ArthroCare's 28% Revenue Growth Drives 60% Increase in Net Income for the Second Quarter.AUSTIN, Texas -- ArthroCare(R) Corp. (Nasdaq:ARTC ARTC Arthrocare Corp (stock symbol) ARTC Australian Rail Track Corporation ARTC Air Route Traffic Control ARTC Association de la Recherche Theatrale au Canada ARTC Andean Root and Tuber Crops ), a multi-business medical device company that develops minimally invasive surgical products, announced today financial results for the second quarter ended June 30, 2006. Second quarter product revenues were $63.8 million, a 28 percent increase over the $49.7 million recorded in the same quarter of the previous year. Total revenues, which include product revenues, license fees and royalties, were $66.0 million for the second quarter, a 28 percent increase over the $51.7 million reported in the second quarter of 2005. ArthroCare reported net income of $7.7 million, or $0.28 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, for the second quarter of 2006, compared to net income of $4.8 million, or $0.19 per diluted share, reported in the same quarter of 2005. FAS 123R-related expenses in the second quarter resulted in a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. to net income for stock-based compensation of approximately $1.3 million after taxes, or $0.05 per diluted share. Excluding this required charge, non-GAAP net income for the second quarter would have been $9.0 million, or $0.33 per diluted share. A reconciliation of net income calculated in accordance with GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). and non-GAAP net income measures is provided in the table below under the caption "Reconciliation of GAAP and Non-GAAP Measures."
Q2 SUMMARY TABLE
Q206 Q106 Q205
------------------------------------------- -------- -------- --------
Product Sales $63.8 M $60.3 M $49.7 M
------------------------------------------- -------- -------- --------
License Fees, Royalties and Other Revenues $2.2 M $2.2 M $2.0 M
------------------------------------------- -------- -------- --------
Total Revenues $66.0 M $62.5 M $51.7 M
------------------------------------------- -------- -------- --------
Net Income $7.7 M $7.1 M $4.8 M
------------------------------------------- -------- -------- --------
Earnings Per Diluted Share $0.28 $0.26 $0.19
------------------------------------------- -------- -------- --------
FIRST SIX MONTHS OF 2006 For the first six months of 2006, total revenues reached $128.5 million compared with $101.4 million in the same period of 2005. The product sales portion of revenue increased to $124.1 million in 2006 compared to $97.5 million in 2005. Net income for the six-month period was $14.8 million, or $0.53 per diluted share, compared to six-month net income of $8.0 million, or $0.31 per diluted share, in the previous year. FAS 123R-related expenses in the first six months of 2006 resulted in non-cash charges to net income for stock-based compensation of approximately $2.6 million after taxes, or approximately $0.10 per diluted share. Excluding these required charges, non-GAAP net income for the six-month period would have been $17.4 million, or $0.63 per diluted share. A reconciliation of net income calculated in accordance with GAAP and non-GAAP net income measures is provided in the table below under the caption "Reconciliation of GAAP and Non-GAAP Measures." REVENUE In addition to second quarter product sales of $63.8 million, license fees, royalties and other revenue were $2.2 million in the second quarter of 2006, which represents 3 percent of total revenue, compared to $2.0 million, or 4 percent of total second quarter 2005 revenue. International product revenue for the second quarter of 2006 increased 19 percent compared to the same period last year, and represented 20 percent of product sales during the quarter. BUSINESS UNIT PERFORMANCE The Sports Medicine sports medicine, branch of medicine concerned with physical fitness and with the treatment and prevention of injuries and other disorders related to sports. Knee, leg, back, and shoulder injuries; stiffness and pain in joints; tendinitis; "tennis elbow"; and business unit produced revenue growth of 25 percent during the quarter ended June 30, 2006 compared with the same period of 2005, and represented 65 percent of total product revenue. Sales in the Spine business unit increased modestly during the second quarter of 2006 compared to the same period in 2005, with spine sales representing 9 percent of product sales in the second quarter of 2006. The second quarter increase in ENT ENT ears, nose, and throat (otorhinolaryngology). ENT abbr. ear, nose, and throat ENT ear, nose and throat. ENT Ears, nose & throat; formally, otorhinolaryngology product sales over the comparable period of last year was 52 percent, with ENT sales representing 26 percent of product revenue during the quarter. OPERATIONS Product margin was 69 percent in the second quarter of 2006, compared to 69 percent in the year-ago quarter. Stock-based compensation expense related to FAS 123R of approximately $180,000, or 0.3 points of product margin, was recognized in cost of product sales in the second quarter, and a stock-based compensation cost of $222,000 was capitalized into inventory and will be amortized through cost of sales in future periods. