Liquidity Services, Inc. Announces Third Quarter 2006 Financial Results.WASHINGTON Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. -- Revenue of $38.7 Million up 69% - Gross Merchandise Volume Gross Merchandise Volume or GMV is a term used in online retailing to indicate a total sales dollar amount for merchandise sold through a particular marketplace over a certain time frame. Popular auction sites like eBay and Overstock. (GMV GMV Game Music Video GMV Gross Merchandise Value GMV Ground Mobility Vehicle (US Army special operations vehicle) GMV Gross Metal Value GMV Got My Vote GMV Good Morning Vietnam GMV Generalized Minimum Variance ) of $46.7 Million up 76% - Adjusted Earnings before Interest Taxes Depreciation and Amortization Noun 1. Earnings Before Interest Taxes Depreciation and Amortization - income before interest and taxes and depreciation and amortization have been subtracted; an indicator of a company's profitability that is watched by investors (especially in leveraged buyouts) (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 ) of $4.0 Million up 109% Liquidity Services, 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 :LQDT; www.liquidityservicesinc.com) today reported its financial results for its fiscal third quarter ended June June: see month. 30, 2006 (Q3-06). Liquidity Services, Inc. is a leading online auction marketplace for wholesale, surplus and salvage salvage, in maritime law, the compensation that the owner must pay for having his vessel or cargo saved from peril, such as shipwreck, fire, or capture by an enemy. Salvage is awarded only when the party making the rescue was under no legal obligation to do so. assets. Liquidity Services, Inc. (LSI LSI: see integrated circuit. (Large Scale Integration) Between 3,000 and 100,000 transistors on a chip. See SSI, MSI, VLSI and ULSI. or the Company) reported record 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: Q3-06 revenue of $38.7 million, representing a growth rate of approximately 69% when compared to the prior year's comparable period; and adjusted EBITDA of $4.0 million, representing a growth rate of approximately 109% when compared to the prior year's comparable period. LSI also reported record GMV of $46.7 million, representing a growth rate of approximately 76% when compared to the prior year's comparable period. GMV is the total sales volume of all merchandise sold through our marketplaces during a given period. Net income in Q3-06 was a record $2.4 million or $0.08 per share. Adjusted net income in Q3-06 was $2.5 million or $0.09 adjusted diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of . LSI enables buyers and sellers to transact An earlier e-commerce system for the Web from Open Market that included order capture and secure order fulfillment using credit cards, ecash and other payment systems. It included customer service and subscription administration capabilities as well as an integrated database for reporting in an efficient, automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. online auction environment. The Company's marketplaces provide professional buyers access to a global, organized supply of wholesale, surplus and salvage assets presented with digital images and other relevant product information. Additionally, LSI enables its corporate and government sellers to enhance their financial return on excess assets by providing a liquid marketplace and value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. that are integrated into a single offering. The Company organizes its products into categories across major industry verticals such as consumer electronics, general merchandise, apparel, scientific equipment, aerospace parts and equipment, technology hardware, and scrap metals. The Company's online auction marketplaces are www.liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy .com, www.govliquidation.com and www.liquibiz.com. LSI also operates a wholesale industry portal, www.goWholesale.com, that connects advertisers with buyers seeking products for resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. and related business services. The Company's ability to create liquid marketplaces for wholesale, surplus and salvage assets generates a continuous flow of goods from its corporate and government sellers. This flow of goods in turn attracts an increasing number of professional buyers to the marketplaces. "Q3 was another strong quarter for the Company as corporate and government sellers continued to leverage our online platform and integrated services In computer networking, IntServ or integrated services is an architecture that specifies the elements to guarantee quality of service (QoS) on networks. IntServ can for example be used to allow video and sound to reach the receiver without interruption. to sell goods in the reverse supply chain," said Bill Angrick, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of LSI. "Our performance during the quarter reflected solid execution of our business strategy as our commercial business grew approximately 120% year over