Chattem Reports Fourth Quarter and Fiscal 2005 Results; Previews Record Sell-in of Icy Hot(R) Pro-Therapy(TM).CHATTANOOGA, Tenn. -- Chattem, 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 : CHTT): Highlights: --Fourth quarter total revenues increase 5.3% to $63.9 million; adjusted earnings per share increase 22.9% to $0.43 --Total revenues for the fiscal year increase 8.2% to $279.3 million; adjusted earnings per share increase 23.7% to $2.09 --Adjusted net income increases 19.0% to $8.6 million for the fourth quarter and increases 24.7% to $42.6 million for the fiscal year --Icy Hot Pro-Therapy factory orders in excess of $11.5 million to date Chattem, Inc. (NASDAQ: CHTT), a leading marketer and manufacturer of branded consumer products, today announced financial results for the fiscal fourth quarter and year ended November 30, 2005. Fourth Quarter Results Total revenues for the quarter were $63.9 million, up 5.3%, compared to $60.7 million in the year ago quarter. 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. (operating income before loss on product divestures and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. settlement charges) for the quarter rose to $14.9 million from $14.0 million, reflecting a 6.9% increase over the year ago quarter. Adjusted net income (net income before loss on product divestures and litigation settlement charges) for the quarter was $8.6 million, up 19.0%, compared to $7.2 million in the year ago quarter. Adjusted earnings per share (earnings per share before loss on product divestures and litigation settlement charges) for the quarter were $0.43, a 22.9% increase over the year ago quarter.(1) The Company's adjusted results for the fourth quarter exclude a loss of $8.7 million relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our divesture Di`ves´ture n. 1. Divestiture. of the pHisoderm(R) brand and $0.3 million of legal expenses related to the Dexatrim(R) litigation settlement. The Company's reported operating income was $6.0 million, its net income was $2.4 million and its earnings per share for the fourth quarter were $0.12. Fiscal Year 2005 Results Total revenues for fiscal 2005 were $279.3 million, up 8.2%, compared to $258.2 million in fiscal 2004. Adjusted operating income (operating income before loss on product divestures, litigation settlement and executive 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 charges) for the fiscal year rose to $75.3 million from $65.7 million, reflecting a 14.7% increase over fiscal 2004. Adjusted net income (net income before debt extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. charge, loss on product divestures, litigation settlement and executive severance charges) for the fiscal year was $42.6 million, up 24.7%, compared to $34.1 million in fiscal 2004. Adjusted earnings per share (earnings per share before debt extinguishment charge, loss on product divestures, litigation settlement and executive severance charges) for the fiscal year were $2.09, a 23.7% increase over fiscal 2004(1). The Company's reported operating income was $66.5 million, its net income was $36.0 million and its earnings per share for fiscal 2005 were $1.77. (1) See the reconciliation of adjusted operating income, adjusted net income and adjusted earnings per share to the comparable GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). measure for the fourth quarter and fiscal year 2005 provided in Chattem's unaudited consolidated statements of income attached hereto here·to adv. To this document, matter, or proposition. hereto Adverb Formal or law to this place, matter, or document Adv. 1. . Domestic 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 by Product Category 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. Analgesics Analgesics Definition Analgesics are medicines that relieve pain. Purpose Analgesics are those drugs that mainly provide pain relief. - net sales decreased 1% for the fourth quarter and increased 17% for fiscal 2005, as compared to the corresponding periods in fiscal 2004. Quarterly sales were down slightly due to sales softness of the Company's smaller brands that did not receive advertising support. All three of the Company's larger brands (Icy Hot, Aspercreme(R) and Capzasin(R)) that received advertising support realized double-digit growth for the fiscal year. Icy Hot net sales were up 2% for the quarter and 15% for fiscal 2005 due to continued growth of the back patch and a full year's sales of the sleeve Medicated medicated /med·i·cat·ed/ (med´i-kat?id) imbued with a medicinal substance. medicated contains a medicinal substance. Skin Care Products - Gold Bond(R) net sales were up 10% for the fourth quarter and 8% for fiscal 2005, as compared to the corresponding periods in fiscal 2004, behind strong sales of Gold Bond Ultimate(TM) Healing Healing See also Medicine. Achilles’ spear had power