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8-K - FORM 8-K - WRIGHT MEDICAL GROUP INC | g26077e8vk.htm |
Exhibit 99
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FOR RELEASE 3:05 P.M. CENTRAL Thursday, February 10, 2011 Contact: Lance Berry (901) 867-4607 |
Wright Medical Group, Inc. Reports Results for the Fourth
Quarter Ended December 31, 2010
Quarter Ended December 31, 2010
Company Exceeds Guidance in Both Top- and Bottom-Line Results
ARLINGTON, TN February 10, 2011 Wright Medical Group, Inc. (NASDAQ: WMGI), a global
orthopaedic medical device company and a leading provider of surgical solutions for the foot and
ankle market, today reported financial results for its fourth quarter ended December 31, 2010.
Net sales totaled $138.3 million during the fourth quarter ended December 31, 2010, representing a
6% increase over net sales of $129.9 million during the fourth quarter of 2009. Excluding the
impact of foreign currency, net sales increased 7% during the fourth quarter.
Net income for the fourth quarter of 2010 totaled $8.9 million or $0.22 per diluted share, compared
to net income of $2.2 million or $0.06 per diluted share in the fourth quarter of 2009.
Net income for the fourth quarter of 2010 included the after-tax effects of approximately $3.0
million of non-cash stock-based compensation expense and $1.3 million of expenses associated with
our deferred prosecution agreement (DPA). Net income for the fourth quarter of 2009 included the
after-tax effects of approximately $5.6 million of charges to write down a significant
international receivable, $3.0 million of non-cash stock-based compensation expense, $2.6 million
of non-cash charges to write-off cumulative translation adjustment (CTA) balances associated with
the substantially complete liquidation of certain foreign subsidiaries, and $2.6 million of
restructuring charges.
Fourth quarter net income, as adjusted, totaled $11.8 million, or $0.29 per diluted share, in 2010
compared to net income, as adjusted, of $10.8 million, or $0.27 per diluted share for the fourth
quarter of 2009. A reconciliation of U.S. GAAP to as adjusted results is included in the attached
financial tables.
Gary D. Henley, President and Chief Executive Officer commented, We are pleased with our ability
to deliver fourth quarter revenue and earnings results above our communicated guidance ranges. Our
U.S. business benefited from an accelerating extremities growth rate and favorable early results
from the launch of our EVOLUTION Medial-Pivot knee system, and our international business
continued to deliver the strong revenue results that we have seen throughout 2010. In addition to
the better than expected revenue and earnings results, we also finished the year strong from a cash
flow perspective, resulting in full year 2010 free cash flow of $24 million.
Mr. Henley continued, 2010 was a challenging year for the orthopaedic industry. Despite the
industry wide challenges, we were able to deliver revenue and earnings results in line with our
original guidance for the year and produce free cash flow in excess of our original expectations.
This 2010 performance highlights the flexibility of our business model and the advantages of our
business profile, which is unique within the orthopaedic industry.
(Page 2 of 8)
Outlook
The Companys earnings target, as communicated in the guidance range stated below, excludes the
effect of the new Senior Credit facility and tender offer for the Companys convertible notes that
were announced today, possible future acquisitions, other material future business developments,
non-cash stock-based compensation expense, and costs associated with the Companys DPA (including
the associated independent monitor).
The Company anticipates full year 2011 net sales to be in the range of $517 million to $535
million. As previously announced, our license agreement with KCI has a negative impact of
approximately 1% to 2% to our 2011 revenue growth rate. Excluding this negative impact, our
annualized growth expectations are approximately 1% to 5%. The Company anticipates full
year 2011 as-adjusted earnings per share to be in the range of $0.88 to $0.95 per diluted share,
which represents annualized growth expectations of -2% to 6%.
As noted above, the Companys earnings target excludes the impact of non-cash stock-based
compensation charges. While the amount of the non-cash stock-based compensation charges will vary
depending upon a number of factors, the Company currently estimates that the after-tax impact of
those expenses will be approximately $0.19 per diluted share for the full year 2011. Therefore, the
Company anticipates full year 2011 as-adjusted earnings per share including stock-based
compensation to be in the range of $0.69 to $0.76 per diluted share, which represents annualized
growth expectations of -1% to 9%.
