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): February
5, 2007
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
February 5, 2007, Prestige Brands Holdings, Inc. (the ‘‘Registrant’’) announced
financial results for the fiscal quarter and nine-month period ended December
31, 2006. A copy of the press release announcing the Registrant’s earnings
results for the fiscal quarter and nine-month period ended December 31, 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 February 5, 2007 announcing the Registrant’s financial
results for the fiscal quarter and nine-month period ended December
31,
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: February 5, 2007 | PRESTIGE BRANDS HOLDINGS, INC. |
| By: /s/ Peter J. Anderson | |
| Name: Peter J. Anderson | |
| Title: Chief Financial Officer |
EXHIBIT
INDEX
|
Exhibit
|
|
Description
|
|
99.1
|
|
Press
Release dated February 5, 2007 announcing the Registrant’s financial
results for the fiscal quarter and nine-month period ended December
31,
2006 (furnished only).
|
PRESTIGE
BRANDS HOLDINGS, INC. REPORTS THIRD QUARTER FISCAL 2007
RESULTS
Net
Income of $10.6 Million Up 14% on Total Revenues of $80.l Million
Irvington,
NY, February 5, 2007—Prestige Brands Holdings, Inc. (NYSE-PBH), a consumer
products company with a diversified portfolio of well-recognized brands, today
announced results for the third fiscal quarter and nine month period ended
December 31, 2006. Highlights of the quarter include:
| · |
Net
income of $10.6 million, or $0.21 per diluted share, up 14% over
the prior
year comparable period
|
| · |
Total
revenues of $80.1 million, slightly higher than the prior year comparable
period
|
| · |
Free
cash flow of $12.4 million was 12% higher than the prior year comparable
period
|
| · |
Term
loan debt reduced by $18.5 million in the third fiscal
quarter
|
Total
revenues for the third quarter ended December 31, 2006 were $80.1 million,
slightly higher than total revenues of $79.9 million in the prior year
comparable period. Excluding the impact of the acquisitions of Chore Boy®,
Dental Concepts and Wartner®, organic revenue declined by 6%. Chore Boy and
Dental Concepts were acquired in October and November 2005, respectively; the
Wartner® brand was acquired in September, 2006.
Operating
income for the third quarter ended December 31, 2006 was $24.5 million, or
1%
below the operating income of $24.7 million in the third quarter of fiscal
2006.
The decline in operating income period to period resulted primarily from
increases in advertising and promotion spending behind key brands.
Net
income for the quarter grew 14% to $10.6 million or $0.21 per diluted share
over
net income of $9.3 million or $0.19 per diluted share for the comparable prior
year period. Net income includes a $1.7 million tax benefit resulting from
a
reduction in the deferred income tax rate from 39.1% to 38.6% as a result of
the
implementation of certain tax planning strategies.
Q3
Results by
Segment
The
Company conducts operations through three principal business
segments: Over-the-Counter Drug (OTC), Household Products, and Personal Care
products.
OTC
Drug
Revenues
of the over-the-counter drug products segment for the third quarter ended
December 31, 2006 were $45.6 million, 8% higher than the prior year comparable
period net revenues of $42.1 million. Increases in this segment resulted from
sales gains in several key brands including The Doctor’s®, Clear
eyes®, Little Remedies®, Dermoplast® and New
Skin®. These gains were partially offset by sales declines in the
Chloraseptic® and Compound W® brands.
Household
Products
Revenues
for the household products segment for the third quarter ended December 31,
2006
were $28.7 million, 7% less than the prior year comparable period net revenues
of $30.8 million. Comet® and Spic and Span®, the two core
brands in this segment, each recorded declines, while Chore Boy®
experienced increased sales.
The
Comet
and Spic and Span declines were primarily the result of comparisons against
unusually strong year ago shipments, which included pipeline shipments
supporting new distribution and significant promotional sales to one dollar
store customer. However, both brands continued to post strong consumer
consumption gains during the current quarter.
