EXHIBIT 99.1
Contact: Frederick J. Hirt, CFO
(610) 478-3117
ARROW INTERNATIONAL, INC. REPORTS
THIRD QUARTER AND NINE MONTHS FISCAL YEAR 2005 RESULTS
READING, PA, JUNE 20, 2005 - Arrow International, Inc. (Nasdaq: ARRO) today
reported results for its third fiscal quarter and nine months ended May 31,
2005. Net sales for the third quarter of fiscal year 2005 increased 8.5% to
$118.1 million from $108.8 million in the third quarter of fiscal year 2004. Net
income increased 36.2% to $15.8 million from $11.6 million in the prior fiscal
year quarter. Diluted earnings per share in the quarter were $0.35 compared to
$0.26 in the prior fiscal year quarter.
Adjusting for certain special items in the corresponding quarter of the previous
fiscal year, as described below, net income was $15.8 million compared to $14.9
million in the prior fiscal year period, an increase of 6.0%, and diluted
earnings per share were $0.35 compared to $0.33 in fiscal year 2004, an increase
of 6.1%. The Company believes that adjustment for these special items discussed
below may be of assistance to investors because of the unusual, anticipated
non-recurring nature of those items. However, presentation of the adjusted items
is not in accordance with generally accepted accounting principles (GAAP) and
the Company has attached to this press release a reconciliation to GAAP of such
items and has also provided discussion of Management's reasons for including
these non-GAAP financial measures.
For the nine-month period ended May 31, 2005, Arrow's net sales were $340.0
million, an increase of 6.2% compared to $320.2 million in the same prior year
period. Net income decreased 16.9% to $34.5 million for the first nine months of
fiscal 2005 compared to $41.5 million in the same prior year period and diluted
earnings per share were $0.77 compared to $0.94 in the same prior year period.
Adjusting for the special items described below, net income was $45.5 million
compared to $44.8 million in the prior fiscal year period, an increase of 1.6%,
and diluted earnings per share were $1.01 in both fiscal years 2005 and 2004.
U.S. Sales
- ----------
Arrow's U.S. sales for the third fiscal quarter increased 1.4% to $71.2 million
from $70.2 million in the third quarter of fiscal 2005 and represented 60.3% of
total net sales. Included in Arrow's U.S. sales for the third fiscal quarter of
fiscal 2005 and 2004 were sales of non-Arrow products distributed by its Stepic
Medical subsidiary of $2.1 million and $3.1 million, respectively.
Arrow's third quarter fiscal 2005 and 2004 sales of NeoCare(R) products were $0
and $1.8 million, respectively. Sales of NeoCare products were temporarily
discontinued during the second quarter of fiscal 2005. Excluding the sales of
Neo?Care and Stepic distributed products, the Company's U.S. sales growth rate
for the third fiscal quarter would have been 5.9%.
During the first nine months of fiscal 2005, U.S. sales increased 0.1% to $207.8
million from $207.6 million in the same prior year period and represented 61.1%
of total net sales. Included in Arrow's U.S. sales in the first nine months of
fiscal 2005 and 2004 were sales of non-Arrow products
5
distributed by its Stepic Medical subsidiary of $5.9 million and $9.2 million,
respectively. Arrow's sales of Neo?Care(R) products were $2.1 million and $5.5
million in the nine months ended May 31, 2005 and May 31, 2004, respectively.
Excluding the sales of Neo?Care(R) and Stepic distributed products, the
Company's U.S. sales growth rate in the first nine months of fiscal year 2005
would have been 3.6%.
International Sales
- -------------------
Arrow's international sales in the third quarter of fiscal 2005 increased 21.5%
to $46.9 million from $38.6 million in the third quarter of fiscal 2004 and
represented 39.7% of total net sales. The weakness of the U.S. dollar compared
to the same period of last year increased total international sales by $1.8
million, or 1.7%. International sales in the first nine months of fiscal 2005
increased 17.4% to $132.2 million from $112.6 million in the same prior year
period and represented 38.9% of total net sales. The weakness of the U.S. dollar
for the nine-month period, compared to the same period of last year, increased
total international sales by $5.3 million, or 1.7%.
The table below shows Arrow's geographical sales for the third quarter and nine
months ended May 31, 2005 with comparisons to the same prior year periods.
