Exhibit 99.1
| | |
| | Contact: Brian Turner Chief Financial Officer 425-943-8000 |
| | Media Contact: Marci Maule Director Public Relations 425-943-8277 |
COINSTAR ANNOUNCES FOURTH QUARTER AND FULL YEAR 2006 RESULTS
BELLEVUE, Wash.—February 8, 2007—Coinstar, Inc. (NASDAQ: CSTR) today announced results for the three-month and full year periods ended December 31, 2006.
Highlights for the full year 2006 were as follows:
| | • | | Revenue - $534.4 million |
| | • | | EBITDA - $104.4 million (see Appendix A) |
| | • | | Free cash flow - $53.2 million (see Appendix A) |
| | • | | Adjusted earnings per fully taxed, fully diluted share - $0.98 (see reconciliation below) |
| | • | | Net income - $18.6 million |
Included in GAAP net income for the year were certain non-cash charges including $6.2 million in amortization of intangible assets, $6.3 million in non-cash stock based compensation and $2.1 million related to the Company’s portion of non-cash losses associated with investments in DVD kiosk companies and amortization of financing fees. Excluding these items, net of taxes, Coinstar reported adjusted net income of $27.5 million. A reconciliation of GAAP earnings per share to adjusted earnings per share is as follows:
| | | |
| | | Year ended 12/31/06 |
GAAP fully taxed, fully diluted earnings per share | | $ | 0.66 |
| |
Amortization of intangibles, net of tax | | | 0.14 |
Stock based compensation, net of tax | | | 0.14 |
Non-cash losses in investments in DVD kiosk companies and amortization of financing fees, net of tax | | | 0.04 |
| | | |
Adjusted fully taxed, fully diluted earnings per share | | $ | 0.98 |
| | | |
Highlights for the three months ended December 31, 2006, were as follows:
| | • | | Revenue - $138.0 million |
| | • | | EBITDA - $25.4 million (see Appendix A) |
| | • | | Free cash flow - $6.0 million (see Appendix A) |
| | • | | Adjusted earnings per fully taxed, fully diluted share - $0.28 (see reconciliation below) |
| | • | | Net income - $5.0 million |
Included in GAAP net income for the fourth quarter of 2006 were certain non-cash charges including $1.7 million in amortization of intangible assets, $1.9 million in non-cash stock based compensation, and $0.3 million related to the Company’s portion of non-cash losses associated with investments in DVD kiosk companies and amortization of financing fees. Excluding these items, net of taxes, Coinstar reported adjusted net income of $8.0 million. A reconciliation of GAAP earnings per share to adjusted earnings per share is as follows:
| | | |
| | | Three Months ended 12/31/06 |
GAAP fully taxed, fully diluted earnings per share | | $ | 0.18 |
| |
Amortization of intangibles, net of tax | | | 0.04 |
Stock based compensation expense, net of tax | | | 0.05 |
Non-cash losses in investments in DVD kiosk companies and amortization of financing fees, net of tax | | | 0.01 |
| | | |
Adjusted fully taxed, fully diluted earnings per share | | $ | 0.28 |
| | | |
At December 31, 2006, Coinstar had approximately $64.4 million in cumulative net operating loss carryforwards. Although Coinstar recorded $1.7 million in tax expense for the fourth quarter, as a result of these net operating loss carryforwards, cash paid for taxes during the three-month period totaled only $578,000.
“Our results demonstrate our ability to balance execution, investment and growth. In fact, we achieved solid gains while successfully integrating our operations. We anticipate similar results in 2007 as we realize the ongoing efficiency that comes with national scale and a turnkey, 4th Wall management solution,” Dave Cole, Chief Executive Officer of Coinstar, Inc. stated. “Coinstar is ideally positioned to maintain its industry leadership. Our infrastructure and technology advantage is unique and sustainable, and we have the financial flexibility to invest in our business as we see new opportunities to create shareholder value. By continuing our focus on operational excellence, financial performance and seizing market opportunities, we are confident Coinstar will continue to drive value for our shareholders.”
