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United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 10-K
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ANNUAL REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended
March 31, 2005
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or
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TRANSITION REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For transition period
from to
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COMMISSION FILE NUMBER 0-5734
AGILYSYS, INC.
(Exact name of registrant as specified in its
charter)
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OHIO
(State or other jurisdiction of
incorporation or organization)
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34-0907152
(I.R.S. employer identification number)
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6065 Parkland
Boulevard,
Mayfield Heights, Ohio
(Address of principal executive offices)
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44124
(Zip Code)
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Registrant’s telephone number, including
area code: (440) 720-8500
Securities traded pursuant to Section 12(b) of
the Act: None
Securities registered pursuant to Section 12(g)
of the Act:
Common Shares, without par value
Common Share Purchase Rights
Indicate by check mark
whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing
requirements for the past
90 days. Yes x No o
Indicate by check mark if
disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K is not contained herein and will not be
contained, to the best of Registrant’s knowledge, in the
definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K Annual Report
or any amendment to this
Form 10-K. o
Indicate by check mark
whether the registrant is an accelerated filer (as defined in
Rule 12b-2 of the Exchange
Act). Yes x No o
The aggregate market
value of Common Shares held by non-affiliates as of
September 30, 2004 (the last business day of the
registrant’s most recently completed second fiscal quarter)
was $479,229,575 computed on the basis of the last reported sale
price per share ($17.29) of such shares on the NASDAQ National
Market.
As of June 24, 2005,
the Registrant had the following number of Common Shares
outstanding: 30,418,714
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the
Registrant’s definitive Proxy Statement to be used in
connection with its Annual Meeting of Shareholders to be held on
July 28, 2005 are incorporated by reference into
Part III of this Form 10-K.
Except as otherwise
stated, the information contained in this Annual Report on
Form 10-K is as of March 31, 2005.
AGILYSYS, INC.
ANNUAL REPORT ON FORM 10-K
Year Ended March 31, 2005
TABLE OF CONTENTS
1
Part I
Item 1. Business.
Reference herein to any particular year or
quarter generally refers to the company’s fiscal year
periods ended March 31. For example, 2005 refers to the fiscal
year ended March 31, 2005.
Overview
Agilysys, Inc. (the “company” or
“Agilysys”) is a leading distributor and premier
reseller of enterprise computer technology solutions. Enterprise
computer technology solutions are an important part of the
information technology (“IT”) of medium to large
corporations and have a significant influence on the performance
and efficiency of those organizations. Agilysys offers
technology solutions to address strategic business needs of
these end-users through the distribution and reselling of
complex servers and storage hardware, software and services.
Agilysys strives to be the preferred strategic
link between its suppliers and customers by providing
differentiated value that is rewarded. The company’s role
is to provide customers with solutions to integrate their
systems, improve the efficiency of their business and solve
information technology challenges. Headquartered in Mayfield
Heights, Ohio, the company has sales offices throughout North
America and maintains strategic investments in the United States
and Europe.
During 2004, the company completed two
acquisitions, enhancing its core enterprise computer solutions
business. Agilysys now provides its customers software
applications and services focused on the retail and hospitality
markets.
History and Significant
Events
Agilysys was organized as an Ohio corporation in
1963. While originally focused on electronic components
distribution, the company grew to become a leading distributor
in both electronic components and enterprise computer systems
products and solutions.
