Accuride Corporation (NYSE: ACW), a leading supplier of
components to the commercial vehicle industry, today reported
financial results for the fourth quarter and fiscal year ended
December 31, 2011.
Fourth Quarter 2011 ResultsAccuride achieved fourth
quarter 2011 net sales from continuing operations of $242.5
million, compared with $175.7 million in the same period in 2010,
an increase of 38.0 percent, with each business segment posting
double-digit gains. Net income for the quarter was $4.1 million,
while Adjusted EBITDA was $24.3 million, an increase of $11.9
million, or 96.0 percent, over the fourth quarter of fiscal year
2010. The Company’s fourth quarter Adjusted EBITDA margin was 10.0
percent, compared to 7.1 percent in the same quarter of 2010. Cash
and cash equivalents were $56.9 million at quarter end. Free cash
flow was $18.2 million for the quarter.
“Increasing production volumes, driven by rapidly recovering
Class 8 truck and trailer demand, helped drive our fourth quarter
performance and gave us solid momentum going into 2012,” said
Accuride President and CEO Rick Dauch. “The increased demand had
the greatest impact on the performance of our Accuride Wheels
business and validates our decision to expand our aluminum wheel
capacity. In addition, our margins are beginning to reflect the
impact of greater operating efficiencies and working capital
performance as we execute our ‘Fix and Grow’ strategy.”
Fiscal Year 2011 ResultsNet sales from continuing
operations for the fiscal year ended December 31, 2011 were $936.1
million, compared with $674.0 million in the prior year, an
increase of 38.9 percent. The sales growth resulted from the
continued strong demand from the Company’s commercial vehicle
customers, as well as the benefits of increased pricing in the
Company’s Gunite and Brillion businesses. The Company reported a
fully diluted loss per share of $0.36 for the year ended December
31, 2011. Included in the loss per share was $0.30 related to
losses recognized as part of the sale of assets of the Company’s
Fabco Automotive and Bostrom Seating businesses, and acquisition
costs related to the assets in Camden, South Carolina. Adjusted
EBITDA from continuing operations for fiscal-year 2011 was $80.9
million, compared to $49.6 million in the prior year, an increase
of 63.1 percent. Cash was $56.9 million at year end, while free
cash flow was negative $59.9 million for the year which included
$58.4 million of capital expenditures.
“2011 represented a year of transformation for Accuride,” Dauch
continued. “Our new leadership team has developed and is executing
a ’Fix and Grow’ strategy aimed at restoring our reputation as a
dependable supplier to our customers and as a reliable, profitable
investment for our shareholders. In an effort to increase our focus
on our core wheel and wheel-end systems businesses we divested
non-core businesses and acquired new aluminum wheel production
capacity in Camden, South Carolina. We also developed and began the
execution of a two year, $110 million capital investment program to
restore operational excellence in our core businesses. This means
that we will have production capacity available where and when our
customers need it, using more standardized processes to achieve
higher levels of product quality and reliability.”
Industry ConditionsThe commercial vehicle industry
segments Accuride supplies (North America Class 5-8 vehicles, U.S.
Trailers, and the related aftermarket channels) continued their
year-over-year improvement in the fourth quarter due to a
historically high fleet age, healthy fleet profitability, and
strong equipment replacement demand. Production rose across all
segments during the fourth quarter, with Class 8 builds up 71.5
percent year-over-year, and the Class 5-7 and U.S. Trailer segment
production increasing 24.4 percent and 45.2 percent, respectively.
Overall, each commercial vehicle segment is expected to continue to
increase production into 2012. The risks associated with supply
constraints within the industry and the continued slow pace of
economic expansion still remain, but they appear to be
diminishing.
Fourth Quarter Business Segment Results
Accuride WheelsOur Wheels segment
net sales were $106.2 million, up $30.8 million, or 40.8 percent,
from the same period of 2010. Wheels Adjusted EBITDA was $29.8
million, an increase of $14.1 million, or 89.8 percent from the
fourth quarter of 2010. The improvements were driven largely by
increased sales of both steel and aluminum wheels to North American
OEM and aftermarket customers. We continue to see strong demand for
aluminum wheels being driven by the need for fleets to reduce fuel
and maintenance costs, along with total vehicle weight. Increasing
demand for aluminum wheels validates the aluminum wheel capacity
investments Accuride made during 2011. The Company plans further
aluminum wheel capacity investments in 2012-2013.
