UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C.  20549

 

FORM 10-Q

(Mark One)

x             QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 1, 2006

OR

o               TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_______________ to _______________

Commission file number 1-1370

 

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  X   No      

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.  (Check one):

 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes       No   X 

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

 

 

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

INDEX

		Page No.
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Condensed Balance Sheets – October 1, 2006 and July 2, 2006		3
	Consolidated Condensed Statements of Income – Three Months Ended October 1, 2006 and October 2, 2005		5
	Consolidated Condensed Statements of Cash Flows – Three Months Ended October 1, 2006 and October 2, 2005		6
	Notes to Consolidated Condensed Financial Statements		7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		21
Item 4.	Controls and Procedures		21
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings		23
Item 1A.	Risk Factors		23
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		23
Item 4.	Submission of Matters to a Vote of Security Holders		23
Item 5.	Other Information		24
Item 6.	Exhibits		25
Signatures			26
Exhibit Index			27

 

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)

ASSETS

		October 1,			July 2,
		2006			2006
		(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents		$	44,170		$	95,091
Accounts receivable, net		227,892			273,502
Inventories -
Finished products and parts		500,283			364,711
Work in process		196,192			188,358
Raw materials		9,887			8,946
Total inventories		706,362			562,015
Deferred income tax asset		61,064			58,024
Prepaid expenses and other current assets		25,532			43,020
Total current assets		1,065,020			1,031,652
OTHER ASSETS:
Goodwill		251,885			251,885
Prepaid pension		76,650			75,789
Investments		46,474			48,917
Deferred loan costs, net		4,014			4,308
Other intangible assets, net		93,985			94,596
Other long-term assets, net		7,283			6,765
Total other assets		480,291			482,260
PLANT AND EQUIPMENT:
Cost		1,017,983			1,008,164
Less - accumulated depreciation		591,220			577,876
Total plant and equipment, net		426,763			430,288
		$	1,972,074		$	1,944,200

 

The accompanying notes are an integral part of these statements.

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS (Continued)
(In thousands, except per share data)

LIABILITIES & SHAREHOLDERS’ INVESTMENT

		October 1,			July 2,
		2006			2006
		(Unaudited)
CURRENT LIABILITIES:
Accounts payable		$	152,984		$	161,291
Accrued liabilities		160,618			178,381
Dividends payable		11,267			-
Current maturity on long-term debt		81,015			-
Short-term debt		121,852			3,474
Total current liabilities		527,736			343,146
OTHER LIABILITIES:
Long-term debt		302,490			383,324
Deferred income tax liability		101,965			102,862
Accrued pension cost		26,091			25,587
Accrued employee benefits		16,391			16,267
Accrued postretirement health care obligation		83,272			84,136
Other long-term liabilities		1,512			1,672
Total other liabilities		531,721			613,848
SHAREHOLDERS’ INVESTMENT:
Common stock -
Authorized 120,000 shares, $.01 par value, issued 57,854 shares		579			579
Additional paid-in capital		67,684			65,126
Retained earnings		1,057,123			1,086,397
Accumulated other comprehensive income		4,231			4,960
Treasury stock at cost, 8,345 and 6,654 shares, respectively		(217,000		)	(169,856		)
Total shareholders’ investment		912,617			987,206
		$	1,972,074		$	1,944,200

 

The accompanying notes are an integral part of these statements.

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)

		Three Months Ended
		October 1,			October 2,
		2006			2005
NET SALES		$	338,249		$	511,709
COST OF GOODS SOLD		293,887			430,401
Gross profit on sales		44,362			81,308
ENGINEERING, SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES		66,321			70,277
Income (loss) from operations		(21,959		)	11,031
INTEREST EXPENSE		(9,037		)	(10,028		)
OTHER INCOME, net		3,457			6,264
Income (Loss) before provision (credit) for income taxes		(27,539		)	7,267
PROVISION (CREDIT) FOR INCOME TAXES		(9,501		)	2,540
NET INCOME (LOSS)		$	(18,038	)	$	4,727
EARNINGS PER SHARE DATA -
Average shares outstanding		50,583			51,695
Basic earnings (loss) per share		$	(0.36	)	$	0.09
Diluted average shares outstanding		50,583			52,053
Diluted earnings (loss) per share		$	(0.36	)	$	0.09
CASH DIVIDENDS PER SHARE		$	0.22		$	0.22

 

The accompanying notes are an integral part of these statements.

