EXHIBIT 99.1
[WMS LOGO]
FOR IMMEDIATE RELEASE
CONTACT:
Scott D. Schweinfurth Joseph N. Jaffoni, Richard Land
Chief Financial Officer Jaffoni & Collins Incorporated
WMS Industries Inc. 212/835-8500 or wms@jcir.com
847/785-3760 or sschweinfurth@wmsgaming.com
WMS INDUSTRIES SECOND QUARTER REVENUES RISE 83% TO $94 MILLION
- QUARTERLY NEW UNIT SHIPMENTS INCREASE 102% TO 5,811 GAMING DEVICES;
CURRENT INSTALLED BASE OF PARTICIPATION GAMES APPROACHES 5,250 UNITS
WHILE AVERAGE REVENUE PER DAY RISES 20% TO $46.30 -
- GROSS PROFIT RISES 58% TO $46.2 MILLION; DILUTED EARNINGS PER SHARE OF $0.12
REFLECT HIGHER QUARTERLY COSTS TO SUPPORT FINAL STAGE OF RE-EMERGENCE PLAN -
- RAISES FISCAL 2005 REVENUE GUIDANCE RANGE TO $370 MILLION TO $395 MILLION -
Waukegan, Illinois, February 1, 2005 - WMS Industries Inc. (NYSE:WMS) today
reported net income of $3.9 million, or $0.12 per diluted share, for the
Company's fiscal 2005 second quarter ended December 31, 2004 compared to a net
loss of $0.4 million, or $0.01 loss per diluted share, for the December 2003
quarter. Total revenues for the December 2004 quarter increased 83%, or $42.5
million, to $94.0 million compared to total revenues of $51.5 million in the
December 2003 quarter. The increase in total revenues was due to a 102%
quarter-over-quarter improvement in new unit shipments to 5,811 units, an 18%
increase in the average selling price of new gaming units to $9,938, a 4%
increase in the average installed base of participation games to 4,712 units and
a 20% increase in the average revenue per day of participation games to $46.30.
WMS' fiscal 2005 second quarter total revenues exceeded the Company's guidance
for revenues of $85 million to $90 million, and new unit shipments of 5,811
units also surpassed the Company's guidance for 5,100 to 5,300 new unit
shipments for the December 2004 quarter. In addition, the average selling price
for new units exceeded the average selling price in the fiscal 2005 first
quarter, as anticipated by the guidance. The installed base of participation
games as of December 31, 2004 was 5,021 units and in-line with the anticipated
installed base of between 4,900 to 5,100 units contemplated in the Company's
guidance. As expected, average revenue per day for participation games continued
to grow over the average revenue per day achieved in the Company's quarter ended
September 30, 2004.
FINANCIAL GUIDANCE
WMS today raised its fiscal 2005 guidance and initiated fiscal 2005 third
quarter guidance for revenue and other financial metrics as outlined in the
table below. The fiscal 2005 revenue guidance is based on current open orders
for over 7,800 new gaming devices and over 2,100 participation gaming devices.
The Company expects that higher research and development, selling and
administrative, and depreciation and amortization expense - which are largely
related to higher unit sales and participation game placements - will partially
offset the increase in gross profit from the higher revenues.