to heal whatever wound it made. [Gk. Lit.: Iliad] Agamede Augeas’ daughter; noted for skill in using herbs for healing. [Gk. Myth. Lotion lotion /lo·tion/ (lo´shun) a liquid suspension, solution, or emulsion for external application to the body. lo·tion n. 1. . Sales of Gold Bond Medicated Body & Foot Powder and Gold Bond Therapeutic Foot Cream also increased in fiscal 2005. In addition, the introduction of Gold Bond Ultimate Comfort Body Powder Body powder is the generic name for alternatives to talcum powder. It is usually made from a combination of tapioca flour, rice flour, cornstarch, kaolin, arrowroot powder, and/or orrisroot powder, but other powders may be used. in fiscal 2005 delivered incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. sales to the Gold Bond portfolio. Medicated Dandruff dandruff, excessive flaking of skin from the scalp, apparent as dry or greasy diffuse scaling with variable itching. It is the sign of a skin disease, such as seborrhea or a fungal infection. Shampoos - net sales increased 16% for the fourth quarter and 11% for fiscal 2005, as compared to the corresponding periods in fiscal 2004, reflecting continued sales growth of Selsun Blue Selsun Blue is a shampoo, developed by Ross Laboratories, a subsidiary of Abbott Laboratories and later bought by Chattem, that functions as an over-the-counter treatment for dandruff. (R) behind an effective advertising campaign and the launch of Selsun Sel·sun A trademark for a preparation of selenium disulfide. Salon Salon, annual exhibition of art works chosen by jury and presented by the French Academy since 1737; it was originally held in the Salon d'Apollon of the Louvre. By the mid-19th cent. the Salon had become an expression of conservative, established tastes in art. (TM) in the fourth quarter of fiscal 2005. Dietary Supplements Noun 1. dietary supplement - something added to complete a diet or to make up for a dietary deficiency diet - a prescribed selection of foods vitamin pill - a pill containing one or more vitamins; taken as a dietary supplement - net sales were flat for the fourth quarter and increased 3% for fiscal 2005, as compared to the corresponding periods in fiscal 2004. Growth in the supplement business came from a 24% increase in Dexatrim net sales for the fourth quarter due to continued strong performance of the new Dexatrim Max(TM) diet pill diet pill Drug slang A euphemism for an amphetamine Vox populi An agent that either ↓ appetite or ↑ basal metabolic rate–eg, amphetamines–by prescription and OTC diet aids–eg phenylpropanolamine, ephedrine, caffeine; in high doses, DPs which was offset by declining sales of the All-in-One bar. Garlique(R)'s sales declined 6% for the fourth quarter, but increased 8% for the fiscal year, reflecting the timing of advertising support for the brand which was limited in the fourth quarter. Other OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). and Toiletry Products - sales decreased 5% for the fourth quarter and 4% for fiscal 2005, as compared to the corresponding periods in fiscal 2004, due principally to sales declines of the menstrual menstrual /men·stru·al/ (men´stroo-al) pertaining to the menses or to menstruation. men·stru·al or men·stru·ous adj. Of or relating to menstruation. relief brands, Pamprin(R) and Premsyn(R). BullFrog bullfrog, common name of the largest North American frog, Rana catesbeiana. Native to the E United States, this species has been successfully introduced in the West and in other parts of the world. The body length is 4 to 8 in. (R) sales for fiscal 2005 were down 3% principally due to unfavorable weather and the timing and magnitude of returns in the fourth quarter. The annual sales decline in this category was partially offset by sales increases of Herpecin L(R), Sun-In(R), Ultraswim(R) and Benzodent(R). Domestic sales by product category for the fourth quarter and fiscal 2005, as compared to the corresponding periods in fiscal 2004, were as follows:
($ in millions)
Product Category Q4 2005 % Chg FY 2005 % Chg
----------------------------------------------------------------------
Topical Analgesics $22.1 (1)% $89.5 17 %
Medicated Skin Care 13.2 5 62.5 3
Medicated Dandruff Shampoo 9.5 16 34.9 11
Dietary Supplements 6.4 0 33.8 3
Other OTC and Toiletry 5.1 (5) 31.7 (4)