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were $36.0 million in the second quarter, or approximately 54 percent of total revenue, and included $1.8 million in stock-based compensation expense. Excluding this expense, which was not required in the second quarter of 2005, non-GAAP operating expenses were $34.2 million, or 52 percent of total revenue, versus $29.9 million, or 58 percent of total revenue, in the second quarter of 2005. A reconciliation of operating expenses calculated in accordance with GAAP and non-GAAP operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. measures is provided below in the table under the caption "Reconciliation of GAAP and Non-GAAP Measures." BALANCE SHEET Cash, cash equivalents and short-term investments were $33.8 million as of June 30, 2006, compared to $23.3 million at December 31, 2005. Days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). improved one day to 73 days, from 74 days reported at year end. Inventories increased to $53.1 million from the $47.8 million reported at December 31, 2005, which is in line with the Company's sales growth. "We are pleased to have generated a strong performance from both a revenue and earnings perspective in the second quarter," said Michael A. Baker Michael Allen Baker (Captain, USN, Ret.) is the International Space Station Program Manager for International and Crew Operations, at NASA's Johnson Space Center. He is responsible for the coordination of program operations, integration and flight crew training and support , president and chief executive officer for ArthroCare. "We continued our recent trend of achieving record quarterly revenues and exceeded our earnings growth target. We look forward to further building upon the momentum we've produced during the first half of this year to accomplish our fiscal 2006 objectives." RECENT CORPORATE DEVELOPMENTS --The United Kingdom's National Institute for Health and Clinical Excellence “NICE” redirects here. For other uses, see NICE (disambiguation). The National Institute for Health and Clinical Excellence or NICE is a Special Health Authority of the National Health Service in England and Wales. , an independent organization responsible for providing national guidance on the promotion of good health and the prevention and treatment of ill health, recently approved percutaneous percutaneous /per·cu·ta·ne·ous/ (per?ku-ta´ne-us) performed through the skin. per·cu·ta·ne·ous adj. Passed, done, or effected through the unbroken skin. disc decompression decompression /de·com·pres·sion/ (de?kom-presh´un) removal of pressure, especially from deep-sea divers and caisson workers to prevent bends, and from persons ascending to great heights. using ArthroCare's Coblation technology, specifically DISC Nucleoplasty(R), as a treatment option for patients with lower back pain. The organization's endorsement allows physicians and hospitals in the United Kingdom  This article has recently been split into multiple articles entitled:
--ArthroCare was named to the new NASDAQ Global Select Market, a recently created classification tier with the highest initial listing standards for market value, liquidity, earnings and corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. of any exchange in the world. --Wade Wong, D.O.F.A.C.R., a radiologist radiologist /ra·di·ol·o·gist/ (ra?de-ol´ah-jist) a physician specializing in radiology. Radiologist at the University of California, San Diego UCSD is consistently ranked among the top ten public universities for undergraduate education in the United States by U.S. News & World Report.