EXHIBIT 99.1
PRESS RELEASE
Contact: | Kenneth Smith | |
Chief Financial Officer | ||
CIRCOR International, Inc. | ||
781-270-1200 |
CIRCOR Announces Second Quarter Results
• | Net earnings of $0.40 posted for quarter; consistent with expectations |
• | Orders and backlog continue to climb as all key markets show strength |
• | Changes in operating management bring needed skills to improve performance |
BURLINGTON, MA, August 1, 2006
CIRCOR International, Inc. [NYSE:CIR], a leading provider of valves and other fluid control devices for the instrumentation, aerospace, industrial and energy markets, today announced results for its second quarter ended July 2, 2006.
Net income for the second quarter of 2006 was $6.5 million, or $0.40 per diluted share, compared to $6.2 million, or $0.38 per diluted share, for the 2005 second quarter. Revenues for the 2006 second quarter were $144.4 million, an increase of 22% from $118.7 million in the second quarter of 2005.
The earnings per share for the second quarter 2006 includes a $0.01 charge for the adoption of FAS 123R, the expensing of stock options.
For the six months ended July 2, 2006, net income was $11.6 million, or $0.71 per diluted share. Net income for the six months ended July 3, 2005, totaled $11.3 million, or $0.70 per diluted share. Revenues for the first six months of 2006 were $271.7 million, an increase of 23% from $220.9 million for the first six months of 2005. The earnings per share for the six months ended July 2, 2006, includes a $0.02 charge for the adoption of FAS 123R, the expensing of stock options.
The Company received orders totaling $196.1 million during the second quarter 2006, an increase of 88% over the same period in 2005. Backlog at July 2, 2006, reached another record of $293.1 million, up 128% over July 3, 2005 backlog and sequentially increasing 21% over the first quarter of 2006. Excluding acquisitions completed during the past 12 months, orders increased 52% and backlogs rose 75% compared to second quarter 2005.
The Company indicated that higher shipment levels helped drive its second quarter results slightly above the guidance provided in the Company’s May 1, 2006 press release and May 2, 2006 investor conference call. The Company’s Chairman and Chief Executive Officer, David A. Bloss, Sr., said, “Our results for the quarter reflect the shipment growth from acquisitions, our
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Energy Products segment and increased business activity in the power generation and commercial HVAC markets. Despite the variable pattern of large project order bookings within our Energy Products segment, quotation activity remains strong and our backlogs continue to be well ahead of last year in substantially all of the Company’s primary markets.”
For the six months ended July 2, 2006, the Company’s free cash flow was a use of $4.8 million (defined as net cash used in operating activities, less capital expenditures and dividends paid) and included investment in working capital to support the strong order growth. The acquisitions of Sagebrush Pipeline Equipment Company and Hale-Hamilton during the first quarter 2006 used a combined $61 million in cash and necessitated the Company’s drawing upon its revolving credit facility, contributing to the Company having a 16% net debt to net capitalization ratio at the end of the second quarter.
CIRCOR’s Instrumentation and Thermal Fluid Controls Products segment revenues were $79.5 million for the second quarter, an increase of 26% over revenues of $62.9 million in the same period last year and up 23% on a year-to-date basis, primarily due to acquisitions. Excluding acquisitions, incoming orders for this segment were up 12% compared to the second quarter last year, while backlog at quarter-end increased 35% versus last year. This segment’s operating margin for the second quarter decreased to 8.6% compared to 12.2% during the same period last year as production and supply issues continue to be resolved. Mr. Bloss noted, “The results for this segment benefited from stronger industrial market conditions that were partially offset by the costs associated with higher metal costs, supplier capacity constraints, developing low-cost country supply sources, upgrading management talent, and rebuilding our manufacturing processes with lean and Six Sigma.”
