The Cooper Companies Reports Fourth Quarter and 2001 Results; Fourth Quarter Revenue Up 17 Percent as Contact Lens Market Share Gains Continue; EPS Up 21 Percent to 76 Cents.Business Editors & Health/Medical Writers LAKE FOREST, Calif.--(BW HealthWire)--Dec. 11, 2001 Fiscal Year Revenue Rises 17 Percent; 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. Increases 22 Percent to $2.44 Estimated First Quarter 2002 Revenue Up 15 to 20 Percent; EPS 54 to 57 Cents The Cooper Companies, Inc. (NYSE NYSE See: New York Stock Exchange :COO (Cell Of Origin) See mobile positioning. ) today reported results for its fourth fiscal quarter and year ended October 31, 2001. -- Fourth quarter revenue $66 million, 17 percent above fourth quarter 2000. Annual revenue $234.6 million, 17 percent above 2000. (Revenue for all periods includes reimbursed freight expenses In accounting, the concept of a freight expense account can be generalized as a payment for sending out a product to a customer. It falls under the umbrella category of Expenses and is treated like other expense accounts in relation to the accounting equation. to reflect adoption of Emerging Issues Task Force Issue No. 00-10, Accounting for Shipping and Handling Costs.) -- Fourth quarter EPS 76 cents, up 21 percent. Fiscal year EPS $2.44, up 22 percent. -- Fourth quarter cash flow (pretax income from continuing operations plus depreciation and amortization) per share $1.28, up 19 percent from $1.08 in fourth quarter 2000; Fiscal 2001 up 18 percent to $4.14. Commenting on these results, Chief Executive Officer A. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs Bender said: "Despite weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. economies throughout the world, The
Cooper Companies had another strong year, continuing the consistent
performance it has delivered since 1995. CooperVision, our contact lens contact lens, thin plastic lens worn between the eye and eyelid that may be used instead of eyeglasses. Actors, models, and others wear them for appearance, and athletes use them for safety and convenience. business, improved its market position 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 in all
the markets outside the United States where it competes. CooperSurgical
continued to execute successfully its strategy of consolidating the
women's healthcare medical device market."For fiscal 2002, we expect revenue of about $265 to $275 million, and earnings per share ranging from $3.00 to $3.05, including an improvement of about 20 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. because, as a result of our adopting a new accounting principle, we will not amortize amortize To write off gradually and systematically a given amount of money within a specific number of time periods. For example, an accountant amortizes the cost of a long-term asset by deducting a portion of that cost against income in each period. goodwill after 2001. In the first quarter of 2002, I expect revenue to grow 15 to 20 percent year over year with earnings per share in the range of 54 to 57 cents. "In 2002, I anticipate that CooperVision (CVI CVI C (Language) Virtual Instrument CVI Clinical and Vaccine Immunology (journal) CVI Chronic Venous Insufficiency CVI Coastal Vulnerability Index CVI Canaan Valley Institute ) will generate mid-teen percentage growth in its worldwide core contact lens revenue. I expect continued strong specialty lens sales in the U.S. and strong international performance, especially in Europe and Japan, aided by several successful new product introductions. "CooperSurgical (CSI CSI Crime Scene Investigator CSI CompuServe, Inc. CSI Commodity Systems, Inc. CSI Commodity Systems Inc. (Boca Raton, FL) CSI Crime Scene Investigation (CBS TV show) CSI Christian Schools International ), our women's healthcare business, continues to strengthen its franchise, adding six new product lines through acquisition and marketing and technology alliances in the past 12 months. CSI revenue is now running at an annual rate approaching $70 million and I believe that we are on track to reach our goal of $100 million within the next two or three years. For 2002, I expect that CSI revenue will be between $68 and $72 million."
Business Unit P&L Highlights ($'s in millions)
Three Months Ended October 31,
Revenue(a) Operating Income
% % %Revenue %Revenue
2001 2000 Inc. 2001 2000 Inc. 2001 2000
CVI $49.7 $43.1 15% $15.8 $14.2 12% 32% 33%
CSI 16.3 13.2 24% 3.4 1.6 109% 21% 12%
Subtotal 66.0 56.3 17% 19.2 15.8 22% 29% 28%
HQ Expense - - - (1.7) (1.6) - - -
TOTAL $66.0 $56.3 17% $17.5 $14.2 23% 26% 25%
Twelve Months Ended October 31,
Revenue(a) Operating Income
% % %Revenue %Revenue
2001 2000 Inc. 2001 2000 Inc. 2001 2000
CVI $176.1 $154.8 14% $51.4 $47.3 9% 29% 31%
CSI 58.5 46.4 26% 10.1 6.3 61% 17% 14%
Subtotal 234.6 201.2 17% 61.5 53.6 15% 26% 27%
HQ Expense - - - (6.7) (6.7) - - -
TOTAL $234.6 $201.2 17% $54.8 $46.9 17% 23% 23%
(a) Revenue for all periods includes reimbursed freight expenses to
reflect adoption of Emerging Issues Task Force Issue No. 00-10,
Accounting for Shipping and Handling Costs.
