EXHIBIT 99.1
[ICE LOGO] PRESS RELEASE
CONTACT:
Kelly Loeffler, VP, Investor
and Public Relations Ellen Resnick
IntercontinentalExchange Crystal Clear Communications
770-857-4726 773-929-9292 (o); 312-399-9295 (c)
kelly.loeffler@theice.com eresnick@crystalclearPR.com
INTERCONTINENTALEXCHANGE, INC. REPORTS 44.8% FOURTH QUARTER INCREASE IN
REVENUES; 207.1% INCREASE IN NET INCOME
RECORD YEAR IN REVENUES, NET INCOME AND VOLUME
PRODUCE AN 84.1% RISE IN NET INCOME FOR 2005
ATLANTA, GA (February 23, 2006) --IntercontinentalExchange (NYSE: ICE) today
reported that fourth quarter 2005 consolidated revenues increased 44.8% to $41.3
million from $28.5 million in the fourth quarter of 2004. Consolidated net
income of $14.9 million represented a 207.1% increase compared to $4.8 million
of net income in the fourth quarter of 2004.
For the year ended December 31, 2005, the company reported a 43.8% rise in
consolidated revenues to a record $155.9 million compared with $108.4 million in
the prior year. Consolidated net income increased 84.1% to a record $40.4
million from $21.9 million in 2004. Record volume in the futures business
segment and a 79.6% increase in average daily commissions in the
over-the-counter (OTC) business segment contributed to the growth in revenues
and net income.
"We executed on our growth plans by successfully extending electronic trading to
energy futures during 2005 and building on our rapidly growing OTC business,"
said ICE Chairman and CEO Jeffrey C. Sprecher. "In the fourth quarter, we
completed a number of significant achievements that capped off a strong year. We
completed our initial public offering, demonstrated substantial volume growth in
our futures and OTC businesses and integrated the services we provide under the
ICE brand. These efforts have enabled us to grow by attracting a broad base of
global market participants who rely on ICE's accessible energy markets for risk
management."
Sprecher added, "We have implemented an ambitious agenda for 2006 aimed at
driving growth across our businesses, including the highly successful
introduction at ICE Futures of our electronically traded ICE WTI Crude futures
contract, which saw average daily volume in the first 10 days since its
introduction exceeding 40,000 contracts. We have also announced plans to
introduce over 50 new OTC cleared contracts in the first half of this year. As
we continue to enhance our industry-leading technology platform, we look forward
to bringing connectivity to ICE to more participants around the world."
ICE also announced this week that, beginning April 1, its futures business
segment will convert the transaction fees charged on its Brent Crude and Gas
Oil futures and options contracts to U.S. dollar-based transaction fees from
British pound-denominated fees. As a result, the rates will convert from 35
pence per side to $0.70 per side for screen-based transactions. The change in
base currency will align the futures transaction fee currency with the
underlying denomination of the contracts.
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FOURTH-QUARTER RESULTS
In the fourth quarter of 2005, the company's consolidated revenues rose to $41.3
million, an increase of 44.8% over $28.5 million of revenues in the fourth
quarter of 2004. Consolidated transaction fee revenues increased 56.9% to $36.2
million in the fourth quarter of 2005, from $23.1 million in the fourth quarter
of 2004. This growth was driven by strong volume increases in both the OTC and
futures business segments in the fourth quarter.
Transaction fee revenues in the OTC business segment increased 57.9% to $21.0
million, compared to $13.3 million in the same period in 2004. OTC transaction
fee revenues from cleared products in the fourth quarter more than doubled over
the same period in 2004, to $16.1 million in the fourth quarter of 2005,
compared to $7.8 million in the fourth quarter of 2004. Contract volume in ICE's
cleared OTC markets rose 145.2% to 14.2 million contracts in the fourth quarter
compared to 5.8 million contracts in the same period of 2004. OTC average daily
commissions in the fourth quarter of 2005 increased 61.4% to $332,045 compared
to $205,705 in the same period the prior year. In ICE's OTC business segment,
average daily commissions reflect daily trading activity in the company's OTC
markets.
