Brightpoint Reports Second Quarter Financial Results.Business Editors INDIANAPOLIS--(BUSINESS WIRE)--July 27, 2000 Brightpoint Brightpoint, Inc. (NASDAQ: CELL) is a leading global communications technology firm that specializes in the distribution of wireless devices and in providing customized logistics services to the wireless industry. , 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 :CELL) -- Revenue from recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. operations of $456 million for the quarter ended June June: see month. 30, 2000 -- Net income per share from recurring operations of $0.17 for the quarter ended June 30, 2000 -- Return on equity (annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. ) of 22% for the quarter ended June 30, 2000 Brightpoint, Inc. (NASDAQ:CELL) reported its financial results for the quarter ended June 30, 2000. Recurring operations in the second quarter of 2000 generated net income per share of $0.17 on revenue of $456 million, both of which are substantial increases from the second quarter of 1999, in which the Company's recurring operations generated net income per share of $0.03 on revenue of $356 million. Basis of Presentation. Because of the significance of the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plan announced by the Company on June 30, 1999 (the "Plan"), results of operations have been delineated de·lin·e·ate tr.v. de·lin·e·at·ed, de·lin·e·at·ing, de·lin·e·ates 1. To draw or trace the outline of; sketch out. 2. To represent pictorially; depict. 3. between results from recurring operations and results from non-recurring operations. In addition, the impacts of non-recurring charges have been shown separately. Recurring operations include all operations except those that have been eliminated or terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: 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 the Plan. Recurring operations also exclude the impacts of the non-recurring charges related to our facility consolidation in 2000, the cumulative effect of a change in accounting principle in 1999 and non-recurring charges related to the Plan in 1999 and 2000. The attached 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 include all operations and the charges discussed herein. As previously reported, the Company's execution of the Plan has been substantially completed.
Recurring Operations
(U.S. Dollars,
in thousands,
except per share data)
Quarter Ended Six Months Ended
June 30 June 30
1999 2000 Change 1999 2000 Change
--------------------------------------------------
Revenue $355,607 $455,815 28% $660,698 $926,347 40%
Cost of revenue 326,276 413,921 27% 604,938 843,019 39%
------------------ ------------------
Gross profit 29,331 41,894 43% 55,760 83,328 49%
Selling, general
and administrative
expenses 23,384 23,391 0% 44,611 46,815 5%
------------------ ------------------
Operating income 5,947 18,503 211% 11,149 36,513 228%
Interest expense 3,412 3,653 7% 6,375 6,940 9%
------------------ ------------------
Income before
income taxes
and minority
interest 2,535 14,850 486% 4,774 29,573 519%
Income taxes 1,149 5,346 365% 1,910 10,641 457%
------------------ ------------------
Income before
minority interest 1,386 9,504 586% 2,864 18,932 561%
Minority interest -- 94 -- -- 130 --
------------------ ------------------
Net income $ 1,386 $ 9,410 579% $ 2,864 $ 18,802 556%
------------------ ------------------
------------------ ------------------
Net income
per share (diluted)$ 0.03 $ 0.17 467% $ 0.05 $ 0.33 560%
------------------ ------------------
------------------ ------------------
Weighted average
shares outstanding
(diluted) 53,403 63,601 53,928 63,535
------------------ ------------------
------------------ ------------------
Revenue. Revenue from recurring operations in the quarter ended June 30, 2000 increased 28%, compared to revenue generated by recurring operations in the second quarter of 1999. For the six months ended June 30, 2000, revenue from recurring operations increased 40% from the same period in the prior year. Units handled for the quarter and six months ended June 30, 2000 increased 40% and 46%, respectively, from the same periods in the prior year. Units handled in the 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. division grew by 34%, when comparing the second quarter of 2000 to the same period in 1999, while revenue in this division declined slightly compared to the second quarter of 1999. These changes resulted primarily from the continued execution of the Company's strategy of focusing on integrated logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. services, which generated lower revenue dollars per handset The part of the telephone that contains the speaker and the microphone. On