Personal
Care
Revenues
for the personal care segment for the third quarter ended December 31, 2006
were
$5.8 million, 17% less than the prior year comparable period net revenues of
$7.0 million. The decline in revenues was generally in line with the Company’s
expectations.
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 December 31, 2006 was $12.4
million, composed of operating cash flows of $12.5 million, less capital
expenditures of $0.1 million. Free cash flow for the nine month period ended
December 31, 2006 was $54.9 million, composed of operating cash flows of $55.3
million, less capital expenditures of $0.4 million. The Company’s free cash flow
in 2006 is higher than reported net income as a result of the amortization
of
intangibles, changes in the components of working capital and the relatively
low
capital expenditures.
During
the third fiscal quarter, the Company used free cash flow to reduce its term
loan debt by $18.5 million, bringing debt reduction during the nine month period
ended December 31, 2006 to a total of $27.4 million. The Company’s debt has been
reduced to $471.2 million at December 31, 2006, from $498.6 million at March
31,
2006.
Year-To-Date
Results
For
the
nine month period ended December 31, 2006, total revenues of $240.6 million
were
11% higher than the prior period results of $216.7 million. Excluding the
effects of acquisitions, year-to-date organic sales were up 3%. For the same
period, operating income was up 13% largely as a result of the increase in
sales, and lower advertising and promotion spending, partially offset by the
increase in general and administrative expenses. Net income for the nine month
period ended December 31, 2006 was $27.7 million, an increase of 22% over the
comparable period last year.
Outlook
The
Company expects its full year organic revenue growth will be in line with its
previously stated long-term growth range of 3-4%. Total revenues will increase
at a greater rate due to acquisitions. Net income is expected to grow less
rapidly than total revenue growth.
Conference
Call
The
Company will host a conference call to review its third quarter and nine month
results on Tuesday, February 6th
at
8:30am EST. The toll free number is 866-770-7125 within North America and
617-213-8066 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 12780289.
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 products, 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 contains "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
December 31
|
Nine
Months
Ended
December 31
|
||||||||||||
|
(In
thousands, except per share data)
|
2006
|
2005
|
2006
|
2005
|
|||||||||
|
Revenues
|
|||||||||||||
|
Net
sales
|
$
|
79,564
|
$
|
79,829
|
$
|
239,164
|
$
|
216,577
|
|||||
|
Other
revenues
|
560
|
27
|
1,434
|
77
|
|||||||||
|
Total
revenues
|
80,124
|
79,856
|
240,598
|
216,654
|
|||||||||
|
Cost
of Sales
|
|||||||||||||
|
Costs
of sales
|
36,766
|
38,726
|
114,350
|
103,224
|
|||||||||
|
Gross
profit
|
43,358
|
41,130
|
126,248
|
113,430
|
|||||||||
|
Operating
Expenses
|
|||||||||||||
|
Advertising
and promotion
|
8,952
|
7,385
|
25,809
|
26,307
|
|||||||||
|
General
and administrative
|
7,068
|
6,159
|
20,761
|
15,182
|
|||||||||
|
Depreciation
|
177
|
520
|
616
|
1,495
|
|||||||||
|
Amortization
of intangible assets
|
2,627
|
2,314
|
7,013
|
6,610
|
|||||||||
|
Total operating expenses
|
18,824
|
16,378
|
54,199
|
49,594
|
|||||||||
|
Operating income
|
24,534
|
24,752
|
72,049
|
63,836
|
|||||||||
|
Other
income (expense)
|
|||||||||||||
|
Interest
income
|
199
|
144
|
787
|
451
|
|||||||||
|
Interest
expense
|
(10,355
|
)
|
(9,670
|
)
|
(30,478
|
)
|
(27,158
|
)
|
|||||
|
Total other income (expense)
|
(10,156
|
)
|
(9,526
|
)
|
(29,691
|
)
|
(26,707
|
)
|
|||||
|
Income
before provision for
income taxes
|
14,378
|
15,226
|
42,358
|
37,129
|
|||||||||
|
Provision
for income taxes
|
3,735
|
5,881
|
14,675
|
14,481
|
|||||||||
|
Net income
|
$
|
10,643
|
$
|
9,345
|
$
|
27,683
|
$
|
22,648
|
|||||
|
Basic
earnings per share
|
$
|
0.21
|
$
|
0.19
|
$
|
0.56
|
$
|
0.46
|
|||||
|
Diluted
earnings per share
|
$
|
0.21
|
$
|
0.19
|
$
|
0.55
|
$
|
0.45
|
|||||
|
Weighted
average shares outstanding:
Basic
|
49,535
|
48,929
|
49,425
|
48,874
|
|||||||||
|
Diluted
|
50,024
|
50,010
|
50,016
|
50,007
|
|||||||||
Prestige
Brands Holdings, Inc.
