Prestige Brands Holdings, Inc. Announces Second Quarter Results; Confirms Guidance for Balance of Fiscal 2006; Internal Review Results in Restatement of Previously Issued Financial Statements.IRVINGTON Irvington, town (1990 pop. 59,774), Essex co., NE N.J., an industrial suburb of Newark; settled 1692 as Camptown, renamed 1852, inc. 1898. Tools, castings, photographic equipment, paints, building materials, and plastic and paper products are among its manufactures. , N.Y. -- Prestige Brands Prestige Brands, Inc. NYSE: PBH is a company that manufactures personal care and home cleaning products. It was formed by the merger of Medtech Products, Inc., Prestige Brands International, and The Spic and Span Company. The company is headquartered in Irvington, New York. Holdings, Inc. (NYSE NYSE See: New York Stock Exchange : PBH PBH Prefeitura Municipal de Belo Horizonte (Brazil) PBH Power By the Hour PBH Persistent Black Holes (MRI indicator of neuronal loss) PBH Pyrmont Bridge Hotel (Sydney, Australia) ), a consumer products company with a diversified diversified (di·verˑ·s portfolio of well-recognized brand names, today announced results for the second fiscal quarter ended September September: see month. 30, 2005, and provided its outlook for the balance of the fiscal year. The Company also announced that management and the Audit Committee of the Company's Board of Directors recently completed an internal review of certain accounting practices at the Company. As a result of that review, the Company concluded that certain prior period financial statements could no longer be relied upon and has reclassified certain cooperative cooperative Organization owned by and operated for the benefit of those using its services. Cooperatives have been successful in such fields as the processing and marketing of farm products and the purchasing of other kinds of equipment and raw materials, and in the advertising expenses, changed the time at which it recognizes revenue and restated the reported number of common shares outstanding used in the computation Computation is a general term for any type of information processing that can be represented mathematically. This includes phenomena ranging from simple calculations to human thinking. of earnings per share. As a result of the conclusion with respect to prior financial statements, the company will restate re·state tr.v. re·stat·ed, re·stat·ing, re·states To state again or in a new form. See Synonyms at repeat. re·state certain of its historical results. All references in this release to prior periods results are to the restated results. September Quarter Results Results for the quarter and six months were generally in line with management's expectations as provided in its earnings release of July July: see month. 27, 2005, and in its conference call of July 28, 2005. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the quarter ended September 30, 2005, were $73.3 million, compared to net sales of $80.0 million for the prior year quarter. 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. of $20.8 million compares to operating income of $26.8 million in the second quarter of fiscal 2005. The decline was due to lower sales, a slightly less favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. gross margin as a percentage of sales, as well as a 21% increase in advertising and promotion expenditures compared to prior year. Net income for the second quarter of fiscal year 2006 was $7.4 million or $0.15 per basic share and $0.15 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, compared to net income of $9.9 million in the comparable quarter last year. Results for First Half of Fiscal 2006 Net sales for the six months ended September 30, 2005, were $136.8 million, 1.4% below net sales of $138.7 million for the comparable period last year. Despite the sales shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. , operating income of $39.1 million was 14% above operating income of $34.4 million in the first six months of fiscal 2005. Fiscal 2005 included a charge of $5.2 million due to an inventory step up adjustment related to the acquisition of Bonita Bonita (Spanish and Portuguese for "beautiful") is the name of:
Net income for the first six months of fiscal year 2006 was $12.2 million or $0.25 per basic share and $0.24 per diluted share. This represents an improvement over the prior year comparable period for which we reported net income of $2.8 million. When the prior year results are adjusted to remove one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. expenses arising from the acquisition of Bonita Bay Holdings, Inc., adjusted net income last year would have been $10.0 million. The results for the first half of fiscal year 2006 are a 21 % improvement over the prior year adjusted net income. Please refer to the 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: financial data at the end of this earnings release for a reconciliation of such amounts. For the first six months, the Company's effective tax rate increased to 44.5 %. This resulted from a one-time charge, recorded in the quarter ended June June: see month. 30, 2005, of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.2 million due to an increase in the graduated federal income tax rate from 34% to 35% and its related impact on the Company's deferred tax liabilities. Results by Segment September Quarter The reported sales decline in fiscal 2006 affected each of the Company's three business segments: Over-the-Counter medicines (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). ), Household Cleaning products and Personal Care products. For the OTC segment, net sales of $40.8 million were 5% less than last year's second quarter reported net sales of $42.7 million. Fiscal year 2006 results include strong sales of the Little Remedies rem·e·dy n. pl. rem·e·dies 1. Something, such as medicine or therapy, that relieves pain, cures disease, or corrects a disorder. 2. Something that corrects an evil, fault, or error. 3. (R) line of children's health Children's Health Definition Children's health encompasses the physical, mental, emotional, and social well-being of children from infancy through adolescence. care products which were acquired by the Company late in calendar year 2004 and therefore, were not included in the prior year period's results. Little Remedies contributed $3.9 million to current quarter sales compared to no sales in the prior year. The decline for the segment is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to sales declines for Compound W(R) and New Skin(R). Partially offsetting the declines on Compound W and New Skin were gains for Chloraseptic Chloraseptic is an American brand of oral analgesic produced by Prestige Brands Inc, used for the relief of minor sore throat and mouth pain. Its active ingredient is phenol, a compound whose antiseptic properties were discovered by Sir Joseph Lister. (R) sore throat Sore Throat Definition Sore throat, also called pharyngitis, is a painful inflammation of the mucous membranes lining the pharynx. It is a symptom of many conditions, but most often is associated with colds or influenza. treatment, Clear eyes(R) eye care products and Dermoplast(R) first aid treatment. In addition, Little Remedies revenues grew strongly over the year ago quarter before the Company owned the brand. Net sales for the Household Cleaning products segment were $25.2 million, or 8% below last year's comparable quarter net sales of $27.6 million. The decline was primarily due to the discontinuation dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance of the Comet comet [Gr.,=longhaired], a small celestial body consisting mostly of dust and gases that moves in an elongated elliptical or nearly parabolic orbit around the sun. Comets visible from the earth can be seen for periods ranging from a few days to several months. (R) Clean & Flush To empty the contents of a memory buffer. See buffer. Flush Elizabeth Barrett Browning’s spaniel, subject of a biography. [Br. Lit.: Woolf Flush in Barnhart, 446] See : Dogs (data) flush product line. Net sales of $7.3 million for the Personal Care segment were $2.4 million lower than last year's comparable quarter. This reflects continued softness in the Denorex(R) shampoo shampoo a cleaning agent, usually liquid, for hair; usually consists of a detergent and perfume. Some, usually referred to as medicated shampoos, contain therapeutic substances such as parasiticides, antimicrobials, ketatolytic agents, and antiseborrheic compounds such as selenium line and weaker category trends for nail polish removers nail polish remover n → quitaesmalte m nail polish remover nail n → dissolvant m nail polish remover nail n affecting Cutex(R). First Six Months of Fiscal 2006 For the OTC segment, net sales of $74.1 million were 3% greater than last year's comparable period reported net sales of $72.1 million. The increase in sales for the segment was driven by six months of sales of Little Remedies compared to no sales last year, plus sales increases for the Chloraseptic, Clear eyes and Dermoplast brands, offset by declines on the Compound W and New Skin brands due to category softness. Had Little Remedies been owned from the beginning of fiscal year 2005, the OTC segment would have shown a decline of 5% compared to the comparable period last year. Net sales for the Household Cleaning products segment were $48.1 million, or 3.0% below last year's comparable period net sales of $49.6 million. The prior year period included sales of discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: Comet items previously mentioned which account for the majority of the decline. Net sales of $14.6 million for the Personal Care segment were 14% or $2.4 million below last years comparable net sales. The decline resulted from continuing softness on the Denorex and Cutex brands. Restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. of Prior Period Financial Statements As a result of a review of certain accounting practices performed in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the Company's assessment of internal controls over financial reporting under Section 404 of the Sarbanes-Oxley Act See SOX. of 2002, the Company determined it may have erroneously er·ro·ne·ous adj. Containing or derived from error; mistaken: erroneous conclusions. [Middle English, from Latin err applied 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 as they relate to the recognition of revenue, the classification of certain trade promotion allowances, and the computation of earnings per share. At the direction of the Audit Committee of the Company's Board of Directors, an independent review of these issues was performed. Management and the Audit Committee concluded that, in light of the accounting errors discussed above, the financial statements for the years ended March 31, 2005, 2004 and 2003 and the quarterly data for the years ended March 31, 2005 and 2004 included in the Company's Annual Report on Forms 10-K and 10-K/A for the year ended March 31, 2005 and the financial statements for the quarters ended June 30, 2005 and 2004 included in the Company's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended June 30, 2005 should no longer be relied upon. The Company will file an amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. Form 10-Q/A for the quarter ended June 30, 2005 and an amended Form 10-K/A for the year ended March 31, 2005 as soon as practicable practicable adj. when something can be done or performed. . Because of the review and restatement described above, the Company was unable to file its Quarterly Report on Form 10-Q by November November: see month. 14, 2005, its due date. The Company will file a Notice on Form 12b-25 with respect to that report today and expects to file the report on or before the extended due date of November 21, 2005. With respect to revenue recognition, Staff Accounting Bulletin No. 104 sets forth the criteria criteria (krītēr´ē  ),n. for revenue recognition, one of which is that risk of loss has passed to the customer. The Company, consistent with its published pricing and shipping terms, has historically recognized revenue upon shipment of product to the customer. Upon closer examination of its shipping practices and terms, the Company determined that it often was unclear when, from a legal standpoint The Standpoint is a newspaper published in the British Virgin Islands. It was originally published under the name Pennysaver, largely as a shopping-coupon promotional newspaper, but since emerged as one of the most influential sources of journalism in the , risk of loss of its products passed to its customers. Accordingly, the Company has concluded that revenue should not be recognized until product is received by its customers (referred to as "FOB FOB 1) adj. short for Free on Board, meaning shipped to a specific place without cost. 2) Friend of Bill (Clinton). (See: Free on Board) destination point"), unless the risk of loss transfers to the customer at the point of shipment. The Company will restate its previously issued financial statements to reflect its conclusions with respect to how revenue should be recognized. Peter C. Mann, Chairman and Chief Executive Officer said, "Although a restatement is a serous serous /se·rous/ (ser´us) 1. pertaining to or resembling serum. 2. producing or containing serum. se·rous adj. Containing, secreting, or resembling serum. matter, this is not a case of revenues that did not exist; the practical effect of this change is to move the last few days of sales from the end of a quarter to the beginning of the next quarter. It is an issue only of timing; however, it is important to us as a company that we do record our revenues at the appropriate time." The effects of these adjustments for each fiscal period are reflected in Exhibit A, attached to this news release. With respect to the classification of trade promotions and allowances, Emerging Issues Task Force Issue 01-09 sets forth the criteria for classifying such promotions and allowances as an expense or a reduction of revenue. Upon review, the Company determined that it had incorrectly in·cor·rect adj. 1. Not correct; erroneous or wrong: an incorrect answer. 2. Defective; faulty: incorrect programming of the computer. 3. classified certain promotion and allowance amounts as expense rather than as a reduction of revenue. The Company will restate its previously issued financial statements for the periods referred to above to correct these misclassifications. These adjustments do not affect net income, operating income or cash flows from operations. The effects of these adjustments are reflected in Exhibit A, attached to this news release. With respect to earnings per share, Statement of Financial Accounting Standards No. 128 sets forth the criteria for computing computing - computer basic and 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 . Upon examination of its earnings per share calculations, the Company determined that certain issued and outstanding, but unvested, shares held by management were improperly im·prop·er adj. 1. Not suited to circumstances or needs; unsuitable: improper shoes for a hike; improper medical treatment. 2. reflected in the basic earnings per share computations. The effects of this revision (programming) revision - A release of a piece of software which is not a major release or a bugfix, but only introduces small changes or new features. are reflected in Exhibit A, attached to this news release. Commentary and Outlook Commenting on the results of the quarter and the first half, Mann said, "Results were generally in line with the expectations we announced in July, but were below our historical 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. . Virtually all of the sales softness in this six-month period was related to specific short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. issues which we believe are now largely behind us. The fundamental strength of our business model has not changed, and so the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. prognosis prognosis /prog·no·sis/ (prog-no´sis) a forecast of the probable course and outcome of a disorder.prognos´tic prog·no·sis n. pl. prog·no·ses 1. for the Company continues to be good. We have strong brand names, many of which gained market share during the quarter, and we are fiscally sound with impressive cash earnings and low capital expenditures to enable us to reduce debt and fund acquisitions." "As a result of the sales weakness in the first half of the year, we continue to anticipate revenues and profits, excluding the impact of acquisitions, will be essentially flat compared to the restated results for our last fiscal year." Mann noted that the Company has closed two important transactions within the past few weeks. "On October October: see month. 