[3] It is a Public Ivy. [1] For graduate studies, most of UCSD's Ph.D. (UCSD UCSD University of California, San Diego (La Jolla, California) UCSD User Centered System Design UCSD Urbana-Champaign Sanitary District (Illinois) UCSD Ultra Cool Sexy Dudes ) School of Medicine, presented study results at the American Society of Interventional and Therapeutic Neuroradiology neuroradiology /neu·ro·ra·di·ol·o·gy/ (-ra?de-ol´ah-je) radiology of the nervous system. neu·ro·ra·di·ol·o·gy n. 1. The branch of radiology that deals with the nervous system. (ASITN ASITN American Society of Interventional and Therapeutic Neuroradiology ) in April based on his use of Coblation technology to treat fractured vertebrae Vertebrae Bones in the cervical, thoracic, and lumbar regions of the body that make up the vertebral column. Vertebrae have a central foramen (hole), and their superposition makes up the vertebral canal that encloses the spinal cord. caused by spinal tumors Spinal tumors are neoplasms located in the spinal cord. They are mostly metastases from primary cancers elsewhere (commonly breast, prostate and lung cancer). Primary tumors may be benign (e.g. hemangioma) or malignant in nature. . Wong removed spinal tumors in 28 patients using Coblation technology and then injected in·ject·ed adj. 1. Of or relating to a substance introduced into the body. 2. Of or relating to a blood vessel that is visibly distended with blood. injected 1. introduced by injection. 2. congested. bone cement into the resulting cavity to stabilize stabilize See peg. the fractured bone fragments without complications that normally occur. He reported all 28 patients treated in the study experienced decreased pain and improved function. --Two new studies presented at the Arthroscopic Association of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. (AANA AANA American Association of Nurse Anesthetists AANA Arthroscopy Association of North America AANA Australian Association of National Advertisers AANA Alumni Association of North America AANA Alaska Nurses Association AANA Assam Association of North America ) annual meeting in May demonstrated Coblation devices were effective for safely treating symptomatic symptomatic /symp·to·mat·ic/ (simp?to-mat´ik) 1. pertaining to or of the nature of a symptom. 2. indicative (of a particular disease or disorder). 3. chondral defects in the knee. The first study, presented by Ferdinando Battistella, MD, orthopaedic surgeon at Legano Hospital (Milan, Italy), is the first clinical study to evaluate in vivo in vivo /in vi·vo/ (ve´vo) [L.] within the living body. in vi·vo adj. Within a living organism. in vivo adv. histologic his·tol·o·gy n. pl. his·tol·o·gies 1. The anatomical study of the microscopic structure of animal and plant tissues. 2. The microscopic structure of tissue. findings after the use of bipolar (1) See bipolar transmission. (2) One of two major categories of transistor; the other is "field effect transistor" (FET). Although the first transistors and first silicon chips were bipolar, most chips today are field effect transistors wired as CMOS logic, which radiofrequency-based methods in articular cartilage articular cartilage n. The cartilage covering the articular surfaces of the bones forming a synovial joint. Also called arthrodial cartilage, diarthrodial cartilage, investing cartilage. of the knee. Study results indicate this approach can be used to safely treat grades II and III lesions in the knee. A second study, "Osteonecrosis osteonecrosis /os·teo·ne·cro·sis/ (os?te-o-ne-kro´sis) necrosis of a bone. os·te·o·ne·cro·sis n. Necrosis of bone. Following Arthroscopic Chondroplasty -- a Retrospective Evaluation of 521 Patients Who Underwent Arthroscopic Knee Surgery Arthroscopic knee surgery Surgery performed to examine or repair tissues inside the knee joint through a special scope (arthroscope). Mentioned in: Chondromalacia Patellae arthroscopic knee surgery ," indicated no relationship between the onset of osteonecrosis and the type of surgical device used for treating symptomatic chondral defects in the knee. Dain Allred, MD, orthopaedic surgeon at the University of Rochester The University of Rochester (UR) is a private, coeducational and nonsectarian research university located in Rochester, New York. The university is one of 62 elected members of the Association of American Universities. School of Medicine, presented the study. --ArthroCare appointed Richard W. Rew II as Vice President, Legal Affairs. He succeeds John Raffle who was recently promoted to Senior Vice President of Strategic Business Units. Rew joins ArthroCare from Activant Solutions Inc., a software and services company with more than 2,000 employees. Rew served as General Counsel of Activant beginning in 2000 and was most recently Vice President, General Counsel & Secretary. Prior to Activant, Rew served as General Counsel for publicly traded EZCORP Inc. from 1996 to 2000. Rew is a member of the State Bar of Texas. --ArthroCare was named one of the fastest-growing