International International total revenues increased 28.7% in the fourth quarter of fiscal 2005 and 11.3% for fiscal 2005 as compared to fiscal 2004 due principally to the addition of an incremental month of sales for our Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. subsidiaries resulting from a conformance con·for·mance n. Conformity. Noun 1. conformance - correspondence in form or appearance conformity agreement, correspondence - compatibility of observations; "there was no agreement between theory and of the international fiscal year to the corporate fiscal year. Margin, Tax Rate and Interest Expense For fiscal 2005, the Company maintained a gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. of 71.4%, compared to 71.6% during fiscal 2004. The Company's effective tax rate for fiscal 2005 was 32%, a decrease of 1% from fiscal 2004 and the Company's interest expense decreased $1.2 million, or 8.2%, in fiscal 2005 as compared to fiscal 2004. Dexatrim Litigation Update After resolving substantially all of the remaining claims submitted in the Dexatrim PPA PPA 1. Palpation, Percussion & Ausculation 2. Pittsburgh pneumonia agent 3. Postpartum amenorrhea 4. Price per accession 5. Pure pulmonary atresia settlement during the fourth quarter of fiscal 2005, Chattem estimates that the total cost of the Dexatrim settlement will be approximately $56 million. As previously reported, a total of $70.9 million has been funded into a settlement trust by the Company's insurers and the product manufacturer and is available to pay claims in the settlement. The Company currently expects that after all claims and expenses of the settlement trust have been paid, it could recover up to approximately $8.5 million from the settlement trust and, subject to confirmation of the DELACO bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most plan, $8.75 million from a trust established under DELACO's bankruptcy plan 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 Company's settlement agreement with DELACO. If realized, these potential recoveries are estimated to occur in the first half of fiscal 2006. The Company currently does not expect to record any additional charges relative to the settlement of the PPA litigation, except for legal expenses that will be recorded in the period incurred. Stock Repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. During fiscal 2005, the Company repurchased 882,267 shares at an average cost of $38.63 per share, or $34.1 million in the aggregate. A total of $30.0 million is currently authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: under the Company's previously announced stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. program. Fourth Quarter Adjustment Through the performance of the Company's established annual inventory control process, the Company has determined that it did not fully apply manufacturing overhead costs overhead costs see fixed costs. in the first three quarters of fiscal 2005. As a result, cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold and 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 were understated in these prior quarterly periods. A pre-tax adjustment of $1.7 million was recorded in the fourth quarter of 2005 to reflect the proper application of manufacturing overhead during the first three quarters of fiscal 2005, resulting in increases to cost of sales and promotional expense of $1.2 million and $0.5 million, respectively, in the fourth quarter. These costs were not material to any of the first three quarters. To augment aug·ment v. aug·ment·ed, aug·ment·ing, aug·ments v.tr. 1. To make (something already developed or well under way) greater, as in size, extent, or quantity: its annual control process, the Company has now implemented a quarterly control process that management believes will ensure that inventory balances will include the appropriate amounts of overhead costs each quarter. Guidance For fiscal 2006, the Company currently estimates the range of performance for total revenues to be $315-330 million and the range for earnings per share to be $2.30-2.40, not reflecting adoption of FAS 123R. All estimates are prior to any litigation settlement items and legal expense charges related to the settlement of Dexatrim litigation and any unusual or non-recurring items which might be recorded during the year. The Company expects its growth in total revenues to be driven by the previously announced new product launches, which include Icy Hot Pro-Therapy, Selsun Salon, Dexatrim Max2 0(TM), BullFrog Mosquito Coast Mosquito Coast or Mosquitia (məskē`tēə, mōskētē`ä), region, east coast of Nicaragua and Honduras. (TM), Garlique CardioAssist(TM), Capzasin Back & Body Patch and Pamprin Max(TM). 