Third Quarter Nine Months
------------------------------------- -------------------------------------
Geographical Sales FY05 FY04 % Growth FY05 FY04 % Growth
(Dollars in millions)
United States $69.1 $67.1 3.0% $201.9 $198.4 1.8%
----- ----- ------ ------
Europe $24.1 $19.2 25.5% $63.9 $51.8 23.4%
Asia and Africa 16.2 13.8 17.4% 49.3 44.3 11.3%
International Americas 6.6 5.6 17.9% 19.0 16.5 15.2%
--- --- ---- ----
Subtotal International Sales $46.9 $38.6 21.5% $132.2 $112.6 17.4%
----- ----- ------ ------
Subtotal Arrow Products $116.0 $105.7 9.7% $334.1 $311.0 7.4%
Stepic Distributed Products(1) 2.1 3.1 (32.3)% 5.9 9.2 (35.9)%
--- --- --- ---
Total Company Sales $118.1 $108.8 8.5% $340.0 $320.2 6.2%
====== ====== ====== ======
1) The Company purchased the Stepic Medical Company, its New York distributor,
in September 2002 and has continued to distribute non-Arrow Products
through Stepic in decreasing amounts.
As previously reported, the Company's change in accounting for its U.S. shipping
terms in the second quarter fiscal 2005 reduced its sales in the first nine
months of fiscal 2005, but there was no such effect in the comparable period of
fiscal 2004. The reduction in sales for the first nine months of fiscal year
2005 was $3.3 million.
Carl G. Anderson, Jr., Arrow's Chairman and CEO, stated "We were encouraged with
our revenue growth for the quarter and with the strength of our international
business in particular traceable to continued good execution in our European and
Asia/Pacific sales teams, the purchase of our Italian distributor, and market
share growth in emerging markets, including China and Korea. While our U.S.
business was challenged to meet demand, we were pleased with the 5.9% quarterly
growth in that business, excluding the sales of Neo?Care(R) and Stepic. The
19.6% quarterly growth in our Cardiac Care business was traceable in large part
to our intra-aortic
6
balloon pump sales. The core growth rate of our base business for the first nine
months of the fiscal year, adjusted for favorable foreign exchange rates and
excluding Stepic distributed products and Neo?Care(R) sales, was 7.0%."
"Over the next three quarters, we expect to complete a substantial portion of
the restructuring of our manufacturing facilities thereby building much-needed
additional capacity to meet demand. At the same time, we remain intently focused
on developing best practices and outstanding business systems to enable us to
achieve operational process excellence in the key areas of product quality,
safety, customer service and cost. These critically important initiatives are
intended to provide the Company with improved operational infrastructure to
continue to deliver high quality products to our customers and support Arrow's
future growth."
The table below shows sales of Arrow's critical care product platforms and
cardiac care products for the third quarter and nine months ended May 31, 2005
with comparisons to the same prior year periods.
Third Quarter Nine Months
------------------------------------ ------------------------------------
Total Company Sales by Product Platforms FY05 FY04 % Growth FY05 FY04 % Growth
(Dollars in millions)
Central Venous Catheters $60.5 $55.5 9.0% $176.8 $164.9 7.2%
Specialty Catheters 36.6 34.4 6.4% 105.7 99.9 5.8%
Stepic Distributed Products 2.1 3.1 (32.3)% 5.9 9.2 (35.9)%
--- --- --- ---
Subtotal Critical Care 99.2 93.0 6.7% 288.4 274.0 5.3%
Cardiac Care 18.9 15.8 19.6% 51.6 46.2 11.7%
---- ---- ---- ----
TOTAL $118.1 $108.8 8.5% $340.0 $320.2 6.2%
CorAide(TM) Left Ventricular Assist System (LVAS) Program
- ---------------------------------------------------------
Six patients have now received implants of the Company's CorAide(TM) continuous
flow left ventricular assist system (LVAS) since the European clinical trial of
the device was resumed in February 2005 and three patients have been discharged
to their homes. The Diabetes and Heart Center in Bad Oeynhausen, Germany has
implanted four CorAide(TM) devices and Policlinico di San Matteo in Pavia, Italy
has implanted two devices as part of the study. An additional trial center in
Germany, Deutsches Herzzentrum Berlin, will begin screening patients following
its completion of the CorAide(TM) training program later this month. The
clinical trial experience to date has shown that the CorAide(TM) is operating as
expected. The Company recognizes that while the clinical investigators are
pleased with the performance of the device, these are very early results and the
number of implants is small, making it too early in the process to draw
conclusions.