Prior to February 2003, the company was
structured into two divisions, which were classified into two
reportable operating segments, the Computer Systems Division
(“CSD”), which focused on the distribution and
reselling of enterprise computer systems products and solutions,
and the Industrial Electronics Division (“IED”), which
focused on the distribution of electronic components. Each
division represented, on average, approximately one-half of the
company’s total revenues. The company’s third
reportable segment contained corporate costs and the results of
operations of Aprisa, Inc., the company’s majority-owned
software business, which focused on creating software for the
electronic components market. On February 28, 2003, the
company completed the sale of substantially all of the assets
and liabilities of IED for $240 million, of which
$13 million and $227 million were collected in 2004
and 2003, respectively. The company also announced its strategic
transformation to focus solely on its enterprise computer
solutions business and, as a result, became one reportable
business segment. The proceeds from the sale have increased the
company’s financial flexibility and have been used to
reduce debt and fund growth of the company’s enterprise
computer solutions business, both organically and through
acquisition. As a result of the sale, the company’s
financial statements for 2003 have been restated to reflect the
assets and liabilities and the operating results of IED as
discontinued operations.
In September 2003, shareholders of the former
Pioneer-Standard Electronics, Inc. approved an amendment to the
company’s amended Articles of Incorporation to change the
name of the company from Pioneer-Standard Electronics, Inc. to
Agilysys, Inc. Following the approval of the name change, the
company launched a new identity branding campaign, positioning
the Agilysys name with employees, customers, suppliers,
shareholders and industry analysts.
On September 30, 2003, Agilysys completed
the first of two acquisitions in 2004. The company acquired
Kyrus Corporation, an IBM® Master Distributor and Premier
Business Partner in retail sales solutions. The purchase price
was $29.6 million, which was funded by cash. With this
acquisition, Agilysys is the leading provider of IBM retail
solutions and services, across four major market segments:
supermarket, chain drug, general retail and hospitality.
Agilysys now offers a wide range of services and solutions
nationwide, including hardware and software products and
extensive professional services that ensure
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continuous retail operations. Professional
services include technology consulting, software customization,
staging, implementation, hardware and software maintenance and
24/7 support service capabilities. Agilysys also makes these
products and services available to its existing partners and
customers.
On February 18, 2004, Agilysys completed its
second 2004 acquisition. The company acquired substantially all
of the assets of Inter-American Data, Inc. (“IAD”).
The purchase price was $38.0 million, and was funded by
cash. As with the Kyrus acquisition, the addition of IAD opened
up a new market, broadened the company’s customer base, and
increased its services and product offerings. With this
acquisition Agilysys is the leading developer and provider of
technology solutions for property and inventory management in
the casino and destination resort segments of the hospitality
industry in the United States. Most of the major casinos and
many of the largest resorts use Agilysys to design, implement
and support their property management systems (“PMS”)
for the hotel front office, management accounting, customer
service and housekeeping functions.
Lodging Management Systems (“LMS”) by
Agilysys is the hospitality industry’s leading property
management software solution. Designed specifically to meet the
unique needs of the hospitality industry, the comprehensive
solution automates every aspect of hotel operations, allowing
properties to provide a higher level of service more efficiently
and more cost-effectively.
Agilysys supplements its LMS offering with a
Materials Management System (“MMS”) that enables the
tracking and replenishment of food, beverage and other
perishable and non-perishable inventory. In addition to gaming
customers, the market for the MMS products includes restaurant
chains and public arenas.
With the acquisition of IAD, the company also
develops and markets proprietary document management solutions,
DataMagine, with a focus on the hospitality, health care, retail
and government markets. DataMagine enables the capture, storage,
control, manipulation and distribution of scanned and
electronically originated images.
On May 31, 2005, the company acquired The
CTS Corporations (“CTS”), a leading, independent
services organization, specializing in information technology
storage solutions for large and medium-sized corporate customers
and public-sector clients. CTS has annual revenues of
approximately $35 million and, based on the timing of the
close of the transaction, is expected to contribute
approximately $30 million to 2006 revenues. The purchase
price was $27.5 million, which included $2.6 million
in assumed debt, and was funded by cash. In addition, the
company will pay an earn-out to CTS shareholders based on the
acquired business achieving specific financial performance
targets. The addition of CTS enhances the company’s
offering of comprehensive storage solutions.
Industry
The worldwide IT products and services industry
generally consists of (1) manufacturers and suppliers which
sell directly to distributors, resellers and end-users,
(2) distributors, which sell to resellers and,
(3) resellers, which sell directly to end-users.
