UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 19, 2019
LANTHEUS HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware | 001-36569 | 35-2318913 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
331 Treble Cove Road, North Billerica, MA | 01862 | |
(Address of principal executive offices) | (Zip Code) | |
Registrant’s telephone number, including area code: (978) 671-8001
Not Applicable |
(Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company þ
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. þ
Item 2.02. | Results of Operations and Financial Condition. |
On February 19, 2019, Lantheus Holdings, Inc. (the “Company”) announced via press release its financial results as of and for the three and twelve months ended December 31, 2018. A copy of that press release is being furnished as Exhibit 99.1 and is hereby incorporated by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
* | Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LANTHEUS HOLDINGS, INC. | |
By: | /s/ Michael P. Duffy |
Name: | Michael P. Duffy |
Title: | General Counsel, Senior Vice President, Law and Public Policy, and Secretary |
Date: February 19, 2019
EXHIBIT INDEX
* | Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. |
Exhibit 99.1
 | 331 Treble Cove Road North Billerica, MA 01862 | 800.362.2668 www.lantheus.com |
Lantheus Holdings, Inc. Reports Fourth Quarter and Full Year 2018 Financial Results
• | Worldwide revenues of $86.3 million and $343.4 million for fourth quarter and full year 2018, respectively; representing an increase of 6.2% and 3.6% over the prior year period, respectively |
• | Net income of $13.3 million and $40.5 million for the fourth quarter and full year 2018, representing a decrease of $83.8 million and $82.9 million over the prior period, respectively, driven by adjustments in tax reporting resulting in a net tax benefit of $85.9 million that was realized in 2017 |
• | EBITDA of $20.0 million and $77.9 million for fourth quarter and full year 2018, representing an increase of 55.6% and 13.0% over the prior year period, respectively; adjusted EBITDA of $25.2 million and $98.1 million for fourth quarter and full year, representing an increase of 21.0% and 4.3% over the prior year period, respectively |
• | The Company provides first quarter and full year 2019 revenue and adjusted fully diluted earnings per share guidance |
NORTH BILLERICA, Mass., February 19, 2019 - Lantheus Holdings, Inc. (the “Company”) (NASDAQ: LNTH), parent company of Lantheus Medical Imaging, Inc. (“LMI”), a global leader in the development, manufacture and commercialization of innovative diagnostic imaging agents and products, today reported financial results for its fourth quarter and full year ended December 31, 2018.
The Company’s worldwide revenues for the fourth quarter of 2018 totaled $86.3 million, compared with $81.2 million for the fourth quarter of 2017, representing an increase of 6.2% over the prior year period. Full year 2018 worldwide revenues were $343.4 million, compared with $331.4 million in 2017, representing an increase of 3.6% over the prior year.
The Company’s fourth quarter 2018 net income was $13.3 million, or 15.4% of revenues, as compared to $97.1 million, or 119.6% of revenues in 2017, representing a decrease of 86.3%, or $83.8 million, over the prior year period. Full year 2018 net income was $40.5 million, or 11.8% of revenues, as compared to $123.4 million, or 37.2% of revenues in 2017, representing a decrease of $82.9 million, or 67.2%, over the prior year. The fourth quarter and full year 2018 decrease is driven by adjustments in tax reporting resulting in a net tax benefit of $85.9 million that was realized in 2017.
The Company’s fourth quarter 2018 EBITDA was $20.0 million, or 23.1% of revenues, as compared to $12.8 million, or 15.8% of revenues in 2017, representing an increase of 55.6% over the prior year period. Full year 2018 EBITDA was $77.9 million, or 22.7% of revenues, as compared to $68.9 million, or 20.8% of revenues in 2017, representing an increase of 13.0% over the prior year. Adjusted EBITDA for the fourth quarter 2018 was $25.2 million, or 29.2% of revenues, compared to $20.8 million, or 25.7% of revenues in 2017, representing an increase of 21.0% over the prior year period. Full year 2018 adjusted EBITDA was $98.1 million, or 28.6% of revenues, compared to $94.1 million, or 28.4% of revenues in 2017, representing an increase of 4.3% over the prior year. See “Non-GAAP Measures” below for a reconciliation of EBITDA and adjusted EBITDA to net income.
