Exhibit 99.1
Contact: | Deborah Hileman |
Vice President, Communications/Investor Relations
(888) 213-5667
Deborah.hileman@emsc.net
EMERGENCY MEDICAL SERVICES ANNOUNCES FIRST QUARTER
EARNINGS PER SHARE OF $0.17
Highlights:
• | Net revenue was $469.1 million for the first quarter ended March 31, 2006, an increase of 9.2% compared to the same period last year; |
• | EBITDA was $38.9 million for the first quarter, an increase of 10.1% compared to the same period last year (excluding Laidlaw acquisition-related compensation charges in January 2005); and |
• | Diluted earnings per share were $0.17 for the first quarter ($0.18 per diluted share excluding stock option expense). |
Greenwood Village, Colorado (May 9, 2006) – Emergency Medical Services Corporation (NYSE: EMS) (“EMSC” or the “Company”) today announced results for the first quarter ended March 31, 2006.
“We are pleased with the Company’s overall performance during the first quarter of 2006. We continue to demonstrate year over year contract growth while at the same time entering new markets. We are exceptionally pleased with EmCare’s performance and growth. Notwithstanding a challenging quarter at AMR, we remain confident in its performance and growth opportunities,” said William A. Sanger, Chairman and Chief Executive Officer.
Results of Operations for the First Quarter 2006
For the first quarter ended March 31, 2006, EMSC generated net revenue of $469.1 million, an increase of 9.2% compared to the same period last year. For the first quarter ended March 31, 2006, EMSC generated EBITDA of $38.9 million, an increase of 10.1% compared to the same period last year (excluding Laidlaw acquisition-related compensation charges in January 2005). A reconciliation of EBITDA to income (loss) from operations and net income is included in this press release.
EMSC generated net income of $7.3 million, or $0.17 per diluted share, on 42.4 million average weighted shares outstanding ($0.18 per diluted share excluding stock option expense), for the first quarter of 2006, compared to a net loss of $1.5 million for the same period last year. The variance is primarily due to improvement in operating results, and the net impact of certain costs related to the acquisition from Laidlaw International, Inc. (“Laidlaw”), effective January 31, 2005.
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EmCare Holdings Inc. (“EmCare”) generated net revenue of $173.8 million, an increase of 15.4% compared to the same period last year. EmCare generated EBITDA of $15.7 million, an increase of 83.6% compared to the same period last year (excluding Laidlaw acquisition-related compensation charges in January 2005). The increase in EBITDA resulted primarily from revenue increases in existing contracts, new contract wins, and terminating underperforming agreements.
American Medical Response, Inc. (“AMR”) generated net revenue of $295.3 million, an increase of 5.9% compared to the same period last year. AMR generated EBITDA of $23.2 million, a decrease of 13.4% compared to the same period last year (excluding Laidlaw acquisition-related compensation charges in January 2005). Results were affected by lower than expected transport volume due to a mild winter flu season, increased fuel costs, and market-specific staffing shortages.
Operating cash flows for the quarter were $36.8 million, compared to $42.0 million for the same three month period last year. Operating cash flows were affected by changes in accounts receivable, timing differences in payroll and interest payments. Changes in net working capital contributed $8.6 million in the quarter. This included a $20.0 million decrease in accounts receivable compared to an increase of $4.6 million for the same period in 2005, offset by a reduction in accrued liabilities due to timing differences in our payroll-related disbursements of $17.1 million. Operating cash flows for the same period last year did not include a semi-annual interest payment of $12.5 million on our senior secured notes.
Net cash used in investing activities was $19.3 million for the three months ended March 31, 2006, compared to $840.3 million for the same period in 2005. The $821.0 million decrease is attributable principally to our net cash outflows of $828.8 million to purchase AMR and EmCare from Laidlaw in February 2005. Net cash used in investing activities during the first quarter ended March 31, 2006, relates primarily to capital expenditures for the purchase of new vehicles, medical equipment and technology-related assets, and the change in investments to fund insurance-related obligations.
For the three months ended March 31, 2006, net cash provided by financing activities was $3.3 million compared to net cash provided by financing activities of $818.8 million for the three months ended March 31, 2005. Net cash provided for the same period in 2005 relates primarily to financing obtained in our acquisition of AMR and EmCare.
