PerkinElmer Announces Q3 2004 Results.BOSTON Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. -- PerkinElmer PerkinElmer, Inc. (NYSE: PKI) is an American multinational technology corporation, focused in the business areas of: Life and Analytical Sciences, Optoelectronics, and Fluid Sciences. , Inc. (NYSE NYSE See: New York Stock Exchange : PKI (Public Key Infrastructure) A framework for creating a secure method for exchanging information based on public key cryptography. The foundation of a PKI is the certificate authority (CA), which issues digital certificates that authenticate the identity of ): --Revenue Growth of 10% --Net Income Up 68% --Operating Cash Flow Increases 62% to $47M --Raises FY 2004 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. Guidance PerkinElmer, Inc. (NYSE: PKI), a global leader in health sciences and other advanced technology markets, today announced GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). earnings per share of $.19 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 on revenue of $403.4 million for the third quarter ended September September: see month. 26, 2004. The third quarter 2004 results include intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. amortization of $7.1 million, or approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $.04 per share. The Company reported earnings per share from continuing operations excluding intangibles amortization of $.23, which exceeded the Thomson First Call(TM) consensus earnings per share estimate of $.21 for the third quarter of 2004 and also exceeded the Company's forecasted range for the quarter. GAAP net income from continuing operations for the third quarter of 2004 was $24.6 million compared to $14.8 million for the third quarter of 2003, an increase of 67%. Third quarter 2004 revenue of $403.4 million increased 10% over the third quarter of 2003. Revenue growth excluding the impact of foreign exchange was 8% over the third quarter of the prior year. "We were pleased to deliver another strong quarter with double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. revenue growth. From an end market perspective, our reported revenue in health sciences grew 6% during the quarter, and electronics and aerospace grew 18%," said Gregory L. Summe, 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 the Company. "The revenue growth in health sciences this quarter was driven by strength in medical imaging and genetic screening, and in electronics and aerospace across nearly all applications," added Summe. GAAP operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. during the third quarter of 2004 increased 23% over the third quarter of 2003 to $42.9 million, and the operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: increased to 10.6%, up 110 basis points from 9.5% for the third quarter of 2003. Third quarter 2004 operating profit excluding intangibles amortization was $50.0 million, and operating margin excluding intangibles amortization was 12.4%. The increase in 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. was primarily due to the higher sales volume and lower selling, general and administrative expenses, partially offset by higher research and development investments and costs associated with certain site consolidations. The Company generated operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. of $46.6 million in the third quarter of 2004, an increase of 62% over operating cash flow of $28.7 million for the third quarter of 2003. Free cash flow, defined as operating cash flow of $46.6 million less capital expenditures of $4.2 million, was $42.4 million for the third quarter of 2004. Cash and cash equivalents increased $23.3 million to $220.0 million, sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen from the end of the second quarter of 2004. The Company has generated $129.7 million of operating cash flow for the first nine months of 2004, and free cash flow of $117.2 million for that period. Financial overview by reporting segment: Life and Analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. Sciences reported revenue of $243.7 million for the third quarter of 2004, up 4% from $235.1 million in the third quarter of 2003 driven primarily by revenue growth in the Company's genetic screening, service and environmental businesses that was partially offset by lower revenue in its biopharma business. The segment's GAAP operating profit for the third quarter of 2004 was $18.9 million versus $21.3 million for the same period of 2003. As a percentage of sales, operating profit for the third quarters of 2004 and 2003 was 7.8% and 9.1%, respectively. The operating profit for the third quarter of 2004 included approximately $2.2 million of plant closure costs, which reduced operating margin by 90 basis points for the period. The operating profit for the third quarters of 2004 and 2003 included intangibles amortization of $6.6 million and $6.5 million, respectively. Operating profit excluding intangibles amortization for the third quarter of 2004 was $25.5 million, or 10.5% as a percentage of revenue. Optoelectronics See optoelectronic. reported revenue of $98.6 million for the third quarter of 2004, an increase of 13% from revenue of $87.2 million for the third quarter of 2003, with the increase in revenue driven by continued strength in the Company's medical imaging, sensors