Revenues for the Company’s Energy Products segment increased 16% to $64.9 million from $55.7 million in the second quarter of last year and were up 24% on a year-to-date basis primarily due to its Sagebrush acquisition and the increase in global oil and gas project activity. Excluding acquisitions, incoming orders for the second quarter rose 110% and ending backlog increased of 112% compared to the same periods last year. Worldwide market conditions for oil and gas projects continue to be strong. This segment’s operating margin grew 100 basis points to 11.4% for the second quarter of 2006, compared to the same period last year, and sequentially rose 100 basis points from the first quarter of 2006.
Mr. Bloss commented, “Our Energy Products segment achieved impressive results this quarter as we ramped up production to meet demand in the oil and gas industry. We expect this trend to continue due to the strong quotation activity and large project engineering work we are experiencing. Our Instrumentation and Thermal Fluid Controls segment continues to struggle from a profitability standpoint even though its markets are steadily improving. Operationally, this segment has been our biggest challenge, requiring key management changes to obtain the skills needed to design and implement significant process changes. Although the new teams have yet to fully complete their initial reviews and evaluations, we continue to expect improved operating results during the second half of this year.”
CIRCOR provided guidance for its third quarter 2006 results, indicating it expects earnings to be in the range of $0.42 to $0.45 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. The guidance compares favorably to earnings of $0.29 per diluted
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share in the third quarter last year, which excluded a $0.02 special charge for plant consolidation costs. The Company does expect to record a pre-tax special charge in the third quarter 2006 of approximately $0.5 million representing a curtailment cost related to the Company freezing benefits under its qualified U.S. pension plan as of July 1, 2006.
CIRCOR International has scheduled a conference call to review its results for the second quarter 2006 on Wednesday, August 2, 2006 at 10:30 a.m. ET. Interested parties may access the call by dialing (800) 475-3716 for US & Canada and (719) 457-2728 for International locations. A replay of the call will be available from 1:30 p.m. ET on August 2, 2006 through midnight on Tuesday, August 8, 2006. To access the replay, interested parties can dial (888) 203-1112 or (719) 457-0820 and enter confirmation code # 4415765 when prompted. The presentation slides that will be discussed in the conference call are expected to be available on Tuesday, August 1, 2006 by 6:00 p.m. ET. The presentation slides may be downloaded from the Quarterly Earnings page of the Investors 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 August 7, 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, industrial 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, our ability to continue successfully defending product liability actions 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.