Fourth Fiscal Quarter Operating Highlights
CooperVision
COOPERVISION REVENUE ANALYSIS
($'s in millions)
Segment 4th Quarter % % Change from FY 2001 % % Change
2001 Total 4th Quarter 2000 Total from FY 2000
U.S. $31.0 62% 10% $110.9 63% 10%
O.U.S.(b) 17.5 35% 22% 62.3 35% 25%
Core
Business 48.5 97% 14% 173.2 98% 15%
OEM(c) 1.2 3% 76% 2.9 2% (34%)
Total $49.7 100% 15% $176.1 100% 14%
(b) Outside the United States
(c) Original Equipment Manufacturer sales to other contact lens
providers
CVI's worldwide core contact lens business -- all revenue except lower margin OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and sales -- grew 14 percent in the quarter. For the fiscal year, core revenue was up 15 percent -- 17 percent in constant currency -- about three times the estimated world market growth. CVI estimates that its market share grew about 1 point this year to 6.3 percent of the $2.9 billion worldwide contact lens market, approximately twice its 1997 share. In the U.S., CVI's core revenue grew 10 percent in the fourth quarter and 10 percent for the fiscal year. Outside the U.S., core revenue grew 22 percent for the quarter. For the fiscal year, core revenue outside the U.S. increased 25 percent -- 30 percent in constant currency. Worldwide revenue for CVI's toric tor·ic adj. Of, relating to, or shaped like a torus or part of a torus. contact lenses contact lenses contact npl → verres mpl de contact contact lenses contact npl → Kontaktlinsen pl contact lenses npl , prescribed pre·scribe v. pre·scribed, pre·scrib·ing, pre·scribes v.tr. 1. To set down as a rule or guide; enjoin. See Synonyms at dictate. 2. To order the use of (a medicine or other treatment). to correct astigmatism astigmatism (əstĭg`mətĭz'əm), type of faulty vision caused by a nonuniform curvature in the refractive surfaces—usually the cornea, less frequently the lens—of the eye. , increased 14 percent during the quarter and 13 percent for the year. Torics represent about 45 percent of CVI's worldwide revenue. CVI's worldwide revenue in the largest segment of this market, disposable-planned replacement (DPR DPR Department (al) Performance Report DPR Decreto del Presidente della Repubblica (Italian Republic presidential decree) DPR Department of Pesticide Regulation (California) ) toric lenses, grew 25 percent over last year's fourth quarter, and 23 percent during fiscal 2001. CVI's worldwide sales of DPR sphere and toric products grew 22 percent during the quarter and are 21 percent ahead of last year. They now account for 80 percent of CVI's worldwide business. U.S. revenue for these products grew 17 percent in the quarter and 16 percent for the fiscal year. Rohto Pharmaceuticals, CVI's partner in Japan, introduced CVI's quarterly planned replacement line of sphere and toric lenses in July. Rohto has submitted clinical data for CVI's line of two-week disposable sphere, toric and aspheric a·spher·ic also a·spher·i·cal adj. Varying slightly from sphericity and having only slight aberration, as a lens. Adj. 1. lenses to regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . They expect to market these products in the second half of 2002. European revenue growth, excluding OEM business, remained robust -- ahead 26 percent for the quarter and 32 percent for the full year. Cosmetic cosmetic /cos·met·ic/ (koz-met´ik) 1. pertaining to cosmesis. 2. a beautifying substance or preparation. cos·met·ic n. lenses CVI's line of cosmetic lenses, Expressions(TM) in the United States and Frequency(R) Colors in overseas markets, continues to be well accepted by practitioners and patients. Production is now in place to meet anticipated demand around the world, which is expected to result in an annual run rate approaching $20 million by the end of 2002. The cosmetic lens market -- opaque and color enhancing lenses that change the appearance of the eye's natural color -- is the second largest specialty lens market segment behind toric lenses. CVI estimates the worldwide revenue for all cosmetic lenses at about $250 million with the United States representing about 70 percent of the total. Disposable cosmetic lenses, the segment in which Frequency Colors and Expressions compete, generate about $150 million worldwide. "An important target market for cosmetic lenses," said Bender, "is the large pool of current wearers of sphere lenses who could purchase several pairs of cosmetic lenses to enhance the appearance of their eyes and to complement their wardrobes." Lens wearers who trade up to specialty products, either cosmetic or toric lenses, receive added visual benefits, and contact lens practitioners can build their practices by recommending them. CVI's line of cosmetic lenses are interchangeable in·ter·change·a·ble adj. That can be interchanged: interchangeable items of clothing; interchangeable automotive parts. in with the leading brands of disposable spheres so practitioners will not have to refit current wearers who want cosmetic lenses. In the second half of calendar 2002, CVI plans to launch Frequency Enhancements, a tinted tint n. 1. A shade of a color, especially a pale or delicate variation. 