American Healthways Continues Strong Revenue Growth for the First Quarter of Fiscal 2004; Achieves Top of Earnings Guidance for the Quarter.Business Editors/Health/Medical Writers NASHVILLE Nashville, city (1990 pop. 487,969), state capital, coextensive with Davidson co., central Tenn., on the Cumberland River, in a fertile farm area; inc. as a city 1806, merged with Davidson co. 1963. , Tenn.--(BUSINESS WIRE)--Dec. 18, 2003 Increases Fiscal 2004 Earnings Guidance Ben R. Leedle, Jr., president and chief executive officer of American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Healthways Healthways can mean:
AMHC Aviation Structural Mechanic Hydraulics Chief ), today announced financial results for the first quarter of fiscal 2004. For the quarter, which ended Nov. 30, 2003, revenues increased 36% to $51,078,000 from $37,538,000 for the first quarter of fiscal 2003, and net income increased to $3,956,000 from $3,699,000. Earnings per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share were $0.23 for the first quarter of fiscal 2004, including the effect of incentive bonus revenues of $0.02 per diluted share, compared with $0.23 for the first quarter of fiscal 2003, including $0.03 of incentive bonus revenues. The Company's guidance for fiscal 2004 first-quarter earnings per diluted share was $0.20 to $0.21, excluding the effect of any incentive bonuses. Leedle remarked, "We are pleased with the Company's performance for the first quarter of fiscal 2004. As planned, we made significant investments in the first quarter related to the StatusOne transaction and its initial integration costs, as well as the ramp-up of contract costs ahead of revenue recognition for new contracts that will start later in the fiscal year. Despite these investments, our strong positive cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses resulted in cash and cash equivalents at the quarter's end remaining approximately the same as at the previous quarter's end. Our substantial revenue growth for the first quarter was driven by expansion in actual health plan lives under management for American Healthways' care enhancement programs, to 1,024,000 at the end of the first quarter from 668,000 at the same time in fiscal 2003. Our first-quarter growth in actual lives under management also represents a 22% sequential-quarter increase from 838,000 at the end of fiscal 2003. Contributing to this growth was the continued demand-driven expansion of our ASO ASO arteriosclerosis obliterans. ASO 1 Administrative services organization, see there 2 Allele-specific–oligonucleotide hybridization 3 Anti-streptolysin O, see there business. "Beyond our on-target financial results, a number of significant developments have occurred in the opening months of fiscal 2004 that support our prospects for sustained profitable growth. We have previously discussed our acquisition of StatusOne, the release of landmark A structure that has significant historical, architectural, or cultural meaning and that has been given legal protection from alteration and destruction. Although landmark preservation laws vary by city and state, they have the same basic purpose: to keep landmarks as close first-year adj. 1. Being in the first year of an experience especially in a U. S. high school or college; - of a person. Adj. 1. first-year - used of a person in the first year of an experience (especially in United States high school or college); "a results by Blue Cross Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. of Minnesota Minnesota, state, United States Minnesota (mĭn'ĭsō`tə), upper midwestern state of the United States. It is bordered by Lake Superior and Wisconsin (E), Iowa (S), South Dakota and North Dakota (W), and the Canadian provinces ("BCBSM BCBSM Blue Cross/Blue Shield of Michigan "), and new first-quarter contracts with Hawaii Hawaii, island, United States Hawaii, island (1990 pop. 120,217), 4,037 sq mi (10,456 sq km), largest and southernmost island of the state of Hawaii and coextensive with Hawaii co.; known as the Big Island. Medical Services Association, WellChoice WellChoice, Incorporated is the parent company of Empire Blue Cross-Blue Shield of New York, created when Empire became a publicly traded company in 2003. WellChoice is listed on the Fortune 500 with revenues of over US$5,000,000,000. , Inc., Oxford Health Plans and Horizon Healthcare Services, Inc. Since announcing those events in September September: see month. and October October: see month. , we have continued with significant contracting momentum and enhanced strategic positioning. -- Eight Contracts Signed in Fiscal 2004 to Date - In addition to the four new contracts signed since the end of fiscal 2003 referenced above, American Healthways has announced four others. We signed a new three-year contract with The Regence Re´gence n. 1. Rule. Group to provide our total population management services to selected groups of self-insured self-insured Self fund Health insurance adjective Referring to the practice of carrying an individual health insurance policy for oneself; self insurance is usually more expensive than group insurance members of Regence BlueShield, located in Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , with the exclusive right to provide services to plans covering The Regence Group's nearly 3 million members in Washington, Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. , Idaho Idaho (ī`dəhō), one of the Rocky