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CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
UNAUDITED
Three Months Ended | Six Months Ended | |||||||||||||||
July 2, 2006 | July 3, 2005 | July 2, 2006 | July 3, 2005 | |||||||||||||
Net revenues | $ | 144,389 | $ | 118,657 | $ | 271,684 | $ | 220,895 | ||||||||
Cost of revenues | 102,268 | 84,121 | 191,225 | 153,418 | ||||||||||||
GROSS PROFIT | 42,121 | 34,536 | 80,459 | 67,477 | ||||||||||||
Selling, general and administrative expenses | 31,409 | 24,043 | 61,259 | 48,134 | ||||||||||||
Special charges | — | 133 | 437 | |||||||||||||
OPERATING INCOME | 10,712 | 10,360 | 19,200 | 18,906 | ||||||||||||
Other (income) expense: | ||||||||||||||||
Interest income | (89 | ) | (229 | ) | (197 | ) | (314 | ) | ||||||||
Interest expense | 1,553 | 896 | 2,686 | 1,768 | ||||||||||||
Other (income) expense, net | (248 | ) | 204 | (380 | ) | 23 | ||||||||||
Total other expense | 1,216 | 871 | 2,109 | 1,477 | ||||||||||||
INCOME BEFORE INCOME TAXES | 9,496 | 9,489 | 17,091 | 17,429 | ||||||||||||
Provision for income taxes | 3,038 | 3,321 | 5,469 | 6,100 | ||||||||||||
NET INCOME | $ | 6,458 | $ | 6,168 | $ | 11,622 | $ | 11,329 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.40 | $ | 0.39 | $ | 0.73 | $ | 0.73 | ||||||||
Diluted | $ | 0.40 | $ | 0.38 | $ | 0.71 | $ | 0.70 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 15,968 | 15,676 | 15,911 | 15,597 | ||||||||||||
Diluted | 16,332 | 16,171 | 16,266 | 16,089 |
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
UNAUDITED
Six Months Ended | ||||||||
July 2, 2006 | July 3, 2005 | |||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ | 11,622 | $ | 11,329 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation | 5,788 | 5,183 | ||||||
Amortization | 1,082 | 265 | ||||||
Compensation expense of stock-based plans | 1,580 | 475 | ||||||
(Gain) loss on sale of assets held for sale | — | — | ||||||
(Gain) loss on disposal of property, plant and equipment | (80 | ) | 20 | |||||
Equity in undistributed income of affiliates | (8 | ) | (105 | ) | ||||
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||||||||
Trade accounts receivable | (8,472 | ) | (5,793 | ) | ||||
Inventories | (24,471 | ) | (9,745 | ) | ||||
Prepaid expenses and other assets | (1,213 | ) | (290 | ) | ||||
Accounts payable, accrued expenses and other liabilities | 13,876 | 18,793 | ||||||
Net cash provided by operating activities | (296 | ) | 20,132 | |||||
INVESTING ACTIVITIES | ||||||||
Additions to property, plant and equipment | (3,320 | ) | (6,804 | ) | ||||
Proceeds from disposal of property, plant and equipment | 304 | 7 | ||||||
Proceeds from sale of assets held for sale | 100 | — | ||||||
Business acquisitions, net of cash acquired | (60,989 | ) | (42,093 | ) | ||||
Purchase of investments | (5,734 | ) | — | |||||
Proceeds from sale of investments | 3,195 | — | ||||||
Net cash used in investing activities | (66,444 | ) | (48,890 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Proceeds from debt borrowings | 65,547 | 2,645 | ||||||
