EXHIBIT 99.1
PRESS RELEASE
Contact: | Kenneth Smith | |
Chief Financial Officer | ||
CIRCOR International, Inc. | ||
781-270-1200 |
CIRCOR Announces Fourth Quarter and Full Year Results
• | Net earnings of $0.29 posted for quarter, or $0.33 excluding charges |
• | Markets remain strong as backlog increases 23%; orders fluctuate with timing of major natural gas project awards |
• | Production bottlenecks restrain profit growth as operational changes and vendor issues continue to be addressed |
• | Free cash flow for the year increases 29% |
BURLINGTON, MA, February 22, 2006
CIRCOR International, Inc. [NYSE:CIR] a leading provider of valves and other fluid control devices for the instrumentation, aerospace, thermal fluid and energy markets, today announced results for the fourth quarter and the year ended December 31, 2005.
Revenues for the 2005 fourth quarter were $120.4 million, an increase of 13% from $106.8 million for the fourth quarter 2004. Net income for the fourth quarter 2005 was $4.7 million or $0.29 per diluted share, compared to $0.1 million, or $0.01 per diluted share for the 2004 fourth quarter.
Fourth quarter 2005 earnings included special charges of $0.03 per diluted share related to the consolidation of manufacturing facilities. In the fourth quarter of 2004, the Company had recorded unusual charges of $0.29 per diluted share primarily related to the Company’s plan to dispose of slow-moving inventory and consolidate facilities. Excluding these charges, earnings per diluted share increased 10%, from $0.33 in 2005 compared to $0.30 in 2004.
For the twelve months ended December 31, 2005, revenues were $450.5 million, an increase of 18% from $381.8 million for 2004. Net income for 2005 was $20.4 million or $1.27 per diluted share and for 2004 was $11.8 million or $0.74 per diluted share.
During the fourth quarter of 2005, the Company generated $10.5 million of free cash flow [defined as net cash from operating activities, less capital expenditures and dividends paid] and, for the full year, the Company generated $27.9 million of free cash flow, an increase of 29% from $21.7 million of free cash flow generated in 2004.
The Company received orders totaling $119.9 million during the fourth quarter 2005 and orders of $446.4 million for the year with year-end 2005 backlog reaching $142.2 million, the second-highest level ever for the Company. The 2005 order and backlog figures exclude over $50 million of letters of intent received for major international natural gas projects as of year-end.
CIRCOR’s Instrumentation and Thermal Fluid Controls Products segment revenues increased 15% to $68.3 million from $59.2 million in the fourth quarter 2004 primarily due to acquisitions and improved market conditions in this segment’s aerospace, instrumentation and steam markets. Incoming orders for this segment increased 30% to $76.2 million compared to the fourth quarter last year and backlogs at year-end increased 111% compared to December 31, 2004 as a result of these same factors. This segment’s adjusted operating margin for the fourth quarter, excluding special charges, was 9.5%, down from the 12.0% adjusted operating margin achieved in the fourth quarter 2004, excluding unusual charges.
CIRCOR’s Energy Products segment revenues increased 9% to $52.1 million from $47.6 million in the fourth quarter last year. Incoming orders for the quarter were $43.7 million and ending backlog totaled $58.1 million compared to incoming orders of $63.8 million and ending backlog of $75.9 million in 2004. This segment’s orders and backlog figures exclude over $50.0 million of letters of intent received for major international natural gas projects as of year-end 2005. Market conditions for this segment remain robust as quotation activity and the level of planned international oil and gas projects continue to be strong. This segment’s adjusted operating margin, excluding special and unusual charges recorded in 2005 and 2004, was 9.5% during the fourth quarter of 2005, compared to 10.6% for the fourth quarter of 2004.
