Coinstar Reports Record Results for the Third Quarter of 2002; North American Core Business Earnings Per Share of $0.41 on EBITDA Growth of 51 Percent.Business Editors BELLEVUE Bellevue (bĕl`vy  ).1 City (1990 pop. 30,982), Sarpy co., E Nebr., a suburb of Omaha, on the Missouri River; inc. 1855. , Wash.--(BUSINESS WIRE)--Oct. 31, 2002 Coinstar Inc. (Nasdaq:CSTR CSTR Centre for Speech Technology Research CSTR Canister CSTR Continually Stirred Tank Reactor CSTR Center for Software Testing Research (Florida Tech) CSTR Combat System Trial Rehearsal (US DoD) ) today announced results for the three months ended September September: see month. 30, 2002. 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: RESULTS For the third quarter of 2002, Coinstar reported consolidated revenues of $42.9 million and consolidated net income of $8.8 million, or $0.38 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. This compared to the third quarter of 2001 consolidated revenues of $35.2 million and consolidated net income of $1.6 million, or $0.07 per diluted share. NORTH AMERICAN North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. CORE BUSINESS Revenues for the North American core business were $41.1 million in the third quarter of 2002, an increase of 18.5 percent from the third quarter of 2001. Direct contribution (defined as revenues less direct 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. ) increased 23.4 percent, year-over-year, to $24.0 million, as the direct contribution margin expanded to 58.3 percent in the third quarter of 2002 from 56.0 percent in the third quarter of 2001. Earnings before net interest expense, income taxes, depreciation, amortization, non-cash stock-based compensation expense and other income/expense (EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) increased 51.3 percent--to a record $15.7 million in the third quarter of 2002--from $10.4 million in the third quarter of 2001. The company posted net income of $9.3 million, or $0.41 per diluted share, from the North American core business. This compared favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. with net income of $2.1 million, or $0.10 per diluted share, in the same period last year. For the third quarter of 2002, the North American core business generated free cash flow (defined as EBITDA less capital expenditures and net interest expense) of $9.7 million. "Once again, this quarter's results surpassed our guidance and set new records for revenues, EBITDA, net income, and free cash flow," said Dave Cole, chief executive officer of Coinstar. Recent Developments On October October: see month. 17, 2002, Coinstar and Prizm Technology announced a pilot to test consumer acceptance of a service that will allow prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. wireless phone users to recharge re·charge tr.v. re·charged, re·charg·ing, re·charg·es To charge again, especially to reenergize a storage battery. re their account balances at Coinstar Centers. Using the service, a customer with a prepaid wireless plan will go to the Coinstar Center and, by entering a phone number and inserting in·sert tr.v. in·sert·ed, in·sert·ing, in·serts 1. To put or set into, between, or among: inserted the key in the lock. See Synonyms at introduce. 2. cash, add minutes to their account. The 73 pilot locations are expected to be installed by mid-November n. 1. the middle part of November. Noun 1. mid-November - the middle part of November period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue 2002. "As we have said before, we believe the prepaid market offers an excellent opportunity to leverage our network capabilities and more than 10,000 convenient locations," said Rich Stillman Stillman is a surname, and may refer to:
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Coinstar. "Prepaid cellular is one example of what we expect will be a series of tests in prepaid and other new product areas." Coinstar's annual research survey of households in a Coinstar market was completed in the third quarter of 2002, quantifying the benefits of the company's integrated marketing campaign. Over the past year, Coinstar added an estimated 2.8 million new users, as trial usage increased to 17.5 percent, up 2.8 percentage points from the third quarter of 2001. "Because some 80 percent of first-time users become loyal, repeat customers, the increased trial rates translate (1) To change one language into another; for example, assemblers, compilers and interpreters translate source language into machine language. (2) In computer graphics, to move an image on screen without rotating it. into additional revenue streams," added Stillman. In addition, Coinstar narrowed its estimate of the viable universe of high-traffic supermarkets in the United States This is a list of supermarket companies in the United States of America and the names of supermarkets which are owned or franchised by these companies. For supermarkets worldwide see List of supermarkets. . "Previously, we set the range at 11,000 to 15,000 stores," said Cole. "We are now targeting the high-end high-end adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. of that range at 13,000 to 15,000 solid installation opportunities." North American Core Business Outlook As a result of the stronger than expected third-quarter performance, Coinstar reaffirmed guidance