Saucony, Inc. Reports Third Quarter Fiscal 2004 Results.PEABODY Peabody (pē`bədē, –bädē), city (1990 pop. 47,039), Essex co., NE Mass., a suburb of Boston, on the Danvers River; settled c.1633, inc. as South Danvers 1855, name changed 1868. , Mass. -- --Net income increased 59% to $3.4 million --Net sales increased 32% to $42.3 million --Raises 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 and earnings guidance for the fourth quarter and the fiscal year 2004 Saucony, 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 : SCNYA and SCNYB) today announced financial results for the third quarter ended October October: see month. 1, 2004. Net income increased 59% to $3.4 million in the third quarter of 2004, compared to $2.2 million in the third quarter of 2003. 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 increased to $0.45 per Class A share and $0.49 per Class B share in the third quarter of 2004, compared to diluted earnings per share of $0.32 per Class A share and $0.35 per Class B share for the comparable period in 2003. Net sales for the third quarter increased 32%, to $42.3 million, compared to $32.0 million in the third quarter of 2003. For the nine months ended October 1, 2004, net income increased 53% to $10.7 million, compared to $7.0 million in the comparable period of 2003. Diluted earnings per share increased to $1.43 per Class A share and $1.58 per Class B share, for the nine months ended October 1, 2004, compared to diluted earnings per share of $1.05 per Class A share and $1.15 per Class B share for the comparable period in 2003. Net sales increased 26%, to $133.2 million, in the nine months ended October 1, 2004, compared to $105.5 million in the comparable period of 2003. Net income for the third quarter ended October 1, 2004, included $300,000 of legal fees related to our review of strategic alternatives and related matters. Net income for the third quarter and for the nine months ended October 1, 2004, included approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $415,000 and $775,000 of professional fees, respectively, associated with our assessment of internal controls as required under Section 404 of the Sarbanes-Oxley Act See SOX. . Net income for the third quarter and for the nine months ended October 3, 2003, included a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta benefit of $566,000 recorded in general and administrative expenses as a result of a litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. settlement agreement between the Company and the trustee A user or group of users that has been given access rights to files on a network server. See also TRUSTe. appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. to oversee the 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 of assets of a former customer. John H. Fisher fisher, name of a large North American marten, Martes pennanti. This carnivorous, largely arboreal mammal is found in hardwood forests of Canada, the extreme N United States, and mountain ranges of the W United States. , President and Chief Executive Officer, commented, "It is extremely gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to once again generate strong sales and profit growth, as well as registering our 12th consecutive quarter of meeting or exceeding expectations. Our robust top line performance was primarily driven by strength in our domestic mid-priced cross-over, originals and technical running footwear Footwear consists of garments worn on the feet. It is worn for a variety of reasons, including protection against the environment, hygiene and adornment. Usually, socks and other hosiery are worn between the feet and the footwear, except for sandals and flip flops (thongs). categories. We were also pleased with the growth in our international net sales during the quarter. In addition, our ongoing focus on improving operating efficiencies allowed us to translate (1) To change one language into another; for example, assemblers, compilers and interpreters translate source language into machine language. (2) In computer graphics, to move an image on screen without rotating it. a 32% gain in sales into a 59% increase in net income in the third quarter. As we head into the holiday season we expect our positive momentum to continue and accordingly, have increased business outlook for the fourth quarter." Order Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. Our backlog of open orders at October 1, 2004 scheduled for delivery within the next five months (October 2, 2004 - February February: see month. 25, 2005) increased 7% to $46.6 million, compared to $43.5 million at October 3, 2003. At October 1, 2004, the open order backlog for delivery in the next 12 months increased 7% to $62.9 million, from $58.8 million at October 3, 2003. Mr. Fisher continued, "Our increase in open orders scheduled for delivery over the next five months is due primarily to the growth in our technical running footwear category in both our international and domestic markets and to the impact of a weaker U.S. dollar. Despite strong sales of our mid-priced cross-over and originals footwear products in the quarter ended October 1, 2004, our open orders scheduled for delivery over the next five months for the mid-priced cross-over and originals categories did not meet our expectations at October 1, 2004. However, we expect that our focus in technical footwear and the expansion of our brand reach in cross-over and originals footwear are and will continue to be keys to our effort to meet our 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. growth objectives." Cash, Inventory and Working Capital Mr. Fisher remarked, "Our cash and cash equivalents and 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. investments decreased during the first nine months of fiscal 2004 from our fiscal 2003 year end balances, due in large measure to the payment of regular and special cash dividends, cash expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. for the initial phase of the expansion and renovation