Conference Call
EMSC management will host a conference call and live webcast on May 9, 2006, at 11:00 a.m. EDT, to discuss the Company’s financial results. A 30-day online replay will be available approximately one hour following the conclusion of the live broadcast. A link to the live broadcast and online replay is available on the Investor Relations section of the Company’s website atwww.emsc.net.
About Emergency Medical Services Corporation
Under the recognized brands of EmCare and American Medical Response, Emergency Medical Services Corporation, headquartered in Greenwood Village, Colorado, is a leading provider of emergency medical services in the United States, serving more than nine million patients each year. EmCare provides outsourced emergency department staffing and management services to 338 hospitals nationwide. American Medical Response is America’s leading provider of
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ambulance services with local operations in 35 states. For more information, visit www.emsc.net.
Forward-Looking Statements
Certain statements and information herein may be deemed to be “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, and all statements (other than statements of historical facts) that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future. Any forward-looking statements herein are made as of the date of this press release, and EMSC undertakes no duty to update or revise any such statements. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in EMSC’s filings with the SEC from time to time, including in the section entitled “Risk Factors” in the Company’s most recent Annual Report on Form 10-K. Among the factors that could cause future results to differ materially from those provided in this press release are: the impact on our revenue of changes in transport volume, mix of insured and uninsured patients, and third party reimbursement rates and methods; the adequacy of our insurance coverage and insurance reserves; potential penalties or changes to our operations if we fail to comply with extensive and complex government regulation of our industry, both as it exists now and as it may change in the future; our ability to recruit and retain qualified physicians and other healthcare professionals, and enforce our non-compete agreements with our physicians; the loss of one or more members of our senior management team; the outcome of government investigations of certain of our business practices; our ability to generate cash flow to service our debt obligations and fund the cost of capital expenditures to maintain and upgrade our vehicle fleet and medical equipment; and the loss of existing contracts and the accuracy of our assessment of costs under new contracts.
Comparability of Historical Financial Data
The comparability of our financial information has been affected by a number of significant events and transactions. In February 2005, AMR and EmCare were acquired by Emergency Medical Services L.P. (“EMS LP”). For the month ended January 31, 2005, prior to the acquisition, the AMR and EmCare businesses formerly owned by Laidlaw are referred to as the “Predecessor.” In addition, EMSC completed an IPO and used net proceeds from this offering to pay down a portion of a senior secured credit facility entered into as part of the acquisition. Generally the results of operations of our segments are comparable from period to period except for certain capital costs, such as interest and amortization, and Laidlaw acquisition-related compensation charges.
We have also included as supplemental information our unaudited pro forma statements of operations and cash flows for the twelve month period ended December 31, 2005, by quarter. These pro forma statements present the combination of the Predecessor one month ended January 31, 2005, with the financial information of EMSC subsequent to the acquisition (“Successor”).
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Non-GAAP Financial Measures Reconciliation
This press release includes presentations of EBITDA, which is defined as operating income plus depreciation and amortization expense. EBITDA is commonly used by management and investors as a measure of leverage capacity, debt service ability and liquidity. EBITDA is not considered a measure of financial performance under U.S. generally accepted accounting principles (“GAAP”), and the items excluded from EBITDA are significant components in understanding and assessing our financial performance. EBITDA should not be considered in isolation or as an alternative to such GAAP measures as net income, cash flows provided by or used in operating, investing or financing activities or other financial statement data presented in our consolidated financial statements as an indicator of financial performance or liquidity. Reconciliations of non-GAAP financial measures are provided in this press release. Since EBITDA is not a measure determined in accordance with GAAP and is susceptible to varying calculations, EBITDA, as presented, may not be comparable to other similarly titled measures of other companies.