a desktop phone, the part you hold in your hand is the handset. On a cellphone, the entire phone is the handset. See multihandset cordless and headset. , but contributed higher gross and operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: . In this division, 70% of the units handled were processed as integrated logistics services units, a substantial increase from units attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to integrated logistics services of 55% in the second quarter of 1999. Additionally, revenue from accessory accessory, in criminal law, a person who, though not present at the commission of a crime, becomes a participator in the crime either before or after the fact of commission. programs decreased due primarily to program reductions by network operator customers during the second quarter of 2000. Units handled grew by 187% in the Asia-Pacific The term Asia-Pacific generally applies to littoral East Asia, Southeast Asia and Australasia near the Pacific Ocean, plus the states in the ocean itself (Oceania). division, compared to recurring operations for the second quarter of 1999, demonstrating the successful implementation of the Plan. Units handled and revenue were suppressed sup·press tr.v. sup·pressed, sup·press·ing, sup·press·es 1. To put an end to forcibly; subdue. 2. To curtail or prohibit the activities of. 3. in the second quarter of 1999 due to the previously reported termination of joint operations A general term to describe military actions conducted by joint forces or by Service forces in relationships (e.g., support, coordinating authority) which, of themselves, do not create joint forces. in China, in accordance with the Plan. The Company's new joint operations in China have generated substantial unit volumes. Growth in units handled in the Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , Middle East and Africa and
Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. divisions results from the level of demand for wireless
handsets in those markets, as well as the execution of our strategies
designed for those markets. Units handled in the second quarter of 2000
grew by 42% and 8% for the Europe, Middle East and Africa and Latin
America divisions, respectively, when compared to recurring operations
for the second quarter of 1999.
Revenue From Recurring Operations By Division
(U.S. Dollars, in thousands)
Quarter Ended June 30
----------------------------
Percent of
Total
Second Six Months
Quarter Ended
Percent Percent Year-to-Year June 30
1999 of Total 2000 of Total Change 1999 2000
--------------------------------------------------------
North America $164,212 46% $155,304 34% (5%) 48% 34%
Asia-Pacific 62,315 18% 131,609 29% 111% 18% 29%
Europe,
Middle East
and Africa 64,144 18% 103,120 23% 61% 18% 22%
Latin America 64,936 18% 65,782 14% 1% 16% 15%
--------------------------- ---- ----
Total $355,607 100% $455,815 100% 28% 100% 100%
--------------------------- ---- ----
--------------------------- ---- ----
Revenue From Recurring Operations By Service Line
(U.S. Dollars, in thousands)
Quarter Ended June 30
----------------------------
Percent of
Total
Second Six Months
Quarter Ended
Percent Percent Year-to-Year June 30
1999 of Total 2000 of Total Change 1999 2000
--------------------------------------------------------
Sales of
wireless
handsets $274,332 77% $356,886 78% 30% 77% 78%
Accessory
programs 54,915 16% 50,295 11% (8%) 16% 12%
Integrated
logistics
services 26,360 7% 48,634 11% 84% 7% 10%
--------------------------- ---- ----
Total $355,607 100% $455,815 100% 28% 100% 100%
--------------------------- ---- ----
--------------------------- ---- ----
Gross Margin. The gross margins in the recurring operations for the quarters ended June 30, 2000 and 1999 were 9.2% and 8.2%, respectively, and gross margins were 9.0% and 8.4% for the six months ended June 30, 2000 and 1999, respectively. Gross margins increased due to i) changes in the mix of revenue by service line and ii) improved margins realized on integrated logistics services, which were created through the Company's leveraging of fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). related to providing those services. The significant increase in the units handled in our integrated logistics services operations in North America, and the leverage realized thereby, was a primary contributor to the margin increase. Selling, General and Administrative Expenses. Selling, general and administrative expenses incurred in recurring operations during the second quarter of 2000 were $23,391,000 (5.1% of revenue), virtually the same as expenses of $23,384,000 (6.6% of revenue) in the second quarter of 1999, due to the successful execution of cost management programs put in place in 1999. For the six months