of our corporate headquarters and the use of cash to finance our seasonal working capital needs. Our day's sales in accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , defined as the number of average daily net sales in our accounts receivable as of the period end date and calculated by dividing the end of period accounts receivable by the average daily net sales for the period, increased to 54 days at October 1, 2004, compared to 51 days at October 3, 2003. The number of days sales in inventory, defined as the number of average daily cost of sales in our inventory as of the period end date and calculated by dividing the end of period inventory by the average daily cost of sales for the period, increased to 81 days at October 1, 2004, compared to 76 days at October 3, 2003. We made significant progress as our day's sales in inventory at October 1, 2004 decreased by 12 days when compared to our day's sales in inventory at July July: see month. 2, 2004. We remain committed to proactively managing our working capital to achieve greater efficiencies." Net Sales Net sales for the third quarter of 2004 increased 32% to $42.3 million, compared to $32.0 million in the third quarter of 2003. Domestic net sales increased 38% to $31.3 million in the third quarter of 2004, compared to $22.6 million in the third quarter of 2003. Our domestic sales increase in the third quarter of 2004 was due primarily to increased footwear unit volume and, to a lesser extent, increased Hind hind 1. emanating from or pertaining to hindlimb. 2. adult female deer, especially red and other large species. blue hind a hind which has not borne young. apparel unit volume and increased sales at our factory outlet stores An outlet store or factory outlet is a retail store in which manufacturers sell their stock directly to the public through their own branded stores. The stores can be can be brick and mortar or online. . International net sales increased 17%, to $11.0 million in the third quarter of 2004, compared to $9.4 million in the third quarter of 2003. Our international sales increase in the third quarter of 2004 was due primarily to increased footwear unit volume and, to a lesser extent, favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. changes in foreign exchange rates as compared to the third quarter of 2003. Saucony brand footwear and apparel accounted for approximately 81% of total third quarter 2004 net sales, while a combination of Hind apparel and factory outlet stores net sales accounted for the balance. Net sales for the nine months ended October 1, 2004 increased 26% to $133.2 million, compared to $105.5 million in the comparable period in 2003. Domestic net sales increased 29% to $102.7 million, compared to $79.3 million in the comparable period in 2003. Our domestic sales increase in the nine months ended October 1, 2004 was due primarily to increased footwear unit volume and, to a lesser extent, increased sales at our factory outlet stores. International net sales for the nine months ended October 1, 2004 increased 16% to $30.5 million, compared to $26.2 million in the comparable period in 2003. Our international sales increase in the nine months ended October 1, 2004 was due primarily to favorable changes in foreign exchange rates as compared to the comparable period in 2003 and, to a lesser extent, increased footwear unit volume. Saucony brand footwear and apparel account for approximately 85% of net sales during the first nine months of 2004, while a combination of Hind apparel and factory outlet stores net sales account for the balance. Gross Margin The Company's gross margin in the third quarter of fiscal 2004 increased 70 basis points to 41.3%, compared to 40.6% in the third quarter of 2003, due primarily to favorable currency exchange due to the impact of a weaker U.S. dollar against European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. and Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. currencies, higher levels of domestic at once shipments, which carry lower discounts, and improved margins at our factory outlet outlet /out·let/ (-let) a means or route of exit or egress. pelvic outlet the inferior opening of the pelvis. division. Partially offsetting these factors in the third quarter of 2004 were increased footwear unit volume of our mid-priced cross-over footwear sold into the athletic athletic (athlet´ik), adj pertaining to a bodily constitution characterized by a strong, muscular, robust appearance. athletic injuries, n. mall mall: see shopping center. (World-Wide Web) mall - A collection of World-Wide Web documents featuring commercial products and services, usually served by one particualr Internet access provider. , sporting goods Noun 1. sporting goods - sports equipment sold as a commodity commodity, trade good, good - articles of commerce sports equipment - equipment needed to participate in a particular sport and value channel at lower gross margins that include rebates provided to certain Saucony domestic customers and increased inventory reserve provisions for certain slow-moving Adj. 1. slow-moving - moving slowly; "slow-moving cars" slow - not moving quickly; taking a comparatively long time; "a slow walker"; "the slow lane of traffic"; "her steps were slow"; "he was slow in reacting to the news"; "slow but steady growth" Saucony domestic footwear styles. For the first nine months of 2004, gross margin increased 160 basis points to 41.0%, compared to 39.4% in the comparable period of 2003, due primarily to favorable currency exchange due to the impact of a weaker U.S. dollar against European and Canadian currencies, improved margins on Hind brand apparel, due to increased sales of first quality product at higher margin and lower sales of closeout closeout, closure the finalization of a feeding program in a feedlot. The cattle are sold and a balance sheet is struck which includes the costs of feeding and housing or confining them. apparel, higher levels of domestic at once shipments, which carry lower discounts, and improved margins at our