Attached files

file filename
8-K - FORM 8-K - Manitex International, Inc.d581168d8k.htm
EX-99.2 - EX-99.2 - Manitex International, Inc.d581168dex992.htm

Exhibit 99.1

Manitex International, Inc. Reports Second Quarter 2013 Results

Achieves Record Net Sales of $63 Million and Record Net Income of $2.7 Million, or

$0.22 per Share

Manitex to Acquire Sabre Manufacturing, LLC for $14 Million

Bridgeview, IL, August 7th, 2013 — Manitex International, Inc. (Nasdaq: MNTX), a leading provider of engineered lifting solutions including boom truck and rough terrain cranes, rough terrain forklifts, special mission oriented vehicles, container handling equipment and specialized engineered trailers, today announced second quarter 2013 results.

Second Quarter 2013 Financial Highlights:

 

   

Net revenues rose 19% to a record $62.6 million, compared to $52.5 million in the prior year’s quarter and 5% compared to the first quarter 2013 revenues of $59.6 million.

 

   

Net income of $2.7 million or $0.22 per share, increased 15% compared to $2.3 million and $0.20 per share for the prior year’s quarter.

 

   

EBITDA(1) for the second quarter 2013 increased 7.8% to $5.5 million, equal to 8.8% of sales, compared to $5.1 million and 9.7% of sales for the same period in 2012. On a sequential quarter basis, the increase in EBITDA was $1.4 million or 34%.

 

   

Consolidated backlog at June 30th, 2013 was $96.6 million.

Acquisition of Sabre Manufacturing, LLC:

 

   

Knox, Indiana-based manufacturer of a comprehensive line of specialized trailer tanks for liquid and solid storage and containment solutions with capacities from 8,000 to 21,000 gallons, and with a large installed base in North America. Its tank trailers are sold to specialist independent tank rental companies for a variety of end markets such as petrochemical, waste management and oil and gas drilling

 

   

Negotiated purchase price of $14 million consisting of $13 million in cash and $1 million in MNTX common stock

 

   

Sabre trailing twelve month revenue (through 3/31/2013) of $39.1 million and EBITDA of $4.5 million

 

   

Closing, subject to execution of definitive documentation, expected shortly

 

   

Cash consideration will be funded by new Comerica Bank Term Loan

Chairman and Chief Executive Officer, David Langevin commented “The record sales and profits we recorded in the second quarter results demonstrates continued execution of our niche product strategy. The global economic environment, as has been widely reported remains subdued, and while we are cautious we believe our businesses will continue to perform on a solid basis in this challenging economic landscape. The primary driver of our growth remains our crane business. And as we recently reported, we believe that our new 70 ton crane

 

— more —


product will have a significant impact for us in the future. We would also like to point out the significance of the $37 million Navy contract award which we recently announced which will also provide further growth for us in 2014. Finally, in the second quarter, our cost structure, margins and EBITDA ratios all returned to more normal levels when compared to the first quarter. With this cost concentration and a steady improvement in economics along with the potential benefit from the acquisition of Sabre which we announced today, we should turn in good results for the year and put us on sound footing going into 2014.”

Second quarter 2013 revenues of $62.6 million increased $10.1 million or 19.2% from the second quarter of 2012 resulting primarily from production increases at the Manitex crane facility and increased sales for port-related equipment from CVS, partially offset by lower revenues from other material handling operations and equipment distribution. Cranes with capacities greater than 45 ton increased as a proportion of total revenues contributing approximately $5 million of the total increase. The lower margin, lower capacity boom trucks and chassis sales also increased approximately $3 million in response to improved commercial construction activity, which utilizes the lower capacity, less specialized cranes. Parts sales as a percentage of revenue for the quarter were approximately 18% lower than the prior year quarter due to the increase in new product revenues, but were also marginally reduced on a dollar basis. On a sequential quarter basis, revenues increased 5%, with a 12% increase in sales of cranes, on a number of units basis, although this was partially offset by reduced material handling and equipment distribution sales.