ended June 30, 2000, selling, general and administrative expenses were $46,815,000 (5.1% of revenue), an increase of 4.9% from $44,611,000 (6.8% of revenue) from recurring operations for the same period in the prior year. Operating Margin. Operating margins (income from operations, as a percent of revenue) from recurring operations for the second quarters ended June 30, 2000 and 1999 were 4.1% and 1.7%, respectively. Operating margins from recurring operations for the six months ended June 30, 2000 and 1999 were 3.9% and 1.7%, respectively. The increase in operating margins resulted primarily from the increase in gross margins and from the decrease in selling, general and administrative expenses as a percent of revenue. Net Income From Recurring Operations. Net income from recurring operations for the second quarter of 2000 was $9,410,000 compared to net income of $1,386,000 in the second quarter of 1999. For the six months ended June 30, 2000 and 1999, net income from recurring operations was $18,802,000 and $2,864,000, respectively. These changes were due primarily to the factors discussed above in the analyses of revenue, gross margin and selling, general and administrative expenses. Net income 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 from recurring operations was $0.17 for the second quarter of 2000 compared to net income per diluted share $0.03 for the same period in the prior year, and $0.33 for the six months ended June 30, 2000 compared to $0.05 for the same period in 1999. Balance Sheet. As of June 30, 2000, 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). in accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 35 days, compared to days sales outstanding of approximately 43 days at June 30, 1999. This reduction is attributable to the successful acceleration of the Company's accounts receivable collection cycle, as well as sales, in certain markets, of accounts receivable to financing organizations. These efforts have substantially reduced the amount of working capital required to fund the Company's accounts receivables. During the second quarter of 2000, annualized inventory turns were 8 times, compared to 11 times during the second quarter of 1999. Average days costs in accounts payable were 46 days for the second quarter of 2000, compared to 28 days for the second quarter of 1999. These changes combined to create a decrease in cash conversion cycle days to 35 days in the second quarter of 2000 from 47 days in the same period of 1999. Cash conversion cycle days increased from 31 days in the first quarter of 2000 due primarily to higher inventory levels in the second quarter. 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. . The increase in cash conversion cycle days from the first quarter of 2000 resulted in cash used by operations in the second quarter of 2000 of approximately $26 million compared to cash used by operations in the same period of 1999 of $6 million. Operating cash flow for the first half of 2000 was neutral compared to cash provided by operating activities of $31 million in the first half of 1999. NON-RECURRING OPERATIONS Non-recurring operations in 1999 include certain operations in Argentina Argentina (ärjəntē`nə, Span. ärhāntē`nä), officially Argentine Republic, republic (2005 est. pop. 39,538,000), 1,072,157 sq mi (2,776,889 sq km), S South America. , Poland Poland, Pol. Polska, officially Republic of Poland, republic (2005 est. pop. 38,635,000), 120,725 sq mi (312,677 sq km), central Europe. It borders on Germany in the west, on the Baltic Sea and the Kaliningrad region of Russia in the north, on Lithuania, , Taiwan Taiwan (tī`wän`), Portuguese Formosa, officially Republic of China, island nation (2005 est. pop. 22,894,000), 13,885 sq mi (35,961 sq km), in the Pacific Ocean, separated from the mainland of S China by the 100-mi-wide (161-km) Taiwan and the United Kingdom and two joint operations in China, all of which have been terminated or eliminated. In the first and second quarters of 2000, no non-recurring operations existed as the Plan had been substantially completed. For the second quarter of 1999, non-recurring operations generated revenue of $43,425,000, operating and net losses of $6,528,000 and $6,928,000, respectively, and a net loss per diluted share of $0.13. For the six months ended June 30, 1999, non-recurring operations generated revenue of $102,266,000, operating and net losses of $10,330,000 and $9,618,000, respectively, and a net loss per diluted share of $0.18. NON-RECURRING CHARGES AND OTHER ITEMS Accounting Change. As previously reported, the Company recorded in the first quarter of 1999 a cumulative effect adjustment of $14.1 million net of applicable taxes ($0.26 per diluted share) for a change in accounting principle. The