EXHIBIT 99.1
Media contact: Investor contact:
Mike Jacobsen John Kristoff
+1 330 490 3796 +1 330 490 5900
jacobsm1@diebold.com kristoj@diebold.com
FOR IMMEDIATE RELEASE:
October 20, 2004
DIEBOLD REPORTS THIRD QUARTER EARNINGS PER SHARE
Company reports record orders and improved cash flow
NORTH CANTON, Ohio - Diebold, Incorporated (NYSE: DBD) today reported third
quarter 2004 net income of $48,319,000 and diluted earnings per share of $.67,
compared to diluted earnings per share of $.66 in the third quarter of 2003.
Included in the third quarter 2004 earnings per share were previously disclosed
product recertification, legal and other costs related to the pending civil
action in the state of California, which adversely impacted quarterly earnings
by approximately $.05 per share. Diebold also achieved record third quarter
revenue of $613,393,000, 7.6 percent higher than the third quarter 2003 revenue
of $570,239,000.
Diluted earnings per share grew 1.5 percent, driven by strong performance in the
financial self-service and security businesses. Earnings were adversely affected
by the election systems business, which was dilutive by $.04 per share in the
third quarter of 2004 but was $.06 accretive in the third quarter of 2003.
Excluding the election systems business, the third quarter 2004 diluted earnings
per share would have increased by 18.3 percent*.
THIRD QUARTER HIGHLIGHTS
- ------------------------
- Record total orders for products and services increased in the
double-digit range excluding election systems
- Security solutions revenue grew 17.0 percent and 16.9 percent on a
fixed exchange rate basis* as a result of recent acquisitions and
internal growth
- Free cash flow* improved by $92.4 million, moving from a cash use of
$39.9 million in the third quarter of 2003 to free cash flow of
$52.5 million in the third quarter of 2004
- 400,000 shares of Diebold stock were repurchased
*See accompanying notes for non-GAAP measures.
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PAGE 2/ DIEBOLD ANNOUNCES THIRD QUARTER RESULTS
FINANCIAL RESULTS
- -----------------
"We are very encouraged by our continued strong order growth during the
quarter," said Walden W. O'Dell, Diebold chairman and chief executive officer.
"We also achieved strong earnings per share growth in our financial self-service
and security businesses, growing more than 18 percent.
"As previously reported, election systems issues in California had a negative
impact on earnings and margins during the third quarter," O'Dell continued.
"However, we expect that the modernizing of voting systems in the United States
will continue in 2005 and beyond, and we should have better visibility of the
direction of the U.S. election systems market after the November election.
"While we are very pleased with the significant improvements in U.S. product and
service margins excluding election systems, we still have opportunities for
improvement internationally, particularly in western Europe where Opteva has not
fully completed customer certifications. We continue to face rising commodity
costs globally, and while Opteva has allowed us to overcome those challenges in
the United States, we have not yet achieved significant Opteva volume levels in
some key international regions. However, we are making significant progress in
obtaining certifications globally and expect Opteva to increase market
penetration in these key international regions in 2005."
FIXED EXCHANGE RATE THIRD QUARTER ORDERS
- ----------------------------------------
Total orders for product and service increased in the double-digit range
excluding election systems. Financial self-service orders increased in the
single-digit range, led by strong double-digit growth in Asia-Pacific and modest
growth in the Americas, compared to a particularly strong 2003 third quarter.
These financial self-service order gains were slightly offset by a low
single-digit decline in EMEA, where the market remains competitive and Opteva is
not fully certified by all customers. Security orders remain strong, increasing
in the double-digit range. Orders in election systems declined due to the
expected slowing of orders in 2004 in advance of the U.S. presidential election
and a large order with the state of Maryland in 2003.