Project Operational Excellence
- ------------------------------
During the third fiscal quarter of 2005, Arrow continued the implementation of
its previously announced program designed to help it achieve operational process
excellence in four key areas: product quality, safety, customer service and
cost.
During the third fiscal quarter, the Company continued the restructuring of its
European distribution center in Belgium and the consolidation of its
manufacturing facilities, the cost of which amounted to $0.4 million, or $0.01
diluted earnings per share. In addition, through May 31, 2005,
7
the Company made $10.3 million in capital expenditures for construction relating
to its expansion of its manufacturing operations in Mexico and The Czech
Republic. Additional capital expenditures for this construction are expected to
be between $25 million and $35 million over the next 5 quarters.
As previously reported, in connection with Arrow's efforts to enhance its
quality systems and good manufacturing practice/quality system record (GMP/QSR)
compliance, the Company has engaged Quintiles Consulting to assist its project
teams in implementing rigorous compliance procedures with the objective of
achieving the highest practicable levels of product quality assurance. The cost
for this work in the third quarter was $1.7 million, or $0.03 diluted earnings
per share.
Fourth Quarter 2005 Targets
- ---------------------------
The Company's sales and earnings targets for fourth quarter 2005 are net sales
of $116 million to $119 million and diluted earnings per share of $0.32 to
$0.36.
Balance Sheet
- -------------
Cash on May 31, 2005 was $109.4 million, up from $83.7 million at May 31, 2004,
while short-term debt of $27.3 million decreased $5.8 million as compared to the
prior fiscal year third quarter levels. Days sales outstanding decreased to 71
days from 72 days in the prior fiscal year third quarter. Inventory turns of 2.3
times per year remained relatively consistent compared to prior year levels. The
Company had no long-term debt at May 31, 2005. Depreciation and amortization
expense and capital expenditures for the nine months ended May 31, 2005 were
$19.0 million and $26.5 million, respectively.
FDA Warning Letters
- -------------------
Arrow recently received a Warning Letter from the U.S. Food and Drug
Administration (the "FDA") relating to the FDA's March 31 to April 11, 2005
inspection of the Company's Mount Holly, NJ facility where it manufactures the
Arrow Trerotola PTD(TM) Percutaneous Thrombolytic Device (the "PTD"). The
Company also received today an FDA Warning Letter relating to the FDA's December
2 to December 22, 2004 inspection of the Company's Reading, PA facility with
respect to oversight of its NeoCare manufacturing operations. As previously
reported, the Company determined in January 2005 to temporarily cease
manufacturing and selling of its NeoCare product line until it completes the
integration of its NeoCare manufacturing operations into other existing
facilities. The Warning Letters refer to Form 483 inspectional observations that
the FDA had previously issued concerning the PTD's and NeoCare's non-conformance
with certain Quality System Regulations. The Company previously responded to
these observations with specific actions to correct this non-compliance and is
continuing to cooperate with the FDA to satisfactorily address all its remaining
concerns. As stated above under "Project Operational Excellence," Arrow is
committed to enhancing its good manufacturing practices and quality systems, and
expects to submit its written responses to the Warning Letters in a timely
manner.
8
Stock Repurchase Program
- ------------------------
In March 1999, the Company began open market purchases of its common stock
pursuant to its previously announced program to repurchase up to 2 million
shares of its common stock. In April 2000, the Company announced that it would
repurchase up to another 2 million shares of its common stock under this
program. As of May 31, 2005, the Company had purchased a total of 3,603,600
shares under this program, which remains in effect. The Company made no
repurchases of shares of its common stock under this program in the third
quarter of fiscal 2005.
Non-GAAP Financial Measures
- ---------------------------
The Company's management believes that in order to properly understand its
short-term and long-term financial trends, it is useful for investors to
consider separately the impact of certain special items, as further discussed
below, on its results of operations. These items result from facts and
circumstances that vary in frequency and/or impact on continuing operations. In
addition, the Company's management uses results of operations before such
special items to evaluate the operational performance of the Company and as a
basis for strategic planning. Investors should consider these non-GAAP measures
in addition to, and not as a substitute for, financial performance measures
prepared in accordance with GAAP.