change in accounting principle resulted from the required adoption of American Institute of Certified Public Accountants With over 330,525 CPA members (in August 2006), the American Institute of Certified Public Accountants (AICPA) is the largest professional organization of Certified Public Accountants (CPAs) in the United States of America. Statement of Position 98-5, Reporting the Costs of Start-up Start-up The earliest stage of a new business venture. Activities, which requires the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of the unamortized portion of certain capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. costs. These costs were previously capitalized in accordance with 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 then in effect. Facilities Consolidation. During the first quarter of 2000, the Company began the process of consolidating four Indianapolis, Indiana “Indianapolis” redirects here. For other uses, see Indianapolis (disambiguation). Indianapolis (IPA: [ˌɪndiəˈnæpəlɪs]) is the capital city of the U.S. locations and a location in Bensalem, Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York into a single, new facility located near the Indianapolis International Airport Indianapolis International Airport (IATA: IND, ICAO: KIND, FAA LID: IND) is a public airport located seven miles (11 km) southwest of the central business district of Indianapolis, a city in Marion County, Indiana, United States. designed specifically for the Company and its processes. The Company recorded an unusual charge related to the consolidation for moving costs, the disposal of assets that will not be used in the new facility and the estimated impact of vacating the unused facilities, net of potential subleases. The total amount of the charge recorded in the first quarter of 2000 was $4.8 million ($2.9 million after applicable taxes) or $0.05 per diluted share. In the second quarter of 2000, adjustments made to further refine the estimated costs of the facility consolidation were not significant. Non-recurring Charges. In the second quarter of 1999, the Company recorded non-recurring charges of approximately $85 million resulting from actions taken in accordance with the Plan. The charges included the write-off of goodwill, investments and tax-related assets related to the eliminated or terminated operations, as well as losses on the disposals of fixed and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. and cash expenses related to lease and employee terminations and other exit costs, all of which total approximately $70 million. The cash portion of these non-recurring charges was approximately $6 million. These amounts are recorded in the "Restructuring and other charges" line. Non-recurring charges also include the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of inventory by $7.4 million (included in the "Cost of revenue" line) and accounts receivable by $7.6 million (included in "Selling, general and administrative expenses" line) to their estimated net realizable value Net realizable value (NRV) is a commonly used method of evaluating an asset's worth in the field of inventory accounting. NRV is part of GAAP rules that apply to valuing inventory, so as to not overstate or understate the value of inventory goods. . Adjustments to these estimates made subsequent to the second quarter of 1999 have not been significant in the aggregate. OUTLOOK FOR LATIN AMERICA The Company's Latin America division has continued to underperform Underperform An analyst recommendation that means a stock is expected to do slightly worse than the market return. Also known as market underperform, moderate sell, or weak hold. when compared to the Company's other divisions, caused primarily by the operating results experienced in certain of the Company's Latin America operations. Based on the current environment and the relatively small size of the Company's operations in those markets, the Company currently expects the negative impact of the Company's operations in those markets to limit profitability in its Latin America division for at least the next two quarters. The Company continues to believe that it has designed a viable strategy for Latin America and will continue to execute that strategy with the goal of generating acceptable profitability in 2001. Brightpoint, Inc. is a leading provider of outsourced services in the global wireless telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. and data industry. Brightpoint's innovative services include contract manufacturing, customized packaging, prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. and e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. solutions, inventory
management, distribution and other outsourced services.
