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Tue, November 24, 2009 Allied Healthcare International Inc. Reports Fiscal 2009 Fourth Quarter and Year-End Results
NEW YORK, NY--(Marketwire - November 24, 2009) - Allied Healthcare International Inc. ( Allied Healthcare International Inc. ([ http://www.alliedhealthcare.com ]), a leading provider of flexible healthcare staffing services in the United Kingdom, has issued financial results for its fiscal 2009 fourth quarter and year-end. To provide investors with an increased understanding of the Company's business, Allied is providing a breakdown of its revenues, gross profits, selling, general and administrative ("SG&A") costs and operating income at constant exchange rates using the comparable prior period weighted average exchange rate. Further, the discussions below as to the fiscal 2009 fourth quarter and year end comparative analysis with the prior year results also take into account constant exchange rates. In addition, as the Company's revenues and gross profits are generated in the United Kingdom, an analysis is included, within the management discussion below, of the last eight quarters' revenues and gross profits in pounds sterling to enable investors to fully understand the underlying trends over these periods without the effects of currency exchange rates. As noted in the reported numbers, recent fluctuations in foreign exchange rates have significantly impacted the Company's current period results. Fiscal Fourth Quarter Results: For the fourth quarter of fiscal 2009 revenues increased by $6.3 million, or 8.4%, to $81.2 million, compared with $75.0 million reported during the same period in fiscal 2008. Contributing to the increase in revenues was Allied's Homecare revenues, which grew by 18.5% to $68.1 million. Nursing Homes revenues declined by 22.5% to $7.5 million. Hospitals revenues decreased by 28.2% to $5.6 million. After the unfavorable impact of currency exchange of $11.4 million, revenues decreased to the reported $69.8 million. Total gross profit for the fourth fiscal quarter increased 7.5% to $24.6 million, compared with $22.9 million reported for the comparable quarter in fiscal 2008. Gross profit percent for the fourth quarter was 30.3%, as compared to 30.6% for the comparable prior period. Foreign exchange decreased gross profit by $3.4 million to the reported $21.2 million for the quarter. SG&A for the fourth fiscal quarter was $19.6 million, compared with $18.6 million reported last year, an increase of 5.5%. As a percent of revenues, SG&A costs were 24.4%, compared to 24.8% in the comparable prior year period. Foreign exchange decreased costs by $2.6 million to the reported $17.0 million for the quarter. Operating income for the fourth quarter of fiscal 2009 increased to $5.0 million, compared to operating income of $4.3 million reported during the 2008 fourth fiscal quarter. Foreign exchange decreased operating income by $0.8 million to the reported $4.2 million for the quarter. Net income for the fourth quarter of fiscal 2009 was $2.9 million, as compared with $2.9 million reported during the 2008 fourth fiscal quarter. Diluted earnings per share was $0.07 for the quarter, compared to diluted earnings per share of $0.06 last year. Fiscal 2009 Full Year Results: For the year ended September 30, 2009 revenues increased by $19.1 million, or 6.4%, to $317.7 million, compared with $298.6 million reported during the same period in fiscal 2008. Contributing to the increase in revenues was Allied's Homecare revenues, which grew by 15.0% to $259.3 million. Nursing Homes revenues declined by 21.4% to $32.9 million. Hospitals revenues decreased by 18.4% to $25.5 million. After the unfavorable impact of currency exchange of $67.9 million, revenues decreased to the reported $249.8 million. Total gross profit for the year ended September 30, 2009, increased 7.4% to $97.1 million, compared with $90.4 million reported for the comparable period in fiscal 2008. Gross profit percent for the year ended September 30, 2009, increased to 30.6% from 30.3% for the comparable prior period. Foreign exchange decreased gross profit by $20.8 million to the reported $76.3 million for the year. SG&A for the year ended September 30, 2009, was $79.6 million, compared with $77.7 million reported last year, an increase of 2.5%. As a percent of revenues, SG&A costs were 25.3% compared to 26.0% in the comparable prior year period. Foreign exchange decreased costs by $16.4 million to the reported $63.2 million for the year. Operating income for the year ended September 30, 2009, increased to $17.5 million, compared to operating income of $12.7 million reported during the comparable prior year period, an increase of 37.5% over the prior year. Foreign exchange decreased operating