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EMERGENCY MEDICAL SERVICES CORPORATION
Unaudited Condensed Statements of Operations and Other Information
Including a Reconciliation of EBITDA to Net Income
(in thousands, except shares, per share data and other information)
Consolidated three months ended March 31, 2006 | Consolidated two months ended March 31, 2005 | Predecessor combined one month ended January 31, 2005 | Pro forma three months ended March 31, 20051 | |||||||||||||
Net revenue | $ | 469,124 | $ | 286,389 | $ | 143,069 | $ | 429,458 | ||||||||
Compensation and benefits | 326,047 | 195,690 | 103,191 | 298,881 | ||||||||||||
Operating expenses | 66,454 | 39,170 | 18,469 | 57,639 | ||||||||||||
Insurance expense | 22,907 | 16,907 | 7,768 | 24,675 | ||||||||||||
Selling, general and administrative expenses | 14,839 | 8,679 | 4,283 | 12,962 | ||||||||||||
Laidlaw compensation charges | – | – | 14,440 | 14,440 | ||||||||||||
EBITDA | $ | 38,877 | $ | 25,943 | $ | (5,082 | ) | $ | 20,861 | |||||||
Reconciliation of EBITDA to net income (loss) | ||||||||||||||||
EBITDA | $ | 38,877 | $ | 25,943 | $ | (5,082 | ) | $ | 20,861 | |||||||
Depreciation and amortization expense | (15,844 | ) | (8,896 | ) | (3,894 | ) | (12,790 | ) | ||||||||
Income (loss) from operations | 23,033 | 17,047 | (8,976 | ) | 8,071 | |||||||||||
Interest expense | (11,292 | ) | (9,824 | ) | (1,169 | ) | (10,993 | ) | ||||||||
Realized (loss) gain on investments | (219 | ) | (39 | ) | 13 | (26 | ) | |||||||||
Interest and other income (expense) | 352 | 13 | (4 | ) | 9 | |||||||||||
Income tax (expense) benefit | (4,628 | ) | (2,662 | ) | 4,060 | 1,398 | ||||||||||
Equity in earnings of unconsolidated subsidiary | 15 | – | – | – | ||||||||||||
Net income (loss) | $ | 7,261 | $ | 4,535 | $ | (6,076 | ) | $ | (1,541 | ) | ||||||
Basic net income per common share | $ | 0.17 | $ | 0.14 | N/A | N/A | ||||||||||
Diluted net income per common share | $ | 0.17 | $ | 0.14 | N/A | N/A | ||||||||||
Average common shares outstanding, basic | 41,497,230 | 33,020,229 | N/A | N/A | ||||||||||||
Average common shares outstanding, diluted | 42,397,898 | 33,166,789 | N/A | N/A | ||||||||||||
Other Information | ||||||||||||||||
EmCare patient visits | 1,547,326 | 974,822 | 464,500 | 1,439,322 | ||||||||||||
AMR ambulance transports | 732,761 | 479,569 | 243,700 | 723,269 | ||||||||||||
AMR weighted transports | 748,060 | 490,918 | 249,421 | 740,339 |
1 | Pro forma combined one-month Predecessor with two-month Successor. |
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EMERGENCY MEDICAL SERVICES CORPORATION
Unaudited Reconciliation of Segment EBITDA to Income from Operations
(in thousands)
Consolidated three months ended March 31, 2006 | Consolidated two months ended March 31, 2005 | Predecessor combined one month ended January 31, 20051 | Pro forma three months ended March 31, 20052 | |||||||||||||
AMR | ||||||||||||||||
EBITDA | $ | 23,159 | $ | 19,806 | $ | 1,074 | $ | 20,880 | ||||||||
Depreciation and | (12,610 | ) | (7,404 | ) | (3,418 | ) | (10,822 | ) | ||||||||
Income (loss) from operations | 10,549 | 12,402 | (2,344 | ) | 10,058 | |||||||||||
EmCare | ||||||||||||||||
EBITDA | 15,718 | 6,137 | (6,156 | ) | (19 | ) | ||||||||||
Depreciation and | (3,234 | ) | (1,492 | ) | (476 | ) | (1,968 | ) | ||||||||
Income (loss) from operations | 12,484 | 4,645 | (6,632 | ) | (1,987 | ) | ||||||||||
Total | ||||||||||||||||
EBITDA | 38,877 | 25,943 | (5,082 | ) | 20,861 | |||||||||||
Depreciation and | (15,844 | ) | (8,896 | ) | (3,894 | ) | (12,790 | ) | ||||||||
