[January 31, 2013] |
|
Bally Technologies, Inc. Reports Record Second-Quarter Fiscal 2013 Diluted EPS of $0.80, up 48 Percent from Prior Year
LAS VEGAS --(Business Wire)--
Bally
Technologies, Inc. (NYSE: BYI):
-
WIDE-AREA PROGRESSIVE INSTALLED BASE GROWS 87 PERCENT AND SETS
RECORD QUARTERLY REVENUE
-
SYSTEMS MAINTENANCE REVENUE INCREASES 28 PERCENT AND SETS RECORD
QUARTERLY REVENUE OF $23 MILLION
-
INCREASES FISCAL 2013 DILUTED EPS GUIDANCE TO $3.20 TO $3.40
Bally
Technologies, Inc. (NYSE: BYI), a leader in slots, video
machines, casino management, interactive applications, and networked and
server-based systems for the global gaming industry, today announced
record second-quarter diluted earnings per share ("Diluted EPS") of
$0.80 and record second-quarter revenue of $238 million for the three
months ended December 31, 2012.
"Our second quarter fiscal 2013 demonstrated continued momentum in all
major business areas," said Ramesh Srinivasan, the Company's President
and Chief Executive Officer. "We are excited about our scheduled product
launches over the next few months, including new wide-area progressive
('WAP') games featuring Hot
Shot Progressive® and NASCAR®, as well as the recently released Pawn
Stars™ premium daily-fee game. The Elite
Bonusing Suite™ is gaining further traction with additional customer
purchases in the second quarter. Finally, traditional domestic
replacement sales were up year-over-year for the seventh consecutive
quarter, based on continued acceptance of our growing library of game
content and our increasing presence in video lottery. I am happy with
Bally's trajectory and the steadily increasing visibility we have into
our near- and long-term future growth."
"Operating margins increased to 24 percent, reflecting our ability to
leverage infrastructure and continue to realize efficiencies in our
supply chain," said Neil Davidson, the Company's Chief Financial
Officer. "Further, we continued to build revenues that are recurring in
nature as we set records in both WAP and systems maintenance revenues.
We are thoughtfully allocating capital to invest in our growth and to
enhance shareholder value. This quarter represents the 21st
quarter in a row that we have repurchased stock. During the second
quarter, we purchased 530,000 shares of common stock for $24 million at
$45.43 per share."
As of today, the Company has approximately $126 million available under
its Board-authorized share repurchase plan. Additionally, the Company's
leverage ratio remains below 2.0 times, which leaves the Company's share
repurchases unrestricted under the terms of its credit agreement.
Second Quarter Fiscal Year 2013 Highlights
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Three Months Ended December 31,
|
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Six Months Ended December 31,
|
|
|
2012
|
|
% Rev
|
|
2011
|
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% Rev
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|
2012
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% Rev
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|
2011
|
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% Rev
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|
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(dollars in millions, except per share amounts)
|
Revenues:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming Equipment
|
|
$
|
82.6
|
|
35
|
%
|
|
$
|
70.2
|
|
33
|
%
|
|
|
$
|
165.3
|
|
35
|
%
|
|
$
|
134.6
|
|
33
|
%
|
Gaming Operations
|
|
99.0
|
|
41
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%
|
|
|
86.2
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|
41
|
%
|
|
|
200.2
|
|
42
|
%
|
|
171.2
|
|
42
|
%
|
Systems
|
|
56.7
|
|
24
|
%
|
|
|
54.0
|
|
26
|
%
|
|
|
108.0
|
|
23
|
%
|
|
99.6
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|
25
|
%
|
Total revenues
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|
$
|
238.3
|
|
100
|
%
|
|
$
|
210.4
|
|
100
|
%
|
|
|
$
|
473.5
|
|
100
|
%
|
|
$
|
405.4
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
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Gross Margin:
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|
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Gaming Equipment (1)
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$
|
43.9
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|
53
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%
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|
$
|
30.0
|
|
43
|
%
|
|
|
$
|
83.1
|
|
50
|
%
|
|
$
|
58.4
|
|
43
|
%
|
Gaming Operations
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|
69.7
|
|
70
|
%
|
|
|
62.4
|
|
72
|
%
|
|
|
139.8
|
|
70
|
%
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|
123.1
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|
72
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%
|
Systems (1)
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|
43.2
|
|
76
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%
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|
|
40.1
|
|
74
|
%
|
|
|
82.7
|
|
76
|
%
|
|
74.6
|
|
75
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%
|
Total gross margin
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$
|
156.8
|
|
66
|
%
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|
$
|
132.5
|
|
63
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%
|
|
|
$
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305.6
|
|
65
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%
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|
$
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256.1
|
|
63
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Selling, general and administrative
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$
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67.9
|
|
28
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%
|
|
$
|
61.3
|
|
29
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%
|
|
|
$
|
132.4
|
|
28
|
%
|
|
$
|
118.5
|
|
29
|
%
|
Research and development costs
|
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26.6
|
|
11
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%
|
|
|
22.4
|
|
11
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%
|
|
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51.7
|
|
11
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%
|
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45.8
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|
11
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%
|
Depreciation and amortization
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5.7
|
|
3
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%
|
|
|
5.8
|
|
3
|
%
|
|
|
11.3
|
|
3
|
%
|
|
11.4
|
|
3
|
%
|
Operating income
|
|
$
|
56.6
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|
24
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%
|
|
$
|
43.0
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|
