BioScrip Announces First Quarter Financial Results.ELMSFORD, N.Y. & MINNEAPOLIS Minneapolis (mĭn'ēăp`əlĭs), city (1990 pop. 368,383), seat of Hennepin co., E Minn., at the head of navigation on the Mississippi River, at St. Anthony Falls; inc. 1856. -- BioScrip, Inc. (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 :BIOS BIOS in full Basic Input/Output System Computer program that is typically stored in EPROM and used by the CPU to perform start-up procedures when the computer is turned on. ), today reported revenue of $188.4 million and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.06 for the first quarter ended March 31, 2005. The reported results include financial results of MIM MIM Metal Injection Molding MIM Mendelian Inheritance in Man MIM Mobile Instant-Messaging MIM Man in the Middle MIM Multilateral Initiative on Malaria MIM Metal-Insulator-Metal MIM Master of International Management MIM Made in Mexico Corporation for the full quarter and financial results of Chronimed Inc. from March 13 through March 31, 2005. The financial results also include merger and related expenses and associated amortization expense of $0.6 million ($0.4 million net of taxes) related to the company's merger with Chronimed Inc. Excluding these expenses, diluted earnings per share for the quarter would have been $0.08. As previously reported, MIM Corporation completed its merger with Chronimed Inc. effective March 12, 2005, changing its name to BioScrip, Inc. "Now that the merger has been completed, we have begun the tasks of reducing costs, expanding our revenue base through enhanced product offerings and improving our overall efficiencies," stated Henry F. Blissenbach, BioScrip's President and Chief Executive Officer. First Quarter GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). Reported Results Revenues for the first quarter of 2005 increased 27% to $188.4 million, compared to $148.1 million reported in the first quarter of 2004. Net income decreased 24% to $1.7 million or $0.06 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 first quarter of 2005, compared with $2.2 million, or $0.10 per diluted share, for the first quarter of 2004. Net income decreased due primarily to gross margin pressures in the Specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. segment and increases in 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. . None of the anticipated pre-merger cost savings were realized in the first quarter. GAAP reported results for first quarter of 2005 include merger and related expenses and associated amortization expense of $0.6 million ($0.4 million net of taxes). Excluding these expenses, diluted earnings per share for the quarter would have been $0.08. GAAP reported results are provided in Schedules 1, 2 and 3, which are attached to this press release. First Quarter Combined Adjusted Results First quarter BioScrip combined adjusted results are provided in Schedule 4 attached to this press release. These financial results reflect operations as if the merger was completed at the beginning of each quarter presented and exclude merger and related expenses and associated amortization expense. Revenues for first quarter 2005 increased 4% to $302.5 million, compared to $290.4 million in the first quarter of 2004. First quarter Specialty revenue grew 5% to $209.9 million compared to $200.1 million for the same period last year. PBM PBM - play by mail. See play by electronic mail. Services revenue, which includes traditional mail service, increased 3% for the quarter to $92.6 million compared to $90.3 million for the same period last year. First quarter 2005 revenue was impacted by the loss of the Aetna Aetna, volcano: see Etna, Italy. specialty pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. distribution contract that ended on February February: see month. 28, 2005 as well as PBM services contract losses in the previous December December: see month. and current March quarter. Gross profit for the quarter was $33.4 million, or 11.0% of revenue compared to $32.3 million, or 11.1% of revenue during the same period last year. Selling, general and administrative expenses were $27.6 million for first quarter 2005 compared to $25.6 million for the same period a year ago. This higher level of spending does not yet reflect cost reductions that will be made as a result of recent contract losses or expected synergies from the merger. Adjusted 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. for the first quarter decreased 17% to $5.1 million, before merger and related expenses, compared to $6.1 million for the same period a year ago. Net income for the first quarter 2005, before merger and related expenses, was $3.0 million, or $0.08 per diluted share compared to $3.7 million or $0.10 per diluted share for first quarter 2004. Blissenbach further stated, "We are taking affirmative AFFIRMATIVE. Averring a fact to be true; that which is opposed to negative. (q.v.) 2. It is a general rule of evidence that the affirmative of the issue must be proved. Bull. N. P. 298 ; Peake, Ev. 2. 