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LKQ Corporation Posts Record 2010 Third Quarter Results
-- Revenue Grew 22.8%; Diluted Earnings Per Share Improved 19.0%
-- Parts and Services Organic Revenue Increased 8.3%
-- Recycled Products and Services Organic Revenue Grew 8.0%
-- Aftermarket and Refurbished Products Organic Revenue Increased 8.5%
-- Increased Outlook for 2010 Diluted Earnings Per Share to $1.11 - $1.15
CHICAGO, Oct. 28, 2010 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq:LKQX) today reported diluted earnings per share from continuing operations of $0.25 for the third quarter ended September 30, 2010, an increase of 19.0% from $0.21 for the third quarter of 2009. Revenue for the third quarter was $607.6 million, an increase of 22.8% as compared to $494.8 million for the same period of 2009. Income from continuing operations for the third quarter of 2010 was $35.9 million, an increase of 19.1% as compared to $30.1 million for the same period of 2009.
"We were very pleased with the strength of the quarter," stated Joseph Holsten, President and Chief Executive Officer of LKQ Corporation. "As insurers and consumers focus on containing repair costs, demand for quality alternative parts continues to expand." Mr. Holsten continued, "Parts and services revenue was up 18.8% in the third quarter with organic revenue growth of 8.3% and acquisition growth of 10.2%. We were particularly pleased to see recycled parts and services organic revenue growth of 8.0%. As we move into the busy winter season our inventories continue to be in very good shape."
Overall organic revenue growth for the third quarter was 11.6% as a result of strong parts sales and higher commodity prices as compared to last year.
On a nine month year to date basis, revenue was $1.8 billion, an increase of 20.4% from $1.5 billion for the same period of 2009. Income from continuing operations for the first nine months of 2010 was $125.8 million, as compared to $90.6 million for the same nine month period of 2009. Diluted earnings per share from continuing operations was $0.86 for the first nine months of 2010, as compared to $0.63 for the same period of 2009.
Acquisitions / New Locations
LKQ continued its expansion efforts and made a number of acquisitions during the third quarter. The acquired businesses provide additional wholesale aftermarket and recycled parts distribution in a number of markets including Philadelphia and Cincinnati, increase production capacity for the wheel refinishing business, and expand paint distribution in the Boston metropolitan market. Collectively, the businesses acquired during the quarter have annualized revenue of approximately $115 million, with roughly 40% related to low margin smelting operations that support the wheel refinishing business.
During the third quarter, the Company also opened a heavy-duty truck operation in Wilson, North Carolina at a former Greenleaf location. At the start of the fourth quarter, LKQ opened a greenfield wholesale recycling facility in Denver, Colorado.
"It was a very busy quarter for acquisitions and we are on pace to close a number of additional transactions by the end of 2010," commented Mr. Holsten. "Acquisitions will continue to play an important part of our plans to build out our footprint in the U.S. and Canada and expand our product offerings."
Balance Sheet and Liquidity
As of September 30, 2010, LKQ's balance sheet reflected cash and equivalents of $168.7 million and long-term debt, including the current portion, of $597.5 million. Availability on the Company's $100.0 million revolving credit facility was $79.9 million.
Company Outlook
LKQ updated its guidance for 2010. Income from continuing operations and diluted earnings per share from continuing operations are anticipated to be within the range of $162 million to $168 million and $1.11 to $1.15, respectively.
Net cash provided by operating activities for 2010 is projected to be in excess of $165 million. LKQ's capital expenditures related to property and equipment are expected to be within a range of $65 to $75 million.
The guidance reflects an organic growth rate from parts and services of 6% to 8%, excluding the impact of organic growth of other revenue. Additionally, all of the guidance provided excludes restructuring expenses and any gains or losses related to acquisitions or divestitures.
Quarterly Conference Call
LKQ will host a conference call and audio webcast to discuss its third quarter 2010 financial results and financial guidance on Thursday, October 28, 2010 at 10:00 a.m. Eastern Time. To participate in the conference call, please dial (877) 705-6008or (201) 689-8481 if calling outside of the U.S. The live audio webcast can be accessed on the internet at www.lkqcorp.com in the Investor Relations section.
