EXHIBIT 99.1
Item 6. | Selected Financial Data |
The following table sets forth selected consolidated financial data for the periods indicated and should be read in conjunction with and is qualified by reference to “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, the consolidated financial statements, the notes thereto and the other financial data contained in Items 7 and 8 of this report on Form 10-K.
Statement of Operations data: | 2005 | 2006 | 2007 | 2008 | 2009 | |||||||||||||||
Net sales | $ | 136,493 | $ | 284,240 | $ | 398,050 | $ | 571,242 | $ | 689,414 | ||||||||||
Cost of goods sold | 95,962 | 173,471 | 254,615 | 321,274 | 340,482 | |||||||||||||||
Gross profit | 40,531 | 110,769 | 143,435 | 249,968 | 348,932 | |||||||||||||||
Sales, general and administrative expenses | 23,760 | 51,614 | 62,897 | 114,607 | 164,467 | |||||||||||||||
Operating income | 16,771 | 59,155 | 80,538 | 135,361 | 184,465 | |||||||||||||||
Non-operating income / (expense), net | ||||||||||||||||||||
Interest (expense), net | (13,262 | ) | (30,385 | ) | (33,867 | ) | (47,810 | ) | (73,468 | ) | ||||||||||
Other financial income / (expense), net | (7,544 | ) | 17,212 | 13,594 | (123,801 | ) | 25,193 | |||||||||||||
Amortization of deferred charges | 0 | 0 | 0 | 0 | (38,501 | ) | ||||||||||||||
Other income / (expense), net | (52 | ) | 978 | (2,272 | ) | (488 | ) | (934 | ) | |||||||||||
Income/(loss) before taxes and equity in net income from unconsolidated investments | (4,087 | ) | 46,960 | 57,993 | (36,738 | ) | 96,755 | |||||||||||||
Income tax (expense)/benefit | 727 | (8,057 | ) | (9,054 | ) | (1,382 | ) | (18,495 | ) | |||||||||||
Equity in net earnings/(losses) of affiliates | 0 | 0 | 0 | 1,168 | (5,583 | ) | ||||||||||||||
Income / (loss) from continuing operations | ($ | 3,360 | ) | $ | 38,902 | $ | 48,939 | ($ | 36,952 | ) | $ | 72,677 | ||||||||
Discontinued operations | ||||||||||||||||||||
Income from operations of distribution business | 31,962 | 31,203 | 36,087 | 27,203 | 9,410 | |||||||||||||||
Income tax (expense) | (6,073 | ) | (5,929 | ) | (6,856 | ) | (5,169 | ) | (1,050 | ) | ||||||||||
Income on discontinued operations | 25,889 | 25,275 | 29,231 | 22,034 | 8,360 | |||||||||||||||
Net income / (loss) | 22,529 | 64,177 | 78,170 | (14,918 | ) | 81,037 | ||||||||||||||
Less: Net income attributable to noncontrolling interests in subsidiaries | 2,261 | 8,727 | 1,068 | 3,680 | 2,708 | |||||||||||||||
Net income /(loss) attributable to CEDC | $ | 20,268 | $ | 55,450 | $ | 77,102 | ($ | 18,598 | ) | $ | 78,329 | |||||||||
Net income per common share, basic | $ | 0.72 | $ | 1.55 | $ | 1.96 | ($ | 0.34 | ) | $ | 1.51 | |||||||||
Net income per common share, diluted | $ | 0.70 | $ | 1.53 | $ | 1.93 | ($ | 0.34 | ) | $ | 1.50 | |||||||||
Average number of outstanding shares of common stock at year end | 28,344 | 35,799 | 39,871 | 44,088 | 53,772 | |||||||||||||||
Balance Sheet Data: | 2005 | 2006 | 2007 | 2008 | 2009 | |||||||||||||||
Cash and cash equivalents | $ | 52,337 | $ | 147,937 | $ | 70,233 | $ | 84,639 | $ | 126,439 | ||||||||||
Restricted cash | 0 | 0 | 0 | 0 | 481,419 | |||||||||||||||
Working capital | 85,950 | 182,268 | 170,913 | 169,061 | 354,745 | |||||||||||||||
Total assets | 1,128,829 | 1,377,988 | 1,859,346 | 2,436,138 | 4,414,530 | |||||||||||||||
Long-term debt and capital lease obligations, less current portion | 368,655 | 394,342 | 468,509 | 804,941 | 1,311,990 | |||||||||||||||
Stockholders’ equity | 373,532 | 520,599 | 817,725 | 993,511 | 1,685,162 |