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| 8-K - FORM 8-K - RENT A CENTER INC DE | d85280e8vk.htm |
Exhibit 99.1
For Immediate Release:
RENT-A-CENTER, INC. REPORTS
THIRD QUARTER 2011 RESULTS
THIRD QUARTER 2011 RESULTS
Total Revenues Increased 6.0%
Same Store Sales Increased 2.0%
Diluted Earnings per Share of $0.52 in the 3rd Quarter, Including a Restructuring Charge of $0.08 per Diluted Share Related to Store Closings
Repurchased 2.9 Million Shares of Common Stock
Plano, Texas, October 24, 2011 — Rent-A-Center, Inc. (the “Company”) (NASDAQ/NGS: RCII), the
nation’s largest rent-to-own operator, today announced revenues and earnings for the quarter ended
September 30, 2011.
Third Quarter 2011 Results
Total revenues for the quarter ended September 30, 2011, were $704.3 million, an increase of $39.7
million from total revenues of $664.6 million for the same period in the prior year. This 6.0%
growth in total revenues was primarily due to an increase in revenue driven by the RAC Acceptance
business, offset by a reduction in revenue due to the discontinuation of the financial services
business. Same store sales for the three months ended September 30, 2011, increased 2.0%.
Net earnings and net earnings per diluted share for the three months ended September 30, 2011, were
$31.2 million and $0.52, respectively, as compared to $40.5 million and $0.62, respectively, for
the same period in the prior year. Net earnings and net earnings per diluted share for the three
months ended September 30, 2011, were reduced by $7.6 million, and approximately $0.08 per share,
respectively, due to a pre-tax restructuring charge related to store closings, as discussed below.
When excluding the pre-tax restructuring charge above, adjusted net earnings per diluted share for
the three months ended September 30, 2011, were $0.60, as compared to net earnings per diluted
share for the three months ended September 30, 2010, of $0.62. These results include approximately
$0.07 per share dilution for the three months ended September 30, 2011 and $0.03 per share dilution
for the same period in the prior year related to the Company’s growth initiatives.
“Our results for the quarter were excellent in this very challenging economy as the demand for our
products and services remained strong,” said Mark E. Speese, the Company’s Chairman and Chief
Executive Officer. “Both our core rent-to-own and RAC Acceptance businesses reflected this customer
demand in the quarter with the company’s 2.0% same store sales growth split evenly between the two
businesses,” Speese added. “In 2012, we will continue to execute on our strategic plan that we
communicated in November 2010. We will continue to focus on keeping the core business strong and
extending our reach both domestically and internationally with a compelling set of growth
initiatives,” Speese continued. “Accordingly, our 2012 guidance includes total revenue growth in
the range of 8% to 11% and net earnings per diluted share growth in the range of 8% to 15%,
including approximately $0.20 per share dilution related to our international growth initiatives.
We believe our growth will continue to be supported with our significant cash flow from operations
and a solid balance sheet,” Speese concluded.
Nine Months Ended September 30, 2011 Results
Total revenues for the nine months ended September 30, 2011, were $2.145 billion, an increase of
$90.0 million from total revenues of $2.055 billion for the same period in the prior year. This
4.4% growth in total revenues was primarily due to an increase in revenue driven by the RAC
Acceptance business, offset by a reduction in revenue due to the discontinuation of the financial
services business. Same store sales for the nine months ended September 30, 2011, increased 0.4%.
Net earnings and net earnings per diluted share for the nine months ended September 30, 2011, were
$115.3 million and $1.84, respectively, as compared to $139.8 million and $2.11, respectively, for
the same period in the prior year.
Net earnings and net earnings per diluted share for the nine months ended September 30, 2011, were
impacted by the following significant items, as discussed below:
| • | A $7.6 million pre-tax restructuring charge, or approximately $0.08 per share, related to store closings; | ||
| • | A $4.9 million pre-tax restructuring charge, or approximately $0.05 per share, related to the acquisition of The Rental Store, Inc.; | ||
| • | A $7.3 million pre-tax impairment charge, or approximately $0.07 per share, related to the discontinuation of the financial services business; and | ||
| • | A $2.8 million pre-tax litigation expense, or approximately $0.03 per share, related to the prospective settlement of wage and hour claims in California. |
Collectively, these items reduced net earnings per diluted share by approximately $0.23 for
the nine months ended September 30, 2011.