income by $4.4 million to the reported $13.1 million for the year. Income from continuing operations for the year ended September 30, 2009, increased to $9.9 million, as compared with $8.8 million reported for the year ended September 30, 2008. Diluted earnings per share from continuing operations was $0.22 for the fiscal year ended September 30, 2009, compared to diluted earnings per share from continuing operations of $0.19 last year. Net income for the year ended September 30, 2009, increased to $10.3 million, as compared with $8.8 million reported during the 2008 fiscal year. Diluted earnings per share was $0.23 for the year ended September 30, 2009, which includes $0.01 from discontinued operations due to the release of reserves as a result of the warranty period within the sales agreement, related to the sale of the respiratory business in fiscal 2007, having expired. This compares to $0.19 for the year end September 30, 2008. At September 30, 2009, and September 30, 2008, Allied's cash balance was $35.3 million (£22.2 million) and $26.2 million (£14.4 million), respectively, representing an underlying increase in the cash balance of $9.1 million (£7.8 million). For the year ended September 30, 2009, depreciation and amortization was $3.8 million (£2.5 million) and capital expenditures were $2.9 million (£1.8 million). Days Sales Outstanding was twenty-five days at September 30, 2009 (40 days including unbilled account receivables), and twenty-one days at September 30, 2008 (40 days including unbilled account receivables). Management Discussion: "We continue to see good growth in our homecare business, which now represents over 80% of our business," commented Sandy Young, Chief Executive Officer of Allied. "The homecare revenue growth in the quarter of 18.5% was particularly pleasing and was ahead of our 10-15% growth range expectation. The Company's homecare business should benefit from many favorable market dynamics. These include: an aging population; continued shift from residential care to homecare; the lower cost of private business homecare provision; and continued consolidation of local authority suppliers. These factors all favor a growth in demand in our core homecare business." Mr. Young continued: "Even the anticipated further tightening of the local government and National Health Service (NHS) budgets over the next few years, as the government addresses its financial deficit, provides an opportunity for us. We believe that the demonstrated financial benefits of lower costs that have and can continue to be achieved by homecare, as compared to institutional care, should be a strong incentive for local governments and NHS Primary Care Trusts, in addressing the ongoing financial challenges they face. "While our nursing homes and hospital staffing business results were higher in the fourth quarter as compared to the third quarter, which is a similar trend as in the prior year, we continue to look for opportunities for these businesses. As previously reported, we were successfully awarded the new NHS framework agreements, which came into effect on October 1, 2009. We have started to enact the higher pay and charge rates under the new framework agreements which we believe are essential to effectively recruit and retain staff to service this business. Expanding upon our existing London operation, we have recently agreed to lease a Midlands regional office, from which we hope to start business from in 2010 to service the hospital staffing demand in the central regions of England. "Our current period SG&A running costs of 24.4% of revenues compares to 25.8% in the prior quarter. We are continuing, as previously reported, to invest in certain areas of our business that include such items as continuing care, learning disabilities, IT systems, training, and business improvement projects to ensure that we support future growth in revenues. At the same time, we maintain tight controls over other areas of SG&A costs so as to maintain our objective of reducing SG&A costs as a percent of revenues. Our investment in training also allows us to qualify for currently available government training grants, which have given us a net financial benefit of $0.6 million as compared to the prior year. "We are pleased with the progress we have made in the year in the key area of carer and branch staff retention, staff development and support, the progress of our coldharbour IT system rollout, and our attention to service and quality delivery, all of which, we believe, create a strong foundation for future growth for our business. As well as our focus in the quarter on service and quality, which we believe is essential and a key driver to increased revenue and profit growth, we have been actively looking at acquisition opportunities. Any such