Biovail Reports 2004 First Quarter Financial Results.Business Editors/Health/Medical Writers TORONTO--(BUSINESS WIRE)--April 29, 2004 Biovail Corporation (NYSE NYSE See: New York Stock Exchange :BVF BVF Biovail Corporation (stock symbol) BVF Berufsverband der Frauenärzte eV (Muenchen, Germany) BVF Bearing Versus Frequency ) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BVF) announced today its financial results for the three month period ending March 31, 2004. Total revenues for the three months ended March 31, 2004 were $186.6 million versus $191.4 million for the three months ended March 31, 2003. First quarter 2004 net income in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with U.S. 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 GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) was $21.1 million as compared to first quarter 2003 net income of $57.6 million. U.S. GAAP Earnings Per Share (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. ) in the first quarter of 2004 were $0.13 versus $0.36 in the corresponding period in 2003. First quarter 2004 U.S. GAAP EPS included an $8.6 million acquired Research & Development charge (which negatively impacted earnings by $0.05 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) associated with the previously announced acquisition of the remaining interest in BNC-PHARMAPASS. First quarter 2003 financial results have been restated to reflect a previously disclosed non-cash foreign exchange translation adjustment. Eugene Melnyk Eugene Melnyk (born May 27, 1959 in Toronto, Ontario) is a Canadian businessman of Ukrainian origin who now resides in Barbados. He is the chairman and chief executive officer of Biovail Corporation. , Chairman of the Board and Chief Executive Officer commented, "This was an important quarter for Biovail as it demonstrates that Commercial Operations are executing well against their 2004 corporate objectives. Biovail's 2004 first quarter financial performance was complimented by the filing of two NDAs for novel pain medications and the completion of our sales force realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. and optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. initiative." First quarter 2004 Financial Performance Product Sales Performance Product sales revenue for the first quarter 2004 was $175.1 million compared to $126.9 million in the first quarter of 2003, an increase of 38% that primarily reflects the 2003 launches of Cardizem Car·di·zem A trademark for the drug diltiazem hydrochloride. diltiazem hydrochloride Adizem (UK), Angitil (UK), Apo-Diltiaz (CA), Apo-Diltiazem (CA), Calcicard (UK), Cardizem, Cardizem CD, Cardizem LA, Cartia XT, LA and Wellbutrin Well·bu·trin A trademark for the drug bupropion hydrochloride, used to treat depression. bupropion hydrochloride Budeprion SR, Budeprion XL, Wellbutrin, Wellbutrin SR, Wellbutrin XL, Zyban XL, as well as the launches of Teveten Tev·e·ten A trademark for the drug eprosartan mesylate. eprosartan mesylate Teveten Pharmacologic class: Angiotensin II receptor antagonist Therapeutic class: HCT Hct abbr. hematocrit HCT Hematocrit, see there and Zovirax Zo·vi·rax A trademark for the drug acyclovir. acyclovir sodium Alti-Acyclovir (CA), Avirax (CA), Zovirax Pharmacologic class: Acyclic purine nucleoside analogue Therapeutic class: Cream. In the first quarter of 2004, product sales revenue accounted for 94% of overall corporate revenues as compared to 66% in the first quarter of 2003. Promoted Product sales revenue for the first quarter 2004 was $47.0 million compared to $36.9 million in the first quarter of 2003, an increase of 27%. Cardizem LA, launched in April 2003, generated revenues of $14.4 million in the first quarter of 2004. Cardizem LA has captured over 10% of weekly new prescriptions written for once-daily diltiazem diltiazem /dil·ti·a·zem/ (dil-ti´ah-zem) a calcium channel blocker that acts as a vasodilator; used as the hydrochloride salt in the treatment of angina pectoris, hypertension, and supraventricular tachycardia. formulations. Biovail's Teveten line of products generated revenues of $4.7 million in the first quarter of 2004 versus $11.3 million in the prior year period, which benefited from initial wholesaler stocking associated with the March 2003 launch of Teveten HCT. First quarter 2004 Teveten franchise share of the angiotensin-II receptor receptor /re·cep·tor/ (-ter) 1. a molecule on the surface or within a cell that recognizes and binds with specific molecules, producing a specific effect in the cell; e.g. blocker (ARB) market, while still small, has increased 24% from first quarter 2003 levels. First quarter 2004 Zovirax franchise revenues of $27.9 million reflect a 9% increase relative to the first quarter of 2003. During the first quarter of 2004, Zovirax Ointment ointment /oint·ment/ (oint´ment) a semisolid preparation for external application to the skin or mucous membranes, usually containing a medicinal substance. oint·ment n. and Zovirax Cream (launched in May 2003) held a combined 62.8% share of the topical topical /top·i·cal/ (top´i-k'l) pertaining to a particular area, as a topical antiinfective applied to a certain area of the skin and affecting only the area to which it is applied. top·i·cal adj. herpes Herpes Any virus of the herpesvirus group, which comprises a family of 70 species, 5 of which are pathogenic to humans; the term also refers to any infection caused by these viruses. market reflecting an increase of over six percentage points in market share versus first quarter 2003 levels. Wellbutrin XL product revenues were $42.0 million for the first quarter of 2004, above Biovail's guidance of $30-$40 million, as Wellbutrin XL continues to gain market share. At the end of March 2004, Wellbutrin XL had captured over 42% of the new prescriptions written for the Wellbutrin brand (including generics). First quarter 2004 Wellbutrin XL sales were down from fourth quarter 2003 as a result of product mix (trade vs. samples) and the impact of the tiered supply price structure Biovail has with GlaxoSmithKline (GSK GSK GlaxoSmithKline plc (pharmaceutical company) GSK Glycogen Synthase Kinase GSK Gruppentraining Sozialer Kompetenzen (Germany) GSK Greenland Shark (FAO fish species code) ). Biovail Pharmaceuticals Canada (BPC BPC British Potato Council BPC Brewton-Parker College (Mt Vernon, GA) BPC Bible Presbyterian Church BPC Bangladesh Petroleum Corporation (Chittagong, Bangladesh) BPC British Pharmaceutical Codex ) revenues were $22.9 million for the first quarter of 2004 compared to $19.0 million in the first quarter of 2003, representing an increase of 21%. The key performance driver for BPC was Wellbutrin SR, which was re-launched by BPC in January 2004. In an effort to provide greater clarity and understanding of our business strategy and financial results, we are introducing a revenue line sub-total, "Core Products", that will track Biovail's Promoted products, Wellbutrin XL and BPC. Going forward, this revenue category will include all products actively promoted by Biovail, as well as any new products developed and out-licensed by Biovail for commercialization. In the first quarter of 2004, Core Products generated revenues of $111.9 million, a 100% increase relative to the first quarter of 2003, primarily reflecting the launches of Cardizem LA and Wellbutrin XL. Core Products represented 60% of overall corporate revenues in the first quarter of 2004 compared to 29% in the corresponding 2003 period, demonstrating significant growth in Biovail's strategic business areas. Legacy Products generated revenues of $26.2 million for the first quarter of 2004 compared to $40.6 million in the first quarter of 2003. The decrease in Legacy Product revenues reflects Biovail's decision to restrict trade shipments, resulting in the controlled reduction of trade supplies. In addition, the introduction of generic competition to Tiazac Tiazac® Diltiazem, see there in April 2003, and an expected overall decline in these mature products, also contributed to the decline. Product sales revenue for our generics portfolio was $37.0 million in the first quarter of 2004 compared to $30.5 million in the first quarter of 2003, representing an increase of 21%. In summary:
($ millions) Q1/2004 Q1/2003 Growth
Sales Sales Rate
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Promoted Products 47.0 36.9 27%
Wellbutrin XL 42.0 N/A N/A
Biovail Pharmaceuticals Canada 22.9 19.0 21%
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Total Core Products 111.9 55.9 100%
Legacy Products 26.2 40.6 (35%)
Generics 37.0 30.5 21%
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Total Product Sales(a) 175.1 126.9 38%
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(a) Totals may not add due to rounding
Co-promotion, royalty and licensing revenues were $7.3 million in the first quarter of 2004, compared to $61.9 million for the comparable period in 2003. The decline in co-promotion, royalty and licensing revenue was mainly due to a lower contribution from our participating interest in generic omeprazole omeprazole /omep·ra·zole/ (o-mep´ra-zol) an inhibitor of gastric acid secretion used in the treatment of dyspepsia , gastroesophageal reflux disease, disorders of gastric hypersecretion, and peptic ulcer, including that associated with , for which Biovail received its final contribution of $1.7 million in the first quarter 2004 compared to $35.7 million in the same period last year. Also contributing to the decline was the conclusion of Biovail's co-promotion agreements for Wellbutrin SR in the U.S. and for Celexa in Canada in 2003. Gross margins on Product Sales were 70.2% for the three months ended March 31, 2004, compared to 70.5% in the prior year period. Gross margins should be positively impacted through 2004 by product mix, efficiencies in manufacturing and continued gains in market share for Cardizem LA, in addition to increasing revenues (and an expected increase in our tiered supply price) for