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

		Three Months Ended
		October 1,			October 2,
		2006			2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$	(18,038	)	$	4,727
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization		18,154			19,424
Earnings of unconsolidated affiliates, net of dividends		2,806			2,494
Loss (Gain) on disposition of plant and equipment		37			(6,156		)
Provision for deferred income taxes		(3,937		)	(7,746		)
Stock compensation expense		2,819			2,096
Change in operating assets and liabilities:
Decrease in receivables		45,610			17,136
Increase in inventories		(144,347		)	(102,980		)
Decrease (Increase) in prepaid expenses and other current assets		10,785			(5,450		)
(Increase) Decrease in prepaid/accrued pension		(357		)	2,862
Decrease in accounts payable, accrued liabilities, and income taxes		(20,397		)	(7,355		)
Other, net		(1,364		)	(4,186		)
Net cash used in operating activities		(108,229		)	(85,134		)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to plant and equipment		(13,844		)	(16,317		)
Proceeds received on sale of plant and equipment		262			10,474
Refund of cash paid for acquisition		-			6,347
Net cash (used in) provided by investing activities		(13,582		)	504
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings on loans and notes payable		118,378			4,278
Stock option proceeds and tax benefits		750			2,418
Treasury stock purchases		(48,232		)	-
Net cash provided by financing activities		70,896			6,696
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE
CHANGES ON CASH AND CASH EQUIVALENTS		(6		)	928
NET DECREASE IN CASH AND CASH EQUIVALENTS		(50,921		)	(77,006		)
CASH AND CASH EQUIVALENTS, beginning		95,091			161,573
CASH AND CASH EQUIVALENTS, ending		$	44,170		$	84,567
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid		$	15,988		$	17,258
Income taxes paid		$	644		$	1,778

 

The accompanying notes are an integral part of these statements.

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(Unaudited)

General Information

The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the U.S.  However, in the opinion of Briggs & Stratton Corporation, adequate disclosures have been presented to make the information not misleading, and all adjustments necessary to present fair statements of the results of operations and financial position have been included.  All of these adjustments are of a normal recurring nature.  These consolidated condensed financial statements should be read in conjunction with the financial statements and the notes thereto which were included in our latest Annual Report on Form 10-K.

Common Stock

Briggs & Stratton repurchased 1,733,200 shares at a total cost of $48.2 million during the three months ended October 1, 2006.  No shares were repurchased in the same period a year ago.  The timing and amount of future repurchases will be dependent upon the market price of the stock and certain governing loan covenants.

Earnings Per Share

Basic earnings per share, for each period presented, is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period.  Diluted earnings per share, for each period presented, is computed reflecting the potential dilution that would occur if options or other contracts to issue common stock were exercised or converted into common stock at the beginning of the period.

Shares outstanding used to compute diluted earnings per share for the quarter ended October 1, 2006 excluded approximately 157,000 shares of restricted and deferred stock and outstanding options to purchase approximately 3,467,000 shares of common stock as their inclusion would have been anti-dilutive.  In the prior fiscal year, outstanding options to purchase approximately 1,504,000 shares of common stock were excluded from the computation of diluted earnings per share for the quarter ended October 2, 2005 because their inclusion would have been anti-dilutive.

Information on earnings per share is as follows (in thousands):

 

		Three Months Ended
		October 1,			October 2,
		2006			2005
Net income (loss)		$	(18,038	)	$	4,727
Average shares of common stock outstanding		50,583			51,695
Incremental common shares applicable to common stock options based on the common stock average market price during the period		-			322
Incremental common shares applicable to restricted common stock based on the common stock average market price during the period		-			36
Diluted average shares of common stock outstanding		50,583			52,053

 

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

Comprehensive Income

Comprehensive income is a more inclusive financial reporting method that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income.  Comprehensive income is defined as net income and other changes in shareholders’ investment from transactions and events other than with shareholders.  Total comprehensive income (loss) is as follows (in thousands):

		Three Months Ended
		October 1,			October 2,
		2006			2005
Net income (loss)		$	(18,038	)	$	4,727
Cumulative translation adjustments		461			820
Unrealized gain (loss) on derivative instruments		(1,190		)	5,827
Total comprehensive income (loss)		$	(18,767	)	$	11,374

 

The components of Accumulated Other Comprehensive Income are as follows (in thousands):

 

		October 1,			July 2,
		2006			2006
Cumulative translation adjustments		$	7,985		$	7,524
Unrealized loss on derivative instruments		(1,526		)	(336		)
Minimum pension liability adjustment		(2,228		)	(2,228		)
Accumulated other comprehensive income		$	4,231		$	4,960

 

Derivatives

Derivatives are recorded on the balance sheet as assets or liabilities, measured at fair value.  Briggs & Stratton enters into derivative contracts designated as cash flow hedges to manage its foreign currency exposures.  These instruments generally do not have a maturity of more than twelve months.