factory outlet division. Partially offsetting these factors in 2004 were increased footwear unit volume of our mid-priced cross-over footwear sold into the athletic mall, sporting goods and value channel at lower gross margins that include rebates provided to certain Saucony domestic customers and increased inventory reserve provisions for certain slow-moving Saucony domestic footwear styles. Selling, General and Administrative Expenses Selling, general and administrative expenses as a percentage of net sales decreased to 27.8% in the third quarter of 2004, compared to 29.9% in the third quarter of 2003. In absolute dollars, selling, general and administrative expenses increased 23%, due primarily to increased legal and other professional fees, administrative and selling payroll payroll a list of employees, their salary rates, tax deductions, amounts paid, payroll tax, long service leave entitlements. , operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. associated with the expansion of our factory outlet division, account specific advertising and promotion, variable selling expenses and promotions. Included in general and administrative expenses in the third quarter of 2004 were $415,000 of professional fees associated with our assessment of internal controls as required under Section 404 of the Sarbanes-Oxley Act and $300,000 of legal fees related to our review of strategic alternatives and related matters. Selling expenses as a percentage of net sales in the third quarter of 2004 were 12.4%, compared to 13.7% in the comparable 2003 period, while general and administrative expenses were 15.4% of net sales in the third quarter of 2004, compared to 16.2% in the third quarter of 2003. For the nine months ended October 1, 2004, selling, general and administrative expenses as a percentage of net sales decreased to 27.6%, compared to 28.8% in the comparable period of 2003. In absolute dollars, selling, general and administrative expenses increased 21%, due primarily to increased administrative and selling payroll, increased legal and professional fees, operating expenses associated with our factory outlet division expansion, print media advertising, professional fees, variable selling expenses and account specific advertising and promotion. Included in general and administrative expenses in the nine months ended October 1, 2004 were $775,000 of professional fees associated with our assessment of internal controls as required under Section 404 of the Sarbanes-Oxley Act and $300,000 of legal fees related to our review of strategic alternatives and related matters. General and administrative expenses in the nine months ended October 3, 2003 included a favorable litigation settlement which reduced bad debt expense by $566,000. Selling expenses as a percentage of net sales in the nine months ended October 1, 2004 were 13.2%, compared to 13.5% in the comparable 2003 period, while general and administrative expenses were 14.4% of net sales in the nine months ended October 1, 2004, compared to 15.3% in the comparable period of 2003. Non-Operating Income (Expense) Non-operating income increased in the third quarter of 2004 to $91,000, compared to income of $46,000 in the third quarter of 2003. The increase was due to foreign currency gains of $26,000 in the third quarter of 2004, compared to foreign currency losses of $41,000 in the third quarter of 2003, due primarily to losses on forward foreign currency contracts in the third quarter of 2003 and an increase in interest income in the third quarter of 2004 to $66,000, compared to interest income of $49,000 in the third quarter of 2003, due to higher interest rates earned on our invested cash balances. For the nine months ended October 1, 2004, non-operating income (expense) decreased to an expense of $132,000, compared to income of $243,000 in the comparable period of 2003. The decrease was due to foreign currency exchange losses of $335,000 in the nine months ended October 1, 2004, compared to foreign currency gains of $17,000 in the comparable period of 2003, due primarily to losses on forward foreign currency contracts in the nine months ended October 1, 2004 and recognizing $146,000 of accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. other comprehensive losses from the closing and relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. of our Saucony International administrative office. Net Income Net income for the third quarter of 2004 was $3.4 million, or $0.45 per Class A share and $0.49 per Class B share on a 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. basis, compared to $2.2 million, or $0.32 per Class A share and $0.35 per Class B share on a diluted basis, in the third quarter of 2003. Weighted average common shares and common stock equivalents used to calculate diluted earnings per share for the third quarter of 2004 and 2003 consisted of, 2,521,000 Class A and 4,709,000 Class B shares and 2,521,000 Class A and 3,899,000 Class B shares, respectively. For the nine months ended October 1, 2004, net income was $10.7 million, or $1.43 per Class A share and $1.58 per Class B share on a diluted basis, compared to $7.0 million, or $1.05 per Class A share and $1.15 per Class B share on a diluted basis, for the first nine months of 2003. Weighted average common shares and common stock equivalents used to calculate diluted earnings per share for the first nine months of 2004 and 2003 consisted of, 2,521,000 Class A and 4,524,000 Class B shares and 2,522,000 Class A and 3,808,000 Class B shares, respectively. Net income available to the Company's common stockholders is allocated among our two classes of common stock, Class A Common Stock and Class B Common Stock. The allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as among each class is based upon the two-class method. Under the two-class method, earnings per share for each class of common stock are presented. The two-class presentation method is required as a result of the Company having two classes of common stock with different participation rights