Avocent Reports Record Sales for Second Quarter.HUNTSVILLE Huntsville, town, Canada Huntsville, town (1991 pop. 14,997), SE Ont., Canada, on the Muskoka River. It has lumber mills and a woodworking plant, but it is sustained mainly by its year-round tourist trade. , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. . -- Avocent Avocent Corporation (NASDAQ: AVCT) is an information technology products manufacturer headquartered in Huntsville, Alabama. Avocent was formed in 2000 from the merger of the world’s two largest KVM (keyboard, video and mouse) switch manufacturers: Apex and Cybex Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AVCT AVCT Advanced Vehicles Concept Team ) today reported that net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the second quarter ended June June: see month. 30, 2006 were $118.0 million, an increase of 31.8% compared with the second quarter of 2005. "The strong results in the second quarter reflected renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. strength across our core product lines," stated John R. Cooper Cooper may refer to:
KVM - Keyboard Video Mouse products and embedded software Instructions that permanently reside in a ROM or flash memory chip. Embedded software may be immediately available to the CPU or, for faster execution, may be transferred to RAM first and then executed. solutions and the strong growth in Asian sales." Overall Results Second quarter 2006 operational income, which is income prior to intangible amortization and stock compensation expenses, was $18.7 million, or $0.38 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, compared with operational income of $15.9 million, or $0.31 per diluted share, in the second quarter of 2005. (See "Use of Non-GAAP Financial Measures" discussion below.) Weighted average shares outstanding declined 3.4% over the prior year to 48.7 million in the second quarter of 2006 due to Avocent's repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of shares under its previously-announced stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. programs. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net income for the second quarter of 2006 increased to $13.6 million, or $0.28 per diluted share. This compares with GAAP net income of $11.1 million, or $0.22 per diluted share, in the second quarter of 2005. Net adjustments to reconcile operational income to GAAP net income were $5.1 million in the second quarter of 2006, including $3.3 million in intangible amortization and $1.8 million in stock compensation expenses. Net adjustments to reconcile to GAAP net income were $4.3 million in intangible amortization and $510,000 in stock compensation expenses in the second quarter of 2005. "Second quarter earnings benefited from higher sales, growth in margins and the results of cost reductions implemented in the second half of 2005. Our earnings were particularly strong in light of the $2.3 million in additional costs we incurred in the second quarter related to the integration of Cyclades. In addition, last year's second quarter earnings included a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. $5.0 million gain from the settlement of a lawsuit lawsuit: see procedure; tort. ," noted Mr. Cooper. "We are also pleased that the Cyclades integration efforts continue to run ahead of our original internal schedule and we anticipate additional operational efficiencies to be realized during the next two quarters." Branded sales increased 54.3% from the second quarter of 2005 and accounted for 59.9% of total second quarter 2006 sales. Sales of products acquired with Cyclades were included in Branded sales for the quarter and contributed to the large increase in sales of Branded products. OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and sales increased 8.3% from the second quarter of 2005 and accounted for 40.1% of total second quarter 2006 sales. Digital product sales accounted for 57% of total sales and embedded Inserted into. See embedded system. product revenues climbed to $8.8 million, an increase of 79.1% compared with the second quarter of 2005. U.S. sales increased 27.6% to $67.3 million and international sales rose 37.9% to $50.7 million compared with the second quarter of 2005. Gross profit, excluding stock-based compensation, for the second quarter of 2006 increased 35.5% to a record $71.6 million and a 60.6% gross margin, compared with $52.8 million and a gross margin of 59.0% in the second quarter of 2005. The increase in gross profit and margin was due to higher sales and improved product mix, including increased sales of digital products and higher embedded product revenues. Research and development expenses, excluding stock-based compensation, decreased to $13.6 million, or 11.5% of sales, from $14.1 million, or 15.7% of sales, in the second quarter of 2005. "Over the last year we have systematically redirected our R&D investments from mature markets to our digital products and other faster-growing markets. We also remain focused on product enhancements and redesigns to improve our product benefits and improve manufacturing efficiencies," continued Mr. Cooper. "Our ability to absorb absorb To offset sell orders or a new security offering with buy orders. Cyclades' engineering organization without increasing R&D expenses is a result of the actions we took during the last half of 2005 to reduce our engineering costs in several more mature areas of development." Selling, general and administrative expenses, excluding stock-based compensation, increased 30.1% to $30.8 million compared with $23.6 million in the second quarter of 2005. Avocent had higher selling expenses in the second quarter of 2006 related to the increase in sales, the inclusion of Cyclades for a full quarter and additional marketing expenditures for recently introduced products. During the second quarter of 2006, Avocent incurred $2.3 million in severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and integration expenses related to integrating Cyclades. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , excluding stock-based compensation and intangible asset Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. amortization, increased 65.6% to $25.0 million in the second quarter of 2006 compared with $15.1 million in the second quarter of 2005. Avocent's 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 was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $13.5 million for the second quarter of 2006. Avocent funded the Cyclades acquisition with over $90 million in cash-on-hand. During the second quarter, Avocent announced the signing of a $250 million unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. five-year revolving bank line of credit to fund, in part, future stock repurchases and the acquisition of LANDesk LANDesk Software, Inc. is a corporation that provides systems management, security management, and process management solutions to organizations. LANDesk is considered by many to be the first vendor to integrate systems and security management solutions, and today its software has Group Limited, which Avocent expects to complete in August 2006. During the second quarter of 2006, Avocent repurchased approximately 4.0 million of its common shares at a total cost of approximately $95.3 million. Second Quarter Division Results Revenues from the Management Systems Division advanced 29.1% to $103.0 million in the second quarter of 2006 from $79.8 million in the second quarter of 2005, while operating income from this division increased to $26.9 million in the second quarter of 2006 from $21.2 million in the second quarter of 2005, primarily as a result of the acquisition of Cyclades and the increase in revenues from the digital product lines. Revenues for the Embedded Software and Solutions Division grew 79.1% to $8.8 million in the second quarter of 2006 from $4.9 million in the second quarter of 2005, while operating income increased to $3.1 million in the second quarter of 2006 from $484,000 in the second quarter of 2005, primarily resulting from the increased revenue contribution of our embedded KVM solutions as adoption of these platforms by our OEM customers increases and additional revenue from the acquisition of the Agilent (Agilent Technologies, Santa Clara, CA, www.agilent.com) The test and measurement subsidiary of HP. In 1999, HP split off the division that started the company into an independent subsidiary named Agilent Technologies. At the time, the $2. remote management product line in March 2006. Revenues from the three emerging businesses grew 39.1% to $5.3 million in the second quarter of 2006 compared with $3.8 million in the second quarter of 2005, while operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. from these divisions decreased to $3.0 million in the second quarter of 2006 from $3.9 million in the second quarter of 2005. Use of Non-GAAP Financial Measures Income prior to intangible amortization, stock compensation and in-process research and development expenses, or operational income as used in the attached financial statement schedules, is not a measure of financial performance under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP) and should not be considered a substitute for or superior to GAAP. Avocent's management uses operational income as a financial measure to evaluate performance and allocate To reserve a resource such as memory or disk. See memory allocation. resources within the Company. Management believes this measure presents the Company's results on a more comparable operational basis by excluding non-cash amortization expenses, non-operational expenses associated with acquisitions, and non-cash stock-based compensation expense. Avocent believes that operational income is a measure of performance used by many investment banks The following is a list of investment banks Financial conglomerates Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance. , analysts, investors and others to make informed investment decisions. Other companies may calculate operational income in a different manner so this measure may not be comparable to similar measures presented by other companies. A reconciliation of Avocent's results using operational measures and GAAP is set forth in the condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: statements of operations included in this press release. Conference Call and Additional Information Avocent will provide an on-line, real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. webcast and rebroadcast of its second quarter results conference call to be held July July: see month. 20, 2006. The live broadcast will be available on-line at www.avocent.com as well as www.investorcalendar.com beginning at 10:00 a.m. Central time. The on-line replay will follow immediately and continue for 30 days. Avocent has also furnished fur·nish tr.v. fur·nished, fur·nish·ing, fur·nish·es 1. To equip with what is needed, especially to provide furniture for. 2. additional commentary on the second quarter results simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics with this release on a Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filed with the SEC and on its website. About Avocent Corporation Avocent Corporation is the leading supplier of connectivity A generic term for connecting devices to each other in order to transfer data back and forth. It often refers to network connections, which embraces bridges, routers, switches and gateways as well as backbone networks. solutions for enterprise data centers, branch offices, and small to medium size businesses worldwide. Branded