year. Our scrap and surplus business with the Department of Defense (DoD) also contributed to strong increases in GMV and Adjusted EBITDA during the quarter. We believe Q3-06 results demonstrate that LSI enables corporations and government agencies to achieve enhanced financial value and efficiencies in the tracking and sale of surplus and salvage assets." Business Outlook The following 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. reflect current business trends and our current operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. , including the potential reengineering Using information technology to improve performance and cut costs. Its main premise, as popularized by the book "Reengineering the Corporation" by Michael Hammer and James Champy, is to examine the goals of an organization and to redesign work and business processes from the ground up of certain business and inventory processes in our Surplus business with the Department of Defense ("DoD") as they undergo a review of their internal procedures regarding certain products remitted to us for sale. The implementation of these additional processes may require us to 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. additional costs and will result in a delay in our receipt of certain surplus property items from the DoD. Our results may also be materially affected by other factors, including the Company's expectation that it will continue to make significant investments in its infrastructure and value-added services to support new business in both commercial and public sector markets. We continued to make investments in our U.S. distribution center operations. In July July: see month. 2006, we signed a lease for a 94,000 square-foot distribution center in Plainfield, Indiana Plainfield is a town in Hendricks County, Indiana, United States. The population was 18,396 at the 2000 census. Its 2005 population, according to the Indiana demographic annual update, was 23,532. Plainfield is home to Metropolis, the largest mall on the west side of Indianapolis. , a suburb suburb, a community in an outlying section of a city or, more commonly, a nearby, politically separate municipality with social and economic ties to the central city. In the 20th cent. of Indianapolis Indianapolis (ĭn'dēənă`pəlĭs), city (1990 pop. 731,327), state capital and seat of Marion co., central Ind., on the White River; selected 1820 as the site of the state capital (which was moved there in 1825), inc. 1847. . To generate economies of scale we elected to increase the size of our Indianapolis facility. Therefore, we have elected to postpone post·pone tr.v. post·poned, post·pon·ing, post·pones 1. To delay until a future time; put off. See Synonyms at defer1. 2. To place after in importance; subordinate. the opening of a new distribution center in the Southeast at this time. We expect to incur start-up Start-up The earliest stage of a new business venture. costs associated with the Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). distribution center during the next two quarters. We would expect to have additional capital expenditures associated with our distribution center expansion, which may result in total capital expenditures for FY 2006 of $1.1 to $1.5 million. Q3 results reflect the first full quarter of our German operations which commenced upon the award of a new contract by the DoD in January January: see month. 2006. We expect start-up losses for this new contract to extend at least over the next quarter, as we invest in new staff and facilities. Included in our Scrap contract with the DoD is an incentive, which can increase the amount of profit sharing profit sharing, arrangement by which employees receive, in addition to their wages, a share of the net profits of a business. The purpose is to give them an incentive to increase their output through enhanced morale, less wasteful use of materials, better care of distribution we receive from 20% up to 22%. This incentive is based on the amount of scrap sold to small businesses during the preceding 12 months. During the first 12 month measurement period ended June 30, 2006, we achieved the 22% profit sharing rate. This increase in the profit-sharing profit-sharing Noun a system in which a portion of the net profit of a business is shared among its employees profit-sharing n → participación f de empleados en los beneficios rate is retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a for the preceding 12 months, and thus we received this 12 month benefit, of approximately $453,000, in the quarter ended June 30, 2006. We have an opportunity to receive this incentive annually throughout the Scrap contract. The measurement period will continue to be the preceding 12 months as of June 30th of each year, and therefore this benefit, to the extent achieved, will continue to be recorded in the quarter ended June 30th. Our guidance assumes EBITDA and 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. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. are adjusted for the effects of the adoption of FAS 123R, which we estimate to be approximately $325,000 to $350,000 for the remaining quarter of fiscal year 2006. GMV - LSI expects GMV for FY2006 to be in the range of $169 million to $171 million, which is an increase from the $160 million to $165 million range provided in the Q2-06 earnings announcement. In Q4-06, LSI expects GMV to be in the range of $42 million to $44 million. Adjusted EBITDA - LSI expects Adjusted EBITDA for FY2006 to be in the range of $14.1 million to $14.3 million, which is an increase from the $13.3 million to $13.5 million range provided in the Q2-06 earnings announcement. In Q4-06, LSI expects Adjusted EBITDA to be in the range of $3.1 million to $3.3 million. Adjusted Diluted EPS - LSI estimates that Adjusted Earnings Per Diluted Share for FY2006 will be approximately $0.30, which is an increase from the $0.28 provided in the Q2-06 earnings announcement. In Q4-06, LSI estimates that Adjusted Earnings Per Diluted Share will be $0.07. We plan to provide specific guidance for fiscal year 2007 during our next earnings announcement, which will be subsequent to the conclusion of our fiscal year end September September: see month. 30, 2006. We continue to believe GMV and Adjusted EBITDA will increase approximately 25% and 30%, respectively, for fiscal year 2007. Key Q3-06 Operating Metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. Registered Buyers -- At the end of Q3-06, registered buyers totaled approximately 489,000, representing a 38% increase over the approximately 355,000 registered buyers at the end of Q3-05. Auction Participants -- Auction participants, defined as registered buyers who have bid in an auction during the period (a registered buyer who bids in more than one auction is counted as an auction participant in each auction in which he or she bids) increased to approximately 261,000 in Q3-06, an approximately 24% increase over the approximately 211,000 auction participants for Q3-05. Completed Transactions -- Completed transactions increased to approximately 50,000 for Q3-06 from the approximately 49,000 completed transactions for Q3-05. In addition, we experienced a 71.9% increase in the average value of our transactions resulting from product mix, lotting and merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. strategies, and buyer demand. GMV and Revenue Mix -- GMV and revenue continue to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. due to the continued rapid growth in our commercial business as well as the successful rollout of our DoD scrap business. As a result, the percentage of GMV and revenue derived from the DOD Surplus Contract has significantly decreased. Consequently, the consignment The delivery of goods to a carrier to be shipped to a designated person for sale. A Bailment of goods for sale. A consignment is an arrangement resulting from a contract in which one person, the consignor, either ships or entrusts goods to another, the pricing model increased as a percentage of GMV and revenue versus the profit-sharing pricing model as commercial clients primarily use the consignment pricing model. The table below summarizes the GMV and revenue concentration from the Company's two significant contracts with the DoD (Surplus and Scrap).
GMV Mix
---------
Q3-06 Q3-05
---------- ----------
Profit Sharing Model:
Surplus 46.4% 74.7%
Scrap 21.3% ----
---------- ----------
67.7% 74.7%
Consignment Model 25.2% 20.2%
International and Other 7.1% 5.1%
---------- ----------
Total 100.0% 100.0%
Revenue Mix
-------------
Q3-06 Q3-05
---------- ----------
Profit Sharing Model:
Surplus 55.9% 86.4%
Scrap 25.7% ----
---------- ----------
81.6% 86.4%
Consignment Model 8.0% 5.8%
International and Other 10.4% 7.8%
---------- ----------
Total 100.0% 100.0%
Liquidity Services, Inc.
--------------------------
Reconciliation of GAAP to Non-GAAP Measures
---------------------------------------------
EBITDA and Adjusted EBITDA. EBITDA is a supplemental non-GAAP
financial measure and is equal to net income plus (a) interest income
and expense and other income, net; (b) provision for income taxes; (c)
amortization of contract intangibles; and (d) depreciation and
amortization. Our definition of Adjusted EBITDA differs from EBITDA
because we further adjust EBITDA for stock compensation expense.
Three months Nine months
Ended June 30, Ended June 30,
----------------------- -----------------------
2006 2005 2006 2005
----------- ----------- ----------- -----------
(Unaudited) (In thousands)
Net income $ 2,355 $ 1,043 $ 5,751 $ 2,535
Interest (income)
expense and other
income, net (454) 140 120 413
Provision for income
taxes 1,416 543 3,654 1,343
Amortization of
contract intangibles 203 -- 610 --
Depreciation and
amortization 179 150 501 439
----------- ----------- ----------- -----------
EBITDA 3,699 1,876 10,636 4,730
Stock compensation
expense 263 19 324 85
----------- ----------- ----------- -----------
Adjusted EBITDA $ 3,962 $ 1,895 $ 10,960 $ 4,815
=========== =========== =========== ===========
Adjusted Net Income and Adjusted Basic and Diluted Earnings Per Share.
