Irinquiries@prestigebrands.com
Prestige Consumer Healthcare Inc.
660 White Plains Road – Ste 250
Tarrytown, NY 10591
Telephone: 914-524-6819
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date
of
Report (Date of earliest event reported): November
1, 2006
PRESTIGE
BRANDS HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
001-32433
|
20-1297589
|
|
(State
or other jurisdiction
|
(Commission
File Number)
|
(IRS
Employer
|
|
of
incorporation)
|
Identification No.)
|
90
North Broadway, Irvington, New York 10533
(Address
of principal executive offices, including Zip Code)
(914)
524-6810
(Registrant’s
telephone number, including area code)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[
]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
2.02 Results of Operations and Financial Condition.
On
November 1, 2006, Prestige Brands Holdings, Inc. (the ‘‘Registrant’’) announced
financial results for the fiscal quarter and six-month period ended September
30, 2006. A copy of the press release announcing the Registrant’s earnings
results for the fiscal quarter and six-month period ended September 30, 2006
is
attached hereto as Exhibit 99.1 and incorporated herein by
reference.
The
information in this Form 8-K and Exhibit 99.1 attached hereto shall not be
deemed to be ‘‘filed’’ for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended, or otherwise subject to the liabilities of that section,
unless the Registrant specifically states that the information is to be
considered “filed” under the Securities Exchange Act of 1934 or incorporates it
by reference into a filing under the Securities Act of 1933 or the Securities
Exchange Act of 1934.
Item
7.01. Regulation FD Disclosure.
The
information set forth in Item 2.02 above is incorporated by reference as if
fully set forth herein.
Item
9.01 Financial Statements and Exhibits.
|
|
| (d) Exhibits. |
|
Exhibit
|
|
Description
|
|
99.1
|
|
Press
Release dated November 1, 2006 announcing the Registrant’s financial
results for the fiscal quarter and six-month period ended September
30,
2006 (furnished only).
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Dated: November
1,
2006
PRESTIGE
BRANDS HOLDINGS, INC.
0; By:
/s/
Peter J. Anderson
0; Name:
Peter J.
Anderson
&#
160; Title:
Chief Financial Officer
EXHIBIT
INDEX
|
Exhibit
|
|
Description
|
|
99.1
|
|
Press
Release dated November 1, 2006 announcing the Registrant’s financial
results for the fiscal quarter and six-month period ended September
30,
2006 (furnished only).
|
Prestige
Brands Holdings, Inc. Reports Second Quarter & Six Months Fiscal 2007
Results
Q2:
Revenues Up 15%; Net Income of $0.18 per Share Up 19%; Free Cash Flow Up
45%
Irvington,
NY—November 1, 2006—Prestige Brands Holdings, Inc. (NYSE-PBH), a consumer
products company with a diversified portfolio of well-recognized brands, today
announced results for the second quarter and first half of fiscal year 2007,
which ended on September 30, 2006. Highlights of the quarter
include:
|
--
|
Total
revenues for the second quarter were $84.6 million, an
increase of 15% over the prior year comparable period.
|
|
--
|
Excluding the impact of acquisitions, revenues were 7% higher than the prior year comparable period. |
|
--
|
Net income of $8.8 million, or $0.18 per share, was 19% higher than the prior year comparable period. |
|
--
|
Free cash flow of $21.2 million was 45% higher than the prior year comparable period. |
Total
revenues for the second fiscal quarter ended September 30, 2006 were $84.6
million, 15% higher than net revenues of $73.3 million for the prior year
comparable period. The increase is due primarily to strong sales in the
over-the-counter products (OTC) and household products segments of the business.
Revenues resulting from the acquisitions of Chore Boy® and The Doctor’s® brands
in the third quarter of fiscal 2006 also contributed to the growth. Excluding
the impact of these acquisitions, revenues increased by 7%.
Operating
income of $24.2 million was $3.4 million, or 16% higher than prior year
comparable period operating income of $20.8 million. The increase in operating
profit is primarily due to sales gains in the over-the-counter and household
products segments, and a reduction in advertising and promotion spending behind
the personal care segment, partially offset by higher general and administrative
expenses.