20
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%
|
|
|
|
$ 110.2
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|
23
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%
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|
$
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80.4
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|
20
|
%
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Adjusted EBITDA
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|
$
|
81.1
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|
|
|
$
|
67.2
|
|
|
|
|
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$ 159.9
|
|
|
|
|
$
|
126.3
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|
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Diluted EPS
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$
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0.80
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|
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$
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0.54
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|
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|
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$ 1.57
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|
|
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$
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0.99
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(1)
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Gross Margin from Gaming Equipment and Systems excludes amortization
related to certain intangibles, including core technology and
license rights, which are included in depreciation and amortization.
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Three Months Ended December 31,
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Six Months Ended December 31,
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|
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2012
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2011
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|
2012
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2011
|
Operating Statistics
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New gaming devices
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4,565
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3,636
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9,173
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7,035
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New unit Average Selling Price ("ASP")
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$
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16,553
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$
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17,201
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$
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16,704
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$
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16,922
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As of December 31,
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2012
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2011
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End-of-period installed base:
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Linked progressive systems
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|
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2,320
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1,263
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Rental and daily-fee games
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14,962
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14,624
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Lottery systems
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12,222
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10,832
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Centrally determined systems
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37,120
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47,461
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Highlights of Certain Results for the Three Months Ended December 31,
2012
Overall
-
Total revenue increased 13 percent to a second-quarter record $238
million as compared with $210 million last year.
-
Adjusted EBITDA (earnings before interest, taxes, depreciation and
amortization, including share-based compensation), a non-GAAP
financial measure, increased 21 percent to a second-quarter record $81
million as compared with $67 million last year.
-
Selling, general and administrative expenses ("SG&A") declined to 28
percent of total revenues from 29 percent last year.
-
Research and development expenses ("R&D") remained constant at 11
percent of total revenues.
-
Operating income increased 32 percent to $57 million compared with $43
million last year. Operating margin increased to 24 percent from 20
percent last year.
-
Diluted EPS increased 48 percent to a second-quarter record $0.80 from
$0.54 last year.
Gaming Equipment
-
Revenues increased 18 percent to $83 million as compared with $70
million last year, driven by higher domestic replacement sales, the
shipment of 568 Canadian Video Lottery Terminals ("VLT"), and the
shipments of units into the Illinois Video Gaming Terminal ("VGT")
market.
-
ASP of new gaming devices decreased 4 percent to $16,553 per unit from
$17,201 last year, primarily as a result of a higher mix of lower-ASP
VLT and VGT units sold in the quarter.
-
New-unit sales to international customers were 17 percent of total
new-unit shipments.
-
Gross margin increased to 53 percent from 43 percent last year, due to
continued cost reductions on the Pro Series™ line of cabinets and
sales mix, a reduction in cost due to a customer contract election,
and an increase in conversion kit revenue.
Gaming Operations
-
Revenues increased 15 percent to a second-quarter record $99 million
as compared with $86 million last year, driven primarily by 87 percent
growth in the installed base of WAP games.
-
Gross margin decreased to 70 percent from 72 percent last year,
primarily due to higher jackpot expense.
Systems
-
Revenues increased 5 percent to $57 million as compared with $54
million last year.
-
Maintenance revenues increased 28 percent to a record $23 million as
compared with $18 million last year.
-
Gross margin increased to 76 percent from 74 percent last year,
primarily as a result of the change in mix of products. Specifically,
hardware sales were 27 percent of systems revenues, and software and
service sales were 32 percent, as compared to 33 percent for hardware
and 33 percent for software and services in the same period last year.
Highlights of Certain Results for the Six Months Ended December 31,
2012
Overall
-
Total revenue increased 17 percent to a record $473 million as
compared with $405 million last year.