The Companys anticipated ranges for net sales, adjusted earnings per share, and non-cash
stock-based compensation charges are forward-looking statements. They are subject to various risks
and uncertainties that could cause the Companys actual results to differ materially from the
anticipated targets. The anticipated targets are not predictions of the Companys actual
performance. See the cautionary information about forward-looking statements in the Safe-Harbor
Statement section of this press release.
Conference Call
As previously announced, the Company will host a conference call starting at 3:30 p.m. (Central
Time) today. The live dial-in number for the call is 866-383-8008 (domestic) or 617-597-5341
(international). The participant passcode for the call is wright. To access a simultaneous
webcast of the conference call via the internet, go to the Corporate Investor Info section of
the Companys website located at www.wmt.com. A replay of the conference call by telephone will be
available starting at 6:30 p.m. (Central Time) today and continuing until February 17, 2011. To
hear this replay, dial 888-286-8010 (domestic) or 617-801-6888 (international) and enter the
passcode 12255148. A replay of the conference call will also be available via the internet starting
today and continuing for at least 12 months. To access a replay of the conference call via the
internet, go to the Corporate Investor Info Audio Archives section of the Companys website
located at www.wmt.com.
The conference call may include a discussion of non-GAAP financial measures. Reference is made to
the most directly comparable GAAP financial measures, the reconciliation of the differences between
the two financial measures, and the other information included in this press release, our Form 8-K
filed with the SEC today, or otherwise available in the Corporate Investor Info Supplemental
Financial Information section of the Companys website located at www.wmt.com.
The conference call may include forward-looking statements. See the cautionary information about
forward-looking statements in the Safe-Harbor Statement section of this press release.
(Page 3 of 8)
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as net sales, excluding the impact of foreign
currency, operating income, as adjusted, net income, as adjusted, net income, as adjusted, per
diluted share, effective tax rate, as adjusted, and free cash flow. The Companys management
believes that the presentation of these measures provides useful information to investors. These
measures may assist investors in evaluating the Companys operations, period over period. The
measures exclude such items as business development activities, including purchased in-process
research and development, the financial impact of significant litigation, costs related to the U.S.
governmental inquiries and DPA, restructuring charges and non-cash stock-based expense, all of
which may be highly variable, difficult to predict and of a size that could have substantial impact
on the Companys reported results of operations for a period. Management uses these measures
internally for evaluation of the performance of the business, including the allocation of
resources and the evaluation of results relative to employee performance compensation targets.
Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for
or as superior to, measures of financial performance prepared in accordance with GAAP.
Safe-Harbor Statement
This press release contains forward-looking statements as defined under U.S. federal securities
laws. These statements reflect managements current knowledge, assumptions, beliefs, estimates, and
expectations and express managements current views of future performance, results, and trends and
may be identified by their use of terms such as anticipate, believe, could, estimate,
expect, intend, may, plan, predict, project, will, and other similar terms.
Forward-looking statements are subject to a number of risks and uncertainties that could cause our
actual results to materially differ from those described in the forward-looking statements. Risks
and uncertainties that could cause our actual results to materially differ from those described in
forward-looking statements include those discussed in our filings with the Securities and Exchange
Commission (including those described in Item 1A of our Annual Report on Form 10-K for the year
ended December 31, 2010 to be filed with the SEC today, under the heading Risk Factors ), and the
following: the impact of our settlement of the federal investigation into our consulting
arrangements with orthopaedic surgeons relating to our hip and knee products in the United States,
including our compliance with the Deferred Prosecution Agreement through September 2011 and the
Corporate Integrity Agreement through September 2015; demand for and market acceptance of our new
and existing products; recently enacted healthcare reform legislation and its future
implementation, possible additional legislation, regulation and other governmental pressures in the
United States or globally, which may affect pricing, reimbursement, taxation and rebate policies of
government agencies and private payers or other elements of our business; tax reform measures, tax
authority examinations and associated tax risks and potential obligations; our ability to identify
business development and growth opportunities for existing or future products; product quality or
patient safety issues, leading to product recalls, withdrawals, launch delays, sanctions, seizures,
litigation, or declining sales; individual, group or class action alleging products liability
claims, including an increase in the number of claims during any period; future actions of the FDA
or any other regulatory body or government authority that could delay, limit or suspend product
development, manufacturing or sale or result in seizures, injunctions, monetary sanctions or
criminal or civil liabilities; our ability to enforce our patent rights or patents of third parties
preventing or restricting the manufacture, sale or use of affected products or technology; the
impact of geographic and product mix on our sales; retention of our sales representatives and
independent distributors; inventory reductions or fluctuations in buying patterns by wholesalers or
distributors; and any impact of the commercial and credit environment on us and our customers and
suppliers. Readers should not place undue reliance on forward-looking statements. Such statements
are made as of the date of this press release, and we undertake no obligation to update such
statements after this date.