When excluding the items above, adjusted net earnings per diluted share for the nine months ended
September 30, 2011, were $2.07, as compared to net earnings per diluted share for the nine months
ended September 30, 2010, of $2.11. These results include approximately $0.17 per share dilution
for the nine months ended September 30, 2011 and $0.06 per share dilution for the same period in
the prior year related to the Company’s growth initiatives.
Through the nine month period ended September 30, 2011, the Company generated cash flow from
operations of approximately $266.7 million, while ending the quarter with approximately $76.0
million of cash on hand. During the nine month period ended September 30, 2011, the Company
repurchased 5,852,408 shares of its common stock for approximately $164.3 million in cash under its
common stock repurchase program. To date, the Company has repurchased a total of 29,322,753 shares
and has utilized approximately $715.5 million of the $800.0 million authorized by its Board of
Directors since the inception of the plan. Also, reflecting continued confidence in its strong
cash flows, the Company announced on September 28, 2011 that its Board of Directors approved a
$0.16 per share cash dividend for the fourth quarter of 2011, its sixth consecutive quarterly cash
dividend.
2011 Significant Items
Restructuring Charges. During the third quarter of 2011, the Company recorded a $7.6 million
pre-tax restructuring charge related to the closure of eight Home Choice stores in Illinois and 24
RAC Limited locations within third party grocery stores, all of which had been operated on a test
basis, as well as the closure of 26 core rent-to-own stores following the sale of all customer
accounts at those locations. The charge with respect to these store closings relates primarily to
lease terminations, fixed asset disposals and other miscellaneous items. This pre-tax
restructuring charge of $7.6 million reduced net earnings per diluted share by approximately $0.08
in both the three month and nine month periods ended September 30, 2011.
As previously reported, the Company recorded a $4.9 million pre-tax restructuring charge during the
second quarter of 2011 in connection with the December 2010 acquisition of The Rental Store, Inc.
This charge relates to post-acquisition lease terminations. For the nine months ended September
30, 2011, this pre-tax restructuring charge of $4.9 million reduced net earnings per diluted share
by approximately $0.05.
Financial Services Charge. As previously reported, the Company recorded an $18.9 million pre-tax
impairment charge during the fourth quarter of 2010 related to the discontinuation of the financial
services business. The charge with respect to discontinuing the operations of all 331 store
locations related primarily to fixed asset disposals, goodwill impairment, loan write-downs and
other miscellaneous items. During the first quarter of 2011, the Company recorded an additional
pre-tax impairment charge of $7.3 million related primarily to loan write-downs, fixed asset
disposals (store reconstruction), and other miscellaneous items. For the nine months ended
September 30, 2011, this pre-tax impairment charge of $7.3 million reduced net earnings per diluted
share by approximately $0.07.
Settlement of Wage & Hour Claims in California. As previously reported, the Company recorded a
$2.8 million pre-tax litigation expense during the first quarter of 2011 in connection with the
settlement of certain putative class actions pending in California alleging various claims,
including violations of California wage and hour laws. For the nine months ended September 30,
2011, this pre-tax litigation expense of $2.8 million reduced net earnings per diluted share by
approximately $0.03.
- - -
Rent-A-Center, Inc. will host a conference call to discuss the third quarter results, guidance and
other operational matters on Tuesday morning, October 25, 2011, at 10:45 a.m. EDT. For a live
webcast of the call, visit http://investor.rentacenter.com. Certain financial and other
statistical information that will be discussed during the conference call will also be provided on
the same website.
Rent-A-Center, Inc., headquartered in Plano, Texas, currently operates approximately 3,000
company-owned stores nationwide and in Canada, Mexico and Puerto Rico and approximately 720 RAC
Acceptance locations within traditional retailers in the United States. The stores generally offer
high-quality, durable goods such as major consumer electronics, appliances, computers and furniture
and accessories under flexible rental purchase agreements that generally allow the customer to
obtain ownership of the merchandise at the conclusion of an agreed upon rental period. ColorTyme,
Inc., a wholly owned subsidiary of the Company, is a national franchiser of approximately 210
rent-to-own stores operating under the trade name of “ColorTyme.”
The following statements are based on current expectations. These statements are
forward-looking and actual results may differ materially. These statements do not include the
potential impact of any repurchases of common stock the Company may make, future dividends, changes
in outstanding indebtedness, or the potential impact of acquisitions or dispositions that may be
completed after October 24, 2011.