Adjusted net income is a supplemental non-GAAP financial measure and
is equal to net income plus tax effected stock compensation expense.
Adjusted basic and diluted earnings per share is the result of
earnings per share from adjusted net income.
Three Months Nine Months
Ended June 30, Ended June 30,
----------------------- -----------------------
2006 2005 2006 2005
----------- ----------- ----------- -----------
(Dollars in thousands, except per share data)
Net income $ 2,355 $ 1,043 $ 5,751 $ 2,535
Stock compensation
expense (net of tax) 158 15 194 66
----------- ----------- ----------- -----------
Adjusted net income $ 2,513 $ 1,058 $ 5,945 $ 2,601
=========== =========== =========== ===========
Adjusted basic
earnings per common
share $ .09 $ .06 $ .26 $ .14
=========== =========== =========== ===========
Adjusted diluted
earnings per common
share $ .09 $ .05 $ .23 $ .12
=========== =========== =========== ===========
Basic weighted average
shares outstanding 27,347,778 19,089,619 22,930,351 19,053,498
=========== =========== =========== ===========
Diluted weighted
average shares
outstanding 28,291,280 22,628,782 25,397,329 22,553,652
=========== =========== =========== ===========
Quarterly Conference Call The Company will host a conference call to discuss the fiscal third quarter results at 5 p.m. Eastern Time today. Investors and other interested parties may access the teleconference by dialing (800) 299-6183 or (617) 801-9713 and providing the participant pass code 37746124. A live web cast of the conference call will also be provided on the Company's investor relations Investor relations The process by which the corporation communicates with its investors. website at http://www.liquidityservicesinc.com. A replay of the web cast will be available on the Company's website for 30 calendar days ending September 2, 2006 at 11:59 p.m. ET. An audio replay of the teleconference will also be available until September Until September is a 1984 romantic drama set in France. It stars Karen Allen as an American tourist in Paris who falls in love with a married Frenchman (Thierry Lhermitte). External links 2, 2006 at 11:59 p.m. ET. To listen to the replay, dial 888-286-8010 or 617-801-6888 and provide pass code 54041209. Both replays will be available starting at 7:00 p.m. Non-GAAP Measures To supplement the Company's consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge presented 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 GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). , LSI uses certain non-GAAP measures of certain components of financial performance. These non-GAAP measures include earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
budget items, operating cost, operating expense, overhead - the expense of maintaining property (e.g. ; (c) to allocate To reserve a resource such as memory or disk. See memory allocation. resources to enhance the financial performance of the Company's business; (d) to evaluate the effectiveness of the Company's operational strategies; and (e) to evaluate the Company's capacity to fund capital expenditures and expand its business. The Company believes these non-GAAP measures provide useful information to both management and investors by excluding certain expenses that may not be indicative of the Company's core operating measures. In addition, because LSI has historically reported certain non-GAAP measures to investors, the Company believes the inclusion of non-GAAP measures provides consistency in the Company's financial reporting. These measures should be considered in addition to financial information prepared 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 , but should not be considered a substitute for, or superior to, GAAP results. A reconciliation of all non-GAAP measures included in this press release, to the most directly comparable GAAP measures, can be found in the financial tables included in this press release. Supplemental Operating Data To supplement the Company's consolidated financial statements presented in accordance with GAAP, LSI uses certain supplemental operating data as a measure of certain components of operating performance. LSI reviews GMV because it provides a measure of the volume of goods being sold in its marketplaces and thus the activity of those marketplaces. GMV and the Company's other supplemental operating data, registered buyers, auction participants and completed transactions also provide a means to evaluate the effectiveness of investments that the Company has made and continues to make in the areas of customer support, value-added services, product development, sales and marketing and operations. Therefore, the Company believes this supplemental operating data provide useful information to both management and investors. In addition, because LSI has historically reported certain supplemental operating data to investors, the Company believes the inclusion of this supplemental operating data provides consistency in the Company's financial reporting. This data should be considered in addition to financial information prepared in accordance with generally accepted accounting principles, but should not be considered a substitute for, or superior to, GAAP results. Forward-Looking Statements This document contains forward-looking statements made pursuant to 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. These statements are only predictions. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These statements include, but are not limited to, statements regarding the Company's business outlook. You can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continues" or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this document. Important factors that could cause our actual results to differ materially from those expressed as forward-looking statements are set forth in the Company's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 2006, including, but not limited to, those set forth in Part II, Item IA (Risk Factors). There may be other factors of which we are currently unaware or deem immaterial Not essential or necessary; not important or pertinent; not decisive; of no substantial consequence; without weight; of no material significance. immaterial adj. that may cause our actual results to differ materially from the forward-looking statements. All forward-looking statements attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to us or persons acting on our behalf apply only as of the date of this document and are expressly qualified in their entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. by the cautionary statements included in this document. Except as may be required by law, we undertake no obligation to publicly update or revise any forward-looking statement to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or occurring after the date of this document or to reflect the occurrence of unanticipated events.