28th, we acquired the Chore Boy Chore Boy is a brand name for a coarse scouring pad made of steel or copper wool. It is designed for cleaning very dirty surfaces, especially washing dishes. During the first half of the 20th century, the product was marketed under the name Chore Girl. (R) brand of household scrubbers from Reckitt Benckiser Reckitt Benckiser plc is one of the world's leading manufacturers of cleaning products and a member of the FTSE 100 Index of the largest companies traded on the London Stock Exchange. It is headquartered in the town of Slough just to the west of Greater London. , and we are already making good progress in implementing plans to grow that brand in 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. and beyond. And, just last week, we closed the transaction whereby we acquired essentially all the assets of Dental dental /den·tal/ (den´t'l) pertaining to a tooth or teeth. den·tal adj. 1. Of, relating to, or for the teeth. 2. Of, relating to, or intended for dentistry. Concepts, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The two main product lines within Dental Concepts --The Doctors(R) NightGuard and BrushPicks(R) interproximal interproximal /in·ter·prox·i·mal/ (in?ter-prok´si-mal) between two adjoining surfaces. in·ter·prox·i·mal adj. Situated between adjoining surfaces. cleaning devices -- are exciting, growing OTC brands to which we believe Prestige can add meaningful value. In combination, these two acquisitions are expected to add approximately $30 million in new annual revenues." Mann added, "The restatement of previously issued financial statements announced today, while a serious matter, does not affect the Company's fundamental trends or business model. These accounting issues had to be addressed appropriately by us in order for the Company to be 404 compliant
Conference Call The Company will hold a conference all to review its second quarter fiscal 2006 results on Tuesday Tuesday: see week. , November 15, 2005, at 8:30 a.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ). The toll free dial in number for the call is 1-800-857-1849. International callers may dial 1-210-234-0036. The conference password A secret word or code used to serve as a security measure against unauthorized access to data. It is normally managed by the operating system or DBMS. However, the computer can only verify the legitimacy of the password, not the legitimacy of the user. See NCSC. is "Prestige". We will have a live internet web cast of the conference call, as well as an archived replay, which can be accessed from the investor relations Investor relations The process by which the corporation communicates with its investors. page of www.prestigebrandsinc.com. Forward Looking Statements All statements, other than statements of historical fact included in this release, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , as that term is defined in 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. Forward-looking statements generally can be identified by the use of 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. terminology The terminology used in the computer and telecommunications field adds tremendous confusion not only for the lay person, but for the technicians themselves. What many do not realize is that terms are made up by anybody and everybody in a nonchalant, casual manner without any regard or such as "assumptions," "target," "guidance," "outlook," "plans," "projection projection, in psychology: see defense mechanism. See rear-projection TV, front-projection TV and LCD panel. (theory) projection - In domain theory, a function, f, which is (a) idempotent, i.e. ," "may," "will," "would," "expect," "intend," "estimate," "anticipate," "believe," "potential" or "continue" (or the negative or other derivatives derivatives In finance, contracts whose value is derived from another asset, which can include stocks, bonds, currencies, interest rates, commodities, and related indexes. Purchasers of derivatives are essentially wagering on the future performance of that asset. of each of these terms) or similar terminology. There are certain factors that could cause actual results to differ materially from those anticipated by some of the statements made. These include: (1) the ability to achieve business plans; (2) successfully executing, managing and integrating key acquisitions (including the Chore Boy and Dental Concepts acquisitions); (3) the ability to manage and maintain key customer relationships; (4) the ability to maintain key manufacturing and supply sources; (5) the ability to successfully manage 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. , tax and legal matters (including product liability matters), and to resolve pending matters within current estimates; (6) the ability to successfully manage increases in the prices of raw materials used to make the Company's products; (7) the ability to stay close to consumers in an era of increased media fragmentation (1) Storing data in non-contiguous areas on disk. As files are updated, new data are stored in available free space, which may not be contiguous. Fragmented files cause extra head movement, slowing disk accesses. A defragger program is used to rewrite and reorder all the files. ; and (8) the ability to stay on the leading edge of innovation. For additional information concerning factors that could cause actual results to materially differ from those projected herein, please refer to our most recent 10-K, 10-Q and 8-K reports. About Prestige Brands Holdings Located in Irvington, New York Irvington is a village in Westchester County, New York, United States. The population was 6,632 at the 2000 census. The Village of Irvington is located on the western side of the Town of Greenburgh. The village is north of New York City. , Prestige Brands Holdings is a marketer and distributor of brand name over-the-counter drug over-the-counter drug A therapeutic agent that does not require a prescription, which the FDA feels can be safely self-prescribed by non-physicians. Cf Prescription drug, Under-the-counter. , personal care and household cleaning products sold throughout the U.S. and 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 . Key brands include Compound W(R) wart wart, circumscribed outgrowth of the skin caused by a filterable virus that is readily transmitted. Warts may appear anywhere on the skin but are most common on the hands. remover, Chloraseptic(R) sore throat treatment, New-Skin(R) liquid bandage Liquid bandage is a topical skin treatment for minor cuts and sores that is sold by several companies. The products are mixtures of chemicals which create a polymeric layer which binds to the skin. , Clear eyes(R) and Murine murine /mu·rine/ (mur´en) pertaining to, derived from, or characteristic of mice or rats. mu·rine adj. (R) eye care products, Little Remedies(R) pediatric pediatric /pe·di·at·ric/ (pe?de-at´rik) pertaining to the health of children. pe·di·at·ric adj. Of or relating to pediatrics. over-the-counter products, Cutex(R) nail polish remover, Comet(R) and Spic and Span Spic and Span brand of household cleaner. [Trademarks: Crowley Trade, 546] See : Cleanliness (R) household cleaning products and other well-known well-known adj. 1. Widely known; familiar or famous: a well-known performer. 2. Fully known: well-known facts. brands.