Net
income of $8.8 million, or $0.18 per fully diluted share for the second quarter
of fiscal 2007 was 19% higher than the prior year comparable period net income
of $7.4 million or $0.15 per fully diluted share.
First
Six Months of Fiscal 2007
Total
revenues for the first six months of fiscal 2007 were $160.5 million, an
increase of 17% over the comparable prior year period. Excluding the impact
of
the Chore Boy® and The Doctor’s® brand acquisitions, revenues increased 8%.
Operating income of $47.5 million was 22% higher than prior year comparable
period operating income of $39.1 million. Net income of $17.0 million, or $0.34
per fully diluted share, was 28% higher than net income of $13.3 million or
$0.27 per fully diluted share in the prior year.
Q2
Results by Segment
OTC
Products: Up 13%
Total
revenues of $46.3 million for the over-the-counter products segment were 13%
higher than prior year comparable period revenues of $40.8 million. Increases
in
this segment resulted primarily from sales gains in key brands, as well as
the
acquisition of The Doctor’s® oral care line acquired in November 2005.
Chloraseptic®, Clear eyes®, Compound W®, Little Remedies®, and Murine® all
posted increases over the second quarter of fiscal 2006. Excluding the impact
of
The Doctor’s acquisition, revenues increased by 5%.
Household
Products: Up 24%
Total
revenues for the household products segment were $31.3 million in the second
fiscal quarter, $6.0 million or 24% higher than the prior year comparable period
revenues of $25.3 million. The two core brands in this business segment, Comet®
and Spic and Span®, contributed significantly to this increase, continuing the
trend reported in the first fiscal quarter of this year. Excluding the impact
of
the acquisition of Chore Boy®, revenues increased by 13%.
Personal
Care: Down 4%
Total
revenues for the personal care segment were $7.0 million, a decrease of 4%
compared to prior year period revenues of $7.3 million. This decline reflects
continued softness in two of the three key brands in this segment.
First
Six Months by Segment
OTC
Products: Up 16%
Total
revenues of $85.9 million for the over-the-counter products segment were 16%
greater than prior year comparable period revenues of $74.1 million. The
increase resulted primarily from sales increases for the major brands in the
segment; Chloraseptic®, Clear eyes®, Compound W®, Little Remedies®, Murine®,
Dermoplast®, as well as sales of The Doctor’s® oral care line acquired in
November 2005. Excluding the impact of The Doctor’s acquisition, revenues
increased by 7%.
Household
Products: Up 28%
Total
revenues of $61.3 million for the household products segment were $13.3 million,
or 28% greater than the prior year comparable period. The increase was due
to
strong year over year gains for the Comet® and Spic and Span® brands, as well as
the Chore Boy® acquisition in October of 2005. Excluding the impact of the Chore
Boy acquisition, revenues increased by 13%.
Personal
Care: Down 9%
Total
revenues of $13.3 million for the personal care segment were $5.3 million,
or 9%
below revenues of $14.6 million for the comparable prior year period, primarily
due to declines in the Cutex® and Denorex® brands.
Free
Cash Flow
Free
cash
flow is a “non-GAAP” financial measure” as that term is defined by the
Securities and Exchange Commission in Regulation G. Free cash flow is presented
in this news release because management believes that it is a commonly used
measure of liquidity, and is indicative of cash available for debt repayment
and
acquisitions. The Company defines “free cash flow” as operating cash flow less
capital expenditures.
The
Company’s free cash flow for the quarter ended September 30, 2006 was $21.2
million, composed of operating cash flows of $21.2 million, less capital
expenditures of $0.0 million. Free cash flow for the six months ended September
30, 2006 was $42.4 million, composed of operating cash flows of $42.7 million,
less capital expenditures of $0.3 million. The Company’s free cash flow was
higher than net income primarily due to the amortization of intangible assets,
cash provided by a working capital decline, and relatively low capital
expenditures.
Acquisition
Announced
On
September 25, 2006, the Company announced the acquisition of Wartner USA B.V.,
the owner of the Wartner® brand of over-the-counter wart treatment products for
approximately $31.2 million in cash and the assumption of approximately $5
million of contingent payments to a former owner. Wartner is the #3 brand in
the
U.S. over-the-counter wart treatment category with approximately $11 million
in
trailing 12 month sales. The Company also markets the Compound W® line of wart
treatment products and believes this strategic acquisition will enhance its
leadership in the category. This acquisition had no material effect on the
operating results of the second fiscal quarter.
