||||||
Add: Non-recurring costs | 194 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense from Dutch tender | 264 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjust income tax expense to 21% | 883 | (4,314 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Pro forma net income | 2,898 | 6,953 | ||||||||||||||||||||||||||||||||||||||||||||||
Pro forma earnings (loss) per share | $0.04 | $0.10 | ||||||||||||||||||||||||||||||||||||||||||||||
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, 2007 | Six Months Ended June 30, 2006 | |||||||||||||||||||||||||||||||||||||||||||||||
Results Before AMD | Results Before AMD | |||||||||||||||||||||||||||||||||||||||||||||||
Segment | AMD Segment | Total TLCVision | Segment | AMD Segment | Total TLCVision | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||
Refractive centers | 98,656 | — | 98,656 | 91,771 | — | 91,771 | ||||||||||||||||||||||||||||||||||||||||||
Doctor services | 51,882 | — | 51,882 | 50,301 | — | 50,301 | ||||||||||||||||||||||||||||||||||||||||||
Eye care | 13,786 | — | 13,786 | 11,724 | — | 11,724 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | 164,324 | 164,324 | 153,796 | — | 153,796 | |||||||||||||||||||||||||||||||||||||||||||
Cost of revenues (excluding amortization): | ||||||||||||||||||||||||||||||||||||||||||||||||
Refractive centers | 66,853 | — | 66,853 | 61,941 | — | 61,941 | ||||||||||||||||||||||||||||||||||||||||||
Doctor services | 36,639 | — | 36,639 | 34,800 | 34,800 | |||||||||||||||||||||||||||||||||||||||||||
Eye care | 6,434 | — | 6,434 | 5,003 | 1,659 | 6,662 | ||||||||||||||||||||||||||||||||||||||||||
Total cost of revenues (excluding amortization) | 109,926 | — | 109,926 | 101,744 | 1,659 | 103,403 | ||||||||||||||||||||||||||||||||||||||||||
Gross profit (loss) | 54,398 | — | 54,398 | 52,052 | (1,659 | ) | 50,393 | |||||||||||||||||||||||||||||||||||||||||
- | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 18,896 | — | 18,896 | 16,153 | 1,759 | 17,912 | ||||||||||||||||||||||||||||||||||||||||||
Marketing and sales | 19,121 | — | 19,121 | 13,506 | 169 | 13,675 | ||||||||||||||||||||||||||||||||||||||||||
Research and development, clinical and regulatory | — | — | — | — | 1,475 | 1,475 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | 1,719 | — | 1,719 | 1,738 | — | 1,738 | ||||||||||||||||||||||||||||||||||||||||||
Other expenses, net | 534 | — | 534 | (526 | ) | 849 | 323 | |||||||||||||||||||||||||||||||||||||||||
Total operating costs | 40,270 | — | 40,270 | 30,871 | 4,252 | 35,123 | ||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 14,128 | — | 14,128 | 21,181 | (5,911 | ) | 15,270 | |||||||||||||||||||||||||||||||||||||||||
Gain on sale of Occulogix, Inc. stock | — | 933 | 933 | — | 1,450 | 1,450 | ||||||||||||||||||||||||||||||||||||||||||
Interest income | 1,147 | — | 1,147 | 869 | 366 | 1,235 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | (1,129 | ) | - | (1,129) | (679 | ) | - | (679 | ) | |||||||||||||||||||||||||||||||||||||||
Minority interests | (5,300 | ) | - | (5,300) | (5,467 | ) | 2,715 | (2,752 | ) | |||||||||||||||||||||||||||||||||||||||
Earnings (losses) from equity investments | 1,310 | (4,131 | ) | (2,821) | 1,874 | (1,850 | ) | 24 | ||||||||||||||||||||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 10,156 | (3,198 | ) | 6,958 | 17,778 | (3,230 | ) | 14,548 | ||||||||||||||||||||||||||||||||||||||||
Income tax expense | (2,604 | ) | - | (2,604) | (969 | ) | - | (969 | ) | |||||||||||||||||||||||||||||||||||||||
- | - | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 7,552 | $ | (3,198 | ) | $4,354 | $ | 16,809 | $ | (3,230 | ) | $ | 13,579 | |||||||||||||||||||||||||||||||||||
Earnings (loss) per share — diluted | 0.109 | (0.046 | ) | 0.063 | $0.24 | $ | (0.05 | ) | $ | 0.19 | ||||||||||||||||||||||||||||||||||||||
Weighted average number of common shares outstanding — diluted | 69,104 | 69,104 | 69,104 | 69,832 | 69,832 | 69,832 | ||||||||||||||||||||||||||||||||||||||||||
Calculation of Pro Forma Net Income and EPS | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) , as reported | 7,552 | 16,809 | ||||||||||||||||||||||||||||||||||||||||||||||
Add: Non-recurring costs | 1,719 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense from Dutch tender | 264 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjust income tax expense to 21% | 55 | (2,764 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Pro forma net income | 9,590 | 14,045 | ||||||||||||||||||||||||||||||||||||||||||||||