David A. Bloss, Sr., Chairman and Chief Executive Officer, said, “Our primary markets continue to exhibit positive momentum as demonstrated by our fourth quarter orders and backlogs as well as the large amount of letters of intent on hand at year-end for major international natural gas projects. While we were pleased with our cash flow results, the profitability of both of our segments, however, remained constrained and we did not realize the full benefit of the increased shipments experienced during the quarter. Production difficulties continued as operational changes, consolidation projects and constraints on the supply of certain raw materials added costs and lowered our expected profitability. In response to these issues, we are strengthening our supplier management processes and expanding our international sourcing programs. We are also accelerating our Lean manufacturing improvement initiatives with a focus on manufacturing constraints, and initiating further facility consolidations. As a result, we expect to show an improving profitability trend during 2006.”
CIRCOR provided guidance for its first quarter 2006 results, indicating it expects earnings to be in the range of $0.30 to $0.32 per diluted share excluding special charges but including a non-cash charge of approximately $0.01 per diluted share for the adoption of FAS 123R relating to expensing of stock options.
CIRCOR International has scheduled a conference call to review its results for the fourth quarter 2005 on Thursday, February 23, 2006 at 10:30 a.m. ET. Interested parties may access the call by dialing (800) 289-0496 from the US & Canada or (913) 981-5519 from international locations. A replay of the call will be available from 1:30 p.m. ET on February 23, 2006 through midnight on Wednesday, March 1, 2006. To access the replay, interested parties should dial (888) 203-1112 or (719) 457-0820 and enter confirmation code #3444162 when prompted. The
presentation slides that will be discussed on the conference call are expected to be available on February 22, 2006, by 6:00pm ET. The presentation slides may be downloaded from the quarterly earnings page of the investor section on the CIRCOR website: http://www.CIRCOR.com. An audio recording of the conference call also is expected to be posted on the Company’s website by February 27, 2006.
CIRCOR International, Inc. is a leading provider of valves and fluid control products that allow customers around the world to use fluids safely and efficiently in the instrumentation, aerospace, thermal fluid and energy markets. CIRCOR’s executive headquarters are located at 25 Corporate Drive, Burlington, MA 01803.
