News Release | Contact: | |
For Immediate Release | James J. Hyland, VP Investor Relations (636) 534-2369 Email: investor.relations@tlcvision.com |
TLCVisionReports Second Quarter 2008 Results
ST. LOUIS, MO, August 5, 2008:TLCVisionCorporation(NASDAQ:TLCV; TSX:TLC), North America’s premier eye care services company, today reported second quarter earnings for the quarter ended June 30, 2008.
Jim Wachtman, President and Chief Executive Officerof TLCVision, commented, “Our results this quarter in our Lasik businesses were significantly impacted by the weak economy, as evidenced by a consumer confidence index that has declined to a level not seen since the early 1990’s.
In the first quarter, we recorded strong growth in all three of our refractive center patient acquisition channels, and posted record results. In the second quarter, however, we experienced a significant weakening in procedure volume, although our performance was ahead of the overall industry that experienced a decline estimated at 25% to 30%. We continue to gain market share despite lower volumes, with our same-store, majority-owned centers posting a 6.2% procedure decline through the first half of 2008 compared to an industry that is estimated to have declined 20% during the same six month period.
It is also important to remember that approximately 30% of our business volume is in non-discretionary sectors which are less susceptible to economic pressures. Those businesses continue to show solid growth. We continue to remain focused on managing costs, paying down debt and delivering the best clinical care in the industry.”
Second Quarter 2008 Results
• | Revenue for the second quarter was $74.1 million, compared to $80.1 million for the prior year period, a decrease of 7.5% |
• | Refractive Centers revenue was $39.1 million, down 16.9% due to a shortfall in same-store, majority-owned center procedures, which totaled 21,333 in the second quarter, a 22.8% decrease from the prior year period. Average revenue per center procedure increased to $1,726, up 4% from the prior year period. |
• | Doctor Services revenue increased 2.7% to $25.5 million on the strength of higher surgical and product unit volumes. |
• | Eye Care revenue increased 15.8% to $9.5 million as a result of increased franchises and revenue per franchisee. |
• | Consolidated net loss for the second quarter was ($2.2) million, compared to net income of $0.9 million for the prior year period. Loss per diluted share for the second quarter was ($0.04), compared to earnings per diluted share of $0.01 for the prior year period. |
• | Operating cash flow for the quarter ended June 30, 2008, was ($0.3) million, reflecting a reversal of working capital benefits from the first quarter of 2008. |
• | Total debt was reduced during the second quarter by $1.1 million. |
Six Month 2008 Results
• | Revenue for the six months ended June 30, 2008 was $164.5 million, compared to $162.4 million for the prior year period, an increase of 1.2%. |
• | Refractive Centers revenue was $98.0 million, a decrease of $0.8 million from the prior year period. Same-store, majority-owned center procedures totaled 54,109, a decrease of 6.2%. Average revenue per center procedure increased to $1,713, up 4% from the prior year period. |
• | Doctor Services revenue increased 1.5% to $50.6 million. |
• | Eye Care revenue increased 14.9% to $15.8 million. |
• | Consolidated income for the six months ended June 30, 2008, was $3.9 million, compared to $4.4 million for the prior year period. Earnings per diluted share for the first six months were $0.08 compared to $0.06 for the prior year period. |
• | Operating cash flow for the six months ended June 30, 2008, was $22.5 million, or $0.45 per diluted share, compared to $21.7 million, or $0.31 per diluted share, in the prior year period, up 45% on a per diluted share basis. |
• | Total debt was reduced during the first six months of 2008 by $7.9 million, or 7.2%. |
Second Quarter 2008 Earnings Call
TLCVisioninvites all interested parties to participate in a conference call during which time the financial and operating results will be discussed. The company will host a conference call and live webcast with investors and analysts on Tuesday, August 5, 2008 at 9:00 am (EDT). To access, please dial 866-303-7746 or 416-641-6141 (international callers). The call will be broadcast live on the company’s web site at www.tlcv.com under the “Webcasts” link in the Investor Relations section.