3. steps to replace lost business and assure future revenue growth in both specialty pharmacy and PBM, while significantly lowering our cost structure. We are fortunate to have Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a Friedman Fried·man , Milton Born 1912. American economist. He won a 1976 Nobel Prize for his theories of monetary control and governmental nonintervention in the economy. Noun 1. , BioScrip's Executive Chairman, actively involved in identifying new business initiatives for the company." "We have nearly completed our integration planning efforts and are well into the execution phase. In the few weeks since our merger, we have already 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: our two mail service locations into one high capacity facility in Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. . We are also in the process of centralizing cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. our finance and IT functions into our Minneapolis business headquarters. We are on track to meet or exceed our original target of $10 million in annual cost synergies Cost Synergy In the context of mergers, cost synergy is the savings in operating costs expected after two companies, who compliment each other's strengths, join. Notes: The savings in operating costs usually come in the form of laying off employees. ," concluded Blissenbach. Financial Outlook BioScrip expects its annual run rate starting January January: see month. 2006, will be at or above $1.2 billion in revenue and $35 million in earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
The Company also provides the following information regarding future financial performance: --As the result of previously announced lost business, the Company expects revenue to decrease an additional $22 million in the second quarter against the full first quarter combined revenue of $302 million. This will be partially offset by continuing new business growth. --Non-cash amortization expense is anticipated to increase approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1 million per quarter to a total of approximately $1.9 million commencing with the second quarter of 2005 due to identifiable intangible assets 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. acquired in the merger. BioScrip does not intend to provide specific quarterly or total year 2005 guidance beyond its January 2006 run rate expectations noted above. Conference Call Information BioScrip will hold a conference call to discuss first quarter 2005 financial results on Wednesday Wednesday: see week. , May 4, 2005 at 10:00 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . To access the live conference call, dial 415-908-4750 at least five to ten minutes prior to the scheduled time In rallying, the Scheduled Time of any crew is the time, calculated at the beginning of the event, that they should arrive at any given control. It is different from Due Time in that Due Time is dynamic, ie it can change throughout the event as competitors drop time; whereas and follow the operator's instructions. The conference call will also be webcast 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 . To access the live webcast, visit the BioScrip website at www.bioscrip.com and follow the logon See login. 1. (jargon) logon - login. 2. (networking) logon - In ACF/VTAM, an unformatted session-initiation request for a session between two logical units. prompts. If you are unable to listen to the live call, a webcast replay will be archived on the BioScrip website. In addition, a recording of the conference call will be available for a 24-hour period beginning at 1:00 p.m. EDT on May 4. To access the replay of the call, dial 800-633-8284 or 402-977-9140, and enter reservation A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. number 21245685. About BioScrip, Inc. BioScrip provides comprehensive pharmaceutical care solutions. We partner with healthcare payors, pharmaceutical manufacturers, government agencies, physicians, and patients to deliver cost effective programs that enhance the quality of patient life. We focus our products and services in two core areas: Specialty medication medication /med·i·ca·tion/ (med?i-ka´shun) 1. medicine (1). 2. impregnation with a medicine. 3. administration of a medicine or other remedy. distribution and clinical management services, both nationally and community-based and Pharmacy Benefit Management A Pharmacy Benefit Manager (PBM) is a third party administrator of prescription drug programs. They are primarily responsible for processing and paying prescription drug claims. services. Our specialty medication distribution capabilities include condition-specific clinical management programs tailored to improve the care of individuals with complex health conditions such as HIV/AIDS HIV/AIDS Human Immunodeficiency Virus/Acquired Immune Deficiency Syndrome , Cancer, Infusion INFUSION, med. jur. A pharmaceutical operation, which consists in pouring a hot or cold fluid upon a substance, whose medical properties it is desired to extract. Infusion is also used for the product of this operation. Although infusion differs from decoction, (q.v. IVIG IVIG Intravenous immunoglobulin, see there , Hepatitis C Hepatitis C Definition Hepatitis C is a form of liver inflammation that causes primarily a long-lasting (chronic) disease. Acute (newly developed) hepatitis C is rarely observed as the early disease is generally quite mild. , Rheumatoid Arthritis rheumatoid arthritis Chronic, progressive autoimmune disease causing connective-tissue