Consolidated
Balance Sheets
(Unaudited)
|
(In
thousands)
|
December
31, 2006
|
March
31, 2006
|
|||||
|
Assets
|
|||||||
|
Current
assets
|
|||||||
|
Cash
and cash equivalents
|
$
|
4,802
|
$
|
8,200
|
|||
|
Accounts
receivable
|
35,230
|
40,042
|
|||||
|
Inventories
|
31,780
|
33,841
|
|||||
|
Deferred
income tax assets
|
2,522
|
3,227
|
|||||
|
Prepaid
expenses and other current assets
|
1,466
|
701
|
|||||
|
Total
current assets
|
75,800
|
86,011
|
|||||
|
Property
and equipment
|
1,453
|
1,653
|
|||||
|
Goodwill
|
303,928
|
297,935
|
|||||
|
Intangible
assets
|
659,784
|
637,197
|
|||||
|
Other
long-term assets
|
11,200
|
15,849
|
|||||
|
Total
Assets
|
$
|
1,052,165
|
$
|
1,038,645
|
|||
|
Liabilities
and Stockholders’ Equity
|
|||||||
|
Current
liabilities
|
|||||||
|
Accounts
payable
|
$
|
20,500
|
$
|
18,065
|
|||
|
Accrued
interest payable
|
4,872
|
7,563
|
|||||
|
Income
taxes payable
|
211
|
1,795
|
|||||
|
Other
accrued liabilities
|
10,167
|
4,582
|
|||||
|
Current
portion of long-term debt
|
3,550
|
3,730
|
|||||
|
Total
current liabilities
|
39,300
|
35,735
|
|||||
|
Long-term
debt
|
467,688
|
494,900
|
|||||
|
Other
accrued liabilities
|
2,801
|
--
|
|||||
|
Deferred
income tax liabilities
|
105,490
|
98,603
|
|||||
|
Total
Liabilities
|
615,279
|
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
- 50,060 shares at December 31, 2006 and
50,056 shares at March 31, 2006
|
501
|
501
|
|||||
|
Additional
paid-in capital
|
379,009
|
378,570
|
|||||
|
Treasury
stock, at cost - 55 shares at December 31, 2006
and 18 shares at March 31, 2006
|
(40
|
)
|
(30
|
)
|
|||
|
Accumulated
other comprehensive income
|
476
|
1,109
|
|||||
|
Retained
earnings
|
56,940
|
29,257
|
|||||
|
Total
stockholders’ equity
|
436,886
|
409,407
|
|||||
|
Total
Liabilities and Stockholders’ Equity
|
$
|
1,052,165
|
$
|
1,038,645
|
|||
Prestige
Brands Holdings, Inc.