Payments of debt | (7,038 | ) | (3,135 | ) | ||||
Dividends paid | (1,195 | ) | (1,175 | ) | ||||
Proceeds from the exercise of stock options | 1,708 | 2,756 | ||||||
Tax effect of share based compensation | 957 | |||||||
Net cash used in financing activities | 59,979 | 1,091 | ||||||
Effect of exchange rate changes on cash and cash equivalents | 1,615 | (1,717 | ) | |||||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (5,146 | ) | (29,384 | ) | ||||
Cash and cash equivalents at beginning of year | 31,112 | 58,653 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 25,966 | $ | 29,269 | ||||
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
UNAUDITED
July 2, 2006 | December 31, 2005 | |||||
ASSETS | ||||||
Current Assets: | ||||||
Cash and cash equivalents | $ | 25,966 | $ | 31,112 | ||
Investments | 2,639 | 86 | ||||
Trade accounts receivable, less allowance for doubtful accounts of $2,293 and $1,943, respectively | 97,327 | 77,731 | ||||
Inventories | 144,043 | 107,687 | ||||
Prepaid expenses and other current assets | 6,454 | 3,705 | ||||
Deferred income taxes | 4,100 | 4,328 | ||||
Assets held for sale | 3,166 | 1,115 | ||||
Total Current Assets | 283,695 | 225,764 | ||||
Property, Plant and Equipment, net | 71,306 | 63,350 | ||||
Other Assets: | ||||||
Goodwill | 169,359 | 140,179 | ||||
Intangibles, net | 36,859 | 20,941 | ||||
Other assets | 18,437 | 10,146 | ||||
Total Assets | $ | 579,656 | $ | 460,380 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Current Liabilities: | ||||||
Accounts payable | $ | 70,813 | $ | 49,736 | ||
Accrued expenses and other current liabilities | 37,498 | 26,031 | ||||
Accrued compensation and benefits | 12,944 | 14,509 | ||||
Income taxes payable | 2,614 | 3,418 | ||||
Notes payable and current portion of long-term debt | 23,371 | 27,213 | ||||
Total Current Liabilities | 147,240 | 120,907 | ||||
Long-Term Debt, net of current portion | 69,570 | 6,278 | ||||
Deferred Income Taxes | 15,295 | 11,237 | ||||
Other Non-Current Liabilities | 14,073 | 11,235 | ||||
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 15,997,494 and 15,823,529 issued and outstanding, respectively | 160 | 158 | ||||
Additional paid-in capital | 219,361 | 215,274 | ||||
Retained earnings | 92,745 | 82,318 | ||||
Accumulated other comprehensive income | 21,212 | 12,973 | ||||
Total Shareholders’ Equity | 333,478 | 310,723 | ||||
Total Liabilities and Shareholders’ Equity | $ | 579,656 | $ | 460,380 | ||
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in thousands)
UNAUDITED
Three Months Ended | Six Months Ended | |||||||||||
July 2, 2006 | July 3, 2005 | July 2, 2006 | July 3, 2005 | |||||||||
ORDERS | ||||||||||||
Instrumentation & Thermal Fluid Controls | $ | 82,707 | $ | 62,087 | $ | 169,971 | $ | 128,521 | ||||
Energy Products | 113,440 | 42,188 | 229,419 | 87,713 | ||||||||
Total orders | $ | 196,147 | $ | 104,275 | $ | 399,390 | $ | 216,234 | ||||
July 2, 2006 | December 31, 2005 | |||||
BACKLOG | ||||||
Instrumentation & Thermal Fluid Controls | $ | 113,972 | $ | 84,019 | ||