Pro forma earnings (loss) per share | $0.14 | $0.20 | ||||||||||||||||||||||||||||||||||||||||||||||
Note: The AMD segment includes the Company’s interest in OccuLogix, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||
TLC VISION CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | December 31, 2006 | |||||||||||||||||||||||||||||||||||||||||||||||
- | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 17,216 | $ | - | $17,216 | $ | 28,917 | $ | 28,917 | |||||||||||||||||||||||||||||||||||||||
Short-term investments | — | — | — | 11,575 | 11,575 | |||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 19,105 | 2,000 | 21,105 | 19,315 | 19,315 | |||||||||||||||||||||||||||||||||||||||||||
Deferred tax asset | 11,464 | — | 11,464 | 7,153 | 7,153 | |||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses, inventory and other | 14,863 | — | 14,863 | 13,911 | 13,911 | |||||||||||||||||||||||||||||||||||||||||||
Total current assets | 62,648 | 2,000 | 64,648 | 80,871 | — | 80,871 | ||||||||||||||||||||||||||||||||||||||||||
Intercompany | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Restricted cash | 1,035 | — | 1,035 | 1,035 | 1,035 | |||||||||||||||||||||||||||||||||||||||||||
Investments and other assets | 26,325 | 9,164 | 35,489 | 24,495 | 14,362 | 38,857 | ||||||||||||||||||||||||||||||||||||||||||
Goodwill | 90,567 | — | 90,567 | 96,148 | 96,148 | |||||||||||||||||||||||||||||||||||||||||||
Other intangible assets, net | 18,785 | — | 18,785 | 20,503 | 20,503 | |||||||||||||||||||||||||||||||||||||||||||
Fixed assets, net | 62,141 | — | 62,141 | 56,888 | 56,888 | |||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 261,501 | $ | 11,164 | $272,665 | $ | 279,940 | $ | 14,362 | $ | 294,302 | |||||||||||||||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 13,086 | $ | — | 13,086 | $ | 12,314 | 12,314 | ||||||||||||||||||||||||||||||||||||||||
Accrued liabilities | 18,920 | — | 18,920 | 20,231 | 20,231 | |||||||||||||||||||||||||||||||||||||||||||
Current maturities of long-term debt | 9,951 | — | 9,951 | 8,311 | 8,311 | |||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 41,957 | — | 41,957 | 40,856 | — | 40,856 | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt, less current maturities | 100,940 | — | 100,940 | 15,122 | 15,122 | |||||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | 4,571 | — | 4,571 | 4,442 | 4,442 | |||||||||||||||||||||||||||||||||||||||||||
Minority interests | 15,421 | — | 15,421 | 14,583 | 14,583 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 162,889 | — | 162,889 | 75,003 | — | 75,003 | ||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 305,647 | 30,366 | 336,013 | 419,767 | 30,366 | 450,133 | ||||||||||||||||||||||||||||||||||||||||||
Option and warrant equity | 1,299 | — | 1,299 | 1,806 | 1,806 | |||||||||||||||||||||||||||||||||||||||||||
Accumulated deficit | (208,334 | ) | (19,202 | ) | (227,536) | (216,636 | ) | (16,004 | ) | (232,640 | ) | |||||||||||||||||||||||||||||||||||||
Total stockholders’ equity | 98,612 | 11,164 | 109,776 | 204,937 | 14,362 | 219,299 | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 261,501 | $ | 11,164 | $272,665 | $ | 279,940 | $ | 14,362 | $ | 294,302 | |||||||||||||||||||||||||||||||||||||
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, 2007 | Six Months Ended June 30, 2006 | |||||||||||||||||||||||||||||||||||||||||||||||
Results Before AMD | Results Before AMD | |||||||||||||||||||||||||||||||||||||||||||||||
Segment | AMD Segment | Total TLCVision | Segment | AMD Segment | Total TLCVision | |||||||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 7,552 | $ | (3,198 | ) | $4,354 | $ | 16,809 | $ | (3,230 | ) | $ | 13,579 | |||||||||||||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 9,134 | — | 9,134 | 7,642 | 34 | 7,676 | ||||||||||||||||||||||||||||||||||||||||||
Reimbursements from investments in research and development | ||||||||||||||||||||||||||||||||||||||||||||||||
arrangements | — | — | — | (300 | ) | — | (300 | ) | ||||||||||||||||||||||||||||||||||||||||
Minority interests | 5,300 | — | 5,300 | 5,467 | (2,715 | ) | 2,752 | |||||||||||||||||||||||||||||||||||||||||
(Earnings) losses from equity investments | (1,310 | ) | 4,131 | 2,821 | (1,874 | ) | 1,850 | (24 | ) | |||||||||||||||||||||||||||||||||||||||
Deferred taxes | 1,939 | — | 1,939 | 2,019 | — | 2,019 | ||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on sales and disposals of fixed assets | (81 | ) | — | (81 | ) | (28 | ) | 29 | 1 | |||||||||||||||||||||||||||||||||||||||
