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): November 12, 2014

LANTHEUS MEDICAL IMAGING, INC.
(Exact name of registrant as specified in its charter)

 
 	 	 	 	 	
Delaware	 	333-169785	 	51-0396366	
(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))	

 

Item 2.02.	Results of Operations and Financial Condition.	
On November 12, 2014, Lantheus Medical Imaging, Inc. (the “Company”) announced via press release its financial results as of and for the three and nine months ended September 30, 2014. 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
No.	  	Description	
 	 	
99.1*	  	Press release of Lantheus Medical Imaging, Inc. dated November 12, 2014, announcing its financial results as of and for the three and nine months ended September 30, 2014.	
 
*	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 MEDICAL IMAGING, INC.	
 	 	 	 	
 	 	 	 	By:	 	/s/ Michael P. Duffy	
 	 	 	 	Name:	 	Michael P. Duffy	
 	 	 	 	Title:	 	Vice President and General Counsel	
 	 	 	 	
Date: November 12, 2014	 	 	 	 	 	 	

EXHIBIT INDEX

Exhibit
No.	  	Description	
 	 	
99.1*	  	Press release of Lantheus Medical Imaging, Inc. dated November 12, 2014, announcing its financial results as of and for the three and nine months ended September 30, 2014.	
 
*	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

FOR RELEASE 4:00 PM EASTERN
WEDNESDAY, NOVEMBER 12, 2014

CONTACTS:	  	 	
 	 	
Linda Lennox	  	Meara Murphy	
Office: 978-671-8854	  	Office: 978-671-8508	
Cell: 908-627-3424	  	Cell: 617-794-1045	
Lantheus Medical Imaging Reports Third Quarter 2014
Financial Results
Worldwide revenue grows 8% led by continued strong performance of DEFINITY®
Adjusted EBITDA increases by 60%; Company posts positive quarterly net income on continued gross margin expansion and operating expense leverage
No. BILLERICA, Mass. (November 12, 2014) – Lantheus Medical Imaging, Inc. (“Lantheus” or “the Company”), a wholly-owned operating subsidiary of parent company Lantheus MI Intermediate, Inc. and a global leader in developing, manufacturing, selling and distributing innovative diagnostic imaging agents, today reported its financial results for the third quarter ended September 30, 2014.
Worldwide revenue for the third quarter of 2014 totaled $75.7 million, representing an 8% increase on both an as-reported and constant-currency basis over $70.4 million reported for the third quarter of 2013.
The Company achieved quarterly GAAP-earnings profitability during the third quarter of 2014 with net income totaling $1.5 million, an improvement of $16.6 million over the net loss of $15.1 million reported for the third quarter of 2013. Net loss for the year-ago quarter included a $6.8 million charge for the write-down of land that was subsequently sold. Excluding the impact of that special charge, adjusted third quarter net results improved by $9.7 million over the year-ago period. The attached financial tables include a reconciliation of U.S. GAAP to non-GAAP results.
The Company’s third quarter 2014 Adjusted EBITDA, as defined in the GAAP to non-GAAP reconciliation provided later in this release, totaled $19.1 million, or 25.2% of reported revenue, compared to $11.9 million, or 16.9% of revenue, in the third quarter of 2013.