Wright Medical Group, Inc. is a global orthopaedic medical device company and a leading provider of
surgical solutions for the foot and ankle market. The Company specializes in the design,
manufacture and marketing of devices and biologic products for extremity, hip and knee repair and
reconstruction. The Company has been in business for more than 60 years and markets its products in
over 60 countries worldwide. For more information about Wright Medical, visit the Companys website
at www.wmt.com.
Tables Follow
(Page 4 of 8)
Wright Medical Group, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share dataunaudited)
Condensed Consolidated Statements of Operations
(in thousands, except per share dataunaudited)
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, 2010 |
December 31, 2009 |
December 31, 2010 |
December 31, 2009 |
|||||||||||||
Net sales |
$ | 138,287 | $ | 129,928 | $ | 518,973 | $ | 487,508 | ||||||||
Cost of sales |
40,392 | 38,069 | 158,456 | 148,715 | ||||||||||||
Gross profit |
97,895 | 91,859 | 360,517 | 338,793 | ||||||||||||
Operating expenses: |
||||||||||||||||
Selling, general and administrative |
73,324 | 74,323 | 282,413 | 270,456 | ||||||||||||
Research and development |
8,902 | 9,231 | 37,300 | 35,691 | ||||||||||||
Amortization of intangible assets |
720 | 1,252 | 2,711 | 5,151 | ||||||||||||
Restructuring charges |
(220 | ) | 2,553 | 919 | 3,544 | |||||||||||
Total operating expenses |
82,726 | 87,359 | 323,343 | 314,842 | ||||||||||||
Operating income |
15,169 | 4,500 | 37,174 | 23,951 | ||||||||||||
Interest expense, net |
1,573 | 1,492 | 6,123 | 5,466 | ||||||||||||
Other (income) expense, net |
(140 | ) | 3,231 | 130 | 2,873 | |||||||||||
Income before income taxes |
13,736 | (223 | ) | 30,921 | 15,612 | |||||||||||
Provision for income taxes |
4,867 | (2,458 | ) | 13,080 | 3,481 | |||||||||||
Net income |
$ | 8,869 | $ | 2,235 | $ | 17,841 | $ | 12,131 | ||||||||
Net income per share, basic |
$ | 0.23 | $ | 0.06 | $ | 0.47 | $ | 0.32 | ||||||||
Net income per share, diluted |
$ | 0.22 | $ | 0.06 | $ | 0.47 | $ | 0.32 | ||||||||
Weighted-average number of common
shares outstanding, basic |
37,962 | 37,470 | 37,802 | 37,366 | ||||||||||||
Weighted-average number of common
shares outstanding, diluted |
44,235 | 37,718 | 37,961 | 37,443 | ||||||||||||
Wright Medical Group, Inc.
Consolidated Sales Analysis
(dollars in thousandsunaudited)
Consolidated Sales Analysis
(dollars in thousandsunaudited)
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||
December 31, 2010 |
December 31, 2009 |
% change |
December 31, 2010 |
December 31, 2009 |
% change |
|||||||||||||||||||
Geographic |
||||||||||||||||||||||||
Domestic |
$ | 81,180 | $ | 78,307 | 3.7 | % | $ | 309,983 | $ | 299,587 | 3.5 | % | ||||||||||||
International |
57,107 | 51,621 | 10.6 | % | 208,990 | 187,921 | 11.2 | % | ||||||||||||||||
Total net sales |
$ | 138,287 | $ | 129,928 | 6.4 | % | $ | 518,973 | $ | 487,508 | 6.5 | % | ||||||||||||
Product Line |
||||||||||||||||||||||||
Hip products |
$ | 46,269 | $ | 44,839 | 3.2 | % | $ | 176,687 | $ | 167,869 | 5.3 | % | ||||||||||||
Knee products |
35,112 | 31,451 | 11.6 | % | 128,854 | 122,178 | 5.5 | % | ||||||||||||||||
Extremity products |
34,752 | 30,259 | 14.8 | % | 124,490 | 107,375 | 15.9 | % | ||||||||||||||||
Biologics products |
19,935 | 20,448 | (2.5 | %) | 79,231 | 79,120 | 0.1 | % | ||||||||||||||||
Other |
2,219 | 2,931 | (24.3 | %) | 9,711 | 10,966 | (11.4 | %) | ||||||||||||||||
Total net sales |
$ | 138,287 | $ | 129,928 | 6.4 | % | $ | 518,973 | $ | 487,508 | 6.5 | % | ||||||||||||
(Page 5 of 8)
Wright Medical Group, Inc.
