x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| Delaware |
98-0177556 | |
| (STATE OF INCORPORATION) |
(I.R.S. EMPLOYER IDENTIFICATION NO.) |
| Page No. | ||||
| PART I. FINANCIAL INFORMATION |
||||
| Item 1. |
Financial Statements (unaudited): |
|||
| 2 | ||||
| 3 | ||||
| 4 | ||||
| 5 | ||||
| 6 | ||||
| Item 2. |
13 | |||
| Item 3. |
26 | |||
| PART II. OTHER INFORMATION |
||||
| Item 1. |
27 | |||
| Item 2. |
27 | |||
| Item 3. |
27 | |||
| Item 4. |
27 | |||
| Item 5. |
28 | |||
| Item 6. |
28 | |||
| 29 | ||||
| 30 | ||||
| Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
| 2002 |
2001 |
2002 |
2001 |
|||||||||||||
| (In thousands, except per share amounts) |
||||||||||||||||
| Sales |
$ |
113,298 |
|
$ |
115,856 |
|
$ |
227,150 |
|
$ |
241,643 |
| ||||
| Cost of sales |
|
29,992 |
|
|
32,324 |
|
|
60,085 |
|
|
67,948 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Gross profit |
|
83,306 |
|
|
83,532 |
|
|
167,065 |
|
|
173,695 |
| ||||
| Selling, general and administrative expenses |
|
52,181 |
|
|
60,911 |
|
|
105,353 |
|
|
122,437 |
| ||||
| Depreciation |
|
15,720 |
|
|
14,263 |
|
|
31,064 |
|
|
27,492 |
| ||||
| Amortization |
|
4,625 |
|
|
17,991 |
|
|
10,619 |
|
|
37,269 |
| ||||
| Loss on sale of a business |
|
|
|
|
|
|
|
812 |
|
|
|
| ||||
| Integration costs and loss on impairment of assets |
|
|
|
|
9,341 |
|
|
|
|
|
13,318 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Income (loss) from operations |
|
10,780 |
|
|
(18,974 |
) |
|
19,217 |
|
|
(26,821 |
) | ||||
| Interest expense |
|
(4,112 |
) |
|
(4,300 |
) |
|
(8,155 |
) |
|
(8,689 |
) | ||||
| Interest income |
|
320 |
|
|
670 |
|
|
563 |
|
|
1,188 |
| ||||
| Exchange gains (losses), net |
|
434 |
|
|
(395 |
) |
|
266 |
|
|
(696 |
) | ||||
| Other income (expense), net |
|
13 |
|
|
52 |
|
|
(5 |
) |
|
143 |
| ||||
| Loss on impairment of investments |
|
|
|
|
(4,224 |
) |
|
|
|
|
(4,224 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Income (loss) before income taxes |
|
7,435 |
|
|
(27,171 |
) |
|
11,886 |
|
|
(39,099 |
) | ||||
| Income tax (expense) benefit |
|
(2,962 |
) |
|
3,440 |
|
|
(4,733 |
) |
|
809 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net income (loss) |
$ |
4,473 |
|
$ |
(23,731 |
) |
$ |
7,153 |
|
$ |
(38,290 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Earnings (loss) per share: |
||||||||||||||||
| Basic |
$ |
0.08 |
|
$ |
(0.46 |
) |
$ |
0.14 |
|
$ |
(0.74 |
) | ||||
| Diluted |
|
0.08 |
|
|
(0.46 |
) |
|
0.13 |
|
|
(0.74 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Weighted-average shares outstanding: |
||||||||||||||||
| Basic |
|
52,969 |
|
|
51,636 |
|
|
52,538 |
|
|
51,543 |
| ||||
| Diluted |
|
56,932 |
|
|
51,636 |
|
|
55,787 |
|
|
51,543 |
| ||||
| June 30, 2002 |
December 31, 2001 |
|||||||
| (In thousands, except per share amounts) |
||||||||
| ASSETS |
||||||||
| Current assets |
||||||||
| Cash and cash equivalents |
$ |
79,722 |
|
$ |
46,173 |
| ||