Other Information
| | | | | | |
| | | Year ended 12/31/06 | | Year ended 12/31/05 |
Cash paid for capital expenditures (in thousands) | | $ | 44,365 | | $ | 43,905 |
| | |
Installed Base | | | | | | |
Coin | | | 13,500 | | | 12,800 |
- Coin to card, e-payment or e-certificate enabled | | | 8,200 | | | 5,800 |
Crane | | | 30,000 | | | 30,000 |
Bulk heads and other | | | 271,000 | | | 271,000 |
POSA terminals | | | 14,000 | | | 19,000 |
Share Repurchase
For the full year, Coinstar repurchased 333,925 shares of common stock at an average price of $24.02 per share. The aggregate expenditure for the year totaled $8.0 million. For the three months ended December 31, 2006, Coinstar was not active repurchasing shares. This was primarily due to the three month period coinciding with Coinstar’s seasonal peak period for cash use in our Coin business. In 2007, Coinstar expects to remain active in the repurchase of its shares subject to market and other conditions.
First Quarter Expectations
Management estimates that revenue for the first quarter ending March 31, 2007, will range from $125 million to $135 million. In addition, management estimates that for the first quarter GAAP earnings per fully taxed, fully diluted share will range from $0.06 to $0.13 with adjusted earnings per fully taxed, fully diluted share ranging from $0.14 to $0.21.
Conference Call
A conference call to discuss the fourth quarter and full year 2006 results will be broadcast live over the Internet today, Thursday, February 8, 2007, at 5:00 p.m. Eastern Time. The Webcast will be hosted at the About Us – Investor Relations section of Coinstar’s Web site atwww.coinstar.com.
About Coinstar, Inc.
Coinstar, Inc. (NASDAQ:CSTR) is a multi-national company offering a range of 4th Wall™solutions for the retailers’ front of store consisting of self-service coin counting, electronic payment solutions, entertainment services, money transfer and self-service DVD rental. The company’s products and services can be found at more than 60,000 retail locations including supermarkets, drug stores, mass merchants, financial institutions, convenience stores and restaurants.
# # #
Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “goals,” variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. The forward-looking statements in this release include statements regarding Coinstar, Inc.’s anticipated growth and future operating results. Forward-looking statements are not guarantees of future performance and actual results may vary materially from the results expressed or implied in such statements. Differences may result from actions taken by Coinstar, Inc., as well as from risks and uncertainties beyond Coinstar, Inc.’s control. Such risks and uncertainties include, but are not limited to, the effect of and financing of recent acquisitions, the ability to successfully integrate acquired businesses, the ability to bring new and repeat customers to Coinstar® machines, the ability to obtain new agreements with potential retailers for the installation of Coinstar machines and the retention of the current agreements with our existing retailers on terms that are not materially adverse to Coinstar, Inc., and legal or governmental regulatory action and uncertainties relating to the ultimate success of new business initiatives. The foregoing list of risks and uncertainties is illustrative, but by no means exhaustive. For more information on factors that may affect future performance, please review “Risk Factors” described in Item 1A of Part II of our most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission. These forward-looking statements reflect Coinstar, Inc.’s expectations as of the date of this release. Coinstar, Inc. undertakes no obligation to update the information provided herein.
Appendix A
(in thousands unless otherwise noted)
Non GAAP measures
Non GAAP measures are provided as a complement to results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Non GAAP measures are not a substitute for measures computed in accordance with GAAP. Definitions of such non GAAP measurements are provided below. These definitions are provided to allow the reader to reconcile non GAAP data to that presented in accordance with GAAP. Our non GAAP measures may be different from the presentation of financial information by other companies.
EBITDA represents earnings before net interest expense, income taxes, depreciation, amortization and other. We believe EBITDA is an important non GAAP measure as it provides useful information regarding our ability to service, incur or pay down indebtedness and for purposes of calculating certain debt covenants. In addition, management uses such non GAAP measures internally to evaluate the Company’s performance and manage its operations. See below for reconciliation of most comparable GAAP measurements to EBITDA.