acquisitions will be reviewed in conjunction with our Capital Resources Review, which also includes looking at other opportunities to enhance shareholder value. "We recently re-launched our website which includes details of our key service offerings and also gives case studies of some of the work the Company is currently involved in. In addition, our recent major contract wins, our network of branches, which include three new branches in the London region and one new branch in Scotland following our successful contract wins, our quality and governance standards, our investor relations links and our employee and recruitment information have all been updated and enhanced. We believe that our current and prospective customers, employees and investors will find our new website informative and helpful. "We have also appointed ICR, LLC as our investor relations firm effective December 2009, which, we believe, will help us to develop further our relationships with existing and new shareholders." Mr. Young concluded: "Overall, we are positive about the year ahead. The business has a more robust operating platform and many of the business improvement initiatives have yet to be fully implemented. We believe that the extra investment we have made this year in learning disabilities and continuing care will help support our top line growth in homecare." Paul Weston, Chief Financial Officer of Allied, commented: "As noted in our previous quarter's press release, with nearly all our operations in the United Kingdom, we believe it is important for investors to see the underlying revenues and gross profits in pound currency as detailed below. This shows growth in our gross profits year to date of 7.4%, and our fourth quarter gross profit of 30.3% is in line with our expectations. Our SG&A costs year to date, excluding exchange effects, increased by 2.5% compared to the prior year which compares favorably with the revenue growth of 6.4% that we have generated." Dr. Jeffrey Peris, Non-Executive Chairman of the Board of Allied, commented: "Sandy Young and the management team have achieved operating income for the year of $17.5 million, excluding exchange, which compares to $12.7 million for the prior year. This is an increase of 37.5%, and reflects the continued improvements the Company is making across its business to help it affirm its position as one of the leaders in the U.K. homecare market place. As communicated previously, we are working with Piper Jaffray to assess the best way to use our capital resources to maximize shareholder value. The Board of Directors remains confident in the Company's ability to realize opportunities in the homecare market and achieve its strategies for growth in the years ahead." Conference Call Information -- November 24, 2009 at 10:00AM EST / 3:00PM GMT: Allied invites all those interested in listening to management's discussion of the results to join the call by dialing (877) 407-0778 for domestic participants, and (201) 689-8565 for international participants today, November 24, 2009, at 10:00AM EST / 3:00PM GMT. Participants may also access a live webcast of the conference call through the "Investors" section of Allied Healthcare's Website: [ www.alliedhealthcare.com ]. A replay will be available for one week following the call by dialing (877) 660-6853 for domestic participants, and (201) 612-7415 for international participants. When prompted, please enter account number 286 and conference ID number 338036. The presentation will be available and archived on the Company's website for ninety days. In addition to disclosing results of operations that are determined in accordance with generally accepted accounting principles ("GAAP"), this press release also discloses non-GAAP results of operations that exclude or include certain charges. These non-GAAP measures adjust for foreign exchange effects. Management believes that the presentation of these non-GAAP measures provides useful information to investors regarding the Company's results of operations, as these non-GAAP measures allow investors to better evaluate ongoing business performance. Investors should consider non-GAAP measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP. A reconciliation of the non-GAAP measures disclosed in this press release with the most comparable GAAP measures are included in the financial tables included in this press release. ABOUT ALLIED HEALTHCARE INTERNATIONAL INC. Allied Healthcare International Inc. ([ http://www.alliedhealthcare.com ]) is a leading provider of flexible healthcare staffing services in the United Kingdom. Allied operates a community-based network of over one hundred ten branches with the capacity to provide carers (known as home health aides in the U.S.), nurses, and specialized medical personnel to