Hypercom Corporation Announces Third-quarter and Nine-month 2001 Results; Sees Momentum Building and a Return to Profitability in the Year Ahead.Business Editors PHOENIX--(BUSINESS WIRE)--Oct. 30, 2001 Highlights: -- Achieved EBITDA of $0.11 per diluted share, in line with guidance -- Signed contract with TASQ Technologies, valued at $30 million over next year -- Shipped 300,000th ICE terminal; fastest-selling product in history of electronic payment industry -- Completed new debt and equity financing in August to fund growth plans -- Sees accelerating trend for non-traditional transactions with ICE(TM) terminals Hypercom Hypercom Corporation Hypercom is a global payment technology innovator. It provides complete, end-to-end high security payment solutions, from countertop and mobile credit/debit payment terminals to the network devices and services that quickly expedite the fast and secure Corporation (NYSE NYSE See: New York Stock Exchange :HYC HYC Houston Yacht Club (Texas) ), the leading global supplier of electronic payment solutions, today announced financial results for the quarter and nine-months ended September September: see month. 30, 2001. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Chris CHRIS Chemical Hazards Response Information System (US DoD) CHRIS California Historical Resources Information System CHRIS Computerized Human Resources Information System CHRIS Command Human Resources Intelligence System Alexander, president and chief executive officer of Hypercom Corporation, "I am pleased to report that our results are very much in line with guidance we gave three months ago, despite the tragic events of September 11 and the temporary impact this had on our business. Our business has good momentum and we look forward to further gains in the fourth quarter and growing profitability in 2002." Hypercom achieved positive 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 (earnings before income taxes, depreciation and amortization) of $4.6 million, or $0.11 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, for the September quarter. This is in line with the guidance for EBITDA of $0.10 - $0.12 per share given in the Hypercom second-quarter financial release, dated August 2, 2001. Delayed shipments in the September quarter would have added $3.0 million, or $0.08 per diluted share, to EBITDA for a pro-forma EBITDA total of $7.6 million, or $0.19 per diluted share. Revenues for the quarter were $71.0 million compared to $75.9 million in the year-ago period. For the nine months ended September 30, 2001, revenues were $217.2 million compared to $243.1 million in the year-ago period. Both the September quarter and nine-month results were impacted by the temporary suspension suspension, in vehicles suspension, in automobiles, system of springs used to suspend the frame, body, engine, and power train above the wheels. Its principal purpose is to lessen the jarring of the automobile that is caused by irregularities in the roads of air shipments following September 11. Delayed shipments, primarily of products destined des·tine tr.v. des·tined, des·tin·ing, des·tines 1. To determine beforehand; preordain: a foolish scheme destined to fail; a film destined to become a classic. 2. for Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. , totaled $12.3 million for the quarter ended September 30, 2001. The delayed shipments will 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: fourth quarter 2001 results. "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 income from operations (including pro forma income from the delayed shipments) was $3.2 million for the September quarter, slightly exceeding our guidance of $3.0 million of income from operations," said Alexander. "Gross margins continue to improve. We feel comfortable that we have now managed expenses to an appropriate level of business activity. As a result, we not only accomplished what we set out to do one year ago, but we have also carefully prepared ourselves for 2002, where we are sharply focused on accelerating our profitability." The company's backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. remains strong and currently totals $158 million. "Our consistent backlog over the last three quarters reflects the ongoing demand for our new products. This is especially significant given the current caution in a nervous market," said Alexander. The net loss for the quarter ended September 30, 2001, exclusive of banking charges related to the company's former principal lending facility and related forbearance Refraining from doing something that one has a legal right to do. Giving of further time for repayment of an obligation or agreement; not to enforce claim at its due date. A delay in enforcing a legal right. agreements, was $2.2 million, or $0.06 loss per diluted share. Including these charges, the net loss was $2.4 million, or $0.06 loss per diluted share. This compares to a net loss in the year-ago period of $21.6 million, or $0.63 loss per diluted share, which included a $5.9 million loss, or $0.17 loss per diluted share, from the company's equity investment in the Cirilium Corporation joint venture. The company had no remaining basis in this investment as of September 30, 2000. The net loss for the nine months ended September 30, 2001, exclusive of banking charges related to the company's principal lending facility and related forbearance agreements, was $16.9 