PRESTIGE BRANDS HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except share and per share data)
Three months ended Six months ended
September 30, September 30,
2005 2004 2005 2004
----------- ------------ ----------- ------------
(Restated) (Restated)
REVENUES:
Net sales $ 73,320 $ 79,932 $ 136,748 $ 138,612
Other revenues 25 26 50 101
----------- ------------ ----------- ------------
Total revenues 73,345 79,958 136,798 138,713
COST OF SALES:
Cost of sales 35,549 37,941 64,498 71,079
----------- ------------ ----------- ------------
Gross profit 37,796 42,017 72,300 67,634
----------- ------------ ----------- ------------
OPERATING EXPENSES:
Advertising and
promotion 10,217 8,449 18,922 19,234
General and
administrative 4,117 4,502 9,028 9,423
Depreciation 487 452 970 938
Amortization of
intangible assets 2,148 1,802 4,296 3,605
----------- ------------ ----------- ------------
Total operating
expenses 16,969 15,205 33,216 33,200
----------- ------------ ----------- ------------
Operating income 20,827 26,812 39,084 34,434
----------- ------------ ----------- ------------
OTHER INCOME
(EXPENSE):
Interest income 226 59 307 87
Interest expense (8,897) (10,893) (17,488) (21,970)
Loss on
extinguishment of
debt - - - (7,567)
----------- ------------ ----------- ------------
Total other income
(expense) (8,671) (10,834) (17,181) (29,450)
----------- ------------ ----------- ------------
Income before
income taxes 12,156 15,978 21,903 4,984
Provision for income
taxes (4,782) (6,076) (9,747) (2,173)
----------- ------------ ----------- ------------
Net income $ 7,374 $ 9,902 $ 12,156 $ 2,811
Cumulative preferred
dividends on Senior
Preferred and Class
B Preferred units - (3,827) - (7,446)
----------- ------------ ----------- ------------
Net income (loss)
available to members
and common
shareholders $ 7,374 $ 6,075 $ 12,156 $ (4,635)
=========== ============ =========== ============
Net income (loss)
per common share:
Basic $ 0.15 $ 0.25 $ 0.25 $ (0.19)
=========== ============ =========== ============
Diluted $ 0.15 $ 0.23 $ 0.24 $ (0.19)
=========== ============ =========== ============
Weighted average
shares outstanding:
Basic 48,790,856 24,615,066 48,756,535 24,563,238
=========== ============ =========== ============
Diluted 49,949,432 26,512,017 49,932,199 24,563,238
=========== ============ =========== ============
Three months ended Six months ended
September 30, September 30,
--------------------------------------------------
Adjusted Operating 2005 2004 2005 2004
Income ------------ ------------ ----------- ------------
--------------------
(dollars in
thousands)
Operating Income $ 20,827 $ 26,812 $ 39,084 $ 34,434
Charges due to
inventory step-up - - - 5,249
----------- ------------ ----------- ------------
Adjusted Operating
Income $ 20,827 $ 26,812 $ 39,084 $ 39,683
=========== ============ =========== ============
Adjusted Net Income
--------------------
(dollars in
thousands)
Net Income $ 7,374 $ 9,902 $ 12,156 $ 2,811
Loss on
extinguishment of
debt, net of taxes - - - 4,267
Charges due to
inventory step-up,
net of taxes - - - 2,960
----------- ------------ ----------- ------------
Adjusted Net Income $ 7,374 $ 9,902 $ 12,156 $ 10,038
=========== ============ =========== ============
Prestige Brands Holdings, Inc.