A replay of the conference call will be available until August 19, 2008. To access the replay, dial 800-408-3053 or 416-695-5800 (international callers) and enter the pass code: 3266437. The call will also be archived on the company’s web site at www.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 release.
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, technology access service models, extensive optometric relationships, direct to consumer advertising and managed care contracting strength, TLCVisionmaintains leading positions in Refractive, Cataract and Eye Care markets. Information about vision correction surgery can be found on the TLC Laser Eye Centers’ website at www.lasik.com. More information about TLCVisioncan be found on the Company’s website at www.tlcv.com.
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TLC VISION CORPORATION | ||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2008 | Three Months Ended June 30, 2007 | |||||||||||||||||||||||||||||||||||||||
Results Before AMD | Results Before AMD | |||||||||||||||||||||||||||||||||||||||
Segment | AMD Segment | Total TLCVision | Segment | AMD Segment | Total TLCVision | |||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||
Refractive centers | $ | 39,057 | $ | — | $ | 39,057 | $ | 47,006 | $ | — | $ | 47,006 | ||||||||||||||||||||||||||||
Doctor services | 25,528 | - | 25,528 | 24,861 | - | 24,861 | ||||||||||||||||||||||||||||||||||
Eye care | 9,512 | - | 9,512 | 8,214 | - | 8,214 | ||||||||||||||||||||||||||||||||||
Total revenues | 74,097 | - | 74,097 | 80,081 | - | 80,081 | ||||||||||||||||||||||||||||||||||
Cost of revenues (excluding amortization): | ||||||||||||||||||||||||||||||||||||||||
Refractive centers | 29,409 | - | 29,409 | 32,705 | - | 32,705 | ||||||||||||||||||||||||||||||||||
Doctor services | 18,680 | - | 18,680 | 17,659 | - | 17,659 | ||||||||||||||||||||||||||||||||||
Eye care | 4,691 | - | 4,691 | 3,959 | - | 3,959 | ||||||||||||||||||||||||||||||||||
Total cost of revenues (excluding | ||||||||||||||||||||||||||||||||||||||||
amortization) | 52,780 | - | 52,780 | 54,323 | - | 54,323 | ||||||||||||||||||||||||||||||||||
Gross profit | 21,317 | - | 21,317 | 25,758 | - | 25,758 | ||||||||||||||||||||||||||||||||||
General and administrative | 6,986 | - | 6,986 | 8,940 | - | 8,940 | ||||||||||||||||||||||||||||||||||
Marketing and sales | 10,209 | - | 10,209 | 10,686 | - | 10,686 | ||||||||||||||||||||||||||||||||||
Amortization of intangibles | 803 | - | 803 | 918 | - | 918 | ||||||||||||||||||||||||||||||||||
Other (income) expense, net | (359 | ) | — | (359 | ) | 96 | — | 96 | ||||||||||||||||||||||||||||||||
Total operating expenses | 17,639 | - | 17,639 | 20,640 | - | 20,640 | ||||||||||||||||||||||||||||||||||
Operating income | 3,678 | - | 3,678 | 5,118 | - | 5,118 | ||||||||||||||||||||||||||||||||||
Gain on sale of OccuLogix, Inc. | ||||||||||||||||||||||||||||||||||||||||
stock | - | - | - | - | 933 | 933 | ||||||||||||||||||||||||||||||||||
Interest income | 216 | - | 216 | 579 | - | 579 | ||||||||||||||||||||||||||||||||||
Interest expense | (2,414 | ) | - | (2,414 | ) | (689) | - | (689 | ) | |||||||||||||||||||||||||||||||
Minority interest expense | (3,076 | ) | - | (3,076 | ) | (2,643) | - | (2,643 | ) | |||||||||||||||||||||||||||||||