A replay of the conference call will be available by telephone at (877) 660-6853 or (201) 612-7415 for international calls. The telephone replay will require you to enter account number: 286 and conference ID: 359133. An online replay of the webcast will be available on the Company's website. Both forms of the replay of the conference call will be available until November 28, 2010. Please allow approximately two hours after the live presentation before attempting to access the replay.
About LKQ Corporation
LKQ Corporation is the largest nationwide provider of aftermarket collision replacement products, recycled products and refurbished collision replacement products such as wheels, bumper covers and lights. LKQ operates more than 300 facilities, providing its customers a broad range of replacement systems, components, and parts to repair automobiles and light, medium and heavy-duty trucks.
Forward Looking Statements
The statements in this press release that are not historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements regarding our expectations, beliefs, hopes, intentions or strategies. Forward-looking statements involve risks and uncertainties, some of which are not currently known to us. Actual events or results may differ materially from those expressed or implied in the forward looking statements as a result of various factors.
These factors include:
-- uncertainty as to changes in U.S. general economic activity and the
impact of these changes on the demand for our products and our ability
to obtain financing for operations;
-- fluctuations in the pricing of new original equipment manufacturer
("OEM") replacement parts;
-- the availability and cost of our inventory;
-- variations in vehicle accident rates or miles driven;
-- changes in state or federal laws or regulations affecting our business;
-- changes in the types of replacement parts that insurance carriers will
accept in the repair process;
-- changes in the demand for our products and the supply of our inventory
due to severity of weather and seasonality of weather patterns;
-- the amount and timing of operating costs and capital expenditures
relating to the maintenance and expansion of our business, operations
and infrastructure;
-- competition in the automotive parts industry;
-- our ability to increase or maintain revenue and profitability at our
facilities;
-- uncertainty as to our future profitability on a consolidated basis;
-- uncertainty as to the impact on our industry of any terrorist attacks or
responses to terrorist attacks;
-- our ability to operate within the limitations imposed by financing
arrangements;
-- our ability to obtain financing on acceptable terms to finance our
growth;
-- declines in the values of our assets;
-- fluctuations in fuel and other commodity prices;
-- fluctuations in the prices of scrap metal and other metals;
-- our ability to develop and implement the operational and financial
systems needed to manage our operations;
-- our ability to integrate and successfully operate acquired companies and
any companies acquired in the future and the risks associated with these
companies;
-- claims by OEMs or others that attempt to restrict or eliminate the sale
of aftermarket products:
-- termination of business relationships with insurance companies that
promote the use of our products;
-- decreases in the supply of end of life and crush only vehicles that we
process and sell for scrap; and
-- other risks that are described in our Form 10-K filed February 26, 2010
and in other reports filed by us from time to time with the Securities
and Exchange Commission.
You should not place undue reliance on these forward-looking statements. All of these forward-looking statements are based on our expectations as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
LKQ CORPORATION AND SUBSIDIARIES
Unaudited Consolidated Condensed Statements of Income
( In thousands, except per share data )
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- --------------------------
2010 2009 2010 2009
---------- ---------- ------------ ------------
Revenue $ 607,621 $ 494,812 $ 1,795,818 $ 1,492,037
Cost of goods sold 346,197 269,708 989,838 817,114
---------- ---------- ------------ ------------
Gross margin 261,424 225,104 805,980 674,923
Facility and warehouse expenses 56,991 48,337 170,125 145,101