2. A gradation of a color made by adding white to it to lessen its saturation. 3. A slight coloration; a tinge. 4. color product that enhances the natural color of the eye without totally changing its appearance. "Recent market research," said Bender, "tells us that fewer than 15 percent of women -- 70 percent of the market -- are wearing disposable lenses to enhance the cosmetic beauty of their eyes. This represents a large, untapped opportunity." New Product Update CVI continues to address underserved market niches of the contact lens market around the world. In the fourth quarter, CVI introduced Frequency Multifocal multifocal /mul·ti·fo·cal/ (mul?te-fo´k'l) arising from or pertaining to many foci. mul·ti·fo·cal adj. Relating to or arising from many foci. , its high performance monthly planned replacement multifocal lens multifocal lens n. A lens with segments providing two or more powers. in the United States. A full launch is expected by mid 2002. "Multifocal lenses," said Bender, "are an important niche in the U.S. contact lens market, and we believe that Frequency Multifocal will be successful in this specialty lens area." In November, CVI introduced Frequency Toric XR, the only monthly disposable planned replacement lens available in the United States for astigmatic a·stig·ma·tism n. A visual defect in which the unequal curvature of one or more refractive surfaces of the eye, usually the cornea, prevents light rays from focusing clearly at one point on the retina, resulting in blurred vision. patients requiring complex vision correction. Independent Market Research Data Appendix 1 below summarizes third calendar quarter 2001 independent market research for the contact lens market compared with CVI's third calendar quarter and calendar 9-month performance. Commenting on these results Bender said: "Although new patient visits for contact lenses in the U.S. declined 3 percent year over year in the third calendar quarter, they improved over the second quarter. Through three calendar quarters, new visits grew 3 percent while total visits declined 2 percent. "Although manufacturers' revenue for DPR sphere lenses declined from last year, toric lenses, especially the DPR brands, continued to grow. This is consistent with the market's ongoing trend away from commodity lenses toward specialty lenses. "CVI revenue continues to grow significantly faster than the market, gaining 1 share point in the overall U.S. market and 2 share points in the U.S. toric market during the first nine calendar months of 2001." CVI Cost of Sales CVI's gross margin for the fourth quarter was 70 percent compared with 66 percent in the third quarter. This improvement was primarily due to a revenue mix shift to higher margin products and a reduction in manufacturing costs during this quarter compared with last quarter. For the full year, CVI gross margin was 69 percent. For 2002, CVI expects gross margins in the range of 67 to 68 percent as distributors in Japan, France and Germany are expected to generate a higher percentage of CVI's total revenue. Operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: , however, are not expected to decline, primarily because the distributors, not CVI, are responsible for marketing costs in their territories. CooperSurgical CSI, the Company's women's healthcare business, continued to execute successfully its strategy of consolidating the women's healthcare medical device market and supplying Ob/Gyns with products to support the widening range of disorders that they are now diagnosing and treating. In the past 12 months, CSI added six new product lines to its business through acquisition and marketing and technology alliances. These include products to help diagnose diagnose /di·ag·nose/ (di´ag-nos) to identify or recognize a disease. di·ag·nose v. 1. To distinguish or identify a disease by diagnosis. 2. osteoporosis osteoporosis (ŏs'tēō'pərō`sĭs), disorder in which the normal replenishment of old bone tissue is severely disrupted, resulting in weakened bones and increased risk of fracture; osteopenia and cervical cancer Cervical Cancer Definition Cervical cancer is a disease in which the cells of the cervix become abnormal and start to grow uncontrollably, forming tumors. and the cause of incontinence incontinence Inability to control excretion. Starting and stopping urination relies on normal function in pelvic and abdominal muscles, diaphragm, and control nerves. Babies' nervous systems are too immature for urinary control. Later incontinence may reflect disorders (e.g. , all rapidly growing market segments driven by demographic growth in the 45-64 year age range. CSI fourth quarter revenue increased 24 percent to $16.3 million and for the fiscal year was up 26 percent to $58.5 million. CSI's organic growth from existing products was 10 percent in the fourth quarter of 2001 and 10 percent for the fiscal year. Operating margins reached 21 percent during the quarter, and are 17 percent for the fiscal year compared with 14 percent in 2000. "At CSI," said Bender, "we continue to target the completion of one or two acquisitions each year and expect to achieve low