| | | | | | |
| | | Three months ended 12/31/06 | | Year ended 12/31/06 |
Net income | | $ | 5,040 | | $ | 18,627 |
Depreciation, amortization and other | | | 14,994 | | | 59,056 |
Interest expense, net | | | 3,709 | | | 14,366 |
Early retirement of debt | | | — | | | 238 |
Income taxes | | | 1,689 | | | 12,073 |
| | | | | | |
EBITDA | | $ | 25,432 | | $ | 104,360 |
| | | | | | |
Free cash flow: we believe free cash flow is an important non GAAP measure as it provides useful cash flow information regarding our ability to service, incur or pay down indebtedness and repurchase our common stock. We use free cash flow as a measure to reflect cash available to service our debt as well as to fund our discretionary and non-discretionary expenditures. Free cash flow may be reconciled from net cash provided by operating activities, the most directly comparable GAAP measure, as follows:
| | | | | | | | |
| | | Three months ended 12/31/06 | | | Year ended 12/31/06 | |
Net cash provided by operating activities | | $ | 45,435 | | | $ | 114,338 | |
Changes in operating assets and liabilities, net of acquisitions | | | (20,022 | ) | | | (16,767 | ) |
Cash paid for capital expenditures | | | (19,461 | ) | | | (44,365 | ) |
| | | | | | | | |
FREE CASH FLOW | | $ | 5,952 | | | $ | 53,206 | |
| | | | | | | | |
Adjusted earnings per share: we believe adjusted earnings per share is an important non GAAP measure as it provides useful information about our results from operations excluding certain non-cash charges. We believe this measure provides an important comparison to prior period earnings and is representative of our operating results.
Coinstar, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
| | | | | | | | | | | | | | | | |
| | | Three months ended | | | Year ended | |
| | | Dec. 31,
2006 | | | Dec. 31,
2005 | | | Dec. 31,
2006 | | | Dec. 31,
2005 | |
REVENUE | | $ | 138,047 | | | $ | 125,607 | | | $ | 534,442 | | | $ | 459,739 | |
EXPENSES: | | | | | | | | | | | | | | | | |
Direct operating | | | 91,923 | | | | 83,871 | | | | 355,378 | | | | 309,162 | |
Marketing | | | 5,481 | | | | 5,031 | | | | 14,420 | | | | 10,748 | |
Research and development | | | 1,155 | | | | 1,446 | | | | 5,246 | | | | 5,716 | |
General and administrative | | | 13,902 | | | | 9,800 | | | | 55,133 | | | | 36,625 | |
Depreciation and other | | | 13,272 | | | | 11,887 | | | | 52,836 | | | | 45,347 | |
Amortization of intangible assets | | | 1,722 | | | | 1,281 | | | | 6,220 | | | | 4,556 | |
| | | | | | | | | | | | | | | | |
Income from operations | | | 10,592 | | | | 12,291 | | | | 45,209 | | | | 47,585 | |
| | | | |
OTHER INCOME (EXPENSE): | | | | | | | | | | | | | | | | |
Interest income and other, net | | | 165 | | | | 499 | | | | 1,543 | | | | 1,549 | |
Interest expense | | | (3,910 | ) | | | (3,613 | ) | | | (15,748 | ) | | | (12,916 | ) |
Income (loss) from equity investments | | | (118 | ) | | | (161 | ) | | | (66 | ) | | | 281 | |
Early retirement of debt | | | — | | | | — | | | | (238 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Income before income taxes | | | 6,729 | | | | 9,016 | | | | 30,700 | | | | 36,499 | |
Income taxes | | | (1,689 | ) | | | (3,497 | ) | | | (12,073 | ) | | | (14,227 | ) |
| | | | | | | | | | | | | | | | |
NET INCOME | | $ | 5,040 | | | $ | 5,519 | | | $ | 18,627 | | | $ | 22,272 | |
| | | | | | | | | | | | | | | | |
NET INCOME PER SHARE: | | | | | | | | | | | | | | | | |
Basic | | $ | 0.18 | | | $ | 0.20 | | | $ | 0.67 | | | $ | 0.86 | |
Diluted | | $ | 0.18 | | | $ | 0.20 | | | $ | 0.66 | | | $ | 0.86 | |
| | | | |
WEIGHTED SHARES OUTSTANDING: | | | | | | | | | | | | | | | | |
Basic | | | 27,668 | | | | 26,950 | | | | 27,686 | | | | 25,767 | |
Diluted | | | 28,180 | | | | 27,219 | | | | 28,028 | | | | 26,033 | |
Coinstar, Inc.