Gross profit of $12.3 million was equal to 19.6% of sales, compared to $10.8 million or 20.5% for the second quarter of 2012 and $10.2 million or 17.2% in the first quarter of 2013. The year-over-year reduction in gross margin percent was generated by an increase in the mix of lower capacity cranes and chassis, and a lower percentage of higher margin parts sales. Parts sales are anticipated to return in line with their historical levels over time as the recent rapid increase in new equipment sales become increasingly deployed and utilized. The 240 basis point sequential improvement to more normalized levels was generated by improved manufacturing efficiencies over the prior quarter as newer products became better assimilated into manufacturing as well as a benefit from improved volume and product mix.

Net income for the second quarter of 2013 of $2.7 million or $0.22 in earnings per share was an increase of $0.3 million, (15%) or $0.02 per share, over the second quarter of 2012. A $10.1 million improvement in revenue compared to the second quarter of 2012 resulted in a gross profit increase of $1.5 million which was offset by additional operating expenses, other expense and tax of $1.2 million. Operating expense was $1.1 million higher in the second quarter of 2013 of which increased selling expenses of $0.6 million were incurred from an expansion in the sales organization, commissions and other selling related costs, with employee related costs and incentive compensation accounting for approximately $0.3 million.

Andrew Rooke, Manitex International President and Chief Operating Officer, commented, “We again achieved record sales revenues for the quarter, showing increases on a year ago and sequential quarter basis, with crane products leading the way. Our production increases combined with a softening of demand from energy markets compared to the same period a year ago and continued relative weakness in material handling contributed to a modest reduction in backlog, which was $97 million at the end of the quarter, and still remains healthy. Gross margin at 19.6% for the quarter returned to more normalized levels as the recent product introductions became fully integrated into the supply chain and production process, and we achieved improved manufacturing volume in the Manitex crane facility. The lower percentage of parts sales due to higher new equipment sales still had a negative effect in the quarter, but this also remains a future opportunity as parts sales start to reflect the higher volume of equipment being deployed. Our commitment to cost control and higher efficiency remains a key objective, as evidenced in our SG&A, which as a percentage of sales, remained steady with the second quarter of 2012 at 11.3%. However, it has been reduced by 100 basis points to 10.8% for the six months ended June 30, 2013 compared to 11.8% for the corresponding period in 2012. Our balance sheet position remains strong, with our debt to trailing twelve month EBITDA ratio of 2.8 times and interest coverage of 7.5 times, both ratios remaining relatively constant since December 31, 2012.”


Outlook

Mr. Langevin continued, “The quarterly and year to date results were solid, and we continue to work to develop and acquire niche products which serve industries where we believe there will be superior growth and where we will have the opportunity to grow at levels beyond anyone in the marketplace. We look forward to welcoming to the Manitex Group a Company that we believe fits these criteria in Sabre Manufacturing. Sabre is a leading specialized equipment provider with a reputation for high quality and innovation serving a market of over $1 billion annually.

Our expectations, absent any significant change in the global economic conditions and excluding the additional benefit we may receive from Sabre, are for second half sales in line with the first. This would suggest another record year for revenues, EBITDA and earnings per share. We also continue to pursue further growth of our revenue base as well as an increase in our profitability through development of new products and opportunistic acquisitions,” concluded Mr. Langevin.

 

(1)

EBITDA and adjusted net income are non-GAAP (generally accepted accounting principles in the United States of America) financial measures. These measures may be different from non-GAAP financial measures used by other companies. We encourage investors to review the section below entitled “Non-GAAP Financial Measures.”

Conference Call:

Management will host a conference call at 4:30 p.m. Eastern Time today to discuss the results with the investment community. Anyone interested in participating should call 1-877-941-8416 if calling within the United States or 1-480-629-9808 if calling internationally. A replay will be available until August 14, 2013 which can be accessed by dialing 1-877-870-5176 if calling within the United States or 1-858-384-5517 if calling internationally. Please use passcode 4633602 to access the replay.