“The fourth quarter marked a great finish to a strong year for Lantheus,” said Mary Anne Heino, President and CEO of Lantheus. “We delivered another solid quarter with 6.2% revenue growth, supported by continued mid-teens worldwide sales growth of DEFINITY. Our 2018 performance is a testament to the strength of the Lantheus team and the opportunities afforded us as a partner of choice in the markets we serve. We enter 2019 confident that Lantheus is well positioned to drive sustainable growth in a dynamic healthcare environment.”
Outlook
The Company guidance for the first quarter and full year 2019 is as follows:
Page 1 of 10
Guidance Issued February 19, 2019 | ||
Q1 FY 2019 Revenue Growth | 3.0% - 6.0% | |
Q1 FY 2019 Revenue | $85 million - $87.5 million | |
Q1 FY 2019 Adjusted Diluted EPS | $0.23 - $0.25 | |
FY 2019 Revenue Growth | 4.25% - 5.75% | |
FY 2019 Revenue | $358 million - $363 million | |
FY 2019 Adjusted Diluted EPS | $1.14 - $1.17 | |
In the future, the Company will not separately report or forecast EBITDA or adjusted EBITDA. The Company believes that because it has matured as a public company and de-levered, adjusted fully diluted earnings per share is now a more appropriate metric to evaluate its financial performance. The Company does not provide GAAP income per common share or a reconciliation of adjusted diluted EPS to GAAP income per common share on a forward-looking basis because the Company is unable to predict with reasonable certainty business development and acquisition-related expenses, purchase accounting fair value adjustments, and any one-time, non-recurring charges without unreasonable effort. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. As a result, it is the Company’s view that such quantitative reconciliation of adjusted diluted EPS on a forward-looking basis is not available.
Internet Posting of Information
The Company routinely posts information that may be important to investors in the “Investors” section of its website at http://www.lantheus.com/. The Company encourages investors and potential investors to consult its website regularly for important information about the Company.
Conference Call and Webcast
As previously announced, the Company will host a conference call on Wednesday, February 20, 2019 at 8:00 a.m. ET. To access the live conference call via telephone, please dial 1-866-498-8390 (U.S. callers) or 1-678-509-7599 (international callers) and provide passcode 4056488. A live audio webcast of the call also will be available in the Investors section of the Company’s website at www.lantheus.com.
A replay of the audio webcast will be available in the Investors section of our website at www.lantheus.com approximately two hours after completion of the call and will be archived for 30 days.
The conference call will include a discussion of non-GAAP financial measures. Reference is made to the most directly comparable GAAP financial measures, the reconciliation of the differences between the two financial measures, and the other information included in this press release, our Form 8-K filed with the SEC today, or otherwise available in the Investor Relations section of our website located at www.lantheus.com.
The conference call may include forward-looking statements. See the cautionary information about forward-looking statements in the safe-harbor section of this press release.
About Lantheus Holdings, Inc. and Lantheus Medical Imaging, Inc.
Lantheus Holdings, Inc. is the parent company of LMI, a global leader in the development, manufacture and commercialization of innovative diagnostic imaging agents and products. LMI provides a broad portfolio of products, including the echocardiography contrast agent DEFINITY® Vial for (Perflutren Lipid Microsphere) Injectable Suspension and TechneLite® (Technetium Tc99m Generator), a technetium-based generator that provides the essential medical isotope used in nuclear medicine procedures. The Company is headquartered in North Billerica, Massachusetts with offices in Puerto Rico and Canada. For more information, visit www.lantheus.com.
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Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such adjusted net income and its line components; adjusted net income per share - diluted; EBITDA, adjusted EBITDA; and free cash flow. The Company’s management believes that the presentation of these measures provides useful information to investors. These measures may assist investors in evaluating the Company’s operations, period over period. The measures may exclude such items which may be highly variable, difficult to predict and of a size that could have substantial impact on the Company’s reported results of operations for a period. Management uses these and other non-GAAP measures internally for evaluation of the performance of the business, including the allocation of resources and the evaluation of results relative to employee performance compensation targets. Investors should consider these non-GAAP measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP.
This press release includes forward-looking non-GAAP guidance for 2019 adjusted diluted EPS. No reconciliation of this forward-looking non-GAAP guidance was included in this press release because, due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information and the fact that some of the excluded information is not readily ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts.
We changed our definition of adjusted net income during the fourth quarter of 2018 to exclude share-based compensation expense, amortization of acquired intangible assets, asset impairment charges, restructuring charges, other charges associated with permitted acquisitions, charges and gains associated with product or business line discontinuance, changes in contingent purchase price, legal settlements and other one-time, non-recurring charges which do not represent ongoing costs to the business. We believe this change provides a more transparent and comparable view of our financial performance as well as reflects the maturity of the Company as a public entity and its anticipated trajectory of growth and profitability. Accordingly, all prior periods reflected in this press release have been recast to reflect the current definition.