Gain on sale of Occulogix, Inc. stock | — | (933 | ) | (933 | ) | — | (1,450 | ) | (1,450 | ) | ||||||||||||||||||||||||||||||||||||||
Write-down of OccuLogix, Inc. inventory | — | — | — | — | 1,625 | 1,625 | ||||||||||||||||||||||||||||||||||||||||||
Non-cash compensation expense | 731 | — | 731 | 739 | 186 | 925 | ||||||||||||||||||||||||||||||||||||||||||
Other | 117 | 117 | — | 26 | 26 | |||||||||||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities, | ||||||||||||||||||||||||||||||||||||||||||||||||
net of acquisitions and dispositions: | (1,681 | ) | (1,681) | (2,823 | ) | (1,225 | ) | (4,048 | ) | |||||||||||||||||||||||||||||||||||||||
- | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash from operating activities | 21,701 | — | 21,701 | 27,651 | (4,870 | ) | 22,781 | |||||||||||||||||||||||||||||||||||||||||
- | ||||||||||||||||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of fixed assets | (7,281 | ) | - | (7,281) | (6,349 | ) | - | (6,349 | ) | |||||||||||||||||||||||||||||||||||||||
Proceeds from sales of fixed assets | 268 | — | 268 | 516 | — | 516 | ||||||||||||||||||||||||||||||||||||||||||
Distributions and loan payments received from equity investments | 1,857 | — | 1,857 | 1,854 | — | 1,854 | ||||||||||||||||||||||||||||||||||||||||||
Reimbursements from investments in research and development | ||||||||||||||||||||||||||||||||||||||||||||||||
arrangements | — | — | — | 300 | — | 300 | ||||||||||||||||||||||||||||||||||||||||||
Acquisitions and equity investments | (3,889 | ) | - | (3,889) | (3,171 | ) | - | (3,171 | ) | |||||||||||||||||||||||||||||||||||||||
Proceeds from sales of short-term investments | 17,375 | — | 17,375 | — | 9,925 | 9,925 | ||||||||||||||||||||||||||||||||||||||||||
Purchases of short-term investments | (5,800 | ) | - | (5,800) | (3,275 | ) | - | (3,275 | ) | |||||||||||||||||||||||||||||||||||||||
Proceeds from sale of Occulogix, Inc. stock, net | — | 2,000 | 2,000 | — | 2,226 | 2,226 | ||||||||||||||||||||||||||||||||||||||||||
Occulogix, Inc. cah balance at time of deconsolidation | — | — | — | — | (14,814 | ) | (14,814 | ) | ||||||||||||||||||||||||||||||||||||||||
Other | 33 | — | 33 | 24 | (71 | ) | (47 | ) | ||||||||||||||||||||||||||||||||||||||||
— | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Cash from investing activities | 2,563 | 2,000 | 4,563 | (10,101 | ) | (2,734 | ) | (12,835 | ) | |||||||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash movement | — | — | (35 | ) | — | (35 | ) | |||||||||||||||||||||||||||||||||||||||||
Principal payments of debt financing and | ||||||||||||||||||||||||||||||||||||||||||||||||
capital leases | (3,497 | ) | - | (3,497) | (1,968 | ) | - | (1,968 | ) | |||||||||||||||||||||||||||||||||||||||
Proceeds from debt financing | 85,317 | — | 85,317 | 283 | — | 283 | ||||||||||||||||||||||||||||||||||||||||||
Capitalized debt costs | (1,631 | ) | - | (1,631) | - | - | - | |||||||||||||||||||||||||||||||||||||||||
Distributions to minority interests | (4,560 | ) | - | (4,560) | (4,754 | ) | - | (4,754 | ) | |||||||||||||||||||||||||||||||||||||||
Proceeds from issuances of common stock | 2,154 | — | 2,154 | 445 | — | 445 | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuances of OccuLogix, Inc. stock | — | — | — | — | 233 | 233 | ||||||||||||||||||||||||||||||||||||||||||
Transfer from AMD segment | 2,000 | (2,000 | ) | — | 2,226 | (2,226 | ) | — | ||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | (115,748 | ) | - | (115,748) | ||||||||||||||||||||||||||||||||||||||||||||
- | - | - | ||||||||||||||||||||||||||||||||||||||||||||||
Cash from financing activities | (35,965 | ) | (2,000 | ) | (37,965) | (3,803 | ) | (1,993 | ) | (5,796 | ) | |||||||||||||||||||||||||||||||||||||
Net increase in cash and cash equivalents | ||||||||||||||||||||||||||||||||||||||||||||||||
during the period | (11,701 | ) | - | (11,701) | 13,747 | (9,597 | ) | 4,150 | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 28,917 | — | 28,917 | 22,122 | 9,607 | 31,729 | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 17,216 | $ | - | $17,216 | $ | 35,869 | $10 | $ | 35,879 | ||||||||||||||||||||||||||||||||||||||
Operating cash flow per diluted share | $0.31 | $ | - | $ | 0.31 | $0.40 | $ | (0.07 | ) | $ | 0.33 | |||||||||||||||||||||||||||||||||||||
Note: The AMD segment includes the Company’s interest in | ||||||||||||||||||||||||||||||||||||||||||||||||
OccuLogix, Inc. |
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