Consolidated
Statements of Cash Flows
(Unaudited)
|
Nine
Months Ended December 31
|
|||||||
|
(In
thousands)
|
2006
|
2005
|
|||||
|
Operating
Activities
|
|||||||
|
Net
income
|
$
|
27,683
|
$
|
22,648
|
|||
|
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
|||||||
|
Depreciation
and amortization
|
7,629
|
8,105
|
|||||
|
Deferred
income taxes
|
7,686
|
11,543
|
|||||
|
Amortization
of deferred financing costs
|
2,422
|
1,727
|
|||||
|
Stock-based
compensation
|
439
|
230
|
|||||
|
Changes
in operating assets and liabilities
|
|||||||
|
Accounts
receivable
|
4,812
|
2,681
|
|||||
|
Inventories
|
2,707
|
(6,997
|
)
|
||||
|
Prepaid
expenses and other current assets
|
(765
|
)
|
271
|
||||
|
Accounts
payable
|
1,366
|
(3,549
|
)
|
||||
|
Income
taxes payable
|
(1,584
|
)
|
(2,135
|
)
|
|||
|
Accrued
liabilities
|
2,894
|
1,312
|
|||||
|
Net
cash provided by operating activities
|
55,289
|
35,836
|
|||||
|
Investing
Activities
|
|||||||
|
Purchases
of equipment
|
(429
|
)
|
(452
|
)
|
|||
|
Purchase
of intangibles
|
--
|
(22,623
|
)
|
||||
|
Purchase
of business
|
(30,856
|
)
|
(30,555
|
)
|
|||
|
Net
cash used for investing activities
|
(31,285
|
)
|
(53,630
|
)
|
|||
|
Financing
Activities
|
|||||||
|
Proceeds
from the issuance of notes
|
--
|
30,000
|
|||||
|
Repayment
of long-term debt
|
(27,392
|
)
|
(7,797
|
)
|
|||
|
Payment
of deferred financing costs
|
--
|
(13
|
)
|
||||
|
Purchase
of common stock for treasury
|
(10
|
)
|
(21
|
)
|
|||
|
Additional
costs associated with initial public offering
|
--
|
(63
|
)
|
||||
|
Net
cash provided by (used for) financing activities
|
(27,402
|
)
|
22,106
|
||||
|
Increase
(decrease) in cash
|
(3,398
|
)
|
4,312
|
||||
|
Cash
- beginning of period
|
8,200
|
5,334
|
|||||
|
Cash
- end of period
|
$
|
4,802
|
$
|
9,646
|
|||
|
Supplemental
Cash Flow Information
|
|||||||
|
Fair
value of assets acquired
|
$
|
34,710
|
$
|
33,909
|
|||
|
Fair
value of liabilities assumed
|
(3,854
|
)
|
(3,354
|
)
|
|||
|
Cash
paid to purchase business
|
$
|
30,856
|
$
|
30,555
|
|||
|
Interest
paid
|
$
|
30,749
|
$
|
28,206
|
|||
|
Income
taxes paid
|
$
|
8,790
|
$
|
1,335
|
|||
Prestige
Brands Holdings, Inc.
Statements
of Segment Operations
(Unaudited)
|
Three
Months Ended December 31, 2006
|
|||||||||||||
|
Over-the-Counter
Drug
|
Household
Cleaning
|
Personal
Care
|
Consolidated
|
||||||||||
|
(In
thousands)
|
|||||||||||||
|
Net
sales
|
$
|
45,574
|
$
|
28,155
|
$
|
5,835
|
$
|
79,564
|
|||||
|
Other
revenues
|
--
|
560
|
--
|
560
|
|||||||||
|
Total
revenues
|
45,574
|
28,715
|
5,835
|
80,124
|
|||||||||
|
Cost
of sales
|
15,800
|
17,787
|
3,179
|
36,766
|
|||||||||
|
Gross
profit
|
29,774
|
10,928
|
2,656
|
43,358
|
|||||||||
|
Advertising
and promotion
|
7,089
|
1,595
|
268
|
8,952
|
|||||||||
|
Contribution
margin
|
$
|
22,685
|
$
|
9,333
|
$
|
2,388
|
34,406
|
||||||
|
Other
operating expenses
|
9,872
|