SIGNIFICANT ORDERS FOR THE QUARTER INCLUDED:
- Total Opteva orders of approximately $110 million
- Opteva orders from three major financial institutions in North
America totaling $11.9 million
- Financial self-service orders from a bank in China totaling $11.7
million
- Physical security orders from a bank in North America totaling $4.6
million
- A large financial self-service order in Mexico totaling $4.1 million
- A financial self-service order in Brazil for $3.5 million
- An Opteva order from an eastern European financial institution
totaling $2.9 million
- A $2.6 million order for Opteva from the Middle East
- An Opteva order in Italy for $2.3 million
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PAGE 3/ DIEBOLD ANNOUNCES THIRD QUARTER RESULTS
REVENUE
- -------
Total revenue for the quarter was $613.4 million, up $43.2 million, or 7.6
percent and 6.4 percent on a fixed exchange rate basis*. Total financial
self-service revenue increased 8.6 percent and 7.0 percent on a fixed exchange
rate basis*. Security solutions revenue grew 17.0 percent and 16.9 percent on a
fixed exchange rate basis*. Total financial self-service and security revenue
increased by 10.8 percent and 9.5 percent on a fixed exchange rate basis*.
REVENUE SUMMARY BY PRODUCT AND SERVICE SOLUTIONS
(In Thousands -- Quarter Ended September 30)
% Change % Change
2004 2003 GAAP fixed rate*
--------------- -------------- -------------- -----------------
Financial Self-Service
- ----------------------
Products $200,020 $177,162 12.9% 11.1%
Services 218,393 208,014 5.0% 3.5%
--------------- -------------- -------------- -----------------
Total Fin. self-service 418,413 385,176 8.6% 7.0%
Security solutions
- ------------------
Products 73,438 70,800 3.7% 3.6%
Services 87,108 66,393 31.2% 31.1%
--------------- -------------- -------------- -----------------
Total Security 160,546 137,193 17.0% 16.9%
--------------- -------------- -------------- -----------------
Total Fin. self-service & security 578,959 522,369 10.8% 9.5%
Election systems 34,434 47,870 -28.1% -28.1%
--------------- -------------- -------------- -----------------
Total Revenue $613,393 $570,239 7.6% 6.4%
=============== ============== ============== =================
Revenue Summary by Geographic Area
(In Thousands -- Quarter Ended September 30)
% Change % Change
2004 2003 GAAP fixed rate*
------------------- ------------------ ----------------- ----------------
The Americas
- ------------
Financial self-service solutions $ 278,457 $ 258,674 7.6% 7.7%
Security solutions subtotal 154,442 136,501 13.1% 13.1%
------------------- ------------------ ----------------- ----------------
432,899 395,175 9.5% 9.5%
Election systems 34,434 47,870 -28.1% -28.1%
------------------- ------------------ ----------------- ----------------
Total Americas 467,333 443,045 5.5% 5.5%
Asia-Pacific
- ------------
Financial self-service solutions 54,940 44,445 23.6% 22.6%
Security solutions 6,097 683 N/A N/A
------------------- ------------------ ----------------- ----------------
Total Asia Pacific 61,037 45,128 35.3% 34.0%
Europe, Middle East, Africa
- ---------------------------
Financial self-service solutions 85,016 82,057 3.6% -3.1%
Security solutions 7 9 N/A N/A
------------------- ------------------ ----------------- ----------------
Total Europe, Middle East, Africa 85,023 82,066 3.6% -3.1%
------------------- ------------------ ----------------- ----------------
Total Revenue $ 613,393 $ 570,239 7.6% 6.4%
=================== ================== ================= ================
*See accompanying notes for non-GAAP measures.
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PAGE 4/ DIEBOLD ANNOUNCES THIRD QUARTER RESULTS
CURRENCY IMPACT
- ---------------
During the quarter, revenue was positively impacted by the year-over-year
strengthening of the euro and certain other currencies. The positive currency
impact in the third quarter was approximately $6.1 million or 1.1 percent versus
the prior year reported results.
GROSS MARGIN
- ------------
Total gross margin for the third quarter was 28.0 percent, a decrease of 1.4
percentage points from 29.4 percent in the third quarter 2003.
Product gross margin was 31.1 percent, a decrease of 2.0 percentage points from
33.1 percent in the third quarter 2003. The majority of this decline was
attributable to the election systems business, which was adversely impacted by
lower overall revenue volume and California recertification costs. In addition,
while there was continued margin weakness in Europe, product margins in the
United States, excluding election systems, improved. This improvement in U.S.
margins was a result of increased Opteva sales, which carry a higher margin and
more than offset continued increases in fuel and steel prices.
Service gross margin was 25.1 percent, a slight decrease from 25.5 percent in
the third quarter of 2003. This decline was a result of continued pricing
pressures and higher fuel costs. This negative impact was partially offset by
improved service margins in the United States, where the company benefited from
the continued rollout of productivity improvement initiatives.