million, or $0.47 loss per share. Including the charges, the net loss was $21.4 million, or $0.60 loss per diluted share. This compares to a net loss in the year-ago period of $26.7 million or $0.78 loss per diluted share, which included a $9.9 million loss, or $0.29 loss per diluted share, from the company's equity investment in the Cirilium Corporation joint venture. Third quarter and nine-month 2000 results also reflected significant warranty An assurance, promise, or guaranty by one party that a particular statement of fact is true and may be relied upon by the other party. Warranties are used in a variety of commercial situations. In many instances a business may voluntarily make a warranty. expense and manufacturing costs associated with the introduction of new products. The company is in the process of modifying the financial covenants under its credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities to reflect the delay in shipments described above. Significant Third-Quarter Activities "A lot of very exciting developments transpired in the third quarter that bode bode 1 v. bod·ed, bod·ing, bodes v.tr. 1. To be an omen of: heavy seas that boded trouble for small craft. 2. well for Hypercom, its customers and shareholders," said Alexander. These include: -- Closing on and receiving funding for over $63 million in new financing. This included a $45 million debt package led by Foothill Capital Corporation and $18.4 million in privately placed common equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . -- Significant new contracts, including one valued at up to $30 million with TASQ TASQ Transparent Auto-Switch Quality (Quitum Technologies) TASQ Tactical Airlift Squadron Technologies for ICE terminals and peripherals over the next year. TASQ Technologies is a subsidiary of First Data Corporation. -- Shipping our 300,000th ICE terminal, which makes it the fastest-selling product introduced in the POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale market and underscores the accelerating demand for touch-screen touch-screen n (COMPUT) → touch-screen m inv; schermo sensibile based, smart-card enabled terminals. -- Expanding ICE terminal applications into non-traditional uses. In this regard, while the company continued to focus on traditional payment application products and services for its ICE terminals, VARS VARS Value Added Reseller VARS Vehicle Accounting and Reporting System (US Immigration and Naturalization Service) VARS Vertical and Azimuth Reference System VARS Variant Stem VARS Variables (value-added resellers A value-added reseller (VAR) is a company that adds some feature(s) to an existing product(s), then resells it (usually to end-users) as an integrated product or complete "turn-key" solution. ) are increasingly interested in developing non-traditional applications solutions. IDLogix, a leader in identification authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. software announced positive identification software for use with ICE terminals. And Atrana, a leading provider of point-of-sale point of sale n. pl. points of sale A business or place where a product or service can be purchased. Also called point of purchase. point software solutions, will create customized software applications to expand the functionality of Hypercom's ICE information and transaction platforms in prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. services, electronic benefits transfer, sportslicensing and other markets not traditionally associated with point-of-sale terminals. "Our ICE terminal equipment exhibits a versatility Versatility Franklin, Benjamin (1706–1790) American statesman, inventor, printer, author, scientist. [Am. Hist.: Benét, 366] George beyond the traditional financial transaction in the POS marketplace," said Alexander. "It is clear that our sophisticated and highly secure platform is broad based enough to handle a variety of "point-of-transaction" applications with ease and our VARs are eager to develop these applications." Outlook As stated previously, the company expects results of operations to improve sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen each quarter and to return to profitability during 2002. The company anticipates revenues for the fourth quarter, which ends December December: see month. 31, 2001, to be in excess of $80 million and expects a positive net income for the quarter, which should yield EBITDA of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.15 - 0.18 per share. For 2002, the company expects revenues at or around $314 million, with net income of approximately $11 million, earnings per share of approximately $0.25 and an EBITDA in the range of $0.90 to $1.00 per share. This forward guidance is predicated on a stable worldwide economy, with no deep or lasting recession. About the Conference Call Hypercom's conference call to discuss financial results for the period ended September 30, 2001 will be held on Tuesday Tuesday: see week. , October October: see month. 