A variety of reseller categories exist, including
value-added resellers (“VARs”), corporate resellers,
systems integrators, original equipment manufacturers
(“OEMs”), direct marketers and independent dealers.
The large number of resellers makes it cost-efficient for
suppliers to rely on a small number of distributors to serve
this diverse customer base. Similarly, due to the large number
of suppliers and products, resellers often cannot or choose not
to establish direct purchasing relationships. As a result, many
of these resellers are heavily dependent on distribution
partners, such as Agilysys, that possess the necessary systems
infrastructure, capital, inventory availability, and
distribution and integration facilities to provide fulfillment
and other services, such as financing, logistics, marketing and
technical support. These services allow resellers to reduce or
eliminate their inventory and warehouse requirements, and reduce
their staffing needs for marketing and systems integration,
thereby reducing their costs.
Enterprise computer products distribution
continues to perform a vital role in delivering IT products to
market in an efficient, cost-effective manner. Manufacturers are
pursuing strategies to outsource functions such as logistics,
order management and technical support to supply chain partners
as they look to minimize costs and investments in pre- and
post-sales support and focus on their core competencies.
Distribution plays an important role in this
outsource strategy by allowing the manufacturers to decrease
variable costs as the distributors deliver a streamlined
approach to an extended customer base through their technically
skilled sales organization. The company also believes that
suppliers will continue to embrace the
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distribution channel for enterprise computer
solutions in order to maintain sales, marketing and technical
expertise in key markets such as the mid-market sector through
distribution and the extended reseller network. The economies of
scale and reach of large industry-leading enterprise computer
solutions providers are expected to continue to be significant
competitive advantages in this marketplace.
Fiscal 2005 results were favorably impacted by
aggressive marketing by Agilysys of hardware, software and
services, combined with improving U.S. capital spending in
information technology. According to information published in
March 2005 by IDC, a leading provider of technology intelligence
and market data, U.S. IT spending is projected to grow at
approximately 5 to 6 percent in 2006. Since Agilysys
is well entrenched in the server, storage and software markets,
the company expects to benefit from the projected growth in the
overall industry. However, a slowdown in this market could have
a negative effect on the company’s revenues and results of
operations.
Products and Services Distributed and
Sources of Supply
Agilysys focuses on the distribution and
reselling of three specific product areas — server and
storage hardware, software and services. The company offers
mid-range enterprise servers, comprehensive storage solutions
including hardware and software, and database, Internet and
systems management software. These products are packaged
together as new systems or to enhance existing systems,
depending on the customer’s needs. The company also resells
supplier-provided services and sells its own proprietary
services.
Through its acquisition of Kyrus, Agilysys offers
specific retail hardware and software products and extensive
professional services that ensure continuous retail operations.
The professional services include technology consulting,
software customization, staging, implementation, hardware and
software maintenance and 24/7 support service capabilities.
Through its acquisition of IAD, Agilysys offers technology
solutions consisting of hardware, software and services for
property and inventory management within the hospitality
industry. The offerings include Agilysys proprietary MMS and LMS
software applications. Also, as a result of this acquisition,
the company offers proprietary document management software
solutions.
The company sells products supplied by five
primary suppliers. During 2005, 2004 and 2003, products
purchased from the company’s two largest suppliers
accounted for 88%, 88% and 83%, respectively, of the
company’s sales volume. The company’s largest
supplier, IBM, supplied 72%, 72% and 63% of the company’s
sales volumes in 2005, 2004 and 2003, respectively. Sales of HP
products accounted for 16%, 16% and 20% in 2005, 2004 and 2003,
respectively.