Consolidated Balance Sheet
(Unaudited)
(Dollars in thousands) September 30,
2005
--------------
Assets
Current assets
Cash $ 27,585
Accounts receivable 32,552
Inventories 32,887
Deferred income tax assets 6,682
Prepaid expenses and other current assets 3,256
-------------
Total current assets 102,962
Property and equipment 1,647
Goodwill 294,731
Intangible assets 604,316
Other long-term assets 14,718
-------------
Total Assets $ 1,018,374
=============
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable $ 22,725
Accrued liabilities 12,110
Current portion of long-term debt 3,730
-------------
Total current liabilities 38,565
Long-term debt 489,765
Deferred income tax liabilities 94,759
-------------
Total liabilities 623,089
-------------
Shareholders' Equity
Preferred stock - $0.01 par value
Authorized - 5,000,000 shares
Issued and outstanding - None --
Common stock - $.01 par value
Authorized - 250,000,000 shares
Issued and outstanding - 50,055,776 shares 501
Additional paid-in capital 378,297
Treasury stock - 14,886 shares at cost (25)
Accumulated other comprehensive income 229
Retained earnings 16,283
-------------
Total shareholders' equity 395,285
-------------
Total Liabilities and Shareholders' Equity $ 1,018,374
=============
EXHIBIT A - FISCAL YEAR 2006
----------------------------
PRESTIGE BRANDS HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Restated Fiscal Year 2006
(in thousands, except share and per share data)
Three months ended June 30, 2005
----------------------------------------------
Previously Revenue Cooperative As Restated
Reported Recognition Trade
Expense
Reclass
------------ ----------- ---------- -----------
REVENUES:
Net sales $ 63,530 $ 1,928 $ (2,030)$ 63,428
Other revenues 25 - - 25
----------- ----------- ---------- -----------
Total revenues 63,555 1,928 (2,030) 63,453
COST OF SALES:
Cost of sales 28,339 610 - 28,949
----------- ----------- ---------- -----------
Gross profit 35,216 1,318 (2,030) 34,504
----------- ----------- ---------- -----------
OPERATING EXPENSES:
Advertising and
promotion 10,714 21 (2,030) 8,705
General and
administrative 4,911 - - 4,911
Depreciation 483 - - 483
Amortization of
intangible assets 2,148 - - 2,148
------------ ----------- ---------- -----------
Total operating
expenses 18,256 21 (2,030) 16,247
----------- ----------- ---------- -----------
Operating income 16,960 1,297 - 18,257
----------- ----------- ---------- -----------
OTHER INCOME (EXPENSE):
Interest income 81 - - 81
Interest expense (8,591) - - (8,591)
----------- ----------- ---------- -----------
Total other income
(expense) (8,510) - - (8,510)
----------- ----------- ---------- -----------
Income before income
taxes 8,450 1,297 - 9,747
Provision for income
taxes (4,443) (522) - (4,965)
----------- ----------- ---------- -----------
Net income $ 4,007 $ 775 $ - $ 4,782
=========== =========== ========== ===========
Net income (loss) per
common share:
Basic $ 0.08 $ 0.10
=========== ===========
Diluted $ 0.08 $ 0.10
=========== ===========
Weighted average shares
outstanding:
Basic 49,997,647 48,722,342
=========== ===========
Diluted 49,997,647 49,997,647
=========== ===========
Prestige Brands Holdings, Inc.
Consolidated Balance Sheet
(Unaudited)
(Dollars in thousands) June 30, 2005
---------------------
Assets As As
Previously Restated
Reported
----------- ---------
Current assets
Cash $ 13,945 $ 13,945
Accounts receivable 32,489 26,442
Inventories 27,946 30,589
Deferred income tax assets 6,965 6,965
Prepaid expenses and other current assets 4,039 4,039
---------- --------
Total current assets 85,384 81,980
Property and equipment 2,043 2,043
Goodwill 294,544 294,731
Intangible assets 606,465 606,465
Other long-term assets 14,344 14,344
---------- --------
Total Assets $1,002,780 $999,563
========== ========
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable $ 18,626 $ 18,626
Accrued liabilities 10,705 9,365
Current portion of long-term debt 3,730 3,730
---------- --------
Total current liabilities 33,061 31,721
Long-term debt 490,698 490,698
Deferred income tax liabilities 89,916 89,916
---------- --------
Total liabilities 613,675 612,335
---------- --------
Shareholders' Equity
Preferred stock - $0.01 par value
Authorized - 5,000,000 shares
Issued and outstanding - None -- --
Common stock - $.01 par value
Authorized - 250,000,000 shares
Issued and outstanding - 50,000,000 shares 500 500
Additional paid-in capital 378,188 378,188
Treasury stock - 2,353 shares at cost (4) (4)
Accumulated other comprehensive loss (365) (365)
Retained earnings 10,786 8,909
---------- --------
Total shareholders' equity 389,105 387,228
---------- --------
Total Liabilities and Shareholders' Equity $1,002,780 $999,563
========== ========
EXHIBIT A - FISCAL YEAR 2005
----------------------------
PRESTIGE BRANDS HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Restated Fiscal Year 2005
(in thousands, except share and per share data)
Three months ended June 30, 2004
------------------------------------------------
Previously Revenue Cooperative As Restated
Reported Recognition Trade
Expense
Reclass
------------------------------------------------
REVENUES:
Net sales $ 67,682 $ (6,142)$ (2,860)$ 58,680
Other revenues 75 - - 75
----------- ----------- ---------- -----------
Total revenues 67,757 (6,142) (2,860) 58,755
COST OF SALES:
Cost of sales 36,123 (2,985) - 33,138
----------- ----------- ---------- -----------
Gross profit 31,634 (3,157) (2,860) 25,617
----------- ----------- ---------- -----------
OPERATING EXPENSES:
Advertising and
promotion 13,771 (126) (2,860) 10,785
General and
administrative 4,921 - - 4,921
Depreciation 486 - - 486
Amortization of
intangible assets 1,803 - - 1,803
---------------------------------------------
Total operating
expenses 20,981 (126) (2,860) 17,995
----------- ----------- ---------- -----------
Operating income 10,653 (3,031) - 7,622
