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,
2008
PRESTIGE
BRANDS HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
001-32433
|
20-1297589
|
|
(State
or
other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer
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:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
1.02 Termination of a Material
Definitive Agreement.
On
February
5, 2008, Prestige Brands Holdings, Inc. (the “Registrant”) received written
notification from The Procter & Gamble Manufacturing Company (“P&G”)
that, due to corporate planning at P&G, effective June 30, 2009, P&G
will no longer supply Comet® powder cleanser to Prestige Brands International,
Inc., a wholly-owned subsidiary of the Registrant (“PBI”). P&G currently
supplies Comet® powder cleanser to PBI pursuant to Amendment No. 4 and
Restatement of Contract Manufacturing Agreement, dated May 1, 2002 (the “Supply
Agreement”), by and between The Procter & Gamble Company and PBI. However,
P&G will continue to supply certain Comet® spray cleaners and Chloraseptic®
sore throat over-the-counter products to PBI.
Because the
termination of the Supply Agreement by P&G was not unexpected, the
Registrant had already commenced the process of identifying a new supplier
for
its Comet® powder cleanser. Accordingly, the Registrant does not
anticipate that there will be any interruption in the supply of Comet® powder
cleanser.
Item 2.02 Results of Operations and Financial Condition.
On
February
8, 2008, the
Registrant
announced
financial results for the
fiscal quarter and nine
months ended December
31, 2007. A
copy of the press release announcing
the Registrant’s earnings results for the fiscal quarter and nine months ended
December
31, 2007 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,
as
amended, 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 8, 2008 announcing the Registrant's financial
results for the fiscal quarter and nine months ended December 31, 2007
(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 8,
2008 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 8, 2008 announcing the Registrant's financial
results for the fiscal quarter and nine months ended December 31, 2007
(furnished only).
EXHIBIT
99.1
Prestige
Brands Holdings, Inc. Reports Third Quarter & Nine Months
Results
Irvington,
NY, February 8, 2008—Prestige Brands Holdings, Inc. (NYSE-PBH), a consumer
products company with a diversified portfolio of well-known brands in
over-the-counter healthcare products, household products and personal care
products, today announced results for the third fiscal quarter and nine months
ended December 31, 2007.
Third
Quarter Results
Revenues
for the third quarter ended December 31, 2007 were $80.2 million, slightly
ahead
of last year’s comparable period revenues of $80.1 million, despite the negative
effects of a weak cough/cold season and the industry-wide voluntary pediatric
cough /cold product withdrawal in October which affected two Little Remedies®
products.
Operating
income of $22.9 million for the third fiscal quarter was $1.6 million or 7%
below last year’s third quarter operating income of $24.5
million. The decline in operating income was due to a gross profit
decrease primarily due to unfavorable sales mix and an increase in advertising
and promotional spending, partially offset by a decline in general and
administrative expenses. A&P expenses were 7% higher than those of the prior
year comparable period primarily because of the Company continuing support
behind the new product launches of Murine™ Earigate™ and Comet® SprayGel Mildew
Stain Remover. General and administrative expenses declined in the quarter
due
to reductions to incentive compensation accruals partly offset by increased
legal expenses.
Net
income for the third quarter ended December 31, 2007 was $8.4 million or $0.17
per diluted share. This was 6% below the comparable prior period’s adjusted net
income of $8.9 million or $0.18 per diluted share, which reflects reported
net
income of $10.6 million less an adjustment of $1.7 million ($0.03 per diluted
share) resulting from a favorable non-cash income tax benefit.
Commenting
on the results, Mark Pettie, Chairman and CEO said, “Our third quarter revenue
results were mixed in aggregate. We are quite pleased with the solid organic
growth we enjoyed across many of our largest OTC and Household brands and the
continued strong success of our Murine™ Earigate™ and Comet® SprayGel Mildew
Stain Remover new product launches. However, the effect of two well publicized
events, namely a weak cough/cold season and the industry-wide voluntary
pediatric cough/cold product withdrawal, negated much of the
growth.”
1
Results
by Segment
Over-The-Counter
Healthcare Products
Revenues
for the OTC segment in the third fiscal quarter were $45.1 million, or 1% below
the prior year comparable quarter. The slight decline was due to a weak
cough/cold season affecting sales of Chloraseptic®, the industry-wide voluntary
withdrawal of pediatric cough/cold products affecting two Little Remedies®
products, and continuing competitive pressures on The Doctor’s® NightGuard™
dental protector. Partially offsetting the above declines were continuing strong
sales of the Murine™ brand, led by new Murine™ Earigate™, and strong sales of
Clear Eyes®.