This press release contains certain statements that are “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995 (the “Act”) and releases issued by the Securities and Exchange Commission (SEC). The words “may,” “hope,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “continue,” and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. We believe that it is important to communicate our future expectations to our stockholders, and we, therefore, make forward-looking statements in reliance upon the safe harbor provisions of the Act. However, there may be events in the future that we are not able to accurately predict or control, and our actual results, performance or achievements may differ materially from the expectations we describe in our forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the cyclicality and highly competitive nature of some of our end markets, changes in the price of and demand for oil and gas in both domestic and international markets, variability of raw material and component pricing, fluctuations in foreign currency exchange rates, and our ability to continue operating our manufacturing facilities at efficient levels and to successfully implement our acquisition strategy. We advise you to read further about these and other risk factors set forth under the caption “Certain Risk Factors That May Affect Future Results” in our SEC filings. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
UNAUDITED
Three Months Ended | Year Ended | |||||||||||||||
December 31, 2005 | December 31, 2004 | December 31, 2005 | December 31, 2004 | |||||||||||||
Net revenues | $ | 120,414 | $ | 106,825 | $ | 450,531 | $ | 381,834 | ||||||||
Cost of revenues | 86,544 | 81,892 | 317,856 | 274,265 | ||||||||||||
GROSS PROFIT | 33,870 | 24,933 | 132,675 | 107,569 | ||||||||||||
Selling, general and administrative expenses | 26,238 | 23,659 | 98,040 | 85,332 | ||||||||||||
Special charges | 696 | — | 1,630 | 303 | ||||||||||||
OPERATING INCOME | 6,936 | 1,274 | 33,005 | 21,934 | ||||||||||||
Other (income) expense: | ||||||||||||||||
Interest income | (93 | ) | (220 | ) | (579 | ) | (756 | ) | ||||||||
Interest expense | 721 | 917 | 3,389 | 4,446 | ||||||||||||
Other (income) expense, net | (53 | ) | 57 | 144 | (234 | ) | ||||||||||
Total other expense | 575 | 754 | 2,954 | 3,456 | ||||||||||||
INCOME BEFORE INCOME TAXES | 6,361 | 520 | 30,051 | 18,478 | ||||||||||||
Provision for income taxes | 1,613 | 390 | 9,668 | 6,675 | ||||||||||||
NET INCOME | $ | 4,748 | $ | 130 | $ | 20,383 | $ | 11,803 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.30 | $ | 0.01 | $ | 1.30 | $ | 0.77 | ||||||||
Diluted | $ | 0.29 | $ | 0.01 | $ | 1.27 | $ | 0.74 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 15,823 | 15,422 | 15,690 | 15,361 | ||||||||||||
Diluted | 16,172 | 15,932 | 16,019 | 15,877 |
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
UNAUDITED
Year Ended | ||||||||
December 31, 2005 | December 31, 2004 | |||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ | 20,383 | $ | 11,803 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation | 9,825 | 9,664 | ||||||
Amortization | 588 | 192 | ||||||
Deferred income taxes | (36 | ) | (14 | ) | ||||
Compensation expense of stock-based plans | 1,020 | 650 | ||||||
Loss on disposal of property, plant and equipment | 128 | 704 | ||||||
Gain on disposal of assets held for sale | (110 | ) | (149 | ) | ||||
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||||||||
Trade accounts receivable | (10,090 | ) | 4,960 | |||||