inflammation, mostly in synovial joints. It can occur at any age, is more common in women, and has an unpredictable course. , Multiple Sclerosis multiple sclerosis (MS), chronic, slowly progressive autoimmune disease in which the body's immune system attacks the protective myelin sheaths that surround the nerve cells of the brain and spinal cord (a process called demyelination), resulting in damaged areas , and Transplantation transplantation /trans·plan·ta·tion/ (trans?plan-ta´shun) the grafting of tissues taken from the patient's own body or from another. . Our complete pharmacy benefit management programs include customized benefit plan design, pharmacy network management and sophisticated reporting capabilities that deliver improved clinical and economic outcomes. In addition, we have 30 retail locations in 25 major metropolitan markets across the U.S., providing nationwide access and clinical management capabilities in a high-touch community-based environment. Forward Looking Statements This press release may contain statements which constitute forward looking statements within the meaning 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, including statements regarding the intent, belief or current expectations of the Company, its directors, or its officers with respect to the future operating performance of the Company and our success with respect to the integration and consolidation. Investors are cautioned that any such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward looking statements as a result of various factors. Important factors that could cause such differences are described in the Company's periodic filings with the Securities and Exchange Commission. Notes to Press Release Tables On March 12, 2005 we completed our previously announced merger with Chronimed Inc. The accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. balance sheet as of March 31, 2005, reflects the impact of this transaction and the preliminary allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as of the purchase price to the net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. from Chronimed Inc. This purchase price allocation is preliminary and subject to revision (programming) revision - A release of a piece of software which is not a major release or a bugfix, but only introduces small changes or new features. based on the outcome of ongoing evaluations of these net assets. We expect these evaluations to be substantially complete by June June: see month. 30, 2005. Chronimed Inc. results for the nineteen days ended March 31, 2005, are included in the accompanying BioScrip, Inc. consolidated statements of income and cash flows. To assist you in understanding the impact of the merger with Chronimed, we have prepared the attached schedule 4 to reflect the combined adjusted results of operations of BioScrip, Inc. (formerly MIM Corporation) and Chronimed as if the merger with Chronimed had been completed at the beginning of each period presented, without merger and related expenses and associated amortization expense. This press release also includes certain non-GAAP financial measures as defined under Regulation G. As required by Regulation G, we have provided in Schedules 5 and 6 to this press release a reconciliation of those measures to the most comparable GAAP measures.
Schedule 1: GAAP Reported Results
BIOSCRIP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
Three Months Ended
-------------------------
March 31, March 31,
2005 (a) 2004
----------------------------------------------------------------------
Revenue $188,398 $148,052
Cost of revenue 167,951 131,088
----------------------------------------------------------------------
Gross profit 20,447 16,964
% of Revenue 10.9% 11.5%
Operating expenses
Selling, general and administrative
expenses 16,285 12,495
Amortization of intangibles (b) 891 640
Merger and integration expenses 387 -
----------------------------------------------------------------------
Total operating expenses 17,563 13,135
% of Revenue 9.3% 8.9%
Income from operations 2,884 3,829
% of Revenue 1.5% 2.6%
Interest income (expense), net (153) (196)
----------------------------------------------------------------------
Income before income taxes 2,731 3,633
Income tax expense (1,065) (1,453)
----------------------------------------------------------------------
Net income $1,666 $2,180
----------------------------------------------------------------------
% of Revenue 0.9% 1.5%
Basic net income per share $0.07 $0.10
Diluted net income per share $0.06 $0.10
----------------------------------------------------------------------
Basic weighted-average shares 25,586 22,159
Diluted weighted-average shares 25,980 22,671
----------------------------------------------------------------------
Supplemental presentation of non-GAAP
financial measures:
Income from Operations $2,884 $3,829
Addbacks:
Amortization 891 640
Depreciation 641 555
------------ ------------
EBITDA (Earnings before interest, taxes,
depreciation and amort.) $4,416 $5,024
============ ============
(a) Includes the results of operations of MIM for the full quarter and
of Chronimed Inc. from March 13, 2005 through March 31, 2005.
(b) Includes $200 of estimated amortization from identifiable
intangibles acquired in the merger for the partial month March 31,
2005.