Transaction fee revenues at ICE Futures, the company's futures business segment,
totaled $15.2 million, an increase of 55.5% over $9.8 million in the same period
in the prior year. For the fourth quarter of 2005, average daily volume for ICE
Futures rose 31.9% to 180,171 contracts, compared to 136,556 contracts in the
fourth quarter of 2004, as the growth in ICE Futures markets continued following
its transition to an all-electronic marketplace in April 2005.
Consolidated market data fee revenues, through the ICE Data market data business
segment, increased 16.5% during the fourth quarter of 2005 to $3.1 million
compared to $2.7 million in the same period in 2004.
Consolidated other revenues decreased 29.1% during the fourth quarter of 2005 to
$1.9 million from $2.7 million in the same period in 2004. This decrease was
primarily due to a decrease in communication and box and booth rental income,
which was discontinued following the closure of the open-outcry trading floor in
April 2005.
Consolidated operating expenses for the fourth quarter of 2005 remained flat at
$20.4 million as compared to the same period in 2004.
Fourth quarter 2005 consolidated operating income was $20.9 million, up 159.6%
compared to $8.1 million in the same period in 2004. This produced an operating
margin of 50.7% for the fourth quarter of 2005, compared to an operating margin
of 28.3% for the same period in 2004.
Consolidated net income in the fourth quarter of 2005 was $14.9 million, up
207.1% compared to $4.8 million in the same period in 2004.
FULL-YEAR RESULTS
Consolidated revenues increased 43.8% to $155.9 million in 2005 as compared to
$108.4 million in 2004. Consolidated transaction fee revenues increased 50.7% to
$137.0 million in 2005, from $90.9 million in 2004. OTC transaction fee revenues
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increased 75.7%, to $79.8 million in 2005, and futures transaction fee revenues
increased 25.7%, to $57.2 million in 2005 over 2004. In 2005, average daily
commissions in the OTC business segment were $311,576, a 79.6% increase over
$173,506 in the prior year.
Volume at ICE Futures for 2005 was a record 42.1 million contracts, up 18.3%
over 2004. Average daily volume in the futures business segment for 2005 was
166,225 contracts, compared to 139,924 contracts in 2004. For the period
following the closure of the open-outcry trading floor, April through December
2005, average daily volume increased 23.6% to 173,518 contracts over the same
period in 2004 when average daily volume was 140,348 contracts.
Consolidated market data revenues increased 19.7% to $11.6 million in 2005, from
$9.7 million in 2004. In the first quarter of 2006, the company implemented a
fee increase that is expected to increase consolidated market data revenues.
Consolidated other revenues decreased 6.8% to $7.3 million in 2005, from $7.8
million in 2004, primarily due to the $1.0 million decrease in communication and
box and booth rental income following the closure of the open-outcry trading
floor in April 2005.
Consolidated operating expenses in 2005 were $99.7 million, compared to $76.0
million in 2004. The 2005 operating expenses include $4.8 million for costs
associated with the April closing of the open-outcry trading floor. The 2005
operating expenses also include $15.0 million in legal settlement costs.
Excluding these two nonrecurring charges taken in the second quarter of 2005,
consolidated operating expenses in 2005 increased slightly over the $76.0
million of consolidated operating expense in 2004. The increase is attributable
primarily to a $3.3 million increase in compensation and benefits expenses due
to higher discretionary bonus payments in 2005, as well as a $1.5 million
increase in fees paid under a licensing agreement for electronic futures trading
in the United States as a result of increased futures volume; this licensing
agreement expires in the first quarter of 2007.
Consolidated net income grew 84.1% to $40.4 million in 2005, compared to $21.9
million in 2004. Excluding the nonrecurring floor closure costs and the
settlement costs incurred in the second quarter of 2005, net of tax,
consolidated net income would have been $53.1 million, representing a 141.9%
increase over 2004.
Consolidated cash flows from operations were $49.8 million in 2005, up 24.0%
from $40.2 million in 2004. Capital expenditures in 2005 totaled $8.6 million
compared to $1.7 million in 2004. The increase in 2005 capital expenditures
primarily relates to hardware purchases to continue the development and
expansion of the electronic platform. Capitalized software development costs
totaled $5.1 million in 2005, up from $4.8 million in 2004. Unrestricted cash
and investments were $133.5 million as of December 31, 2005. ICE became a
publicly traded company on the New York Stock Exchange on November 16, 2005,
receiving $55.1 million in net proceeds from the initial public offering, of
which $13.0 million was used to fully repay its outstanding debt.