Liquidity Services, Inc. and Subsidiaries
Consolidated Balance Sheets
June 30, September 30,
2006 2005
------------- -------------
(Unaudited) (Audited)
(In thousands)
Assets
Current assets:
Cash, cash equivalents and short-term
investments $ 63,747 $ 10,378
Other current assets 6,322 4,207
------------- -------------
Total current assets 70,069 14,585
Property and equipment, net 1,629 1,000
Intangible assets and goodwill, net 8,781 9,351
Other assets 1,348 1,077
------------- -------------
Total assets $ 81,827 $ 26,013
============= =============
Liabilities and stockholders' equity
Current liabilities:
Accounts payable, accrued expenses and
other $ 10,112 $ 4,260
Profit-sharing distributions payable 6,940 4,337
Consignment payables 2,172 1,281
Current portion of capital lease
obligations and long-term debt 92 553
------------- -------------
Total current liabilities 19,316 10,431
Long-term liabilities, net of current
portion 142 4,165
------------- -------------
Total liabilities 19,458 14,596
Redeemable common stock -- 474
Stockholders' equity 62,369 10,943
------------- -------------
Total liabilities and stockholders' equity $ 81,827 $ 26,013
============= =============
Liquidity Services, Inc. and Subsidiaries
Unaudited Consolidated Statements of Operations
Three Months Nine Months
Ended June 30, Ended June 30,
----------------------- -----------------------
2006 2005 2006 2005
----------- ----------- ----------- -----------
(Dollars in thousands, except per share data)
Revenue $ 38,750 $ 22,940 $ 108,058 $ 65,190
Costs and expenses:
Cost of goods sold
(excluding
amortization) 3,442 1,590 8,405 4,408
Profit-sharing
distributions 20,534 12,516 59,423 36,331
Technology and
operations 5,321 3,665 14,115 10,656
Sales and marketing 2,411 1,375 6,326 3,783
General and
administrative 3,343 1,918 9,153 5,282
Amortization of
contract
intangibles 203 -- 610 --
Depreciation and
amortization 179 150 501 439
----------- ----------- ----------- -----------
Total costs and
expenses 35,433 21,214 98,533 60,899
----------- ----------- ----------- -----------
Income from operations 3,317 1,726 9,525 4,291
Interest expense and
other income, net 454 (140) (120) (413)
----------- ----------- ----------- -----------
Income before
provision for income
taxes 3,771 1,586 9,405 3,878
Provision for income
taxes (1,416) (543) (3,654) (1,343)
----------- ----------- ----------- -----------
Net income $ 2,355 $ 1,043 $ 5,751 $ 2,535
=========== =========== =========== ===========
Basic earnings per
common share $ .09 $ .05 $ .25 $ .13
=========== =========== =========== ===========
Diluted earnings per
common share $ .08 $ .04 $ .22 $ .11
=========== =========== =========== ===========
Basic weighted average
shares outstanding 27,347,778 19,089,619 22,930,351 19,053,498
=========== =========== =========== ===========
Diluted weighted
average shares
outstanding 28,291,280 22,628,782 25,397,329 22,553,652
=========== =========== =========== ===========
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