(Loss) earnings from equity | ||||||||||||||||||||||||||||||||||||||||
investments | (319 | ) | - | (319 | ) | 499 | (1,614) | (1,115 | ) | |||||||||||||||||||||||||||||||
(Loss) income from continuing | ||||||||||||||||||||||||||||||||||||||||
operations before income taxes | (1,915 | ) | - | (1,915 | ) | 2,864 | (681) | 2,183 | ||||||||||||||||||||||||||||||||
Income tax expense | (285 | ) | - | (285 | ) | (1,653) | - | (1,653 | ) | |||||||||||||||||||||||||||||||
(Loss) income from continuing | ||||||||||||||||||||||||||||||||||||||||
operations | (2,200 | ) | - | (2,200 | ) | 1,211 | (681) | 530 | ||||||||||||||||||||||||||||||||
Income from discontinued | ||||||||||||||||||||||||||||||||||||||||
operations, net of tax | - | - | - | 346 | - | 346 | ||||||||||||||||||||||||||||||||||
- | ||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (2,200 | ) | $ | — | $ | (2,200 | ) | $ | 1,557 | $ | (681 | ) | $ | 876 | |||||||||||||||||||||||||
(Loss) earnings per share — diluted | $ | (0.04 | ) | $ | — | $ | (0.04 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | |||||||||||||||||||||||||
Weighted average number of common | ||||||||||||||||||||||||||||||||||||||||
shares outstanding — diluted | 50,292 | 50,292 | 50,292 | 68,581 | 68,581 | 68,581 | ||||||||||||||||||||||||||||||||||
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, 2008 | Six Months Ended June 30, 2007 | |||||||||||||||||||||||||||||||||||||||
Results Before AMD | Results Before AMD | |||||||||||||||||||||||||||||||||||||||
Segment | AMD Segment | Total TLCVision | Segment | AMD Segment | Total TLCVision | |||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||
Refractive centers | $ | 98,024 | $ | — | $ | 98,024 | $ | 98,790 | $ | — | $ | 98,790 | ||||||||||||||||||||||||||||
Doctor services | 50,591 | - | 50,591 | 49,851 | - | 49,851 | ||||||||||||||||||||||||||||||||||
Eye care | 15,837 | - | 15,837 | 13,786 | - | 13,786 | ||||||||||||||||||||||||||||||||||
Total revenues | 164,452 | - | 164,452 | 162,427 | - | 162,427 | ||||||||||||||||||||||||||||||||||
Cost of revenues (excluding amortization): | ||||||||||||||||||||||||||||||||||||||||
Refractive centers | 66,766 | - | 66,766 | 66,941 | - | 66,941 | ||||||||||||||||||||||||||||||||||
Doctor services | 36,821 | - | 36,821 | 35,460 | - | 35,460 | ||||||||||||||||||||||||||||||||||
Eye care | 7,513 | - | 7,513 | 6,434 | - | 6,434 | ||||||||||||||||||||||||||||||||||
Total cost of revenues (excluding | ||||||||||||||||||||||||||||||||||||||||
amortization) | 111,100 | - | 111,100 | 108,835 | - | 108,835 | ||||||||||||||||||||||||||||||||||
Gross profit | 53,352 | - | 53,352 | 53,592 | - | 53,592 | ||||||||||||||||||||||||||||||||||
General and administrative | 15,353 | - | 15,353 | 18,857 | - | 18,857 | ||||||||||||||||||||||||||||||||||
Marketing and sales | 21,860 | - | 21,860 | 19,121 | - | 19,121 | ||||||||||||||||||||||||||||||||||
Amortization of intangibles | 1,633 | - | 1,633 | 1,702 | - | 1,702 | ||||||||||||||||||||||||||||||||||
Other (income) expense, net | (556 | ) | - | (556 | ) | 534 | - | 534 | ||||||||||||||||||||||||||||||||
Total operating expense | 38,290 | - | 38,290 | 40,214 | - | 40,214 | ||||||||||||||||||||||||||||||||||
Operating income | 15,062 | - | 15,062 | 13,378 | - | 13,378 | ||||||||||||||||||||||||||||||||||