Jeff Bailey, President and CEO commented, “We are very pleased with our third quarter performance and the Company’s continued demonstration of solid sales growth and strong margin expansion. As has been the case for several quarters, our results for the third quarter benefited from the strong sales performance of DEFINITY, reflecting continued growth of the U.S. ultrasound contrast market and our own product leadership position. DEFINITY achieved growth of 20% over the year-ago quarter and once again grew sequentially, while the rest of our product portfolio delivered a solid quarterly performance, as well.”
Mr. Bailey continued, “Overall, our third quarter revenue growth combined with continued gross margin improvement and the leveraging of our operating expenses has significantly expanded our operating and Adjusted EBITDA margins since last year, driving those margins to 15% and 25%, respectively, of reported revenue for the third quarter. The success of our ongoing financial and operational transformation that began seven quarters ago continues to grow increasingly apparent as we progress through 2014. We look forward to completing this seminal year for our business and the opportunities that await us in 2015 and beyond.”
Conference Call
As previously announced, the Company will host a conference call starting at 4:30 p.m. (Eastern Time) today. To access the live conference call via telephone, please dial 1-877-299-4454 (U.S. callers) or 1-617-597-5447 (international callers) and provide passcode 59235085. A live audio webcast of the call also will be available on the homepage of the Company’s website at www.lantheus.com . A replay of the telephone conference call and audio webcast will be available from approximately 8:30 p.m. ET on November 12, 2014 through midnight on November 26, 2014. To access a replay of the conference call, dial 1-888-286-8010 (U.S. callers) or 1-617-801-6888 (international callers), and provide passcode 99456277. A replay of this conference call will also be available in the Investor Relations section of our website located at  www.lantheus.com .
The conference call may 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 .
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as net sales excluding the impact of foreign currency, net income, as adjusted, EBITDA and Adjusted EBITDA. 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.
Safe Harbor for Forward-Looking and Cautionary Statements
This press release contains forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that may be described from time to time in the Company’s filings with the Securities and Exchange Commission. 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.
About Lantheus Medical Imaging, Inc. and Lantheus MI Intermediate, Inc.
Lantheus Medical Imaging, Inc., a wholly-owned operating subsidiary of parent company, Lantheus MI Intermediate, Inc., is a global leader in developing, manufacturing, selling and distributing innovative diagnostic imaging agents. Lantheus provides a broad portfolio of products, which are primarily used for the diagnosis of cardiovascular diseases. Key products include the echocardiography contrast agent DEFINITY ®  Vial for (Perflutren Lipid Microsphere) Injectable Suspension; TechneLite ®  (Technetium Tc99m Generator), a technetium-based generator that provides the essential medical isotope used in nuclear medicine procedures; and Xenon (Xenon Xe 133 Gas), an inhaled radiopharmaceutical imaging agent used to evaluate pulmonary function and for imaging the lungs.
Lantheus has more than 500 employees worldwide with headquarters in North Billerica, Massachusetts, and offices in Puerto Rico, Canada and Australia.
– Tables Follow –

Lantheus MI Intermediate, Inc. and subsidiaries
Condensed Consolidated Statements of Operations
(dollars in thousands – unaudited)

 	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2014	 	 	2013	 	 	2014	 	 	2013	 	
 	 	 	 	 	
Revenues	  	$	75,682	 	 	$	70,385	 	 	$	224,631	 	 	$	212,004	 	
Cost of goods sold	  	 	44,044	  	 	 	46,664	 	 	 	131,873	 	 	 	144,524	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	  	 	31,638	  	 	 	23,721	  	 	 	92,758	  	 	 	67,480	  	
Operating expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sales and marketing expenses	  	 	8,327	  	 	 	8,476	  	 	 	27,227	 	 	 	27,266	 	
General and administrative expenses	  	 	8,722	  	 	 	7,132	 	 	 	26,564	 	 	 	25,678	 	
Research and development expenses	  	 	3,049	  	 	 	5,893	  	 	 	8,958	  	 	 	25,428	  	
Impairment of land	  	 	—  	  	 	 	6,788	  	 	 	—  	  	 	 	6,788	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating expenses	  	 	20,098	  	 	 	28,289	  	 	 	62,749	  	 	 	85,160	  	
Operating income (loss)	  	 	11,540	  	 	 	(4,568	) 	 	 	30,009	  	 	 	(17,680	) 	
Interest expense, net	  	 	(10,585	) 	 	 	(11,035	) 	 	 	(31,704	) 	 	 	(32,323	) 	
Other income (expense), net	  	 	441	  	 	 	260	 	 	 	(148	) 	 	 	894	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	 	1,396	 	 	 	(15,343	) 	 	 	(1,843	) 	 	 	(49,109	) 	
Provision (benefit) for income taxes	  	 	(56	) 	 	 	(279	)	 	 	(374	) 	 	 	267	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	$	1,452	 	 	$	(15,064	) 	 	$	(1,469	)	 	$	(49,376	) 	

Lantheus MI Intermediate, Inc. and subsidiaries
Consolidated Sales Analysis
(dollars in thousands – unaudited)