Changes in the fair value of cash flow hedges are recorded on the Consolidated Condensed Statements of Income or as a component of Accumulated Other Comprehensive Income.  The amounts included in Accumulated Other Comprehensive Income will be reclassified into income when the forecasted transactions occur, generally within the next twelve months.  These forecasted transactions represent the exporting of products for which Briggs & Stratton will receive foreign currency and the importing of products for which it will be required to pay in a foreign currency.  Changes in the fair value of all derivatives deemed to be ineffective are recorded as either income or expense in the accompanying Consolidated Condensed Statements of Income.

Briggs & Stratton manages its exposure to fluctuation in the cost of natural gas used by its operating facilities through participation in a third party managed dollar cost averaging program linked to NYMEX futures.  As a participant in the program, Briggs & Stratton hedges a minimum of 50% of its anticipated monthly natural gas usage along with a pool of other companies.  Briggs & Stratton does not hold any actual futures contracts and actual delivery of natural gas is not required of the participants in the program.  Cash settlements occur on a monthly basis based on the difference between the average dollar price of the underlying NYMEX futures held by the third party and the actual price of natural gas paid by Briggs & Stratton in the

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

period. The fair value of the underlying NYMEX futures is reflected as an asset or liability on the accompanying Consolidated Condensed Balance Sheets.  Changes in fair value are reflected as a Component of Accumulated Other Comprehensive Income, which are reclassified into the income statement as the monthly cash settlements occur and actual natural gas is consumed.

Reduction in Force

Briggs & Stratton recorded an expense of approximately $4.1 million associated with a worldwide employee reduction during the fiscal year ended July 2, 2006. The amount recorded represented expected expenditures for severance and other related employee separation costs associated with the reduction. As of the quarter ended October 1, 2006, no reserve remained.

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

Segment and Geographic Information

Briggs & Stratton operates two reportable business segments that are managed separately based on fundamental differences in their operations.  Summarized segment data is as follows (in thousands):

		Three Months Ended
		October 1,			October 2,
		2006			2005
NET SALES:
Engines		$	189,596		$	285,429
Power Products		186,887			300,607
Inter-Segment Eliminations		(38,234		)	(74,327		)
Total		$	338,249		$	511,709
International Sales (included in above)
Engines		$	77,619		$	93,301
Power Products		33,793			22,236
Total		$	111,412		$	115,537
GROSS PROFIT ON SALES:
Engines		$	24,699		$	59,684
Power Products		20,253			19,504
Inter-Segment Eliminations		(590		)	2,120
Total		$	44,362		$	81,308
INCOME (LOSS) FROM OPERATIONS:
Engines		$	(24,122	)	$	8,767
Power Products		2,753			144
Inter-Segment Eliminations		(590		)	2,120
Total		$	(21,959	)	$	11,031

 

Warranty

Briggs & Stratton recognizes the cost associated with its standard warranty on Engines and Power Products at the time of sale.  The amount recognized is based on historical failure rates and current claim cost experience.  The following is a reconciliation of the changes in accrued warranty costs for the reporting period (in thousands):

		Three Months Ended
		October 1,			October 2,
		2006			2005
Beginning balance		$	53,233		$	59,625
Payments		(9,437		)	(9,436		)
Provision for current year warranties		8,190			8,609
Adjustments to prior years warranties		(1,600		)	(1,800		)
Ending balance		$	50,386		$	56,998

 

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

Stock Incentives

Stock based compensation is calculated by estimating the fair value of incentive stock awards granted and amortizing the estimated value over the awards’ vesting period. Stock based compensation expense was $2.8 million and $2.1 million for the quarters ended October 1, 2006 and October 2, 2005, respectively.