Safe Harbor for Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements” as defined under U.S. federal securities laws, including statements about our 2018 outlook. Forward-looking statements may be identified by their use of terms such as anticipate, believe, confident, could, estimate, expect, intend, may, plan, predict, project, target, will and other similar terms. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to materially differ from those described in the forward-looking statements. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Risks and uncertainties that could cause our actual results to materially differ from those described in the forward-looking statements are discussed in our filings with the Securities and Exchange Commission (including those described in the Risk Factors section in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q).
- Tables Follow -
Page 3 of 10
Lantheus Holdings, Inc.
Consolidated Statements of Operations
(in thousands, except per share data – unaudited)
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenues | $ | 86,271 | $ | 81,241 | $ | 343,374 | $ | 331,378 | ||||||||
Cost of goods sold | 42,426 | 43,342 | 168,489 | 169,243 | ||||||||||||
Gross profit | 43,845 | 37,899 | 174,885 | 162,135 | ||||||||||||
Operating expenses | ||||||||||||||||
Sales and marketing | 9,911 | 10,423 | 43,159 | 42,315 | ||||||||||||
General and administrative | 12,440 | 14,293 | 50,167 | 49,842 | ||||||||||||
Research and development | 4,551 | 3,976 | 17,071 | 18,125 | ||||||||||||
Total operating expenses | 26,902 | 28,692 | 110,397 | 110,282 | ||||||||||||
Operating income | 16,943 | 9,207 | 64,488 | 51,853 | ||||||||||||
Interest expense | 4,611 | 4,263 | 17,405 | 18,410 | ||||||||||||
Loss on extinguishment of debt | — | 281 | — | 2,442 | ||||||||||||
Other income | (410 | ) | (6,601 | ) | (2,465 | ) | (8,638 | ) | ||||||||
Income before income taxes | 12,742 | 11,264 | 49,548 | 39,639 | ||||||||||||
Income tax (benefit) expense | (551 | ) | (85,862 | ) | 9,030 | (83,746 | ) | |||||||||
Net income | $ | 13,293 | $ | 97,126 | $ | 40,518 | $ | 123,385 | ||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.35 | $ | 2.58 | $ | 1.06 | $ | 3.31 | ||||||||
Diluted | $ | 0.34 | $ | 2.47 | $ | 1.03 | $ | 3.17 | ||||||||
Weighted-average common shares outstanding: | ||||||||||||||||
Basic | 38,465 | 37,580 | 38,233 | 37,276 | ||||||||||||
Diluted | 39,492 | 39,294 | 39,501 | 38,892 | ||||||||||||
Page 4 of 10
Lantheus Holdings, Inc.
Consolidated Segment Revenues Analysis
(in thousands – unaudited)
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||
2018 | 2017 | % Change | 2018 | 2017 | % Change | ||||||||||||||||
United States | |||||||||||||||||||||
DEFINITY | $ | 47,359 | $ | 40,546 | 16.8 | % | $ | 178,440 | $ | 153,581 | 16.2 | % | |||||||||
TechneLite | 17,262 | 21,339 | (19.1 | )% | 74,042 | 90,489 | (18.2 | )% | |||||||||||||
Other | 8,130 | 9,411 | (13.6 | )% | 36,098 | 45,932 | (21.4 | )% | |||||||||||||
Total United States | 72,751 | 71,296 | 2.0 | % | 288,580 | 290,002 | (0.5 | )% | |||||||||||||
International | |||||||||||||||||||||
DEFINITY | 1,206 | 1,153 | 4.6 | % | 4,633 | 3,687 | 25.7 | % | |||||||||||||
TechneLite | 6,105 | 3,405 | 79.3 | % | 24,816 | 14,155 | 75.3 | % | |||||||||||||
Other | 6,209 | 5,387 | 15.3 | % | 25,345 | 23,534 | 7.7 | % | |||||||||||||
Total International | 13,520 | 9,945 | 35.9 | % | 54,794 | 41,376 | 32.4 | % | |||||||||||||
Worldwide | |||||||||||||||||||||
DEFINITY | 48,565 | 41,699 | 16.5 | % | 183,073 | 157,268 | 16.4 | % | |||||||||||||
TechneLite | 23,367 | 24,744 | (5.6 | )% | 98,858 | 104,644 | (5.5 | )% | |||||||||||||
Other | 14,339 | 14,798 | (3.1 | )% | 61,443 | 69,466 | (11.5 | )% | |||||||||||||