The loss of either of the top two suppliers or a
combination of certain other suppliers could have a material
adverse effect on the company’s business, results of
operations and financial condition unless alternative products
manufactured by others are available to the company. In
addition, although the company believes that its relationships
with suppliers are good, there can be no assurance that the
company’s suppliers will continue to supply products on
terms acceptable to the company. Through distributor agreements
with its suppliers, Agilysys is authorized to sell all or some
of the suppliers’ products. The authorization with each
supplier is subject to specific terms and conditions regarding
such items as product return privileges, price protection
policies, purchase discounts and supplier incentive programs
such as sales volume incentives and cooperative advertising
reimbursements. A substantial portion of the company’s
profitability results from these supplier incentive programs.
These incentive programs are at the discretion of the supplier.
From time to time, suppliers may terminate the right of the
company to sell some or all of their products or change these
terms and conditions or reduce or discontinue the incentives or
programs offered. Any such termination or implementation of such
changes could have a material negative impact on the
company’s results of operations.
Inventory
The company maintains certain levels of inventory
in order to ensure that the lead times to its customers remain
competitive. The majority of the products sold by Agilysys are
purchased pursuant to distributor agreements, which generally
provide for inventory return privileges by the company upon
cancellation of a distributor agreement. The distributor
agreements also typically provide protection to the company for
product obsolescence and price erosion. Along with the
company’s inventory management policies and practices,
these provisions reduce the company’s risk of loss due to
slow-moving inventory, supplier price reductions, product
updates or obsolescence.
4
In some cases, the industry practices discussed
above are not embodied in agreements and do not protect the
company in all cases from declines in inventory value. However,
the company believes that these practices provide a significant
level of protection from such declines, although no assurance
can be given that such practices will continue or that they will
adequately protect Agilysys against declines in inventory value.
In addition, the company’s results of operations depend in
part on successful management of the challenges of rapidly
changing technology.
Customers
Agilysys serves customers in most major and
secondary markets of North America. The company’s customer
base includes VARs, which often are privately held with annual
sales that range from approximately $10 million to
$400 million, and corporate end-users, which range from
medium to large corporations, as well as the public sector. A
substantial amount of the company’s business, whether
through resellers or direct to end-users, is in the mid-market
customer segment, which is currently the fastest-growing segment
in the industry. No single customer accounted for more than
10 percent of Agilysys total sales during 2005, 2004, or
2003.
Uneven Sales Patterns and
Seasonality
The company experiences a disproportionately
large percentage of quarterly sales in the last month of its
fiscal quarters. In addition, the company experiences a seasonal
increase in sales during its fiscal third quarter ending in
December. Third quarter sales were 32%, 33% and 32% of annual
revenues for 2005, 2004, and 2003, respectively. Agilysys
believes that this sales pattern is industry-wide. Although the
company is unable to predict whether this uneven sales pattern
will continue over the long term, the company anticipates that
this trend will remain the same in the foreseeable future.
Backlog
The company historically has not had a
significant backlog of orders. There was no significant backlog
at March 31, 2005.
Competition
The distribution and reselling of enterprise
computer technology solutions is competitive, primarily with
respect to price, but also with respect to service levels. The
company faces competition with respect to developing and
maintaining relationships with customers. Agilysys competes for
customers with other distributors and resellers and occasionally
with some of its suppliers. Several of the company’s
largest distribution competitors are significantly larger;
whereas, the company’s reseller competitors are typically
smaller. Also, it is possible that certain suppliers may decide
to distribute products directly, which would further heighten
competitive pressures.
Growth through Acquisitions
With the divestiture of IED and cash generated
through operations, Agilysys has the flexibility to make
acquisitions without immediately increasing leverage or diluting
the holdings of existing shareholders. The company reviews
acquisition prospects that could accelerate the growth of the
business by expanding the company’s customer base,
extending the company’s reach into new markets and/or
broadening the range of solutions offered by the company. The
company’s continued growth depends in part on its ability
to find suitable acquisition candidates and to consummate and
integrate acquisitions. To proceed, the prospect must have an
appropriate valuation based on financial performance relative to
acquisition price. However, acquisitions always present risks
and uncertainties that could have a material adverse impact on
the company’s business and results of operations.