GuniteGunite segment net sales were
$61.4 million, up $11.8 million, or 23.8 percent, from the fourth
quarter of 2010 on higher industry volumes. Gunite’s Adjusted
EBITDA was $1.2 million, compared to $0.7 million in the same
period of 2010. Gunite’s new leadership team is having a positive
impact on the operations, while preparing for the on-time arrival
of new machining equipment. The operational improvements have
helped Gunite recover from its earlier manufacturing constraint
situation by improving the productivity of Gunite’s existing hub
and drum machining operations. This output enabled the business to
build an inventory bank of brake drums for the traditional spring
truck maintenance season. Costs from customer-required on-site
inspections stemming from Gunite’s earlier quality issue dampened
earnings; however, Gunite is on track to satisfy all requirements
for discontinuing the additional inspections in the first half of
2012.
Brillion Iron WorksBrillion Iron
Works’ fourth quarter net sales were $36.7 million, up $7.1
million, or 24.0 percent, from the same period in 2010, while
Adjusted EBITDA declined slightly year-over-year to $1.9 million.
In October, Brillion experienced a significant equipment failure
that disrupted operations on a major casting line for 7-10 days and
resulted in higher maintenance and overtime costs. However, the
business is seeing the benefit of increased pricing as capacity
remains tight in the North American casting industry. We are
currently assessing strategic options for Brillion – which is
non-core to Accuride’s wheel and wheel-end systems business –
including its potential divestiture.
ImperialAt $38.3 million in the
fourth quarter, Imperial’s net sales increased 81.5 percent over
the same period in 2010 due to higher customer build rates.
Adjusted EBITDA for the business improved to $0.6 million in the
fourth quarter from $0.2 million in the same period last year.
Imperial completed the physical consolidation of certain assets
from its Portland, Tennessee, and Chehalis, Washington, facilities
into its Decatur, Texas plant by year-end. However, the Decatur
facility experienced significant operating inefficiencies in
adjusting to the higher production volumes and expanded product
portfolio. The Imperial team is focused on achieving optimal output
from its transferred equipment, and we expect Imperial’s
profitability to improve significantly in early 2012.
2011 Liquidity and DebtAs of December 31, 2011, the
Company had cash of $56.9 million and total debt of $323.1 million.
This consisted of our $310.0 million senior secured notes, net of
discount, and a $20.0 million draw on its ABL facility. In the
fourth quarter of 2011, the Company had cash from operations of
$33.6 million and capital spending of $15.4 million, resulting in
free cash flow of $18.2 million. Total liquidity at the end of the
quarter was $99.0 million. On February 7, 2012, the Company entered
into an incremental commitment agreement in which lenders agreed to
provide an additional $25.0 million in aggregate commitments under
the Company’s asset-backed loan (ABL) credit agreement.
Additionally, on February 10, 2012, Gunite Corporation, a wholly
owned subsidiary of Accuride Corporation, entered into an agreement
to lease $15.0 million in equipment.
Outlook and Summary – 2012 A Year of Execution“With the
restructuring efforts to fix the business that we initiated in 2011
setting the stage, 2012 becomes a year of execution for the
Accuride team,” Dauch added. “Because the commercial vehicle market
is projected to continue growing through 2014-2015, our work this
year focuses on executing the plans that will enable us to
capitalize on rising market demand. Our highest priorities are
completing Gunite’s operational turnaround, successfully launching
the additional aluminum wheel capacity, improving Imperial’s
operating performance, and implementing common LEAN Manufacturing
systems companywide. In addition, we will target additional cost
reductions and working capital improvements by fully revamping our
supply chain, which today represents more than half of our cost of
goods sold.”
Chief Financial Officer Greg Risch stated, “We are projecting
2012 net sales to be in the range of $1,000 to $1,025 million, and
fully diluted earnings per share to be in the range of $0.07 to
$0.15. We expect Adjusted EBITDA to be in the range of $100 to $105
million for the year. Our ‘Fix and Grow’ strategy is focused on
serving the North American commercial vehicle market in a
cost-effective manner, while creating sustainable improvements in
quality and delivery.”