The Company has determined that these non-GAAP disclosures provide (1) a
meaningful, more consistent comparison of the Company's operating results for
the periods presented, on a basis consistent with management's own means of
evaluating operating performance, and (2) additional information for investors
to assess changes between periods that better reflect the Company's ongoing
operations. The items excluded from these non-GAAP disclosures, which have been
described in further detail in the Company's Quarterly Report on Form 10-Q for
its second fiscal quarter ended February 28, 2005 and the basis for excluding
them, are set forth below and in the attached Reconciliation to GAAP. Given the
unusual and, in most cases, non-recurring nature (i.e., not likely to recur in
the next two years, if at all) of these items relative to the Company's
operating results for the periods presented, and their potential to distort the
Company's ability to provide a meaningful, consistent comparison for those
periods, these items have been excluded from the Adjusted Results of Operations
but included in the attached Reconciliation to GAAP.
Voluntary Early Retirement Plan - The Company incurred certain charges related
to the implementation of this program and has concluded that these charges are
non-recurring in nature based on the fact that it has no present intention to
offer a similar program in the future and had never offered such a program in
the past. Therefore, the Company believes exclusion of this item provides a
useful financial measure to investors because of the unusual, non-recurring
nature of its voluntary early retirement plan.
LionHeart Inventory Write-Off, Reserve and Impairment Charges - The Company
incurred charges related to the write-off of certain components that became
obsolete with the Company's decision not to proceed with the clinical trials
using the first generation LionHeart(TM) power system and controller, and
related to recording a provision for LionHeart(TM) inventory in excess of
anticipated requirements and with respect to the discontinuation of the
development, sales and marketing programs related to its LionHeart(TM) Left
Ventricle Assist System (LVAS). The Company has concluded that these items are
non-recurring in nature based on the fact that the LionHeart(TM) LVAS, which
represented a unique research and development program for the Company, has been
discontinued in its entirety, thereby eliminating the possibility of any such
charges in the future. Therefore, the Company believes exclusion of these items
provides a useful financial measure to investors
9
because of the unusual, non-recurring nature of the termination of its
LionHeart(TM) LVAS program.
LionHeart(TM) Second Generation R & D - The Company incurred research and
development expenses related to its development of second generation
LionHeart(TM) components. The Company has concluded that these expenses will not
recur in the future due to the recent termination of this program, although it
had been recording these costs in prior periods. It believes exclusion of this
item provides a useful financial measure to investors because of the unique
nature of the LionHeart(TM) program relative to its other product lines. As a
result, before its termination of the LionHeart(TM) program, the Company had
evaluated these costs separately for internal purposes and believes its internal
approach is appropriate for external analysis as well.
Manufacturing Restructuring - The Company incurred restructuring charges related
to the consolidation of certain of its manufacturing facilities. The Company has
concluded that its manufacturing restructuring charges are unusual and
infrequent, but that they also are expected to recur in future periods as the
manufacturing restructuring plan is continued. The Company believes it is useful
to present these costs separately because of the unique, one-time nature of the
exit costs related to this program. Once this program is completed, these costs
will permanently cease, as most of these costs will have been incurred in
connection with the closing of certain facilities. As a result, the Company has
evaluated these costs separately for internal purposes and believes its internal
approach is appropriate for external analysis as well. The Company did not
separately report these costs in the third quarter of fiscal 2005 because they
were the only non GAAP item and they were not significant. However, they were
separately disclosed above, under Project Operational Excellence.
AB Medica Inventory Step-Up - The Company incurred charges related to its
step-up of inventory acquired in connection with its purchase of certain assets
of one of its distributors in Italy, AB Medica S.p.A., in September 2004. The
Company has concluded that this item is non-recurring in nature based on the
fact this charge was incurred upon the sale of all of the acquired inventory in
the first quarter of fiscal 2005 and, since there is no further inventory to be
sold, no additional related charges will be incurred. Therefore, the Company
believes exclusion of this item provides a useful financial measure to investors
because of the non-recurring nature of the step-up of inventory in connection
with its acquisition of AB Medica.
Conference Call and Webcast
- ---------------------------
There will be a conference call and webcast to discuss Arrow's second fiscal
quarter results today, June 20 2005, at 4:30 pm ET. The call and webcast are
available by dialing 800-737-9483, International/Local Dial-In # 706-679-7371,
using Conference ID #6966087, or through
http://www.arrowintl.com/presentations/.