-
Adjusted EBITDA increased 27 percent to a record $160 million as
compared with $126 million last year.
-
SG&A declined to 28 percent of total revenues from 29 percent last
year.
-
R&D remained constant at 11 percent of total revenues.
-
Operating income increased 37 percent to a record $110 million
compared with $80 million last year. Operating margin increased to 23
percent from 20 percent last year.
-
Diluted EPS increased 59 percent to a record $1.57 from $0.99 last
year.
Gaming Equipment
-
Revenues increased 23 percent to $165 million as compared with $135
million last year, driven by higher domestic replacement sales,
Canadian VLT shipments, and shipments into the Illinois VGT market.
-
ASP of new gaming devices decreased 1 percent to $16,704 per unit from
$16,922 last year, primarily as a result of a higher mix of lower-ASP
VLT and VGT units sold.
-
New-unit sales to international customers were 17 percent of total
new-unit shipments.
-
Gross margin increased to 50 percent from 43 percent last year,
primarily due to mix and cost reductions on certain models of the Pro
Series line of cabinets and sales mix.
Gaming Operations
-
Revenues increased 17 percent to a record $200 million as compared
with $171 million last year, driven by 87 percent growth in the
installed base of WAP games, as well as previously placed games at
Resorts World Casino New York City which opened in late calendar 2011.
-
Gross margin decreased to 70 percent from 72 percent last year,
primarily due to higher jackpot expense.
Systems
-
Revenues increased 8 percent to $108 million as compared with $100
million last year.
-
Maintenance revenues increased 22 percent to a record $44 million as
compared with $36 million last year.
-
Gross margin increased to 76 percent from 75 percent last year,
primarily as a result of the change in mix of products. Specifically,
hardware sales were 26 percent of systems revenues, and software and
service sales were 33 percent, as compared to 31 percent for hardware
and 33 percent for software and services in the same period last year.
Fiscal 2013 Business Update
The Company increased its fiscal 2013 guidance for Diluted EPS to a
range of $3.20 to $3.40. This guidance assumes an effective tax rate
between 36 percent and 37 percent for the fiscal year.
The Company has provided this range of earnings guidance for fiscal 2013
to give investors general information on the overall direction of its
business at this time. The guidance provided is subject to numerous
uncertainties, including, among others, overall economic and
capital-market conditions, the market for gaming devices and systems,
changes in gaming legislation, the timing of new jurisdictions and
casino openings, the timing and completion of new systems installations,
competitive product introductions, complex revenue-recognition
rules related to the Company's business, and assumptions about the
Company's new product introductions and regulatory approvals. The
Company does not intend and undertakes no obligation to update its
forward-looking statements, including forecasts, potential opportunities
for growth in new and existing markets, and future prospects for
proposed new products. Accordingly, the Company does not intend to
update guidance during the quarter. Additional information about the
factors that could potentially affect the Company's financial results
included in today's press release can be found in the Company's Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q.
Non-GAAP Financial Measures
The following table reconciles the Company's net income attributable to
Bally Technologies, Inc., as determined in accordance with generally
accepted accounting principles ("GAAP"), to Adjusted EBITDA:
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
(in 000s)
|
Income from continuing operations, net of tax
|
|
$
|
33,126
|
|
$
|
24,268
|
|
$
|
65,658
|
|
$
|
44,660
|
Interest expense, net
|
|
3,135
|
|
3,339
|
|
6,608
|
|
6,612
|
Income tax expense
|
|
19,389
|
|
14,688
|
|
37,818
|
|
26,541
|
Depreciation and amortization
|
|
22,339
|
|
20,984
|
|
43,658
|
|
41,193
|
Share-based compensation
|
|
3,136
|
|
3,890
|
|
6,157
|
|
7,282
|
Adjusted EBITDA
|
|
$
|
81,125
|
|
$
|
67,169
|
|
$
|
159,899
|
|
$
|
126,288
|
Adjusted EBITDA is a supplemental non-GAAP financial measure used by the
Company's management and by some industry analysts to evaluate the
Company's ability to service debt, and is used by some investors and
financial analysts in the gaming industry in measuring and comparing
Bally's leverage, liquidity, and operating performance to other gaming
companies. Adjusted EBITDA should not be considered an alternative to
operating income or net cash from operations as determined in accordance
with GAAP. Not all companies calculate Adjusted EBITDA the same way, and
the Company's presentation may be different from those presented by
other companies.