EARNINGS PER SHARE INFORMATION
In connection with the company's initial public offering in November 2005,
Continental Power Exchange, Inc. ("CPEX"), an entity controlled by ICE's
Chairman and Chief Executive Officer, and the company agreed to terminate a
redeemable stock put
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granting CPEX the right to require the company to repurchase CPEX's shares of
company stock in certain circumstances. The redeemable stock put represented a
potential cash redemption obligation of the company and is described in more
detail under the section in this earnings release entitled "Adjusted Earnings
per Share - - Redeemable Stock Put". Under U.S. Generally Accepted Accounting
Principles, or GAAP, the company was required to adjust the redeemable stock put
to reflect changes in the redemption amount and record the adjustments to
retained earnings. The adjustments were a non-cash event that did not affect net
income, but impacted net income available to common shareholders, which was used
in the calculation of earnings per common share as required under GAAP.
Excluding the impact of the redeemable stock put adjustments to retained
earnings in 2005, adjusted diluted earnings per share for the fourth quarter of
2005 was $0.26 and adjusted diluted earnings per share for the fiscal year ended
December 31, 2005 was $0.74. As reported under GAAP, which takes into account
the redeemable stock put adjustments, the company's diluted earnings per share
for the fourth quarter of 2005 was ($0.48) compared to $0.09 for the fourth
quarter of 2004, and diluted earnings per share for 2005 of ($0.39) compared to
$0.41 in 2004.
Excluding the impact of the two charges taken in the second quarter of 2005 for
the floor closure costs and the settlement expense and excluding the impact of
the adjustments for the redeemable stock put, 2005 adjusted diluted earnings per
share was $0.98, an increase of 139% compared to diluted earnings per share of
$0.41 in 2004.
The company increased the value of the redeemable stock put by $61.3 million in
2005 resulting from an increase in the estimated fair value of the company's
common stock from $8.00 per share as of December 31, 2004 to $35.90 per share as
of November 21, 2005, the closing date of the company's initial public offering
of common stock and the termination date of the redeemable stock put. The
balance of the redeemable stock put on November 21, 2005 was $78.9 million and
was reclassified to additional paid-in capital upon its termination.
The following table reconciles (i) net loss available to common shareholders to
net income, (ii) net income to adjusted net income, and (iii) diluted weighted
average common shares outstanding to adjusted diluted weighted average common
shares outstanding, and calculates adjusted earnings per common share for the
periods presented. See the "Use of Non-GAAP Financial Measures" below for
additional information on the redeemable stock put, the floor closure costs, the
settlement expense, and the calculation of diluted weighted average common
shares outstanding.
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YEAR ENDED THREE MONTHS ENDED
DECEMBER 31, 2005 DECEMBER 31, 2005
--------------------- ---------------------
(IN THOUSANDS, EXCEPT (IN THOUSANDS, EXCEPT
PER SHARE AMOUNTS) PER SHARE AMOUNTS)
Net loss available to common shareholders ................ $(20,909) $(25,800)
Add: Redemption adjustments to redeemable stock put ...... 61,319 40,660
-------- --------
Net income ............................................... $ 40,410 $ 14,860
======== ========
Net income ............................................... $ 40,410 $ 14,860
Add: Floor closure costs ................................. 4,814 --
Add: Settlement expense .................................. 15,000 --
Less: Effective tax rate benefit of floor closure costs
and settlement expense ................................. (7,119) --
-------- --------
Adjusted net income .................................... $ 53,105 $ 14,860
======== ========
Diluted weighted average common shares outstanding ....... 53,218 54,206
Effect of dilutive stock options ......................... 1,230 3,230
-------- --------
Adjusted diluted weighted average common shares
outstanding ............................................ 54,448 57,436
======== ========
Adjusted earnings per common share on net income:
Basic ............................................... $ 0.76 $ 0.27
======== ========
Adjusted diluted .................................... $ 0.74 $ 0.26
======== ========
Adjusted earnings per common share on adjusted net income:
Basic ............................................... $ 1.00 $ 0.27
======== ========
Adjusted diluted .................................... $ 0.98 $ 0.26
======== ========
Weighted average common shares outstanding:
Basic ............................................... 53,218 54,206
======== ========
Adjusted diluted .................................... 54,448 57,436
======== ========
EARNINGS CONFERENCE CALL INFORMATION
The company will hold a conference call today at 8:30 AM ET to review its fourth
quarter and fiscal year-end financial results. The call will be broadcast live
over the Internet via the Investor Resources page on the company's website at
www.theice.com. A brief slideshow will be available on the website in
conjunction with the earnings call. The call will be temporarily archived on the
company's website.