technology companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. by Business 2.0 in the publication's June 2006 issue. The magazine ranked ArthroCare number 39 in its 2006 Business 2.0 100 (B2 100). This is the second consecutive year ArthroCare has been included in the B2 100 list; in 2005, the Company ranked number 89. --ArthroCare was included in "The Industry Top 10" in ipIQ's annual Patent Scorecard of medical device companies. The 2006 Patent Scorecard is a ranking of corporate innovation within 15 industries that combines a series of indicators -- reflecting varying aspects of innovation, speed, strength and relevancy -- to arrive at patent quality, technological strength and breadth of impact. It tracks the U.S. patent portfolios of more than 2,500 of the world's top technology firms. BUSINESS OUTLOOK The following statements are based on current expectations on August 3, 2006. These statements are forward-looking, and actual results may differ materially. These statements do not include the potential impact of any new businesses or license agreements the Company may enter in future periods. ArthroCare's business outlook for fiscal 2006 is as follows: --The Company expects total revenues for fiscal 2006 to be in the range of $255 million to $265 million. --For the third quarter of 2006, ArthroCare anticipates sequential revenue growth over the second quarter of 2006. --ArthroCare expects fiscal 2006 GAAP diluted EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. , which includes the impact of FAS 123R, to be in the range of $1.10 to $1.20. --ArthroCare estimates FAS 123R expense for stock-based compensation expenses in fiscal 2006 to be $0.15 to $0.20 per share. --In fiscal 2007, ArthroCare expects revenue growth of at least 20 percent with earnings growing faster than revenue. USE OF NON-GAAP FINANCIAL MEASURES ArthroCare believes that to properly understand the Company's short- and long-term financial trends, investors may wish to consider the impact of certain charges. These charges result from facts and circumstances that vary in frequency and/or impact on continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the . In addition, ArthroCare management uses results of operations before certain charges to evaluate the operational performance of the Company. Investors should consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures in accordance with GAAP. RECONCILIATION OF GAAP AND NON-GAAP MEASURES Non-GAAP results for the three and six months ended June 30, 2006 exclude stock-based compensation charges associated with the Company's adoption of Statement of Financial Accounting Standards No. 123 (revised 2004), Share-Based Payment ("Statement 123R"), on January 1, 2006. A reconciliation of ArthroCare's non-GAAP net income, non-GAAP diluted net income per share and non-GAAP operating expenses follows (unaudited, in thousands, except per share amounts):
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2006 2005 2006 2005
---------- ---------- ---------- ----------
GAAP net income $7,699 $4,818 $14,832 $7,980
Stock compensation
adjustments(a):
Cost of product sales 176 -- 176 --
Research and development 333 -- 724 --
Sales and marketing 793 -- 1,580 --
General and
administrative 733 -- 1,606 --
Provision for income
taxes (711) -- (1,473) --
---------- ---------- ---------- ----------
Non-GAAP net income $9,023 $4,818 $17,445 $7,980
Diluted shares outstanding 27,803 25,877 27,773 25,833
Non-GAAP diluted net
income per share $0.33 $0.19 $0.63 $0.31
Three Months Ended
June 30, June 30,
2006 2005
---------- ----------
GAAP operating expenses $36,016 $29,922
Stock compensation adjustments(a):
Research and development (333) --
Sales and marketing (793) --
General and administrative (733) --
---------- ----------
Non-GAAP operating expenses $34,157 $29,922
(a) Statement 123R requires the measurement and recognition of
compensation expense for all share-based payment awards made to
employees, including employee stock options and employee stock
purchases related to the ESPP based on estimated grant date fair
values. Therefore, the above adjustments consist of stock-based
compensation and the related tax effect. These non-GAAP
adjustments are provided to enhance the user's overall
understanding of ArthroCare's financial performance and provide
comparability, as this expense was not included in the Company's
financial statements prior to January 1, 2006. The Company
strongly believes this non-GAAP presentation is information that
will be useful and widely used by the Company's investors and
analysts and is relevant to assessing the Company's operating
performance.