Total Revenues | $ | 86,271 | $ | 81,241 | 6.2 | % | $ | 343,374 | $ | 331,378 | 3.6 | % | |||||||||
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Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share data – unaudited)
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income | $ | 13,293 | $ | 97,126 | $ | 40,518 | $ | 123,385 | ||||||||
Stock and incentive plan compensation | 2,481 | 2,034 | 9,496 | 6,769 | ||||||||||||
Amortization of acquired intangible assets | 581 | 836 | 2,648 | 3,342 | ||||||||||||
Campus consolidation costs | 3 | 51 | 1,157 | 1,152 | ||||||||||||
Asset impairment charges | — | 912 | — | 912 | ||||||||||||
One-time contract and termination costs | — | 2,210 | — | 2,210 | ||||||||||||
Debt financing costs | — | 836 | — | 2,557 | ||||||||||||
Extinguishment of debt and termination costs | — | 281 | — | 2,442 | ||||||||||||
Offering and other costs(a) | — | (26 | ) | — | 576 | |||||||||||
Income tax benefit for release of valuation allowances | (3,969 | ) | (141,094 | ) | (3,969 | ) | (141,094 | ) | ||||||||
Impact of tax charge on deferred taxes | — | 45,129 | — | 45,129 | ||||||||||||
Income tax effect of non-GAAP adjustments(b) | (1,123 | ) | (3,426 | ) | (5,126 | ) | (10,404 | ) | ||||||||
Adjusted net income | $ | 11,266 | $ | 4,869 | $ | 44,724 | $ | 36,976 | ||||||||
Adjusted net income, as a percentage of revenues | 13.1 | % | 6.0 | % | 13.0 | % | 11.2 | % | ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income per share - diluted | $ | 0.34 | $ | 2.47 | $ | 1.03 | $ | 3.17 | ||||||||
Stock and incentive plan compensation | 0.06 | 0.05 | 0.24 | 0.18 | ||||||||||||
Amortization of acquired intangible assets | 0.02 | 0.02 | 0.06 | 0.09 | ||||||||||||
Campus consolidation costs | — | — | 0.03 | 0.03 | ||||||||||||
Asset impairment charges | — | 0.02 | — | 0.02 | ||||||||||||
One-time contract and termination costs | — | 0.06 | — | 0.06 | ||||||||||||
Debt financing costs | — | 0.02 | — | 0.07 | ||||||||||||
Extinguishment of debt and termination costs | — | 0.01 | — | 0.06 | ||||||||||||
Offering and other costs(a) | — | — | — | 0.01 | ||||||||||||
Income tax benefit for release of valuation allowances | (0.10 | ) | (3.59 | ) | (0.10 | ) | (3.63 | ) | ||||||||
Impact of tax charge on deferred taxes | — | 1.15 | — | 1.16 | ||||||||||||
Income tax effect of non-GAAP adjustments(b) | (0.03 | ) | (0.09 | ) | (0.13 | ) | (0.27 | ) | ||||||||
Adjusted net income per share - diluted | $ | 0.29 | $ | 0.12 | $ | 1.13 | $ | 0.95 | ||||||||
Weighted-average common shares outstanding - diluted | 39,492 | 39,294 | 39,501 | 38,892 | ||||||||||||
(a) | Represents offering costs incurred on behalf of certain shareholders pursuant to a registration rights agreement and other non-recurring costs. |
(b) | The income tax effect of the adjustments between GAAP net income and non-GAAP adjusted net income takes into account the tax treatment and related tax rate that apply to each adjustment in the applicable tax jurisdiction. |
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Lantheus Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands – unaudited)
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income | $ | 13,293 | $ | 97,126 | $ | 40,518 | $ | 123,385 | ||||||||
Interest expense, net | 4,476 | 4,257 | 17,237 | 18,391 | ||||||||||||
Income tax (benefit) expense (a) | (1,186 | ) | (92,759 | ) | 6,175 | (92,113 | ) | |||||||||
Depreciation | 1,844 | 2,419 | 7,377 | 12,485 | ||||||||||||
Amortization of intangible assets | 1,541 | 1,794 | 6,552 | 6,747 | ||||||||||||
EBITDA | 19,968 | 12,837 | 77,859 | 68,895 | ||||||||||||
Stock and incentive plan compensation | 2,481 | 2,034 | 9,496 | 6,769 | ||||||||||||
Asset write-off (b) | 443 | 1,246 | 3,716 | 3,430 | ||||||||||||
Severance and recruiting costs (c) | 342 | 682 | 2,569 | 1,715 | ||||||||||||