Inventories | 1,638 | (1,764 | ) | |||||
Prepaid expenses and other assets | 160 | 3,079 | ||||||
Accounts payable, accrued expenses and other liabilities | 21,820 | 124 | ||||||
Net cash provided by operating activities | 45,326 | 29,249 | ||||||
INVESTING ACTIVITIES | ||||||||
Additions to property, plant and equipment | (15,021 | ) | (5,287 | ) | ||||
Proceeds from disposal of property, plant and equipment | 99 | 1,009 | ||||||
Proceeds from sale of assets held for sale | 1,467 | 4,038 | ||||||
Business acquisitions, net of cash acquired | (50,779 | ) | (12,591 | ) | ||||
Purchase price escrow release payments | (829 | ) | (1,538 | ) | ||||
Purchase of investments | (2,535 | ) | (7,077 | ) | ||||
Proceeds from sale of investments | 6,699 | 11,339 | ||||||
Net cash used in investing activities | (60,899 | ) | (10,107 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Proceeds from debt borrowings | 10,669 | 322 | ||||||
Payments of debt | (22,386 | ) | (18,787 | ) | ||||
Dividends paid | (2,358 | ) | (2,303 | ) | ||||
Proceeds from the exercise of stock options | 3,771 | 1,232 | ||||||
Net cash used in financing activities | (10,304 | ) | (19,536 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (1,664 | ) | 845 | |||||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (27,541 | ) | 451 | |||||
Cash and cash equivalents at beginning of year | 58,653 | 58,202 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 31,112 | $ | 58,653 | ||||
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
UNAUDITED
December 31, 2005 | December 31, 2004 | |||||
ASSETS | ||||||
Current Assets: | ||||||
Cash and cash equivalents | $ | 31,112 | $ | 58,653 | ||
Investments | 86 | 4,155 | ||||
Trade accounts receivable, less allowance for doubtful accounts of $1,943 and $2,549, respectively | 77,731 | 64,521 | ||||
Inventories | 107,687 | 105,150 | ||||
Prepaid expenses and other current assets | 3,705 | 2,414 | ||||
Deferred income taxes | 4,328 | 6,953 | ||||
Assets held for sale | 1,115 | — | ||||
Total Current Assets | 225,764 | 241,846 | ||||
Property, Plant and Equipment, net | 63,350 | 59,302 | ||||
Other Assets: | ||||||
Goodwill | 140,179 | 120,307 | ||||
Intangibles, net | 20,941 | 1,424 | ||||
Other assets | 10,146 | 5,539 | ||||
Total Assets | $ | 460,380 | $ | 428,418 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Current Liabilities: | ||||||
Accounts payable | $ | 49,736 | $ | 38,023 | ||
Accrued expenses and other current liabilities | 40,540 | 30,490 | ||||
Income taxes payable | 3,418 | 1,362 | ||||
Notes payable and current portion of long-term debt | 27,213 | 15,051 | ||||
Total Current Liabilities | 120,907 | 84,926 | ||||
Long-Term Debt, net of current portion | 6,278 | 27,829 | ||||
Deferred Income Taxes | 11,237 | 6,932 | ||||
Other Non-Current Liabilities | 11,235 | 10,646 | ||||
Minority Interest | — | 4,650 | ||||
Shareholders’ Equity: | ||||||
Preferred stock, $.01 par value; 1,000,000 shares authorized; no shares issued and outstanding | — | — | ||||
Common stock, $.01 par value; 29,000,000 shares authorized; and 15,823,529 and 15,430,305 issued and outstanding, respectively | 158 | 154 | ||||