- ----------------------------------------
Company Information
- -------------------
Arrow International, Inc. develops, manufactures and markets a broad range of
clinically advanced, disposable catheters and related products for critical and
cardiac care. The Company's products are used primarily by anesthesiologists,
critical care specialists, surgeons, emergency
10
and trauma physicians, cardiologists, interventional radiologists,
electrophysiologists, and other health care providers.
Arrow International's news releases and other company information can be found
on its website at http://www.arrowintl.com.
The Company's common stock trades on The Nasdaq Stock Market(R) under the symbol
ARRO.
Safe Harbor Statement
- ---------------------
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: This news release provides historical information and includes
forward-looking statements (including projections). Although the Company
believes that the expectations in such forward-looking statements are
reasonable, the Company can give no assurance that such expectations will prove
to have been correct. The forward-looking statements are based upon a number of
assumptions and estimates that, while presented with numerical specificity and
considered reasonable by the Company, are inherently subject to significant
business, economic and competitive risks, uncertainties and contingencies which
are beyond the control of the Company, and upon assumptions with respect to
future business decisions which are subject to change. Accordingly, the
forward-looking statements are only an estimate, and actual results will vary
from the forward-looking statements, and these variations may be material.
Consequently, the inclusion of the forward-looking statements should not be
regarded as a representation by the Company of results that actually will be
achieved. Forward-looking statements are necessarily speculative in nature, and
it is usually the case that one or more of the assumptions in the
forward-looking statements do not materialize. Investors are cautioned not to
place undue reliance on the forward-looking statements. In connection with the
"Safe Harbor" provisions of the Private Securities Litigation Reform Act of
1995, the Company cautions the reader that, among others, the factors below,
which are discussed in the Company's Annual Report on Form 10-K for the fiscal
year ended August 31, 2004 and in its other filings with the Securities and
Exchange Commission, could cause the Company's results to differ materially from
those stated in the forward-looking statements. These factors include: (i)
stringent regulation of the Company's products by the US Food and Drug
Administration and, in some jurisdictions, by state, local and foreign
governmental authorities; (ii) the highly competitive market for medical devices
and the rapid pace of product development and technological change in this
market; (iii) pressures imposed by the health care industry to reduce the cost
or usage of medical products and services; (iv) dependence on patents and
proprietary rights to protect the Company's trade secrets and technology, and
the need for litigation to enforce or defend these rights; (v) risks associated
with the Company's international operations; (vi) potential product liability
risks inherent in the design, manufacture and marketing of medical devices;
(vii) risks associated with the Company's use of derivative financial
instruments; and (viii) dependence on the continued service of key members of
the Company's management.
11
ARROW INTERNATIONAL, INC.
RESULTS OF OPERATIONS
RECONCILIATION TO GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
MAY 31, 2005
( IN THOUSANDS, EXCEPT PER SHARE)
QUARTER ENDED 5/31/05
VOLUNTARY LIONHEART
EARLY LIONHEART SECOND
RETIREMENT INVENTORY GENERATION R&D MANUFACTURING
AS REPORTED PLAN RESERVE RESTRUCTURING AS ADJUSTED
Net Sales $118,070 - - - - $118,070
Gross Profit $60,654 - - - - $60,654
Income Before Taxes $23,458 - - - - $23,458
Net Income $15,834 - - - - $15,834
Diluted Earnings Per
Share $0.35 - - - - $0.35
Weighted average shares
used in computing
diluted earnings per
common share 45,277 45,277
ARROW INTERNATIONAL, INC.
RESULTS OF OPERATIONS
RECONCILIATION TO GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
MAY 31, 2005
(IN THOUSANDS, EXCEPT PER SHARE)
YEAR TO DATE 5/31/05
VOLUNTARY LIONHEART A.B.
EARLY LIONHEART SECOND MEDICA
RETIREMENT INVENTORY GENERATION LIONHEART MANUFACTURING INVENTORY
AS REPORTED PLAN RESERVE R&D WRITEOFF RESTRUCTURING STEP-UP AS ADJUSTED
Net Sales $340,004 - - - - - - $340,004
Gross Profit $167,777 $1,883 $2,079 - $2,483 - $1,467 $175,689
Income Before Taxes $50,419 $6,839 $2,079 $1,748 $2,824 $1,321 $1,467 $66,697
Net Income $34,471 $4,616 $1,403 $1,180 $1,906 $892 $990 $45,458
Diluted Earnings Per
Share $0.77 $0.11 $0.03 $0. 02 $0.04 $0.02 $0.02 $1.01
Weighted average shares
used in computing
diluted earnings per
common share 44,939 44,939 44,939 44,939 44,939 44,939 44,939 44,939
12
ARROW INTERNATIONAL, INC.