at the high end of previously issued ranges for revenues and direct contribution, and raised the ranges for EBITDA and net income. For its North American core business, the company now expects 2002 revenues of $148.5 to $150.0 million, direct contribution of $84.0 to $85.5 million, EBITDA of $50.0 to $51.5 million, and net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $21.5 to $23.0 million, or approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.95 to $1.00 per share. COINSTAR INTERNATIONAL Coinstar Ltd. generated revenues of $1.9 million in the third quarter of 2002, compared with $524,000 in the third quarter of 2001. EBITDA for the third quarter of 2002 was a negative $13,000, compared with a negative $400,000 in the year-ago period. During the third quarter, the company installed 28 machines in the United Kingdom, bringing the total at the end of the period to 474 machines. "Our results continue to confirm the appeal of the U.K. as a market for Coinstar," said Alex (language) Alex - 1. A polymorphic language being developed by Stephen Crawley <sxc@itd.dtso.oz.au> of Defence Science & Tech Org, Australia. Alex has abstract data types, type inference and inheritance. 2. n. 1. Chamber; house; - used in ( ) r>, and ( ) r>. See Legislature. , vice president of U.K. operations. As a result, the company raised its full year guidance for its U.K. operation. For 2002, the company expects revenues of $5.4 to $6.0 million and EBITDA of negative $100,000 to positive $300,000 for operations in the United Kingdom. Note: Coinstar will conduct a conference call to discuss third-quarter results today at 11:00 a.m. Eastern/8:00 a.m. Pacific time. The call will be simulcast Simulcast is a portmanteau of "simultaneous broadcast", and refers to programs or events broadcast across more than one medium, or more than one service on the same medium, at the same time. on the company's Web site at www.coinstar.com. About Coinstar Inc. Coinstar Inc. owns and operates the only nationwide network of supermarket-based machines that offer coin counting and other electronic services. The company has more than 10,000 machines linked by a sophisticated interactive network throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , as well as in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and the United Kingdom. This press release contains 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. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Coinstar's anticipated growth and future operating results that involve a number of risks and uncertainties. These are forward-looking statements for purposes of the 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. provisions 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. The words "believe," "expect," "intend," "anticipate," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. . Forward-looking statements in this press release include statements relating to Coinstar's financial performance for the full year of 2002. Actual results may vary significantly from the results expressed 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. in such statements. Factors that could cause or contribute to such varying results include, but are not limited to, the ability to bring new and repeat customers to Coinstar machines, the ability to obtain new agreements with potential retail partners for the installation of Coinstar units in 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. and the United Kingdom, the successful deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation. and operation of our coin processing network, additional potential competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. , and uncertainties relating to the ultimate success of new business initiatives. These and other risks are more fully described under the caption "Risk Factors" included in the most recent reports filed with the Securities and Exchange Commission by Coinstar Inc. Coinstar undertakes no duty or obligation to update the information provided herein. Pro Forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma Results Pro forma results are provided as a complement to results provided 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 accounting principles generally accepted in the United States ("GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). "). Management uses such pro forma measures internally to evaluate the Company's performance and manage its operations. Definitions of such pro forma measurements are provided below. These definitions are provided to allow the reader to reconcile pro forma data and GAAP. Direct contribution is defined as revenue less direct operating expenses. We use direct contribution as a measure of operating performance to assist in understanding our machine operating results. EBITDA represents earnings before net interest expense, income taxes, depreciation, amortization, non-cash stock-based compensation expense and other income/expense. We believe EBITDA provides useful information regarding our ability to service and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. . Free cash flow is defined as EBITDA less capital expenditures less net interest expense. Non-cash stock-based compensation represents charges associated with certain option grants to employees and/or non-employee directors.
Coinstar, Inc.