Supplemental Sales Information
(unaudited)
Supplemental Sales Information
(unaudited)
Fourth Quarter 2010 Sales Growth | ||||||||||||||||||||
Domestic | Intl | Intl | Total | Total | ||||||||||||||||
As | Constant | As | Constant | As | ||||||||||||||||
Reported | Currency | Reported | Currency | Reported | ||||||||||||||||
Hips |
(9 | %) | 12 | % | 12 | % | 3 | % | 3 | % | ||||||||||
Knees |
6 | % | 20 | % | 19 | % | 12 | % | 12 | % | ||||||||||
Extremities |
14 | % | 18 | % | 16 | % | 15 | % | 15 | % | ||||||||||
Biologics |
(1 | %) | (10 | %) | (10 | %) | (3 | %) | (3 | %) | ||||||||||
Total |
4 | % | 11 | % | 11 | % | 7 | % | 6 | % |
2010 Sales Growth | ||||||||||||||||||||
Domestic | Intl | Intl | Total | Total | ||||||||||||||||
As | Constant | As | Constant | As | ||||||||||||||||
Reported | Currency | Reported | Currency | Reported | ||||||||||||||||
Hips |
(3 | %) | 11 | % | 12 | % | 5 | % | 5 | % | ||||||||||
Knees |
2 | % | 10 | % | 10 | % | 5 | % | 5 | % | ||||||||||
Extremities |
14 | % | 26 | % | 27 | % | 16 | % | 16 | % | ||||||||||
Biologics |
0 | % | 1 | % | 3 | % | 0 | % | 0 | % | ||||||||||
Total |
3 | % | 10 | % | 11 | % | 6 | % | 6 | % |
Sales as a % of Total Sales | ||||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||
December 31, 2010 | December 31, 2010 | |||||||||||||||||||||||
Domestic | International | Total | Domestic | International | Total | |||||||||||||||||||
Hips |
12 | % | 21 | % | 33 | % | 14 | % | 20 | % | 34 | % | ||||||||||||
Knees |
14 | % | 12 | % | 25 | % | 13 | % | 11 | % | 25 | % | ||||||||||||
Extremities |
20 | % | 5 | % | 25 | % | 19 | % | 5 | % | 24 | % | ||||||||||||
Biologics |
12 | % | 2 | % | 14 | % | 13 | % | 3 | % | 15 | % | ||||||||||||
Total |
59 | % | 41 | % | 100 | % | 60 | % | 40 | % | 100 | % |
Wright Medical Group, Inc.
Reconciliation of Net Sales to Net Sales Excluding the Impact of Foreign Currency
(dollars in thousandsunaudited)
Reconciliation of Net Sales to Net Sales Excluding the Impact of Foreign Currency
(dollars in thousandsunaudited)
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, 2010 | December 31, 2010 | |||||||||||||||
International | Total | International | Total | |||||||||||||
Net Sales | Net Sales | Net Sales | Net Sales | |||||||||||||
Net sales, as reported |
$ | 57,107 | $ | 138,287 | $ | 208,990 | $ | 518,973 | ||||||||
Currency impact as compared to prior period |
344 | 344 | (1,496 | ) | (1,496 | ) | ||||||||||
Net sales, excluding the impact
of foreign currency |
$ | 57,451 | $ | 138,631 | $ | 207,494 | $ | 517,477 | ||||||||
(Page 6 of 8)
Wright Medical Group, Inc.