Employees
As of March 31, 2005, Agilysys had 1,386
employees. The company is not a party to any collective
bargaining agreements, has had no strikes or work stoppages and
considers its employee relations to be excellent.
5
Markets
Agilysys sells its products principally in the
United States and Canada. Sales to customers outside of the
United States and Canada are not a significant portion of the
company’s sales.
Access to Information
Agilysys makes its annual reports on
Form 10-K, quarterly reports on Form 10-Q, current
reports on Form 8-K, and any amendments to these reports
available free of charge through its Internet site
(http://www.agilysys.com) as soon as reasonably practicable
after such material is electronically filed with, or furnished
to, the Securities and Exchange Commission (“SEC”).
The information posted on the company’s Internet site is
not incorporated into this Annual Report on Form 10-K. In
addition, the SEC maintains an Internet site
(http://www.sec.gov) that contains reports, proxy and
information statements, and other information regarding issuers
that file electronically with the SEC.
Item 2. Properties.
The company’s principal corporate offices
are located in a 60,450 square foot facility in Mayfield
Heights, Ohio. As of March 31, 2005, the company owned or
leased a total of approximately 803,000 square feet of space for
its continuing operations, of which approximately 703,000 square
feet is devoted to product distribution and sales offices. The
company’s major leases contain renewal options for periods
of up to 10 years. For information concerning the
company’s rental obligations, see the discussion of
contractual obligations under Item 7 as well as note 7
to the consolidated financial statements contained in
Part IV hereof. The company believes that its distribution
and office facilities are well maintained, are suitable and
provide adequate space for the operations of the company.
The company’s facilities of 100,000 square
feet or larger, as of March 31, 2005, are set forth in the
table below.
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Type of | |
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Leased or | |
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facility | |
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square footage | |
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owned | |
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Solon, Ohio
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Distribution |
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224,600 |
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Leased |
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Solon, Ohio
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Office facility |
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102,500 |
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Owned |
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Item 3. Legal
Proceedings.
The company is not a party to any material
pending legal proceedings other than ordinary routine litigation
incidental to its business.
Item 4. Submission
of Matters to a Vote of Security Holders.
No matters were submitted to a vote of the
company’s security holders during the last quarter of the
fiscal year ended March 31, 2005.
Item 4A. Executive
Officers of the Registrant.
The information provided below is furnished
pursuant to Instruction 3 to Item 401(b) of
Regulation S-K. The following table sets forth the name,
age, current position and principal occupation and employment
during the past five years through June 3, 2005 of the
company’s executive officers.
There is no relationship by blood, marriage or
adoption among the listed officers. Mr. Rhein holds office
until terminated as set forth in his employment agreement. All
other executive officers serve until his or her successor is
elected and qualified.
6
Executive Officers of the Registrant
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Current Position |
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Other Positions |
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Arthur Rhein
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Chairman of the Board,
President and Chief Executive Officer of the company since
April 30, 2003.
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President and Chief
Executive Officer of the company from April 2002 to April 2003.
Prior to 2001 to March 31, 2002, President and Chief
Operating Officer.
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Robert J. Bailey
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Executive Vice President
since May 2002.
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Prior to 2001 to May 2002,
Senior Vice President, Marketing of the company’s Computer
Systems Division.
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Peter J. Coleman
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Executive Vice President
since May 2002.
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Prior to 2001 to May 2002,
Senior Vice President, Sales of the company’s Computer
Systems Division.
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Martin F. Ellis
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Executive Vice President,
Treasurer and Chief Financial Officer since June 3, 2005
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Executive Vice President,
Corporate Development and Investor Relations from July 2003 to
June 3, 2005. Prior to July 2003, Senior Vice President,
Principal, and Head of Corporate Finance for Stern
Stewart & Co.
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Edward J. Gaio
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Vice President and
Controller of the company since April 2001.