Energy Products | 179,126 | 58,137 | ||||
Total backlog | $ | 293,098 | $ | 142,156 | ||
Note: Backlog includes all unshipped customer orders.
CIRCOR INTERNATIONAL, INC.
SUMMARY REPORT BY SEGMENT
(in thousands, except earnings per share)
UNAUDITED
2005 | 2006 | |||||||||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | YTD | 1ST QTR | 2ND QTR | YTD | |||||||||||||||||||||||||
NET REVENUES | ||||||||||||||||||||||||||||||||
Instrumentation & Thermal Fluid Controls (TFC) | $ | 61,025 | $ | 62,908 | $ | 59,031 | $ | 68,312 | $ | 251,276 | $ | 72,434 | $ | 79,470 | $ | 151,904 | ||||||||||||||||
Energy Products | 41,213 | 55,749 | 50,191 | 52,102 | 199,255 | 54,861 | 64,919 | 119,780 | ||||||||||||||||||||||||
Total | 102,238 | 118,657 | 109,222 | 120,414 | 450,531 | 127,295 | 144,389 | 271,684 | ||||||||||||||||||||||||
OPERATING MARGIN | ||||||||||||||||||||||||||||||||
Instrumentation & TFC | 14.8 | % | 12.1 | % | 9.4 | % | 9.5 | % | 11.4 | % | 9.1 | % | 8.6 | % | 8.9 | % | ||||||||||||||||
Energy Products | 8.0 | % | 10.7 | % | 11.3 | % | 9.5 | % | 10.0 | % | 10.4 | % | 11.4 | % | 11.0 | % | ||||||||||||||||
Segment operating margin | 12.0 | % | 11.5 | % | 10.3 | % | 9.5 | % | 10.8 | % | 9.7 | % | 9.9 | % | 9.8 | % | ||||||||||||||||
Corporate expenses | -3.4 | % | -2.6 | % | -3.3 | % | -3.2 | % | -3.1 | % | -3.0 | % | -2.5 | % | -2.7 | % | ||||||||||||||||
Special charges | -0.3 | % | -0.1 | % | -0.5 | % | -0.6 | % | -0.4 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||
Total operating margin | 8.4 | % | 8.7 | % | 6.6 | % | 5.8 | % | 7.3 | % | 6.7 | % | 7.4 | % | 7.1 | % | ||||||||||||||||
OPERATING INCOME | ||||||||||||||||||||||||||||||||
Instrumentation & TFC (excl. special & unusual charges) | 9,004 | 7,641 | 5,532 | 6,517 | 28,694 | 6,595 | 6,861 | 13,456 | ||||||||||||||||||||||||
Energy Products (excl. special & unusual charges) | 3,290 | 5,957 | 5,680 | 4,932 | 19,859 | 5,702 | 7,429 | 13,131 | ||||||||||||||||||||||||
Segment operating income (excl. special & unusual charges) 12,294 | 13,598 | 11,212 | 11,449 | 48,553 | 12,297 | 14,290 | 26,587 | |||||||||||||||||||||||||
Corporate expenses | (3,443 | ) | (3,105 | ) | (3,553 | ) | (3,817 | ) | (13,918 | ) | (3,809 | ) | (3,578 | ) | (7,387 | ) | ||||||||||||||||
Special charges | (305 | ) | (133 | ) | (496 | ) | (696 | ) | (1,630 | ) | — | — | ||||||||||||||||||||
Total operating income | 8,546 | 10,360 | 7,163 | 6,936 | 33,005 | 8,488 | 10,712 | 19,200 | ||||||||||||||||||||||||
INTEREST EXPENSE, NET | (787 | ) | (667 | ) | (728 | ) | (628 | ) | (2,810 | ) | (1,024 | ) | (1,464 | ) | (2,488 | ) | ||||||||||||||||
OTHER (EXPENSE) INCOME, NET | 181 | (204 | ) | (174 | ) | 53 | (144 | ) | 131 | 248 | 379 | |||||||||||||||||||||
PRETAX INCOME | 7,940 | 9,489 | 6,261 | 6,361 | 30,051 | 7,595 | 9,496 | 17,091 | ||||||||||||||||||||||||
PROVISION FOR INCOME TAXES | (2,779 | ) | (3,321 | ) | (1,955 | ) | (1,613 | ) | (9,668 | ) | (2,431 | ) | (3,038 | ) | (5,469 | ) | ||||||||||||||||
EFFECTIVE TAX RATE | 35.0 | % | 35.0 | % | 31.2 | % | 25.4 | % | 32.2 | % | 32.0 | % | 32.0 | % | 32.0 | % | ||||||||||||||||