Consolidated Statements of Operations 1
(in thousands, except per share data)
(unaudited)
Three months ended Nine months ended
------------------- -------------------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2002 2001 2002 2001
------------------- -------------------
Revenue $42,941 $35,176 $114,024 $93,621
Expenses
Direct operating 18,141 15,667 49,778 42,343
Regional sales and
marketing 2,711 3,176 6,034 6,047
Product research and
development 1,170 1,108 3,748 3,094
Selling, general and
administrative 5,284 5,400 16,630 16,314
Depreciation and
amortization 6,409 6,394 19,382 19,640
--------- --------- --------- ---------
Income from operations 9,226 3,431 18,452 6,183
Other income (expense)
Interest income 86 215 266 598
Interest expense (535) (2,078) (3,253) (6,237)
Other (19) 1 (49) 5
--------- --------- --------- ---------
Net income from continuing
operations 8,758 1,569 15,416 549
Discontinued operations:
Loss from discontinued
operations -- -- -- (5,737)
Loss on disposal of
discontinued operations -- -- -- (3,552)
--------- --------- --------- ---------
Net loss from
discontinued
operations -- -- -- (9,289)
--------- --------- --------- ---------
Income (loss) before
extraordinary item 8,758 1,569 15,416 (8,740)
Extraordinary item:
Loss related to early
retirement of debt -- -- (6,308) --
--------- --------- --------- ---------
Net income (loss) $8,758 $1,569 $9,108 $(8,740)
========= ========= ========= =========
Net income (loss) per share:
Basic:
Continuing operations $0.40 $0.07 $0.71 $0.03
Discontinued operations -- -- -- (0.45)
Extraordinary item -- -- (0.29) --
--------- --------- --------- ---------
Net income (loss) per share $0.40 $0.07 $0.42 $(0.42)
========= ========= ========= =========
Diluted:
Continuing operations $0.38 $0.07 $0.68 $0.03
Discontinued operations -- -- -- (0.43)
Extraordinary item -- -- (0.28) --
--------- --------- --------- ---------
Net income (loss) per share $0.38 $0.07 $0.40 $(0.40)
========= ========= ========= =========
Weighted shares outstanding:
Basic 21,944 20,928 21,760 20,718
Diluted 22,767 22,057 22,724 21,725
=====================================================================
1 These consolidated statements of operations are prepared in
accordance with accounting principles generally accepted in the United
States of America.
Coinstar, Inc.
Consolidated Balance Sheets 1
(in thousands)
Sept. 30 Dec. 31
2002 2001
----------------------
Assets (unaudited)
Current assets:
Cash and cash equivalents $44,563 $52,267
Cash due to retailers 56,077 53,668
Prepaid expenses and other current assets 2,474 1,978
-------- --------
Total current assets 103,114 107,913
Property and equipment:
Coinstar units 151,003 137,308
Computers 8,861 7,751
Office furniture and equipment 1,287 1,490
Leased vehicles 4,358 4,183
Leasehold improvements 684 572
-------- --------
166,193 151,304
Accumulated depreciation (105,987) (89,215)
-------- --------
60,206 62,089
Other assets 1,144 1,185
-------- --------
Total assets $164,464 $171,187
======== ========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $5,554 $5,810
Accrued liabilities payable to retailers 56,077 53,668
Accrued liabilities 9,003 11,839
Current portion of long-term debt and
capital lease obligations 13,769 898
-------- --------
Total current liabilities 84,403 72,215
Long-term debt and capital lease obligations 25,413 61,745
-------- --------
Total liabilities 109,816 133,960
Stockholders' equity:
Common stock 178,968 171,059
Accumulated other comprehensive income 438 34
Accumulated deficit (124,758)(133,866)
-------- --------
Total stockholders' equity 54,648 37,227
-------- --------
Total liabilities and stockholders'
equity $164,464 $171,187
======== ========
=====================================================================
1 These consolidated balance sheets are prepared in accordance with
accounting principles generally accepted in the United States of
America.
Coinstar, Inc.