double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" organic growth annually." Tax Rate The Company's effective tax rate (ETR ETR Estimated Time of Return/Repair ETR Early to Rise (health e-zine) ETR Effective Tax Rate Etr Etruscan (linguistics) ETR Eastern Test Range ETR Express Toll Route ) (income tax expense divided by pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. ) was 30 percent for the quarter and 29 percent for fiscal 2001. Cooper expects that its ETR for 2002 will be less than 30 percent. Earnings per Share All per share amounts mentioned in this report refer to 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. per share amounts. Conference Call The Cooper Companies will hold a conference call to discuss its fourth quarter results today at 2 p.m., Pacific Standard Time. To access the live call, dial 1-800-231-9012. A replay will be available at 1-888-203-1112 approximately one hour after the call ends and remain available for five days. The access code for both calls is 471398. This call will also be broadcast live on The Cooper Companies' Web site, www.coopercos.com and at www.bestcalls.com and www.streetevents.com. 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. Some of the information included in this news release contains "forward-looking statements" as defined by 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 include all statements regarding anticipated growth in our revenue, anticipated market conditions and results of operations. To identify forward-looking statements look for words like "believes," "expects," "may," "will," "should," "seeks," "intends," "plans," "estimates" or "anticipates" and similar words or phrases. Discussions of strategy, plans or intentions often contain forward-looking statements. These, and all forward-looking statements, necessarily depend on assumptions, data or methods that may be incorrect or imprecise im·pre·cise adj. Not precise. im  pre·cisely adv. .Events, among others, that could cause actual results and future actions to differ materially from those described in forward-looking statements include major changes in business conditions, a major disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. in the operations of our manufacturing facilities, new competitors or technologies, the impact of an undetected virus on our computer systems, acquisition integration delays or costs, foreign currency exchange exposure, investments in research and development and other start-up projects, dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. to earnings per share from acquisitions or issuing stock, regulatory issues, significant environmental cleanup The process of removing solid, liquid, and hazardous wastes, except for unexploded ordnance, resulting from the joint operation of US forces to a condition that approaches the one existing prior to operation as determined by the environmental baseline survey, if one was conducted. costs above those already accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. , 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. costs including any related settlements, cost of business divestitures, the requirement to provide for a significant liability or to write off a significant asset, changes in accounting principles or estimates, and other factors described in our Securities and Exchange Commission filings, including the "Business" section in our Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended October 31, 2000. We caution investors that forward-looking statements reflect our analysis only on their stated date. 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 intent to update them except as required by law. Corporate Information The Cooper Companies, Inc. and its subsidiaries develop, manufacture and market specialty healthcare products. Corporate offices are located in Lake Forest and Pleasanton, Calif. A toll free interactive telephone system at 1-800-334-1986 provides stock quotes, recent press releases and financial data. The Cooper Companies' World Wide Web address is www.coopercos.com. CooperVision, Inc., markets a broad range of contact lenses for the vision care market. Headquartered in Lake Forest, Calif., it manufactures in Huntington Beach Huntington Beach, city (1990 pop. 181,519), Orange co., S Calif., on the Pacific coast, across from Santa Catalina Island, in an oil-producing area; inc. 1909. It manufactures aerospace vehicles, aircraft parts, optical instruments, and heat transfer equipment. , Calif., Rochester, N.Y., Hamble, England, Helsinki and Toronto. Its Web address is www.coopervision.com. CooperSurgical, Inc., with operations in Trumbull and Shelton, Conn., Hollywood, Fla., Malmo, Sweden, Montreal and Berlin, markets diagnostic products, surgical instruments A surgical instrument is a specially designed tool or device for performing specific actions of carrying out desired effects during a surgery or operation, such as modifying biological tissue, or to provide access or viewing it. and accessories for the gynecological gynecological /gy·ne·co·log·i·cal/ (-kah-loj´i-k'l) gynecologic. market. Its Web address is www.coopersurgical.com.