Earnings Conference Call and Webcast
As previously announced, the Company is hosting a conference call and
webcast today at 4:30 p.m. EST (1:30 p.m. PST). The conference-call
dial-in number is 877-261-8990 or 847-619-6441 (International); passcode
"Bally." The webcast can be accessed by visiting BallyTech.com
and selecting "Investor Relations." Interested parties should initiate
the call and webcast process at least five minutes prior to the
beginning of the presentation. For those who miss this event, an
archived version will be available at BallyTech.com
until March 2, 2013.
About Bally Technologies, Inc.
With a history dating back to 1932, Las Vegas-based Bally Technologies
designs, manufactures, operates, and distributes advanced
technology-based gaming devices and systems worldwide, as well as
interactive and mobile solutions. Bally's product line includes
reel-spinning slot machines, video slot machines, wide-area
progressives, and Class II, lottery, and central determination games and
platforms. Bally also offers an array of casino management, slot
accounting, bonusing, cashless, and table-management solutions.
Additional Company information, including the Company's investor
presentation, can be found at BallyTech.com.
Connect with Bally on Facebook,
Twitter,
YouTube
and LinkedIn.
This news release may contain "forward-looking" statements within the
meaning of the Securities Act of 1933, as amended, and the Securities
Exchange Act of 1934, as amended, and is subject to the safe harbors
created thereby. Forward looking-statements are subject to change and
involve risks and uncertainties that could significantly affect future
results, including those risks detailed from time to time in the
Company's filings with the Securities and Exchange Commission. Although
the Company believes any expectations expressed in any forward-looking
statements are reasonable, future results may differ materially from
those expressed in any forward-looking statements. The Company
undertakes no obligation to update the information in this press release
except as required by law and represents that the information speaks
only as of today's date.
- BALLY TECHNOLOGIES, INC. -
NASCAR - NASCAR® is a registered trademark of the National Association
for Stock Car Auto Racing, Inc. NASCAR® is a registered trademark of
NASCAR, Inc.; Pawn Stars - ©2013 A&E Television Networks, LLC. All
rights reserved. Pawn Stars, HISTORY, the "H" and their associated logos
are trademarks of A&E Television Networks, LLC. Gold & Silver and its
associated logos are trademarks of Gold & Silver Coin Shop, Inc. All
rights reserved.
BALLY TECHNOLOGIES, INC. AND SUBSIDIARIES
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
FOR THE THREE MONTHS AND SIX MONTHS ENDED DECEMBER 31, 2012 AND
DECEMBER 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
(in 000s, except per share amounts)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Gaming equipment and systems
|
|
$
|
139,323
|
|
$
|
124,217
|
|
$
|
273,334
|
|
$
|
234,230
|
|
Gaming operations
|
|
99,016
|
|
86,240
|
|
200,156
|
|
171,194
|
|
|
|
238,339
|
|
210,457
|
|
473,490
|
|
405,424
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of gaming equipment and systems(1)
|
|
52,205
|
|
54,073
|
|
107,559
|
|
101,174
|
|
Cost of gaming operations
|
|
29,335
|
|
23,858
|
|
60,328
|
|
48,090
|
|
Selling, general and administrative
|
|
67,852
|
|
61,304
|
|
132,368
|
|
118,526
|
|
Research and development costs
|
|
26,599
|
|
22,377
|
|
51,694
|
|
45,763
|
|
Depreciation and amortization
|
|
5,687
|
|
5,806
|
|
11,291
|
|
11,441
|
|
|
|
181,678
|
|
167,418
|
|
363,240
|
|
324,994
|
|
Operating income
|
|
56,661
|
|
43,039
|
|
110,250
|
|
80,430
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
1,403
|
|
1,146
|
|
2,547
|
|
2,470
|
|
Interest expense
|
|
(4,538
|
)
|
(4,485
|
)
|
(9,155
|
)
|
(9,082
|
)
|
Other, net
|
|
(1,059
|
)
|
(728
|
)
|
(1,802
|
)
|
(2,584
|
)
|
Income from operations before income taxes
|
|
52,467
|
|
38,972
|
|
101,840
|
|
71,234
|
|
Income tax expense
|
|
(19,389
|
)
|
(14,688
|
)
|
(37,818
|
)
|
(26,541
|
)
|
Net income
|
|
33,078
|
|
24,284
|
|
64,022
|
|
44,693
|
|
Less net income (loss) attributable to noncontrolling interests
|
|
(48
|
)
|
16
|
|
(1,636
|
)
|
33
|
|
Net income attributable to Bally Technologies, Inc.