Income (loss) from operations | $ | 23,033 | $ | 17,047 | $ | (8,976 | ) | $ | 8,071 | |||||||
1 | Loss from operations includes Laidlaw compensation charges of $5.8 million at AMR and $8.6 million at EmCare in connection with the acquisition from Laidlaw. |
2 | Pro forma combined one-month Predecessor with two-month Successor. |
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EMERGENCY MEDICAL SERVICES CORPORATION
Condensed Balance Sheets
(in thousands)
Unaudited Consolidated March 31, 2006 | Consolidated December 31, 2005 | |||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 38,841 | $ | 18,048 | ||
Trade and other accounts receivable, net | 391,206 | 411,184 | ||||
Other current assets | 102,724 | 86,064 | ||||
Total current assets | 532,771 | 515,296 | ||||
Non-current assets: | ||||||
Property, plant and equipment, net | 139,781 | 138,037 | ||||
Goodwill and other intangible assets, net | 326,171 | 329,351 | ||||
Other long-term assets | 279,428 | 284,344 | ||||
Total assets | $ | 1,278,151 | $ | 1,267,028 | ||
Liabilities and Equity | ||||||
Current liabilities | $ | 280,475 | $ | 277,435 | ||
Long-term debt | 494,880 | 495,520 | ||||
Other long-term liabilities | 150,821 | 149,089 | ||||
Total liabilities | 926,176 | 922,044 | ||||
Total equity | 351,975 | 344,984 | ||||
Total liabilities and equity | $ | 1,278,151 | $ | 1,267,028 | ||
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EMERGENCY MEDICAL SERVICES CORPORATION
Unaudited Condensed Statements of Cash Flows
(in thousands)
Consolidated three months ended March 31, 2006 | Consolidated two months ended March 31, 2005 | Predecessor combined one month ended January 31, 2005 | Pro forma three | |||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||
Net income (loss) | $ | 7,261 | $ | 4,535 | $ | (6,076 | ) | $ | (1,541 | ) | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation, amortization, deferred taxes and other | 20,869 | 9,685 | (209 | ) | 9,476 | |||||||||||
Non-cash Laidlaw allocated compensation expense | — | — | 14,440 | 14,440 | ||||||||||||
Changes in operating assets/liabilities: | ||||||||||||||||
Trade and other accounts receivable | 19,978 | 16,177 | (20,771 | ) | (4,594 | ) | ||||||||||
Insurance accruals | 7,459 | 4,459 | 1,772 | 6,231 | ||||||||||||
Other assets and liabilities | (18,791 | ) | 11,869 | 6,164 | 18,033 | |||||||||||
Net cash provided by (used in) operating activities | 36,776 | 46,725 | (4,680 | ) | 42,045 | |||||||||||
Cash Flows from Investing Activities | ||||||||||||||||
EMS LP purchase of AMR and EmCare | — | (828,775 | ) | — | (828,775 | ) | ||||||||||
Purchase of property, plant and equipment, net | (12,900 | ) | (10,238 | ) | (3,890 | ) | (14,128 | ) | ||||||||
Insurance collateral | (5,632 | ) | (6,771 | ) | 12,534 | 5,763 | ||||||||||
Other investing activities | (757 | ) | (1,351 | ) | (1,828 | ) | (3,179 | ) | ||||||||
Net cash (used in) provided by investing activities | (19,289 | ) | (847,135 | ) | 6,816 | (840,319 | ) | |||||||||
Cash Flows from Financing Activities | ||||||||||||||||
EMS LP purchase of AMR and EmCare | — | 820,687 | — | 820,687 | ||||||||||||
Other financing activities | 3,306 | (10,565 | ) | 8,632 | (1,933 | ) | ||||||||||
Net cash provided by financing activities | 3,306 | 810,122 | 8,632 | 818,754 | ||||||||||||
Change in cash and cash equivalents | 20,793 | 9,712 | 10,768 | 20,480 | ||||||||||||
Cash and cash equivalents, beginning of period | 18,048 | 14,631 | 3,863 | 3,863 | ||||||||||||
Cash and cash equivalents, end of period | $ | 38,841 | $ | 24,343 | $ | 14,631 | $ | 24,343 | ||||||||
1 | Pro forma combined one-month Predecessor with two-month Successor. |