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Historical futures volume and OTC commission data can be found at:
https://www.theice.com/marketdata/recordsAndVolumes/volumes2006.jsp
USE OF NON-GAAP FINANCIAL MEASURES
The company provides adjusted net income, adjusted earnings per common share on
net income and adjusted earnings per common share on adjusted net income as
additional information regarding its operating results. Management uses these
non-GAAP measures internally to evaluate its performance and in making financial
and operational decisions. The company believes that the presentation of these
measures provides investors with greater transparency and supplemental data
relating to its financial condition and results of operations. In addition, the
company believes the presentation of these measures is useful for
period-to-period comparison of results because the floor closure costs and the
settlement expense described below do not reflect historical operating
performance. While adjustments to the redeemable stock put described below have
been recorded in prior years, they were recorded while the redeemable stock put
remained outstanding. The redeemable stock put was terminated in November 2005.
These measures are not in accordance with, or an alternative to, GAAP, and may
be different from non-GAAP measures used by other companies. Investors should
not rely on any single financial measure when evaluating the company's business.
Adjusted Net Income
Adjusted net income is calculated by adding net income and the following two
items, floor closure costs and settlement expense, presented net of tax. The
company does not believe these items are representative of its future operating
performance since both costs were incurred for specific reasons outside of
historical operations. The floor closure costs are a nonrecurring expense as the
company no longer maintains an open-outcry trading floor due to its full
transition to electronic futures trading. The company also views the settlement
expense as not representative of historical operating performance because the
company has not incurred a similar expense within the prior two years and does
not expect it to recur within the next two years.
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Adjusted Earnings Per Share - Redeemable Stock Put
Adjusted earnings per common share are calculated as (i) net income divided by
the weighted average common shares outstanding and (ii) adjusted net income
divided by the weighted average common shares outstanding. These calculations
exclude the redemption adjustments relating to the redeemable stock put, which
are used to determine the net income available to common shareholders. While the
redemption adjustments to retained earnings have been recorded in prior periods,
no further adjustments will be recorded following the termination of the
redeemable stock put in connection with the company's initial public offering.
As a result, the company believes that it is appropriate to exclude this
non-cash event to provide shareholders with an adjusted earnings per share
calculation. The company has no plans to issue a redeemable stock put in the
future.
The impact of outstanding stock options is considered to be antidilutive in the
calculation of diluted earnings per share when a net loss available to common
shareholders is reported. The company's outstanding stock options have not been
included in the computation of diluted earnings per share in 2005 due to the
$20.9 million net loss available to common shareholders as a result of the $61.3
million charged to retained earnings related to the redeemable stock put
adjustments. Therefore, the company's diluted earnings per share are computed in
the same manner as basic earnings per share in 2005. When the redeemable stock
put adjustments are excluded from the calculation of earnings per share, the
dilutive stock options need to be included in the calculation of dilutive
earnings per share due to the resulting net income of $40.4 million in 2005.
The company granted the redeemable stock put option to CPEX, the company's
predecessor company, in connection with the company's formation. Jeffrey C.
Sprecher, ICE Chairman and Chief Executive Officer, owns 92.5% of the equity
interest in CPEX and holds an irrevocable proxy enabling him to vote the
remaining 7.5%. The redeemable stock put would have required the company, under
certain circumstances, to purchase CPEX's equity interest in the business at a
purchase price equal to the greater of the fair market value of the equity
interest or $5 million. The company initially recorded the redeemable stock put
at the minimum $5 million redemption threshold and adjusted the redeemable stock
put to its redemption amount at each subsequent balance sheet date. Adjustments
to the redemption amount were recorded to retained earnings or, in the absence
of positive retained earnings, additional paid-in capital. In October 2005, the
company entered into an agreement with CPEX to cancel the redeemable stock put
upon the closing of the November 2005 initial public offering of common stock.