Commentary
and Outlook
Commenting
on the results of the quarter and the first half of fiscal 2007, Peter C. Mann,
Chairman and CEO said, “We are pleased with the results of the fiscal year to
date which are in line with our expectations. The Company’s financial position
is strong, our key brand franchises are healthy, and we have a good pipeline
of
new items and programs. For the full fiscal year 2007, we expect that organic
revenue growth, excluding the impact of acquisitions, will be slightly above
our
long-term growth outlook of 3-4%, and net income will grow less rapidly than
total revenue growth. In the second half of the year, net income will be
somewhat impacted by higher investments in A&P support behind many of our
key brands.”
Conference
Call
The
Company will host a conference call to review its second quarter and six month
results on Thursday, November 2nd
at
8:30am EST. The toll free number is 866-202-3109 within North America and
617-213-8844 from outside North America. The conference pass code is “prestige”.
Telephonic replays will be available for two weeks following completion of
the
call and can be accessed at 888-286-8010 within North America and at
617-801-6888 from outside North America. The pass code is 54554715.
About
Prestige Brands Holdings, Inc.
Located
in Irvington, New York, Prestige Brands Holdings, Inc. is a marketer and
distributor of brand name over-the-counter, personal care and household products
sold throughout the U.S. and Canada. Key brands include Compound W® wart
remover, Chloraseptic® sore throat treatment, New-Skin® liquid bandage, Clear
eyes® and Murine® eye care products, Little Remedies® pediatric over-the-counter
products, Cutex® nail polish remover, Comet® and Spic and Span® household
products, and other well-known brands.
Forward
Looking Statements
Note:
This news release may contain "forward-looking statements" within the meaning
of
the federal securities laws and is intended to qualify for the Safe Harbor
from
liability established by the Private Securities Litigation Reform Act of 1995.
"Forward-looking statements" generally can be identified by the use of
forward-looking terminology such as "assumptions," "target," "guidance,"
"outlook," "plans," "projection," "may," "will," "would," "expect," "intend,"
"estimate," "anticipate," "believe, "potential," or "continue" (or the negative
or other derivatives of each of these terms) or similar terminology. The
"forward-looking statements" include, without limitation, statements regarding
the outlook for Prestige Brands Holdings' market and the demand for its
products, earnings per share, future cash flows from operations, future revenues
and margin requirement and expansion, the success of new product introductions,
growth in costs and expenses, and the impact of acquisitions, divestitures,
restructurings and other unusual items, including Prestige Brands Holdings'
ability to integrate and obtain the anticipated results and synergies from
its
acquisitions. These projections and statements are based on management's
estimates and assumptions with respect to future events and financial
performance and are believed to be reasonable, though are inherently uncertain
and difficult to predict. Actual results could differ materially from those
projected as a result
of
certain factors. A discussion of factors that could cause results to vary is
included in the Company's Annual Report on Form 10-K and other periodic and
other reports filed with the Securities and Exchange Commission.
Contact:
Dean Siegal
914-524-6819
Prestige
Brands Holdings, Inc.