Offering and other costs (d) | — | (26 | ) | — | 576 | |||||||||||
Campus consolidation costs | 3 | 51 | 1,157 | 1,152 | ||||||||||||
Debt refinancing costs | — | 836 | — | 2,557 | ||||||||||||
Extinguishment of debt and debt retirement costs | — | 281 | — | 2,442 | ||||||||||||
New manufacturer costs (e) | 1,972 | 688 | 3,273 | 4,304 | ||||||||||||
One-time contract and termination costs | — | 2,210 | — | 2,210 | ||||||||||||
Adjusted EBITDA | $ | 25,209 | $ | 20,839 | $ | 98,070 | $ | 94,050 | ||||||||
Adjusted EBITDA, as a percentage of revenues | 29.2 | % | 25.7 | % | 28.6 | % | 28.4 | % | ||||||||
(a) | Represents income tax (benefit) expense, less tax indemnification income associated with BMS. During the three and twelve months ended December 31, 2018, this amount includes the release of our Canadian valuation allowance against our deferred tax assets. During the three and twelve months ended December 31, 2017, this amount includes the release of our domestic valuation allowance against our deferred tax assets and changes enacted under the Tax Cuts and Jobs Act of 2017. |
(b) | Represents non-cash losses incurred associated with the write-down of land, inventory and other write-offs of long-lived assets. During the three and twelve months ended December 31, 2017, the amount includes an impairment of land of $0.9 million. |
(c) | The amounts consist of severance and recruitment costs related to employees, executives and directors. |
(d) | Represents offering costs incurred on behalf of certain shareholders pursuant to a registration rights agreement and other non-recurring costs. |
(e) | Represents internal and external costs associated with establishing new manufacturing sources for our commercial and clinical candidate products. |
Page 7 of 10
Lantheus Holdings, Inc.
Reconciliation of Free Cash Flow
(in thousands – unaudited)
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net cash provided by operating activities | $ | 17,306 | $ | 13,086 | $ | 61,193 | $ | 54,777 | |||||||
Capital expenditures | (7,366 | ) | (5,954 | ) | (20,132 | ) | (17,543 | ) | |||||||
Free cash flow | $ | 9,940 | $ | 7,132 | $ | 41,061 | $ | 37,234 | |||||||
Page 8 of 10
Lantheus Holdings, Inc.
Condensed Consolidated Balance Sheets
(in thousands – unaudited)
December 31, 2018 | December 31, 2017 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 113,401 | $ | 76,290 | |||
Accounts receivable, net | 43,753 | 40,259 | |||||
Inventory | 33,019 | 26,080 | |||||
Other current assets | 5,242 | 5,221 | |||||
Total current assets | 195,415 | 147,850 | |||||
Property, plant and equipment, net | 107,888 | 92,999 | |||||
Intangibles, net | 9,133 | 11,798 | |||||
Goodwill | 15,714 | 15,714 | |||||
Deferred tax assets, net | 81,449 | 87,010 | |||||
Other long-term assets | 30,232 | 28,487 | |||||
Total assets | $ | 439,831 | $ | 383,858 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities | |||||||
Current portion of long-term debt | $ | 2,750 | $ | 2,750 | |||
Revolving line of credit | — | — | |||||
Accounts payable | 17,955 | 17,464 | |||||
Accrued expenses and other liabilities | 32,050 | 26,536 | |||||
Total current liabilities | 52,755 | 46,750 | |||||
Asset retirement obligations | 11,572 | 10,412 | |||||
Long-term debt, net | 263,709 | 265,393 | |||||
Other long-term liabilities | 40,793 | 38,012 | |||||
Total liabilities | 368,829 | 360,567 | |||||
Total stockholders’ equity | 71,002 | 23,291 | |||||
Total liabilities and stockholders’ equity | $ | 439,831 | $ | 383,858 | |||
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###
CONTACTS:
Investors:
Mark Kinarney
Director, Investor Relations
978-671-8842
Media:
Meara Murphy
Director, Corporate Communications
978-671-8508
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