30, 2001 at 9 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy (7 a.m. Phoenix time) after this release has been distributed. The conference call will be simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics webcast at www.hypercom.com, Hypercom's website, and will also be available approximately one hour after the call has concluded in the investor relations Investor relations The process by which the corporation communicates with its investors. section under 'audio archive (1) A file that contains one or more compressed files. Most archive formats are also capable of storing folders in order to reconstruct the file/folder relationship when decompressed. See archive formats. .' About Hypercom (www.hypercom.com) Hypercom Corporation (NYSE: HYC) is the leading global provider of electronic payment solutions that add value at the point-of-sale for consumers, merchants and acquirers, and yield increased profitability for its customers. Hypercom's products include secure web-enabled transaction terminals that work seamlessly with its networking equipment and software applications for 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. , m-commerce (Mobile-COMMERCE) Using smartphones and handheld computers with wireless connections to place orders and transact business over the Web. See m-business and e-commerce. , smart cards Example of widely used contactless smart cards are Hong Kong's Octopus card, Paris' Calypso/Navigo card and Lisbon' LisboaViva card, which predate the ISO/IEC 14443 standard. The following tables list smart cards used for public transportation and other electronic purse applications. and traditional payment applications. The company's widely-accepted ePOS-infocommerce(TM) (epic) framework of consumer-activated, EMV-certified, touch-screen ICE (Interactive Consumer Environment) terminals enable acquirers and merchants to decrease costs, increase revenues and improve customer retention. Headquartered in Phoenix, Arizona Phoenix /ˈfiːˌnɪks/ (English: Phoenix, Navajo: Hoozdo, lit. "the place is hot", Western Apache: Fiinigis) is the capital and the most populous city of the U.S. , Hypercom is independently acknowledged as the leading provider of point-of-sale card payment terminals worldwide. Demand for Hypercom's terminals surpassed one million units last year alone. Hypercom today maintains an installed base of more than 4 million terminals in over 100 countries which conduct over 10 billion transactions annually. Hypercom is a registered trademark of Hypercom Corporation. ePOS-infocommerce and ICE are trademarks of Hypercom Corporation. All other products or services mentioned in this document are trademarks, service marks, registered trademarks or registered service marks of their respective owners. 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. This press release includes statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 (the "Reform Act"). Hypercom Corporation claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by the terms "may," "believes," "projects," "expects," or "anticipates," and do not reflect historical facts. In this press release, these include statements regarding our financial outlook for the fourth quarter of 2001. Forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of Hypercom to be materially different from those 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. by such forward-looking statements. Factors that could affect Hypercom's results and cause them to materially differ from those contained in the forward-looking statements include uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc : -- The company's ability to improve product quality, security and reliability, and manufacturing processes, especially for new products and product extensions; market acceptance of products and services; its ability to increase gross margins and reduce expenses; increasing competition especially relative to market size and growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. ; economic conditions; industry and technological changes; the composition, timing and size of orders from major customers; inventory 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. ; cannibalization can·ni·bal·ize v. can·ni·bal·ized, can·ni·bal·iz·ing, can·ni·bal·iz·es v.tr. 1. To remove serviceable parts from (damaged airplanes, for example) for use in the repair of other equipment of the same of legacy products by new products; the possibility of asset write downs or increases in reserves; risks associated with international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. , including currency fluctuations; and the finalization Writing the table of contents (TOC) on a recordable CD or DVD disc. The finalization process ensures that the disc can be played back on most CD and DVD players. See disc-at-once. of modifications to the company's credit facilities. -- Risk factors and cautionary statements made in Hypercom's Annual Report on 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. for the period ended December 31, 2000 and Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the periods ended March 31, 2001 and June June: see month. 30, 2001. -- Other factors that Hypercom is currently unable to identify or quantify Quantify - A performance analysis tool from Pure Software. , but may arise or become known in the future. In addition, the foregoing factors may affect generally Hypercom's business, results of operations and financial position. Forward-looking statements speak only as of the date the statement was made. Hypercom does not undertake and specifically disclaims any obligation to update any forward-looking statements. Our statement regarding our industry leadership is derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from industry surveys of worldwide POS terminal shipments.