 	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2014	 	  	2013	 	  	% change	 	 	2014	 	  	2013	 	  	% change	 	
U.S.	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	23,764	 	  	 	19,758	  	  	 	20.3	% 	 	 	68,768	  	  	 	54,796	  	  	 	25.5	% 	
TechneLite	  	 	20,879	  	  	 	19,351	  	  	 	7.9	% 	 	 	61,602	  	  	 	61,064	  	  	 	0.9	% 	
Xenon	  	 	8,914	  	  	 	8,173	  	  	 	9.1	% 	 	 	27,519	  	  	 	24,117	  	  	 	14.1	% 	
Cardiolite	  	 	888	  	  	 	462	  	  	 	92.2	% 	 	 	1,915	  	  	 	7,324	  	  	 	(73.9	)% 	
Other	  	 	4,984	  	  	 	4,260	  	  	 	17.0	% 	 	 	15,004	  	  	 	11,189	  	  	 	34.1	% 	

Total U.S.	  	$	59,429	  	  	$	52,004	  	  	 	14.3	% 	 	$	174,808	  	  	$	158,490	  	  	 	10.3	% 	

International	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	497	 	  	 	403	  	  	 	23.3	% 	 	 	1,368	  	  	 	1,136	  	  	 	20.4	% 	
TechneLite	  	 	2,733	  	  	 	3,071	  	  	 	(11.0	)% 	 	 	8,576	  	  	 	9,039	  	  	 	(5.1	)% 	
Xenon	  	 	2	  	  	 	9	  	  	 	(77.8	)% 	 	 	6	  	  	 	34	  	  	 	(82.4	)% 	
Cardiolite	  	 	3,785	  	  	 	4,178	  	  	 	(9.4	)% 	 	 	12,250	  	  	 	13,415	  	  	 	(8.7	)% 	
Other	  	 	9,236	  	  	 	10,720	  	  	 	(13.8	)% 	 	 	27,623	  	  	 	29,890	  	  	 	(7.6	)% 	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total International	  	$	16,253	  	  	$	18,381	  	  	 	(11.6	)% 	 	$	49,823	  	  	$	53,514	  	  	 	(6.9	)% 	

Worldwide	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
DEFINITY	  	 	24,261	  	  	 	20,161	  	  	 	20.3	% 	 	 	70,136	  	  	 	55,932	  	  	 	25.4	% 	
TechneLite	  	 	23,612	  	  	 	22,422	  	  	 	5.3	% 	 	 	70,178	  	  	 	70,103	  	  	 	0.1	% 	
Xenon	  	 	8,916	  	  	 	8,182	  	  	 	9.0	% 	 	 	27,525	  	  	 	24,151	  	  	 	14.0	% 	
Cardiolite	  	 	4,673	  	  	 	4,640	  	  	 	0.7	% 	 	 	14,165	  	  	 	20,739	  	  	 	(31.7	)% 	
Other	  	 	14,220	  	  	 	14,980	  	  	 	(5.1	)% 	 	 	42,627	  	  	 	41,079	  	  	 	3.8	% 	

Total Revenues	  	$	75,682	  	  	$	70,385	  	  	 	7.5	% 	 	$	224,631	  	  	$	212,004	  	  	 	6.0	% 	

Lantheus MI Intermediate, Inc. and subsidiaries
Supplemental Sales Information
(unaudited)

 	  	September 30, 2014 Quarter-to-Date Sales  Growth/(Decline)	 	
 	  	Domestic As
Reported	 	 	Int’l Constant
Currency	 	 	Int’l As
Reported	 	 	Total Constant
Currency	 	 	Total As
Reported	 	
Products	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DEFINITY	  	 	20	% 	 	 	26	% 	 	 	23	% 	 	 	20	% 	 	 	20	%	
TechneLite	  	 	8	% 	 	 	(8	)% 	 	 	(11	)% 	 	 	6	% 	 	 	5	%	
Xenon	  	 	9	% 	 	 	(78	)% 	 	 	(78	)% 	 	 	9	% 	 	 	9	% 	
Cardiolite	  	 	92	% 	 	 	(7	)% 	 	 	(9	)% 	 	 	3	% 	 	 	1	% 	
Other	  	 	17	% 	 	 	(12	)% 	 	 	(14	)% 	 	 	(4	)% 	 	 	(5	)% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Revenues	  	 	14	% 	 	 	(10	)% 	 	 	(12	)% 	 	 	8	% 	 	 	8	%	