in undistributed Adj. 1. undistributed - (of investments) not distributed among a variety of securities undiversified - not diversified earnings. The increase in the weighted average common shares and equivalents in the third quarter of 2004 and for the nine months ended October 1, 2004, as compared to the third quarter of 2003 and the nine months ended October 3, 2003, was due to the issuance of approximately 356,000 Class B common shares pursuant to the exercise of stock options and stock purchase warrants and customary dilutive adjustments in the number of outstanding options to purchase our Class B common stock and the exercise price of such options in connection with the special cash dividend on our common stock announced on February 17, 2004. Mr. Fisher concluded, "We believe that we are on track to post another strong year in fiscal 2004 and to further grow Saucony's position in the marketplace. Our success to date underscores our ongoing commitment to innovation and the highest level of execution and reflects the hard work and dedication of all our employees around the globe. We move forward with a powerful brand, strong balance sheet and a management team focused on capitalizing on the opportunities that lie ahead." Business Outlook The Company is providing certain 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. information in this press release. These statements are based on the Company's current information and expectations, and actual results may differ materially. The Company undertakes no obligation to update this information. Please see the further disclaimer (networking) disclaimer - Statement ritually appended to many Usenet postings (sometimes automatically, by the posting software) reiterating the fact (which should be obvious, but is easily forgotten) that the article reflects its author's opinions and not necessarily those of the in the last paragraph of this release. The following information replaces our previous guidance. Fourth Quarter and Fiscal Year 2004 The Company expects fully diluted earnings per share to range from $0.12 to $0.13 for Class A shares and $0.13 to $0.14 for Class B shares for the fourth quarter of 2004 and to range from $1.53 to $1.54 for Class A shares and $1.68 to $1.69 for Class B shares for the year. The Company expects fourth quarter net sales to range from $33 million to $34 million. The Company expects net sales for the year to range from $166 million to $167 million. The Company expects gross margins of approximately 39% for the fourth quarter and approximately 40.5% for the year. The Company expects selling, general and administration expenses, as a percentage of net sales, to range from 34% to 35% for the fourth quarter and to be approximately 29% for the year. The Company expects selling, general and administration expenses to include costs related to our review of strategic alternatives of approximately $400,000 for the fourth quarter and approximately $700,000 for the year. The Company expects weighted average fully diluted common shares and equivalents to be approximately 2.5 million Class A and 4.7 million Class B shares and 2.5 million Class A and 4.6 million Class B shares, respectively, for the fourth quarter and for the year. Investor Conference Call The Company will provide a web simulcast Simulcast is a portmanteau of "simultaneous broadcast", and refers to programs or events broadcast across more than one medium, or more than one service on the same medium, at the same time. and rebroadcast of its third quarter earnings release conference call. The live broadcast of the Company's quarterly conference call is scheduled for October 27, 2004, beginning at 8:30 a.m. Eastern Time and will be accessible online at www.companyboardroom.com and under the "Investor Relations Investor relations The process by which the corporation communicates with its investors. " section at www.sauconyinc.com. The online replay will be available shortly after the conference call and will continue to be available through October 27, 2005. Saucony, Inc. designs, develops, and markets (i) a broad line of performance-oriented athletic shoes An athletic shoe is a generic name for a shoe designed for sporting and physical activities, and is different in style and build than a dress shoe. Originally known as sporting apparel, today they are known as casual footwear. for adults under the Saucony(R) brand name, (ii) athletic apparel under the Hind(R) brand name and (iii) athletic and workplace shoes shoe n. 1. A durable covering for the human foot, made of leather or similar material with a rigid sole and heel, usually extending no higher than the ankle. 2. A horseshoe. 3. under the Spot-bilt(R) name. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve a number of risks and uncertainties. For this purpose, any statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends," "estimates," and similar expressions are intended to identify forward-looking statements, and all of our statements under "Business Outlook" above are forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. under "Item 7 - Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations - Certain Other Factors that May Affect Future Results" ("Certain Factors") filed by Saucony, Inc. with the Securities and Exchange Commission on April 1, 2004, which Certain Factors discussion is incorporated herein by this reference. In particular, there can be no assurance as to the level of earnings per share, net sales, gross margins, selling, general and administrative expenses, weighted average fully diluted common shares and other operating results that will be achieved by the Company in any period because such items are materially dependent upon the condition of the domestic and world economies, the impact of foreign regulation and the performance of foreign suppliers, competition from third parties and consumer preferences. All forward-looking statements are made only as of the date of this press release. The Company makes no undertaking to update any of these statements.