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Prior to 2001 to April
2001, Controller.
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Richard A. Sayers II
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Executive Vice President,
Chief Human Resources Officer since May 2002.
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Prior to 2001 to May 2002,
Senior Vice President, Corporate Services.
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Kathryn K. Vanderwist
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Vice President, General
Counsel and Assistant Secretary since April 2001.
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Prior to 2001 to April
2001, General Counsel and Assistant Secretary.
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Lawrence N. Schultz
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Secretary of the company
since 1999.
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Prior to 2001 to present,
Partner of the law firm of Calfee, Halter & Griswold
LLP. (1)
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The law firm of Calfee, Halter &
Griswold LLP serves as counsel to the company.
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7
Part II
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| Item 5. |
Market for Registrant’s Common Equity,
Related Shareholder Matters and Issuer Purchases of Equity
Securities. |
The company’s common shares, without par
value, are traded on the NASDAQ National Market. Common share
prices are quoted daily under the symbol “AGYS.” Prior
to September 16, 2003, the company traded under the symbol
“PIOS.” The high and low market prices and dividends
per share for the common shares for each quarter during the past
two years are presented in the table below.
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Year ended March 31, 2005 |
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Second | |
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Third | |
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Fourth | |
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quarter | |
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quarter | |
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quarter | |
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Year | |
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Dividends declared per
common share
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$0.03 |
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$0.03 |
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$0.03 |
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$0.03 |
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$0.12 |
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Price range per common
share
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$11.32-$13.87 |
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$10.75-$17.29 |
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$15.72-$17.93 |
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$15.94-$20.05 |
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$10.75-$20.05 |
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Closing price on last day
of period
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$13.79 |
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$17.29 |
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$17.14 |
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$19.66 |
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$19.66 |
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Year ended March 31, 2004 |
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First | |
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Second | |
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Third | |
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Fourth | |
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quarter | |
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quarter | |
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quarter | |
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quarter | |
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Year | |
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Dividends declared per
common share
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$0.03 |
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$0.03 |
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$0.03 |
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$0.03 |
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$0.12 |
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Price range per common
share
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$7.31-$10.41 |
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$8.25-$9.97 |
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$9.16-$11.50 |
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$11.18-$13.81 |
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$7.31-$13.81 |
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Closing price on last day
of period
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$8.45 |
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$8.77 |
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$11.15 |
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$11.79 |
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$11.79 |
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As of June 24, 2005, there were 30,418,714
common shares of Agilysys, Inc. outstanding, and there were
2,432 shareholders of record. The closing price of the common
shares on June 7, 2005, was $16.03.
Cash dividends on common shares are payable
quarterly upon authorization by the Board of Directors. Regular
payment dates are the first day of August, November, February
and May. The company expects to pay comparable cash dividends on
its common shares. The company also made quarterly distributions
on its 6.75% Mandatorily Redeemable Convertible
Trust Preferred Securities (the “Trust Preferred
Securities”) to shareholders of record on the fifteenth day
preceding the distribution date. However, on June 15, 2005,
the company completed the redemption of its Trust Preferred
Securities.
The company maintains a Dividend Reinvestment
Plan whereby cash dividends and additional monthly cash
investments up to a maximum of $5,000 per month may be invested
in the company’s common shares at no commission cost.
In 2005, the company issued 6,831 common shares
upon conversion of 2,152 Trust Preferred Securities. The
common shares were not registered under the Securities Act of
1933 (the “Securities Act”) in reliance on an
exemption from registration afforded by Section 3(a)(9) of
the Securities Act.
On April 27, 1999, the company adopted a
Shareholder Rights Plan. For further information about the
Shareholder Rights Plan, see note 14 to the consolidated
financial statements contained in Part IV hereof.
8
Item 6. Selected
Financial Data.