 	  	September 30, 2014 Year-to-Date Sales Growth/(Decline)	 	
 	  	Domestic As
Reported	 	 	Int’l Constant
Currency	 	 	Int’l As
Reported	 	 	Total Constant
Currency	 	 	Total As
Reported	 	
Products	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DEFINITY	  	 	25	% 	 	 	29	% 	 	 	20	% 	 	 	26	% 	 	 	25	%	
TechneLite	  	 	1	% 	 	 	0	% 	 	 	(5	)% 	 	 	1	% 	 	 	0	%	
Xenon	  	 	14	% 	 	 	(85	)% 	 	 	(82	)% 	 	 	14	% 	 	 	14	% 	
Cardiolite	  	 	(74	)% 	 	 	(4	)% 	 	 	(9	)% 	 	 	(29	)% 	 	 	(32	)% 	
Other	  	 	34	% 	 	 	(3	)% 	 	 	(8	)% 	 	 	7	% 	 	 	4	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Revenues	  	 	10	% 	 	 	(2	)% 	 	 	(7	)% 	 	 	7	% 	 	 	6	%	

Lantheus MI Intermediate, Inc. and subsidiaries
Reconciliation of Net Sales to Net Sales Excluding the Impact of Foreign Currency
(dollars in thousands – unaudited)

 	  	Three Months Ended
September 30, 2014	 	  	Nine Months Ended
September 30, 2014	 	
 	  	International
Net Sales	 	  	Total Net
Sales	 	  	International
Net Sales	 	  	Total Net
Sales	 	
 	 	 	 	 	
Net sales, as reported	  	$	16,253	  	  	$	75,682	  	  	$	49,823	  	  	$	224,631	  	
Currency impact as compared to prior period	  	 	348	  	  	 	348	  	  	 	2,491	  	  	 	2,491	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Net sales, excluding the impact of foreign currency	  	$	16,601	  	  	$	76,030	  	  	$	52,314	  	  	$	227,122	  	

Lantheus MI Intermediate, Inc. and subsidiaries
Reconciliation of As Reported Results to Non-GAAP Financial Measures
(dollars in thousands – unaudited)

 	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2014	 	 	2013	 	 	2014	 	 	2013	 	
Net Income (loss)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss), as reported	  	$	1,452	 	 	$	(15,064	)	 	$	(1,469	)	 	$	(49,376	)	
Reconciling items impacting Operating Expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Impairment of land	  	 	—  	  	 	 	6,788	  	 	 	—  	 	 	 	6,788	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss), as adjusted	  	$	1,452	 	 	$	(8,276	) 	 	$	(1,469	)	 	$	(42,588	) 	

Net income (loss), as adjusted, as a percentage of net sales	  	 	1.9	% 	 	 	(11.8	)% 	 	 	(0.7	)% 	 	 	(20.1	)% 	

Lantheus MI Intermediate, Inc. and subsidiaries
Reconciliation of As Reported Results to Non-GAAP Financial Measures
(dollars in thousands – unaudited)

 	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2014	 	 	2013	 	 	2014	 	 	2013	 	
EBITDA	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss), as reported	  	$	1,452	 	 	$	(15,064	) 	 	$	(1,469	)	 	$	(49,376	)	
Interest expense, net	  	 	10,585	  	 	 	11,035	  	 	 	31,704	  	 	 	32,323	  	
Provision (benefit) for income taxes	  	 	(415	) 	 	 	(713	) 	 	 	(536	) 	 	 	(439	) 	
Depreciation	  	 	2,163	  	 	 	2,343	  	 	 	6,514	  	 	 	7,115	  	
Amortization of intangible assets	  	 	2,275	  	 	 	4,130	  	 	 	6,848	 	 	 	12,456	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA	  	 	16,060	  	 	 	1,731	  	 	 	43,061	  	 	 	2,079	  	
Reconciling items impacting EBITDA:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-cash stock-based compensation	  	 	247	  	 	 	172	  	 	 	782	  	 	 	735	  	
Legal fees relating to business interruption claim	  	 	462	  	 	 	165	  	 	 	927	  	 	 	552	  	
Asset write-off	  	 	639	  	 	 	8,200	  	 	 	1,150	  	 	 	10,258	  	
Severance and recruiting costs	  	 	211	  	 	 	478	  	 	 	512	  	 	 	4,969	  	
Sponsor fee and other	  	 	263	  	 	 	259	  	 	 	772	  	 	 	1,197	  	
New manufacturer costs	  	 	1,175	  	 	 	903	  	 	 	4,188	  	 	 	3,413	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	19,057	 	 	$	11,908	  	 	$	51,392	 	 	$	23,203	  	