FOURTH QUARTER 2011 GUIDANCE:
Revenues
| • | The Company expects total revenues to be in the range of $739 million to $754 million. | |
| • | Store rental and fee revenues are expected to be between $652 million and $664 million. | |
| • | Total store revenues are expected to be in the range of $731 million to $746 million. | |
| • | Same store sales are expected to be in the range of 3.0% to 5.0%. | |
| • | The Company expects to open approximately 20 domestic rent-to-own store locations. | |
| • | The Company expects to open approximately 45 domestic RAC Acceptance kiosks. | |
| • | The Company expects to open approximately 20 rent-to-own store locations in Mexico. | |
| • | The Company expects to open approximately 5 rent-to-own store locations in Canada. |
Expenses
| • | The Company expects cost of rental and fees to be between 23.4% and 23.8% of store rental and fee revenue and cost of merchandise sold to be between 78.0% and 82.0% of store merchandise sales. | |
| • | Store salaries and other expenses are expected to be in the range of 55.0% to 56.5% of total store revenue. | |
| • | General and administrative expenses are expected to be approximately 4.6% of total revenue. | |
| • | Net interest expense is expected to be approximately $9.0 million and depreciation of property assets is expected to be approximately $17 million. | |
| • | The effective tax rate is expected to be in the range of 37.0% to 37.4% of pre-tax income. | |
| • | Diluted shares outstanding are estimated to be between 60.5 million and 61.0 million. | |
| • | Diluted earnings per share are estimated to be in the range of $0.78 to $0.84. |
FISCAL 2012 GUIDANCE:
Revenues
| • | The Company expects total revenues to be in the range of $3.128 billion to $3.198 billion. | |
| • | Store rental and fee revenues are expected to be between $2.713 billion and $2.773 billion. | |
| • | Total store revenues are expected to be in the range of $3.091 billion to $3.161 billion. | |
| • | Same store sales are expected to be in the range of 3.5% to 5.5%. | |
| • | The Company expects to open approximately 50 domestic rent-to-own store locations. | |
| • | The Company expects to open approximately 200 domestic RAC Acceptance kiosks. | |
| • | The Company expects to open approximately 60 rent-to-own store locations in Mexico. | |
| • | The Company expects to open approximately 10 rent-to-own store locations in Canada. |
Expenses
| • | The Company expects cost of rental and fees to be between 23.7% and 24.3% of store rental and fee revenue and cost of merchandise sold to be between 74.2% and 78.2% of store merchandise sales. | |
| • | Store salaries and other expenses are expected to be in the range of 54.7% to 56.2% of total store revenue. | |
| • | General and administrative expenses are expected to be approximately 4.6% of total revenue. | |
| • | Net interest expense is expected to be approximately $34 million and depreciation of property assets is expected to be in the range of $73 million to $78 million. | |
| • | The effective tax rate is expected to be in the range of 38.3% to 38.8% of pre-tax income. | |
| • | Diluted shares outstanding are estimated to be between 60.5 million and 61.5 million. | |
| • | Diluted earnings per share are estimated to be in the range of $3.10 to $3.30. |
Store Activity
| Domestic | International | |||||||||||||||||||
| RAC | Get It Now/ | |||||||||||||||||||
| RTO | Acceptance | Home Choice | Canada | Mexico | ||||||||||||||||
Three Months Ended September 30, 2011 |
||||||||||||||||||||
Stores at beginning of period |
2,948 | 611 | 41 | 18 | 15 | |||||||||||||||
New store openings |
14 | 120 | 2 | 2 | 9 | |||||||||||||||
Acquired stores remaining open
Closed stores |
5 | 2 | — | — | — | |||||||||||||||
Merged with existing stores |
16 | 3 | — | — | — | |||||||||||||||
Sold or closed with no surviving store |
28 | 9 | 8 | — | — | |||||||||||||||
Stores at end of period |
2,923 | 721 | 35 | 20 | 24 | |||||||||||||||
Acquired stores closed and accounts
merged with existing stores |