Non GAAP Consolidated Statements of Operations
Excluding Stock Based Compensation Expense*
(in thousands, except per share data)
(unaudited)
Income from operations before stock based compensation expenseis a financial measure we use to evaluate the underlying results and operating performance of our business. The difference between income from operations (the most comparable GAAP measure) and income from operations before stock based compensation expense (the non GAAP measure) reflects the impact of adopting SFAS 123(R) on the current period results. We believe income from operations before stock based compensation expense is a useful measure that allows investors to draw comparisons between operating results reported prior to adoption of SFAS 123(R) and the current period which may mask underlying trends and make it difficult to give investors perspective on underlying business results.
| | | | | | | | | | | | | | | | |
| | | Three months ended Dec. 31, 2006 | | | Three months
ended Dec. 31, 2005 | |
| | | GAAP
Results | | | Stock Based Compensation
Expense* | | | Pro Forma
Results | | |
REVENUE | | $ | 138,047 | | | $ | | | | $ | 138,047 | | | $ | 125,607 | |
EXPENSES: | | | | | | | | | | | | | | | | |
Direct operating | | | 91,923 | | | | (359 | ) | | | 91,564 | | | | 83,871 | |
Marketing | | | 5,481 | | | | (31 | ) | | | 5,450 | | | | 5,031 | |
Research and development | | | 1,155 | | | | (99 | ) | | | 1,056 | | | | 1,446 | |
General and administrative | | | 13,902 | | | | (1,265 | ) | | | 12,637 | | | | 9,800 | |
Depreciation and other | | | 13,272 | | | | | | | | 13,272 | | | | 11,887 | |
Amortization of intangible assets | | | 1,722 | | | | | | | | 1,722 | | | | 1,281 | |
| | | | | | | | | | | | | | | | |
Income from operations | | | 10,592 | | | | 1,754 | | | | 12,346 | | | | 12,291 | |
| | | | |
OTHER INCOME (EXPENSE): | | | | | | | | | | | | | | | | |
Interest income and other, net | | | 165 | | | | | | | | 165 | | | | 499 | |
Interest expense | | | (3,910 | ) | | | | | | | (3,910 | ) | | | (3,613 | ) |
Income (loss) from equity investments | | | (118 | ) | | | | | | | (118 | ) | | | (161 | ) |
Early retirement of debt | | | — | | | | | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Income before income taxes | | | 6,729 | | | | 1,754 | | | | 8,483 | | | | 9,016 | |
Income taxes | | | (1,689 | ) | | | (389 | ) | | | (2,078 | ) | | | (3,497 | ) |
| | | | | | | | | | | | | | | | |
NET INCOME | | $ | 5,040 | | | $ | 1,365 | | | $ | 6,405 | | | $ | 5,519 | |
| | | | | | | | | | | | | | | | |
NET INCOME PER SHARE: | | | | | | | | | | | | | | | | |
Basic | | $ | 0.18 | | | | | | | $ | 0.23 | | | $ | 0.20 | |
Diluted | | $ | 0.18 | | | | | | | $ | 0.23 | | | $ | 0.20 | |
| * | Stock-based compensation expense represents the incremental expense recorded as a result of adopting SFAS 123(R),Share-Based Payment. |
Coinstar, Inc.