Pension and Postretirement Benefits

Briggs & Stratton has noncontributory, defined benefit retirement plans and postretirement plans covering certain employees.  The following tables summarize the plans’ income and expense for the periods indicated (in thousands):

		Pension Benefits						Other Postretirement Benefits
		Three Months Ended						Three Months Ended
		October 1,			October 2,			October 1,			October 2,
		2006			2005			2006			2005
Components of net periodic expense:
Service cost-benefits earned		$	3,352		$	4,022		$	606		$	876
Interest cost on projected benefit obligation		14,512			13,096			3,981			3,827
Expected return on plan assets		(17,010		)	(17,205		)	-			-
Amortization of:
Transition obligation		2			2			12			11
Prior service cost		822			774			(213		)	8
Actuarial loss		1,381			2,701			3,560			4,035
Net periodic expense		$	3,059		$	3,390		$	7,946		$	8,757

 

Briggs & Stratton is not required to make any contributions to the pension plans in fiscal 2007 and did not make any contributions in fiscal 2006; however, the Company expects to contribute up to $12 million in fiscal 2007 as approved by the Board of Directors.  During the first quarter of fiscal 2007, the Company contributed $3.0 million to the pension plans.

Briggs & Stratton expects to make benefit payments of approximately $1.7 million for its non-qualified pension plans during fiscal 2007.  As of October 1, 2006, Briggs & Stratton had made payments of approximately $0.4 million for its non-qualified pension plans.  Briggs & Stratton anticipates benefit payments of approximately $35.0 million for its other postretirement benefit plans during fiscal 2007.  As of October 1, 2006, Briggs & Stratton had made payments of approximately $8.7 million for its other postretirement benefit plans.

Commitments and Contingencies

Briggs & Stratton is subject to various unresolved legal actions that arise in the normal course of its business. These actions typically relate to product liability (including asbestos-related liability), patent and trademark matters, and disputes with customers, suppliers, distributors and dealers, competitors and employees.

On June 3, 2004, eight individuals who claim to have purchased lawnmowers in Illinois and Minnesota filed a lawsuit (Ronnie Phillips et al. v. Sears Roebuck Corporation et al., No. 04-L-334 (20th Judicial Circuit, St. Clair County, IL)) against Briggs & Stratton and other defendants alleging that the horsepower labels on the products they purchased were inaccurate. The plaintiffs have amended their complaint several times and currently seek an injunction, compensatory and punitive damages, and attorneys’ fees under various federal and state laws including the Racketeer Influenced and Corrupt Organization Act on behalf of all persons in the United States who, beginning January 1, 1994 through the present, purchased a lawnmower containing a two-stroke

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

or four-stroke gasoline combustion engine up to 30 horsepower that was manufactured by the defendants. On May 31, 2006, the defendants removed the case to the U.S. District Court for the Southern District of Illinois (No. 06-412-DRH). The defendants subsequently filed crossclaims against each other for indemnification and contribution and filed a motion to dismiss the amended complaint.

Although it is not possible to predict with certainty the outcome of these unresolved legal actions or the range of possible loss, Briggs & Stratton believes these unresolved legal actions will not have a material effect on its financial position.

 

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

Financial Information of Subsidiary Guarantor of Indebtedness

In June 1997, Briggs & Stratton issued $100 million of 7.25% senior notes; in May 2001, Briggs & Stratton issued $275 million of 8.875% senior notes; and in February 2005, Briggs & Stratton issued $125 million of variable rate term notes. In addition, Briggs & Stratton has a $350 million revolving credit facility that expires in May 2009 that is used to finance seasonal working capital needs.

Under the terms of Briggs & Stratton’s 8.875% senior notes, 7.25% senior notes, variable rate term notes, and the revolving credit agreement (collectively, the “Domestic Indebtedness”), Briggs & Stratton Power Products Group, LLC and its wholly owned subsidiary, Simplicity Manufacturing, Inc., are joint and several guarantors of the Domestic Indebtedness (the “Guarantor”). The guarantees are full and unconditional guarantees. Additionally, if at any time a domestic subsidiary of Briggs & Stratton constitutes a significant domestic subsidiary, then such domestic subsidiary will also become a guarantor of the Domestic Indebtedness. Currently, all of the Domestic Indebtedness is unsecured. If Briggs & Stratton were to fail to make a payment of interest or principal on its due date, the Guarantor is obligated to pay the outstanding Domestic Indebtedness. Briggs & Stratton had the following outstanding amounts related to the guaranteed debt (in thousands):