|
|
$
|
33,126
|
|
$
|
24,268
|
|
$
|
65,658
|
|
$
|
44,660
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted earnings per share attributable to Bally
Technologies, Inc.:
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
0.82
|
|
$
|
0.57
|
|
$
|
1.62
|
|
$
|
1.03
|
|
Diluted earnings per share
|
|
$
|
0.80
|
|
$
|
0.54
|
|
$
|
1.57
|
|
$
|
0.99
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
40,399
|
|
42,870
|
|
40,633
|
|
43,296
|
|
Diluted
|
|
41,494
|
|
44,771
|
|
41,805
|
|
45,176
|
|
(1)
|
|
Cost of gaming equipment and systems excludes amortization related
to certain intangibles, including core technology and license
rights, which are included in depreciation and amortization.
|
BALLY TECHNOLOGIES, INC. AND SUBSIDIARIES
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
|
AS OF DECEMBER 31, 2012 AND JUNE 30, 2012
|
|
|
|
|
|
|
|
|
December 31, 2012
|
|
June 30, 2012
|
|
|
|
(in 000s, except share amounts)
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
69,563
|
|
$
|
32,673
|
|
Restricted cash
|
|
13,215
|
|
13,645
|
|
Accounts and notes receivable, net of allowances for doubtful
accounts of $18,195 and $14,073
|
|
264,848
|
|
264,842
|
|
Inventories
|
|
73,877
|
|
75,066
|
|
Prepaid and refundable income tax
|
|
31,457
|
|
13,755
|
|
Deferred income tax assets
|
|
41,740
|
|
42,822
|
|
Deferred cost of revenue
|
|
18,585
|
|
17,615
|
|
Prepaid assets
|
|
15,520
|
|
13,061
|
|
Other current assets
|
|
3,540
|
|
6,980
|
|
Total current assets
|
|
532,345
|
|
480,459
|
|
Restricted long-term investments
|
|
10,577
|
|
12,171
|
|
Long-term accounts and notes receivables, net of allowances for
doubtful accounts of $3,305 and $3,029
|
|
34,567
|
|
55,786
|
|
Property, plant and equipment, net of accumulated depreciation of
$57,557 and $58,823
|
|
33,431
|
|
30,667
|
|
Leased gaming equipment, net of accumulated depreciation of $202,250
and $185,846
|
|
123,504
|
|
121,151
|
|
Goodwill
|
|
172,252
|
|
171,971
|
|
Intangible assets, net
|
|
34,727
|
|
39,166
|
|
Deferred income tax assets
|
|
8,760
|
|
7,409
|
|
Income tax receivable
|
|
12,041
|
|
12,041
|
|
Deferred cost of revenue
|
|
12,747
|
|
16,542
|
|
Other assets, net
|
|
22,770
|
|
23,104
|
|
Total assets
|
|
$
|
997,721
|
|
$
|
970,467
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
32,118
|
|
$
|
41,414
|
|
Accrued and other liabilities
|
|
86,383
|
|
85,310
|
|
Jackpot liabilities
|
|
9,396
|
|
11,682
|
|
Deferred revenue
|
|
56,202
|
|
46,314
|
|
Income tax payable
|
|
3,330
|
|
12,226
|
|
Current maturities of long-term debt
|
|
20,891
|
|
17,091
|
|
Total current liabilities
|
|
208,320
|
|
214,037
|
|
Long-term debt, net of current maturities
|
|
538,125
|
|
494,375
|
|
Deferred revenue
|
|
21,262
|
|
26,715
|
|
Other income tax liability
|
|
14,646
|
|
13,922
|
|
Other liabilities
|
|
19,210
|
|
23,943
|
|
Total liabilities
|
|
801,563
|
|
772,992
|
|
Commitments and contingencies
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
Special stock, 10,000,000 shares authorized: Series E, $100
liquidation value; 115 shares issued and outstanding
|
|
12
|
|
12
|
|
Common stock, $.10 par value; 100,000,000 shares authorized;
64,491,000 and 63,150,000 shares issued and 41,201,000 and
42,102,000 outstanding
|
|
6,442
|
|
6,309
|
|
Treasury stock at cost, 23,290,000 and 21,048,000 shares
|
|
(890,668
|
)
|
(790,633
|
)
|
Additional paid-in capital
|
|
522,199
|
|
489,002
|
|
Accumulated other comprehensive loss
|
|
(12,089
|
)
|
(13,477
|
)
|
Retained earnings
|
|
570,553
|
|
504,895
|
|
Total Bally Technologies, Inc. stockholders' equity
|
|
196,449
|
|
196,108
|
|
Noncontrolling interests
|
|
(291
|
)
|
1,367
|
|
Total stockholders' equity
|
|
196,158
|
|
197,475
|
|
Total liabilities and stockholders' equity
|
|
$
|
997,721
|
|
$
|
970,467
|
|
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