Hypercom Corporation
CONSOLIDATED BALANCE SHEETS
(in thousands)
Consolidated balance sheet
as of: September 30, December 31,
2001 2000
----------------- --------------
ASSETS
Cash, cash equivalents & short-term
investments $ 8,837 $ 15,118
Restricted cash 5,021 -
Accounts receivable, net 83,708 79,010
Net investment in direct financing leases 16,759 20,023
Inventories, net 56,617 70,358
Prepaid expenses and other current assets 39,733 35,040
------------------ -------------
Total current assets 210,675 219,549
Property, plant and equipment, net 39,026 42,164
Net investment in direct financing leases 27,714 42,102
Goodwill, net 30,625 31,785
Intangible assets, net 6,170 6,780
Other long-term assets 27,546 26,857
------------------ -------------
Total assets $ 341,756 $ 369,237
================== =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes payable, net $ 4,500 $ -
Accounts payable and accrued liabilities 57,296 54,668
Current portion of long-term obligations 14,434 84,036
Other current liabilities 2,336 5,627
------------------ -------------
78,556 144,331
Long-term obligations 53,285 16,759
------------------ -------------
Total liabilities 131,851 161,090
Stockholders' equity 209,905 208,147
------------------ -------------
Total liabilities and stockholders'
equity $ 341,756 $ 369,237
================== =============
Hypercom Corporation
Pro-Forma Results
Quarter Ended 9/30/01
Results Pro-Forma
through 3 results Missed
Months Shipments Total
---------------------------------
Net revenue $71.0 $12.3 $83.3
Gross margin 26.3 3.0 29.3
Research & development 7.0 7.0
Selling, general & administrative 19.1 19.1
--------- ---------
26.1 26.1
--------- ---------
Income from operations 0.2 3.2
EBITDA:
Less: Other expense, net -0.4 -0.4
Add, interest, depreciation and
amortization 4.8 4.8
--------- ------------ ---------
$ 4.6 $ 3.0 $ 7.6
========= ============ =========
EBITDA per diluted share $0.11 $0.08 $0.19
HYPERCOM CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(thousands except per share data)
Quarter ended 09/30/01
-------------------------------------------------
Core Busines GEL Bank Related Total
Costs
Net revenue $64,172 $ 6,839 $ - $71,011
Costs and expenses:
Costs of revenue 40,463 4,208 - 44,671
Research and development 7,034 - 7,034
Selling, general and
administrative 16,558 2,518 - 19,076
Special direct financing
lease provision - - - -
-------------------------------------------------
Total costs and
expenses 64,055 6,726 - 70,781
-------------------------------------------------
Income (loss) from
operations 117 113 - 230
Interest income 57 - - 57
Interest and other
expense (3,178) - (225) (3,403)
Foreign currency gain
(loss) 135 - 135
Loss from investment in
equity affiliate - - - -
-------------------------------------------------
Income (loss) before
income taxes (2,869) 113 (225) (2,981)
(Provision) benefit for
income taxes 574 (23) 45 596
-------------------------------------------------
Net loss $(2,295) $ 90 $ (180) $(2,385)
=================================================
Earnings (loss) per share:
Basic earnings (loss)
per share $ (0.06) $ 0.00 $ 0.00 $ (0.06)
=================================================
Basic shares
outstanding 37,992 37,992 37,992 37,992
=================================================
Diluted earnings (loss)
per share $ (0.06 ) $ 0.00 $ 0.00 $ (0.06)
=================================================
Diluted shares
outstanding 37,992 37,992 37,992 37,992
=================================================
EBITDA:
Loss before income taxes $(2,869) $ 113 $ (225) $(2,981)
Depreciation expense 2,223 307 - 2,530
Amortization expense 1,201 391 - 1,592
Foreign currency (135) - (135)
Interest expense 2,772 753 118 3,643
-------------------------------------------------
EBITDA $ 3,192 $ 1,564 $ (107) $ 4,649
-------------------------------------------------
EBITDA per diluted share $ 0.11
=========
Shares used for calculation of EBITDA per diluted share 40,490
=========
Quarter ended 09/30/00
-------------------------------------------------
Core Busines GEL Bank Related Total
Costs
Net revenue $69,053 $ 6,862 $ - $75,915
Costs and expenses:
Costs of revenue 53,013 4,928 - 57,941
Research and development 10,280 - - 10,280
Selling, general and
administrative 22,559 2,913 - 25,472
Special direct financing
lease provision - - - -
-------------------------------------------------
Total costs and
expenses 85,852 7,841 - 93,693
-------------------------------------------------
Income (loss) from
operations (16,799) (979) - (17,778)
Interest income 364 - - 363
Interest and other
expense (1,806) - - (1,806)
Foreign currency gain
(loss) (394) - - (394)
Loss from investment in
equity affiliate (5,941) - - (5,941)
-------------------------------------------------
Income (loss) before
income taxes (24,576) (979) - (25,556)
(Provision) benefit for
income taxes 3,772 150 - 3,923
-------------------------------------------------