Schedule 2: GAAP Reported Results
BIOSCRIP, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31,
2005 December 31,
(unaudited) (a) 2004
----------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents $14,325 $2,957
Accounts receivable (net of
allowances of $3,266 and $3,240,
respectively) (b) 104,052 65,439
Inventory 22,895 11,897
Prepaid expenses 3,489 2,112
Short term deferred taxes 2,798 2,798
----------------------------------------------------------------------
Total current assets 147,559 85,203
Property and equipment, net 7,806 4,300
Long term deferred taxes, net - 2,383
Goodwill 109,235 74,874
Intangible assets, net 36,693 17,583
Deferred acquisition costs - 1,702
Other assets, net 516 427
----------------------------------------------------------------------
Total assets $301,809 $186,472
----------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Line of credit $1,547 $7,303
Accounts payable 30,027 20,012
Claims payable 27,531 28,659
Payables to plan sponsors 2,215 2,217
Accrued expenses 15,503 12,598
----------------------------------------------------------------------
Total current liabilities 76,823 70,789
Deferred taxes 5,417 -
Shareholders' equity
Common stock, issued and outstanding
shares--36,802 and 22,307,
respectively 4 2
Treasury stock, 2,198 shares at cost
at March 31, 2005 and December 31,
2004, respectively (8,002) (8,002)
Additional paid-in capital 233,248 131,031
Accumulated deficit (5,681) (7,348)
----------------------------------------------------------------------
Total shareholders' equity 219,569 115,683
----------------------------------------------------------------------
Total liabilities and
shareholders' equity $301,809 $186,472
----------------------------------------------------------------------
(a) Includes MIM and Chronimed assets, liabilities and shareholders'
equity arising from the merger transaction as of March 31, 2005.
(b) Chronimed receivables acquired in the merger are shown net as of
March 31, 2005, and their related allowances are not reflected in
the allowance balances reflected on the face of the balance sheet.
Schedule 3: GAAP Reported Results
BIOSCRIP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended
-------------------------
March 31, March 31,
2005 2004
----------------------------------------------------------------------
Operating activities
Net income $1,666 $2,180
Adjustments to reconcile income to net
cash provided by (used in) operating
activities:
Depreciation and amortization 1,532 1,195
Issuance of stock to employees 34 20
Provision for losses on receivables 733 444
Changes in operating assets and
liabilities:
Accounts receivable 3,473 (5,375)
Inventory (1,337) 1,970
Prepaid expenses and other current
assets (98) 481
Accounts payable 4,941 (1,485)
Claims payable (1,129) (1,705)
Payables to plan sponsors and
others (2) (6,011)
Accrued expenses (12,100) 1,445
----------------------------------------------------------------------
Net cash used in operating activities (2,287) (6,841)
Investing activities
Purchases of property and equipment (376) (122)
Costs of acquisitions, net of cash
acquired 17,441 (14,415)
Increase (decrease) in other assets 1,755 (15)
----------------------------------------------------------------------
Net cash provided by (used in) investing
activities 18,820 (14,552)
Financing activities
Borrowings on line of credit (5,756) 14,306
Principal payments on capital lease
obligations (35) (98)
Proceeds from issuance of common stock 626 378
----------------------------------------------------------------------
Net cash provided (used in) by financing
activities (5,165) 14,586
Increase (Decrease) in cash and cash
equivalents 11,368 (6,807)
Cash and cash equivalents at beginning of
year 2,957 9,428
----------------------------------------------------------------------
Cash and cash equivalents at end of period $14,325 $2,621
----------------------------------------------------------------------
Schedule 4: Adjusted Results
BIOSCRIP, INC.
CONSOLIDATED ADJUSTED STATEMENTS OF INCOME (a)
(in thousands, except per share data)
(unaudited)
Mar. 31, 2005 Mar. 31, 2004
Combined Combined
Adjusted Adjusted
BioScrip (b) BioScrip
----------------------------------------------------------------------
Revenue $302,477 $290,394
Cost of revenue 269,101 258,064
----------------------------------------------------------------------
Gross profit 33,376 32,330
% of Revenue 11.0% 11.1%
Operating expenses
Selling, general and administrative
expenses 27,628 25,561
Amortization of intangibles 691 640
Merger and integration expenses - -
----------------------------------------------------------------------
Total operating expenses 28,319 26,201
% of Revenue 9.4% 9.0%
Income from operations 5,057 6,129
% of Revenue 1.7% 2.1%
Interest income (expense), net (69) (126)
Other income - 75
----------------------------------------------------------------------
Income before income taxes 4,988 6,078
Income tax expense (1,945) (2,382)
----------------------------------------------------------------------
Net income $3,043 $3,696
----------------------------------------------------------------------
% of Revenue 1.0% 1.3%
Diluted net income per share $0.08 $0.10
----------------------------------------------------------------------
Diluted weighted-average shares 37,165 37,267
----------------------------------------------------------------------
Supplemental presentation of non-GAAP
financial measures:
Income from operations $5,057 $6,129
EBITDA addbacks:
Amortization 691 640
Depreciation 1,123 1,107
------------- -------------
EBITDA (Earnings before interest, taxes,
depreciation and amort.) $6,871 $7,876
============= =============
(a) These consolidated adjusted statements of income reflect
operations as if the merger had been completed at the beginning of
each quarter presented and exclude merger and integration expenses
and related amortization.