10 | — | — | — | — | |||||||||||||||
| Domestic | International | |||||||||||||||||||
| RAC | Get It Now/ | |||||||||||||||||||
| RTO | Acceptance | Home Choice | Canada | Mexico | ||||||||||||||||
Nine Months Ended September 30, 2011 |
||||||||||||||||||||
Stores at beginning of period |
2,943 | 384 | 42 | 18 | 5 | |||||||||||||||
New store openings |
29 | 359 | 2 | 2 | 19 | |||||||||||||||
Acquired stores remaining open
Closed stores |
5 5 | — | — | — | ||||||||||||||||
Merged with existing stores |
24 | 9 | — | — | — | |||||||||||||||
Sold or closed with no surviving store |
30 | 18 | 9 | — | — | |||||||||||||||
Stores at end of period |
2,923 | 721 | 35 | 20 | 24 | |||||||||||||||
Acquired stores closed and accounts
merged with existing stores |
16 | — | — | — | — | |||||||||||||||
This press release and the guidance above contain forward-looking statements that involve
risks and uncertainties. Such forward-looking statements generally can be identified by the use of
forward-looking terminology such as “may,” “will,” “expect,” “intend,” “could,” “estimate,”
“should,” “anticipate,” or “believe,” or the negative thereof or variations thereon or similar
terminology. Although the Company believes that the expectations reflected in such forward-looking
statements will prove to be correct, the Company can give no assurance that such expectations will
prove to have been correct. The actual future performance of the Company could differ materially
from such statements. Factors that could cause or contribute to such differences include, but are
not limited to: uncertainties regarding the ability to open new locations ; the Company’s ability
to acquire additional stores or customer accounts on favorable terms; the Company’s ability to
control costs and increase profitability; the Company’s ability to enhance the performance of
acquired stores; the Company’s ability to retain the revenue associated with acquired customer
accounts; the Company’s ability to identify and successfully market products and services that
appeal to its customer demographic; the Company’s ability to enter into new and collect on its
rental purchase agreements; the passage of legislation adversely affecting the rent-to-own
industry; the Company’s failure to comply with statutes or regulations governing the rent-to-own or
financial services industries; interest rates; changes in the unemployment rate; economic
pressures, such as high fuel costs, affecting the disposable income available to the Company’s
targeted consumers; conditions affecting consumer spending and the impact, depth, and duration of
current economic conditions; changes in the Company’s stock price, the number of shares of common
stock that it may or may not repurchase, and future dividends, if any; changes in estimates
relating to self-insurance liabilities and income tax and litigation reserves; changes in the
Company’s effective tax rate; the Company’s ability to maintain an effective system of internal
controls; changes in the number of share-based compensation grants, methods used to value future
share-based payments and changes in estimated forfeiture rates with respect to share-based
compensation; the resolution of the Company’s litigation; and the other risks detailed from time to
time in the Company’s SEC reports, including but not limited to, its annual report on Form 10-K
for the year ended December 31, 2010 and its quarterly reports on Form 10-Q for the quarters ended
March 31, 2011 and June 30, 2011. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this press release. Except as
required by law, the Company is not obligated to publicly release any revisions to these
forward-looking statements to reflect the events or circumstances after the date of this press
release or to reflect the occurrence of unanticipated events.
Contact for Rent-A-Center, Inc.:
David E. Carpenter
Vice President of Investor Relations
(972) 801-1214
david.carpenter@rentacenter.com
Vice President of Investor Relations
(972) 801-1214
david.carpenter@rentacenter.com