The following selected consolidated financial and
operating data has been derived from the audited consolidated
financial statements of the company and should be read in
conjunction with the company’s consolidated financial
statements and notes thereto, and Item 7 —
Management’s Discussion and Analysis of Financial Condition
and Results of Operations, which are included in this Annual
Report on Form 10-K.
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For the year ended March 31 |
| (In thousands, except per share data and number of employees) |
|
2005 | |
|
2004 | |
|
2003 | |
|
2002 | |
|
2001 | |
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|
Operating
results
|
|
|
|
|
|
|
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|
|
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|
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|
|
|
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Continuing
operations (a)(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Net sales
|
|
$ |
1,622,925 |
|
|
$ |
1,403,216 |
|
|
$ |
1,171,631 |
|
|
$ |
1,294,322 |
|
|
$ |
1,431,838 |
|
| |
|
Income (loss) before
income taxes (c)(d)(e)
|
|
$ |
41,240 |
|
|
$ |
26,708 |
|
|
$ |
(31,484 |
) |
|
$ |
4,944 |
|
|
$ |
(15,724 |
) |
| |
|
Provision for income taxes
|
|
$ |
15,725 |
|
|
$ |
9,684 |
|
|
$ |
(11,739 |
) |
|
$ |
1,618 |
|
|
$ |
(3,713 |
) |
| |
|
Income (loss) from
continuing operations
|
|
$ |
20,362 |
|
|
$ |
11,524 |
|
|
$ |
(26,060 |
) |
|
$ |
(2,911 |
) |
|
$ |
(18,316 |
) |
| |
|
(Loss) income from
discontinued operations, net of taxes
|
|
$ |
(877 |
) |
|
$ |
(2,861 |
) |
|
$ |
18,777 |
|
|
$ |
(4,136 |
) |
|
$ |
52,892 |
|
| |
|
Cumulative effect of
change in accounting principle, net of taxes (f)
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(34,795 |
) |
|
$ |
— |
|
|
$ |
— |
|
| |
|
Net income
(loss) (a)(b)(c)(d)(e)(f)
|
|
$ |
19,485 |
|
|
$ |
8,663 |
|
|
$ |
(42,078 |
) |
|
$ |
(7,047 |
) |
|
$ |
34,576 |
|
|
Per share
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) from
continuing operations (a)(b)(c)(d)(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Basic
|
|
$ |
0.72 |
|
|
$ |
0.42 |
|
|
$ |
(0.96 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.68 |
) |
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|
Diluted
|
|
$ |
0.69 |
|
|
$ |
0.41 |
|
|
$ |
(0.96 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.68 |
) |
| |
Cash dividends per share
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
| |
Book value per
share (g)
|
|
$ |
11.54 |
|
|
$ |
11.14 |
|
|
$ |
10.88 |
|
|
$ |
12.56 |
|
|
$ |
13.18 |
|
| |
Price range of common
shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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High
|
|
$ |
20.05 |
|
|
$ |
13.81 |
|
|
$ |
15.50 |
|
|
$ |
14.94 |
|
|
$ |
16.13 |
|
| |
|
Low
|
|
$ |
10.75 |
|
|
$ |
7.31 |
|
|
$ |
5.40 |
|
|
$ |
7.40 |
|
|
$ |
9.13 |
|
| |
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Basic
|
|
|
28,101 |
|
|
|
27,744 |
|
|
|
27,292 |
|
|
|
27,040 |
|
|
|
26,793 |
|
| |
|
Diluted
|
|
|
36,990 |
|
|
|
27,956 |
|
|
|
27,292 |
|
|
|
27,040 |
|
|
|
26,793 |
|
|
Financial
position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total assets
|
|
$ |
815,158 |
|
|
$ |
759,662 |
|
|
$ |
773,883 |
|
|
$ |
916,937 |
|
|
$ |
1,183,610 |
|
| |
Long-term obligations
|
|
$ |
59,624 |
|
|
$ |
59,503 |
|
|
$ |
130,995 |
|
|
$ |
179,000 |
|
|
|