SAUCONY, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheet
(Unaudited)
(in thousands, except per share amounts)
ASSETS
October 1, January 2,
2004 2004
---- ----
Current assets:
Cash and cash equivalents $11,389 $41,781
Short-term investments 13,814 5,788
Accounts receivable 26,268 19,167
Inventories 23,391 22,421
Prepaid expenses and other current assets 3,346 3,669
-------- --------
Total current assets 78,208 92,826
-------- --------
Property, plant and equipment, net 9,100 6,201
-------- --------
Other assets:
Goodwill 912 912
Deferred charges, net 150 124
Other 109 130
-------- --------
Total other assets 1,171 1,166
-------- --------
Total assets $88,479 $100,193
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of capitalized lease
obligations $ 63 $ --
Accounts payable 6,690 9,259
Accrued expenses and other current liabilities 11,651 9,544
-------- --------
Total current liabilities 18,404 18,803
-------- --------
Long-term obligations:
Capitalized lease obligations, net of current
portion 156 --
Deferred income taxes 2,208 2,016
-------- --------
Total long-term obligations 2,364 2,016
-------- --------
Minority interest in consolidated subsidiaries 443 320
-------- --------
Stockholders' equity:
Common stock, $.33 1/3 par value 2,179 2,307
Additional paid in capital 16,866 19,010
Retained earnings 47,360 63,655
Accumulated other comprehensive income 863 505
Common stock held in treasury, at cost -- (6,423)
-------- --------
Total 67,268 79,054
-------- --------
Total liabilities and stockholders' equity $88,479 $100,193
======== ========
SAUCONY, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
For the Quarters and Nine Months ended October 1, 2004 and
October 3, 2003
(Unaudited)
(in thousands, except per share amounts)
Nine Nine
Quarter Quarter Months Months
Ended Ended Ended Ended
October October October October
1, 3, 1, 3,
2004 2003 2004 2003
---- ---- ---- ----
Net sales $ 42,266 $ 31,978 $133,214 $105,518
Other revenue 95 94 377 257
-------- -------- -------- --------
Total revenue 42,361 32,072 133,591 105,775
-------- -------- -------- --------
Costs and expenses
Cost of sales 24,797 18,983 78,617 63,899
Selling expenses 5,223 4,396 17,592 14,266
General and
administrative
expenses 6,527 5,172 19,117 16,127
-------- -------- -------- --------
Total costs
and expenses 36,547 28,551 115,326 94,292
-------- -------- -------- --------
Operating income 5,814 3,521 18,265 11,483
Non-operating
income (expense)
Interest income 66 49 192 176
Interest expense -- -- (5) (5)
Foreign
currency 26 (41) (335) 17
Other (1) 38 16 55
-------- -------- -------- --------
Income before
income taxes and
minority interest 5,905 3,567 18,133 11,726
Provision for
income taxes 2,401 1,359 7,289 4,577
Minority interest
in income of
consolidated
subsidiaries 46 29 110 135
-------- -------- -------- --------
Net income $ 3,458 $ 2,179 $ 10,734 $ 7,014
======== ======== ======== ========
Per share amounts:
Earnings per share:
Basic:
Class A
common
stock $ 0.50 $ 0.34 $ 1.57 $ 1.09
======== ======== ======== ========
Class B
common
stock $ 0.55 $ 0.37 $ 1.72 $ 1.20
======== ======== ======== ========
Diluted:
Class A
common
stock $ 0.45 $ 0.32 $ 1.43 $ 1.05
======== ======== ======== ========
Class B
common
stock $ 0.49 $ 0.35 $ 1.58 $ 1.15
======== ======== ======== ========
Weighted average
common shares
and equivalents
outstanding:
Basic:
Class A
common
stock 2,521 2,521 2,521 2,522
-------- -------- -------- --------
Class B
common
stock 4,011 3,603 3,935 3,570
-------- -------- -------- --------
6,532 6,124 6,456 6,092
======== ======== ======== ========
Diluted:
Class A
common
stock 2,521 2,521 2,521 2,522
Class B
common
stock 4,709 3,899 4,524 3,808
-------- -------- -------- --------
7,230 6,420 7,045 6,330
======== ======== ======== ========
Cash dividends
per share of
common stock:
Class A
common
stock $ 0.050 $ 0.040 $ 4.150 $ 0.080
Class B
common
stock $ 0.055 $ 0.044 $ 4.165 $ 0.088
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