Mt. states in the NW United States. It is bordered by Montana and Wyoming (E), Utah and Nevada (S), Oregon and Washington (W), and the Canadian province of British Columbia (N). and Utah. This contract is the first in which we have integrated the high-risk high-risk adjective Referring to an ↑ risk of suffering from a particular condition Infectious disease Referring to an ↑ risk for exposure to blood-borne pathogens, which occurs with blood bank technicians, dental professionals, dialysis unit health management programs provided by StatusOne with our disease management and care enhancement programs. We also announced a five-year contract with Health Care Services Corporation ("HCSC HCSC Higher Command and Staff Course (educational Course run at the Joint Services Command & Staff College, Shrivenham, UK) HCSC Here Comes Santa Claus "), which operates, among other divisions, Blue Cross and Blue Shield ("BCBS BCBS Blue Cross/Blue Shield BCBS Basel Committee on Banking Supervision BCBS Barre Center for Buddhist Studies BCBS Bay City Baptist School BCBS Bishop Cotton Boys School (Bangalore, India) BCBS Bar Code Business Software ") of Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. , BCBS of New Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. and BCBS of Texas. Services for chronic diseases and impact conditions to their self-insured members will be made available starting Jan. 1, 2004. In addition, we signed a new six-year contract with NewQuest Health Solutions LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control for its HealthSpring of Tennessee Tennessee, state, United States Tennessee (tĕn`əsē', tĕn'əsē`), state in the south-central United States. , HealthSpring of Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). and Texas HealthSpring health plans that extends the existing relationship and adds our diabetes and cardiac cardiac /car·di·ac/ (-ak) 1. pertaining to the heart. 2. pertaining to the cardia. car·di·ac adj. 1. Of, near, or relating to the heart. 2. programs to their new markets in Texas and Alabama. Last, we are pleased to announce an expanded contract with Joint Benefit Trust that added our cardiac and asthma asthma (ăz`mə, ăs`–), chronic inflammatory respiratory disease characterized by periodic attacks of wheezing, shortness of breath, and a tight feeling in the chest. A cough producing sticky mucus is symptomatic. programs to our existing diabetes program. We believe that the eight contracts signed since the end of fiscal 2003 clearly indicate both the accelerating interest in disease management and care enhancement among health plans and employers across the country and the market's recognition of the strength of American Healthways' proven programs. -- Care Enhancement Works in Medicare Medicare, national health insurance program in the United States for persons aged 65 and over and the disabled. It was established in 1965 with passage of the Social Security Amendments and is now run by the Centers for Medicare and Medicaid Services. Population - Recently, HealthSpring of Tennessee confirmed strong first-year results from our total care enhancement contract for its population of Medicare beneficiaries. Similar in importance to the earlier release of compelling first-year results from the commercial population of BCBSM, our comprehensive programs with HealthSpring reached over 50% of its total Medicare population and approximately 75% of that population's health care spending. By reaching this critical mass of the plan's medical spend, our programs produced a reduction in the projected cost increase for all HealthSpring's Medicare members that exceeded 300 basis points. These results provide conclusive Determinative; beyond dispute or question. That which is conclusive is manifest, clear, or obvious. It is a legal inference made so peremptorily that it cannot be overthrown or contradicted. proof that, by improving the quality and accessibility of health care through our care enhancement program, substantial cost savings that "bend the trend" of health care cost expansion for a Medicare population can be achieved. -- Future Medicare Opportunity - The importance of our disease management and care enhancement outcomes for Medicare populations, particularly those recently validated val·i·date tr.v. val·i·dat·ed, val·i·dat·ing, val·i·dates 1. To declare or make legally valid. 2. To mark with an indication of official sanction. 3. by HealthSpring of Tennessee, when coupled with the recent passage of the Medicare Prescription Drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, , Improvement and Modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, Act of 2003, is clear. This Act includes the introduction of disease management programs to serve the nation's 36 million traditional Medicare beneficiaries, which represents a tremendous new market opportunity for the Company. As the market leader, our proven results, demonstrated scalability How much a system can be expanded. See scalable. scalability - How well a solution to some problem will work when the size of the problem increases. For example, a central server of some kind with ten clients may perform adequately but with a thousand clients it , unmatched breadth of programs and financial strength, all contribute to American Healthways' strong position with regard to this large emerging market." Fiscal 2004 Guidance Increases American Healthways' guidance for fiscal 2004 is primarily based