Gain on sale of OccuLogix, Inc. | ||||||||||||||||||||||||||||||||||||||||
stock | - | - | - | - | 933 | 933 | ||||||||||||||||||||||||||||||||||
Interest income | 426 | - | 426 | 1,147 | - | 1,147 | ||||||||||||||||||||||||||||||||||
Interest expense | (4,890 | ) | - | (4,890 | ) | (1,129) | - | (1,129 | ) | |||||||||||||||||||||||||||||||
Minority interest expense | (5,892 | ) | - | (5,892 | ) | (5,091) | - | (5,091 | ) | |||||||||||||||||||||||||||||||
(Loss) earnings from equity | ||||||||||||||||||||||||||||||||||||||||
investments | (102 | ) | - | (102 | ) | 1,310 | (4,131) | (2,821 | ) | |||||||||||||||||||||||||||||||
Income (loss) from continuing | ||||||||||||||||||||||||||||||||||||||||
operations before income taxes | 4,604 | - | 4,604 | 9,615 | (3,198) | 6,417 | ||||||||||||||||||||||||||||||||||
Income tax expense | (732 | ) | - | (732 | ) | (2,604) | - | (2,604 | ) | |||||||||||||||||||||||||||||||
Income (loss) from continuing | ||||||||||||||||||||||||||||||||||||||||
operations | 3,872 | - | 3,872 | 7,011 | (3,198) | 3,813 | ||||||||||||||||||||||||||||||||||
Income from discontinued | ||||||||||||||||||||||||||||||||||||||||
operations, net of tax | - | - | - | 541 | - | 541 | ||||||||||||||||||||||||||||||||||
- | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 3,872 | $ | — | $ | 3,872 | $ | 7,552 | $ | (3,198 | ) | $ | 4,354 | |||||||||||||||||||||||||||
Earnings (loss) per share — diluted | $ | 0.08 | $ | — | $ | 0.08 | $ | 0.11 | $ | (0.05 | ) | $ | 0.06 | |||||||||||||||||||||||||||
Weighted average number of common | ||||||||||||||||||||||||||||||||||||||||
shares outstanding — diluted | 50,293 | 50,293 | 50,293 | 69,104 | 69,104 | 69,104 | ||||||||||||||||||||||||||||||||||
Note: The AMD segment includes the Company’s interest in OccuLogix, Inc. | ||||||||||||||||||||||||||||||||||||||||
TLC VISION CORPORATION | ||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
June 30, 2008 | December 31, 2007 | |||||||||||||||||||||||||||||||||||||||
- | ||||||||||||||||||||||||||||||||||||||||
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 | $ | 14,061 | $ | — | $ | 14,061 | $ | 12,925 | $ | — | $ | 12,925 | ||||||||||||||||||||||||||||
Accounts receivable, net | 18,655 | - | 18,655 | 18,076 | - | 18,076 | ||||||||||||||||||||||||||||||||||
Prepaid expenses, inventory and | ||||||||||||||||||||||||||||||||||||||||
other | 14,771 | - | 14,771 | 14,882 | - | 14,882 | ||||||||||||||||||||||||||||||||||
Total current assets | 47,487 | - | 47,487 | 45,883 | - | 45,883 | ||||||||||||||||||||||||||||||||||
Restricted cash | 208 | - | 208 | 1,101 | - | 1,101 | ||||||||||||||||||||||||||||||||||
Investments and other assets | 17,711 | - | 17,711 | 17,524 | - | 17,524 | ||||||||||||||||||||||||||||||||||
Goodwill | 101,895 | - | 101,895 | 94,346 | - | 94,346 | ||||||||||||||||||||||||||||||||||
Other intangible assets, net | 15,474 | - | 15,474 | 17,020 | - | 17,020 | ||||||||||||||||||||||||||||||||||
Fixed assets, net | 57,505 | - | 57,505 | 61,936 | - | 61,936 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 240,280 | $ | — | $ | 240,280 | $ | 237,810 | $ | — | $ | 237,810 | ||||||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 23,427 | $ | — | $ | 23,427 | $ | 17,177 | $ | — | $ | 17,177 | ||||||||||||||||||||||||||||