NET INCOME | $ | 5,161 | $ | 6,168 | $ | 4,306 | $ | 4,748 | $ | 20,383 | $ | 5,164 | $ | 6,458 | $ | 11,622 | ||||||||||||||||
Weighted Average Common Shares Outstanding (Diluted) | 16,054 | 16,171 | 16,228 | 16,172 | 16,019 | 16,197 | 16,332 | 16,266 | ||||||||||||||||||||||||
EARNINGS PER COMMON SHARE (Diluted) | $ | 0.32 | $ | 0.38 | $ | 0.27 | $ | 0.29 | $ | 1.27 | $ | 0.32 | $ | 0.40 | $ | 0.71 | ||||||||||||||||
EARNINGS PER COMMON SHARE (Diluted)excluding special charges | $ | 0.33 | $ | 0.39 | $ | 0.29 | $ | 0.33 | $ | 1.34 | $ | 0.32 | $ | 0.40 | $ | 0.71 | ||||||||||||||||
EBIT | $ | 8,727 | $ | 10,156 | $ | 6,989 | $ | 6,989 | $ | 32,861 | $ | 8,619 | $ | 10,960 | $ | 19,579 | ||||||||||||||||
Depreciation | 2,597 | 2,586 | 2,450 | 2,192 | 9,825 | 2,619 | 3,169 | 5,788 | ||||||||||||||||||||||||
Amortization of intangibles | 38 | 227 | 65 | 258 | 588 | 515 | 567 | 1,082 | ||||||||||||||||||||||||
EBITDA | $ | 11,362 | $ | 12,969 | $ | 9,504 | $ | 9,439 | $ | 43,274 | $ | 11,753 | $ | 14,696 | $ | 26,449 | ||||||||||||||||
EBITDA AS A PERCENT OF SALES | 11.1 | % | 10.9 | % | 8.7 | % | 7.8 | % | 9.6 | % | 9.2 | % | 10.2 | % | 9.7 | % | ||||||||||||||||
CAPITAL EXPENDITURES | $ | 3,668 | $ | 3,136 | $ | 4,649 | $ | 3,568 | $ | 15,021 | $ | 1,578 | $ | 1,742 | $ | 3,320 | ||||||||||||||||
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED
GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
(in thousands)
UNAUDITED
2005 | 2006 | |||||||||||||||||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | YTD | 1ST QTR | 2ND QTR | YTD | |||||||||||||||||||||||||
FREE CASH FLOW [NET CASH FLOW FROM OPERATING ACTIVITIES LESS CAPITAL EXPENDITURES LESS DIVIDENDS PAID] | $ | (412 | ) | $ | 12,565 | $ | 5,307 | $ | 10,487 | $ | 27,947 | $ | (5,213 | ) | $ | 402 | $ | (4,811 | ) | |||||||||||||
ADD: Capital expenditures | 3,668 | 3,136 | 4,649 | 3,568 | 15,021 | 1,578 | 1,742 | 3,320 | ||||||||||||||||||||||||
Dividends paid | 586 | 589 | 590 | 593 | 2,358 | 595 | 600 | 1,195 | ||||||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 3,842 | $ | 16,290 | $ | 10,546 | $ | 14,648 | $ | 45,326 | $ | (3,040 | ) | $ | 2,744 | $ | (296 | ) | ||||||||||||||
NET (CASH) DEBT [TOTAL DEBT LESS CASH AND CASH EQUIVALENTS LESS INVESTMENTS] | $ | 15,367 | $ | 10,371 | $ | 2,054 | $ | 2,293 | $ | 2,293 | $ | 68,271 | $ | 64,336 | $ | 64,336 | ||||||||||||||||
ADD: Cash and cash equivalents | 24,942 | 29,269 | 39,154 | 31,112 | 31,112 | 27,069 | 25,966 | 25,966 | ||||||||||||||||||||||||
Investments | 4,117 | 4,026 | 4,308 | 86 | 86 | — | 2,639 | 2,639 | ||||||||||||||||||||||||
TOTAL DEBT | $ | 44,426 | $ | 43,666 | $ | 45,516 | $ | 33,491 | $ | 33,491 | $ | 95,340 | $ | 92,941 | $ | 92,941 | ||||||||||||||||
NET DEBT AS % OF NET CAPITALIZATION | 4.9 | % | 3.3 | % | 0.7 | % | 0.7 | % | 0.7 | % | 17.7 | % | 16.2 | % | 16.2 | % | ||||||||||||||||
NET CAPITALIZATION [TOTAL DEBT PLUS SHAREHOLDERS’ EQUITY LESS CASH AND CASH EQUIVALENTS, LESS INVESTMENTS] | $ | 313,378 | $ | 310,514 | $ | 309,763 | $ | 313,016 | $ | 313,016 | $ | 385,659 | $ | 397,814 | $ | 397,814 | ||||||||||||||||