Rent-A-Center, Inc. and Subsidiaries
STATEMENT OF EARNINGS HIGHLIGHTS
| Three Months Ended September 30, | ||||||||||||||
| 2011 | 2011 | 2010 | ||||||||||||
| Before | After | |||||||||||||
| Significant Items | Significant Items | |||||||||||||
| (Non-GAAP | (GAAP | (GAAP | ||||||||||||
| (In thousands of dollars, except per share data) | Earnings) | Earnings) | Earnings) | |||||||||||
Total Revenue |
$ | 704,271 | $ | 704,271 | $ | 664,580 | ||||||||
Operating Profit |
65,382 | 57,796 | (1) | 69,393 | ||||||||||
Net Earnings |
36,033 | 31,224 | (1) | 40,497 | ||||||||||
Diluted Earnings per Common Share |
$ | 0.60 | $ | 0.52 | (1) | $ | 0.62 | |||||||
Adjusted EBITDA |
$ | 82,750 | $ | 82,750 | $ | 85,551 | ||||||||
Reconciliation to Adjusted EBITDA: |
||||||||||||||
Earnings Before Income Taxes |
$ | 56,662 | $ | 49,076 | $ | 63,590 | ||||||||
Add back: |
||||||||||||||
Restructuring charge |
— | 7,586 | — | |||||||||||
Interest Expense, net |
8,720 | 8,720 | 5,803 | |||||||||||
Depreciation of Property Assets |
16,107 | 16,107 | 15,629 | |||||||||||
Amortization and Write-down of Intangibles |
1,261 | 1,261 | 529 | |||||||||||
Adjusted EBITDA |
$ | 82,750 | $ | 82,750 | $ | 85,551 | ||||||||
| Nine Months Ended September 30, | ||||||||||||||
| 2011 | 2011 | 2010 | ||||||||||||
| Before | After | |||||||||||||
| Significant Items | Significant Items | |||||||||||||
| (Non-GAAP | (GAAP | (GAAP | ||||||||||||
| (In thousands of dollars, except per share data) | Earnings) | Earnings) | Earnings) | |||||||||||
Total Revenue |
$ | 2,144,702 | $ | 2,144,702 | $ | 2,054,542 | ||||||||
Operating Profit |
234,006 | 211,367 | (1)(2)(3)(4) | 240,927 | ||||||||||
Net Earnings |
129,559 | 115,342 | (1)(2)(3)(4) | 139,788 | ||||||||||
Diluted Earnings per Common Share |
$ | 2.07 | $ | 1.84 | (1)(2)(3)(4) | $ | 2.11 | |||||||
Adjusted EBITDA |
$ | 285,195 | $ | 285,195 | $ | 291,199 | ||||||||
Reconciliation to Adjusted EBITDA: |
||||||||||||||
Earnings Before Income Taxes |
$ | 206,304 | $ | 183,665 | $ | 223,314 | ||||||||
Add back: |
||||||||||||||
Litigation Settlement |
— | 2,800 | — | |||||||||||
Impairment Charge |
— | 7,320 | — | |||||||||||
Restructuring charge |
— | 12,519 | — | |||||||||||
Interest Expense, net |
27,702 | 27,702 | 17,613 | |||||||||||
Depreciation of Property Assets |
47,938 | 47,938 | 47,152 | |||||||||||
Amortization and Write-down of Intangibles |
3,251 | 3,251 | 3,120 | |||||||||||
Adjusted EBITDA |
$ | 285,195 | $ | 285,195 | $ | 291,199 | ||||||||
| (1) | Includes the effects of a $7.6 million pre-tax restructuring charge in the third quarter of 2011 related to the closure of eight Home Choice stores in Illinois and 24 RAC Limited locations within third party grocery stores, as well as the closure of 26 core rent-to-own stores following the sale of all customer accounts at these locations. The charge reduced net earnings per diluted share by approximately $0.08 for the three and nine months ended September 30, 2011. | ||
| (2) | Includes the effects of a $4.9 million pre-tax restructuring charge in the second quarter of 2011 for lease terminations related to The Rental Store acquisition. The charge reduced net earnings per diluted share by approximately $0.05 in the nine month period ended September 30, 2011. | ||
| (3) | Includes the effects of a $7.3 million pre-tax impairment charge in the first quarter of 2011 related to the discontinuation of the financial services business. The charge reduced net earnings per diluted share by approximately $0.07 for the nine month period ended September 30, 2011. | ||
| (4) | Includes the effects of a $2.8 million pre-tax litigation expense in the first quarter of 2011 related to the prospective settlement of wage and hour claims in California. The expense reduced net earnings per diluted share by approximately $0.03 for the nine month period ended September 30, 2011. |
SELECTED BALANCE SHEET HIGHLIGHTS
| September 30, | ||||||||
| (In thousands of dollars) | 2011 | 2010 | ||||||
Cash and Cash Equivalents |
$ | 76,025 | $ | 80,775 | ||||