The segment's GAAP operating profit was $17.3 million for the third quarter of 2004, versus $11.9 million for the comparable period of 2003. As a percentage of sales, operating profit for the third quarters of 2004 and 2003 was 17.6% and 13.6%, respectively. The operating profit for each of the third quarters of 2004 and 2003 included intangibles amortization of $.3 million. Fluid Sciences reported revenue of $61.1 million for the third quarter of 2004, up 39% from revenue of $43.9 million in the third quarter of 2003 driven by strong revenue growth in the segment's aerospace and semiconductor businesses. The segment's GAAP operating profit for the third quarter of 2004 was $10.4 million, versus $5.6 million in the third quarter of 2003. As a percentage of sales, operating profit for the third quarters of 2004 and 2003 was 17.0% and 12.8%, respectively. The operating profit for each of the third quarters of 2004 and 2003 included intangibles amortization of $.2 million. "Our momentum through the first nine months of this year gives us the confidence to once again raise our full year 2004 EPS guidance," continued Summe. "Longer term, we are excited by our breadth Breadth The percentage of assets or stocks advancing relative to those unchanged or declining. Also the number of independent forecasts available per year. A stock picker forecasting returns to 100 stocks every quarter exhibits a breadth of 400, assuming each forecast is of revenue and operational productivity initiatives to drive profitable growth," continued Summe. The Company projects full year 2004 EPS from continuing operations of between $.86 and $.89 excluding the negative $.15 per share impact of intangibles amortization. This is up from the Company's previous full year 2004 EPS guidance of $.81 to $.86, excluding intangibles amortization. The Company will discuss its third quarter results in a conference call on October October: see month. 29, 2004 at 10:00 a.m. Eastern Time (ET). To listen to the call live, please tune into the webcast at the "Investor Corner" section of our website, www.perkinelmer.com. A playback Playback could mean:
Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , October 29, 2004. The playback phone number is (719) 457-0820 and the code number is 935236. Use of Non-GAAP Financial Measures In addition to financial measures prepared 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 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 (GAAP), this press release also contains non-GAAP financial measures of earnings per share, operating profit and operating margin, in each case excluding amortization of acquisition-related intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. . This press release also contains a non-GAAP financial measure of organic revenue growth, representing the rate of revenue growth excluding the effects of fluctuations in foreign exchange rates. We exclude the amortization of acquisition related intangibles and the effects of foreign exchange rates in calculating these non-GAAP measures because such amortization is outside of our normal operations Generally and collectively, the broad functions that a combatant commander undertakes when assigned responsibility for a given geographic or functional area. Except as otherwise qualified in certain unified command plan paragraphs that relate to particular commands, "normal operations" of and such foreign exchange effects are out of our control. We believe that the inclusion of these non-GAAP financial measures in this press release also helps investors to gain a meaningful understanding of our core operating results and future prospects, consistent with how management measures and forecasts the company's performance, especially when comparing such results to previous periods or forecasts. PerkinElmer's management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the company's core operating performance and comparing such performance to that of prior periods and to the performance of our 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. . These measures are also used by management in their financial and operating decision-making decision-making, n the process of coming to a conclusion or making a judgment. decision-making, evidence-based, n a type of informal decision-making that combines clinical expertise, patient concerns, and evidence gathered from . This press release also contains a non-GAAP financial measure of free cash flow. We define free cash flow as our net cash provided by operating activities minus our capital expenditures. We use free cash flow, and ratios based on this measure, to conduct and evaluate our business and, specifically, to determine incentive compensation, to allocate To reserve a resource such as memory or disk. See memory allocation. resources to debt repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan and for cash investing and financing activities. Therefore, we believe that this measure may be similarly useful and informative to investors. The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this press release may be different from, and therefore may not be comparable to, similar measures used by other companies. Reconciliations of the non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures are set forth in the text of, and the accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. exhibits to, this press release. Factors Affecting Future Performance This press release contains "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. " 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. Any statements contained in this press release that relate to prospective events or developments, including, without limitation, all projections of future financial results and plans concerning business development opportunities, are deemed to be 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. . Words such as "believes," "anticipates," "plans," "expects," "projects," "forecasts," "will" and similar expressions are intended to identify forward-looking statements. There are a number of important risk factors that could cause actual results or events to differ materially from those indicated by