Accrued liabilities | 22,270 | - | 22,270 | 28,115 | - | 28,115 | ||||||||||||||||||||||||||||||||||
Current maturities of long-term debt | 7,716 | - | 7,716 | 11,732 | - | 11,732 | ||||||||||||||||||||||||||||||||||
Total current liabilities | 53,413 | - | 53,413 | 57,024 | - | 57,024 | ||||||||||||||||||||||||||||||||||
Long-term debt, less current | ||||||||||||||||||||||||||||||||||||||||
maturities | 94,524 | - | 94,524 | 98,417 | - | 98,417 | ||||||||||||||||||||||||||||||||||
Other long-term liabilities | 9,878 | - | 9,878 | 5,023 | - | 5,023 | ||||||||||||||||||||||||||||||||||
Minority interests | 15,941 | - | 15,941 | 15,224 | - | 15,224 | ||||||||||||||||||||||||||||||||||
Total liabilities | 173,756 | - | 173,756 | 175,688 | - | 175,688 | ||||||||||||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||
Common stock | 310,049 | 28,501 | 338,550 | 308,972 | 28,501 | 337,473 | ||||||||||||||||||||||||||||||||||
Option and warrant equity | 745 | - | 745 | 837 | - | 837 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | (1,239 | ) | - | (1,239 | ) | (784) | - | (784 | ) | |||||||||||||||||||||||||||||||
Accumulated deficit | (243,031 | ) | (28,501 | ) | (271,532 | ) | (246,903) | (28,501) | (275,404) | |||||||||||||||||||||||||||||||
Total stockholders’ equity | 66,524 | - | 66,524 | 62,122 | - | 62,122 | ||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 240,280 | $ | — | $ | 240,280 | $ | 237,810 | $ | — | $ | 237,810 | ||||||||||||||||||||||||||||
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, 2008 | Six Months Ended June 30, 2007 | |||||||||||||||||||||||||||||||||||||||
Results Before AMD | Results Before AMD | |||||||||||||||||||||||||||||||||||||||
Segment | AMD Segment | Total TLCVision | Segment | AMD Segment | Total TLCVision | |||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 3,872 | $ | — | $ | 3,872 | $ | 7,552 | $ | (3,198 | ) | $ | 4,354 | |||||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 9,877 | - | 9,877 | 9,134 | - | 9,134 | ||||||||||||||||||||||||||||||||||
Deferred taxes | - | - | - | 1,939 | - | 1,939 | ||||||||||||||||||||||||||||||||||
Minority interests | 5,892 | - | 5,892 | 5,300 | - | 5,300 | ||||||||||||||||||||||||||||||||||
Loss from equity investments | 102 | - | 102 | (1,310) | 4,131 | 2,821 | ||||||||||||||||||||||||||||||||||
Gain on sales and disposals of | ||||||||||||||||||||||||||||||||||||||||
fixed assets | (289 | ) | - | (289 | ) | (81) | - | (81 | ) | |||||||||||||||||||||||||||||||
Gain on sale of Occulogix, Inc. | ||||||||||||||||||||||||||||||||||||||||
stock | - | - | - | - | (933) | �� | (933 | ) | ||||||||||||||||||||||||||||||||
Gain on sale of businesses | (145 | ) | — | (145 | ) | — | — | — | ||||||||||||||||||||||||||||||||
Non-cash compensation expense | 711 | - | 711 | 731 | - | 731 | ||||||||||||||||||||||||||||||||||
Other | 354 | - | 354 | 117 | - | 117 | ||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities, net of acquisitions | ||||||||||||||||||||||||||||||||||||||||
and dispositions: | 2,173 | - | 2,173 | (1,681) | - | (1,681 | ) | |||||||||||||||||||||||||||||||||
Cash provided by operating | ||||||||||||||||||||||||||||||||||||||||
activities | 22,547 | - | 22,547 | 21,701 | - | 21,701 | ||||||||||||||||||||||||||||||||||