		October 1, 2006			Maximum
		Carrying Amount			Guarantee
8.875% Senior Notes, due March 15, 2011		$	267,490		$	270,000
Variable Rate Term Notes, due February 11, 2008		$	35,000		$	35,000
7.25% Senior Notes, due September 15, 2007		$	81,015		$	81,175
Revolving Credit Facility, expiring May 2009		$	118,106		$	350,000

 

The following condensed supplemental consolidating financial information reflects the summarized financial information of Briggs & Stratton, its Guarantor and Non-Guarantor Subsidiaries (in thousands):

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

BALANCE SHEET
As of October 1, 2006

		Briggs & Stratton			Guarantor			Non-Guarantor
		Corporation			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Current assets		$	639,422		$	654,295		$	200,829		$	(429,526	)	$	1,065,020
Investment in subsidiaries		794,601			—			—			(794,601		)	—
Non-current assets		443,390			440,836			22,828			—			907,054
		$	1,877,413		$	1,095,131		$	223,657		$	(1,224,127	)	$	1,972,074
Current liabilities		$	516,301		$	272,147		$	151,740		$	(412,452	)	$	527,736
Long-term debt		302,490			—			—			—			302,490
Other long-term obligations		128,931			99,962			338			—			229,231
Shareholders’ investment		929,691			723,022			71,579			(811,675		)	912,617
		$	1,877,413		$	1,095,131		$	223,657		$	(1,224,127	)	$	1,972,074

 

BALANCE SHEET
As of July 2, 2006

		Briggs & Stratton			Guarantor			Non-Guarantor
		Corporation			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Current assets		$	536,849		$	694,535		$	191,913		$	(391,645	)	$	1,031,652
Investment in subsidiaries		794,317			—			—			(794,317		)	—
Non-current assets		451,150			442,853			18,545			—			912,548
		$	1,782,316		$	1,137,388		$	210,458		$	(1,185,962	)	$	1,944,200
Current liabilities		$	265,185		$	317,133		$	137,325		$	(376,497	)	$	343,146
Long-term debt		383,324			—			—			—			383,324
Other long-term obligations		131,453			98,729			342			—			230,524
Shareholders’ investment		1,002,354			721,526			72,791			(809,465		)	987,206
		$	1,782,316		$	1,137,388		$	210,458		$	(1,185,962	)	$	1,944,200

 

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

STATEMENT OF INCOME
For the Three Months Ended Octrober 1, 2006

		Briggs & Stratton			Guarantor			Non-Guarantor
		Corporation			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales		$	180,185		$	181,487		$	45,985		$	(69,408	)	$	338,249
Cost of goods sold		158,184			164,524			38,358			(67,179		)	293,887
Gross profit		22,001			16,963			7,627			(2,229		)	44,362
Engineering, selling, general and administrative expenses		40,958			16,794			8,569			—			66,321
Income (Loss) from operations		(18,957		)	169			(942		)	(2,229		)	(21,959		)
Interest expense		(9,584		)	(5		)	(70		)	622			(9,037		)
Other income (expense), net		857			954			(158		)	1,804			3,457
Income (Loss) before income taxes		(27,684		)	1,118			(1,170		)	197			(27,539		)
Provision (Credit) for income taxes		(9,551		)	4			141			(95		)	(9,501		)
Net income (loss)		$	(18,133	)	$	1,114		$	(1,311	)	$	292		$	(18,038	)

 

STATEMENT OF INCOME

For the Three Months Ended October 2, 2005

		Briggs & Stratton			Guarantor			Non-Guarantor
		Corporation			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales		$	267,041		$	297,859		$	50,305		$	(103,496	)	$	511,709
Cost of goods sold		214,529			280,463			41,540			(106,131		)	430,401
Gross profit		52,512			17,396			8,765			2,635			81,308
Engineering, selling, general and administrative expenses		42,923			18,289			9,065			—			70,277
Income (Loss) from operations		9,589			(893		)	(300		)	2,635			11,031
Interest expense		(11,371		)	(14		)	(53		)	1,410			(10,028		)
Other income (expense), net		7,711			1,776			(988		)	(2,235		)	6,264
Income (Loss) before income taxes		5,929			869			(1,341		)	1,810			7,267
Provision for income taxes		2,075			698			640			(873		)	2,540
Net income (loss)		$	3,854		$	171		$	(1,981	)	$	2,683		$	4,727

 

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