Household
Products
Revenues
for the household products segment in the third fiscal quarter were $30.1
million, 5% higher than the prior year comparable quarter, primarily due to
strong sales of Comet® SprayGel Mildew Stain Remover, this segment’s newest
product.
Personal
Care Products
The
smallest segment of the Company’s business registered revenues of $5.1 million,
13% below last year’s third quarter results.
Free
Cash Flow and Debt Repayment
Free
cash
flow is a “non-GAAP financial measure” as that term is defined by the Securities
and Exchange Commission in Regulation G. We view “free cash flow” as an
important measure because it is an indicator of cash available for debt
repayment and other corporate purposes. We define “free cash flow” as operating
cash flow less capital expenditures.
The
Company’s free cash flow for the three months ended December 31, 2007 was $13.6
million, composed of operating cash flows of $13.8 million less capital
expenditures of $0.2 million. The $13.6 million of free cash flow was an
improvement over the $12.4 million of free cash flow, composed of operating
cash
flows of $12.5 million less capital expenditures of $0.1 million, generated
in
the prior year’s comparable quarter.
During
the third fiscal quarter, the Company used free cash flow to reduce its term
loan debt by $10.9 million. Year to date, the Company has reduced its debt
by
$37.1 million to $426.2 million at December 31, 2007.
2
Year-To-Date
Results
For
the
nine month period ended December 31, 2007, revenues were $246.2 million, 2%
higher than the prior period comparable results of $240.6 million. Operating
income of $66.6 million was 8% below the prior year comparable period, largely
as a result of increased advertising and promotion expenses and increased
general and administrative expenses. Net income for the nine month
period ended December 31, 2007 was $23.6 million, 9% below the comparable
period’s adjusted net income of $26.0 million, which reflects an adjustment of
$1.7 million ($0.03 per diluted share) resulting from the favorable non-cash
income tax benefit mentioned above.
Conference
Call
The
Company will host a conference call to review its third quarter fiscal 2008
results on Friday, February 8, 2008 at 8:30 am (EST). The toll free dial in
number is 866-271-0675. International callers may dial 617-213-8892. The
conference password is “prestige”. We will have a live internet webcast of the
call, as well as an archived replay, which can be accessed from the Investor
Relations page of www.prestigebrandsinc.com.
The archived replay will be available for two weeks following completion of
the
call. The dial in numbers are 888-286-8010 (domestic) and 617-801-6888
(international). The pass code for the replay is 51390487.
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 healthcare, personal care and
household products sold throughout the U.S, Canada, and certain international
markets. 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 healthcare products, The Doctor’s®
NightGuard™ dental protector, Cutex® nail polish remover, Comet® and Spic and
Span® household products, and other well-known brands.
Forward-Looking
Statements
Note:
This news release contains, and our upcoming conference call may include,
"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
3
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)
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
|
Revenues
|
||||||||||||||||
|
Net
sales
|
$ | 79,644 | $ | 79,564 | $ | 244,525 | $ | 239,164 | ||||||||
|
Other
revenues
|
578 | 560 | 1,645 | 1,434 | ||||||||||||
|
Total
revenues
|
80,222 | 80,124 | 246,170 | 240,598 | ||||||||||||
|
Cost
of Sales
|
||||||||||||||||
|
Costs
of sales
|
38,783 | 36,766 | 118,875 | 114,350 | ||||||||||||
|
Gross
profit
|
41,439 | 43,358 | 127,295 | 126,248 | ||||||||||||
|
Operating
Expenses
|
||||||||||||||||
|
Advertising
and promotion
|
9,572 | 8,952 | 28,375 | 25,809 | ||||||||||||
|
General
and administrative
|
6,209 | 7,068 | 24,039 | 20,761 | ||||||||||||
|
Depreciation
|
126 | 177 | 379 | 616 | ||||||||||||
|
Amortization
of intangible assets
|
2,627 | 2,627 | 7,881 | 7,013 | ||||||||||||
|
Total
operating expenses
|
18,534 | 18,824 | 60,674 | 54,199 | ||||||||||||
|
Operating
income
|
22,905 | 24,534 | 66,621 | 72,049 | ||||||||||||
|
Other
income (expense)
|
||||||||||||||||
|
Interest
income
|
164 | 199 | 524 | 787 | ||||||||||||
|
Interest
expense
|
(9,490 | ) | (10,355 | ) | (29,132 | ) | (30,478 | ) | ||||||||
|
Total
other income (expense)
|
(9,326 | ) | (10,156 | ) | (28,608 | ) | (29,691 | ) | ||||||||
|
Income
before provision for
income
taxes
|
13,549 | 14,378 | 38,013 | 42,358 | ||||||||||||
|
Provision
for income taxes
|
5,160 | 3,735 | 14,445 | 14,675 | ||||||||||||
|
Net
income
|
$ | 8,419 | $ | 10,643 | $ | 23,568 | $ | 27,683 | ||||||||
|
Basic
earnings per share
|
$ | 0.17 | $ | 0.21 | $ | 0.47 | $ | 0.56 | ||||||||
|
Diluted
earnings per share
|
$ | 0.17 | $ | 0.21 | $ | 0.47 | $ | 0.55 | ||||||||
|
Weighted
average shares outstanding:
Basic
|
49,799 | 49,535 | 49,744 | 49,425 | ||||||||||||
|
Diluted
|
50,035 | 50,024 | 50,040 | 50,016 | ||||||||||||
4
Prestige
Brands Holdings, Inc.