Additional paid-in capital | 215,274 | 208,392 | ||||
Retained earnings | 82,318 | 64,293 | ||||
Accumulated other comprehensive income | 12,973 | 20,596 | ||||
Total Shareholders’ Equity | 310,723 | 293,435 | ||||
Total Liabilities and Shareholders’ Equity | $ | 460,380 | $ | 428,418 | ||
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in thousands)
UNAUDITED
Three Months Ended | Year Ended | |||||||||||
December 31, 2005 | December 31, 2004 | December 31, 2005 | December 31, 2004 | |||||||||
ORDERS | ||||||||||||
Instrumentation & Thermal Fluid Controls | $ | 76,200 | $ | 58,502 | $ | 264,934 | $ | 221,443 | ||||
Energy Products | 43,739 | 63,829 | 181,481 | 187,057 | ||||||||
Total orders | $ | 119,939 | $ | 122,331 | $ | 446,415 | $ | 408,500 | ||||
December 31, 2005 | December 31, 2004 | |||||||||||
BACKLOG | ||||||||||||
Instrumentation & Thermal Fluid Controls | $ | 84,019 | $ | 39,819 | ||||||||
Energy Products | 58,137 | 75,923 | ||||||||||
Total backlog | $ | 142,156 | $ | 115,742 | ||||||||
Note: Backlog includes all unshipped customer orders.
CIRCOR INTERNATIONAL, INC.
SUMMARY REPORT BY SEGMENT
(in thousands, except earnings per share)
UNAUDITED
2004 | 2005 | |||||||||||||||||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | YTD | 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | YTD | |||||||||||||||||||||||||||||||
NET REVENUES | ||||||||||||||||||||||||||||||||||||||||
Instrumentation & Thermal Fluid Controls (TFC) | $ | 51,639 | $ | 54,864 | $ | 52,966 | $ | 59,187 | $ | 218,656 | $ | 61,025 | $ | 62,908 | $ | 59,031 | $ | 68,312 | $ | 251,276 | ||||||||||||||||||||
Energy Products | 39,058 | 39,688 | 36,794 | 47,638 | 163,178 | 41,213 | 55,749 | 50,191 | 52,102 | 199,255 | ||||||||||||||||||||||||||||||
Total | 90,697 | 94,552 | 89,760 | 106,825 | 381,834 | 102,238 | 118,657 | 109,222 | 120,414 | 450,531 | ||||||||||||||||||||||||||||||
OPERATING MARGIN | ||||||||||||||||||||||||||||||||||||||||
Instrumentation & TFC | 11.2 | % | 11.4 | % | 10.9 | % | 12.0 | % | 11.4 | % | 14.8 | % | 12.1 | % | 9.4 | % | 9.5 | % | 11.4 | % | ||||||||||||||||||||
Energy Products | 10.9 | % | 7.7 | % | 7.8 | % | 10.6 | % | 9.3 | % | 8.0 | % | 10.7 | % | 11.3 | % | 9.5 | % | 10.0 | % | ||||||||||||||||||||
Segment operating margin | 11.1 | % | 9.8 | % | 9.7 | % | 11.4 | % | 10.5 | % | 12.0 | % | 11.5 | % | 10.3 | % | 9.5 | % | 10.8 | % | ||||||||||||||||||||
Corporate expenses | -2.5 | % | -2.3 | % | -2.9 | % | -3.6 | % | -2.8 | % | -3.4 | % | -2.6 | % | -3.3 | % | -3.2 | % | -3.1 | % | ||||||||||||||||||||
Special charges | 0.0 | % | 0.0 | % | -0.3 | % | 0.0 | % | -0.1 | % | -0.3 | % | -0.1 | % | -0.5 | % | -0.6 | % | -0.4 | % | ||||||||||||||||||||
Unusual charges | 0.0 | % | 0.0 | % | 0.0 | % | -6.6 | % | -1.9 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||||
Total operating margin | 8.5 | % | 7.5 | % | 6.5 | % | 1.2 | % | 5.7 | % | 8.4 | % | 8.7 | % | 6.6 | % | 5.8 | % | 7.3 | % | ||||||||||||||||||||
OPERATING INCOME | ||||||||||||||||||||||||||||||||||||||||