OPERATING EXPENSES
- ------------------
Total operating expenses for the quarter as a percent of revenue were 15.8
percent, down from 16.9 percent in the third quarter 2003. This significant
improvement was achieved despite absorbing higher legal and other expenses
related to the pending civil action in the state of California.
OPERATING PROFIT
- ----------------
Operating profit was 12.2 percent of revenue, down slightly from 12.5 percent in
the third quarter of 2003. The decrease in operating profit margin was due to
lower gross margins in election systems, partially offset by the positive
leveraging of operating expenses in the financial self-service and security
businesses.
OTHER INCOME/(EXPENSE) AND MINORITY INTEREST
- --------------------------------------------
Other income/(expense) and minority interest increased by $3.8 million of
additional expense in the third quarter of 2004 versus the third quarter of
2003. This increase was primarily due to costs incurred as a result of the
pending civil action in the state of California and higher interest expense
resulting from increased debt levels.
NET INCOME
- ----------
Net income was 7.9 percent of revenue compared to 8.5 percent in the third
quarter 2003. The decline in net income as a percent of revenue was mainly the
result of lower operating profit in the election systems business and higher
other income/(expense) and minority interest, partially offset by lower
operating expenses as a percent of revenue.
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PAGE 5/ DIEBOLD ANNOUNCES THIRD QUARTER RESULTS
BALANCE SHEET AND CASH FLOW HIGHLIGHTS
- --------------------------------------
The company's net debt* was $210.9 million at September 30, 2004, compared to
net debt* of $53.2 million at September 30, 2003. The $157.7 million increase in
net debt* over the last 12 months was due to $72.9 million spent to repurchase
company stock, $58.7 million invested in acquisitions, and higher working
capital levels. The increased working capital is a result of the rapid growth of
the company as well as requirements in the election systems business.
In the third quarter, free cash flow* improved by $92.4 million, moving from a
cash use of $39.9 million in the third quarter of 2003 to free cash flow* of
$52.5 million in the third quarter of 2004. A substantial portion of this
improvement was a result of improved trade receivable collections. DSO was 83
days at September 30, 2004, a nine-day sequential improvement from 92 days at
June 30, 2004. The 12-month moving average inventory turns decreased slightly
from 5.2 at September 30, 2003, to 4.9 at September 30, 2004. This decrease was
due in part to the impact of transitioning to the new Opteva product solution
and the phase out of legacy products, as well as the buildup for an anticipated
strong 2004 fourth quarter.
STOCK OPTION AND RESTRICTED STOCK EXPENSE
- -----------------------------------------
As permitted under SFAS No. 123, "Accounting for Stock-Based Compensation," the
company provides quarterly and annual disclosures of the impact to earnings per
share if stock options were expensed. The company estimates that if stock
options were expensed in accordance with SFAS 123, the full year impact in 2004
and 2003 would be approximately $.06 per share. On October 13, 2004, the
Financial Accounting Standards Board (FASB) concluded that Statement 123R,
"Share-Based Payment," which would require all companies to measure compensation
costs for all share-based payments (including employee stock options) at fair
value, would be in effect for public companies for quarters beginning after June
15, 2005. The FASB's current plan is to issue a final Statement on or around
December 15, 2004.
Also as previously disclosed, in the interest of more directly linking associate
rewards to corporate performance, in 2004 the company granted restricted stock
units in lieu of stock options to a select group of key associates. The impact
from this transition to grants of restricted stock units will adversely impact
2004 earnings by approximately $.01 per share.
*See accompanying notes for non-GAAP measures.
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PAGE 6/DIEBOLD ANNOUNCES THIRD QUARTER RESULTS
OUTLOOK
- -------
The following statements are based on current expectations. These statements are
forward-looking and actual results may differ materially. These statements do
not include the potential impact of any future mergers, acquisitions, disposals
or other business combinations.
FOURTH QUARTER AND FULL-YEAR 2004 OUTLOOK
- -----------------------------------------
Expectations for the fourth quarter 2004 include:
- Fourth quarter revenue is expected to increase 9 to 11 percent on a
fixed exchange rate basis*.
- Financial self-service revenue growth of 11 to 14 percent,
fixed rate*.