Distribution expenses 51,783 45,604 154,140 132,608
Selling, general and
administrative expenses 77,671 65,893 228,437 198,688
Restructuring expenses 223 852 593 1,910
Depreciation and amortization 9,549 8,373 27,940 24,893
---------- ---------- ------------ ------------
Operating income 65,207 56,045 224,745 171,723
Other expense (income):
Interest expense, net 7,186 7,780 21,617 23,082
Other income, net (274) (23) (573) (170)
---------- ---------- ------------ ------------
Total other expense, net 6,912 7,757 21,044 22,912
---------- ---------- ------------ ------------
Income from continuing operations
before provision for income
taxes 58,295 48,288 203,701 148,811
Provision for income taxes 22,394 18,147 77,911 58,197
---------- ---------- ------------ ------------
Income from continuing operations 35,901 30,141 125,790 90,614
Discontinued operations:
(Loss) income from discontinued
operations, net of taxes -- (986) 224 (298)
Gain on sale of discontinued
operations, net of taxes -- -- 1,729 --
---------- ---------- ------------ ------------
(Loss) income from discontinued
operations -- (986) 1,953 (298)
---------- ---------- ------------ ------------
Net income $ 35,901 $ 29,155 $ 127,743 $ 90,316
========== ========== ============ ============
Basic earnings per share (1):
Income from continuing operations $ 0.25 $ 0.21 $ 0.88 $ 0.65
(Loss) income from discontinued
operations 0.00 (0.01) 0.01 (0.00)
---------- ---------- ------------ ------------
Total $ 0.25 $ 0.21 $ 0.89 $ 0.64
========== ========== ============ ============
Diluted earnings per share (1):
Income from continuing operations $ 0.25 $ 0.21 $ 0.86 $ 0.63
(Loss) income from discontinued
operations 0.00 (0.01) 0.01 (0.00)
---------- ---------- ------------ ------------
Total $ 0.25 $ 0.20 $ 0.88 $ 0.63
========== ========== ============ ============
Weighted average common shares
outstanding:
Basic 143,258 140,746 142,769 140,257
========== ========== ============ ============
Diluted 145,798 144,047 145,470 143,669
========== ========== ============ ============
(1) The sum of the individual earnings per share amounts may not equal the total due
to rounding.
LKQ CORPORATION AND SUBSIDIARIES
Unaudited Consolidated Condensed Balance Sheets
(In thousands, except share and per share data)
September
30, December 31,
2010 2009
------------ ------------
Assets
Current Assets:
Cash and equivalents $ 168,678 $ 108,906
Receivables, net 167,181 152,443
Inventory 444,617 385,686
Deferred income taxes 29,924 31,847
Prepaid income taxes -- 4,663
Prepaid expenses 11,100 9,603
Assets of discontinued
operations -- 9,720
------------ ------------
Total Current Assets 821,500 702,868
Property and Equipment, net 306,820 289,902
Intangibles 1,055,297 1,006,022
Other Assets 21,832 21,329
------------ ------------
Total Assets $ 2,205,449 $ 2,020,121
============ ============
Liabilities and Stockholders'
Equity
Current Liabilities:
Accounts payable $ 70,413 $ 51,300
Accrued expenses 100,757 94,027
Income taxes payable 1,713 --
Deferred revenue 9,672 9,259
Current portion of long-term
obligations 39,880 10,063
Liabilities of discontinued
operations 2,857 3,832
------------ ------------
Total Current Liabilities 225,292 168,481
Long-Term Obligations,
Excluding Current Portion 557,589 592,982
Deferred Income Tax
Liabilities 53,179 52,209
Other Noncurrent Liabilities 32,478 27,015
Commitments and Contingencies
Stockholders' Equity:
Common stock, $0.01 par
value, 500,000,000 shares
authorized, 143,788,606 and
142,004,797 shares issued
and outstanding at September
30, 2010 and December 31,
2009, respectively 1,438 1,420
Additional paid-in capital 841,747 815,952
Retained earnings 497,202 369,459
Accumulated other
comprehensive loss (3,476) (7,397)
------------ ------------
Total Stockholders' Equity 1,336,911 1,179,434
------------ ------------
Total Liabilities and
Stockholders' Equity $ 2,205,449 $ 2,020,121
============ ============
LKQ CORPORATION AND SUBSIDIARIES
Unaudited Consolidated Condensed Statements of Cash Flows
(In thousands)
Nine Months Ended
September 30,
----------------------
2010 2009
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 127,743 $ 90,316
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation and amortization 30,389 27,931
Stock-based compensation expense 7,713 5,457