Instrumentation & TFC (excl. special & unusual charges) | 5,776 | 6,239 | 5,786 | 7,081 | 24,882 | 9,004 | 7,641 | 5,532 | 6,517 | 28,694 | ||||||||||||||||||||||||||||||
Energy Products (excl. special & unusual charges) | 4,251 | 3,066 | 2,877 | 5,061 | 15,255 | 3,290 | 5,957 | 5,680 | 4,932 | 19,859 | ||||||||||||||||||||||||||||||
Segment operating income (excl. special & unusual charges) | 10,027 | 9,305 | 8,663 | 12,142 | 40,137 | 12,294 | 13,598 | 11,212 | 11,449 | 48,553 | ||||||||||||||||||||||||||||||
Corporate expenses | (2,259 | ) | (2,188 | ) | (2,585 | ) | (3,798 | ) | (10,830 | ) | (3,443 | ) | (3,105 | ) | (3,553 | ) | (3,817 | ) | (13,918 | ) | ||||||||||||||||||||
Special charges | (38 | ) | — | (265 | ) | — | (303 | ) | (305 | ) | (133 | ) | (496 | ) | (696 | ) | (1,630 | ) | ||||||||||||||||||||||
Unusual charges (primarily slow-moving inventory) | — | — | — | (7,070 | ) | (7,070 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||
Total operating income | 7,730 | 7,117 | 5,813 | 1,274 | 21,934 | 8,546 | 10,360 | 7,163 | 6,936 | 33,005 | ||||||||||||||||||||||||||||||
INTEREST EXPENSE, NET | (1,020 | ) | (972 | ) | (1,001 | ) | (697 | ) | (3,690 | ) | (787 | ) | (667 | ) | (728 | ) | (628 | ) | (2,810 | ) | ||||||||||||||||||||
OTHER (EXPENSE) INCOME, NET | (143 | ) | 193 | 241 | (57 | ) | 234 | 181 | (204 | ) | (174 | ) | 53 | (144 | ) | |||||||||||||||||||||||||
PRETAX INCOME | 6,567 | 6,338 | 5,053 | 520 | 18,478 | 7,940 | 9,489 | 6,261 | 6,361 | 30,051 | ||||||||||||||||||||||||||||||
PROVISION FOR INCOME TAXES | (2,299 | ) | (2,216 | ) | (1,770 | ) | (390 | ) | (6,675 | ) | (2,779 | ) | (3,321 | ) | (1,955 | ) | (1,613 | ) | (9,668 | ) | ||||||||||||||||||||
EFFECTIVE TAX RATE | 35.0 | % | 35.0 | % | 35.0 | % | 75.0 | % | 36.1 | % | 35.0 | % | 35.0 | % | 31.2 | % | 25.4 | % | 32.2 | % | ||||||||||||||||||||
NET INCOME | $ | 4,268 | $ | 4,122 | $ | 3,283 | $ | 130 | $ | 11,803 | $ | 5,161 | $ | 6,168 | $ | 4,306 | $ | 4,748 | $ | 20,383 | ||||||||||||||||||||
Weighted Average Common Shares Outstanding (Diluted) | 16,001 | 15,908 | 15,825 | 15,932 | 15,877 | 16,054 | 16,171 | 16,228 | 16,172 | 16,019 | ||||||||||||||||||||||||||||||
EARNINGS PER COMMON SHARE (Diluted) | $ | 0.27 | $ | 0.26 | $ | 0.21 | $ | 0.01 | $ | 0.74 | $ | 0.32 | $ | 0.38 | $ | 0.27 | $ | 0.29 | $ | 1.27 | ||||||||||||||||||||
EARNINGS PER COMMON SHARE (Diluted) excluding special charges | $ | 0.27 | $ | 0.26 | $ | 0.22 | $ | 0.01 | $ | 0.76 | $ | 0.33 | $ | 0.39 | $ | 0.29 | $ | 0.33 | $ | 1.34 | ||||||||||||||||||||
EBIT | $ | 7,587 | $ | 7,310 | $ | 6,054 | $ | 1,217 | $ | 22,168 | $ | 8,727 | $ | 10,156 | $ | 6,989 | $ | 6,989 | $ | 32,861 | ||||||||||||||||||||
Depreciation | 2,680 | 2,353 | 2,528 | 2,103 | 9,664 | 2,597 | 2,586 | 2,450 | 2,192 | 9,825 | ||||||||||||||||||||||||||||||
Amortization of intangibles | 77 | 38 | 38 | 39 | 192 | 38 | 227 | 65 | 258 | 588 | ||||||||||||||||||||||||||||||
EBITDA | $ | 10,344 | $ | 9,701 | $ | 8,620 | $ | 3,359 | $ | 32,024 | $ | 11,362 | $ | 12,969 | $ | 9,504 | $ | 9,439 | $ | 43,274 | ||||||||||||||||||||