- Security growth of 23 to 26 percent, fixed rate*.
- Election systems revenue is expected to be $7 to $10 million
for the fourth quarter.
- Currency exchange is anticipated to be slightly favorable versus
prior year.
- Depreciation and amortization to be approximately $19 million.
- An effective tax rate of approximately 31 to 32 percent.
- An increase in pension expense of approximately $.01 per share in
the fourth quarter of 2004 as compared to the fourth quarter of
2003.
- EPS in the range of $.87 to $.92. This compares to $.81 in the
fourth quarter of 2003. Election systems business is expected to be
$0.03 dilutive in the fourth quarter 2004, including approximately
$0.01 of additional cost related to the pending civil action in
California as previously disclosed. This compares to election
systems being approximately $.03 accretive in the fourth quarter
2003.
Expectations for the full year 2004 include:
- Revenue growth of 11 to 12 percent, on a fixed exchange rate basis*.
- Financial self-service revenue growth of 11 to 12 percent,
fixed rate*.
- Security growth of 16 to 18 percent, fixed rate*.
- Election systems revenue, which includes voting revenue from
Brazil, is now anticipated to be in the range of $83 to $86
million.
- Favorable currency impact of 1.5 to 1.8 percent versus prior year.
- Depreciation and amortization of approximately $72 million.
- An effective tax rate of approximately 31.5 to 32 percent.
- Pension expense is expected to be $0.04 per share higher in 2004,
moving from $0.01 per share in 2003 to $0.05 per share in 2004.
- Research and development will be approximately 3 percent of revenue.
- EPS in the range of $2.54 to $2.59.
- Free cash flow* is expected to be in the range of $170 to $200
million.
*See accompanying notes for non-GAAP measures.
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PAGE 7/DIEBOLD ANNOUNCES THIRD QUARTER RESULTS
2005 OUTLOOK
- ------------
Looking forward to 2005, while business unit forecasts have yet to be finalized
and visibility is difficult given uncertain global economic conditions,
management believes that through continued focus on speed, global efficiencies,
and creative solutions to customer needs, the company will continue to gain
market share. The following expectations do not include any potential impact of
any future mergers, acquisitions, disposals or other business combinations,
restructurings, or the expensing of stock options. Given these factors
management has the following expectations:
- 2005 revenue growth of 10 to 12 percent.
- Depreciation and amortization in the range of $75 to $80 million.
- Pension expense will be approximately $0.08 per share compared to
$0.05 per share in 2004.
- 2005 earnings per share are expected to increase 18 to 20 percent.
NOTES FOR NON-GAAP MEASURES
- ---------------------------
1. Diluted earnings per share (EPS) excluding election systems business:
Q3 2004 Q3 2003 % INCREASE
------- ------- ----------
Diluted EPS (GAAP measure) $0.67 $ 0.66 1.5%
Dilution/(Accretion) to diluted EPS from election 0.04 (0.06) N/A
systems business
Diluted EPS excluding election systems business $0.71 $ 0.60 18.3%
(non-GAAP measure) ====== ====== ====
The company believes that this non-GAAP measure provides meaningful
performance data for the remaining business, which represent 94.3
percent of third quarter 2004 total revenue.
2. Fixed exchange rate is used to depict order and GAAP revenue growth in
local currency without the benefit or detriment occurring from currency
fluctuations.
3. Free cash flow is calculated as follows:
NINE MONTHS NINE MONTHS
Q3 2004 Q3 2003 ENDED 2004 ENDED 2003
------- ------- ---------- ----------
Net cash provided by operating activities (GAAP $ 66,897 $ (29,285) $ 71,958 $133,007
measure)
Capital expenditures (12,212) (7,537) (35,507) (40,015)
Rotable spares expenditures (2,167) (3,092) (7,307) (21,676)
-------- --------- -------- --------
Free cash flow (non-GAAP measure) $ 52,518 $ (39,914) $ 29,144 $ 71,316
======== ========= ======== ========
The company believes that free cash flow is a meaningful indicator of
cash generated for discretionary purposes.