Deferred income taxes (788) 2,663
Excess tax benefit from share-based
payments (9,375) (5,744)
Gain on sale of discontinued operations (2,744) --
Other 791 3,873
Changes in operating assets and
liabilities, net of effects from
acquisitions and divestitures:
Receivables (1,433) 18,671
Inventory (43,818) (24,302)
Prepaid income taxes/income taxes
payable 14,566 19,887
Accounts payable 11,307 (12,722)
Other operating assets and liabilities 10,212 9,434
---------- ----------
Net cash provided by operating
activities 144,563 135,464
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (36,982) (28,993)
Proceeds from sales of businesses, net of
cash sold, and property and equipment 12,969 952
Cash used in acquisitions, net of cash
acquired (70,281) (18,580)
---------- ----------
Net cash used in investing activities (94,294) (46,621)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options 8,725 4,986
Excess tax benefit from share-based
payments 9,375 5,744
Borrowings under line of credit -- 2,310
Repayments of long-term debt (8,824) (16,212)
---------- ----------
Net cash provided by (used in) financing
activities 9,276 (3,172)
---------- ----------
Effect of exchange rate changes on cash
and equivalents 227 1,267
Net increase in cash and equivalents 59,772 86,938
Cash and equivalents, beginning of period 108,906 79,067
---------- ----------
Cash and equivalents, end of period $ 168,678 $ 166,005
========== ==========
LKQ CORPORATION AND SUBSIDIARIES
Unaudited Supplementary Data
( In thousands, except per share data )
Three Months Ended September 30,
-------------------------------------------------------------
Operating Highlights 2010 2009
---------------------------------- ------------------- -------------------
% of % of
%
Revenue Revenue Change Change
Revenue $ 607,621 100.0% $ 494,812 100.0% $ 112,809 22.8%
Cost of goods sold 346,197 57.0% 269,708 54.5% 76,489
---------- ------- ---------- ------- ---------- 28.4%
Gross margin 261,424 43.0% 225,104 45.5% 36,320 16.1%
Facility and warehouse expenses 56,991 9.4% 48,337 9.8% 8,654 17.9%
Distribution expenses 51,783 8.5% 45,604 9.2% 6,179 13.5%
Selling, general and
administrative expenses 77,671 12.8% 65,893 13.3% 11,778 17.9%
Restructuring expenses 223 0.0% 852 0.2% (629) -73.8%
Depreciation and amortization 9,549 1.6% 8,373 1.7% 1,176
---------- ------- ---------- ------- ---------- 14.0%
Operating income 65,207 10.7% 56,045 11.3% 9,162 16.3%
Other expense (income):
Interest expense, net 7,186 1.2% 7,780 1.6% (594) -7.6%
Other income, net (274) 0.0% (23) 0.0% (251)
---------- ------- ---------- ------- ---------- 1091.3%
Total other expense, net 6,912 1.1% 7,757 1.6% (845)
---------- ------- ---------- ------- ---------- -10.9%
Income from continuing operations
before provision for income
taxes 58,295 9.6% 48,288 9.8% 10,007 20.7%
Provision for income taxes 22,394 3.7% 18,147 3.7% 4,247
---------- ------- ---------- ------- ---------- 23.4%
Income from continuing operations 35,901 5.9% 30,141 6.1% 5,760 19.1%
Discontinued operations:
Loss from discontinued
operations, net of taxes -- 0.0% (986) -0.2% 986
---------- ------- ---------- ------- ---------- 100.0%
Gain on sale of discontinued
operations, net of taxes -- 0.0% -- 0.0% --
---------- ------- ---------- ------- ---------- n/m
Loss from discontinued operations -- 0.0% (986) -0.2% 986
---------- ------- ---------- ------- ---------- 100.0%
Net income $ 35,901 5.9% $ 29,155 5.9% $ 6,746
========== ======= ========== ======= ========== 23.1%
Basic earnings per share (1):
Income from continuing operations $ 0.25 $ 0.21 $ 0.04 19.0%
Loss from discontinued operations 0.00 (0.01) 0.01 n/m
---------- ---------- ---------- -------
---------- ---------- ----------
Total $ 0.25 $ 0.21 $ 0.04
========== ========== ========== 19.0%
Diluted earnings per share (1):
Income from continuing operations $ 0.25 $ 0.21 $ 0.04 19.0%
Loss from discontinued operations 0.00 (0.01) 0.01 n/m
---------- ---------- ---------- -------
---------- ---------- ----------
Total $ 0.25 $ 0.20 $ 0.05
========== ========== ========== 25.0%
Weighted average common shares
outstanding:
Basic 143,258 140,746 2,512
========== ========== ========== 1.8%
Diluted 145,798 144,047 1,751
========== ========== ========== 1.2%
(1) The sum of the individual earnings per share amounts may not equal the total due to rounding.