2006 New Product Update Icy Hot Pro-Therapy To date, factory orders of Icy Hot Pro-Therapy are in excess of $11.5 million. The Company began shipping product to retailers in early February 2006. Icy Hot Pro-Therapy has been accepted for chain-wide retail distribution in Wal-Mart, Target, all major drug chains and approximately 50% of all food retailers. The majority of these retailers will support Pro-Therapy with display activity beginning at the end of February and with broad-based broad-based Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased promotional support that ties in with Chattem's March advertising and promotional program. To date, over 20,000 prepack product displays have been ordered as part of this promotional and display campaign. Selsun Salon Selsun Salon has been accepted for chain-wide retail distribution at Wal-Mart, all major drug chains and approximately 60% of all food retailers. Selsun Salon began shipping to the trade in November 2005 and is now beginning to appear in retail stores. Aggressive retail trade support is planned during the February/March period and then will resume with an October/November start-of-the-winter campaign. Factory orders to-date for Selsun Salon are in excess of $3.3 million. Additional New Products As previously announced, the Company has five additional new product launches for fiscal 2006, which include Dexatrim Max2 0, BullFrog Mosquito Coast, Garlique CardioAssist, Capzasin Back & Body Patch and Pamprin Max. Forward Looking Statements Statements in this press release which are not historical facts 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 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, without limitation, statements relating to estimated results for fiscal 2006, statements relating to potential results for new product launches and potential recoveries from the Dexatrim settlement trust or DELACO bankruptcy. These forward-looking statements involve risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from those expressed or projected, including, those described in our filings with the Securities and Exchange Commission. Webcast Chattem will provide an online Web simulcast and rebroadcast of its fourth quarter and fiscal 2005 conference call. The live broadcast of the call will be available online at www.chattem.com and www.streetevents.com on Thursday, February 9, 2006 beginning at 9:00 a.m. ET. The online replay will follow shortly after the call and be available through February 13, 2006. Please note Webcast requires Windows Media Player Digital jukebox software for Windows from Microsoft that plays a variety of audio, video and streaming formats including MP3, WMA, CD audio and MIDI. Starting with Version 6.2 in 1999, the Windows Media Rights Manager was added for securing copyrighted content. . For additional information please contact Catherine Baker Catherine Baker (born 16 July 1947 in Lille) is a French journalist and home schooling essayist. She has also more recently written against the whole prison system, arguing for a complete abolition. , Manager Investor Relations Investor relations The process by which the corporation communicates with its investors. at 423-821-2037 ext. 3209. Chattem, Inc. is a leading marketer and manufacturer of a broad portfolio of branded OTC healthcare products, toiletries toi·let·ry n. pl. toi·let·ries An article, such as toothpaste or a hairbrush, used in personal grooming or dressing. toiletries npl → artículos mpl de aseo (= and dietary supplements. The Company's products target niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. segments and are among the market leaders in their respective categories across food, drug and mass merchandisers. The Company's portfolio of products includes well-recognized brands such as Icy Hot, Gold Bond, Selsun Blue, Garlique, Pamprin and BullFrog. Chattem conducts a portion of its global business through subsidiaries in the United Kingdom, Ireland and Canada.
CHATTEM, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
For the Three Months For the Twelve Months
Ended November 30, Ended November 30,
----------------------- -----------------------
2005 2004 2005 2004
--------- ------------- --------- -------------
(as adjusted) (as adjusted)
(1) (1)
REVENUES:
Net sales $63,835 $60,625 $279,140 $257,534
Royalties 50 66 178 621
--------- ------------- --------- -------------
Total revenues 63,885 60,691 279,318 258,155
COSTS AND EXPENSES:
Cost of sales 19,933 16,715 79,884 73,358
Advertising and
promotion 18,024 18,651 76,763 74,929
Selling, general and
administrative 10,981 11,338 47,322 44,169
Executive severance
charges - - 2,269 -
Impairment of
indefinite-lived
intangible assets - 20,000 - 20,000
Loss on product
divestures 8,678 - 8,678 -
Litigation settlement 315 11,345 (2,086) 15,836
--------- ------------- --------- -------------
Total costs and
expenses 57,931 78,049 212,830 228,292
--------- ------------- --------- -------------
INCOME (LOSS) FROM
OPERATIONS 5,954 (17,358) 66,488 29,863
--------- ------------- --------- -------------
OTHER INCOME (EXPENSE):
Interest expense (3,529) (3,371) (13,814) (15,049)
Investment and other
income, net 410 93 1,086 298
Loss on early
extinguishment of
debt (6) - (750) (12,958)
--------- ------------- --------- -------------
Total other income
(expense) (3,125) (3,278) (13,478) (27,709)
--------- ------------- --------- -------------
INCOME (LOSS) BEFORE
INCOME TAXES 2,829 (20,636) 53,010 2,154
PROVISION FOR (BENEFIT
FROM) INCOME TAXES 403 (6,818) 16,963 703
--------- ------------- --------- -------------
NET INCOME (LOSS) $2,426 $(13,818) $36,047 $1,451