EBITDA AS A PERCENT OF SALES | 11.4 | % | 10.3 | % | 9.6 | % | 3.1 | % | 8.4 | % | 11.1 | % | 10.9 | % | 8.7 | % | 7.8 | % | 9.6 | % | ||||||||||||||||||||
CAPITAL EXPENDITURES | $ | 1,294 | $ | 1,575 | $ | 757 | $ | 1,661 | $ | 5,287 | $ | 3,668 | $ | 3,136 | $ | 4,649 | $ | 3,568 | $ | 15,021 | ||||||||||||||||||||
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED
GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
(in thousands)
UNAUDITED
2004 | 2005 | |||||||||||||||||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | YTD | 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | YTD | |||||||||||||||||||||||||||||||
FREE CASH FLOW [NET CASH FLOW FROM OPERATING ACTIVITIES LESS CAPITAL EXPENDITURES LESS DIVIDENDS PAID] | $ | 2,254 | $ | 7,275 | $ | 4,438 | $ | 7,692 | $ | 21,659 | $ | (412 | ) | $ | 12,565 | $ | 5,307 | $ | 10,487 | $ | 27,947 | |||||||||||||||||||
ADD: Capital expenditures | 1,294 | 1,575 | 757 | 1,661 | 5,287 | 3,668 | 3,136 | 4,649 | 3,568 | 15,021 | ||||||||||||||||||||||||||||||
Dividends paid | 573 | 576 | 576 | 578 | 2,303 | 586 | 589 | 590 | 593 | 2,358 | ||||||||||||||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 4,121 | $ | 9,426 | $ | 5,771 | $ | 9,931 | $ | 29,249 | $ | 3,842 | $ | 16,290 | $ | 10,546 | $ | 14,648 | $ | 45,326 | ||||||||||||||||||||
NET (CASH) DEBT [TOTAL DEBT LESS CASH AND CASH EQUIVALENTSLESS INVESTMENTS] | $ | (8,706 | ) | $ | (4,054 | ) | $ | (9,918 | ) | $ | (19,928 | ) | $ | (19,928 | ) | $ | 15,367 | $ | 10,371 | $ | 2,054 | $ | 2,293 | $ | 2,293 | |||||||||||||||
ADD: Cash and cash equivalents | 59,963 | 54,527 | 60,055 | 58,653 | 58,653 | 24,942 | 29,269 | 39,154 | 31,112 | 31,112 | ||||||||||||||||||||||||||||||
Investments | 7,679 | 7,517 | 7,953 | 4,155 | 4,155 | 4,117 | 4,026 | 4,308 | 86 | 86 | ||||||||||||||||||||||||||||||
TOTAL DEBT | $ | 58,936 | $ | 57,990 | $ | 58,090 | $ | 42,880 | $ | 42,880 | $ | 44,426 | $ | 43,666 | $ | 45,516 | $ | 33,491 | $ | 33,491 | ||||||||||||||||||||
NET DEBT AS % OF NET CAPITALIZATION | -3.3 | % | -1.5 | % | -3.6 | % | -7.3 | % | -7.3 | % | 4.9 | % | 3.3 | % | 0.7 | % | 0.7 | % | 0.7 | % | ||||||||||||||||||||
NET CAPITALIZATION [TOTAL DEBT PLUS SHAREHOLDERS’ EQUITY LESS CASH AND CASH EQUIVALENTS, LESS INVESTMENTS] | $ | 267,728 | $ | 276,260 | $ | 275,870 | $ | 273,507 | $ | 273,507 | $ | 313,378 | $ | 310,514 | $ | 309,763 | $ | 313,016 | $ | 313,016 | ||||||||||||||||||||
LESS: Total debt | (58,936 | ) | (57,990 | ) | (58,090 | ) | (42,880 | ) | (42,880 | ) | (44,426 | ) | (43,666 | ) | (45,516 | ) | (33,491 | ) | (33,491 | ) | ||||||||||||||||||||
ADD: Cash and cash equivalents | 59,963 | 54,527 | 60,055 | 58,653 | 58,653 | 24,942 | 29,269 | 39,154 | 31,112 | 31,112 | ||||||||||||||||||||||||||||||
Investments | 7,679 | 7,517 | 7,953 | 4,155 | 4,155 | 4,117 | 4,026 | 4,308 | 86 | 86 | ||||||||||||||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 276,434 | 280,314 | 285,788 | 293,435 | 293,435 | 298,011 | 300,143 | 307,709 | 310,723 | 310,723 | ||||||||||||||||||||||||||||||