-more-
WMS INDUSTRIES, 2/1/05 page 2
- -----------------------------------------------------------------------------------------------------------------------------------
Fiscal 2005 Fiscal 2004 Fiscal 2005 Fiscal 2005 Fiscal 2004
Third Quarter Third Quarter Year End Year End Year End
Prior Revised
Guidance Actual Guidance Guidance Actual
- --------------------------------------------------------------------- ------------------------------------------------------------
Total Revenues (in millions) $98 - $103 $64 $340 - $360 $370 - $395 $230
- --------------------------------------------------------------------- ------------------------------------------------------------
New Unit Shipments 6,000 + 3,926 21,000 - 22,500 22,000 - 23,000 12,661
- --------------------------------------------------------------------- ------------------------------------------------------------
Average Sales Price Per Unit $10,000 + $8,794 $10,000 + $10,000 + $8,813
- --------------------------------------------------------------------- ------------------------------------------------------------
Installed Participation Base at
Period End 5,600 - 5,800 4,216 5,800 - 6,000 6,200 - 6,500 4,240
- --------------------------------------------------------------------- ------------------------------------------------------------
Net Revenue Per Day Per Machine $46 - $48 $37.87 $43 - $45 $45 - $48 $39.60
- -----------------------------------------------------------------------------------------------------------------------------------
The following table summarizes the key components related to revenue generation
in the three and six-month periods ended December 31 (in millions, except unit
data):
Three Months Ended Six Months Ended
December 31, December 31,
2004 2003 2004 2003
---------- ---------- ---------- ----------
Product Sales Revenues
New Unit Sales Revenue $ 57.8 $ 24.1 $ 99.1 $ 42.6
Parts, Used Games, Conversions and OEM Revenues 11.6 6.7 23.7 13.1
---------- ---------- ---------- ----------
Total Product Sales Revenues $ 69.4 $ 30.8 $ 122.8 $ 55.7
========== ========== ========== ==========
New Units Sold 5,811 2,873 10,031 5,093
Average Sales Price Per Unit $ 9,938 $ 8,401 $ 9,877 $ 8,364
Gaming Operations Revenues
Participation Revenue $ 20.1 $ 16.1 $ 36.2 $ 34.2
Royalties, VLTs and Other Lease Revenues 4.5 4.6 10.1 8.3
---------- ---------- ---------- ----------
Total Gaming Operations Revenues $ 24.6 $ 20.7 $ 46.3 $ 42.5
========== ========== ========== ==========
Average Participation Installed Base 4,712 4,549 4,436 4,701
Installed Participation Base at Period End 5,021 4,538 5,021 4,538
Average Net Revenue Per Day Per Machine $ 46.30 $ 38.43 $ 44.26 $ 39.61
-more-
WMS INDUSTRIES, 2/1/05 page 3
New units sold in the fiscal 2005 second quarter included 5,684 new Bluebird(R)
gaming devices, 90 hybrid units and 37 legacy units. The average selling price
per new unit increased 18% from the prior year quarter to $9,938 in the December
2004 quarter reflecting the benefit of increased sales of gaming devices housed
in our Bluebird cabinet, which generated an average selling price per unit of
$10,025 in the fiscal 2005 second quarter. The increase in total revenues for
the December 2004 quarter also included an increase of $4.9 million, or 73%, in
OEM, parts, used games and conversions revenues resulting from shipment of 1,500
OEM units to Multimedia Games, and greater conversion sales, as we shipped 1,102
conversion kits, including 969 CPU-NXT(TM) upgrade kits in the quarter.
Gaming operations revenues of $24.6 million increased by $3.9 million in the
December 2004 quarter compared to the December 2003 quarter. The average
installed base of participation gaming devices increased to 4,712 units in the
December 2004 quarter from 4,549 units in the prior year quarter. The period end
installed base grew 535 units to 5,021 units at December 31, 2004 from 4,486
units at September 30, 2004, as we continued to roll-out four new participation
games in the Bluebird cabinet: MONOPLY(TM) Money, MONOPOLY Once Around
Deluxe(R), MEN IN BLACK(TM), and MATCH GAME(TM). The success of these new games
has accelerated our transition from participation games in legacy cabinets to
new games in Bluebird cabinets as we installed 1,271 new games in Bluebird
cabinets in the December 2004 quarter and at December 31, 2004, approximately
40% of our participation installed base is in Bluebird cabinets.
Since December 31, 2004, we have added over 200 additional participation gaming
devices resulting in a current installed base approaching 5,250 units. We expect
growth in our installed base and average net revenue per day of gaming
operations machines in future quarters as we continue to install new
participation games in our Bluebird cabinet. As of today, our open orders for
conversions and new participation games exceed 2,100 games of which over 1,600
are for new gaming devices with the balance for conversion of existing gaming
devices. This current level of open orders remains among the highest in our
history, even after the growth of the installed base footprint by over 1,000
units, or 25%, since June 30, 2004.
The average revenue per day for participation gaming devices in the December
2004 quarter increased by $7.87 per day, or 20%, from the December 2003 quarter
and by $4.35 per day, or 10%, from the September 2004 quarter to $46.30. The
Company believes this increase reflects the favorable response from casino
patrons to the introduction of new game themes in the new Bluebird cabinet and
the increase in placements of our wide-area progressive (WAP) gaming devices
which generated a higher revenue per day than our non-linked participation game
offerings. Our $46.30 average revenue per day includes both WAP and non-WAP
games. Based on game refreshes, new game themes and the inclusion of the WAP
product offerings, we expect the positive trend in average revenue per day to
continue throughout fiscal 2005.