locations covering approximately 90% of the U.K. population. Allied meets the needs of private patients, community care, nursing and care homes, and hospitals. FORWARD-LOOKING STATEMENTS Certain statements contained in this news release may be forward-looking statements. These forward-looking statements are based on current expectations and projections about future events. Actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Factors that could cause actual results to differ from those implied by the forward-looking statements include: general economic and market conditions; Allied's ability to continue to recruit and retain flexible healthcare staff; the H1N1 influenza virus which may result in staff being unable to perform services due to their own illness or due to the illness of patients and may reduce our revenues; Allied's ability to enter into contracts with local government social services departments, NHS Trusts, hospitals, other healthcare facility clients and private clients on terms attractive to Allied; the general level of demand for healthcare and social care; dependence on the proper functioning of Allied's information systems; the effect of existing or future government regulation of the healthcare and social care industry, and Allied's ability to comply with these regulations; the impact of medical malpractice and other claims asserted against Allied; the effect of regulatory change that may apply to Allied and that may increase costs and reduce revenues and profitability; Allied's ability to use net operating loss carry forwards to offset net income; the effect that fluctuations in foreign currency exchange rates may have on our dollar-denominated results of operations; and the impairment of goodwill, of which Allied has a substantial amount on the balance sheet, may have the effect of decreasing earnings or increasing losses. Other factors that could cause actual results to differ from those implied by the forward-looking statements in this press release include those described in Allied's most recently filed SEC documents, such as its most recent annual report on Form 10-K, all quarterly reports on Form 10-Q and any current reports on Form 8-K filed since the date of the last Form 10-K. Allied undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Fourth Twelve (In millions, except EPS) Quarter Months ----------- ----------- Revenues, as reported $ 69.8 $ 249.8 Revenues, at constant exchange rates $ 81.2 $ 317.7 Gross Profit, as reported $ 21.2 $ 76.3 Gross Profit, at constant exchange rates $ 24.6 $ 97.1 Gross Profit % 30.3% 30.6% Operating Income, as reported $ 4.2 $ 13.1 Operating Income, at constant exchange rates $ 5.0 $ 17.5 Diluted EPS, continuing operations $ 0.07 $ 0.22 ----------- -----------
Quarter Ended September 30, 2009 ----------------------------------------------------- Gross Gross Revenue % Profit % Profit % --------- --------- --------- --------- --------- (Amounts in thousands) Homecare $ 68,116 83.8% $ 20,845 84.6% 30.6% Nursing Homes 7,540 9.3% 2,379 9.7% 31.6% Hospitals 5,577 6.9% 1,405 5.7% 25.2% --------- --------- Total, at constant exchange rates 81,233 24,629 30.3% Effect of foreign exchange (11,388) (3,433) --------- --------- Total, as reported $ 69,845 $ 21,196 ========= --------- SG&A, at constant exchange rates $ 19,589 Effect of foreign exchange (2,579) --------- SG&A, as reported $ 17,010 --------- Operating Income, at constant exchange rates $ 5,040 Effect of foreign exchange (854) --------- Operating Income, as reported $ 4,186 ========= Quarter Ended September 30, 2008 ------------------------------------------------------ Gross Gross Revenue % Profit % Profit % ---------- --------- ---------- --------- --------- (Amounts in thousands) Homecare $ 57,469 76.6% $ 17,967 78.4% 31.3% Nursing Homes 9,730 13.0% 2,941 12.8% 30.2% Hospitals 7,769 10.4% 2,003 8.8% 25.8% ---------- ---------- Total, at constant exchange rates 74,968 22,911 30.6% Effect of foreign exchange - - ---------- ---------- Total, as reported $ 74,968 $ 22,911 ========== ---------- SG&A, at constant exchange rates $ 18,570 Effect of foreign exchange - ---------- SG&A, as reported $ 18,570 ---------- Operating Income, at constant exchange rates $ 4,341 Effect of foreign exchange - ---------- Operating Income, as reported $ 4,341 ==========