4. Net (debt)/investment is calculated as follows:
SEPT. 30, DECEMBER 31, SEPT. 30,
2004 2003 2003
--------- ------------ ---------
Cash, cash equivalents and other investments (GAAP $ 124,540 $ 176,101 $ 147,098
measure)
Less Industrial development revenue bonds and other (13,500) (13,550) (13,550)
Less Notes payable (321,926) (190,172) (186,712)
----------- ---------- ----------
Net (debt)/investment (non-GAAP measure) $ (210,886) $ (27,621) $ (53,164)
=========== ========== ==========
Given the significant cash, cash equivalents and other investments
on the balance sheet, a meaningful debt calculation is to net cash
against outstanding debt.
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PAGE 8/DIEBOLD ANNOUNCES THIRD QUARTER RESULTS
FINANCIAL INFORMATION
- ---------------------
Walden W. O'Dell and Senior Vice President and Chief Financial Officer Gregory
T. Geswein will discuss the company's financial performance during a conference
call today at 10:00 a.m. (ET). Access is available from Diebold's Web site at
www.diebold.com. The replay can also be accessed on the site for up to three
months after the call.
FORWARD-LOOKING STATEMENT
- -------------------------
In the company's written or oral statements, the use of the words "believes,"
"anticipates," "expects" and similar expressions is intended to identify
forward-looking statements that have been made and may in the future be made by
or on behalf of the company, including statements concerning future operating
performance, the company's share of new and existing markets, and the company's
short- and long-term revenue and earnings growth rates. Although the company
believes that its outlook is based upon reasonable assumptions regarding the
economy, its knowledge of its business, and on key performance indicators, which
impact the company, there can be no assurance that the company's goals will be
realized. The company is not obligated to report changes to its outlook. Readers
are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. The company's uncertainties could cause
actual results to differ materially from those anticipated in forward-looking
statements. These include, but are not limited to:
- competitive pressures, including pricing pressures and technological
developments;
- changes in the company's relationships with customers, suppliers,
distributors and/or partners in its business ventures;
- changes in political, economic or other factors such as currency
exchange rates, inflation rates, recessionary or expansive trends,
taxes and regulations and laws affecting the worldwide business in
each of the company's operations, including Brazil, where a
significant portion of the company's revenue is derived;
- acceptance of the company's product and technology introductions in
the marketplace;
- unanticipated litigation, claims or assessments;
- ability to reduce costs and expenses and improve internal operating
efficiencies;
- variations in consumer demand for financial self-service
technologies, products and services;
- challenges raised about reliability and security of the company's
election systems products, including the risk that such products
will not be certified for use or will be decertified;
- changes in laws regarding the company's election systems products
and services; and
- potential security violations to the company's information
technology systems.
Diebold, Incorporated is a global leader in providing integrated self-service
delivery and security systems and services. Diebold employs more than 13,000
associates with representation in more than 88 countries worldwide and is
headquartered in Canton, Ohio, USA. Diebold reported revenue of $2.11 billion in
2003 and is publicly traded on the New York Stock Exchange under the symbol
`DBD.' For more information, visit the company's Web site at www.diebold.com.
# # #
DIEBOLD, INCORPORATED
INCOME STATEMENT
(IN THOUSANDS EXCEPT EARNINGS PER SHARE)
Three Months Ended September 30
2004 2003
--------- ---------
Net Sales
Product $ 302,177 $ 292,203
Service 311,216 278,036
--------- ---------
Total 613,393 570,239
Cost of goods
Product 208,177 195,607
Service 233,193 207,179
--------- ---------
Total 441,370 402,786
Gross Profit 172,023 167,453
Percent of net sales 28.0% 29.4%
Operating expenses
Selling, general and administrative 82,155 81,154
Research, development and engineering 14,733 15,035
--------- ---------
Total 96,888 96,189
Percent of net sales 15.8% 16.9%
Operating profit 75,135 71,264
Percent of net sales 12.2% 12.5%