Total gross profit increased 58%, or $16.9 million, to $46.2 million for the
December 2004 quarter from $29.3 million in the December 2003 quarter. The gross
profit margin on product sales revenues was 38% for the December 2004 quarter
and 39% for the December 2003 quarter. The gross margin percentage this quarter
was impacted by the product mix as well as overtime and temporary help costs as
a result of a high portion of our unit shipments occurring in the month of
December. We continue to expect that in the future, the gross margin on the
Bluebird gaming devices will approach the mid-40% range, as with greater
production volumes we expect larger volume
-more-
WMS INDUSTRIES, 2/1/05 page 4
discounts from our suppliers, particularly with respect to electronic
components, and with a leveling of production throughout the quarter we
anticipate a reduction in the use of overtime and temporary help. In addition,
the recently increased list price is expected to support margin growth. The
gross profit margin on gaming operations in the December 2004 quarter decreased
to 80% from 84% in the December 2003 quarter reflecting lower margins on WAP
games and higher royalties payable to licensors, partially offset by higher
royalties received from licensees.
Research and development expenses increased $3.3 million, or 32%, to $13.5
million in the December 2004 quarter compared to $10.2 million in the prior year
quarter. These costs were up $1.4 million over the September 2004 quarter due to
higher regulatory approval costs incurred for implementing the final approvals
of CPU-NXT and Bluebird, for a greater number of new game themes and for the
final legacy operating system upgrade in GLI territories, plus headcount
increases to fully staff international game development studios and increased
staff for the long-term portion of the technology improvement plan.
Selling and administrative expenses increased $5.8 million, or 43%, to $19.3
million in the December 2004 quarter compared to $13.5 million in the December
2003 quarter. These cost increases resulted from higher commissions based on
substantially higher revenues, additional headcount, overtime and temporary
contract labor for game installs, participation placements and certain
administrative areas due to increased demand and the timing of shipments and
additional trade show and marketing costs to continue to support the
simultaneous launch of three new product lines, and higher equity compensation
costs.
Depreciation and amortization expense increased $2.7 million from the December
2003 quarter as the level of investment in participation gaming devices for
gaming operations increased with the installation of 1,271 new games in Bluebird
cabinets during the December 2004 quarter. We expect the level of investment in
gaming operations equipment will continue to increase throughout fiscal 2005 due
to the on-going placement of new participation game themes, including WAP game
themes, in our new Bluebird cabinet.
WMS generated a $5.1 million improvement in results from operations in the
December 2004 quarter compared to the December 2003 quarter. The improved
operating performance in the fiscal 2005 second quarter resulted from a $16.9
million increase in gross profit, partially offset by a $5.8 million increase in
selling and administrative expenses, a $3.3 million increase in research and
development expenses and a $2.7 million increase in depreciation and
amortization expense.
We incurred interest and issuance cost amortization expenses of $1.0 million in
the December 2004 quarter primarily related to our 2.75% Convertible Notes.
Offsetting this, we recorded $1.5 million of pre and post-tax income related to
final settlement of tax advances with our former subsidiary, Midway Games, which
we had previously fully reserved. We also recorded a tax provision of $1.6
million in the December 2004 quarter reflecting the impact of our revised
estimated annual effective tax rate of 32.5%.
"The December 2004 quarter revenues demonstrate that demand for our products
continues to surpass our expectations for both gaming device sales and
participation game placements," stated Brian Gamache, President and Chief
Executive Officer. "Its been just over a year since we started
-more-
WMS INDUSTRIES, 2/1/05 page 5
shipping our new Bluebird cabinets powered by our CPU-NXT operating system and
it's become increasingly clear to those following the gaming industry that our
casino customers and their patrons alike have strongly embraced these new
products. The increasing demand we are experiencing for our products validates
that perception. At the same time, we continue to manage the Company with a
long-term horizon with market share growth a primary objective. Hence, costs
were incurred in the December 2004 quarter in several areas to ensure timely
unit shipments, increased participation game placements and customer
satisfaction.