Brightpoint's customers include leading network operators,
e-tailers, retailers and wireless equipment manufacturers. Additional
information about Brightpoint can be found on its website at
www.brightpoint.com or by calling its toll-free Information and
Investor Relations Investor relationsThe process by which the corporation communicates with its investors. line at 877-IIR-CELL (877-447-2355). Certain information in this press release may contain 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. regarding future events or the future performance of Brightpoint. These statements are only predictions and actual events or results may differ materially. Please refer to the documents the Company files, from time to time, with the Securities and Exchange Commission; specifically, Brightpoint's most recent 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. , Form 10-Q Form 10-Q See 10-Q. and Exhibits 99, thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. . These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by these forward-looking statements. These risk factors include, without limitation, consolidation of our wireless network operator customers; the tendency of wireless equipment manufacturers and network operators to outsource aspects of their business to the Company; the Company's ability to obtain competitive products at reasonable prices when needed; potential product obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. or shortages; changes in social, political, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. and economic conditions or laws in foreign countries where the Company has operations and financial risk management. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date these statements were made. Brightpoint undertakes no obligation to update any forward-looking statements contained in this press release.
BRIGHTPOINT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30 June 30
1999 2000 1999 2000
--------- --------- --------- ---------
Revenue $ 399,032 $ 455,815 $ 762,964 $ 926,347
Cost of revenue 378,287 413,921 713,832 843,019
--------- --------- --------- ---------
Gross profit 20,745 41,894 49,132 83,328
Selling, general
and administrative
expenses 36,284 23,391 63,271 46,815
Restructuring and
other unusual charges 65,517 517 65,517 5,331
--------- --------- --------- ---------
Income (loss)
from operations (81,056) 17,986 (79,656) 31,182
Interest expense 3,812 3,653 7,100 6,940
--------- --------- --------- ---------
Income (loss) before
income taxes,
minority interest
and accounting change (84,868) 14,333 (86,756) 24,242
Income taxes 5,646 4,986 5,003 8,361
--------- --------- --------- ---------
Income (loss) before
minority interest and
accounting change (90,514) 9,347 (91,759) 15,881
Minority interest -- 94 (33) 130
--------- --------- --------- ---------
Income (loss)
before accounting change (90,514) 9,253 (91,726) 15,751
Cumulative effect
of accounting change,
net of tax -- -- (14,065) --
--------- --------- --------- ---------
Net income (loss) $ (90,514) $ 9,253 $(105,791) $ 15,751
--------- --------- --------- ---------
--------- --------- --------- ---------
Basic per share:
Income (loss) before
accounting change $ (1.70) $ 0.17 $ (1.73) $ 0.29
Cumulative effect
of accounting change,
net of tax -- -- (0.26) --
--------- --------- --------- ---------
Net income (loss) $ (1.70) $ 0.17 $ (1.99) $ 0.29
--------- --------- --------- ---------
--------- --------- --------- ---------
Diluted per share:
Income (loss) before
accounting change $ (1.70) $ 0.16 $ (1.73) $ 0.28
Cumulative effect of
accounting change,
net of tax -- -- (0.26) --
--------- --------- --------- ---------
Net income (loss) $ (1.70) $ 0.16 $ (1.99) $ 0.28
--------- --------- --------- ---------
--------- --------- --------- ---------
Weighted average
common shares
outstanding:
Basic 53,304 55,543 53,176 55,235
--------- --------- --------- ---------
--------- --------- --------- ---------
Diluted 53,304 63,601 53,176 56,274
--------- --------- --------- ---------
--------- --------- --------- ---------
BRIGHTPOINT, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
December 31 June 30
1999 2000
-------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 85,261 $ 81,191
Accounts receivable
(less allowance for doubtful
accounts of $6,220 in 1999
and $7,098 in 2000) 230,792 192,995
Inventories 140,673 206,044
Other current assets 48,193 54,420
-------- --------
Total current assets 504,919 534,650
Property and equipment 36,273 35,460
Goodwill and other intangibles 71,456 73,195
Other assets 11,210 9,349
-------- --------
Total assets $623,858 $652,654
-------- --------
-------- --------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued expenses $236,781 $238,645
-------- --------
Total current liabilities 236,781 238,645
-------- --------
Long-term debt:
Line of credit 46,022 47,479
Convertible notes 184,864 188,561
-------- --------
Total long-term debt 230,886 236,040
-------- --------
Stockholders' equity 156,191 177,969
-------- --------
Total liabilities and
stockholders' equity $623,858 $652,654
-------- --------
-------- --------
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