Earnings Conference Call InformationAccuride will hold a
conference call to discuss the financial and operational results of
its fourth quarter and full-year fiscal 2011 on Thursday, March 1,
2012, beginning at 9:00 a.m. Central Time. Analysts and investors
may participate by dialing (866) 831-6291 in the United States, or
(617) 213-8860 internationally, and using participant code
50380262. A live webcast of the conference call can be accessed via
the Investor Information section of the Company’s website at
www.accuridecorp.com. A replay will be available March 1, 2012, at
11:00 a.m. CST until midnight, March 8, 2012, by calling (888)
286-8010 in the United States, or (617) 801-6888 internationally,
using access code 24701158.
Information covered on the call and financial results for the
three-month and full-year period ended December 31, 2011 will be
available in the Investor Relations section of the company's
website at http://www.accuridecorp.com.
Fresh-Start ReportingUpon Accuride Corporation’s
emergence from Chapter 11 bankruptcy proceedings on February 26,
2010, we adopted fresh-start accounting in accordance with the
provisions of ASC 852 Reorganizations (ASC 852), pursuant to which
the midpoint of the range of our reorganization value was allocated
to our assets and liabilities in conformity with the procedures
specified by ASC 805, “Business Combinations.” The results for the
ten-month period ended December 31, 2010 (references to the Company
for such period, the “Successor”) and the results for the two-month
period ended February 26, 2010 (references to the Company for such
periods, the “Predecessor”) are presented separately. This
presentation is required by GAAP, as the Successor is considered to
be a new entity for financial reporting purposes, and the results
of the Successor reflect the application of fresh-start reporting.
Accordingly, the Company’s financial statements after February 26,
2010, are not comparable to its financial statements for any period
prior to its emergence from Chapter 11, unless otherwise noted.
About Accuride CorporationWith headquarters in
Evansville, Indiana, Accuride Corporation is a leading supplier of
components to the commercial vehicle industry. The company’s
products include commercial vehicle wheels, wheel-end components
and assemblies, truck body and chassis parts, and other commercial
vehicle components. The company’s products are marketed under its
brand names, which include Accuride®, Gunite®, ImperialTM and
BrillionTM. Accuride’s common stock trades on the New York Stock
Exchange under the ticker symbol ACW. For more information, visit
the Company’s website at http://www.accuridecorp.com.
Forward-Looking StatementsStatements contained in this
news release that are not purely historical are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, including statements regarding Accuride’s
expectations, hopes, beliefs, and intentions with respect to future
results. Such statements are subject to the impact on Accuride’s
business and prospects generally of, among other factors, market
demand in the commercial vehicle industry, general economic,
business and financing conditions, labor relations, governmental
action, competitor pricing activity, expense volatility and other
risks detailed from time to time in Accuride’s Securities and
Exchange Commission filings, including those described in Item 1A
of Accuride’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2010. Any forward-looking statement reflects only
Accuride’s belief at the time the statement is made. Although
Accuride believes that the expectations reflected in these
forward-looking statements are reasonable, it cannot guarantee its
future results, levels of activity, performance or achievements.
Except as required by law, Accuride undertakes no obligation to
update any forward-looking statements to reflect events or
developments after the date of this news release.