Consolidated
Statements of Operations
(Unaudited)
|
Three
Months
Ended
September 30
|
Six
Months
Ended
September 30
|
||||||||||||
|
(In
thousands, except per share data)
|
2006
|
2005
|
2006
|
2005
|
|||||||||
|
Revenues
|
|||||||||||||
|
Net
sales
|
$
|
84,033
|
$
|
73,320
|
$
|
159,600
|
$
|
136,748
|
|||||
|
Other
revenues
|
518
|
25
|
874
|
50
|
|||||||||
|
Total
revenues
|
84,551
|
73,345
|
160,474
|
136,798
|
|||||||||
|
Cost
of Sales
|
|||||||||||||
|
Costs
of sales
|
41,259
|
35,549
|
77,584
|
64,498
|
|||||||||
|
Gross
profit
|
43,292
|
37,796
|
82,890
|
72,300
|
|||||||||
|
Operating
Expenses
|
|||||||||||||
|
Advertising
and promotion
|
9,455
|
10,217
|
16,857
|
18,922
|
|||||||||
|
General
and administrative
|
7,259
|
4,117
|
13,693
|
9,023
|
|||||||||
|
Depreciation
|
219
|
487
|
439
|
975
|
|||||||||
|
Amortization
of intangible assets
|
2,193
|
2,148
|
4,386
|
4,296
|
|||||||||
|
Total
operating expenses
|
19,126
|
16,969
|
35,375
|
33,216
|
|||||||||
|
Operating
income
|
24,166
|
20,827
|
47,515
|
39,084
|
|||||||||
|
Other
income (expense)
|
|||||||||||||
|
Interest
income
|
403
|
226
|
588
|
307
|
|||||||||
|
Interest
expense
|
(10,146
|
)
|
(8,897
|
)
|
(20,123
|
)
|
(17,488
|
)
|
|||||
|
Total
other income (expense)
|
(9,743
|
)
|
(8,671
|
)
|
(19,535
|
)
|
(17,181
|
)
|
|||||
|
Income
before provision for
income
taxes
|
14,423
|
12,156
|
27,980
|
21,903
|
|||||||||
|
Provision
for income taxes
|
5,639
|
4,782
|
10,940
|
8,600
|
|||||||||
|
Net
income
|
$
|
8,784
|
$
|
7,374
|
$
|
17,040
|
$
|
13,303
|
|||||
|
Basic
earnings per share
|
$
|
0.18
|
$
|
0.15
|
$
|
0.35
|
$
|
0.27
|
|||||
|
Diluted
earnings per share
|
$
|
0.18
|
$
|
0.15
|
$
|
0.34
|
$
|
0.27
|
|||||
|
Weighted
average shares outstanding:
Basic
|
49,451
|
48,791
|
49,389
|
48,757
|
|||||||||
|
Diluted
|
49,994
|
49,949
|
49,991
|
49,932
|
|||||||||
Prestige
Brands Holdings, Inc.
Segment
Results
(Unaudited)
|
Three
Months Ended September 30, 2006
|
|||||||||||||
|
Over-the-Counter
Drug
|
Household
Cleaning
|
Personal
Care
|
Consolidated
|
||||||||||
|
(in
thousands)
|
|||||||||||||
|
Net
sales
|
$
|
46,255
|
$
|
30,732
|
$
|
7,046
|
$
|
84,033
|
|||||
|
Other
revenues
|
--
|
518
|
--
|
518
|
|||||||||
|
Total
revenues
|
46,255
|
31,250
|
7,046
|
84,551
|
|||||||||
|
Cost
of sales
|
18,001
|
18,941
|
4,317
|
41,259
|
|||||||||
|
Gross
profit
|
28,254
|
12,309
|
2,729
|
43,292
|
|||||||||
|
Advertising
and promotion
|
7,058
|
2,020
|
377
|
9,455
|
|||||||||
|
Contribution
margin
|
$
|
21,196
|
$
|
10,289
|
$
|
2,352
|
33,837
|
||||||
|
Other
operating expenses
|
9,671
|
||||||||||||
|
Operating
income
|
24,166
|
||||||||||||
|
Other
(income) expense
|
9,743
|
||||||||||||
|
Provision
for income taxes