RESULTS OF OPERATIONS
RECONCILIATION TO GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
MAY 31, 2004
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
QUARTER ENDED 5/31/04
LIONHEART
LIONHEART LIONHEART SECOND
INVENTORY EQUIPMENT GENERATION
AS REPORTED WRITE-OFF WRITE-OFF R&D AS ADJUSTED
Gross Profit $52,530 $3,140 $ - $ - $55,670
Income Before Taxes 17,263 3,140 558 1,111 22,072
Net Income 11,652 2,120 376 750 14,898
Diluted Earnings Per Share $0.26 $0.05 $0.01 $0.01 $0.33
Weighted average shares used in
computing diluted earnings per
common share 44,474 44,474 44,474 44,474 44,474
NINE MONTHS ENDED 5/31/04
LIONHEART
LIONHEART LIONHEART SECOND
INVENTORY EQUIPMENT GENERATION
AS REPORTED WRITE-OFF WRITE-OFF R&D AS ADJUSTED
Gross Profit $164,530 $3,140 $ - $ - $167,670
Income Before Taxes 61,532 3,140 558 1,111 66,341
Net Income 41,534 2,120 376 750 44,780
Diluted Earnings Per Share $0.94 $0.05 $0.01 $0.01 $1.01
Weighted average shares used in
computing diluted earnings per
common share 44,221 44,221 44,221 44,221 44,221
R,D&E = Research, Development and Engineering
13
ARROW INTERNATIONAL, INC.
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
Three Months Ended Nine Months Ended
May 31, May 31, May 31, May 31,
CONSOLIDATED STATEMENTS OF INCOME DATA: 2005 2004 2005 2004
---------------- -------------- -------------- --------------
Net sales $ 118,070 $ 108,779 $ 340,004 $ 320,174
Cost of goods sold 57,416 56,249 172,227 155,644
---------------- -------------- -------------- --------------
Gross profit 60,654 52,530 167,777 164,530
Operating expenses:
Research and development 6,698 8,201 21,743 21,428
Selling, general and administrative 29,856 27,068 94,123 81,254
Restructuring 375 - 1,696 -
---------------- -------------- -------------- --------------
Total operating expenses 36,929 35,269 117,562 102,682
Operating income 23,725 17,261 50,215 61,848
Interest, net (273) (47) (470) 257
Other (income) expenses, net 540 45 266 59
---------------- -------------- -------------- --------------
Income before income taxes 23,458 17,263 50,419 61,532
Provision for income taxes 7,624 5,611 15,948 19,998
---------------- -------------- -------------- --------------
Net income $ 15,834 $ 11,652 $ 34,471 $ 41,534
================ ============== ============== ==============
Basic earnings per common share $0.36 $0.26 $0.78 $0.95
===== ===== ===== =====
Diluted earnings per common share $0.35 $0.26 $0.77 $0.94
===== ===== ===== =====
Weighted average shares used in computing
basic earnings per common share 44,548 43,634 44,200 43,494
Weighted average shares used in computing
diluted earnings per common share 45,277 44,474 44,939 44,221
14
May 31, August 31,
ASSETS 2005 2004
--------------- --------------
Cash $ 109,370 $ 94,176
Receivables (net) 88,438 83,918
Inventories 100,439 96,084
Prepaid expenses and other 20,180 15,898
--------------- --------------
Total current assets 318,427 290,076
Property, plant and equipment (net) 148,014 136,978
Other assets 127,866 122,154
--------------- --------------
Total assets $ 594,307 $ 549,208
=============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY EQUITY
Notes payable $ 26,205 $ 26,020
Other current liabilities 52,060 51,418
Current maturities of long-term debt 1,084 3,036
Other liabilities 31,173 22,403
--------------- --------------
Total liabilities 110,522 102,877
Total shareholders' equity 483,785 446,331
--------------- --------------
Total liabilities and shareholders' equity $ 594,307 $ 549,208
=============== ==============
15