these forward-looking statements, including, without limitation, economic and geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. forces that may limit any continued or expected economic or end market strengthening or recoveries, risks related to our failure to introduce new products in a timely manner, the impact of our debt on our cash flow and investment opportunities, our ability to comply with financial covenants contained in our credit agreements and debt instruments, cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. downturns continuing to affect several of the industries into which we sell our products, our ability to adjust our operations to address unexpected changes, our ability to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution acquisitions and license technologies and successfully integrate acquired businesses and licensed technologies into our existing business, the loss of any of our licenses that may require us to stop selling products or lose competitive advantage, competition, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. compliance, regulatory changes, our failure to obtain and enforce intellectual property protection, our defense of third party claims of patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. and our ability to realize the full value of our intangible assets, as well as other factors which we describe under the caption "Forward-Looking Information and Factors Affecting Future Performance" in our most recent 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. and in our most recent quarterly report on Form 10-Q Form 10-Q See 10-Q. , each on file with the Securities and Exchange Commission. We disclaim dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. Other Information Health Sciences end markets include genetic screening, environmental, service, biopharma, and medical and biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. imaging. Electronics and aerospace end markets include military/aerospace, semiconductor, consumer electronics, safety and security and other. PerkinElmer, Inc. is a global technology leader focused in the following businesses - Life and Analytical Sciences, Optoelectronics and Fluid Sciences. Combining operational excellence and technology expertise with an intimate understanding of our customers' needs, PerkinElmer provides products and services in health sciences and other advanced technology markets that require innovation, precision and reliability. The Company serves customers in more than 125 countries, and is a component of the S&P 500 Index. Additional information is available through www.perkinelmer.com or 1-877-PKI-NYSE.
PerkinElmer, Inc. and Subsidiaries
INCOME STATEMENTS
Three Months Ended Nine Months Ended
(In thousands, except ------------------- -----------------------
per share data) 26-Sep-04 28-Sep-03 26-Sep-04 28-Sep-03
------------------------ --------- --------- ----------- -----------
Sales $403,403 $366,185 $1,208,625 $1,100,177
Cost of Sales 243,270 213,243 729,292 654,360
Research and Development
Expenses 21,359 19,659 63,425 61,467
Selling, General and
Administrative Expenses 89,042 91,544 282,396 281,720
Restructuring Reversals,
Net - 179 - (2,994)
Gains on Dispositions, Net (299) (369) (662) (2,057)
Amortization of
Intangible Assets 7,140 7,013 21,318 21,240
--------- --------- ----------- -----------
Operating Income From
Continuing Operations 42,891 34,916 112,856 86,441
Extinguishment of Debt 345 383 1,877 1,002
Interest Income (618) (475) (1,458) (2,190)
Interest Expense 9,413 12,458 28,460 40,763
Loss on Investments - 500 - 1,250
Other (Income) Expense, Net (656) 421 (984) 964
--------- --------- ----------- -----------
Income From Continuing
Operations Before Income
Taxes 34,407 21,629 84,961 44,652
Provision for Income
Taxes 9,806 6,863 24,640 14,406
--------- --------- ----------- -----------
Net Income From
Continuing Operations 24,601 14,766 60,321 30,246
Loss From Discontinued
Operations, Net of
Income Tax (318) (635) (1,734) (3,682)
(Loss) Gain on
Disposition of
Discontinued Operations,
Net of Income Tax (269) 138 (467) (1,535)
--------- --------- ----------- -----------
Net Income $24,014 $14,269 $58,120 $25,029
========= ========= =========== ===========
Diluted Earnings (Loss)
Per Share:
Continuing Operations $0.19 $0.12 $0.47 $0.24
Loss From Discontinued
Operations, Net of
Income Tax - - (0.01) (0.03)
(Loss) Gain on Disposition of
Discontinued Operations,
Net of Income Tax - - - (0.01)
--------- --------- ----------- -----------
Net Income $0.19 $0.11 $0.45 $0.20
========= ========= =========== ===========
Weighted Average Diluted
Shares of Common Stock
Outstanding 129,395 128,034 129,230 127,568
ABOVE PREPARED IN ACCORDANCE WITH GAAP
----------------------------------------------------------------------
Additional Supplemental Information and Reconciliation of GAAP
to Non-GAAP Measures
(per share, continuing operations)
GAAP Diluted EPS from
Continuing Operations $0.19 $0.12 $0.47 $0.24
Amortization of
Intangible Assets, Net
of Income Tax 0.04 0.04 0.11 0.11
--------- --------- ----------- -----------
EPS excluding
Amortization of
Intangible Assets $0.23 $0.15 $0.58 $0.35
========= ========= =========== ===========
Thomson First Call(TM)
EPS $0.21 $0.55
========= ===========
PerkinElmer, Inc. and Subsidiaries
Sales and Operating Profit (Loss)
Three Months Ended Nine Months Ended
--------------------- ----------------------
(In thousands) September September September September
-------------- 26, 2004 28, 2003 26, 2004 28, 2003
--------------------- ----------------------
Life and Analytical
Sciences
Sales $243,704 $235,084 $750,820 $ 713,316
OP$ reported 18,914 21,312 57,032 53,611
OP% reported 7.8% 9.1% 7.6% 7.5%
Amortization
expense 6,613 6,486 19,738 19,460
OP$ excl.