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EMERGENCY MEDICAL SERVICES CORPORATION
Supplemental Information
Unaudited Pro Forma Quarterly Statements of Operations and Other Information
(in thousands, except other information)
Pro forma three months ended March 31, 20051 | Consolidated | Pro forma twelve months ended December 31, 20052 | ||||||||||||||||||
three months ended June 30, 2005 | three months ended September 30, 2005 | three months ended December 31, 2005 | ||||||||||||||||||
Net revenue | $ | 429,458 | $ | 445,019 | $ | 456,245 | $ | 467,832 | $ | 1,798,554 | ||||||||||
Compensation and benefits | 298,881 | 307,613 | 319,292 | 323,460 | 1,249,246 | |||||||||||||||
Operating expenses | 57,639 | 63,374 | 66,156 | 64,387 | 251,556 | |||||||||||||||
Insurance expense | 24,675 | 22,427 | 21,048 | 22,418 | 90,568 | |||||||||||||||
Selling, general and administrative expenses | 12,962 | 13,915 | 15,654 | 16,014 | 58,545 | |||||||||||||||
Laidlaw compensation charges | 14,440 | — | — | — | 14,440 | |||||||||||||||
Depreciation and amortization expense | 12,790 | 15,072 | 14,843 | 15,332 | 58,037 | |||||||||||||||
Restructuring charges | — | — | — | 1,781 | 1,781 | |||||||||||||||
Income from operations | 8,071 | 22,618 | 19,252 | 24,440 | 74,381 | |||||||||||||||
Interest expense | (10,993 | ) | (11,759 | ) | (12,824 | ) | (13,406 | ) | (48,982 | ) | ||||||||||
Realized (loss) gain on investments | (26 | ) | 33 | (34 | ) | (124 | ) | (151 | ) | |||||||||||
Interest and other income | 9 | 85 | 91 | 851 | 1,036 | |||||||||||||||
Loss on early debt extinguishment | — | — | — | (2,040 | ) | (2,040 | ) | |||||||||||||
Income (loss) before income taxes and equity in earnings of unconsolidated subsidiary | (2,939 | ) | 10,977 | 6,485 | 9,721 | 24,244 | ||||||||||||||
Income tax (expense) benefit | 1,398 | (4,516 | ) | (3,479 | ) | (3,715 | ) | (10,312 | ) | |||||||||||
Income (loss) before equity in earnings of unconsolidated subsidiary | (1,541 | ) | 6,461 | 3,006 | 6,006 | 13,932 | ||||||||||||||
Equity in earnings of unconsolidated subsidiary | — | — | — | 59 | 59 | |||||||||||||||
Net income (loss) | $ | (1,541 | ) | $ | 6,461 | $ | 3,006 | $ | 6,065 | $ | 13,991 | |||||||||
Other Information | ||||||||||||||||||||
EmCare patient visits | 1,439,322 | 1,541,868 | 1,543,156 | 1,520,109 | 6,044,455 | |||||||||||||||
AMR ambulance transports | 723,269 | 722,752 | 720,727 | 721,638 | 2,888,385 | |||||||||||||||
AMR weighted transports | 740,339 | 739,519 | 735,441 | 735,463 | 2,950,763 |
1 | Pro forma combined one-month Predecessor with two-month Successor. |
2 | Pro forma combined one-month Predecessor with eleven-month Successor. |
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EMERGENCY MEDICAL SERVICES CORPORATION
Supplemental Information
Unaudited Pro Forma Quarterly Statements of Cash Flows
(in thousands)
Pro forma three months ended March 31, 20051 | Consolidated | Pro forma twelve months ended December 31, 20052 | ||||||||||||||||||
three months ended June 30, 2005 | three months ended September 30, 2005 | three months ended December 31, 2005 | ||||||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||||||
Net income (loss) | $ | (1,541 | ) | $ | 6,461 | $ | 3,006 | $ | 6,065 | $ | 13,991 | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 13,332 | 15,491 | 15,517 | 15,763 | 60,103 | |||||||||||||||
Gain on disposal of property, plant and equipment | (299 | ) | (126 | ) | (80 | ) | (73 | ) | (578 | ) | ||||||||||
Stock compensation expense | 300 | — | 1,095 | 1,385 | 2,780 | |||||||||||||||
Debt extinguishment costs | — | — | — | 2,040 | 2,040 | |||||||||||||||