Appendix 1
3rd Quarter Calendar 2001 and Calendar Year to Date
Cooper Vision U.S. vs. U.S. Market Indicators
Product Category % Change % Change % Change % Change % Change
CVI U.S. CVI U.S. U.S. Total New
3rd QUARTER 2001 Revenue Market Contact Lens Contact Contact
Share Manufacturers' Lens Lens
Revenue Prac- Prac-
titioner titioner
Visits Visits
All Contact Lenses +17 +1.5 -2 -7 -3
All Toric Lenses +17 +3.5 +5 +1 +1
DPR Toric Lenses +18 +2 +12 N/A N/A
DPR Spherical Lenses +21 +1 -3 N/A N/A
All DPR Lenses +19 +1.5 -1 N/A N/A
9 MONTHS 2001
All Contact Lenses +12 +1 -2 -2 +3
All Toric Lenses +11 +2 +4 +7 +9
DPR Toric Lenses +15 N/C +15 N/A N/A
DPR Spherical Lenses +22 +1 -2 N/A N/A
All DPR Lenses +18 +1 Flat N/A N/A
(FINANCIAL STATEMENTS FOLLOW)
THE COOPER COMPANIES, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Income
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Years Ended
October 31, October 31,
2001 2000 2001 2000
Net sales $ 66,049 $ 56,306 $234,572 $201,217
Cost of sales 22,365 18,635 81,204 68,100
Gross profit 43,684 37,671 153,368 133,117
Selling, general and
administrative
expense 24,084 21,693 89,770 79,324
Research and
development expense 822 684 3,658 2,711
Amortization of
intangibles 1,316 1,091 5,182 4,213
Operating income 17,462 14,203 54,758 46,869
Interest expense 924 931 3,738 4,744
Settlement of dispute - - - 653
Other income, net 200 182 1,108 655
Income before income
taxes and cumulative
effect of change in
accounting principle 16,738 13,454 52,128 42,127
Provision for income
taxes 4,982 4,305 14,992 12,727
Income before
cumulative effect of
change in accounting
principle 11,756 9,149 37,136 29,400
Cumulative effect of
change in accounting
principle - - - (432)
Net income $ 11,756 $ 9,149 $ 37,136 $ 28,968
Diluted earnings
per share:
Income before
cumulative effect
of change in
accounting
principle $ 0.76 $ 0.63 $ 2.44 $ 2.03
Cumulative effect
of change in
accounting
principles - - - (0.03)
Earnings per share $ 0.76 $ 0.63 $ 2.44 $ 2.00
Number of shares
used to compute
earnings per share 15,536 14,618 15,246 14,510
Memo:
Cash flow (pretax
income from
continuing
operations plus
depreciation and
amortization) per
diluted share $ 1.28 $ 1.08 $ 4.14 $ 3.51
Components of
diluted earnings
per share from
income before
cumulative effect
of change in
accounting
principle:
Ongoing operations $ 0.76 $ 0.63 $ 2.44 $ 2.00
Tax credits - - 0.07 0.08
Other one-time
events, net - - (0.07) (0.05)
Earnings per share
from income before
cumulative effect
of change in
accounting
principle $ 0.76 $ 0.63 $ 2.44 $ 2.03
THE COOPER COMPANIES, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(In thousands)
(Unaudited)
October 31,
2001 2000
ASSETS
Current assets:
Cash and cash equivalents $ 12,928 $ 14,608
Trade receivables, net 55,318 33,058
Marketable securities 7,982 -
Inventories 51,153 38,219
Deferred tax asset 17,308 17,800
Other current assets 10,516 9,000
Total current assets 155,205 112,685
Property, plant and equipment, net 61,028 47,933
Intangibles, net 145,622 110,854
Deferred tax asset 31,246 42,979
Other assets 3,748 8,114
$396,849 $322,565
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt $ 8,249 $ 8,094
Other current liabilities 59,724 57,181
Total current liabilities 67,973 65,275
Long-term debt 60,553 40,257
Other liabilities 12,039 18,595
Total liabilities 140,565 124,127
Stockholders' equity 256,284 198,438
$396,849 $322,565
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