Additional information regarding the cancellation of the redeemable stock put,
including the company's grant of registration rights to CPEX, is available in
Note 9 of the company's Notes to Consolidated Financial Statements in its
Registration Statement on Form S-1 (Reg. No. 333-123500) as filed with the
Securities and Exchange Commission.
ABOUT INTERCONTINENTALEXCHANGE
IntercontinentalExchange(R) (NYSE: ICE) operates the leading electronic global
futures and OTC marketplace for trading energy commodity contracts, including
crude oil and refined products, natural gas, power and emissions. ICE conducts
its markets for futures trading through its regulated subsidiary, ICE Futures,
Europe's leading energy futures and options exchange. ICE also offers a range of
risk management and trading support services, including
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cleared OTC contracts, electronic trade confirmations and energy market data.
ICE's common stock began trading on the New York Stock Exchange on November 16,
2005. ICE is based in Atlanta, Georgia with offices in Calgary, Chicago,
Houston, London, New York and Singapore. For more information, please visit
www.theice.com.
FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking statements" made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Statements regarding IntercontinentalExchange's business that are not historical
facts are forward-looking statements that involve risks, uncertainties and
assumptions that are difficult to predict. These statements are not guarantees
of future performance and actual outcomes and results may differ materially from
what is expressed or implied in any forward-looking statement. The factors that
might affect our performance, include, but are not limited to: our business
environment; increasing competition; our ability to keep pace with rapid
technological developments; our plans not to adjust commission rates and our
belief that we will attract trading without entering into order flow agreements;
the accuracy of our expectations of various costs; the benefits from the closure
of our open-outcry trading floor; our belief that cash flows will be sufficient
to fund our working capital needs and capital expenditures, at least through the
end of 2007; our ability to increase the connectivity to our marketplace, expand
our market data business, develop new products and services, and pursue select
strategic acquisitions and alliances, all on a timely, cost-effective basis; our
ability to maintain existing market participants and attract new ones; our
ability to protect our intellectual property rights and our ability to operate
our business without violating the intellectual property rights of others; the
impact of any changes in domestic and foreign regulations or government policy,
including any changes or reviews of previously issued regulations and policies;
potential adverse litigation results; the effective use of the proceeds from our
initial public offering; our belief that our electronic trade confirmation
service could attract new market participants; and our belief in our electronic
platform and disaster recovery system technologies. For a discussion of certain
risks and uncertainties that could cause actual results to differ from those
contained in the forward-looking statements see our filings with the Securities
and Exchange Commission, including the "Risk Factors" in our Registration
Statement on Form S-1 (Reg. No. 333-123500), as amended, as filed with the
Securities and Exchange Commission. These filings are also available in the
Investor Resources section of our website. All forward-looking statements in
this press release are based on information known to us on the date hereof, and
we undertake no obligation to publicly update any forward-looking statements.