The call will also be accompanied by a webcast over the Internet with slides, which are also accessible at the Investor Relations section of the Company’s corporate website at www.manitexinternational.com.

About Manitex International, Inc.

Manitex International, Inc. is a leading provider of engineered lifting solutions including cranes, reach stackers and associated container handling equipment, rough terrain forklifts, indoor electric forklifts and special mission oriented vehicles, including parts support.

Our Manitex subsidiary manufactures and markets a comprehensive line of boom trucks and sign cranes through a national and international dealership network. Our boom trucks and crane products are primarily used in industrial projects, energy exploration and infrastructure development, including roads, bridges, and commercial construction. Additionally, Badger Equipment Company, a subsidiary located in Winona, Minnesota, manufactures specialized rough terrain cranes and material handling products. Badger primarily serves the needs of the construction, municipality, and railroad industries. Our Italian subsidiary, CVS Ferrari, srl, designs and manufactures a range of reach stackers and associated lifting equipment for the global container handling market, which is sold through a broad dealer network. Our Manitex Liftking subsidiary is a provider of material handling equipment including the Noble straight-mast rough terrain forklift product line, Lowry high capacity cushion tired forklift and Schaeff electric indoor forklifts as well as specialized carriers, heavy material handling transporters and steel mill equipment. Manitex Liftking’s rough terrain forklifts are used in both commercial and military applications. Our subsidiary, Manitex Load King located in Elk Point, South Dakota is a manufacturer of specialized engineered trailers and hauling systems, typically used for transporting heavy equipment.


Our Crane and Machinery division is a Chicago based distributor of cranes including Terex truck and rough terrain cranes, and our own Manitex product line. Crane and Machinery provides aftermarket service in its local market as well as being a leading distributor of OEM crane parts, supplying parts to customers throughout the United States and internationally. The division also provides a wide range of used lifting and construction equipment of various ages and conditions, and has the capability to refurbish the equipment to the customer’s specifications.

Forward-Looking Statement

Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release contains statements that are forward-looking in nature which express the beliefs and expectations of management including statements regarding the Company’s expected results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and future economic performance; and statements of management’s goals and objectives and other similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “we believe,” “we intend,” “may,” “will,” “should,” “could,” and similar expressions. Such statements are based on current plans, estimates and expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Company’s future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. These factors and additional information are discussed in the Company’s filings with the Securities and Exchange Commission and statements in this release should be evaluated in light of these important factors. Although we believe that these statements are based upon reasonable assumptions, we cannot guarantee future results. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

 

Company Contact   

Manitex International, Inc.

David Langevin

Chairman and Chief Executive Officer

(708) 237-2060

djlangevin@manitexinternational.com

  

Hayden IR

Peter Seltzberg

Investor Relations

646-415-8972

peter@haydenir.com


MANITEX INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except for share and per share amounts)

 

     Three Months Ended
June  30,
    Six Months Ended
June  30,
 
     2013     2012     2013     2012  
     Unaudited     Unaudited     Unaudited     Unaudited  

Net revenues

   $ 62,554      $ 52,496      $ 122,120      $ 95,345   

Cost of sales

     50,294        41,740        99,624        76,013   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     12,260        10,756        22,496        19,332   

Operating expenses

        

Research and development costs

     606        649        1,418        1,319   

Selling, general and administrative expenses

     7,050        5,911        13,217        11,297   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     7,656        6,560        14,635        12,616   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     4,604        4,196        7,861        6,716   

Other income (expense)

        

Interest expense

     (751     (620     (1,344     (1,267

Foreign currency transaction (losses) gains

     11        (108     (52     (94

Other income (loss)

     (5     71        (9     79   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other expense

     (745     (657     (1,405     (1,282
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     3,859        3,539        6,456        5,434   

Income tax

     1,204        1,231        1,890        1,875   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 2,655      $ 2,308      $ 4,566      $ 3,559   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings Per Share

        

Basic

   $ 0.22      $ 0.20      $ 0.37      $ 0.30   

Diluted

   $ 0.22      $ 0.20      $ 0.37      $ 0.30   

Weighted average common shares outstanding

        