"Since shipments of Bluebird cabinets and CPU-NXT upgrade kits began in December
2003, we have shipped an aggregate of 15,912 new units and 5,398 upgrade kits,"
continued Gamache. "The high earnings performance of our new games and the
success of our award-winning cabinet has led to our open orders remaining strong
at over 7,800 new Bluebird units and over 1,000 CPU-NXT upgrade kits, providing
us with greater visibility to future results. We met or exceeded every revenue
performance metric we provided as guidance for the December quarter and our
revenue visibility for the March 2005 quarter is very good. As a result of this
increasing visibility, this morning we are raising our fiscal 2005 revenue
guidance to a range from $370 million to $395 million.
"Perhaps the strongest evidence of the acceptance of our product is demonstrated
by our announcement today of the extended relationship with our Russian
distributor, Unicum. At a minimum of 24,000 new units over the six-year term
beginning July 1, 2005, this represents the largest single customer arrangement
in our history. As reported in the industry, the Russian market is the fastest
growing legalized market in the world. Teaming up with the market leader
provides an excellent opportunity to further strengthen our penetration in this
growing market. This extended arrangement is expected to result in a stream of
gross profit dollars at about double our current volume of Russian business over
the term of the agreement.
"Late last week we launched our first two Clint Eastwood-based games on A
FISTFUL OF DOLLARS(TM) wide-area progressive jackpot in Nevada and Native
American casinos," stated Gamache. "The product has met with unprecedented
demand, as before we even launched the jackpot, our open orders amounted to over
600 games. The great game content our designers have created validates the
investments we have made and expect to continue to make in licenses.
"We recognize the need to show greater improvement in our operating margins,"
continued Gamache. "We have attempted to balance increasing our operating
margins and meeting customer delivery expectations while at the same time
ramping up for the dramatic growth we are now experiencing. The success we had
at G2E and the fact that customers accelerated their purchasing decisions in
advance of the January 1, 2005 price increase, resulted in a tremendous
concentration of quarterly activity in the month of December. We have
implemented new processes and changed our production planning to make us more
efficient throughout each quarter. In this regard, we are cautiously optimistic
as we manufactured 34% of our expected March quarterly production in January
2005. We clearly recognize that we have to manage for greater profit and the
actions we have taken are expected to help us achieve this objective.
-more-
WMS INDUSTRIES, 2/1/05 page 6
"Looking back on the last twelve months and the two years of development before
that, we are delighted with the level of acceptance and excitement that our
products have now achieved," concluded Gamache. "During these three years, we
proved that we could deftly manage the development and approval process. In
re-launching the Company, we came to realize that the operational requirements
to handle the ever-increasing demand were greater than expected. As such, we
have implemented action plans to improve the efficiencies of our operations and
expect to see initial benefits in the current quarter. We are clearly focused on
dramatically growing our market share and further distinguishing ourselves from
others in the industry to ascend to the position as North America's second
largest provider of gaming devices."
WMS Industries Inc. is hosting a conference call and web cast at 11:00 AM EST
today, Tuesday, February 1, 2005. The conference call numbers are 212-346-6525
or 415-537-1886. To access the live call on the Internet, log on to
www.wmsgaming.com (select "Company Info," then "Investor Relations"). Following
its completion, a replay of the call can be can be accessed for sixty days on
the Internet via www.wmsgaming.com.
MONOPOLY is a trademark of Hasbro Inc. (C)2005 Hasbro. Used with permission. All
rights reserved.
MEN IN BLACK(TM) & (C)2002 Columbia Pictures Industries, Inc. All rights
reserved.
MATCH GAME is a trademark of FremantleMedia Operations BV. Licensed by
FremantleMedia Licensing Worldwide (C) 2004 FremantleMedia North America Inc.
All rights reserved.
A FISTFUL OF DOLLARS (C) 1964 Unidis, S.A.R.L. All rights reserved.
CPU-NXT, Bluebird and Once Around Deluxe are trademarks of WMS Gaming Inc. All
rights reserved.
This press release contains forward-looking statements concerning our future
business performance, strategy, outlook, plans, liquidity, pending regulatory
matters and outcomes of contingencies including legal proceedings, among others.