|
5,639
|
||||||||||||
|
Net
income
|
$
|
8,784
|
|||||||||||
|
Six
Months Ended September 30, 2006
|
|||||||||||||
|
Over-the-Counter
Drug
|
Household
Cleaning
|
Personal
Care
|
Consolidated
|
||||||||||
|
(in
thousands)
|
|||||||||||||
|
Net
sales
|
$
|
85,853
|
$
|
60,470
|
$
|
13,277
|
$
|
159,600
|
|||||
|
Other
revenues
|
--
|
874
|
--
|
874
|
|||||||||
|
Total
revenues
|
85,853
|
61,344
|
13,277
|
160,474
|
|||||||||
|
Cost
of sales
|
32,398
|
37,095
|
8,091
|
77,584
|
|||||||||
|
Gross
profit
|
53,455
|
24,249
|
5,186
|
82,890
|
|||||||||
|
Advertising
and promotion
|
12,483
|
3,710
|
664
|
16,857
|
|||||||||
|
Contribution
margin
|
$
|
40,972
|
$
|
20,539
|
$
|
4,522
|
66,033
|
||||||
|
Other
operating expenses
|
18,518
|
||||||||||||
|
Operating
income
|
47,515
|
||||||||||||
|
Other
(income) expense
|
19,535
|
||||||||||||
|
Provision
for income taxes
|
10,940
|
||||||||||||
|
Net
income
|
$
|
17,040
|
|||||||||||
|
Three
Months Ended September 30, 2005
|
|||||||||||||
|
Over-the-Counter
Drug
|
Household
Cleaning
|
Personal
Care
|
Consolidated
|
||||||||||
|
(in
thousands)
|
|||||||||||||
|
Net
sales
|
$
|
40,759
|
$
|
25,229
|
$
|
7,332
|
$
|
73,320
|
|||||
|
Other
revenues
|
--
|
25
|
--
|
25
|
|||||||||
|
Total
revenues
|
40,759
|
25,254
|
7,332
|
73,345
|
|||||||||
|
Cost
of sales
|
15,558
|
15,535
|
4,456
|
35,549
|
|||||||||
|
Gross
profit
|
25,201
|
9,719
|
2,876
|
37,796
|
|||||||||
|
Advertising
and promotion
|
7,127
|
1,740
|
1,350
|
10,217
|
|||||||||
|
Contribution
margin
|
$
|
18,074
|
$
|
7,979
|
$
|
1,526
|
27,579
|
||||||
|
Other
operating expenses
|
6,752
|
||||||||||||
|
Operating
income
|
20,827
|
||||||||||||
|
Other
income (expense)
|
(8,671
|
)
|
|||||||||||
|
Provision
for income taxes
|
(4,782
|
)
|
|||||||||||
|
Net
income
|
$
|
7,374
|
|||||||||||
|
Six
Months Ended September 30, 2005
|
|||||||||||||
|
Over-the-Counter
Drug
|
Household
Cleaning
|
Personal
Care
|
Consolidated
|
||||||||||
|
(in
thousands)
|
|||||||||||||
|
Net
sales
|
$
|
74,148
|
$
|
48,012
|
$
|
14,588
|
$
|
136,748
|
|||||
|
Other
revenues
|
50
|
--
|
50
|
||||||||||
|
Total
revenues
|
74,148
|
48,062
|
14,588
|
136,798
|
|||||||||
|
Cost
of sales
|
27,223
|
28,922
|
8,353
|
64,498
|
|||||||||
|
Gross
profit
|
46,925
|
19,140
|
6,235
|
72,300
|
|||||||||
|
Advertising
and promotion
|
13,266
|
3,510
|
2,146
|
18,922
|
|||||||||
|
Contribution
margin
|
$
|
33,659
|
$
|
15,630
|
$
|
4,089
|
53,378
|
||||||
|
Other
operating expenses
|
14,294
|
||||||||||||
|
Operating
income
|
39,084
|
||||||||||||
|
Other
income (expense)
|
(17,181
|
)
|
|||||||||||
|
Provision
for income taxes
|
(8,600
|
)
|
|||||||||||
|
Net
income
|
$
|
13,303
|
|||||||||||
Prestige
Brands Holdings, Inc.