amortization 25,527 27,798 76,770 73,071
OP% excl.
amortization 10.5% 11.8% 10.2% 10.2%
Optoelectronics
Sales 98,610 87,214 279,164 258,326
OP$ reported 17,313 11,860 41,814 33,886
OP% reported 17.6% 13.6% 15.0% 13.1%
Amortization
expense 307 307 920 920
OP$ excl.
amortization 17,620 12,167 42,734 34,806
OP% excl.
amortization 17.9% 14.0% 15.3% 13.5%
Fluid Sciences
Sales 61,089 43,887 178,641 128,535
OP$ reported 10,378 5,613 27,868 11,126
OP% reported 17.0% 12.8% 15.6% 8.7%
Amortization
expense 220 220 660 860
OP$ excl.
amortization 10,598 5,833 28,528 11,986
OP% excl.
amortization 17.3% 13.3% 16.0% 9.3%
Other OP$ reported (3,714) (3,869) (13,858) (12,182)
Continuing Operations
Sales $403,403 $366,185 $1,208,625 $1,100,177
========= ======== ========== ==========
OP$ reported $42,891 $34,916 $112,856 $86,441
========= ======== ========== ==========
OP% reported 10.6% 9.5% 9.3% 7.9%
Amortization
expense $7,140 $7,013 $21,318 $21,240
========= ======== ========== ==========
OP$ excl.
amortization $50,031 $41,929 $134,174 $107,681
========= ======== ========== ==========
OP% excl.
amortization 12.4% 11.5% 11.1% 9.8%
SALES AND REPORTED OPERATING PROFIT PREPARED IN ACCORDANCE WITH GAAP
PERKINELMER, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September June 27, December
26, 2004 2004 28, 2003
----------------------- -----------
(In thousands)
Current assets:
Cash and cash equivalents $220,041 $196,728 $191,499
Accounts receivable 272,460 273,921 288,027
Inventories 189,082 188,619 188,602
Other current assets 94,236 98,248 94,679
Current assets of discontinued
operations 1,323 3,136 3,493
----------- ----------- -----------
Total current assets 777,142 760,652 766,300
Property, plant and equipment:
At cost 621,458 619,162 618,651
Accumulated depreciation (382,277) (372,341) (352,290)
----------- ----------- -----------
Net property, plant and equipment 239,181 246,821 266,361
Marketable securities and
investments 10,230 10,073 10,874
Intangible assets 403,970 410,571 424,703
Goodwill, net 1,030,241 1,026,959 1,034,911
Other assets 98,037 98,796 100,220
Long-term assets of discontinued
operations 513 600 4,358
----------- ----------- -----------
Total assets $2,559,314 $2,554,472 $2,607,727
=========== =========== ===========
Current liabilities:
Short-term debt $4,995 $4,945 $5,167
Accounts payable 131,227 129,600 154,260
Accrued restructuring and
integration costs 3,824 5,152 8,055
Accrued expenses 301,017 301,724 283,695
Current liabilities of discontinued
operations 858 1,042 846
----------- ----------- -----------
Total current liabilities 441,921 442,463 452,023
Long-term debt 469,493 484,431 544,307
Long-term liabilities 257,611 260,388 262,347
----------- ----------- -----------
Total liabilities 1,169,025 1,187,282 1,258,677
Commitments and contingencies
Total stockholders' equity 1,390,289 1,367,190 1,349,050
----------- ----------- -----------
Total liabilities and
stockholders' equity $2,559,314 $2,554,472 $2,607,727
=========== =========== ===========
PREPARED IN ACCORDANCE WITH GAAP
PerkinElmer, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
Three Months Ended Nine Months Ended
----------------------------------------
September September September September
26, 2004 28, 2003 26, 2004 28, 2003
----------------------------------------