Consolidated
Balance Sheets
(Unaudited)
(In
thousands)
|
Assets
|
December
31, 2007
|
March
31,
2007
|
||||||
|
Current
assets
|
||||||||
|
Cash
and cash equivalents
|
$ | 11,554 | $ | 13,758 | ||||
|
Accounts
receivable
|
38,977 | 35,167 | ||||||
|
Inventories
|
30,659 | 30,173 | ||||||
|
Deferred
income tax assets
|
3,094 | 2,735 | ||||||
|
Prepaid
expenses and other current assets
|
2,002 | 1,935 | ||||||
|
Total
current assets
|
86,286 | 83,768 | ||||||
|
Property
and equipment
|
1,437 | 1,449 | ||||||
|
Goodwill
|
308,915 | 310,947 | ||||||
|
Intangible
assets
|
649,277 | 657,157 | ||||||
|
Other
long-term assets
|
7,528 | 10,095 | ||||||
|
Total
Assets
|
$ | 1,053,443 | $ | 1,063,416 | ||||
|
Liabilities
and Stockholders’ Equity
|
||||||||
|
Current
liabilities
|
||||||||
|
Accounts
payable
|
$ | 18,703 | $ | 19,303 | ||||
|
Accrued
interest payable
|
4,574 | 7,552 | ||||||
|
Other
accrued liabilities
|
11,711 | 10,505 | ||||||
|
Current
portion of long-term debt
|
3,550 | 3,550 | ||||||
|
Total
current liabilities
|
38,538 | 40,910 | ||||||
|
Long-term
debt
|
422,675 | 459,800 | ||||||
|
Other
long-term liabilities
|
2,801 | 2,801 | ||||||
|
Deferred
income tax liabilities
|
120,066 | 114,571 | ||||||
|
Total
Liabilities
|
584,080 | 618,082 | ||||||
|
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
|
501 | 501 | ||||||
|
Additional
paid-in capital
|
379,983 | 379,225 | ||||||
|
Treasury
stock, at cost – 57 shares at December 31, 2007
and 55 shares at March 31, 2007
|
(45 | ) | (40 | ) | ||||
|
Accumulated
other comprehensive income
|
21 | 313 | ||||||
|
Retained
earnings
|
88,903 | 65,335 | ||||||
|
Total
stockholders’ equity
|
469,363 | 445,334 | ||||||
|
Total
Liabilities and Stockholders’ Equity
|
$ | 1,053,443 | $ | 1,063,416 | ||||
5
Prestige
Brands Holdings, Inc.