Basic

     12,295,879        11,713,206        12,285,819        11,698,256   

Diluted

     12,337,493        11,729,360        12,322,642        11,707,094   


MANITEX INTERNATIONAL INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

 

      June 30,
2013
     December 31,
2012
 
     Unaudited      Unaudited  

ASSETS

     

Current assets

     

Cash

   $ 3,171       $ 1,889   

Trade receivables (net)

     38,097         36,189   

Accounts receivable finance

     204         276   

Other receivables

     3,636         2,761   

Inventory (net)

     67,290         61,290   

Deferred tax asset

     1,166         1,166   

Prepaid expense and other

     1,488         1,206   
  

 

 

    

 

 

 

Total current assets

     115,052         104,777   
  

 

 

    

 

 

 

Accounts receivable finance

     182         307   

Total fixed assets (net)

     10,187         10,297   

Intangible assets (net)

     17,308         18,442   

Deferred tax asset

     2,257         2,259   

Goodwill

     15,276         15,283   

Other long-term assets

     108         139   
  

 

 

    

 

 

 

Total assets

   $ 160,370       $ 151,504   
  

 

 

    

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

     

Current liabilities

     

Notes payable—short term

   $ 6,190       $ 6,218   

Revolving credit facilities

     1,302         875   

Current portion of capital lease obligations

     1,363         1,040   

Accounts payable

     26,443         25,101   

Accounts payable related parties

     544         839   

Accrued expenses

     7,538         7,745   

Other current liabilities

     1,493         1,533   
  

 

 

    

 

 

 

Total current liabilities

     44,873         43,351   
  

 

 

    

 

 

 

Long-term liabilities

     

Revolving term credit facilities

     37,617         34,357   

Deferred tax liability

     4,304         4,269   

Notes payable

     2,345         2,648   

Capital lease obligations

     3,995         4,000   

Deferred gain on sale of building

     1,838         2,028   

Other long-term liabilities

     1,302         1,318   
  

 

 

    

 

 

 

Total long-term liabilities

     51,401         48,620   
  

 

 

    

 

 

 

Total liabilities

     96,274         91,971   
  

 

 

    

 

 

 

Commitments and contingencies

     

Shareholders’ equity

     

Preferred Stock—Authorized 150,000 shares, no shares issued or outstanding at June 30, 2013 and December 31, 2012

     —          —    

Common Stock—no par value 20,000,000 shares authorized, 12,295,879 and 12,268,443 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively

     53,329         53,040   

Paid in capital

     1,276         1,098   

Retained earnings

     9,245         4,679   

Accumulated other comprehensive income

     246         716   
  

 

 

    

 

 

 

Total shareholders’ equity

     64,096         59,533   
  

 

 

    

 

 

 

Total liabilities and shareholders’ equity

   $ 160,370       $ 151,504   
  

 

 

    

 

 

 


MANITEX INTERNATIONAL, INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

(In thousands)

 

     Six Months Ended
June 30,
 
     2013     2012  
     Unaudited     Unaudited  

Cash flows from operating activities:

    

Net income

   $ 4,566      $ 3,559   

Adjustments to reconcile net income to cash used for operating activities:

    

Depreciation and amortization

     1,773        1,790   

Changes in allowances for doubtful accounts

     162        10   

Changes in inventory reserves

     (76     93   

Deferred income taxes

     34        1,848   

Share based compensation

     467        181   

Gain on disposal of fixed assets

     4        (72

Reserves for uncertain tax provisions

     19        4   

Changes in operating assets and liabilities:

    

(Increase) decrease in accounts receivable

     (3,303     (12,133

(Increase) decrease in accounts receivable finance

     190        243   

(Increase) decrease in inventory

     (6,890     (11,287

(Increase) decrease in prepaid expenses

     (297     (765

(Increase) decrease in other assets

     31        4   

Increase (decrease) in accounts payable

     1,501        8,717   

Increase (decrease) in accrued expense

     (175     1,927   

Increase (decrease) in other current liabilities

     (37     575   

Increase (decrease) in other long-term liabilities

     (35     (97
  

 