and OEM products include remote and local access solutions for switching, serial console (1) The physical control panel on a computer or electronic device. (2) A terminal or desktop computer used to monitor and control a network. (3) Any display terminal. , power extension, intelligent platform management interface The Intelligent Platform Management Interface (IPMI) specification defines a set of common interfaces to computer hardware and firmware which system administrators can use to monitor system health and manage the system. Several dozen companies support IPMI. (IPMI (Intelligent Platform Management Interface) A protocol for monitoring server hardware for temperature, voltage, chassis intrusion, etc. Introduced in 1998 by Intel, HP, NEC and Dell, IPMI defines a standard set of messages for the characteristics of hardware ), mobile and video display management solutions. Additional information is available at: www.avocent.com. 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. This press release contains statements that are forward-looking statements as defined within 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. These include statements regarding future revenue and penetration The successful unauthorized breach of a security perimeter. See penetration test. of the serial-management market resulting from our acquisition of Cyclades, the development, introduction, features, and benefits of new products and technologies, the size and growth of the current and future markets for these products and technologies (including those for the Linux Linux Nonproprietary operating system (OS) for digital computers. In 1991 Linus Torvalds of Finland began asking for volunteer programmers over the Internet to collaborate on the development of a UNIX-like OS for personal computers; the “1. server market), engineering and design activities, and the integration and operation of Cyclades. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including the risks associated with general economic conditions, risks attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to future product demand, sales, and expenses, risks associated with reliance on a limited number of customers, component suppliers, and single source components, risks associated with acquisitions and acquisition integration, risks associated with product design efforts and the introduction of new products and technologies, and risks associated with obtaining and protecting intellectual property rights. Other factors that could cause operating and financial results to differ are described in our annual report on 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. filed with the Securities and Exchange Commission on March 6, 2006 and our quarterly report on Form 10-Q Form 10-Q See 10-Q. filed with the SEC on May 10, 2006. Other risks may be detailed from time to time in reports to be filed with the SEC. Avocent does not undertake any obligation to publicly update its forward-looking statements based on events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" .
AVOCENT CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
For the Quarter Ended June 30, 2006
Stock
Operational Compensation(a) Adjustments(b) GAAP
----------- --------------- -------------- ---------
Net sales $ 118,005 $118,005
Cost of sales 46,430 $ 164 46,594
----------- --------------- -------------- ---------
Gross profit 71,575 (164) - 71,411
Research and
development
expenses 13,559 762 - 14,321
Selling, general
and
administrative
expenses 30,771 1,796 151 32,718
Cyclades
severance and
integration
expenses 2,269 - - 2,269
Amortization of
intangible
assets - - 4,901 4,901
----------- --------------- -------------- ---------
Operating
income 24,976 (2,722) (5,052) 17,202
Other income
(expense), net 1,778 - - 1,778
----------- --------------- -------------- ---------
Income before
income taxes 26,754 (2,722) (5,052) 18,980
Provision for
income taxes 8,051 (969) (1,683) 5,399
----------- --------------- -------------- ---------
Net income $ 18,703 $ (1,753) $ (3,369) $ 13,581
=========== =============== ============== =========
Earnings per
share:
Basic $ 0.39 $ 0.28
Diluted $ 0.38 $ 0.28
Weighted average
shares and
common
equivalents
outstanding:
Basic 47,943 - - 47,943
Diluted 48,709 - - 48,709
For the Quarter Ended July 1, 2005
Stock
Operational Compensation(a) Adjustments(b) GAAP
----------- --------------- -------------- ---------
Net sales $ 89,538 $ 89,538
Cost of sales 36,711 36,711
----------- --------------- -------------- ---------
Gross profit 52,827 - - 52,827
Research and
development
expenses 14,097 $ 291 - 14,388
Selling, general
and
administrative
expenses 23,649 219 157 24,025
Amortization of
intangible
assets - 6,623 6,623
----------- --------------- -------------- ---------
Operating
income 15,081 (510) (6,780) 7,791
Income from
settlement of
lawsuit 5,000 5,000
Other income
(expense), net 1,954 - (15) 1,939
----------- --------------- -------------- ---------
Income before
income taxes 22,035 (510) (6,795) 14,730
Provision for
income taxes 6,148 - (2,517) 3,631
----------- --------------- -------------- ---------
Net income $ 15,887 $ (510) $ (4,278) $ 11,099
=========== =============== ============== =========
Earnings per
share:
Basic $ 0.32 $ 0.22
Diluted $ 0.31 $ 0.22
Weighted average
shares and
common
equivalents
outstanding:
Basic 49,475 - 49,475
Diluted 50,460 (43) 50,417
(a) Stock Compensation relates to expensing of stock options,
restricted stock units and performance shares and amortization of
deferred compensation (from the capitalization of the value of
stock options assumed in acquisitions). Avocent adopted SFAS 123R
effective January 1, 2006 and began recording expense related to
outstanding unvested stock options on that date as well as on
subsequent equity compensation grants.