Consolidated
Balance Sheets
(Unaudited)
|
(In
thousands)
|
September
30, 2006
|
March
31, 2006
|
|||||
|
Assets
|
|||||||
|
Current
assets
|
|||||||
|
Cash
|
$
|
10,508
|
$
|
8,200
|
|||
|
Accounts
receivable
|
37,447
|
40,042
|
|||||
|
Inventories
|
29,272
|
33,841
|
|||||
|
Deferred
income tax assets
|
2,405
|
3,227
|
|||||
|
Prepaid
expenses and other current assets
|
1,748
|
701
|
|||||
|
Total
current assets
|
81,380
|
86,011
|
|||||
|
Property
and equipment
|
1,527
|
1,653
|
|||||
|
Goodwill
|
302,786
|
297,935
|
|||||
|
Intangible
assets
|
662,290
|
637,197
|
|||||
|
Other
long-term assets
|
13,815
|
15,849
|
|||||
|
Total
Assets
|
$
|
1,061,798
|
$
|
1,038,645
|
|||
|
Liabilities
and Stockholders’ Equity
|
|||||||
|
Current
liabilities
|
|||||||
|
Accounts
payable
|
$
|
22,584
|
$
|
18,065
|
|||
|
Accrued
interest payable
|
7,773
|
7,563
|
|||||
|
Income
taxes payable
|
64
|
1,795
|
|||||
|
Other
accrued liabilities
|
8,714
|
4,582
|
|||||
|
Current
portion of long-term debt
|
3,730
|
3,730
|
|||||
|
Total
current liabilities
|
42,865
|
35,735
|
|||||
|
Long-term
debt
|
486,035
|
494,900
|
|||||
|
Other
accrued liabilities
|
2,801
|
--
|
|||||
|
Deferred
income tax liabilities
|
103,954
|
98,603
|
|||||
|
Total
liabilities
|
635,655
|
629,238
|
|||||
|
Stockholders’
Equity
|
|||||||
|
Preferred
stock - $0.01 par value
|
|||||||
|
Authorized
- 5,000 shares
|
|||||||
|
Issued
and outstanding - None
|
--
|
--
|
|||||
|
Common
stock - $0.01 par value
|
|||||||
|
Authorized
- 250,000 shares
|
|||||||
|
Issued
and outstanding - 50,060 shares at September 30, 2006 and March 31,
2006
|
501
|
501
|
|||||
|
Additional
paid-in capital
|
378,794
|
378,570
|
|||||
|
Treasury
stock, at cost - 52 shares at September 30, 2006 and 18 shares at
March
31, 2006
|
(36
|
)
|
(30
|
)
|
|||
|
Accumulated
other comprehensive income
|
587
|
1,109
|
|||||
|
Retained
earnings
|
46,297
|
29,257
|
|||||
|
Total
stockholders’ equity
|
426,143
|
409,407
|
|||||
|
Total
Liabilities and Stockholders’ Equity
|
$
|
1,061,798
|
$
|
1,038,645
|
|||
Prestige
Brands Holdings, Inc.
Consolidated
Statements of Cash Flows
(Unaudited)
|
(In
thousands)
|
Six
Months Ended September 30
|
||||||
|
2006
|
2005
|
||||||
|
Operating
Activities
|
|||||||
|
Net
income
|
$
|
17,040
|
$
|
13,303
|
|||
|
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
|||||||
|
Depreciation
and amortization
|
4,825
|
5,271
|
|||||
|
Deferred
income taxes
|
6,197
|
7,961
|
|||||
|
Amortization
of deferred financing costs
|
1,609
|
1,136
|
|||||
|
Stock-based
compensation
|
224
|
110
|
|||||
|
Changes
in operating assets and liabilities
|
|||||||
|
Accounts
receivable
|
2,595
|
3,366
|
|||||
|
Inventories
|
5,202
|
(8,054
|
)
|
||||
|
Prepaid
expenses and other current assets
|
(1,047
|
)
|
(104
|
)
|
|||
|
Accounts
payable
|
4,494
|
1,020
|
|||||
|
Income
taxes payable
|
(1,731
|
)
|
--
|
||||
|
Accrued
liabilities
|
3,326
|
521
|
|||||
|
Net
cash provided by operating activities
|
42,734
|
24,530
|
|||||
|
Investing
Activities
|
|||||||
|
Purchases
of equipment
|
(313
|
)
|
(297
|
)
|
|||
|
Purchase
of business
|
(31,242
|
)
|
--
|
||||
|
Net
cash used for investing activities
|
(31,555
|
)
|
(297
|
)
|
|||
|
Financing
Activities
|
|||||||
|
Repayment
of notes
|
(8,865
|
)
|
(1,865
|
)
|
|||
|
Payment
of deferred financing costs
|
--
|
(33
|
)
|
||||
|
Purchase
of common stock for treasury
|
(6
|
)
|
(21
|
)
|
|||
|
Additional
costs associated with initial public offering
|
--
|
(63
|
)
|
||||
|
Net
cash used for financing activities
|
(8,871
|
)
|
(1,982
|
)
|
|||
|
Increase
in cash
|
2,308
|
22,251
|
|||||
|
Cash
- beginning of period
|
8,200
|
5,334
|
|||||
|
Cash
- end of period
|
$
|
10,508
|
$
|
27,585
|
|||