Other expense and minority interest, net (4,077) (251)
--------- ---------
Income before taxes 71,058 71,013
Percent of net sales 11.6% 12.5%
Taxes on income (22,739) (22,724)
Effective tax rate 32.0% 32.0%
Net Income $ 48,319 $ 48,289
--------- ---------
Percent of net sales 7.9% 8.5%
Basic weighted average shares outstanding 71,571 72,533
Diluted weighted average shares outstanding 72,056 73,097
Basic Earnings Per Share $ 0.68 $ 0.67
Diluted Earnings Per Share $ 0.67 $ 0.66
DIEBOLD, INCORPORATED
INCOME STATEMENT
(IN THOUSANDS EXCEPT EARNINGS PER SHARE)
Nine Months Ended September 30
------------------------------
2004 2003
----------- -----------
Net Sales
Product $ 788,541 $ 669,271
Service 875,150 791,992
----------- -----------
Total 1,663,691 1,461,263
Cost of goods
Product 528,693 440,179
Service 657,691 587,844
----------- -----------
Total 1,186,384 1,028,023
Gross Profit 477,307 433,240
Percent of net sales 28.7% 29.6%
Operating expenses
Selling, general and administrative 247,000 220,279
Research, development and engineering 45,064 44,225
----------- -----------
Total 292,064 264,504
Percent of net sales 17.6% 18.1%
Operating profit 185,243 168,736
Percent of net sales 11.1% 11.5%
Other income / (expense) and minority interest, net (7,073) 1,166
----------- -----------
Income before taxes 178,170 169,902
Percent of net sales 10.7% 11.6%
Taxes on income (57,015) (54,369)
Effective tax rate 32.0% 32.0%
Net Income $ 121,155 $ 115,533
----------- -----------
Percent of net sales 7.3% 7.9%
Basic weighted average shares outstanding 72,172 72,343
Diluted weighted average shares outstanding 72,700 72,766
Basic Earnings Per Share $ 1.68 $ 1.60
Diluted Earnings Per Share $ 1.67 $ 1.59
DIEBOLD, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
September 30, 2004 December 31, 2003
------------------ -----------------
ASSETS
- ------
Current assets
Cash and cash equivalents $ 101,454 $ 169,951
Short-term investments 23,086 6,150
Trade receivables, net 595,743 558,161
Inventories 336,089 262,039
Other current assets 132,098 108,858
---------- ----------
Total current assets 1,188,470 1,105,159
Securities and other investments 49,450 47,386
Property, plant and equipment, net 258,554 253,155
Goodwill 384,737 331,646
Other assets 190,181 163,156
---------- ----------
$2,071,392 $1,900,502
---------- ----------
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Current liabilities
Notes payable $ 321,926 $ 190,172
Accounts payable 123,973 115,133
Other current liabilities 335,950 313,348
---------- ----------
Total current liabilities 781,849 618,653
Long-term liabilities 127,466 133,611
Total shareholders' equity 1,162,077 1,148,238
---------- ----------
$2,071,392 $1,900,502
---------- ----------
DIEBOLD, INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
Nine Months Ending
September 30, 2004 September 30, 2003
------------------ ------------------
Cash Flow from operating activities:
Net Income $ 121,155 $ 115,533
Adjustments to reconcile net income to cash
provided by operating activities:
Depreciation and amortization 53,110 51,598
Deferred income taxes (2,018) 412
Loss on sale of assets, net 531 1,071
Minority share of income 3,912 5,082
Cash provided (used) by changes in certain assets
and liabilities:
Trade receivables (22,408) (88,111)
Inventories (73,316) (21,580)
Accounts payable 4,679 11,419
Certain other assets and liabilities (13,687) 57,583
--------- ---------
Net cash provided by operating activities 71,958 133,007
Cash flow from investing activities:
Payments for acquisitions, net of cash acquired (58,668) (10,611)
Net investment activity (19,903) (10,002)
Capital expenditures (35,507) (40,015)
Rotable spares expenditures (7,307) (21,676)
Increase in certain other assets (2,790) (10,895)
--------- ---------
Net cash used by investing activities (124,175) (93,199)
Cash flow from financing activities:
Dividends paid (40,019) (36,896)
Net borrowings (payments) on short term borrowings 129,742 (50,830)
Net payments from securitization (37,639) (19,759)
Repurchase treasury shares (71,897) (1,708)
Other financing activities 3,968 13,994
--------- ---------
Net cash used by financing activities (15,845) (95,199)
Effect of exchange rate changes on cash (435) 4,676
--------- ---------
Decrease in cash and cash equivalents (68,497) (50,715)
Cash and cash equivalents at the beginning of the period 169,951 155,446
--------- ---------
Cash and cash equivalents at the end of the period $ 101,454 $ 104,731
========= =========