— | — | |||||||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES | — | — | ||||||||||||||||||||||||||||||||||||||
Purchases of fixed assets | (1,957 | ) | - | (1,957 | ) | (7,281) | - | (7,281 | ) | |||||||||||||||||||||||||||||||
Proceeds from sales of fixed assets | 550 | - | 550 | 268 | - | 268 | ||||||||||||||||||||||||||||||||||
Proceeds from sale of Occulogix, | ||||||||||||||||||||||||||||||||||||||||
Inc. stock, net | - | - | - | 2,000 | - | 2,000 | ||||||||||||||||||||||||||||||||||
Distributions and loan payments | ||||||||||||||||||||||||||||||||||||||||
received from equity investments | 945 | - | 945 | 1,857 | - | 1,857 | ||||||||||||||||||||||||||||||||||
Acquisitions and equity investments | (7,533 | ) | - | (7,533 | ) | (3,889) | - | (3,889 | ) | |||||||||||||||||||||||||||||||
Divestitures of business | 1,179 | — | 1,179 | — | — | — | ||||||||||||||||||||||||||||||||||
Proceeds from sales of short-term | ||||||||||||||||||||||||||||||||||||||||
investments | - | - | - | 17,375 | - | 17,375 | ||||||||||||||||||||||||||||||||||
Purchases of short-term investments | - | - | - | (5,800) | - | (5,800 | ) | |||||||||||||||||||||||||||||||||
Other | (28 | ) | — | (28 | ) | 33 | — | 33 | ||||||||||||||||||||||||||||||||
Cash (used in) provided by | ||||||||||||||||||||||||||||||||||||||||
investing activities | (6,844 | ) | - | (6,844 | ) | 4,563 | - | 4,563 | ||||||||||||||||||||||||||||||||
— | — | |||||||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES | — | — | ||||||||||||||||||||||||||||||||||||||
Restricted cash movement | 893 | — | 893 | — | — | — | ||||||||||||||||||||||||||||||||||
Principal payments of debt | ||||||||||||||||||||||||||||||||||||||||
financing and capital leases | (17,411 | ) | - | (17,411 | ) | (3,497) | - | (3,497 | ) | |||||||||||||||||||||||||||||||
Proceeds from debt financing | 7,385 | - | 7,385 | 85,317 | - | 85,317 | ||||||||||||||||||||||||||||||||||
Capitalized debt costs | (534 | ) | - | (534 | ) | (1,631) | - | (1,631 | ) | |||||||||||||||||||||||||||||||
Distributions to minority interests | (5,175 | ) | - | (5,175 | ) | (4,560) | - | (4,560 | ) | |||||||||||||||||||||||||||||||
Purchases of treasury stock | - | - | - | (115,748) | - | (115,748) | ||||||||||||||||||||||||||||||||||
Proceeds from issuances of common | ||||||||||||||||||||||||||||||||||||||||
stock | 275 | - | 275 | 2,154 | - | 2,154 | ||||||||||||||||||||||||||||||||||
Cash used in financing activities | (14,567 | ) | - | (14,567 | ) | (37,965) | - | (37,965 | ) | |||||||||||||||||||||||||||||||
` | — | — | ||||||||||||||||||||||||||||||||||||||
Net increase in cash and cash | ||||||||||||||||||||||||||||||||||||||||
equivalents during the period | 1,136 | - | 1,136 | (11,701) | - | (11,701 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents, | ||||||||||||||||||||||||||||||||||||||||
beginning of period | 12,925 | - | 12,925 | 28,917 | - | 28,917 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 14,061 | $ | — | $ | 14,061 | $ | 17,216 | $ | — | $ | 17,216 | ||||||||||||||||||||||||||||
Operating cash flow per diluted share | $ | 0.45 | $ | — | $ | 0.45 | $ | 0.31 | $ | — | $ | 0.31 | ||||||||||||||||||||||||||||
Note: The AMD segment includes the Company’s interest in OccuLogix, Inc. |
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