(b) Adjustments relate to intangibles recorded as the result of
acquisitions. The calculation of weighted average shares and
common equivalents outstanding differs due to excluding the
average unamortized deferred compensation expense in calculating
the operational diluted shares outstanding in 2005.
AVOCENT CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
For the Six Months Ended June 30, 2006
Stock
Operational Compensation(a) Adjustments(b) GAAP
----------- --------------- -------------- ---------
Net sales $ 212,517 $212,517
Cost of sales 84,936 $ 214 85,150
----------- --------------- -------------- ---------
Gross profit 127,581 (214) - 127,367
Research and
development
expenses 26,467 1,063 - 27,530
Acquired in-
process research
and development
expenses - 2,100 2,100
Selling, general
and
administrative
expenses 53,514 2,286 302 56,102
Cyclades
severance and
integration
expenses 2,269 - 2,269
Amortization of
intangible
assets - - 7,252 7,252
----------- --------------- -------------- ---------
Operating
income 45,331 (3,563) (9,654) 32,114
Other income
(expense), net 4,795 - - 4,795
----------- --------------- -------------- ---------
Income before
income taxes 50,126 (3,563) (9,654) 36,909
Provision for
income taxes 14,002 (1,231) (2,376) 10,395
----------- --------------- -------------- ---------
Net income $ 36,124 $ (2,332) $ (7,278) $ 26,514
=========== =============== ============== =========
Earnings per
share:
Basic $ 0.74 $ 0.55
Diluted $ 0.73 $ 0.54
Weighted average
shares and
common
equivalents
outstanding:
Basic 48,515 - - 48,515
Diluted 49,336 - - 49,336
For the Six Months Ended July 1, 2005
Stock
Operational Compensation(a) Adjustments(b) GAAP
----------- --------------- -------------- ---------
Net sales $ 166,343 $166,343
Cost of sales 69,934 69,934
----------- --------------- -------------- ---------
Gross profit 96,409 - - 96,409
Research and
development
expenses 28,274 581 - 28,855
Selling, general
and
administrative
expenses 45,552 438 315 46,305
Amortization of
intangible
assets - 13,245 13,245
----------- --------------- -------------- ---------
Operating
income 22,583 (1,019) (13,560) 8,004
Income from
settlement of
lawsuit 5,000 5,000
Other income
(expense), net 3,909 - (30) 3,879
----------- --------------- -------------- ---------
Income before
income taxes 31,492 (1,019) (13,590) 16,883
Provision for
income taxes 8,285 - (4,335) 3,950
----------- --------------- -------------- ---------
Net income $ 23,207 $ (1,019) $ (9,255) $ 12,933
=========== =============== ============== =========
Earnings per
share:
Basic $ 0.47 $ 0.26
Diluted $ 0.46 $ 0.25
Weighted average
shares and
common
equivalents
outstanding:
Basic 49,859 - 49,859
Diluted 50,870 (51) 50,819
(a) Stock Compensation relates to expensing of stock options,
restricted stock units and performance shares and amortization of
deferred compensation (from the capitalization of the value of
stock options assumed in acquisitions). Avocent adopted SFAS 123R
effective January 1, 2006 and began recording expense related to
outstanding unvested stock options on that date as well as on
subsequent equity compensation grants.