on its current health plan business under management, its backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at the end of the first quarter of approximately $22 million in annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues before new ASO sales, and its pipeline of potential new contracts and contract extensions. The Company today increases its anticipated earnings per diluted share for fiscal 2004 to a range of $1.42 to $1.46, from its previous range of $1.40 to $1.44. This guidance does not include any impact of future incentive bonuses. Earnings per diluted share for the second quarter of fiscal 2004 are expected to be in the range of $0.28 to $0.30, before the impact of any incentive bonuses, compared to $0.26 for the second quarter of fiscal 2003, before the impact of incentive bonuses. In the second quarter of fiscal 2003, the Company earned $0.05 of incentive bonuses. This guidance takes into consideration both the continuing StatusOne integration costs and the ramp-up of new contract costs ahead of revenue recognition. American Healthways continues to expect fiscal 2004 revenues to be in a range of $245 million to $255 million. The Company guidance above does not reflect the impact of the two-for-one stock split announced Nov. 19, 2003, which will be distributed to stockholders on Dec. 19, 2003. Summary "We believe that the key to bending the trend in escalating health care costs for a given population is reaching a critical mass of its health care spend," Leedle added. "To reach critical mass on a national level requires the ability to deliver a wide breadth of integrated programs at scale. Our confidence that we have the programs, infrastructure, financial strength and management depth to achieve this goal is supported by our experience in quadrupling quad·ru·ple adj. 1. Consisting of four parts or members. 2. Four times as much in size, strength, number, or amount. 3. Music Having four beats to the measure. n. our actual lives under management to over 1,000,000 from 245,000 in just over two years. Further, the expertise we have developed in the timely delivery of services to very large populations continues to differentiate differentiate /dif·fer·en·ti·ate/ (dif?er-en´she-at) 1. to distinguish, on the basis of differences. 2. to develop specialized form, character, or function differing from that surrounding it or from the original. American Healthways in the market." Conference Call American Healthways will hold a conference call to discuss this release today at 5:00 p.m. Eastern time. Investors will have the opportunity to listen to the conference call live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the by going to www.americanhealthways.com and clicking Investor Relations Investor relations The process by which the corporation communicates with its investors. or by going to the following Web site - www.streetevents.com - at least 15 minutes early to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available on the Company's Web site for the next 12 months. Any material information disclosed on the quarterly conference call that has not been previously disclosed publicly will be available on the Company's website at www.americanhealthways.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provisions This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are based upon current expectations and involve a number of risks and uncertainties. In order for the Company to utilize the "safe harbor" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, investors are hereby cautioned that these statements may be affected by the important factors, among others, set forth below, and consequently, actual operations and results may differ materially from those expressed in these forward-looking statements. The important factors include: the Company's ability to integrate the operations of StatusOne into the Company's business; the Company's ability to achieve the expected financial results for StatusOne; the timing of implementation, and the effect, of regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. rules and interpretations relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Medicare Prescription Drug, Improvement, and Modernization Act The Medicare Prescription Drug, Improvement, and Modernization Act (Pub.L. 108-173, 117 Stat. 2066, also called Medicare Modernization Act or MMA) is a law of the United States which was enacted in 2003. of 2003; the Company's ability to sign and execute new contracts for health plan disease management services and care enhancement services and to sign and execute new contracts for hospital-based diabetes services; the risks associated with a significant concentration of the Company's revenues with a limited number of health plan customers; the Company's ability to effect cost savings and clinical outcomes improvements under health plan disease management and care enhancement contracts and reach mutual agreement with customers with respect to cost savings, or to effect such savings and improvements within the time frames contemplated by the Company; the Company's ability to accurately forecast performance under the terms of its health plan contracts ahead of data collection and reconciliation; the ability of the Company to collect contractually earned incentive performance bonuses; the ability of the Company's health plan customers to provide timely and accurate data that is essential to the operation