(b) Excludes $2,424 of merger and integration expenses for the full
March 2005 quarter, and $200 of estimated amortization from
identifiable intangibles acquired in the merger for the partial
month March 2005.
Schedule 5
BIOSCRIP, INC.
Statement of Operations Reconciliation between GAAP and Non-GAAP
Measures
For the Three Months Ended March 31, 2005
(in thousands, except per share data)
(unaudited)
As Chronimed Merger BioScrip
Reported Pre-Merger Costs As Adjusted
----------------------------------------------------------------------
Revenue $188,398 $114,079 $302,477
Cost of revenue 167,951 101,155 269,101
----------------------------------------------------------------------
Gross profit 20,447 12,924 33,376
% of Revenue 10.9% 11.3% 11.0%
Operating expenses
Selling, general and
admin. expenses 16,285 11,338 27,628
Amortization of
intangibles 891 - (200) 691
Merger and integration
expenses 387 2,037 (2,424) -
----------------------------------------------------------------------
Total operating
expenses 17,563 13,375 (2,624) 28,319
% of Revenue 9.3% 11.7% 9.4%
Income from operations 2,884 (451) 2,624 5,057
% of Revenue 1.5% -0.4% 1.7%
Interest income (expense),
net (153) 84 - (69)
Other income - - - -
----------------------------------------------------------------------
Income before income taxes 2,731 (367) 2,624 4,988
Income tax expense (1,065) 143 (1,023) (1,945)
----------------------------------------------------------------------
Net income $1,666 $(224) $1,601 $3,043
----------------------------------------------------------------------
Diluted net income per
share $0.06 $0.08
----------------------------------------------------------------------
Diluted weighted-average
shares 25,980 37,165
----------------------------------------------------------------------
Supplemental presentation
of non-GAAP financial
measures:
Income from operations $2,884 $(451) $2,624 $5,057
EBITDA addbacks:
Amortization 891 - (200) 691
Depreciation 641 482 - 1,123
-------------------------------------------
EBITDA $4,416 $31 $2,424 $6,871
===========================================
Schedule 6
BIOSCRIP, INC.
Statement of Operations Reconciliation between GAAP and Non-GAAP
Measures
For the Three Months Ended March 31, 2004
(in thousands, except per share data)
(unaudited)
MIM Corp. Chronimed Merger BioScrip
As Reported As Reported Costs As Adjusted
----------------------------------------------------------------------
Revenue $148,052 $142,342 $- $290,394
Cost of revenue 131,088 126,976 - 258,064
----------------------------------------------------------------------
Gross profit 16,964 15,366 - 32,330
% of Revenue 11.5% 10.8% 11.1%
Operating expenses
Selling, general
and admin.
expenses 12,495 13,066 - 25,561
Amortization of
intangibles 640 - - 640
Merger and
integration
expenses - - - -
----------------------------------------------------------------------
Total
operating
expenses 13,135 13,066 - 26,201
% of Revenue 8.9% 9.2% 9.0%
Income from
operations 3,829 2,300 - 6,129
% of Revenue 2.6% 1.6% 2.1%
Interest income
(expense), net (196) 70 - (126)
Other income - 75 - 75
----------------------------------------------------------------------
Income before income
taxes 3,633 2,445 - 6,078
Income tax expense (1,453) (929) - (2,382)
----------------------------------------------------------------------
Net income $2,180 $1,516 $- $3,696
----------------------------------------------------------------------
Diluted net income
per share $0.10 $0.10
----------------------------------------------------------------------
Diluted weighted-
average shares 22,671 37,267
----------------------------------------------------------------------
Supplemental
presentation of non-
GAAP financial
measures:
Income from
operations $3,829 $2,300 $- $6,129
EBITDA addbacks:
Amortization 640 - - 640
Depreciation 555 552 - 1,107
------------------------------------------------
EBITDA $5,024 $2,852 $- $7,876
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