----------- ----------- ---------- -----------
OTHER INCOME (EXPENSE):
Interest income 28 - - 28
Interest expense (11,077) - - (11,077)
Loss on
extinguishment of
debt (7,567) - - (7,567)
----------- ----------- ---------- -----------
Total other income
(expense) (18,616) - - (18,616)
----------- ----------- ---------- -----------
Income (loss)
before income
taxes (7,963) (3,031) - (10,994)
(Provision) Benefit
for income taxes 2,826 1,076 - 3,902
----------- ----------- ---------- -----------
Net income (loss) $ (5,137)$ (1,955)$ - $ (7,092)
=========== ==========
Cumulative preferred dividends on Senior
Preferred and Class B
Preferred units (3,619) (3,619)
----------- -----------
Net income (loss) available to members and
common shareholders $ (8,756) $ (10,711)
=========== ===========
Net income (loss) per common share:
Basic $ (0.33) $ (0.44)
=========== ===========
Diluted $ (0.33) $ (0.44)
=========== ===========
Weighted average shares outstanding:
Basic 26,515,916 24,511,337
=========== ===========
Diluted 26,515,916 24,511,337
=========== ===========
Three months ended September 30, 2004
------------------------------------------------
Previously Revenue Cooperative As Restated
Reported Recognition Trade
Expense
Reclass
------------------------------------------------
REVENUES:
Net sales $ 81,320 $ 501 $ (1,889)$ 79,932
Other revenues 26 - - 26
----------- ----------- ---------- -----------
Total revenues 81,346 501 (1,889) 79,958
COST OF SALES:
Cost of sales 37,843 98 - 37,941
----------- ----------- ---------- -----------
Gross profit 43,503 403 (1,889) 42,017
----------- ----------- ---------- -----------
OPERATING EXPENSES:
Advertising and
promotion 10,304 34 (1,889) 8,449
General and
administrative 4,502 - - 4,502
Depreciation 452 - - 452
Amortization of
intangible assets 1,802 - - 1,802
--------------------------------------------
Total operating
expenses 17,060 34 (1,889) 15,205
----------- ----------- ---------- -----------
Operating income 26,443 369 - 26,812
----------- ----------- ---------- -----------
OTHER INCOME (EXPENSE):
Interest income 59 - - 59
Interest expense (10,893) - - (10,893)
----------- ----------- ---------- -----------
Total other income
(expense) (10,834) - - (10,834)
----------- ----------- ---------- -----------
Income (loss)
before income
taxes 15,609 369 - 15,978
(Provision) Benefit
for income taxes (5,936) (140) - (6,076)
----------- ----------- ---------- -----------
Net income (loss) $ 9,673 $ 229 $ - $ 9,902
=========== ==========
Cumulative preferred dividends on
Senior
Preferred and Class B
Preferred units (3,827) (3,827)
----------- -----------
Net income (loss) available to
members and
common shareholders $ 5,846 $ 6,075
=========== ===========
Net income (loss) per common
share:
Basic $ 0.22 $ 0.25
=========== ===========
Diluted $ 0.22 $ 0.23
=========== ===========
Weighted average shares
outstanding:
Basic 26,512,017 24,615,066
=========== ===========
Diluted 26,512,017 26,512,017
=========== ===========
Three months ended December 31, 2004
------------------------------------------------
Previously Revenue Cooperative As Restated
Reported Recognition Trade
Expense
Reclass
------------------------------------------------
REVENUES:
Net sales $ 75,829 $ (732)$ (2,079)$ 73,018
Other revenues 25 - - 25
----------- ----------- ---------- -----------
Total revenues 75,854 (732) (2,079) 73,043
COST OF SALES:
Cost of sales 33,923 (682) - 33,241
----------- ----------- ---------- -----------
Gross profit 41,931 (50) (2,079) 39,802
----------- ----------- ---------- -----------
OPERATING EXPENSES:
Advertising and
promotion 7,265 (18) (2,079) 5,168
General and
administrative 5,690 - - 5,690
Depreciation 457 - - 457
Amortization of
intangible assets 2,148 - - 2,148
---------------------------------------------
Total operating
expenses 15,560 (18) (2,079) 13,463
----------- ----------- ---------- -----------
Operating income 26,371 (32) - 26,339
----------- ----------- ---------- -----------
OTHER INCOME (EXPENSE):
Interest income 48 - - 48
Interest expense (12,042) - - (12,042)
----------- ----------- ---------- -----------
Total other income
(expense) (11,994) - - (11,994)
----------- ----------- ---------- -----------
Income (loss)
before income
taxes 14,377 (32) - 14,345
(Provision) Benefit
for income taxes (5,230) 12 - (5,218)
----------- ----------- ---------- -----------
Net income (loss) $ 9,147 $ (20)$ - $ 9,127
=========== ==========
Cumulative preferred dividends on
Senior
Preferred and Class B
Preferred units (3,895) (3,895)
----------- -----------
Net income (loss) available to
members and
common shareholders $ 5,252 $ 5,232
=========== ===========
Net income (loss) per common
share:
Basic $ 0.20 $ 0.21
=========== ===========
Diluted $ 0.20 $ 0.20
=========== ===========
Weighted average shares
outstanding:
Basic 26,612,876 24,725,182
=========== ===========
Diluted 26,612,876 26,612,876
=========== ===========
Three months ended March 31, 2005
------------------------------------------------
Previously Revenue Cooperative As Restated
Reported Recognition Trade
Expense
Reclass
------------------------------------------------
REVENUES:
Net sales $ 78,336 $ 762 $ (1,810)$ 77,288
Other revenues 25 - - 25
----------- ----------- ---------- -----------
Total revenues 78,361 762 (1,810) 77,313
COST OF SALES:
Cost of sales 33,459 1,230 - 34,689
----------- ----------- ---------- -----------
Gross profit 44,902 (468) (1,810) 42,624
----------- ----------- ---------- -----------
OPERATING EXPENSES:
Advertising and
promotion 7,062 43 (1,810) 5,295
General and
administrative 5,085 - - 5,085
Depreciation 504 - - 504
Amortization of
intangible assets 2,148 - - 2,148
---------------------------------------------
Total operating
expenses 14,799 43 (1,810) 13,032
----------- ----------- ---------- -----------
Operating income 30,103 (511) - 29,592
----------- ----------- ---------- -----------