========= ============= ========= =============
DILUTED SHARES
OUTSTANDING 20,077 20,469 20,366 20,225
========= ============= ========= =============
NET INCOME (LOSS) PER
COMMON SHARE (DILUTED) $0.12 $(0.68) $1.77 $0.07
========= ============= ========= =============
----------------------------------------------------------------------
INCOME FROM OPERATIONS
(EXCLUDING IMPAIRMENT,
LOSS ON PRODUCT
DIVESTURES, LITIGATION
SETTLEMENT AND EXECUTIVE
SEVERANCE CHARGES):
Income (loss) from
operations $5,954 $(17,358) $66,488 $29,863
Impairment of
indefinite-lived
intangible assets - 20,000 - 20,000
Loss on product
divestures 8,678 - 8,678 -
Litigation settlement 315 11,345 (2,086) 15,836
Executive severance
charges - - 2,269 -
--------- ------------- --------- -------------
Income from operations
(excluding impairment,
loss on product
divesture, litigation
settlement and
executive severance
charges) $14,947 $13,987 $75,349 $65,699
========= ============= ========= =============
----------------------------------------------------------------------
NET INCOME (EXCLUDING
DEBT EXTINGUISHMENT,
IMPAIRMENT, LOSS ON
PRODUCT DIVESTURES,
LITIGATION SETTLEMENT
AND EXECUTIVE
SEVERANCE CHARGES) PER
COMMON SHARE
(DILUTED):
Net income (loss) $2,426 $(13,818) $36,047 $1,451
Add:
Loss on early
extinguishment of
debt 6 - 750 12,958
Impairment of
indefinite-lived
intangible assets - 20,000 - 20,000
Loss on product
divestures 8,678 - 8,678 -
Litigation
settlement 315 11,345 (2,086) 15,836
Executive severance
charges - - 2,269 -
Provision for income
taxes (2,874) (10,344) (3,076) (16,102)
Net income (excluding
debt extinguishment,
impairment, loss on
product divestures,
litigation settlement
and executive
severance charges) $8,551 $7,183 $42,582 $34,143
========= ============= ========= =============
Net income (excluding
debt extinguishment,
impairment, loss on
product divestures,
litigation settlement,
and executive
severance charges) per
common share (diluted) $0.43 $0.35 $2.09 $1.69
========= ============= ========= =============
----------------------------------------------------------------------
EBITDA RECONCILIATION
(EXCLUDING IMPAIRMENT,
LOSS ON PRODUCT
DIVESTURES, LITIGATION
SETTLEMENT AND EXECUTIVE
SEVERANCE CHARGES):
Net income (loss) $2,426 $(13,818) $36,047 $1,451
Add:
Provision for
(benefit from)
income taxes 403 (6,818) 16,963 703
Interest expense,
net (includes loss
on early
extinguishment of
debt) 3,125 3,278 13,478 27,709
Depreciation and
amortization less
amounts included in
interest 1,173 1,335 4,993 5,293
--------- ------------- --------- -------------
EBITDA $7,127 $(16,023) $71,481 $35,156
--------- ------------- --------- -------------
Impairment of
indefinite-lived
intangible assets - 20,000 - 20,000
Loss on product
divestures 8,678 - 8,678 -
Litigation
settlement 315 11,345 (2,086) 15,836
Executive severance
charges - - 2,269 -
--------- ------------- --------- -------------
EBITDA (excluding
impairment, loss on
product divestures,
litigation settlement
and executive
severance charges) $16,120 $15,322 $80,342 $70,992
--------- ------------- --------- -------------
Depreciation &
amortization $1,348 $1,523 $5,720 $6,131
Capital expenditures $1,590 $1,476 $3,943 $3,239
----------------------------------------------------------------------
MARGIN DATA:
EBITDA margin (EBITDA
(excluding impairment,
loss on product
divestures, litigation
settlement and
executive severance
charges)/total
revenues) 25.2% 25.2% 28.8% 27.5%
Net income margin (net
income/total revenues) 3.8% -22.8% 12.9% 0.6%
Net income (excluding
debt extinguishment,
impairment, loss on
product divestures,
litigation settlement
and executive severance
charges) margin (net
income (excluding debt
extinguishment, impairment,
loss on product divestures,
litigation settlement and
executive severance
charges)/total revenues) 13.4% 11.8% 15.2% 13.2%
----------------------------------------------------------------------
November 30, 2005 November 30, 2004
----------------- -----------------
BALANCE SHEET DATA: (as adjusted)(1)
Cash and cash equivalents $47,327 $40,193
Accounts receivable, net $33,609 $32,098
Other receivable $9,600 $-
Inventories $23,401 $23,124
Accounts payable $17,458 $13,341
Subordinated debt $182,500 $200,000
Shareholders' equity $122,648 $108,030
Total assets $368,700 $372,642
----------------------------------------------------------------------
Statements in this press release which are not historical facts are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements involve risks, uncertainties and assumptions that could
cause actual outcomes and results to differ materially from those
expressed or projected.
(1) The 2004 financial statements have been adjusted to effect the
retroactive change in accounting principle from the LIFO to the
FIFO method of inventory valuation.
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