CONFERENCE CALL ArthroCare will hold a conference call with the financial community to discuss these results at 4:30 p.m. ET/1:30 p.m. PT today. The call will be simultaneously webcast by Thomson-CCBN and can be accessed on ArthroCare's Web site at www.arthrocare.com. The webcast will remain available through September 3, 2006. A telephonic replay of the conference call can be accessed by dialing 800-633-8284 and entering pass code number 21299404. ABOUT ARTHROCARE Founded in 1993, ArthroCare Corp. (www.arthrocare.com) is a highly innovative, multi-business medical device company that develops, manufactures and markets minimally invasive surgical products. With these products, ArthroCare targets a multi-billion dollar market opportunity across several medical specialties Medical Specialties See also anatomy; disease and illness; drugs; health; remedies; surgery. adenography the science of the description of glands. — adenographic, adj. , significantly improving existing surgical procedures Surgical procedures have long and possibly daunting names. The meaning of many surgical procedure names can often be understood if the name is broken into parts. For example in splenectomy, "ectomy" is a suffix meaning the removal of a part of the body. "Splene-" means spleen. and enabling new, minimally invasive procedures Minimally invasive surgical procedures avoid open invasive surgery in favor of closed or local surgery with less trauma. These procedures involve use of laparoscopic devices and remote-control manipulation of instruments with indirect observation of the surgical field through an . Many of ArthroCare's products are based on its patented Coblation technology, which uses low-temperature radiofrequency energy to gently and precisely dissolve A Web site design technique borrowed from the film and video industry in which the transition between two Web pages is represented visually by one page fading into another. Also known as a "soft cut," the result is achieved in the HTML coding of the images to gradual pre-determined rather than burn soft tissue -- minimizing damage to healthy tissue. Used in more than four million surgeries worldwide, Coblation-based devices have been developed and marketed for sports medicine; spine/neurologic; ear, nose and throat (ENT); cosmetic; urologic and gynecologic gynecologic /gy·ne·co·log·ic/ (gi?ne-) (jin?e-kah-loj´ik) pertaining to the female reproductive tract or to gynecology. procedures. ArthroCare also has added a number of novel technologies to its portfolio, including Opus opus (ō`pəs) [Lat.,=work], in music, term used in cataloging a composer's works, designating either a single composition or a group published together or considered a unit. Medical sports medicine, Parallax parallax (pâr`əlăks), any alteration in the relative apparent positions of objects produced by a shift in the position of the observer. In astronomy the term is used for several techniques for determining distance. spine and Applied Therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. ENT products, to complement Coblation within key indications. 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. STATEMENTS Except for historical information, this press release includes 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. . These statements include, but are not limited to, the Company's stated business outlook for fiscal 2006, continued strength of the Company's fundamental position, the strength of the Company's technology, the Company's belief that strategic moves will enhance achievement of the Company's long-term potential, the potential and expected rate of growth of new businesses, continued success of product diversification efforts, and other statements that involve risks and uncertainties. These risks and uncertainties include, but are not limited to the uncertainty of success of the Company's non-arthroscopic products, competitive risk, uncertainty of the success of strategic business alliances, uncertainty over reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. , need for governmental clearances or approvals before selling products, the uncertainty of protecting the Company's patent position, and any changes in financial results from completion of year-end audit activities. These and other risks and uncertainties are detailed from time to time in the Company's Securities and Exchange Commission filings, including ArthroCare's Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 2006 and Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 2005. Forward-looking statements are indicated by words or phrases such as "anticipates," "estimates," "projects," "believes," "intends," "expects," and similar words and phrases Words and Phrases® A multivolume set of law books published by West Group containing thousands of judicial definitions of words and phrases, arranged alphabetically, from 1658 to the present. . Actual results may differ materially from management expectations.