OTHER INCOME (EXPENSE):
Interest income 236 - - 236
Interest expense (11,085) - - (11,085)
Loss on
extinguishment of
debt (19,296) - - (19,296)
----------- ----------- ---------- -----------
Total other income
(expense) (30,145) - - (30,145)
----------- ----------- ---------- -----------
Income (loss)
before income
taxes (42) (511) - (553)
(Provision) Benefit
for income taxes (182) 165 - (17)
----------- ----------- ---------- -----------
Net income (loss) $ (224)$ (346)$ - $ (570)
=========== ==========
Cumulative preferred dividends on
Senior
Preferred and Class B
Preferred units (14,054) (14,054)
----------- -----------
Net income (loss) available to
members and
common shareholders $ (14,278) $ (14,624)
=========== ===========
Net income (loss) per common
share:
Basic $ (0.37) $ (0.40)
=========== ===========
Diluted $ (0.37) $ (0.40)
=========== ===========
Weighted average shares
outstanding:
Basic 38,074,074 36,496,869
=========== ===========
Diluted 38,074,074 36,496,869
=========== ===========
Twelve months ended March 31, 2005
-----------------------------------------------
Previously Revenue Cooperative As Restated
Reported Recognition Trade
Expense
Reclass
-----------------------------------------------
REVENUES:
Net sales $ 303,167 $ (5,611)$ (8,638)$ 288,918
Other revenues 151 - - 151
----------- ----------- ---------- -----------
Total revenues 303,318 (5,611) (8,638) 289,069
COST OF SALES:
Cost of sales 141,348 (2,339) - 139,009
----------- ----------- ---------- -----------
Gross profit 161,970 (3,272) (8,638) 150,060
----------- ----------- ---------- -----------
OPERATING EXPENSES:
Advertising and
promotion 38,402 (67) (8,638) 29,697
General and
administrative 20,198 - - 20,198
Depreciation 1,899 - - 1,899
Amortization of
intangible assets 7,901 - - 7,901
---------------------------------------------
Total operating
expenses 68,400 (67) (8,638) 59,695
----------- ----------- ---------- -----------
Operating income 93,570 (3,205) - 90,365
----------- ----------- ---------- -----------
OTHER INCOME (EXPENSE):
Interest income 371 - - 371
Interest expense (45,097) - - (45,097)
Loss on extinguishment
of debt (26,863) - - (26,863)
----------- ----------- ---------- -----------
Total other income
(expense) (71,589) - - (71,589)
----------- ----------- ---------- -----------
Income (loss) before
income taxes 21,981 (3,205) - 18,776
(Provision) Benefit for
income taxes (8,522) 1,113 - (7,409)
----------- ----------- ---------- -----------
Net income (loss) $ 13,459 $ (2,092)$ - $ 11,367
=========== ==========
Cumulative preferred dividends on
Senior
Preferred and Class B
Preferred units (25,395) (25,395)
----------- -----------
Net income (loss) available to
members and
common shareholders $ (11,936) $ (14,028)
=========== ===========
Net income (loss) per common
share:
Basic $ (0.41) $ (0.51)
=========== ===========
Diluted $ (0.41) $ (0.51)
=========== ===========
Weighted average shares
outstanding:
Basic 29,389,329 27,545,898
=========== ===========
Diluted 29,389,329 27,545,898
=========== ===========
Prestige Brands Holdings, Inc.
Consolidated Balance Sheet
(Dollars in thousands) March 31, 2005
---------------------
Assets As As
Previously Restated
Reported
----------- ---------
Current assets
Cash $ 5,334 $ 5,334
Accounts receivable 43,893 35,918
Inventories 21,580 24,833
Deferred income tax assets 5,699 5,699
Prepaid expenses and other current assets 3,152 3,152
---------- --------
Total current assets 79,658 74,936
Property and equipment 2,324 2,324
Goodwill 294,544 294,731
Intangible assets 608,613 608,613
Other long-term assets 15,996 15,996
---------- --------
Total Assets $1,001,135 $996,600
========== ========
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable $ 21,705 $ 21,705
Accrued liabilities 13,472 11,589
Current portion of long-term debt 3,730 3,730
---------- --------
Total current liabilities 38,907 37,024
Long-term debt 491,630 491,630
Deferred income tax liabilities 84,752 84,752
---------- --------
Total liabilities 615,289 613,406
---------- --------
Shareholders' Equity
Preferred stock - $0.01 par value
Authorized - 5,000,000 shares
Issued and outstanding - None -- --
Common stock - $.01 par value
Authorized - 250,000,000 shares
Issued and outstanding - 50,000,000 shares 500 500
Additional paid-in capital 378,251 378,251
Treasury stock - 2,353 shares at cost (4) (4)
Accumulated other comprehensive income 320 320
Retained earnings 6,779 4,127
---------- --------
Total shareholders' equity 385,846 383,194
---------- --------
Total Liabilities and Shareholders' Equity $1,001,135 $996,600
========== ========
EXHIBIT A - FISCAL YEARS 2003 and 2004
---------------------------------------------
PRESTIGE BRANDS HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Restated Fiscal Years 2003 and 2004
(in thousands, except share and per share data)
Twelve months ended March 31, 2003
-------------------------------------------
Previously Revenue Cooperative As
Reported Recognition Trade Restated
Expense
Reclass
-------------------------------------------
REVENUES:
Net sales $ 76,048 $ (1,567)$ (3,138)$ 71,343
Other revenues - related
parties 391 - - 391
-------- ----------- ---------- --------
Total revenues 76,439 (1,567) (3,138) 71,734
COST OF SALES:
Cost of sales 27,475 (458) - 27,017
-------- ----------- ---------- --------
Gross profit 48,964 (1,109) (3,138) 44,717
-------- ----------- ---------- --------
OPERATING EXPENSES:
Advertising and promotion 14,274 (20) (3,138) 11,116
General and administrative 12,075 - - 12,075
Depreciation 301 - - 301
Amortization of intangible
assets 4,973 - - 4,973
-------- ----------- ---------- --------
Total operating expenses 31,623 (20) (3,138) 28,465
-------- ----------- ---------- --------
Operating income 17,341 (1,089) - 16,252
-------- ----------- ---------- --------
OTHER INCOME (EXPENSE):
Interest income 59 - - 59