Three Months Operating Results
Three Months Ended December 31, (Dollars in
thousands) 2011
2010 Net sales: Wheels $ 106,157 43.8 % $
75,403 42.9 % Gunite 61,368 25.3 % 49,600 28.2 % Brillion Iron
Works 36,662 15.1 % 29,595 16.9 % Imperial Group 38,312 15.8
% 21,122 12.0 % Total net sales $ 242,499 100.0 % $ 175,720
100.0 % Gross Profit $ 21,839 9.0 % $ 11,509 6.5 %
Income (loss) from Operations: Wheels $ 18,832 17.7 % $ 6,591 8.7 %
Gunite (778 ) (1.3 )% (1,478 ) (3.0 )% Brillion Iron Works 512 1.4
% (1,792 ) (6.1 )% Imperial Group (37 ) (0.1 )% 1,501 7.1 %
Corporate / Other (9,009 ) — % (12,588 ) — %
Consolidated Total $ 9,520 3.9 % $ (7,766 ) (4.4 )% Net
income (loss) $ 4,073 1.7 % $ (110,865 ) (63.1 )% Adjusted
EBITDA Wheels $ 29,782 28.1 % $ 15,654 20.8 % Gunite 1,190 1.9 %
704 1.4 % Brillion Iron Works 1,923 5.2 % 2,098 7.1 % Imperial
Group 616 1.6 % 192 0.9 % Corporate / Other (9,184 ) — %
(6,227 ) — % Continuing Operations $ 24,327 10.0 % $ 12,421
7.1 % Bostrom Seating — — % 6 — % Fabco Automotive — — %
2,191 — % Brillion Farm — — % 503 — % Consolidated
Total $ 24,327 10.0 % $ 15,121 8.6 %
Fiscal Year Operating Results
Successor Predecessor (Dollars in
thousands)
Year EndedDecember
31,2011
Period fromFebruary
26,2010 toDecember 31,2010
Period fromJanuary 1,2010
toFebruary 26,2010
Net sales: Wheels $ 406,587 43.4 % $ 247,673
42.5 % $ 38,379 41.9 % Gunite 251,113 26.8 % 175,352 30.1 % 29,804
32.5 % Brillion Iron Works 146,837 15.7 % 90,492 15.6 % 11,442 12.5
% Imperial Group 131,558 14.1 % 68,790 11.8 %
12,022 13.1 % Total net sales $ 936,095 100.0 % $ 582,307 100.0 % $
91,647 100.0 % Gross Profit $ 80,811 8.6 % $ 40,448 6.9 % $
2,250 2.5 % Income (loss) from Operations: Wheels $ 57,864
14.2 % $ 23,577 9.5 % $ 2,663 6.9 % Gunite (1,785 ) (0.7 )% 2,623
1.5 % 277 0.9 % Brillion Iron Works 2,301 1.6 % (1,171 ) (1.3 )%
(986 ) (8.6 )% Imperial Group 3,141 2.4 % (579 ) (0.8 )% (1,011 )
(8.4 )% Corporate / Other (37,609 ) — % (38,149 ) — %
(5,172 ) — % Consolidated Total $ 23,912 2.6 % $ (13,699 )
(2.4 )% $ (4,229 ) (4.6 )% Net income (loss) $ (17,031 )
(1.8 )% $ (126,532 ) (21.7 )% $ 50,802 55.4 % Adjusted
EBITDA Wheels $ 99,037 24.4 % $ 53,944 21.8 % $ 7,052 18.4 % Gunite
6,571 2.6 % 11,661 6.7 % 1,999 6.7 % Brillion Iron Works 8,205 5.6
% 5,421 6.0 % (50 ) (0.4 )% Imperial Group 5,524 4.2 % 403 0.6 %
(233 ) (1.9 )% Corporate / Other (38,402 ) — %
(24,787 ) — % (5,761 ) — % Continuing Operations $ 80,935
8.6 % $ 46,642 8.0 % $ 3,007 3.3 % Bostrom Seating (22 ) — %
(155 ) — % (230 ) — % Fabco Automotive 5,172 — % 12,638 — % 1,067 —
% Brillion Farm — — % 2,430 — % 839 — %
Consolidated Total $ 86,085 9.2 % $ 61,555 10.6 % $ 4,683 5.1 %
ACCURIDE CORPORATION
CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED)
Successor Predecessor
Year EndedDecember 31,
Period fromFebruary 26
toDecember 31,
Period fromJanuary 1
toFebruary 26,
(In thousands except per share data) 2011 2010
2010 NET SALES $ 936,095 $ 582,307
$
91,647 COST OF GOODS SOLD 855,284 541,859 89,397 GROSS PROFIT
(LOSS) 80,811 40,448 2,250 OPERATING EXPENSES: Selling, general and
administrative 56,899 54,147 6,479 INCOME (LOSS) FROM OPERATIONS
23,912 (13,699 ) (4,229 ) OTHER INCOME (EXPENSE): Interest income
46 143 54 Interest expense (34,143 ) (33,593 ) (7,550 ) Gain on
mark to market valuation of convertible debt — 75,574 — Inducement
expense — (166,691 ) — Other income, net 3,596 2,575 566 LOSS
BEFORE REORGANIZATION ITEMS AND INCOME TAXES FROM CONTINUING
OPERATIONS (6,589 ) (135,691 ) (11,159 ) Reorganization expense
(income) — — (59,311 ) INCOME (LOSS) BEFORE INCOME TAXES FROM