ARTHROCARE CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
---------------------------------------------------
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2006 2005 Variance 2006 2005 Variance
---------------------------------------------------
Revenues:
Net Product Sales $63,821 $49,683 $14,138 $124,078 $97,517 $26,561
Royalties, fees
and other 2,184 2,049 135 4,408 3,898 510
-------- ------------------------- ----------------
Total revenues 66,005 51,732 14,273 128,486 101,415 27,071
Cost of product
sales 19,756 15,296 (4,460) 37,461 30,773 (6,688)
-------- ------------------------- ----------------
Gross profit 46,249 36,436 9,813 91,025 70,642 20,383
-------- ------------------------- ----------------
Product Margin 69.0% 69.2% 69.8% 68.4%
Gross Margin 70.1% 70.4% 70.8% 69.7%
Operating
expenses:
Research and
development 6,125 5,155 (970) 12,327 10,007 (2,320)
Sales and
marketing 22,796 18,601 (4,195) 44,701 36,951 (7,750)
General and
administrative 5,377 4,708 (669) 10,438 9,269 (1,169)
Amortization of
intangible
assets 1,718 1,458 (260) 3,540 2,916 (624)
-------- ------------------------- ----------------
Total operating
expenses 36,016 29,922 (6,094) 71,006 59,143 (11,863)
Income from
operations 10,233 6,514 3,719 20,019 11,499 8,520
Interest and other
income, net (11) (366) 355 (322) (1,135) 813
-------- ------------------------- ----------------
Income before
income tax
provision 10,222 6,148 4,074 19,697 10,364 9,333
Net Operating
Margin 15% 12% 15% 10%
Income tax
provision 2,523 1,330 (1,193) 4,865 2,384 (2,481)
-------- ------------------------- ----------------
Net income $7,699 $4,818 $2,881 $14,832 $7,980 $6,852
======== ========================= ================
Basic net income
per share $0.29 $0.20 $0.09 $0.58 $0.33 $0.25
======== ========================= ================
Shares used in 26,180 24,176 25,756 24,044
computing basic
net income per
share
Diluted net income
per common share $0.28 $0.19 $0.09 $0.53 $0.31 $0.22
======== ========================= ================
Shares used in
computing diluted
net income per
share 27,803 25,877 27,773 25,833
---------------------------------------------------
ARTHROCARE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, December 31,
ASSETS 2006 2005
(Unaudited)
------------ ------------
Current assets:
Cash and cash equivalents $12,329 $20,717
Short-Term Investments 21,463 2,600
Accounts receivable, net of allowances 51,232 47,138
Inventories, net 53,075 47,834
Prepaid expenses and other current assets 16,847 14,544
------------ ------------
Total current assets 154,946 132,833
Property and equipment, net 34,906 32,604
Related party receivables 500 1,075
Intangible assets, net 38,181 40,901
Goodwill 117,987 59,170
Other assets 894 395
------------ ------------
Total assets $347,414 $266,978
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $13,932 $12,332
Accrued liabilities 6,313 6,548
Accrued compensation 8,597 11,008
Current portion of long-term debt 35,000 --
Income taxes payable 3,602 4,104
------------ ------------
Total current liabilities 67,444 33,992
Deferred taxes and other liabilities 4,092 4,092
------------ ------------
Total liabilities 71,536 38,084
------------ ------------
Total stockholders' equity 275,878 228,894
------------ ------------
Total liabilities
and stockholders' equity $347,414 $266,978
============ ============
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