Non GAAP Consolidated Statements of Operations
Excluding Stock Based Compensation Expense*
(in thousands, except per share data)
(unaudited)
| | | | | | | | | | | | | | | | |
| | | Year ended Dec. 31, 2006 | | | Year ended Dec. 31,
2005 | |
| | | GAAP
Results | | | Stock Based
Compensation
Expense* | | | Pro Forma
Results | | |
REVENUE | | $ | 534,442 | | | $ | | | | $ | 534,442 | | | $ | 459,739 | |
EXPENSES: | | | | | | | | | | | | | | | | |
Direct operating | | | 355,378 | | | | (1,126 | ) | | | 354,252 | | | | 309,162 | |
Marketing | | | 14,420 | | | | (135 | ) | | | 14,285 | | | | 10,748 | |
Research and development | | | 5,246 | | | | (343 | ) | | | 4,903 | | | | 5,716 | |
General and administrative | | | 55,133 | | | | (4,025 | ) | | | 51,108 | | | | 36,625 | |
Depreciation and other | | | 52,836 | | | | | | | | 52,836 | | | | 45,347 | |
Amortization of intangible assets | | | 6,220 | | | | | | | | 6,220 | | | | 4,556 | |
| | | | | | | | | | | | | | | | |
Income from operations | | | 45,209 | | | | 5,629 | | | | 50,838 | | | | 47,585 | |
| | | | |
OTHER INCOME (EXPENSE): | | | | | | | | | | | | | | | | |
Interest income and other, net | | | 1,543 | | | | | | | | 1,543 | | | | 1,549 | |
Interest expense | | | (15,748 | ) | | | | | | | (15,748 | ) | | | (12,916 | ) |
Income (loss) from equity investments | | | (66 | ) | | | | | | | (66 | ) | | | 281 | |
Early retirement of debt | | | (238 | ) | | | | | | | (238 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Income before income taxes | | | 30,700 | | | | 5,629 | | | | 36,329 | | | | 36,499 | |
Income taxes | | | (12,073 | ) | | | (1,352 | ) | | | (13,425 | ) | | | (14,227 | ) |
| | | | | | | | | | | | | | | | |
NET INCOME | | $ | 18,627 | | | $ | 4,277 | | | $ | 22,904 | | | $ | 22,272 | |
| | | | | | | | | | | | | | | | |
NET INCOME PER SHARE: | | | | | | | | | | | | | | | | |
Basic | | $ | 0.67 | | | | | | | $ | 0.83 | | | $ | 0.86 | |
Diluted | | $ | 0.66 | | | | | | | $ | 0.82 | | | $ | 0.86 | |
| * | Stock-based compensation expense represents the incremental expense recorded as a result of adopting SFAS 123(R),Share-Based Payment. |
Coinstar, Inc.
Consolidated Balance Sheets
(in thousands)
(unaudited)
| | | | | | | | |
| | | Dec. 31, 2006 | | | Dec. 31, 2005 | |
CURRENT ASSETS: | | | | | | | | |
Cash and cash equivalents | | $ | 24,726 | | | $ | 45,365 | |
Cash in machine or in transit | | | 63,740 | | | | 60,070 | |
Cash being processed | | | 89,698 | | | | 69,832 | |
Trade accounts receivable, net of allowance for doubtful accounts of $869 and $469 in 2006 and 2005, respectively | | | 21,339 | | | | 9,046 | |
Inventory | | | 39,334 | | | | 31,234 | |
Deferred income taxes | | | 16,441 | | | | 17,330 | |
Prepaid expenses and other current assets | | | 13,371 | | | | 11,020 | |
| | | | | | | | |
Total current assets | | | 268,649 | | | | 243,897 | |
| | |
PROPERTY AND EQUIPMENT, NET | | | 160,962 | | | | 148,811 | |
DEFERRED INCOME TAXES | | | 1,311 | | | | 5,385 | |
OTHER ASSETS | | | 3,807 | | | | 5,392 | |
EQUITY INVESTMENTS | | | 31,259 | | | | 19,966 | |
INTANGIBLE ASSETS, NET | | | 43,121 | | | | 40,139 | |
GOODWILL | | | 208,917 | | | | 179,811 | |
| | | | | | | | |
TOTAL ASSETS | | $ | 718,026 | | | $ | 643,401 | |
| | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | |
CURRENT LIABILITIES: | | | | | | | | |
Accounts payable | | $ | 57,536 | | | $ | 34,760 | |
Accrued liabilities payable to retailers | | | 95,737 | | | | 77,175 | |
Other accrued liabilities | | | 35,693 | | | | 26,941 | |
Current portion of long-term debt and capital lease obligations | | | 7,883 | | | | 3,850 | |
| | | | | | | | |
Total current liabilities | | | 196,849 | | | | 142,726 | |
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS | | | 192,372 | | | | 206,628 | |