Reconciliation of As Reported Results to Non-GAAP Financial Measures
(in thousands, except per share dataunaudited)
Reconciliation of As Reported Results to Non-GAAP Financial Measures
(in thousands, except per share dataunaudited)
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, 2010 |
December 31, 2009 |
December 31, 2010 |
December 31, 2009 |
|||||||||||||
Operating Income |
||||||||||||||||
Operating income, as reported |
$ | 15,169 | $ | 4,500 | $ | 37,174 | $ | 23,951 | ||||||||
Reconciling items impacting Gross Profit: |
||||||||||||||||
Inventory step-up amortization |
| | | 70 | ||||||||||||
Non-cash, stock-based compensation |
321 | 347 | 1,301 | 1,285 | ||||||||||||
Total |
321 | 347 | 1,301 | 1,355 | ||||||||||||
Reconciling items impacting Selling,
General and Administrative expenses: |
||||||||||||||||
Non-cash, stock-based compensation |
2,224 | 2,255 | 9,924 | 10,077 | ||||||||||||
U.S. governmental inquiries/DPA related |
1,283 | 186 | 10,902 | 7,845 | ||||||||||||
Write-down of international receivable |
| 5,579 | | 5,579 | ||||||||||||
Total |
3,507 | 8,020 | 20,826 | 23,501 | ||||||||||||
Reconciling items impacting Research and
Development expenses: |
||||||||||||||||
Non-cash, stock-based compensation |
452 | 389 | 1,952 | 1,829 | ||||||||||||
Other Reconciling Items: |
||||||||||||||||
Restructuring charges |
(220 | ) | 2,553 | 919 | 3,544 | |||||||||||
Operating income, as adjusted |
$ | 19,229 | $ | 15,809 | $ | 62,172 | $ | 54,180 | ||||||||
Operating income, as adjusted, as a
percentage of net sales |
13.9 | % | 12.2 | % | 12.0 | % | 11.1 | % | ||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, 2010 |
December 31, 2009 |
December 31, 2010 |
December 31, 2009 |
|||||||||||||
Net Income |
||||||||||||||||
Income before taxes, as reported |
$ | 13,736 | $ | (223 | ) | $ | 30,921 | $ | 15,612 | |||||||
Pre-tax impact of reconciling items: |
||||||||||||||||
Non-cash, stock-based compensation |
2,997 | 2,991 | 13,177 | 13,191 | ||||||||||||
Restructuring charges |
(220 | ) | 2,553 | 919 | 3,544 | |||||||||||
Inventory step-up amortization |
| | | 70 | ||||||||||||
U.S. governmental inquiries/DPA related |
1,283 | 186 | 10,902 | 7,845 | ||||||||||||
Write-down of international receivable |
| 5,579 | | 5,579 | ||||||||||||
CTA write-off |
| 2,643 | | 2,643 | ||||||||||||
Income before taxes, as adjusted |
17,796 | 13,729 | 55,919 | 48,484 | ||||||||||||
Provision for income taxes, as reported |
4,867 | (2,458 | ) | 13,080 | 3,481 | |||||||||||
Non-cash, stock-based compensation |
1,144 | 896 | 4,410 | 3,901 | ||||||||||||
Restructuring charges |
(67 | ) | 2,882 | 376 | 3,269 | |||||||||||
Inventory step-up amortization |
| | | 27 | ||||||||||||
U.S. governmental inquiries/DPA related |
81 | (208 | ) | 2,266 | 2,789 | |||||||||||
Write-down of international receivable |
| 1,817 | | 1,817 | ||||||||||||
Provision for income taxes, as adjusted |
6,025 | 2,929 | 20,132 | 15,284 | ||||||||||||
Effective tax rate, as adjusted |
33.9 | % | 21.3 | % | 36.0 | % | 31.5 | % | ||||||||
Net income, as adjusted |
$ | 11,771 | $ | 10,800 | $ | 35,787 | $ | 33,200 | ||||||||
(Page 7 of 8)
Wright Medical Group, Inc.