Wellbutrin XL. Research and development expenses were $18.0 million in the first quarter of 2004, and were comparable to the corresponding 2003 period. During the first quarter of 2004, Biovail filed an NDA (Non Disclosure Agreement) An agreement signed between two parties that have to disclose confidential information to each other in order to do business. In general, the NDA states why the information is being divulged and stipulates that it cannot be used for any with the Food and Drug Administration (FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. ) for Ralivia ER, a once-daily formulation formulation /for·mu·la·tion/ (for?mu-la´shun) the act or product of formulating. American Law Institute Formulation of the analgesic analgesic (ăn'əljē`zĭk), any of a diverse group of drugs used to relieve pain. Analgesic drugs include the nonsteroidal anti-inflammatory drugs (NSAIDs) such as the salicylates, narcotic drugs such as morphine, and synthetic drugs tramadol. In March 2004, Biovail submitted an NDA for Ralivia FlashDose, an orally disintegrating formulation of tramadol. Biovail intends to out-license these products for commercialization. On April 28, 2004, Biovail announced the submission of an NDA for Glumetza, a once-daily formulation of metformin metformin /met·for·min/ (met-for´min) an antihyperglycemic agent that potentiates the action of insulin, used in the treatment of type 2 diabetes mellitus. met·for·min n. co-developed with our partner, Depomed Inc. Biovail anticipates filing an additional two NDAs in 2004. Selling, general and administrative expenses were $59.5 million for the first quarter 2004 versus $46.7 million for first quarter 2003, an increase of 27%. The higher level of SG&A spending in 2004 is attributable to the recently announced sales force expansion initiatives and higher promotional expenses Noun 1. promotional expense - the cost of promoting a product business expense, trade expense - ordinary and necessary expenses incurred in a taxpayer's business or trade . The realignment and optimization process for Biovail's primary care sales force has been completed. A total of 475 primary care representatives will promote Cardizem LA, Teveten, Teveten HCT, Zovirax Ointment and Zovirax Cream to physicians across the U.S. In addition, Biovail is completing the recruitment and deployment of 126 specialty sales force representatives. As previously noted, one of Biovail's specialty sales forces will promote Cardizem LA, Teveten and Teveten HCT to cardiovascular cardiovascular /car·dio·vas·cu·lar/ (-vas´ku-ler) pertaining to the heart and blood vessels. car·di·o·vas·cu·lar adj. Abbr. specialists, while the other will promote Zovirax Ointment and Zovirax Cream to dermatologists and obstetricians / gynecologists in the U.S. Amortization expense was $17.1 million in the first quarter of 2004, compared to $40.5 million for the corresponding period in 2003. The decrease in 2004 was mainly due to a $23.2 million decline in the amortization related to Biovail's participating interest in generic omeprazole sales. Biovail recorded the final amortization related to this participating interest in the first quarter of 2004. In the first quarter of 2003, Biovail reached settlements under previously disputed product supply agreements with: (i) Eli Lilly and Company Eli Lilly and Company (NYSE: LLY) is a global pharmaceutical company and one of the world's largest corporations. Eli Lilly's global headquarters is located in Indianapolis, Indiana, in the United States. , with respect to Lilly's breach of contract due to its inability to supply Keftab to Biovail, and (ii) Mylan Pharmaceuticals, Inc., with respect to Mylan's breach of contract relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc its supply to Biovail of its bioequivalent bi·o·e·quiv·a·lent n. A value indicating the rate at which a substance enters the bloodstream and becomes available to the body. version of Verelan (verapamil verapamil /ve·rap·a·mil/ (ve-rap´ah-mil) a calcium channel blocker that dilates coronary arteries and decreases myocardial oxygen demand, used as the hydrochloride salt in the treatment of angina pectoris and of hypertension and the ). The net effect of these settlements was a $24.8 million gain in the first quarter of 2003. Comparative Results As disclosed in Biovail's fourth quarter and full year 2003 financial results press release of March 3, 2004, during the preparation of its interim financial statements for each of the first three quarters of 2003, Biovail translated the Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents liability to GSK incurred in 2002 in regard to the purchase of Wellbutrin SR at the exchange rate existing as at the date of acquisition. Biovail determined that U.S. GAAP requires that the Canadian dollar liability be translated at current rates and, accordingly, will reflect this restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. in amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. Form 6-K regulatory filings. This translation resulted in a foreign exchange loss of $5.4 million in the first quarter of 2003. Earnings per share as adjusted are $0.36 for the first quarter of 2003, as compared with previously reported earnings per share of $0.39. The following item impacted first quarter 2004 EPS:
Specific item affecting operations
(All amounts are expressed in millions of U.S. dollars, except per
share data)
----------------------------------------------------------------------
Three Months Ended March 31, 2004
----------------------------------------------------------------------
Acquired research and development $8.6
----------------------------------------------------------------------
Diluted EPS Impact ($0.05)
----------------------------------------------------------------------
Acquired Research and Development In the first quarter of 2004, Biovail incurred an $8.6 million acquired R&D charge related to the acquisition of the remaining interest in BNC-PHARMAPASS, a limited liability company created with Pharma Pass II, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control to develop enhanced formulations of three products. Cash Flow 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 for the three-month period ended March 31, 2004 was $63.8 million versus $103.8 million for the comparable 2003 period. Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. in first quarter 2003 was positively impacted by our interest in generic omeprazole and the settlements with Lilly and Mylan. First quarter 2004 capital expenditures of $8.1 million were primarily related to manufacturing equipment and leasehold improvements Leasehold Improvement Improvements on a leased asset that increase the value of the asset. Notes: A leasehold improvement is classified as an asset that must be depreciated over time. at our Bridgewater facility. During the first quarter of 2004, Biovail renewed its revolving term credit facility totaling $400 million with a syndicate Syndicate organized crime unit throughout major cities of the United States. [Am. Hist.: NCE, 2018] See : Gangsterism of Canadian and U.S. banks. The agreement is for renewable one year terms with a one year term out option for Biovail. At the end of the first quarter of 2004, Biovail had $68 million of cash on hand. Debt obligations as at March 31, 2004 consisted of $400 million of Senior Subordinated Notes due in 2010, $101 million related to product acquisition obligations and $200 million of advances under the Company's credit facility. During the first quarter Biovail reduced advances under the credit facility by $80 million and made $33 million in payments against product acquisition obligations. During the balance of 2004, Biovail intends to utilize cash flow from operations to further reduce credit facility advances. Biovail's Board of Directors has accepted the recommendation of its Nominating & Governance Governance makes decisions that define expectations, grant power, or verify performance. It consists either of a separate process or of a specific part of management or leadership processes. Sometimes people set up a government to administer these processes and systems. Committee that Mr. Michael Van Every be nominated nom·i·nate tr.v. nom·i·nat·ed, nom·i·nat·ing, nom·i·nates 1. To propose by name as a candidate, especially for election. 2. To designate or appoint to an office, responsibility, or honor. as a candidate for election to the Company's Board of Directors at its June 25, 2004 Annual General Meeting. Mr. Van Every has had a distinguished 35-year career as a partner with PricewaterhouseCoopers LLP LLP - Lower Layer Protocol or one of its predecessor firms, Coopers & Lybrand LLP, where he was a member of the Management Committee and Board for over 10 years. As a result of Mr. Van Every's extensive experience in accounting and auditing responsibilities, if elected by the Shareholders, Mr. Van Every has agreed to serve as Chairman of the Company's Audit committee. Conference Call Details Biovail management will host a conference call and web cast on Thursday, April 29, 2004 at 8:30 a.m. ET for Company executives to discuss 2004 first quarter earnings. Following the discussion, Biovail executives will address inquiries from research analysts. A live webcast of this call will be available through the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the Biovail web site, www.biovail.com. To access this live call, please dial 1-800-814-4859 (U.S. and Canada) and 1-416-640-1907 for international callers. Callers are encouraged to dial in ten minutes before the call begins to avoid delays. A replay of the conference call will be available until 7:00 p.m. ET on Thursday May 06, 2004 by dialing 1-877-289-8525 (U.S. and Canada) or 1-416-640-1917 for international callers, using access code, 21047222. Biovail Corporation is an international full-service pharmaceutical company, engaged in the formulation, clinical testing, registration, manufacture, sale and promotion of pharmaceutical products utilizing advanced drug delivery technologies. "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. " statement under 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. To the extent any statements made in this release contain information that is not historical, these statements are 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. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We have based these forward-looking statements on our current expectations and projections about future events. Our actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future 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 are forward-looking statements. Forward-looking statements include, but are not necessarily limited to risks and uncertainties, including the difficulty of predicting FDA approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials and finished products, third parties, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
BIOVAIL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(All dollar amounts are expressed in thousands of U.S. dollars,
except per share data)
(Unaudited)
Three Months Ended
March 31
---------------------------
2004 2003
------------- -------------
(Restated(1))
REVENUE
Product sales $ 175,097 $ 126,914
Research and development 4,216 2,600
Co-promotion, royalty and licensing 7,313 61,876
------------- -------------
186,626 191,390
------------- -------------
EXPENSES
Cost of goods sold 52,141 37,412
Research and development 17,991 18,006
Selling, general and administrative 59,458 46,708
Amortization 17,105 40,521
Acquired research and development 8,640 -
Settlements - (24,755)
------------- -------------
155,335 117,892
------------- -------------
Operating income 31,291 73,498
Interest income 404 3,067
Interest expense (11,394) (9,982)
Foreign exchange gain (loss) 962 (4,841)
Other income 1,143 507
------------- -------------
Income before provision for income taxes 22,406 62,249
Provision for income taxes 1,300 4,650
------------- -------------
Net income $ 21,106 $ 57,599
------------- -------------
------------- -------------
Diluted earnings per share $ 0.13 $ 0.36
------------- -------------
------------- -------------
Weighted average number of common shares
outstanding (000s) 159,281 159,493
------------- -------------
------------- -------------
(1) As disclosed in Biovail Corporation's 2003 financial results press
release issued March 3, 2004, financial results for the three
months ended March 31, 2003 have been restated for a non-cash
foreign exchange translation adjustment of $5,392,000, which
resulted in a decrease in net income from $62,991,000 (diluted
earnings per share of $0.39) as previously reported to $57,599,000
(diluted earnings per share of $0.36) as restated. Current and
prior years' figures reflect the reclassification of foreign
exchange gains and losses from selling, general and administrative
expenses.
BIOVAIL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(All dollar amounts are expressed in thousands of U.S. dollars)
(Unaudited)
March 31 December 31
2004 2003
------------- -------------
ASSETS
Cash and cash equivalents $ 67,949 $ 133,261
Other current assets 251,725 279,191
Long-term investments 116,807 113,546
Property, plant and equipment, net 175,633 173,804
Goodwill, net 100,814 100,814
Intangible assets, net 1,032,571 1,049,475
Other assets, net 78,572 72,683
------------- -------------
$1,824,071 $1,922,774
------------- -------------
------------- -------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 227,220 $ 262,568
Deferred revenue 13,650 14,500
Long-term obligations 675,910 764,111
Shareholders' equity 907,291 881,595
------------- -------------
$1,824,071 $1,922,774
------------- -------------
------------- -------------
BIOVAIL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All dollar amounts are expressed in thousands of U.S. dollars)
(Unaudited)
Three Months Ended
March 31
---------------------------
2004 2003
------------- -------------
(Restated(1))
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 21,106 $ 57,599
Add (deduct) items not involving cash
Depreciation and amortization 22,594 44,174
Amortization of deferred financing costs 1,887 684
Amortization of discounts on long-term
obligations 941 2,090
Acquired research and development 8,640 -
Other items not involving cash (2,965) 4,207
------------- -------------
52,203 108,754
Net change in non-cash operating items 11,636 (4,952)
------------- -------------
Cash provided by operating activities 63,839 103,802
CASH FLOWS FROM INVESTING ACTIVITIES (17,372) (8,368)
CASH FLOWS FROM FINANCING ACTIVITIES (111,733) (138,311)
Effect of exchange rate changes on cash and
cash equivalents (46) 22
------------- -------------
Decrease in cash and cash equivalents (65,312) (42,855)
Cash and cash equivalents, beginning of
period 133,261 56,080
------------- -------------
Cash and cash equivalents, end of period $ 67,949 $ 13,225
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