and measurement of the Company's performance under the terms of its health plan contracts; the Company's ability to resolve favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. contract billing and interpretation issues with its health plan customers; the ability of the Company to effectively integrate new technologies such as those encompassed in its care enhancement initiatives into the Company's care management information technology platform; the Company's ability to renew and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. maintain contracts with its customers under existing terms or restructure these contracts on terms that would not have a material negative impact on the Company's results of operations; the ability of the Company to implement its care enhancement strategy within expected cost estimates; the ability of the Company to obtain adequate financing to provide the capital that may be needed to support the growth of the Company's health plan operations and to support or guarantee the Company's performance under new health plan contracts; unusual and unforeseen patterns of health care utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be by individuals with diabetes, cardiac, respiratory respiratory /res·pi·ra·to·ry/ (res´pi-rah-tor?e) pertaining to respiration. res·pi·ra·to·ry adj. Of, relating to, used in, or affecting respiration. and/or other diseases or conditions for which the Company provides services, in the health plans with which the Company has executed a disease management contract; the ability of the health plans to maintain the number of covered lives enrolled in the plans during the terms of the agreements between the health plans and the Company; the Company's ability to attract and/or retain and effectively manage the employees required to implement its agreements with hospitals and health plan organizations; the impact of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. involving the Company; the impact of future state and federal health care legislation and regulations on the ability of the Company to deliver its services and on the financial health of the Company's customers and their willingness to purchase the Company's services; and general economic conditions. The Company undertakes no obligation to update or revise any such forward-looking statements. American Healthways, Inc. is the nation's leading and largest provider of specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. , comprehensive disease management, care enhancement and high-risk health management services proven to improve the quality of health care and lower costs. As of Nov. 30, 2003, the Company had 1,024,000 actual lives under management nationwide. For more information visit www.americanhealthways.com.
AMERICAN HEALTHWAYS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended
November 30,
-----------------------
2003 2002
----------- -----------
Revenues $51,078 $37,538
Cost of services 34,144 24,626
----------- -----------
Gross margin 16,934 12,912
Selling, general & administrative
expenses 5,142 3,918
Depreciation and amortization 4,142 2,539
Interest 944 185
----------- -----------
Income before income taxes 6,706 6,270
Income tax expense 2,750 2,571
----------- -----------
Net income $3,956 $3,699
=========== ===========
Basic income per share: $0.25 $0.24
=========== ===========
Diluted income per share: $0.23 $0.23
=========== ===========
Weighted average common shares
and equivalents(1):
Basic 15,895,000 15,396,000
Diluted 17,109,000 16,345,000
(1) Does not reflect the impact of a two-for-one stock split announced
November 19, 2003, which will be distributed to stockholders on
December 19, 2003.
American Healthways, Inc.
Segment and Statistical Information
(Dollars in thousands)
Three Months Ended
November 30,
------------------
2003 2002
------------------
Segment Operating Information
Revenues:
Health plan contracts $47,714 $33,507
Hospital contracts 3,312 3,947
Other revenue 52 84
------------------
$51,078 $37,538
==================
Income before income taxes:
Health plan contracts $16,726 $11,932
Hospital contracts 737 753
Shared support services (7,019) (5,246)
------------------
Total segments 10,444 7,439
General corporate (3,738) (1,169)
------------------
$6,706 $6,270
==================
Operating Statistics
Health Plan Segment
-------------------
Health plan actual lives under
management at end of period 1,024,445 667,902
Annualized revenue in backlog $21,931 $21,600
Hospital Segment
----------------
Contracts at end of period 48 54
Reconciliation of Diluted Earnings Per Share (EPS) Excluding
Incentive Fees to Diluted Earnings Per Share, GAAP Basis
Three Months Ended
February 28,
2003
----------
EPS excluding incentive fees(1) $0.26
EPS attributable to incentive fees 0.05
----------
EPS, GAAP basis $0.31
==========
(1) EPS excluding incentive fees is a non-GAAP financial measure. The
Company excludes incentive fees from this measure primarily
because of their unpredictability and relies on EPS excluding
incentive fees as a primary measure to review and assess the
ongoing operating performance of contracts. The Company believes
it is useful to investors to provide disclosures of its operating
results on the same basis as that used by management. You should
not consider EPS excluding incentive fees in isolation or as a
substitute for EPS determined in accordance with accounting
principles generally accepted in the United States.