LKQ CORPORATION AND SUBSIDIARIES
Unaudited Supplementary Data
( In thousands, except per share data )
Nine Months Ended September 30,
----------------------------------------------------------------
Operating Highlights 2010 2009
---------------------------------- --------------------- ---------------------
% of % of
%
Revenue Revenue Change Change
Revenue $ 1,795,818 100.0% $ 1,492,037 100.0% $ 303,781 20.4%
Cost of goods sold 989,838 55.1% 817,114 54.8% 172,724
------------ ------- ------------ ------- ---------- 21.1%
Gross margin 805,980 44.9% 674,923 45.2% 131,057 19.4%
Facility and warehouse expenses 170,125 9.5% 145,101 9.7% 25,024 17.2%
Distribution expenses 154,140 8.6% 132,608 8.9% 21,532 16.2%
Selling, general and
administrative expenses 228,437 12.7% 198,688 13.3% 29,749 15.0%
Restructuring expenses 593 0.0% 1,910 0.1% (1,317) -69.0%
Depreciation and amortization 27,940 1.6% 24,893 1.7% 3,047
------------ ------- ------------ ------- ---------- 12.2%
Operating income 224,745 12.5% 171,723 11.5% 53,022 30.9%
Other expense (income):
Interest expense, net 21,617 1.2% 23,082 1.5% (1,465) -6.3%
Other income, net (573) 0.0% (170) 0.0% (403)
------------ ------- ------------ ------- ---------- 237.1%
Total other expense, net 21,044 1.2% 22,912 1.5% (1,868)
------------ ------- ------------ ------- ---------- -8.2%
Income from continuing operations
before provision for income
taxes 203,701 11.3% 148,811 10.0% 54,890 36.9%
Provision for income taxes 77,911 4.3% 58,197 3.9% 19,714
------------ ------- ------------ ------- ---------- 33.9%
Income from continuing operations 125,790 7.0% 90,614 6.1% 35,176 38.8%
Discontinued operations:
Income (loss) from discontinued
operations, net of taxes 224 0.0% (298) 0.0% 522 175.2%
Gain on sale of discontinued
operations, net of taxes 1,729 0.1% -- 0.0% 1,729
------------ ------- ------------ ------- ---------- n/m
Income (loss) from discontinued
operations 1,953 0.1% (298) 0.0% 2,251
------------ ------- ------------ ------- ---------- 755.4%
Net income $ 127,743 7.1% $ 90,316 6.1% $ 37,427
============ ======= ============ ======= ========== 41.4%
Basic earnings per share (1):
Income from continuing operations $ 0.88 $ 0.65 $ 0.23 35.4%
Income (loss) from discontinued
operations 0.01 (0.00) 0.01
------------ ------------ ---------- n/m
Total $ 0.89 $ 0.64 $ 0.25
============ ============ ========== 39.1%
Diluted earnings per share (1):
Income from continuing operations $ 0.86 $ 0.63 $ 0.23 36.5%
Income (loss) from discontinued
operations 0.01 (0.00) 0.01
------------ ------------ ---------- n/m
Total $ 0.88 $ 0.63 $ 0.25
============ ============ ========== 39.7%
Weighted average common shares
outstanding:
Basic 142,769 140,257 2,512
============ ============ ========== 1.8%
Diluted 145,470 143,669 1,801
============ ============ ========== 1.3%
(1) The sum of the individual earnings per share amounts may not equal the total due to rounding.