(In thousands)
Operating Activities:
Net income 24,014 $14,269 $58,120 $25,029
Add loss from discontinued
operations, net of income
taxes 318 635 1,734 3,682
Add net loss (gain) on
disposition of discontinued
operations 269 (138) 467 1,535
---------- --------- --------- ---------
Net income from continuing
operations 24,601 14,766 60,321 30,246
---------- --------- --------- ---------
Adjustments to reconcile net
income from continuing
operations to net cash provided
by continuing operations:
Restructuring reversals,
net of expense - 179 - (2,994)
Stock based compensation (276) 675 4,819 5,941
Amortization of debt
discount and issuance
costs 1,309 2,066 4,870 8,245
Depreciation and
amortization 18,941 19,470 56,361 58,014
Gains on dispositions (299) (369) (662) (2,057)
Changes in operating assets
and liabilities:
Accounts receivable 3,990 5,078 14,679 56,652
Inventories (164) (1,582) (771) 14,380
Accounts payable 813 10,998 (23,068) (8,798)
Accrued restructuring
and integration costs (1,328) (5,109) (4,231) (16,292)
Accrued expenses and
other (1,818) (18,194) 16,949 (53,165)
---------- --------- --------- ---------
Net Cash Provided by
Continuing Operations 45,769 27,978 129,267 90,172
---------- --------- --------- ---------
Net Cash Provided by (Used in)
Discontinued Operations 781 683 477 (600)
---------- --------- --------- ---------
Net Cash Provided by Operating
Activities 46,550 28,661 129,744 89,572
---------- --------- --------- ---------
Investing Activities:
Cash withdrawn from escrow
to repay debt - 154,968 - 187,477
Capital expenditures (4,194) (2,915) (12,565) (11,194)
Proceeds from disposition or
settlement of PP&E, net 1,386 - 3,442 3,295
Settlement of the
disposition of business,
net - 20 - (846)
Proceeds related to
acquisitions, net of cash
acquired - - 2,765 534
---------- --------- --------- ---------
Net Cash (Used in) Provided by
Continuing Operations (2,808) 152,073 (6,358) 179,266
---------- --------- --------- ---------
Net Cash Provided by
Discontinued Operations 340 1,150 646 1,400
---------- --------- --------- ---------
Net Cash (Used in) Provided by
Investing Activities (2,468) 153,223 (5,712) 180,666
---------- --------- --------- ---------
Financing Activities:
Payment of debt issuance
costs - - - (1,725)
Prepayment of zero coupon
convertible notes - (157,392) - (189,901)
Prepayment of term loan debt (15,000) (20,000) (75,000) (50,000)
Increase (decrease) in other
credit facilities 176 (711) (280) (1,737)
Proceeds from issuance of
common stock for employee
benefit plans 731 1,738 6,092 2,355
Cash dividends (8,968) (8,871) (26,814) (26,531)
---------- --------- --------- ---------
Net Cash Used in Financing
Activities (23,061) (185,236) (96,002) (267,539)
---------- --------- --------- ---------
Effect of Exchange Rate
Changes on Cash and Cash
Equivalents 2,292 45 512 8,002
---------- --------- --------- ---------
Net Increase (Decrease) in
Cash and Cash Equivalents 23,313 (3,307) 28,542 10,701
Cash and Cash Equivalents at
Beginning of Period 196,728 144,623 191,499 130,615
---------- --------- --------- ---------
Cash and Cash Equivalents at
End of Period $220,041 $141,316 $220,041 $141,316
========== ========= ========= =========
PREPARED IN ACCORDANCE WITH GAAP
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