Forward-looking statements may be typically identified by such words as "may,"
"will," "should," "expect," "anticipate," "seek," "believe," "estimate," and
"intend," among others. These forward-looking statements are subject to risks
and uncertainties that could cause our actual results to differ materially from
the expectations expressed in the forward-looking statements. Although we
believe that the expectations reflected in our forward-looking statements are
reasonable, any or all of our forward-looking statements may prove to be
incorrect. Consequently, no forward-looking statements may be guaranteed.
Factors which could cause our actual results to differ from expectations include
(1) delay or refusal by regulators to approve our new gaming platforms, cabinet
designs, game themes and related hardware and software, (2) a failure to obtain
and maintain our gaming licenses and regulatory approvals, (3) an inability to
introduce in a timely manner new games and gaming machines that achieve and
maintain market acceptance, (4) a software anomaly or fraudulent manipulation of
our gaming machines and software, (5) a failure to obtain the right to use, or
an inability to adapt to rapid development of new technologies, and (6) an
infringement claim seeking to restrict our use of material technologies. These
factors and other factors that could cause actual results to differ from
expectations are more fully described under "Item 1. Business-Risk Factors" in
our Annual Report on Form 10-K for the year ended June 30, 2004 and our more
recent reports filed with the Securities and Exchange Commission.
WMS Industries Inc. is engaged in the design, manufacture, sales, and lease of
gaming machines and video lottery terminals, or VLTs.
- tables follow -
WMS INDUSTRIES, 2/1/05 page 7
WMS INDUSTRIES INC.
Consolidated Statement of Operations
(in millions, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
----------------- ------------------
2004 2003 2004 2003
------- ------- ------- -------
Revenues:
Product Sales $ 69.4 $ 30.8 $ 122.8 $ 55.7
Gaming Operations 24.6 20.7 46.3 42.5
------- ------- ------- -------
Total Revenues 94.0 51.5 169.1 98.2
Costs and Expenses:
Cost of Product Sales 42.8 18.9 74.6 34.1
Cost of Gaming Operations 5.0 3.3 9.6 7.4
Research and Development 13.5 10.2 25.6 20.5
Selling and Administrative 19.3 13.5 34.9 27.1
Depreciation and Amortization 8.7 6.0 15.5 12.3
------- ------- ------- -------
Total Costs and Expenses 89.3 51.9 160.2 101.4
------- ------- ------- -------
Operating Income (Loss) 4.7 (0.4) 8.9 (3.2)
Interest and Other Expense, Net 0.8 (0.2) 0.4 (0.4)
------- ------- ------- -------
Income (Loss) Before Income Taxes 5.5 (0.6) 9.3 (3.6)
Provision (Benefit) for Income Taxes 1.6 (0.2) 3.0 (1.3)
------- ------- ------- -------
Net Income (Loss) $ 3.9 $ (0.4) $ 6.3 $ (2.3)
======= ======= ======= =======
Basic Income (Loss) Per Share of Common Stock $ 0.13 $ (0.01) $ 0.21 $ (0.08)
======= ======= ======= =======
Diluted Income (Loss) Per Share of Common Stock
and Common Stock Equivalents $ 0.12 $ (0.01) $ 0.20 $ (0.08)
======= ======= ======= =======
Weighted-Average Common Shares:
Basic Common Stock Outstanding 30.6 29.5 30.4 29.4
======= ======= ======= =======
Diluted Common Stock and Common Stock Equivalents 37.6 29.5 31.4 29.4
======= ======= ======= =======
- balance sheet data follows -
WMS INDUSTRIES, 2/1/05 page 8
WMS INDUSTRIES INC.
Condensed Consolidated Balance Sheets
(in millions)
December 31, June 30,
------------ -------
2004 2004
------------ -------
(Unaudited)
ASSETS
- ------
Cash and Short-term Investments
Including $1.1 and $0.5 of Restricted Amounts
for Progressive Jackpots, Respectively $ 71.8 $116.2
Receivables, Net 92.3 70.3
Inventories 101.7 65.4
Other Current Assets 29.0 26.1
------ ------
Total Current Assets 294.8 278.0
------ ------
Gaming Operations Machines, Net 37.3 24.9
Property, Plant and Equipment, Net 53.9 53.7
Other Assets 43.2 38.4
------ ------
Total Assets $429.2 $395.0
====== ======
LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
Accounts Payable $ 31.2 $ 17.1
Accrued Liabilities 25.8 23.4
------ ------
Total Current Liabilities 57.0 40.5
2.75% Convertible Subordinated Notes Due 2010 115.0 115.0
Stockholders' Equity:
Common Stock 16.2 16.2
Additional Paid-in Capital 214.8 206.7
Retained Earnings 49.4 43.1
Unearned Restricted Stock (8.8) (1.3)
Accumulated Other Comprehensive Income 2.0 1.0
Treasury Stock (16.4) (26.2)
------ ------
Total Stockholders' Equity 257.2 239.5
------ ------
Total Liabilities and Stockholders' Equity $429.2 $395.0
====== ======
- statement of cash flows follows -
WMS INDUSTRIES, 2/1/05 page 9
WMS INDUSTRIES INC.