Year Ended September 30, 2009 ----------------------------------------------------- Gross Gross Revenue % Profit % Profit % --------- --------- --------- --------- --------- (Amounts in thousands) Homecare $ 259,271 81.6% $ 80,337 82.7% 31.0% Nursing Homes 32,890 10.4% 10,298 10.6% 31.3% Hospitals 25,512 8.0% 6,454 6.7% 25.3% --------- --------- Total, at constant exchange rates 317,673 97,089 30.6% Effect of foreign exchange (67,863) (20,741) --------- --------- Total, as reported $ 249,810 $ 76,348 ========= --------- SG&A, at constant exchange rates $ 79,587 Effect of foreign exchange (16,353) --------- SG&A, as reported $ 63,234 --------- Operating Income, at constant exchange rates $ 17,502 Effect of foreign exchange (4,388) --------- Operating Income, as reported $ 13,114 ========= Year Ended September 30, 2008 ------------------------------------------------------ Gross Gross Revenue % Profit % Profit % ---------- --------- ---------- --------- --------- (Amounts in thousands) Homecare $ 225,460 75.5% $ 70,458 78.0% 31.3% Nursing Homes 41,853 14.0% 12,602 13.9% 30.1% Hospitals 31,264 10.5% 7,325 8.1% 23.4% ---------- ---------- Total, at constant exchange rates 298,577 90,385 30.3% Effect of foreign exchange - - ---------- ---------- Total, as reported $ 298,577 $ 90,385 ========== ---------- SG&A, at constant exchange rates $ 77,655 Effect of foreign exchange - ---------- SG&A, as reported $ 77,655 ---------- Operating Income, at constant exchange rates $ 12,730 Effect of foreign exchange - ---------- Operating Income, as reported $ 12,730 ==========
Q1 2009 Q2 2009 ------------------------- ------------------------- Gross Gross Revenue Profit Revenue Profit ------------ ------------ ------------ ------------ (Amounts in thousands) Homecare GBP 30,620 GBP 9,487 GBP 30,858 GBP 9,753 Nursing Homes 4,808 1,477 4,159 1,298 Hospitals 3,612 973 3,448 874 ------------ ------------ ------------ ------------ Total GBP 39,040 GBP 11,937 GBP 38,465 GBP 11,925 Foreign exchange rate 1.58 1.58 1.44 1.44 ------------ ------------ ------------ ------------ Total $ 61,528 $ 18,813 $ 55,334 $ 17,166 ============ ============ ============ ============ Q3 2009 Q4 2009 ------------------------- ------------------------- Gross Gross Revenue Profit Revenue Profit ------------ ------------ ------------ ------------ (Amounts in thousands) Homecare GBP 34,162 GBP 10,525 GBP 35,763 GBP 10,951 Nursing Homes 3,716 1,187 3,986 1,257 Hospitals 2,914 679 2,956 745 ------------ ------------ ------------ ------------ Total GBP 40,792 GBP 12,391 GBP 42,705 GBP 12,953 Foreign exchange rate 1.55 1.55 1.64 1.64 ------------ ------------ ------------ ------------ Total $ 63,103 $ 19,173 $ 69,845 $ 21,196 ============ ============ ============ ============ Q1 2008 Q2 2008 ------------------------- ------------------------- Gross Gross Revenue Profit Revenue Profit ------------ ------------ ------------ ------------ (Amounts in thousands) Homecare GBP 27,358 GBP 8,491 GBP 27,561 GBP 8,476 Nursing Homes 5,730 1,706 5,373 1,596 Hospital Staffing 3,473 767 4,358 1,009 ------------ ------------ ------------ ------------ Total GBP 36,561 GBP 10,964 GBP 37,292 GBP 11,081 Foreign exchange rate 2.05 2.05 1.98 1.98 ------------ ------------ ------------ ------------ Total $ 74,770 $ 22,423 $ 73,815 $ 21,931 ============ ============ ============ ============ Q3 2008 Q4 2008 ------------------------- ------------------------- Gross Gross Revenue Profit Revenue Profit ------------ ------------ ------------ ------------ (Amounts in thousands) Homecare GBP 29,130 GBP 9,294 GBP 30,218 GBP 9,447 Nursing Homes 4,969 1,531 5,140 1,554 Hospital Staffing 3,926 888 4,088 1,050 ------------ ------------ ------------ ------------ Total GBP 38,025 GBP 11,713 GBP 39,446 GBP 12,051 Foreign exchange rate 1.97 1.97 1.90 1.90 ------------ ------------ ------------ ------------ Total $ 75,024 $ 23,120 $ 74,968 $ 22,911 ============ ============ ============ ============
ALLIED HEALTHCARE INTERNATIONAL INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended September 30, 2009 2008 ------------ ------------ (Audited) Cash flows from operating activities: Net income $ 10,303 $ 8,786 Adjustments to reconcile net income to net cash provided by operating activities: Income from discontinued operations (367) - Depreciation and amortization 2,590 3,231 Amortization of intangible assets 1,252 1,634 Foreign exchange loss 7 - Increase (decrease) in provision for allowance for doubtful accounts 360 (167) Loss on sale of fixed assets 20 166 Stock based compensation 537 812 Deferred income taxes 117 88 Changes in operating assets and liabilities, excluding the effect of businesses acquired and sold: (Increase) decrease in accounts receivable (4,281) 1,579 Decrease (increase) in prepaid expenses and other assets 2,318 (3,488) Increase (decrease) in accounts payable and other liabilities 2,867 (3,779) ------------ ------------ Net cash provided by continuing operations 15,723 8,862 Net cash (used in) provided by discontinued operations - (561) ------------ ------------ Net cash provided by operating activities 15,723 8,301 ------------ ------------ Cash flows from investing activities: Capital expenditures (2,850) (3,344) Proceeds from sale of business held in escrow