 

   

 

 

 

Net cash used for operating activities

     (2,066     (5,403
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Proceeds from the sale of fixed assets

     12       98   

Purchase of property and equipment

     (804     (330
  

 

 

   

 

 

 

Net cash used for investing activities

     (792     (232
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Borrowing on revolving term credit facilities

     4,161        7,761   

Net borrowings on working capital facilities

     (546     2,270   

New borrowings—notes payable

     809        763   

Note payments

     (536     (3,850

Proceeds from capital leases

     827        724   

Payments on capital lease obligations

     (509     (318
  

 

 

   

 

 

 

Net cash provided by financing activities

     4,206        7,350   
  

 

 

   

 

 

 

Net increase in cash and cash equivalents

     1,348        1,715   

Effect of exchange rate change on cash

     (66     (58

Cash and cash equivalents at the beginning of the year

     1,889        71   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 3,171      $ 1,728   
  

 

 

   

 

 

 


Supplemental Information

In an effort to provide investors with additional information regarding the Company’s results, Manitex International refers to various non-GAAP (U.S. generally accepted accounting principles) financial measures which management believes provides useful information to investors. These measures may not be comparable to similarly titled measures being disclosed by other companies. In addition, the Company believes that non-GAAP financial measures should be considered in addition to, and not in lieu of, GAAP financial measures. Manitex International believes that this information is useful to understanding its operating results and the ongoing performance of its underlying businesses. Management of Manitex International uses these non–GAAP financial measures to establish internal budgets and targets and to evaluate the Company’s financial performance against such budgets and targets.

The amounts described below are unaudited, are reported in thousands of U.S. dollars, and are as of or for the three month period ended June 30, 2013, unless otherwise indicated.

Non-GAAP Financial Measures

This press release includes the following non-GAAP financial measure: “EBITDA” (earnings before interest, tax, depreciation and amortization). This non-GAAP term, as defined by the Company, may not be comparable to similarly titled measures used by other companies. EBITDA is not a measure of financial performance under generally accepted accounting principles. Items excluded from EBITDA are significant components in understanding and assessing financial performance. EBITDA should not be considered in isolation or as a substitute for net earnings, operating income and other consolidated earnings data prepared in accordance with GAAP or as a measure of our profitability. A reconciliation of net income to EBITDA is provided below.

The Company’s management believes that EBITDA and EBITDA as a percentage of sales represent key operating metrics for its business. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is a key indicator used by management to evaluate operating performance. While EBITDA is not intended to replace any presentation included in our consolidated financial statements under generally accepted accounting principles (GAAP) and should not be considered an alternative to operating performance or an alternative to cash flow as a measure of liquidity, we believe this measure is useful to investors in assessing our capital expenditure and working capital requirements. This calculation may differ in method of calculation from similarly titled measures used by other companies. A reconciliation of EBITDA to GAAP financial measures for the three and six month periods ended June 30, 2013 and 2012 is included with this press release below and with the Company’s related Form 8-K.


Reconciliation of GAAP Net Income to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (in thousands)

 

     Three Months Ended     Six Months Ended  
     June 30,
2013
    June 30,
2012
    June 30,
2013
    June 30,
2012
 

Net income

     2,655        2,308        4,566        3,559   

Income tax

     1,204        1,231        1,890        1,875   

Interest expense

     751        620        1,344        1,267   

Foreign currency transaction losses (gain)

     (11     108        52        94   

Other (income) expense

     5        (71     9        (79

Depreciation & Amortization

     909        920        1,773        1,790   

Earnings before interest, taxes, depreciation and amortization (EBITDA)

   $ 5,513      $ 5,116      $ 9,634      $ 8,506   

EBITDA % to sales

     8.8     9.7     7.9     8.9

Backlog

Backlog is defined as purchase orders that have been received by the Company. The disclosure of backlog aids in the analysis the Company’s customers’ demand for product, as well as the ability of the Company to meet that demand. Backlog is not necessarily indicative of sales to be recognized in a specified future period.