DEFERRED TAX LIABILITY | | | 7,431 | | | | — | |
| | | | | | | | |
Total liabilities | | | 396,652 | | | | 349,354 | |
| | |
STOCKHOLDERS’ EQUITY: | | | | | | | | |
Common stock | | | 343,229 | | | | 328,951 | |
Retained earnings (accumulated deficit) | | | 5,478 | | | | (13,158 | ) |
Treasury stock | | | (30,806 | ) | | | (22,783 | ) |
Accumulated other comprehensive income | | | 3,473 | | | | 1,037 | |
| | | | | | | | |
Total stockholders’ equity | | | 321,374 | | | | 294,047 | |
| | | | | | | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | $ | 718,026 | | | $ | 643,401 | |
| | | | | | | | |
COINSTAR, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
| | | | | | | | |
| | | Year Ended December 31, | |
| | | 2006 | | | 2005 | |
OPERATING ACTIVITIES: | | | | | | | | |
Net income | | $ | 18,627 | | | $ | 22,272 | |
Adjustments to reconcile income to net cash provided by operating activities: | | | | | | | | |
Depreciation and other | | | 52,836 | | | | 45,347 | |
Amortization of intangible assets | | | 6,220 | | | | 4,556 | |
Amortization of deferred financing fees | | | 760 | | | | 785 | |
Loss on early retirement of debt | | | 238 | | | | — | |
Non-cash stock-based compensation | | | 6,258 | | | | 340 | |
Excess tax benefit from exercise of stock options | | | (335 | ) | | | — | |
Deferred income taxes | | | 11,733 | | | | 14,315 | |
Income from equity investments | | | 66 | | | | (281 | ) |
Return on equity investments | | | 929 | | | | 974 | |
Other | | | 239 | | | | (31 | ) |
Cash provided (used) by changes in operating assets and liabilities, net of effects of business acquisitions: | | | 16,767 | | | | 14,846 | |
| | | | | | | | |
Net cash provided by operating activities | | | 114,338 | | | | 103,123 | |
INVESTING ACTIVITIES: | | | | | | | | |
Purchase of property and equipment | | | (44,365 | ) | | | (43,905 | ) |
Acquisitions, net of cash acquired of $2,801 in 2006 and $4,574 in 2005, respectively | | | (31,252 | ) | | | (20,832 | ) |
Equity Investments | | | (12,109 | ) | | | (20,327 | ) |
Proceeds from sale of fixed assets | | | 334 | | | | 432 | |
| | | | | | | | |
Net cash used by investing activities | | | (87,392 | ) | | | (84,632 | ) |
FINANCING ACTIVITIES: | | | | | | | | |
Principal payments on long-term debt and capital lease obligations | | | (24,216 | ) | | | (3,762 | ) |
Proceeds from exercise of stock options and issuance of shares under employee stock purchase plan | | | 5,357 | | | | 5,548 | |
Excess tax benefit from exercise of stock options | | | 335 | | | | — | |
Repurchase of common stock | | | (8,022 | ) | | | — | |
| | | | | | | | |
Net cash (used by) provided by financing activities | | | (26,546 | ) | | | 1,786 | |
Effect of exchange rate changes on cash | | | 2,497 | | | | (1,797 | ) |
| | | | | | | | |
NET INCREASE IN CASH AND CASH EQUIVALENTS, CASH IN MACHINE OR IN TRANSIT, AND CASH BEING PROCESSED | | | 2,897 | | | | 18,480 | |
CASH AND CASH EQUIVALENTS, CASH IN MACHINE OR IN TRANSIT, AND CASH BEING PROCESSED: | | | | | | | | |
Beginning of period | | | 175,267 | | | | 156,787 | |
| | | | | | | | |
End of period | | $ | 178,164 | | | $ | 175,267 | |
| | | | | | | | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | | | | | | | | |
Cash paid during the period for interest | | $ | 14,862 | | | $ | 11,516 | |
Cash paid during the period for income taxes | | | 1,982 | | | | 1,089 | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | | | | | | | | |
Purchase of vehicles financed by capital lease obligations | | $ | 14,247 | | | $ | 2,280 | |
Common stock issued in conjunction with acquisition, net of issue costs of $44 in 2005 | | | — | | | | 39,969 | |
Accrued acquisition costs | | | 217 | | | | — | |