Adjusted EBITDA as a percentage of net sales	  	 	25.2	% 	 	 	16.9	% 	 	 	22.9	% 	 	 	10.9	% 	

Lantheus MI Intermediate, Inc. and subsidiaries
Reconciliation of Free Cash Flow
(dollars in thousands – unaudited)

 	  	Three Months Ended	 	 	Nine Months Ended	 	
 	  	September 30,
2014	 	 	September 30,
2013	 	 	September 30,
2014	 	 	September 30,
2013	 	
 	 	 	 	 	
Net cash used in operating activities	  	$	19,688	  	 	$	4,291	  	 	$	15,448	  	 	$	(11,822	)	
Capital expenditures	  	 	(1,823	) 	 	 	(915	) 	 	 	(5,303	) 	 	 	(3,711	)	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free cash flow	  	$	17,865	  	 	$	3,376	  	 	$	10,145	  	 	$	(15,533	) 	

Lantheus MI Intermediate, Inc. and subsidiaries
Condensed Consolidated Balance Sheets
(dollars in thousands – unaudited)

 	  	September 30,
2014	 	 	December 31,
2013	 	
Assets	  	 	 	 	 	 	 	 	
Current assets:	  	 	 	 	 	 	 	 	
Cash and cash equivalents	  	$	25,205	  	 	$	16,669	  	
Accounts receivable, net	  	 	41,160	  	 	 	38,910	  	
Inventory	  	 	16,425	  	 	 	18,310	  	
Income tax receivable	  	 	448	  	 	 	325	  	
Deferred tax assets	  	 	12	  	 	 	18	  	
Other current assets	  	 	4,181	  	 	 	3,087	  	
 	  	 	 	 	 	 	 	 	
Total current assets	  	 	87,431	  	 	 	77,319	  	
 	 	 	
Property, plant and equipment, net	  	 	96,072	  	 	 	97,653	  	
Capitalized software development costs, net	  	 	1,829	  	 	 	1,470	  	
Intangibles, net	  	 	29,203	 	 	 	34,998	  	
Goodwill	  	 	15,714	  	 	 	15,714	  	
Deferred financing costs	  	 	7,969	  	 	 	9,639	  	
Deferred tax assets	  	 	45	  	 	 	15	  	
Other long-term assets	  	 	19,791	  	 	 	22,577	  	
 	  	 	 	 	 	 	 	 	
Total assets	  	$	258,054	  	 	$	259,385	  	

Liabilities and stockholder’s deficit	  	 	 	 	 	 	 	 	
Current liabilities:	  	 	 	 	 	 	 	 	
Line of credit	  	$	8,000	  	 	$	8,000	  	
Accounts payable	  	 	15,383	  	 	 	18,103	  	
Accrued expenses and other liabilities	  	 	35,088	  	 	 	25,492	  	
Deferred tax liability	  	 	57	  	 	 	57	  	
Deferred revenue	  	 	1,063	  	 	 	3,979	  	
 	  	 	 	 	 	 	 	 	
Total current liabilities	  	 	59,591	  	 	 	55,631	  	
Asset retirement obligation	  	 	7,244	  	 	 	6,385	  	
Long-term debt, net	  	 	399,220	  	 	 	399,037	  	
Deferred tax liability	  	 	8	  	 	 	12	  	
Other long-term liabilities	  	 	32,407	  	 	 	35,408	  	
 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	498,470	  	 	 	496,473	  	

Stockholder’s deficit	  	 	(240,416	) 	 	 	(237,088	) 	
 	  	 	 	 	 	 	 	 	
Total liabilities and stockholder’s deficit	  	$	258,054	  	 	$	259,385	  	
 	  	 	 	 	 	 	 	 	
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