Condensed Consolidated Statement of Cash Flows
(in millions)
(Unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
-------------------- -------------------
2004 2003 2004 2003
-------- -------- -------- --------
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss) $ 3.9 $ (0.4) $ 6.3 $ (2.3)
Adjustments to Reconcile Net Income (Loss) to
Net Cash Used by Operating Activities:
Depreciation and Amortization 8.7 6.0 15.5 12.3
Receivables Provision 0.1 0.2 0.1 0.2
Deferred Income Taxes 1.6 (0.2) 3.0 (1.3)
Non-Cash Expenses 0.8 0.4 1.5 0.6
Tax Benefit from Exercise of Stock Options 2.6 2.5 2.7 3.7
Decrease from Changes in Operating Assets and Liabilities (18.1) (12.3) (53.3) (30.8)
-------- -------- -------- --------
Net Cash Used by Operating Activities (0.4) (3.8) (24.2) (17.6)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Property, Plant and Equipment (2.7) (4.3) (4.2) (6.0)
Additions to Gaming Operations Machines (15.5) (1.8) (24.3) (6.5)
Net Change in Short-Term Investments 9.7 (0.3) 9.5 2.6
-------- -------- -------- --------
Net Cash Used by Investing Activities (8.5) (6.4) (19.0) (9.9)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash Received on Exercise of Common Stock Options 6.2 4.4 6.8 6.0
Gross Proceeds from the Issuance of Convertible Notes -- -- -- 15.0
Debt Issuance Costs -- -- -- (0.7)
Purchase of Treasury Stock -- -- -- (5.0)
-------- -------- -------- --------
Net Cash Provided by Financing Activities 6.2 4.4 6.8 15.3
EFFECT OF EXCHANGE RATES ON CASH 0.9 0.4 0.9 0.2
-------- -------- -------- --------
Decrease in Cash and Cash Equivalents (1.8) (5.4) (35.5) (12.0)
Cash and Cash Equivalents at Beginning of Period 26.2 93.0 59.9 99.6
-------- -------- -------- --------
Cash and Cash Equivalents at End of Period $ 24.4 $ 87.6 $ 24.4 $ 87.6
======== ======== ======== ========
- supplemental data follows -
WMS INDUSTRIES, 2/1/05 page 10
WMS INDUSTRIES INC.
Supplemental Data
(in millions, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
------------------ -----------------
2004 2003 2004 2003
------ ------ ------ ------
Supplemental Data -
Reconciliation of Earnings (Loss) Per Share:
Net Income (Loss) $ 3.9 $ (0.4) $ 6.3 $ (2.3)
After Tax Interest Expense and Amortization of
Issuance Cost on Convertible Subordinated Debentures 0.6 -- -- --
------ ------ ------ ------
Diluted Earnings Per Share (Numerator) $ 4.5 $ (0.4) $ 6.3 $ (2.3)
====== ====== ====== ======
Basic Weighted Average Common Shares Outstanding 30.6 29.5 30.4 29.4
Dilutive Effect of Stock Options 1.1 -- 0.9 --
Dilutive Effect of Restricted Common Stock 0.1 -- 0.1 --
Dilutive Effect of Convertible Subordinated Debentures 5.8 -- -- --
------ ------ ------ ------
Diluted Earnings Per Share (Denominator) 37.6 29.5 31.4 29.4
====== ====== ====== ======
Basic Income (Loss) Per Share of Common Stock $ 0.13 $(0.01) $ 0.21 $(0.08)
====== ====== ====== ======
Diluted Income (Loss) Per Share of Common Stock $ 0.12 $(0.01) $ 0.20 $(0.08)
====== ====== ====== ======
- # # # -