AMERICAN HEALTHWAYS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)
November 30, August
31,
2003 2003(1)
----------- ---------
Assets
Current assets:
Cash and cash equivalents $35,007 $35,956
Accounts receivable, net
Billed 21,043 18,526
Unbilled 4,701 7,971
Other current assets 3,997 4,267
Deferred tax asset 1,105 758
----------- ---------
Total current assets 65,853 67,478
Property and equipment
Leasehold improvements 5,381 5,045
Computer equipment and related software 41,908 38,214
Furniture and office equipment 10,367 9,558
---------------------
57,656 52,817
Less accumulated depreciation (28,528) (25,166)
----------- ---------
Net property and equipment 29,128 27,651
Long-term deferred tax asset 67 -
Other assets 2,131 182
Intangible assets, net 22,945 264
Goodwill, net 83,627 44,438
----------- ---------
Total assets $203,751 $140,013
----------- ---------
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $3,130 $4,067
Accrued salaries and benefits 3,183 9,162
Accrued liabilities 4,532 2,790
Contract billings in excess of earned revenue 5,463 3,272
Income taxes payable 1,523 391
Current portion of long-term debt 12,516 389
Current portion of long-term liabilities 484 360
----------- ---------
Total current liabilities 30,831 20,431
Long-term debt 45,613 109
Long-term deferred tax liability 2,380 2,380
Other long-term liabilities 5,247 4,662
Commitments and contingencies
Stockholders' equity
Preferred stock $.001 par value,
5,000,000 shares authorized, none outstanding - -
Common stock
$.001 par value, 40,000,000 shares
authorized, 15,616,996 and 15,366,232
shares outstanding 16 16
Additional paid-in capital 77,379 74,086
Retained earnings 42,285 38,329
----------- ---------
Total stockholders' equity 119,680 112,431
----------- ---------
Total liabilities and stockholders' equity $203,751 $140,013
----------- ---------
(1) Certain items have been reclassified to conform to current
classifications.
AMERICAN HEALTHWAYS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Three Months
Ended
November 30,
-----------------
2003 2002(1)
Cash flows from operating activities:
Net income $3,956 $3,699
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 4,142 2,539
Amortization of deferred loan costs 192 69
Tax benefit of stock option exercises 2,028 352
Decrease (increase) in accounts receivable, net 1,182 (3,026)
Decrease (increase) in other current assets 497 (726)
(Decrease) increase in accounts payable (1,480) (2,251)
(Decrease) increase in accrued salaries and
benefits (6,599) (7,528)
(Decrease) increase in other current liabilities 1,706 6,305
Other 488 391
Decrease (increase) in other assets 49 251
Payments on other long-term liabilities (61) -
-------- --------
Net cash flows provided by (used in) operating
activities 6,100 75
-------- --------
Cash flows from investing activities:
Acquisition of property and equipment (3,061) (4,862)
Business acquisitions, net of cash acquired (59,812) -
-------- --------
Net cash flows used in investing activities (62,873) (4,862)
-------- --------
Cash flows from financing activities:
Increase in restricted cash and cash equivalents - (3,000)
Proceeds from issuance of term note, net of
deferred loan costs 57,685 -
Exercise of stock options 1,262 206
Payments of long term-debt (3,123) (94)
-------- --------
Net cash flows provided by (used in) financing
activities 55,824 (2,888)
-------- --------
Net increase (decrease) in cash and cash equivalents (949) (7,675)
Cash and cash equivalents, beginning of period 35,956 23,924
-------- --------
Cash and cash equivalents, end of period $35,007 $16,249
======== ========
(1) Certain items have been reclassified to conform to current
classifications.
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