 

     June 30, 2013      December 31,
2012
 

Backlog

   $ 96,637       $ 130,352   

6/30/2013 decrease v prior period

        (25.9 %) 

Current Ratio is calculated by dividing current assets by current liabilities.

 

     June 30, 2013      December 31, 2012  

Current Assets

   $ 115,052       $ 104,777   

Current Liabilities

     44,873         43,351   

Current Ratio

     2.6         2.4   

Days Sales Outstanding, (DSO), is calculated by taking the sum of net trade and related party receivables divided by annualized sales per day (sales for the quarter, multiplied by 4, and the sum divided by 365).


Days Payables Outstanding, (DPO), is calculated by taking the sum of net trade and related party payables divided by annualized cost of sales per day (cost of goods sold for the quarter, multiplied by 4, and the sum divided by 365).

Debt is calculated using the Condensed Consolidated Balance Sheet amounts for current and long term portion of long term debt, capital lease obligations, notes payable and lines of credit.

 

     June 30 , 2013      December 31, 2012  

Notes payable – short term

   $ 6,190       $ 6,218   

Current portion of capital lease obligations

     1,363         1,040   

Revolving credit facilities

     1,302         875   

Revolving term credit facilities

     37,617         34,357   

Notes payable – long term

     2,345         2,648   

Capital lease obligations

     3,995         4,000   
  

 

 

    

 

 

 

Debt

   $ 52,812       $ 49,138   

Interest Cover is calculated by dividing EBITDA (Earnings before interest, tax, depreciation and amortization) for the trailing twelve month period (July 1, 2012 to June 30, 2013) by interest expense as reported in the Consolidated Statement of Income for the same period.

 

     12 Month Period
July  1, 2012 to June 30, 2013
 

EBITDA

   $ 19,085   

Interest Expense

     2,534   

Interest Cover Ratio

     7.5   

Inventory turns are calculated by multiplying cost of goods sold for the referenced three month period by 4 and dividing that figure by inventory as at the referenced period.

Manufacturing Expenses include manufacturing wages, salaries, fixed and variable overhead costs.

Operating Working Capital is calculated using the Consolidated Balance Sheet amounts for Trade receivables (net of allowance) plus other receivables, plus inventories, less Accounts payable. The Company considers excessive working capital as an inefficient use of resources, and seeks to minimize the level of investment without adversely impacting the ongoing operations of the business.


     June 30,
2013
    December 31,
2012
 

Trade receivables (net)

   $ 38,097      $ 36,189   

Other receivables

     3,636        2,761   

Inventory (net)

     67,290        61,290   

Less: Accounts payable

     26,987        25,940   
  

 

 

   

 

 

 

Total Operating Working Capital

   $ 82,036      $ 74,300   

% of Trailing Three Month Annualized Net Sales

     32.8     32.9

Trailing Twelve Months EBITDA is calculated by adding the reported EBITDA for the past 4 quarters.

 

Three Months Ended:

     EBITDA   

September 30, 2012

     5,349   

December 31, 2012

     4,102   

March 31, 2013

     4,121   

June 30, 2013

     5,513   
  

 

 

 

Trailing Twelve Months EBITDA

   $ 19,085   

Trailing Three Month Annualized Net Sales is calculated using the net sales for quarter, multiplied by four.

 

     Three Months Ended  
     June 30,
2013
     December 31,
2012
 

Net sales

   $ 62,554       $ 56,524   

Multiplied by 4

     4         4   
  

 

 

    

 

 

 

Trailing Three Month Annualized Net Sales

   $ 250,216       $ 226,096   

Working capital is calculated as total current assets less total current liabilities

 

     June 30, 2013      December 31, 2012  

Total Current Assets

   $ 115,052       $ 104,777   

Less: Total Current Liabilities

     44,873         43,351   
  

 

 

    

 

 

 

Working Capital

   $ 70,179       $ 61,426