North American Core Business 1
Selected Financial Data
(in thousands, except per share data)
(unaudited)
Three months ended Nine months ended
---------------------------------------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2002 2001 2002 2001
---------------------------------------
Revenue $41,062 $34,652 $110,019 $92,811
Expenses
Direct operating 17,103 15,240 47,511 41,565
--------- --------- --------- ---------
Direct contribution 2 23,959 19,412 62,508 51,246
Regional sales and
marketing 2,203 3,000 5,384 5,912
Product research and
development 1,147 1,083 3,682 2,943
Selling, general and
administrative 4,919 4,958 14,990 15,585
--------- --------- --------- ---------
EBITDA 2 15,690 10,371 38,452 26,806
Depreciation and
amortization 6,050 6,323 18,554 19,569
Non-cash stock-based
compensation 42 146 916 175
--------- --------- --------- ---------
Income from operations 9,598 3,902 18,982 7,062
Other income (expense)
Interest income 3 240 275 670 1,139
Interest expense (535) (2,078) (3,253) (6,237)
Other (19) 17 (49) 156
--------- --------- --------- ---------
Net income from continuing
operations $9,284 $2,116 $16,350 $2,120
========= ========= ========= =========
Net income per share from
continuing operations:
Basic $0.42 $0.10 $0.75 $0.10
Diluted $0.41 $0.10 $0.72 $0.10
Weighted shares outstanding:
Basic 21,944 20,928 21,760 20,718
Diluted 22,767 22,057 22,724 21,725
=====================================================================
Capital Expenditures 4
North American capital
expenditures from continuing
operations: $5,726 $5,551 $12,842 $13,310
1 North American core business refers to Coinstar's United States
and Canadian operations.
2 For discussion and use of these measures, see above under "Pro
Forma Results" or refer to Coinstar's Annual Report on Form 10-K for
the year ended December 31, 2001.
3 Interest income includes intercompany interest earned from our
United Kingdom operation of $154 and $404 for the three and nine month
periods ended September 30, 2002, and $61 and $85 for the three and
nine month periods ended September 30, 2001.
4 In 2001, approximately $533 and $2,085 of capital expenditures
for the three and nine month periods ended September 30, 2001 relate
to machines purchased by the North American core business which were
leased to the International business for use in the United Kingdom.
Coinstar, Inc.
International Business 1
Selected Financial Data
(in thousands, except per share data)
(unaudited)
Three months ended Nine months ended
--------------------------------------------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2002 2001 2002 2001
--------------------------------------------
Revenue $1,879 $524 $4,005 $919
Expenses
Direct operating 1,038 426 2,267 830
------- ------- ------- -------
Direct contribution 2 841 98 1,738 89
Regional sales and
marketing 508 177 650 178
Product research
and development 23 14 66 31
Selling, general
and
administrative 323 307 724 663
------- ------- ------- -------
EBITDA 2 (13) (400) 298 (783)
Depreciation and
amortization (359) (70) (828) (71)
------- ------- ------- -------
Loss from operations (372) (470) (530) (854)
Other expense
Interest expense 3 (154) (61) (404) (85)
Other -- (17) -- (32)
------- ------- ------- -------
Net loss $(526) $(548) $(934) $(971)
======= ======= ======= =======
Net loss per share:
Basic $(0.02) $(0.03) $(0.04) $(0.05)
Diluted $(0.02) $(0.02) $(0.04) $(0.04)
Weighted shares
outstanding:
Basic 21,944 20,928 21,760 20,718
Diluted 22,767 22,057 22,724 21,725
Capital Expenditures
International
capital
expenditures: $814 $-- $3,366 $--
=====================================================================
Supplemental Disclosure
Three months ended
--------------------------------------------
United Kingdom Dec. 31, Mar. 31, June 30, Sept. 30,
Installations 2001 2002 2002 2002
--------------------------------------------
Number of new Coinstar
units installed 99 86 111 28
Installed base of
Coinstar units at end
of period 249 335 446 474
1 International business refers to Coinstar's United Kingdom
operation.
2 For discussion and use of these measures, see above under "Pro
Forma Results" or refer to Coinstar's Annual Report on Form 10-K for
the year ended December 31, 2001.
3 Interest expense represents the interest payable on intercompany
loans between the United Kingdom operation and the North American core
business.