The following unaudited tables compare certain revenue categories:
Three Months Ended
September 30,
--------------------------
%
2010 2009 Change Change
------------ ------------ ---------- ------
(In thousands)
Included in Consolidated Statements of Income
of LKQ Corporation
Recycled and related products and services $ 228,797 $ 180,482 $ 48,315 26.8%
Aftermarket, other new and refurbished products 291,607 257,670 33,937
------------ ------------ ---------- 13.2%
Parts and services 520,404 438,152 82,252 18.8%
Other 87,217 56,660 30,557
------------ ------------ ---------- 53.9%
Total $ 607,621 $ 494,812 $ 112,809
============ ============ ========== 22.8%
Revenue changes by category for the three months ended September 30, 2010 vs. 2009:
Revenue Change Attributable to:
--------------------------------------
Foreign %
Acquisition Organic Exchange Change
------------ ------------ ---------- ------
Recycled and related products and services 18.5% 8.0% 0.3% 26.8%
Aftermarket, other new and refurbished products 4.5% 8.5% 0.2% 13.2%
Parts and services 10.2% 8.3% 0.2% 18.8%
Other 16.7% 37.2% 0.1% 53.9%
Total 11.0% 11.6% 0.2% 22.8%
Nine Months Ended
September 30,
--------------------------
%
2010 2009 Change Change
------------ ------------ ---------- ------
(In thousands)
Included in Consolidated Statements of Income of LKQ Corporation
Recycled and related products and services $ 658,179 $ 548,040 $ 110,139 20.1%
Aftermarket, other new and refurbished products 894,251 799,953 94,298
------------ ------------ ---------- 11.8%
Parts and services 1,552,430 1,347,993 204,437 15.2%
Other 243,388 144,044 99,344
------------ ------------ ---------- 69.0%
Total $ 1,795,818 $ 1,492,037 $ 303,781
============ ============ ========== 20.4%
Revenue changes by category for the nine months ended September 30, 2010 vs. 2009:
Revenue Change Attributable to:
--------------------------------------
Foreign %
Acquisition Organic Exchange Change
------------ ------------ ---------- ------
Recycled and related products and services 15.9% 3.6% 0.6% 20.1%
Aftermarket, other new and refurbished products 2.9% 8.4% 0.4% 11.8%
Parts and services 8.2% 6.5% 0.5% 15.2%
Other 10.2% 58.6% 0.2% 69.0%
Total 8.4% 11.5% 0.5% 20.4%
The following unaudited table reconciles income from continuing operations to EBITDA:
Three Months Ended Three Months Ended
September 30, September 30,
--------------------- ----------------------
2010 2009 2010 2009
---------- --------- ---------- ----------
(In thousands)
Income from continuing operations $ 35,901 $ 30,141 $ 125,790 $ 90,614
Depreciation and amortization 10,378 9,151 30,389 27,378
Interest expense, net 7,186 7,780 21,617 23,082
Provision for income taxes 22,394 18,147 77,911 58,197
---------- --------- ---------- ----------
Earnings before interest, taxes,
depreciation and amortization (EBITDA)
from continuing operations $ 75,859 $ 65,219 $ 255,707 $ 199,271
========== ========= ========== ==========
EBITDA as a percentage of revenue 12.5% 13.2% 14.2% 13.4%
We provide a reconciliation of Income from Continuing Operations to EBITDA as we believe it offers investors, securities analysts and other interested parties useful information regarding our results of operations because it assists in analyzing our performance and the value of our business. EBITDA provides insight into our profitability trends, and allows management and investors to analyze our operating results with and without the impact of depreciation, amortization, interest and income tax expense. We believe EBITDA is used by securities analysts, investors, and other interested parties in evaluating companies, many of which present EBITDA when reporting their results. EBITDA should not be construed as an alternative to operating income, net income or net cash provided by (used in) operating activities, as determined in accordance with accounting principles generally accepted in the United States. In addition, not all companies that report EBITDA information calculate EBITDA in the same manner as we do and, accordingly, our calculation is not necessarily comparable to similarly named measures of other companies and may not be an appropriate measure for performance relative to other companies.
Results of discontinued operations are as follows:
Three Months Ended Three Months Ended
September 30, September 30,
-------------------- --------------------
2010 2009 2010 2009
---------- -------- --------- ---------
(In thousands)
Revenue $ -- $ 7,335 $ 686 $ 20,853
(Loss) income before income tax (benefit) provision -- (1,565) 355 (473)
Income tax (benefit) provision -- (579) 131 (175)
---------- -------- --------- ---------
(Loss) income from discontinued operations, net of taxes,
before gain on sale of discontinued operations -- (986) 224 (298)
Gain on sale of discontinued operations, net of taxes of $1,015 -- -- 1,729 --
---------- -------- --------- ---------
(Loss) income from discontinued operations, net of taxes $ -- $ (986) $ 1,953 $ (298)
========== ======== ========= =========
This news release was distributed by GlobeNewswire, www.globenewswire.com