Equity in earnings of unconsolidated subsidiary | — | — | — | (59 | ) | (59 | ) | |||||||||||||
Non-cash Laidlaw compensation charges | 14,440 | — | — | — | 14,440 | |||||||||||||||
Loss on restricted investments | — | — | — | 164 | 164 | |||||||||||||||
Deferred income taxes | (3,857 | ) | (659 | ) | 2,918 | 11,808 | 10,210 | |||||||||||||
Changes in operating assets/liabilities: | ||||||||||||||||||||
Trade and other accounts receivable | (4,594 | ) | 7,099 | (18,475 | ) | (41,418 | ) | (57,388 | ) | |||||||||||
Other current assets | (8,633 | ) | 2,463 | 2,376 | 4,550 | 756 | ||||||||||||||
Accounts payable and accrued liabilities | 26,666 | 9,589 | (5,269 | ) | 5,347 | 36,333 | ||||||||||||||
Insurance accruals | 6,231 | 3,767 | 8,777 | 3,716 | 22,491 | |||||||||||||||
Net cash provided by operating activities | 42,045 | 44,085 | 9,865 | 9,288 | 105,283 | |||||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
EMS LP purchase of AMR and EmCare | (828,775 | ) | — | — | — | (828,775 | ) | |||||||||||||
Purchase of property, plant and equipment | (14,430 | ) | (9,516 | ) | (14,915 | ) | (13,986 | ) | (52,847 | ) | ||||||||||
Proceeds from sale of property, plant and equipment | 302 | 178 | 109 | 143 | 732 | |||||||||||||||
Insurance collateral | 5,763 | (15,663 | ) | (23,580 | ) | 6,073 | (27,407 | ) | ||||||||||||
Other investing activities | (3,179 | ) | 4,480 | (3,593 | ) | 7,776 | 5,484 | |||||||||||||
Net cash (used in) provided by investing activities | (840,319 | ) | (20,521 | ) | (41,979 | ) | 6 | (902,813 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Borrowings under senior secured credit facility | 350,000 | — | — | — | 350,000 | |||||||||||||||
Proceeds from issuance of senior subordinated notes | 250,000 | — | — | — | 250,000 | |||||||||||||||
Borrowings under revolving credit facility | 20,200 | — | 5,000 | — | 25,200 | |||||||||||||||
EMS LP issuance of partnership equity | 220,605 | 250 | 1,800 | — | 222,655 | |||||||||||||||
Debt issue costs | (18,391 | ) | — | (5 | ) | 66 | (18,330 | ) | ||||||||||||
EMS LP partnership equity issuance costs | (1,727 | ) | 1 | — | (193 | ) | (1,919 | ) | ||||||||||||
EMSC issuance of class A common stock | — | — | — | 113,400 | 113,400 | |||||||||||||||
EMSC equity issuance costs | — | — | — | (9,329 | ) | (9,329 | ) | |||||||||||||
Repayments of capital lease obligations and other debt | (8,466 | ) | (17,160 | ) | (2,317 | ) | (106,423 | ) | (134,366 | ) | ||||||||||
(Decrease) increase in bank overdrafts | (787 | ) | 638 | 3,088 | 2,754 | 5,693 | ||||||||||||||
Advances from Laidlaw | 8,656 | — | — | — | 8,656 | |||||||||||||||
(Decrease) Increase in other non-current liabilities | (1,336 | ) | (271 | ) | 3,296 | (1,634 | ) | 55 | ||||||||||||
Net cash provided by (used in) financing activities | 818,754 | (16,542 | ) | 10,862 | (1,359 | ) | 811,715 | |||||||||||||
Change in cash and cash equivalents | 20,480 | 7,022 | (21,252 | ) | 7,935 | 14,185 | ||||||||||||||
Cash and cash equivalents, beginning of period | 3,863 | 24,343 | 31,365 | 10,113 | 3,863 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 24,343 | $ | 31,365 | $ | 10,113 | $ | 18,048 | $ | 18,048 | ||||||||||
Certain prior period items have been reclassified to conform to current period presentation, including periodic reclassifications of insurance collateral between net operating and investing cash flows for the periods prior to and including September 30, 2005.
1 | Pro forma combined one-month Predecessor with two-month Successor. |
2 | Pro forma combined one-month Predecessor with eleven-month Successor. |
END