and designated for debt repayment 116 53,638 Proceeds from sale of property and equipment 1 50 Payments on acquisitions payable (1,082) - ------------ ------------ ------------ ------------ Net cash (used in) provided by investing activities (3,815) 50,344 ------------ ------------ Cash flows from financing activities: Payments under revolving loan, net - (24,664) Payments under invoice discounting facility, net - (4,458) Principal payments on long-term debt - (23,678) Proceeds from sale of interest rate swap agreements - 617 ------------ ------------ Net cash used in financing activities - (52,183) ------------ ------------ Effect of exchange rate on cash (2,834) (504) ------------ ------------ Increase in cash 9,074 5,958 Cash and cash equivalents, beginning of year 26,199 20,241 ------------ ------------ Cash and cash equivalents, end of year $ 35,273 $ 26,199 ============ ============ Supplemental cash flow information: Cash paid for interest $ 405 $ 1,143 ============ ============ Cash paid for income taxes, net $ 1,102 $ 4,872 ============ ============ ALLIED HEALTHCARE INTERNATIONAL INC. CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) September 30, September 30, 2009 2008 ------------ ------------ ASSETS (Audited) Current assets: Cash and cash equivalents $ 35,273 $ 26,199 Restricted Cash - 136 Accounts receivable, less allowance for doubtful accounts of $839 and $823, respectively 19,594 17,774 Unbilled accounts receivable 11,572 15,892 Deferred income taxes 389 474 Prepaid expenses and other assets 1,188 1,375 Assets of discontinued operations - 182 ------------ ------------ Total current assets 68,016 62,032 Property and equipment, net 7,756 8,574 Goodwill 95,649 109,292 Other intangible assets, net 1,646 3,345 Taxes receivable - 19 ------------ ------------ Total assets $ 173,067 $ 183,262 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,186 $ 1,614 Accrued expenses, inclusive of payroll and related expenses 24,304 28,244 Taxes payable 201 - Liabilities of discontinued operations - 624 ------------ ------------ Total current liabilities 25,691 30,482 Deferred income taxes 103 110 ------------ ------------ Total liabilities 25,794 30,592 ------------ ------------ Commitments and contingencies Shareholders' equity: Preferred stock, $.01 par value; authorized 10,000 shares, issued and outstanding - none - - Common stock, $.01 par value; authorized 80,000 shares, issued 45,571 shares 456 456 Additional paid-in capital 241,555 241,018 Accumulated other comprehensive (loss) income (14,418) 1,819 Accumulated deficit (78,026) (88,329) ------------ ------------ 149,567 154,964 Less cost of treasury stock (585 shares) (2,294) (2,294) ------------ ------------ Total shareholders' equity 147,273 152,670 ------------ ------------ Total liabilities and shareholders' equity $ 173,067 $ 183,262 ============ ============ ALLIED HEALTHCARE INTERNATIONAL INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Three Months Ended Year Ended September September 30, September 30, -------------------- -------------------- 2009 2008 2009 2008 --------- --------- --------- --------- (Audited) Total revenues $ 69,845 $ 74,968 $ 249,810 $ 298,577 --------- --------- --------- --------- Gross profit 21,196 22,911 76,348 90,385 Selling, general and administrative expenses 17,010 18,570 63,234 77,655 --------- --------- --------- --------- Operating income 4,186 4,341 13,114 12,730 Interest and other (expense) income, net (14) 264 427 393 Foreign exchange expense (137) (435) (197) (586) --------- --------- --------- --------- Income before income taxes and discontinued operations 4,035 4,170 13,344 12,537 Provision for income taxes 1,098 1,279 3,408 3,751 --------- --------- --------- --------- Income from continuing operations 2,937 2,891 9,936 8,786 --------- --------- --------- --------- Discontinued operations: Income from discontinued operations, net of taxes - - 367 - --------- --------- --------- --------- Net income $ 2,937 $ 2,891 $ 10,303 $ 8,786 ========= ========= ========= ========= Basic income per share of common stock from: Income from continuing operations $ 0.07 $ 0.06 $ 0.22 $ 0.20 Income from discontinued operations - - 0.01 - --------- --------- --------- --------- Net income $ 0.07 $ 0.06 $ 0.23 $ 0.20 ========= ========= ========= ========= Diluted income per share of common stock from: Income from continuing operations $ 0.07 $ 0.06 $ 0.22 $ 0.19 Income from discontinued operations - - 0.01 - --------- --------- --------- --------- Net income $ 0.07 $ 0.06 $ 0.23 $ 0.19 ========= ========= ========= ========= Weighted average number of common shares outstanding: Basic 44,986 44,986 44,986 44,986 ========= ========= ========= ========= Diluted 45,074 45,086 45,011 45,078 ========= ========= ========= =========