Consolidated
Statements of Cash Flows
(Unaudited)
|
Nine
Months Ended December 31
|
||||||||
|
(In
thousands)
|
2007
|
2006
|
||||||
|
Operating
Activities
|
||||||||
|
Net
income
|
$ | 23,568 | $ | 27,683 | ||||
|
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
|
Depreciation
and amortization
|
8,260 | 7,629 | ||||||
|
Deferred
income taxes
|
7,366 | 7,686 | ||||||
|
Amortization
of deferred financing costs
|
2,283 | 2,422 | ||||||
|
Stock-based
compensation
|
758 | 439 | ||||||
|
Changes
in operating assets and liabilities
|
||||||||
|
Accounts
receivable
|
(3,810 | ) | 4,812 | |||||
|
Inventories
|
(486 | ) | 2,707 | |||||
|
Prepaid
expenses and other current assets
|
(66 | ) | (765 | ) | ||||
|
Accounts
payable
|
(795 | ) | 1,366 | |||||
|
Income
taxes payable
|
-- | (1,584 | ) | |||||
|
Accrued
liabilities
|
(1,772 | ) | 2,894 | |||||
|
Net
cash provided by operating activities
|
35,306 | 55,289 | ||||||
|
Investing
Activities
|
||||||||
|
Purchases
of equipment
|
(364 | ) | (429 | ) | ||||
|
Change
in other assets due to purchase price adjustments
|
(16 | ) | 386 | |||||
|
Purchase
of business
|
-- | (31,242 | ) | |||||
|
Net
cash used for investing activities
|
(380 | ) | (31,285 | ) | ||||
|
Financing
Activities
|
||||||||
|
Repayment
of long-term debt
|
(37,125 | ) | (27,392 | ) | ||||
|
Purchase
of common stock for treasury
|
(5 | ) | (10 | ) | ||||
|
Net
cash used for financing activities
|
(37,130 | ) | (27,402 | ) | ||||
|
Decrease
in cash
|
(2,204 | ) | (3,398 | ) | ||||
|
Cash
- beginning of period
|
13,758 | 8,200 | ||||||
|
Cash
- end of period
|
$ | 11,554 | $ | 4,802 | ||||
|
Supplemental
Cash Flow Information
|
||||||||
|
Fair
value of assets acquired
|
$ | -- | $ | 35,096 | ||||
|
Fair
value of liabilities assumed
|
-- | (3,854 | ) | |||||
|
Cash
paid to purchase business
|
$ | -- | $ | 31,242 | ||||
|
Interest
paid
|
$ | 29,828 | $ | 30,749 | ||||
|
Income
taxes paid
|
$ | 6,911 | $ | 8,790 | ||||
6
Segment
Results of Operations
|
Three
Months Ended December 31, 2007
|
||||||||||||||||
|
Over-the-Counter
|
Household
|
Personal
|
||||||||||||||
|
Healthcare
|
Cleaning
|
Care
|
Consolidated
|
|||||||||||||
|
Net
sales
|
$ | 45,015 | $ | 29,568 | $ | 5,061 | $ | 79,644 | ||||||||
|
Other
revenues
|
51 | 527 | -- | 578 | ||||||||||||
|
Total
revenues
|
45,066 | 30,095 | 5,061 | 80,222 | ||||||||||||
|
Cost
of sales
|
16,994 | 18,332 | 3,457 | 38,783 | ||||||||||||
|
Gross
profit
|
28,072 | 11,763 | 1,604 | 41,439 | ||||||||||||
|
Advertising
and promotion
|
7,045 | 2,271 | 256 | 9,572 | ||||||||||||
|
Contribution
margin
|
$ | 21,027 | $ | 9,492 | $ | 1,348 | 31,867 | |||||||||
|
Other
operating expenses
|
8,962 | |||||||||||||||
|
Operating
income
|
22,905 | |||||||||||||||
|
Other
(income) expense
|
9,326 | |||||||||||||||
|
Provision
for income taxes
|
5,160 | |||||||||||||||
|
Net
income
|
$ | 8,419 | ||||||||||||||
|
Nine
Months Ended December 31, 2007
|
||||||||||||||||
|
Over-the-Counter
|
Household
|
Personal
|
||||||||||||||
|
Healthcare
|
Cleaning
|
Care
|
Consolidated
|
|||||||||||||
|
Net
sales
|
$ | 137,444 | $ | 89,838 | $ | 17,243 | $ | 244,525 | ||||||||
|
Other
revenues
|
51 | 1,566 | 28 | 1,645 | ||||||||||||
|
Total
revenues
|
137,495 | 91,404 | 17,271 | 246,170 | ||||||||||||
|
Cost
of sales
|
52,068 | 56,312 | 10,495 | 118,875 | ||||||||||||
|
Gross
profit
|
85,427 | 35,092 | 6,776 | 127,295 | ||||||||||||
|
Advertising
and promotion
|
21,080 | 6,474 | 821 | 28,375 | ||||||||||||
|
Contribution
margin
|
$ | 64,347 | $ | 28,618 | $ | 5,955 | 98,920 | |||||||||
|
Other
operating expenses
|
32,299 | |||||||||||||||
|
Operating
income
|
66,621 | |||||||||||||||
|
Other
(income) expense
|
28,608 | |||||||||||||||
|
Provision
for income taxes
|
14,445 | |||||||||||||||
|
Net
income
|
$ | 23,568 | ||||||||||||||
7
Prestige
Brands Holdings, Inc.
Segment
Results of Operations
|
Three
Months Ended December 31, 2006
|
||||||||||||||||
|
Over-the-Counter
Healthcare
|
Household
Cleaning
|
Personal
Care
|
Consolidated
|
|||||||||||||
|
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
Healthcare
|
Household
Cleaning
|
Personal
Care
|
Consolidated
|
|||||||||||||
|
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
|
19,573 | 5,304 | 932 | 25,809 | ||||||||||||
|
Contribution
margin
|
$ | 63,656 | $ | 29,873 | $ | 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 | ||||||||||||||