||||||||||||
|
Operating
income
|
24,534
|
||||||||||||
|
Other
(income) expense
|
10,156
|
||||||||||||
|
Provision
for income taxes
|
3,735
|
||||||||||||
|
Net
income
|
$
|
10,643
|
|||||||||||
|
Nine
Months Ended December 31, 2006
|
|||||||||||||
|
Over-the-Counter
Drug
|
Household
Cleaning
|
Personal
Care
|
Consolidated
|
||||||||||
|
(In
thousands)
|
|||||||||||||
|
Net
sales
|
$
|
131,427
|
$
|
88,625
|
$
|
19,112
|
$
|
239,164
|
|||||
|
Other
revenues
|
--
|
1,434
|
--
|
1,434
|
|||||||||
|
Total
revenues
|
131,427
|
90,059
|
19,112
|
240,598
|
|||||||||
|
Cost
of sales
|
48,198
|
54,882
|
11,270
|
114,350
|
|||||||||
|
Gross
profit
|
83,229
|
35,177
|
7,842
|
126,248
|
|||||||||
|
Advertising
and promotion
|
19,572
|
5,305
|
932
|
25,809
|
|||||||||
|
Contribution
margin
|
$
|
63,657
|
$
|
29,872
|
$
|
6,910
|
100,439
|
||||||
|
Other
operating expenses
|
28,390
|
||||||||||||
|
Operating
income
|
72,049
|
||||||||||||
|
Other
(income) expense
|
29,691
|
||||||||||||
|
Provision
for income taxes
|
14,675
|
||||||||||||
|
Net
income
|
$
|
27,683
|
|||||||||||
Prestige
Brands Holdings, Inc.
Statements
of Segment Operations
(Unaudited)
|
Three
Months Ended December 31, 2005
|
|||||||||||||
|
Over-the-Counter
Drug
|
Household
Cleaning
|
Personal
Care
|
Consolidated
|
||||||||||
|
(In
thousands)
|
|||||||||||||
|
Net
sales
|
$
|
42,051
|
$
|
30,771
|
$
|
7,007
|
$
|
79,829
|
|||||
|
Other
revenues
|
--
|
27
|
--
|
27
|
|||||||||
|
Total
revenues
|
42,051
|
30,798
|
7,007
|
79,856
|
|||||||||
|
Cost
of sales
|
15,821
|
18,951
|
3,954
|
38,726
|
|||||||||
|
Gross
profit
|
26,230
|
11,847
|
3,053
|
41,130
|
|||||||||
|
Advertising
and promotion
|
4,926
|
1,735
|
724
|
7,385
|
|||||||||
|
Contribution
margin
|
$
|
21,304
|
$
|
10,112
|
$
|
2,329
|
33,745
|
||||||
|
Other
operating expenses
|
8,993
|
||||||||||||
|
Operating
income
|
24,752
|
||||||||||||
|
Other
(income) expense
|
9,526
|
||||||||||||
|
Provision
for income taxes
|
5,881
|
||||||||||||
|
Net
income
|
$
|
9,345
|
|||||||||||
|
Nine
Months Ended December 31, 2005
|
|||||||||||||
|
Over-the-Counter
Drug
|
Household
Cleaning
|
Personal
Care
|
Consolidated
|
||||||||||
|
(In
thousands)
|
|||||||||||||
|
Net
sales
|
$
|
116,199
|
$
|
78,783
|
$
|
21,595
|
$
|
216,577
|
|||||
|
Other
revenues
|
--
|
77
|
--
|
77
|
|||||||||
|
Total
revenues
|
116,199
|
78,860
|
21,595
|
216,654
|
|||||||||
|
Cost
of sales
|
43,044
|
47,873
|
12,307
|
103,224
|
|||||||||
|
Gross
profit
|
73,155
|
30,987
|
9,288
|
113,430
|
|||||||||
|
Advertising
and promotion
|
18,192
|
5,245
|
2,870
|
26,307
|
|||||||||
|
Contribution
margin
|
$
|
54,963
|
$
|
25,742
|
$
|
6,418
|
87,123
|
||||||
|
Other
operating expenses
|
23,287
|
||||||||||||
|
Operating
income
|
63,836
|
||||||||||||
|
Other
(income) expense
|
26,707
|
||||||||||||
|
Provision
for income taxes
|
14,481
|
||||||||||||
|
Net
income
|
$
|
22,648
|
|||||||||||