| Short-term investments |
|
7,142 |
|
|
|
| ||
| Accounts receivable, net |
|
76,255 |
|
|
71,162 |
| ||
| Inventories |
|
2,717 |
|
|
3,404 |
| ||
| Deferred catalog costs |
|
1,685 |
|
|
8,253 |
| ||
| Prepaid expenses |
|
7,670 |
|
|
7,199 |
| ||
| Deferred income taxes, net |
|
9,463 |
|
|
9,430 |
| ||
| Other current assets |
|
3,571 |
|
|
5,020 |
| ||
| |
|
|
|
|
| |||
| Total current assets |
|
188,225 |
|
|
150,641 |
| ||
| Property and equipment, net |
|
137,883 |
|
|
147,653 |
| ||
| Goodwill |
|
603,011 |
|
|
600,428 |
| ||
| Identifiable intangible assets, net |
|
31,734 |
|
|
36,031 |
| ||
| Deferred income taxes, net |
|
54,816 |
|
|
55,638 |
| ||
| Other long-term assets |
|
2,664 |
|
|
2,690 |
| ||
| |
|
|
|
|
| |||
| Total assets |
$ |
1,018,333 |
|
$ |
993,081 |
| ||
| |
|
|
|
|
| |||
| LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
| Current liabilities |
||||||||
| Accounts payable |
$ |
49,242 |
|
$ |
50,913 |
| ||
| Accrued expenses |
|
48,585 |
|
|
52,011 |
| ||
| Income taxes payable |
|
11,610 |
|
|
14,498 |
| ||
| Current portion of long-term debt |
|
19,886 |
|
|
19,944 |
| ||
| |
|
|
|
|
| |||
| Total current liabilities |
|
129,323 |
|
|
137,366 |
| ||
| Long-term debt |
|
243,999 |
|
|
256,215 |
| ||
| |
|
|
|
|
| |||
| Total liabilities |
|
373,322 |
|
|
393,581 |
| ||
| |
|
|
|
|
| |||
| Commitments and contingencies |
||||||||
| Stockholders equity |
||||||||
| Preferred stock, $0.01 per share par value, 5,000 shares authorized, no shares outstanding |
|
|
|
|
|
| ||
| Common stock, $0.01 per share par value, 100,000 shares authorized, 53,480 outstanding at June 30, 2002 and 51,924
outstanding at December 31, 2001 |
|
534 |
|
|
519 |
| ||
| Exchangeable preferred stock, no par value, 5,000 shares authorized, 45 outstanding at June 30, 2002 and 85 outstanding
at December 31, 2001 |
|
1 |
|
|
1 |
| ||
| Additional paid-in capital |
|
1,000,282 |
|
|
969,134 |
| ||
| Accumulated deficit |
|
(353,585 |
) |
|
(360,738 |
) | ||
| Accumulated other comprehensive loss |
|
(2,221 |
) |
|
(9,416 |
) | ||
| |
|
|
|
|
| |||
| Total stockholders equity |
|
645,011 |
|
|
599,500 |
| ||
| |
|
|
|
|
| |||
| Total liabilities and stockholders equity |
$ |
1,018,333 |
|
$ |
993,081 |
| ||
| |
|
|
|
|
| |||
| Number of shares of common stock $0.01 par value |
Number of shares of exchangeable preferred stock, no par value |
Common stock |
Exchangeable preferred stock |
Additional paid-in capital |
Accumulated deficit |
Accumulated other comprehensive loss |
Total | ||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||
| Balance at December 31, 2001 |
51,924 |
85 |
|
$ |
519 |
$ |
1 |
$ |
969,134 |
$ |
(360,738 |
) |
$ |
(9,416 |
) |
$ |
599,500 | ||||||||
| Net income |
|
|
|
|
|
|
|
|
|
|
7,153 |
|
|
|
|
|
7,153 | ||||||||
| Translation adjustment |
|
|
|
|
|
|
|
|
|
|
|
|
|
7,195 |
|
|
7,195 | ||||||||
| |
| ||||||||||||||||||||||||
| Comprehensive income |
& | ||||||||||||||||||||||||