ADD: Total debt | 58,936 | 57,990 | 58,090 | 42,880 | 42,880 | 44,426 | 43,666 | 45,516 | 33,491 | 33,491 | ||||||||||||||||||||||||||||||
TOTAL CAPITAL | $ | 335,370 | $ | 338,304 | $ | 343,878 | $ | 336,315 | $ | 336,315 | $ | 342,437 | $ | 343,809 | $ | 353,225 | $ | 344,214 | $ | 344,214 | ||||||||||||||||||||
TOTAL DEBT / TOTAL CAPITAL | 17.6 | % | 17.1 | % | 16.9 | % | 12.7 | % | 12.7 | % | 13.0 | % | 12.7 | % | 12.9 | % | 9.7 | % | 9.7 | % | ||||||||||||||||||||
EBIT [NET INCOME LESS INTEREST EXPENSE, NET] | $ | 7,587 | $ | 7,310 | $ | 6,054 | $ | 1,217 | $ | 22,168 | $ | 8,727 | $ | 10,156 | $ | 6,989 | $ | 6,989 | $ | 32,861 | ||||||||||||||||||||
LESS: Interest expense, net | (1,020 | ) | (972 | ) | (1,001 | ) | (697 | ) | (3,690 | ) | (787 | ) | (667 | ) | (728 | ) | (628 | ) | (2,810 | ) | ||||||||||||||||||||
Provision for income taxes | (2,299 | ) | (2,216 | ) | (1,770 | ) | (390 | ) | (6,675 | ) | (2,779 | ) | (3,321 | ) | (1,955 | ) | (1,613 | ) | (9,668 | ) | ||||||||||||||||||||
NET INCOME | $ | 4,268 | $ | 4,122 | $ | 3,283 | $ | 130 | $ | 11,803 | $ | 5,161 | $ | 6,168 | $ | 4,306 | $ | 4,748 | $ | 20,383 | ||||||||||||||||||||
EBITDA [NET INCOME LESS INTEREST EXPENSE, NET LESS DEPRECIATION LESS AMORTIZATION LESS TAXES] | $ | 10,344 | $ | 9,701 | $ | 8,620 | $ | 3,359 | $ | 32,024 | $ | 11,362 | $ | 12,969 | $ | 9,504 | $ | 9,439 | $ | 43,274 | ||||||||||||||||||||
LESS: | ||||||||||||||||||||||||||||||||||||||||
Interest expense, net | (1,020 | ) | (972 | ) | (1,001 | ) | (697 | ) | (3,690 | ) | (787 | ) | (667 | ) | (728 | ) | (628 | ) | (2,810 | ) | ||||||||||||||||||||
Depreciation | (2,680 | ) | (2,353 | ) | (2,528 | ) | (2,103 | ) | (9,664 | ) | (2,597 | ) | (2,586 | ) | (2,450 | ) | (2,192 | ) | (9,825 | ) | ||||||||||||||||||||
Amortization of intangibles | (77 | ) | (38 | ) | (38 | ) | (39 | ) | (192 | ) | (38 | ) | (227 | ) | (65 | ) | (258 | ) | (588 | ) | ||||||||||||||||||||
Provision for income taxes | (2,299 | ) | (2,216 | ) | (1,770 | ) | (390 | ) | (6,675 | ) | (2,779 | ) | (3,321 | ) | (1,955 | ) | (1,613 | ) | (9,668 | ) | ||||||||||||||||||||
NET INCOME | $ | 4,268 | $ | 4,122 | $ | 3,283 | $ | 130 | $ | 11,803 | $ | 5,161 | $ | 6,168 | $ | 4,306 | $ | 4,748 | $ | 20,383 | ||||||||||||||||||||
INCOME EXCLUDING SPECIAL CHARGES [NET INCOME LESS SPECIAL CHARGES, NET OF TAX] | $ | 4,293 | $ | 4,122 | $ | 3,455 | $ | 130 | $ | 11,997 | $ | 5,359 | $ | 6,254 | $ | 4,647 | $ | 5,268 | $ | 21,489 | ||||||||||||||||||||
LESS: Special charges, net of tax | (25 | ) | — | (172 | ) | — | (194 | ) | (198 | ) | (86 | ) | (341 | ) | (520 | ) | (1,106 | ) | ||||||||||||||||||||||
NET INCOME | $ | 4,268 | $ | 4,122 | $ | 3,283 | $ | 130 | $ | 11,803 | $ | 5,161 | $ | 6,168 | $ | 4,306 | $ | 4,748 | $ | 20,383 | ||||||||||||||||||||
Weighted average common shares outstanding (diluted) | 16,001 | 15,908 | 15,825 | 15,932 | 15,877 | 16,054 | 16,171 | 16,228 | 16,172 | 16,019 | ||||||||||||||||||||||||||||||
EARNINGS PER SHARE EXCLUDING SPECIAL CHARGES | $ | 0.27 | $ | 0.26 | $ | 0.22 | $ | 0.01 | $ | 0.76 | $ | 0.33 | $ | 0.39 | $ | 0.29 | $ | 0.33 | $ | 1.34 |