CONTINUING OPERATIONS (6,589 ) (135,691 ) 48,152 INCOME TAX
PROVISION (BENEFIT) 7,761 (2,207 ) (1,931 ) INCOME (LOSS) FROM
CONTINUING OPERATIONS (14,350 ) (133,484 ) 50,083 DISCONTINUED
OPERATIONS, NET OF TAX (2,681 ) 6,952 719 NET INCOME (LOSS) $
(17,031 ) $ (126,532 )
$
50,802 Weighted average common shares outstanding—basic 47,277
15,670 47,572 Basic income (loss) per share – continuing operations
$ (0.30 ) $ (8.52 ) $ 1.05 Basic income (loss) per share –
discontinued operations (0.06 ) 0.45 0.02
Basic income (loss) per share $ (0.36 ) $ (8.07 ) $ 1.07 Weighted
average common shares outstanding—diluted 47,277 15,670 47,572
Diluted income (loss) per share – continuing operations $ (0.30 ) $
(8.52 ) $ 1.05 Diluted income (loss) per share – discontinued
operations (0.06 ) 0.45 0.02 Diluted income
(loss) per share $ (0.36 ) $ (8.07 ) $ 1.07
ACCURIDE CORPORATION
CONSOLIDATED ADJUSTED EBITDA
(UNAUDITED)
Historical Results Successor
Predecessor Combined
Year EndedDecember 31,
Period fromFebruary 26
toDecember 31,
Period fromJanuary 1
toFebruary 26,
Year EndedDecember 31,
(In thousands) 2011 2010 2010
2010 Net income (loss)
$ (17,031 ) $ (126,532
) $ 50,802 $ (75,730 ) Income tax expense (benefit) 7,408 1,591
(1,534 ) 57 Interest expense, net 34,097 33,450 7,496 40,946
Depreciation and amortization 51,278 43,759 7,532 51,291
Restructuring, severance and other charges1 4,806 19,091 (59,092 )
(40,001 ) Other items related to our credit agreement2 5,527 90,196
(521 ) 89,675 Adjusted EBITDA
$ 86,085 $ 61,555 $ 4,683 $
66,238
Note:
1)
For the year ended December 31, 2011,
Adjusted EBITDA represents net income before net interest expense,
income tax expense, depreciation and amortization, plus $4.8
million in costs associated with restructuring, acquisition, and
divestiture items. For the year ended December 31, 2010, Adjusted
EBITDA represents net income before net interest expense, income
tax expense, depreciation and amortization, less $40.0 million in
benefits associated with restructuring and reorganization
items.
2)
Items related to our credit agreement
refer to amounts utilized in the calculation of financial covenants
in Accuride’s senior credit facility. For the year ended December
31, 2011, items related to our credit agreement consisted of
foreign currency income and other net income of $5.5 million. For
the year ended December 31, 2010, items related to our credit
agreement consisted of foreign currency losses and other income or
expenses of $89.7 million.
ACCURIDE CORPORATION
SEGMENT ADJUSTED EBITDA
RECONCILIATION
(UNAUDITED)
Three Months Ended December 31, 2011 (In
thousands)
Income
(loss)fromOperations
Depreciation
andAmortization
Other
AdjustedEBITDA
Wheels $ 18,832 $ 9,196 $ 1,754 $ 29,782
Gunite (778 ) 1,923 45 1,190 Brillion Iron Works 512 1,384 27 1,923
Imperial Group (37 ) 181 472 616 Corporate / Other (9,009 )
529 (704 ) (9,184 ) Continuing Operations $
9,520 $ 13,213 $ 1,594 $ 24,327 Bostrom — — — — Fabco
Automotive — — — — Farm — — — —
Consolidated Total $ 9,520 $ 13,213 $ 1,594 $ 24,327
Three Months Ended December 31, 2010 (In thousands)
Income
(loss)fromOperations
Depreciation
andAmortization
Other
AdjustedEBITDA
Wheels $ 6,591 $ 7,463 $ 1,600 $ 15,654 Gunite (1,478 ) 1,792 390
704 Brillion Iron Works (1,792 ) 3,666 224 2,098 Imperial Group
1,501 (1,326 ) 17 192 Corporate / Other (12,588 ) 283
6,078 (6,227 ) Continuing Operations $ (7,766 ) $
11,878 $ 8,309 $ 12,421 Bostrom (837 ) 843 — 6 Fabco
Automotive 2,062 129 — 2,191 Farm 416 181 (94