Coinstar North American Core Business 1
Selected Quarterly Financial Data
(in thousands, except per share and unit data)
(unaudited)
Three months ended
---------------------------------------------
Sept. 30,Dec. 31, Mar. 31, June 30, Sept. 30,
2000 2000 2001 2001 2001
---------------------------------------------
Number of new Coinstar
units installed, net 359 413 95 193 70
Installed base of
Coinstar units at end of
period 8,069 8,482 8,577 8,770 8,840
Designated marketing
areas 118 122 123 123 124
Average age of network
for the period (months) 26.2 27.6 29.7 31.9 33.8
Average units installed 7,878 8,288 8,521 8,609 8,808
Dollar value of coins
processed $320,655 $315,715 $303,799 $348,255 $389,208
Revenue $28,546 $28,107 $27,130 $31,029 $34,652
Annualized revenue per
average installed unit $14,495 $13,565 $12,696 $14,406 $15,737
Direct contribution 2 $15,569 $15,195 $14,373 $17,461 $19,412
Direct contribution
margin (%) 54.5% 54.1% 53.0% 56.3% 56.0%
Annualized direct
contribution per average
installed unit $7,906 $7,333 $6,708 $8,102 $8,816
Regional sales and
marketing $4,906 $2,402 $377 $2,535 $3,000
Product research and
development $825 $886 $915 $945 $1,083
Selling, general and
administrative $4,281 $4,789 $4,942 $5,685 $4,958
EBITDA 2 $5,557 $7,118 $8,139 $8,296 $10,371
EBITDA margin (%) 19% 25% 30% 27% 30%
Depreciation and
amortization $6,017 $6,635 $6,763 $6,483 $6,323
Non-cash stock-based
compensation -- $505 -- $29 $146
Interest and other
expense, net $1,389 $1,655 $1,365 $1,791 $1,786
Net income (loss) from
continuing operations $(1,849) $(1,677) $11 $(7) $2,116
Net income (loss) per
share from continuing
operations:
Basic $(0.09) $(0.08) $0.00 $0.00 $0.10
Diluted $(0.09) $(0.08) $0.00 $0.00 $0.10
1 North American core business refers to Coinstar's United States
and Canadian operations.
2 For discussion and use of these measures, see above under "Pro
Forma Results" or refer to Coinstar's Annual Report on Form 10-K for
the year ended December 31, 2001.
Coinstar North American Core Business 1
Selected Quarterly Financial Data
(in thousands, except per share and unit data)
(unaudited)
Three months ended
-----------------------------------------
Dec. 31, Mar. 31, June 30, Sept. 30,
2001 2002 2002 2002
-----------------------------------------
Number of new Coinstar units
installed, net 487 192 140 239
Installed base of Coinstar
units at end of period 9,327 9,519 9,659 9,898
Designated marketing areas 130 130 132 133
Average age of network for
the period (months) 35.3 36.8 38.7 40.4
Average units installed 9,110 9,399 9,541 9,786
Dollar value of coins
processed $393,186 $362,607 $411,933 $461,207
Revenue $35,005 $32,282 $36,675 $41,062
Annualized revenue per
average installed unit $15,371 $13,739 $15,375 $16,785
Direct contribution 2 $19,968 $17,670 $20,879 $23,959
Direct contribution margin
(%) 57.0% 54.7% 56.9% 58.3%
Annualized direct
contribution per average
installed unit $8,768 $7,520 $8,753 $9,794
Regional sales and marketing $2,858 $420 $2,761 $2,203
Product research and
development $1,019 $1,228 $1,307 $1,147
Selling, general and
administrative $5,586 $4,961 $5,110 $4,919
EBITDA 2 $10,505 $11,061 $11,701 $15,690
EBITDA margin (%) 30% 34% 32% 38%
Depreciation and amortization $6,559 $6,424 $6,080 $6,050
Non-cash stock-based
compensation $20 $608 $266 $42
Interest and other expense,
net $1,845 $1,526 $792 $314
Net income (loss) from
continuing operations $2,081 $2,503 $4,563 $9,284
Net income (loss) per share
from continuing operations:
Basic $0.10 $0.12 $0.21 $0.42
Diluted $0.09 $0.11 $0.20 $0.41
1 North American core business refers to Coinstar's United States
and Canadian operations.
2 For discussion and use of these measures, see above under "Pro
Forma Results" or refer to Coinstar's Annual Report on Form 10-K for
the year ended December 31, 2001.
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