Interest expense (9,806) - - (9,806)
Loss on extinguishment of
debt (685) - - (685)
-------- ----------- ---------- --------
Total other income
(expense) (10,432) - - (10,432)
-------- ----------- ---------- --------
Income before income
taxes 6,909 (1,089) - 5,820
Provision for income taxes (3,902) 615 - (3,287)
-------- ----------- ---------- --------
Income from continuing
operations 3,007 (474) - 2,533
=========== ==========
Discontinued Operations
Loss from operations of discontinued Pecos
reporting unit, net of
income tax benefit of
$1,848 (3,385) (3,385)
Loss on disposal of Pecos reporting unit, net of
income tax benefit of
$1,233 (2,259) (2,259)
-------- --------
Income (loss) before cumulative
effect of
change in accounting
principle (2,637) (3,111)
Cumulative effect of change in accounting
principle,
net of income tax benefit
of $6,467 (11,785) (11,785)
-------- --------
Net income (loss) $(14,422) $(14,896)
======== ========
April 1, 2003 to February 5, 2004
-----------------------------------------
Previously Revenue Cooperative As
Reported Recognition Trade Restated
Expense
Reclass
------------------------------------------
REVENUES:
Net sales $ 68,726 $ 1,930 $ (2,587)$68,069
Other revenues - related
parties 333 - - 333
--------- ----------- ---------- -------
Total revenues 69,059 1,930 (2,587) 68,402
COST OF SALES:
Cost of sales 26,254 601 - 26,855
--------- ----------- ---------- -------
Gross profit 42,805 1,329 (2,587) 41,547
--------- ----------- ---------- -------
OPERATING EXPENSES:
Advertising and promotion 12,601 47 (2,587) 10,061
General and administrative 12,068 - - 12,068
Depreciation 247 - - 247
Amortization of intangible
assets 4,251 - - 4,251
Loss on forgiveness of
related party receivable 1,404 1,404
-------------------------------- -------
Total operating expenses 30,571 47 (2,587) 28,031
--------- ----------- ---------- -------
Operating income 12,234 1,282 - 13,516
--------- ----------- ---------- -------
OTHER INCOME (EXPENSE):
Interest income 38 - - 38
Interest expense (8,195) - - (8,195)
--------- ----------- ---------- -------
Total other income
(expense) (8,157) - - (8,157)
--------- ----------- ---------- -------
Income before income
taxes 4,077 1,282 - 5,359
Provision for income taxes (1,684) (530) - (2,214)
--------- ----------- ---------- -------
Net Income $ 2,393 752 - $ 3,145
========== =========== ========== =======
February 6, 2004 to March 31, 2004
-----------------------------------------------
Previously Revenue Cooperative As Restated
Reported Recognition Trade
Expense
Reclass
-----------------------------------------------
REVENUES:
Net sales $ 18,807 $ (1,597)$ (388)$ 16,822
Other revenues -
related parties 54 - - 54
----------- ----------- ---------- -----------
Total revenues 18,861 (1,597) (388) 16,876
COST OF SALES:
Cost of sales 10,023 (672) - 9,351
----------- ----------- ---------- -----------
Gross profit 8,838 (925) (388) 7,525
----------- ----------- ---------- -----------
OPERATING EXPENSES:
Advertising and
promotion 1,689 (34) (388) 1,267
General and
administrative 1,649 - - 1,649
Depreciation 41 - - 41
Amortization of
intangible assets 890 - - 890
---------------------------------- -----------
Total operating
expenses 4,269 (34) (388) 3,847
----------- ----------- ---------- -----------
Operating income 4,569 (891) - 3,678
----------- ----------- ---------- -----------
OTHER INCOME (EXPENSE):
Interest income 10 - - 10
Interest expense (1,735) - - (1,735)
----------- ----------- ---------- -----------
Total other income
(expense) (1,725) - - (1,725)
----------- ----------- ---------- -----------
Income before income
taxes 2,844 (891) - 1,953
Provision for income
taxes (1,054) 330 - (724)
----------- ----------- ---------- -----------
Net Income 1,790 (561) - 1,229
=========== ==========
Cumulative preferred
dividends on Senior
Preferred and Class B
Preferred units (1,390) (1,390)
------- -----------
Net income (loss) available
to members and
common shareholders $ 400 $ (161)
=========== ===========
Net income (loss) per common
share:
Basic $ 0.02 $ (0.01)
=========== ===========
Diluted $ 0.02 $ (0.01)
=========== ===========
Weighted average shares
outstanding:
Basic 26,571,155 24,471,597
=========== ===========
Diluted 26,571,155 24,471,597
=========== ===========
Prestige Brands Holdings, Inc.
Consolidated Balance Sheet
(Dollars in thousands) March 31, 2004
-----------------------
Assets As As Restated
Previously
Reported
----------- -----------
Current assets
Cash $ 3,393 $ 3,393
Accounts receivable 15,732 13,369
Inventories 9,748 10,660
Deferred income tax assets 1,647 1,647
Prepaid expenses and other current assets 234 234
---------- ----------
Total current assets 30,754 29,303
Property and equipment 880 880
Goodwill 55,594 55,781
Intangible assets 236,611 236,611
Other long-term assets 2,783 2,783
---------- ----------
Total Assets $ 326,622 $ 325,358
========== ==========
Liabilities and Members' and Shareholders'
Equity
Current liabilities
Accounts payable $ 5,281 $ 5,281
Accrued liabilities 7,264 6,561
Current portion of long-term debt 2,000 2,000
---------- ----------
Total current liabilities 14,545 13,842
Long-term debt 146,694 146,694
Deferred income tax liabilities 38,874 38,874
---------- ----------
Total liabilities 200,113 199,410
---------- ----------
Members' and Shareholders' Equity
Senior Preferred Units - 22,500 units issued
and outstanding 17,768 17,768
Class B Preferred Units - 106,656 units issued
and outstanding 96,807 96,807
Common Units - 57,901,655 units issued and
outstanding 5,273 5,273
Additional paid-in capital 4,871 4,871
Retained earnings 1,790 1,229
---------- ----------
Total members' and shareholders' equity 126,509 125,948
---------- ----------
Total Liabilities and Members' and
Shareholders' Equity $ 326,622 $ 325,358
========== ==========
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