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CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
INTERCONTINENTALEXCHANGE, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED UNAUDITED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
YEARS ENDED THREE MONTHS
DECEMBER 31, ENDED DECEMBER 31,
------------------------- -------------------------
2005 2004 2005 2004
--------- --------- --------- ---------
REVENUES:
Transaction fees, net .......................... $ 136,976 $ 90,906 $ 36,196 $ 23,074
Market data fees ............................... 11,604 9,691 3,121 2,678
Other .......................................... 7,285 7,817 1,945 2,744
--------- --------- --------- ---------
Total revenues ................................... 155,865 108,414 41,262 28,496
--------- --------- --------- ---------
OPERATING EXPENSES:
Compensation and benefits ...................... 35,753 30,074 9,938 8,401
Professional services .......................... 10,124 12,312 1,950 2,750
Selling, general and administrative ............ 18,886 16,610 4,811 4,515
Floor closure costs ............................ 4,814 -- -- --
Settlement expense ............................. 15,000 -- -- --
Depreciation and amortization .................. 15,083 17,024 3,655 4,776
--------- --------- --------- ---------
Total operating expenses ......................... 99,660 76,020 20,354 20,442
--------- --------- --------- ---------
Operating income ................................. 56,205 32,394 20,908 8,054
--------- --------- --------- ---------
Other income (expense):
Interest income ................................ 3,090 2,885 998 820
Interest expense ............................... (613) (137) (126) (86)
Other income (expense), net .................... 1,313 (1,420) 39 (1,323)
--------- --------- --------- ---------
Total other income (expense), net ................ 3,790 1,328 911 (589)
--------- --------- --------- ---------
Income before income taxes ....................... 59,995 33,722 21,819 7,465
Income tax expense ............................... 19,585 11,773 6,959 2,626
--------- --------- --------- ---------
NET INCOME ....................................... $ 40,410 $ 21,949 $ 14,860 $ 4,839
========= ========= ========= =========
Redemption adjustments to redeemable stock put ... (61,319) -- (40,660) --
--------- --------- --------- ---------
Net income (loss) available to common shareholders $ (20,909) $ 21,949 $ (25,800) $ 4,839
========= ========= ========= =========
Earnings (loss) per common share:
Basic .......................................... $ (0.39) $ 0.42 $ (0.48) $ 0.09
========= ========= ========= =========
Diluted ........................................ $ (0.39) $ 0.41 $ (0.48) $ 0.09
========= ========= ========= =========
Weighted average common shares outstanding:
Basic .......................................... 53,218 52,865 54,206 52,866
========= ========= ========= =========
Diluted ........................................ 53,218 53,062 54,206 53,063
========= ========= ========= =========
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INTERCONTINENTALEXCHANGE, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED UNAUDITED BALANCE SHEETS
(IN THOUSANDS)
DECEMBER 31,
-------------------------
2005 2004
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents ......................... $ 20,002 $ 61,199
Restricted cash ................................... 12,578 18,421
Short-term investments ............................ 101,057 5,700
Customer accounts receivable:
Trade, net of allowance for doubtful accounts .... 13,000 8,123
Related-parties .................................. 1,773 1,485
Current deferred tax asset, net ................... -- 426
Prepaid expenses and other current assets ......... 5,481 4,688
--------- ---------
Total current assets ............................... 153,891 100,042
--------- ---------
Property and equipment, net ........................ 20,348 19,364
--------- ---------
Other noncurrent assets:
Goodwill, net ..................................... 73,967 82,454
Other intangible assets, net ...................... 2,087 3,621
Long-term investments ............................. 12,421 --
Other noncurrent assets ........................... 3,056 2,037
--------- ---------
Total other noncurrent assets ...................... 91,531 88,112
--------- ---------
Total assets ....................................... $ 265,770 $ 207,518
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable .................................. $ 1,697 $ 829
Accrued salaries and benefits ..................... 8,916 7,145
Accrued liabilities ............................... 5,396 6,431
Income taxes payable .............................. 8,512 6,000
Current portion of revolving credit facility ...... -- 12,000
Current portion of obligations under capital leases -- 482
Current deferred tax liability, net ............... 676 --
Deferred revenue .................................. 1,197 1,553
--------- ---------
Total current liabilities .......................... 26,394 34,440
--------- ---------
Noncurrent liabilities:
Long-term portion of revolving credit facility .... -- 13,000
Noncurrent deferred tax liability, net ............ 5,450 9,093
Other noncurrent liabilities ...................... 1,303 1,254
--------- ---------
Total noncurrent liabilities ....................... 6,753 23,347
--------- ---------
Total liabilities .................................. 33,147 57,787
--------- ---------
Redeemable stock put ............................... -- 17,582
--------- ---------
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SHAREHOLDERS' EQUITY:
Common stock ...................................... 184 --
Class A common stock, Series 1 .................... 29 29
Class A common stock, Series 2 .................... 358 515
Treasury stock, at cost ........................... (5,541) (5,541)
Additional paid-in capital ........................ 177,602 39,886
Deferred stock compensation ....................... (6,899) (6,087)
Retained earnings ................................. 47,911 68,820
Accumulated other comprehensive income ............ 18,979 34,527
--------- ---------
Total shareholders' equity ......................... 232,623 132,149
--------- ---------
Total liabilities and shareholders' equity ......... $ 265,770 $ 207,518
========= =========
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