Receivables, net |
43,441 | 67,625 | ||||||
Prepaid Expenses and Other Assets |
65,366 | 47,836 | ||||||
Rental Merchandise, net |
||||||||
On Rent |
689,975 | 544,308 | ||||||
Held for Rent |
187,342 | 172,784 | ||||||
Total Assets |
$ | 2,666,517 | $ | 2,400,215 | ||||
Senior Debt |
$ | 388,340 | $ | 596,084 | ||||
Senior Notes |
300,000 | — | ||||||
Total Liabilities |
1,347,147 | 1,047,301 | ||||||
Stockholders’ Equity |
$ | 1,319,370 | $ | 1,352,914 | ||||
Rent-A-Center, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS
| Three Months Ended September 30, | ||||||||
| 2011 | 2010 | |||||||
| (In thousands of dollars, except per share data) | Unaudited | |||||||
Store Revenue |
||||||||
Rentals and Fees |
$ | 622,474 | $ | 576,019 | ||||
Merchandise Sales |
52,802 | 44,352 | ||||||
Installment Sales |
16,348 | 15,599 | ||||||
Other |
4,147 | 20,413 | ||||||
| 695,771 | 656,383 | |||||||
Franchise Revenue |
||||||||
Franchise Merchandise Sales |
7,250 | 6,975 | ||||||
Royalty Income and Fees |
1,250 | 1,222 | ||||||
Total Revenue |
704,271 | 664,580 | ||||||
Operating Expenses |
||||||||
Direct Store Expenses |
||||||||
Cost of Rentals and Fees |
142,796 | 127,573 | ||||||
Cost of Merchandise Sold |
43,170 | 34,807 | ||||||
Cost of Installment Sales |
5,655 | 5,507 | ||||||
Salaries and Other Expenses |
405,633 | 389,295 | ||||||
Franchise Cost of Merchandise Sold |
6,926 | 6,680 | ||||||
| 604,180 | 563,862 | |||||||
General and Administrative Expenses |
33,448 | 30,796 | ||||||
Amortization and Write-down of Intangibles |
1,261 | 529 | ||||||
Restructuring Charge |
7,586 | — | ||||||
Total Operating Expenses |
646,475 | 595,187 | ||||||
Operating Profit |
57,796 | 69,393 | ||||||
Interest Expense |
8,811 | 6,085 | ||||||
Interest Income |
(91 | ) | (282 | ) | ||||
Earnings before Income Taxes |
49,076 | 63,590 | ||||||
Income Tax Expense |
17,852 | 23,093 | ||||||
NET EARNINGS |
$ | 31,224 | $ | 40,497 | ||||
BASIC WEIGHTED AVERAGE SHARES |
60,030 | 65,094 | ||||||
BASIC EARNINGS PER COMMON SHARE |
$ | 0.52 | $ | 0.62 | ||||
DILUTED WEIGHTED AVERAGE SHARES |
60,504 | 65,746 | ||||||
DILUTED EARNINGS PER COMMON SHARE |
$ | 0.52 | $ | 0.62 | ||||
Rent-A-Center, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS
| Nine Months Ended September 30, | ||||||||
| 2011 | 2010 | |||||||
| (In thousands of dollars, except per share data) | Unaudited | |||||||
Store Revenue |
||||||||
Rentals and Fees |
$ | 1,850,698 | $ | 1,746,390 | ||||
Merchandise Sales |
203,041 | 176,780 | ||||||
Installment Sales |
49,606 | 45,239 | ||||||
Other |
13,629 | 60,272 | ||||||
| 2,116,974 | 2,028,681 | |||||||
Franchise Revenue |
||||||||
Franchise Merchandise Sales |
23,921 | 22,155 | ||||||
Royalty Income and Fees |
3,807 | 3,706 | ||||||
Total Revenue |
2,144,702 | 2,054,542 | ||||||
Operating Expenses |
||||||||
Direct Store Expenses |
||||||||
Cost of Rentals and Fees |
417,740 | 387,505 | ||||||
Cost of Merchandise Sold |
151,259 | 129,221 | ||||||
Cost of Installment Sales |
17,601 | 15,936 | ||||||
Salaries and Other Expenses |
1,197,922 | 1,161,887 | ||||||
Franchise Cost of Merchandise Sold |
22,875 | 21,202 | ||||||
| 1,807,397 | 1,715,751 | |||||||
General and Administrative Expenses |
100,048 | 94,744 | ||||||
Amortization and Write-down of Intangibles |
3,251 | 3,120 | ||||||
Litigation Settlement |
2,800 | — | ||||||
Impairment Charge |
7,320 | — | ||||||
Restructuring Charge |
12,519 | — | ||||||
Total Operating Expenses |
1,933,335 | 1,813,615 | ||||||
Operating Profit |
211,367 | 240,927 | ||||||
Interest Expense |
28,184 | 18,219 | ||||||
Interest Income |
(482 | ) | (606 | ) | ||||
Earnings before Income Taxes |
183,665 | 223,314 | ||||||
Income Tax Expense |
68,323 | 83,526 | ||||||
NET EARNINGS |
$ | 115,342 | $ | 139,788 | ||||
BASIC WEIGHTED AVERAGE SHARES |
61,944 | 65,579 | ||||||
BASIC EARNINGS PER COMMON SHARE |
$ | 1.86 | $ | 2.13 | ||||
DILUTED WEIGHTED AVERAGE SHARES |
62,648 | 66,345 | ||||||
DILUTED EARNINGS PER COMMON SHARE |
$ | 1.84 | $ | 2.11 | ||||