) 503 Consolidated Total $ (6,125 ) $ 13,031 $ 8,215 $
15,121
Year Ended December 31, 2011 (In
thousands)
Income
(loss)fromOperations
Depreciation
andAmortization
Other
AdjustedEBITDA
Wheels $ 57,864 $ 34,129 $ 7,044 $ 99,037 Gunite (1,785 ) 7,931 425
6,571 Brillion Iron Works 2,301 5,793 111 8,205 Imperial Group
3,141 360 2,023 5,524 Corporate / Other (37,609 )
1,607 (2,400 ) (38,402 ) Continuing Operations $
23,912 $ 49,820 $ 7,203 $ 80,935 Bostrom (112 ) 90 — (22 )
Fabco Automotive 3,804 1,368 — 5,172 Farm — —
— — Consolidated Total $ 27,604 $ 51,278 $ 7,203 $ 86,085
Period from February 26 to December 31, 2010
(Successor) (In thousands)
Income
(loss)fromOperations
Depreciation
andAmortization
Other
AdjustedEBITDA
Wheels $ 23,577 $ 23,916 $ 6,451 $ 53,944 Gunite 2,623 7,923 1,115
11,661 Brillion Iron Works (1,171 ) 6,065 527 5,421 Imperial Group
(579 ) 850 132 403 Corporate / Other (38,149 ) 1,517
11,845 (24,787 ) Continuing Operations $ (13,699 ) $
40,271 $ 20,070 $ 46,642 Bostrom (1,809 ) 1,654 — (155 )
Fabco Automotive 11,145 1,265 228 12,638 Farm 1,506
569 355 2,430 Consolidated Total $ (2,857 ) $ 43,759
$ 20,653 $ 61,555
Period from January 1 to February 26,
2010 (Predecessor) (In thousands)
Income
(loss)fromOperations
Depreciation
andAmortization
Other
AdjustedEBITDA
Wheels $ 2,663 $ 3,322 $ 1,067 $ 7,052 Gunite 277 1,501 221 1,999
Brillion Iron Works (986 ) 890 46 (50 ) Imperial Group (1,011 ) 766
12 (233 ) Corporate / Other (5,172 ) 514
(1,103 ) (5,761 ) Continuing Operations $ (4,229 ) $ 6,993 $
243 $ 3,007 Bostrom (544 ) 293 21 (230 ) Fabco Automotive
953 114 — 1,067 Farm 707 132 — 839
Consolidated Total $ (3,113 ) $ 7,532 $ 264 $ 4,683
We define Adjusted EBITDA as our net income or loss before
income tax expense or benefit, interest expense, net, depreciation
and amortization, restructuring, severance, and other charges,
impairment, and currency losses, net. Adjusted EBITDA has been
included because we believe that it is useful for us and our
investors to measure our ability to provide cash flows to meet debt
service. Adjusted EBITDA should not be considered an alternative to
net income (loss) or other traditional indicators of operating
performance and cash flows determined in accordance with accounting
principles generally accepted in the United States (“GAAP”). We
present the table of Adjusted EBITDA because covenants in the
agreements governing our material indebtedness contain ratios based
on this measure on a quarterly basis. While Adjusted EBITDA is used
as a measure of liquidity and the ability to meet debt service
requirements, it is not necessarily comparable to other similarly
titled captions of other companies due to differences in methods of
calculations.
ACCURIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(UNAUDITED)
December 31, December 31, (In
thousands) 2011 2010 ASSETS CURRENT
ASSETS: Cash and cash equivalents $ 56,915 $ 78,466 Customer and
other receivables 98,075 75,702 Inventories, net 72,827 55,818
Other current assets 12,332 18,518 Total current assets 240,149
228,504 PROPERTY, PLANT AND EQUIPMENT, net 271,562 241,052 OTHER
ASSETS: Goodwill and other assets 357,151 404,494 TOTAL $ 868,862 $
874,050
LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT
LIABILITIES: Accounts payable $ 80,261 $ 55,324 Other current
liabilities 48,228 57,196 Total current liabilities 128,489 112,520
LONG-TERM DEBT 323,082 302,031 OTHER LIABILITIES 159,908 161,400
STOCKHOLDERS’ EQUITY: Total stockholders’ equity 257,383 298,099
TOTAL $ 868,862 $ 874,050
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