(b) Adjustments relate to acquired in-process research and development
expense from the Cyclades acquisition and intangibles recorded as
the result of acquisitions. The calculation of weighted average
shares and common equivalents outstanding differs due to excluding
the average unamortized deferred compensation expense in
calculating the operational diluted shares outstanding in 2005.
AVOCENT CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
June 30, December 31,
2006 2005
----------- -----------
Cash, cash equivalents
and short-term investments $ 163,454 $ 293,903
Accounts receivable, net 78,399 68,712
Inventories, net 31,849 21,178
Other current assets 10,902 10,524
Deferred income tax 6,532 4,054
----------- -----------
Total current assets 291,136 398,371
Investments 30,335 51,939
Property and equipment, net 37,954 36,801
Goodwill 332,946 269,992
Other intangible assets, net 53,761 15,763
Other assets 13,030 885
----------- -----------
Total assets $ 759,162 $ 773,751
=========== ===========
Accounts payable and other accrued expenses $ 32,269 $ 23,569
Income tax payable 10,188 11,270
Other current liabilities 27,779 18,908
----------- -----------
Total current liabilities 70,236 53,747
Line of credit 12,005 -
Other non-current liabilities 28,933 4,682
----------- -----------
Total liabilities 111,174 58,429
Total stockholders' equity 647,988 715,322
----------- -----------
Total liabilities and stockholders' equity $ 759,162 $ 773,751
=========== ===========
AVOCENT CORPORATION
Additional Financial Information
(Unaudited, in thousands)
Quarter Ended Six Months Ended
Revenue by Product Line June 30, July 1, June 30, July 1,
2006 2005 2006 2005
-------- ------- -------- --------
KVM $ 83,806 $75,486 $161,797 $141,144
Serial Management 13,817 732 14,810 1,857
Other 20,382 13,320 35,910 23,342
-------- ------- -------- --------
Total $118,005 $89,538 $212,517 $166,343
======== ======= ======== ========
Quarter Ended Six Months Ended
Revenue by Distribution Channel June 30, July 1, June 30, July 1,
2006 2005 2006 2005
-------- ------- -------- --------
Branded $ 70,642 $45,796 $118,597 $ 82,523
OEM 47,363 43,742 93,920 83,820
-------- ------- -------- --------
Total $118,005 $89,538 $212,517 $166,343
======== ======= ======== ========
Quarter Ended Six Months Ended
Revenue by Division June 30, July 1, June 30, July 1,
2006 2005 2006 2005
-------- ------- -------- --------
Management Systems $102,995 $79,804 $187,360 $149,644
Embedded Software and Solutions 8,828 4,928 14,961 8,708
Other business units 5,251 3,775 8,272 6,960
Corporate and unallocated 931 1,031 1,924 1,031
-------- ------- -------- --------
Total $118,005 $89,538 $212,517 $166,343
======== ======= ======== ========
Quarter Ended Six Months Ended
Operating Profit by Division June 30, July 1, June 30, July 1,
2006 2005 2006 2005
-------- ------- -------- --------
Management Systems $ 26,920 $21,181 $ 51,636 $ 37,104
Embedded Software and Solutions 3,090 484 4,493 (95)
Other business units (3,019) (3,858) (6,779) (8,973)
Corporate and unallocated (4,737) (3,237) (7,578) (6,472)
-------- ------- -------- --------
Total $ 22,254 $14,570 $ 41,772 $ 21,564
======== ======= ======== ========
Quarter Ended Six Months Ended
Cash Flow Highlights June 30, July 1, June 30, July 1,
2006 2005 2006 2005
-------- ------- -------- --------
Cash provided by operations $ 13,527 $21,153 $ 30,091 $ 31,307
Depreciation expense 2,200 1,702 3,974 3,278
Capital expenditures 1,468 1,595 3,157 2,603
Purchase of treasury shares 95,303 28,408 122,255 50,271
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