LESS: Total debt | (44,426 | ) | (43,666 | ) | (45,516 | ) | (33,491 | ) | (33,491 | ) | (95,340 | ) | (92,941 | ) | (92,941 | ) | ||||||||||||||||
ADD: Cash and cash equivalents | 24,942 | 29,269 | 39,154 | 31,112 | 31,112 | 27,069 | 25,966 | 25,966 | ||||||||||||||||||||||||
Investments | 4,117 | 4,026 | 4,308 | 86 | 86 | — | 2,639 | 2,639 | ||||||||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 298,011 | 300,143 | 307,709 | 310,723 | 310,723 | 317,388 | 333,478 | 333,478 | ||||||||||||||||||||||||
ADD: Total debt | 44,426 | 43,666 | 45,516 | 33,491 | 33,491 | 95,340 | 92,941 | 92,941 | ||||||||||||||||||||||||
TOTAL CAPITAL | $ | 342,437 | $ | 343,809 | $ | 353,225 | $ | 344,214 | $ | 344,214 | $ | 412,728 | $ | 426,419 | $ | 426,419 | ||||||||||||||||
TOTAL DEBT / TOTAL CAPITAL | 13.0 | % | 12.7 | % | 12.9 | % | 9.7 | % | 9.7 | % | 23.1 | % | 21.8 | % | 21.8 | % | ||||||||||||||||
EBIT [NET INCOME LESS INTEREST EXPENSE, NET] | $ | 8,727 | $ | 10,156 | $ | 6,989 | $ | 6,989 | $ | 32,861 | $ | 8,619 | $ | 10,960 | $ | 19,579 | ||||||||||||||||
LESS: Interest expense, net | (787 | ) | (667 | ) | (728 | ) | (628 | ) | (2,810 | ) | (1,024 | ) | (1,464 | ) | (2,488 | ) | ||||||||||||||||
Provision for income taxes | (2,779 | ) | (3,321 | ) | (1,955 | ) | (1,613 | ) | (9,668 | ) | (2,431 | ) | (3,038 | ) | (5,469 | ) | ||||||||||||||||
NET INCOME | $ | 5,161 | $ | 6,168 | $ | 4,306 | $ | 4,748 | $ | 20,383 | $ | 5,164 | $ | 6,458 | $ | 11,622 | ||||||||||||||||
EBITDA [NET INCOME LESS INTEREST EXPENSE, NET LESS DEPRECIATION LESS AMORTIZATION LESS TAXES] | $ | 11,362 | $ | 12,969 | $ | 9,504 | $ | 9,439 | $ | 43,274 | $ | 11,753 | $ | 14,696 | $ | 26,449 | ||||||||||||||||
LESS: | ||||||||||||||||||||||||||||||||
Interest expense, net | (787 | ) | (667 | ) | (728 | ) | (628 | ) | (2,810 | ) | (1,024 | ) | (1,464 | ) | (2,488 | ) | ||||||||||||||||
Depreciation | (2,597 | ) | (2,586 | ) | (2,450 | ) | (2,192 | ) | (9,825 | ) | (2,619 | ) | (3,169 | ) | (5,788 | ) | ||||||||||||||||
Amortization of intangibles | (38 | ) | (227 | ) | (65 | ) | (258 | ) | (588 | ) | (515 | ) | (567 | ) | (1,082 | ) | ||||||||||||||||
Provision for income taxes | (2,779 | ) | (3,321 | ) | (1,955 | ) | (1,613 | ) | (9,668 | ) | (2,431 | ) | (3,038 | ) | (5,469 | ) | ||||||||||||||||
NET INCOME | $ | 5,161 | $ | 6,168 | $ | 4,306 | $ | 4,748 | $ | 20,383 | $ | 5,164 | $ | 6,458 | $ | 11,622 | ||||||||||||||||
INCOME EXCLUDING SPECIAL CHARGES [NET INCOME LESS SPECIAL CHARGES, NET OF TAX] | $ | 5,359 | $ | 6,254 | $ | 4,647 | $ | 5,268 | $ | 21,489 | $ | 5,164 | $ | 6,458 | $ | 11,622 | ||||||||||||||||
LESS: Special charges, net of tax | (198 | ) | (86 | ) | (341 | ) | (520 | ) | (1,106 | ) | — | — | — | |||||||||||||||||||
NET INCOME | $ | 5,161 | $ | 6,168 | $ | 4,306 | $ | 4,748 | $ | 20,383 | $ | 5,164 | $ | 6,458 | $ | 11,622 | ||||||||||||||||
Weighted average common shares outstanding (diluted) | 16,054 | 16,171 | 16,228 | 16,172 | 16,019 | 16,197 | 16,332 | 16,266 | ||||||||||||||||||||||||
EARNINGS PER SHARE EXCLUDING SPECIAL CHARGES | $ | 0.33 | $ | 0.39 | $ | 0.29 | $ | 0.33 | $ | 1.34 | $ | 0.32 | $ | 0.40 | $ | 0.71 |