Reconciliation of As Reported Results to Non-GAAP Financial Measures
(continued)
Reconciliation of As Reported Results to Non-GAAP Financial Measures
(continued)
Three Months Ended | Three Months Ended | |||||||||||||||
December 31, 2010 | December 31, 2009 | |||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | |||||||||||||
Basic net income |
$ | 8,869 | $ | 11,771 | $ | 2,235 | $ | 10,800 | ||||||||
Interest expense on convertible notes |
935 | 935 | N/A | 935 | ||||||||||||
Diluted net income |
$ | 9,804 | $ | 12,706 | $ | 2,235 | $ | 11,735 | ||||||||
Basic shares |
37,962 | 37,962 | 37,470 | 37,470 | ||||||||||||
Dilutive effect of stock options and
restricted shares |
147 | 147 | 248 | 248 | ||||||||||||
Dilutive effect of convertible notes |
6,126 | 6,126 | N/A | 6,126 | ||||||||||||
Diluted shares |
44,235 | 44,235 | 37,718 | 43,844 | ||||||||||||
Net income per share, diluted |
$ | 0.22 | $ | 0.29 | $ | 0.06 | $ | 0.27 | ||||||||
Twelve Months Ended | Twelve Months Ended | |||||||||||||||
December 31, 2010 | December 31, 2009 | |||||||||||||||
As Reported | As Adjusted | As Reported | As Adjusted | |||||||||||||
Basic net income |
$ | 17,841 | $ | 35,787 | $ | 12,131 | $ | 33,200 | ||||||||
Interest expense on convertible notes |
N/A | 3,740 | N/A | 3,740 | ||||||||||||
Diluted net income |
$ | 17,841 | $ | 39,527 | $ | 12,131 | $ | 36,940 | ||||||||
Basic shares |
37,802 | 37,802 | 37,366 | 37,366 | ||||||||||||
Dilutive effect of stock options and
restricted shares |
159 | 159 | 77 | 77 | ||||||||||||
Dilutive effect of convertible notes |
N/A | 6,126 | N/A | 6,126 | ||||||||||||
Diluted shares |
37,961 | 44,087 | 37,443 | 43,569 | ||||||||||||
Net income per share, diluted |
$ | 0.47 | $ | 0.90 | $ | 0.32 | $ | 0.85 | ||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Net Income per Diluted Share |
||||||||||||||||
Net income, as reported, per
diluted share |
$ | 0.22 | $ | 0.06 | $ | 0.47 | $ | 0.32 | ||||||||
Interest expense on convertible notes |
N/A | 0.02 | 0.08 | 0.09 | ||||||||||||
Dilutive effect of convertible notes |
N/A | (0.01 | ) | (0.07 | ) | (0.05 | ) | |||||||||
Non-cash, stock-based compensation |
0.04 | 0.05 | 0.20 | 0.21 | ||||||||||||
Restructuring charges |
0.00 | (0.01 | ) | 0.01 | 0.01 | |||||||||||
Inventory step-up amortization |
| | | 0.00 | ||||||||||||
U.S. governmental inquiries/DPA related |
0.03 | 0.01 | 0.20 | 0.12 | ||||||||||||
Write-down of international receivable |
| 0.09 | | 0.09 | ||||||||||||
CTA write-off |
| 0.06 | | 0.06 | ||||||||||||
Net income, as adjusted, per
diluted share |
$ | 0.29 | $ | 0.27 | $ | 0.90 | $ | 0.85 | ||||||||
(Page 8 of 8)
Wright Medical Group, Inc.
Condensed Consolidated Balance Sheets
(dollars in thousandsunaudited)
Condensed Consolidated Balance Sheets
(dollars in thousandsunaudited)
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 153,261 | $ | 84,409 | ||||
Marketable securities |
19,152 | 86,819 | ||||||
Accounts receivable, net |
105,336 | 101,720 | ||||||
Inventories |
166,339 | 163,535 | ||||||
Prepaid expenses and other current assets |
53,502 | 54,121 | ||||||
Total current assets |
497,590 | 490,604 | ||||||
Property, plant and equipment, net |
158,247 | 139,708 | ||||||
Goodwill and intangible assets, net |
70,673 | 71,587 | ||||||
Marketable securities |
17,193 | | ||||||
Other assets |
11,536 | 12,385 | ||||||
Total assets |
$ | 755,239 | $ | 714,284 | ||||
Liabilities and stockholders equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 15,862 | $ | 13,978 | ||||
Accrued expenses and other current liabilities |
54,409 | 54,643 | ||||||
Current portion of long-term obligations |
1,033 | 336 | ||||||
Total current liabilities |
71,304 | 68,957 | ||||||
Long-term obligations |
201,766 | 200,326 | ||||||
Other liabilities |
11,197 | 4,593 | ||||||
Total liabilities |
284,267 | 273,876 | ||||||
Stockholders equity |
470,972 | 440,408 | ||||||
Total liabilities and stockholders equity |
$ | 755,239 | $ | 714,284 | ||||