Net loss $(20,804) $ (829) $ - $(21,633)
=================================================
Earnings (loss) per share
Basic earnings (loss)
per share ($0.61) $ (0.02) $ 0.00 $ (0.63)
=================================================
Basic shares
outstanding 34,262 34,264 34,264 34,264
=================================================
Diluted earnings (loss)
per share ($0.61) $ (0.02) $ 0.00 $ (0.63)
=================================================
Diluted shares
outstanding 342,264 34,264 34,264 34,264
=================================================
EBITDA:
Loss before income taxes $(24,576) $ (979) $ - $(25,556)
Depreciation expense 1,944 108 - 2,052
Amortization expense 927 391 - 1,318
Foreign currency 394 - - 394
Interest expense 1,918 1,350 - 3,268
-------------------------------------------------
EBITDA $(19,393) $ 870 $ - $(18,524)
-------------------------------------------------
EBITDA per diluted share $ (0.54)
==========
Shares used for calculation of EBITDA per diluted share 34,264
==========
HYPERCOM CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(thousands except per share data)
Nine months ended 09/30/01
--------------------------------------
Core GEL Bank Total
Business Related
Costs
Net revenue $ 195,808 $ 21,372 $ - $ 217,180
Costs and expenses:
Costs of revenue 126,731 13,173 - 139,904
Research and development 22,303 - - 22,303
Selling, general and
administrative 52,938 8,482 - 61,420
Special direct financing
lease provision - 7,182 - 7,182
--------------------------------------
Total costs and expenses 201,972 28,837 - 230,809
--------------------------------------
Loss from operations (6,164) (7,465) - (13,629)
Interest income 512 - - 512
Interest and other expense (6,488) (366) (2,690) (9,544)
Foreign currency loss (1,145) - (2,939) (4,084)
Loss from investment in
equity affiliate - - - -
--------------------------------------
Loss before income taxes (13,285) (7,831) (5,629) (26,745)
(Provision) benefit for
income taxes 2,657 1,566 1,126 5,349
--------------------------------------
Net loss $ (10,628)$ (6,265) $(4,503) $(21,396)
======================================
Earnings (loss) per share:
Basic earnings (loss)
per share $ (0.30) $ (0.18) $ (0.13) $ (0.60)
======================================
Basic shares outstanding 35,583 35,583 35,583 35,583
======================================
Diluted earnings (loss)
per share $ (0.30) $ (0.18) $ (0.13) $ (0.60)
======================================
Diluted shares outstanding 35,583 35,583 35,583 35,583
======================================
EBITDA:
Loss before income taxes $ (13,285)$ (7,831) $ (5,629)$(26,745)
Depreciation expense 6,475 723 - 7,198
Amortization expense 2,628 1,173 - 3,801
Foreign currency loss 1,145 - 2,939 4,084
Interest expense 5,983 2,991 1,253 10,227
--------------------------------------
EBITDA $ 2,946 $ (2,944) $ (1,437)$ (1,435)
--------------------------------------
EBITDA per diluted share $ (0.04)
=========
Shares used for calculation
of EBITDA per diluted share 35,583
=========
Nine months ended 09/30/00
--------------------------------------
Core GEL Bank Total
Business Related
Costs
Net revenue $ 225,144 $ 17,921 $ - $243,065
Costs and expenses:
Costs of revenue 145,405 11,666 - 157,071
Research and development 31,590 - - 31,590
Selling, general and
administrative 63,967 8,212 - 72,179
Special direct financing
lease provision - - - -
--------------------------------------
Total costs and expenses 240,962 19,878 - 260,840
--------------------------------------
Loss from operations (15,818) (1,957) - (17,775)
Interest income 1,238 - - 1,238
Interest and other expense (3,279) - - (3,279)
Foreign currency loss (1,293) - - (1,293)
Loss from investment in
equity affiliate (9,855) - - (9,855)
--------------------------------------
Loss before income taxes (29,007) (1,957) - (30,964)
(Provision) benefit for
income taxes 3,955 267 - 4,222
--------------------------------------
Net loss $ (25,052)$ (1,690) $ - $(26,742)
======================================
Earnings (loss) per share:
Basic earnings (loss)
per share $ (0.73) $ 0.05 $0.00 $ (0.78)
======================================
Basic shares outstanding 34,147 34,147 34,147 34,147
======================================
Diluted earnings (loss)
per share $ (0.73) $ (0.05) $0.00 $ (0.78)
======================================
Diluted shares outstanding 34,147 34,147 34,147 34,147
======================================
EBITDA:
Loss before income taxes $ (29,007)$ (1,957) $ - $(30,964)
Depreciation expense 5,350 162 - 5,512
Amortization expense 2,603 1,131 - 3,734
Foreign currency loss 1,293 - - 1,293
Interest expense 3,915 3,404 - 7,319
--------------------------------------
EBITDA $ (15,846) $ 2,740 $ - $(13,106)
--------------------------------------
EBITDA per diluted share $ (0.38)
=========
Shares used for calculation
of EBITDA per diluted share 34,147
=========
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