0001193125-12-217236.txt : 20120508 0001193125-12-217236.hdr.sgml : 20120508 20120508105959 ACCESSION NUMBER: 0001193125-12-217236 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120508 DATE AS OF CHANGE: 20120508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CYNOSURE INC CENTRAL INDEX KEY: 0000885306 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 043125110 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-51623 FILM NUMBER: 12820170 BUSINESS ADDRESS: STREET 1: 5 CARLISLE ROAD CITY: WESTFORD STATE: MA ZIP: 01886 BUSINESS PHONE: (978) 256-4200 MAIL ADDRESS: STREET 1: 5 CARLISLE ROAD CITY: WESTFORD STATE: MA ZIP: 01886 10-Q 1 d318468d10q.htm FORM 10-Q Form 10-Q
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

 

Form 10-Q

 

 

(Mark one)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2012

OR

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number 000-51623

 

 

Cynosure, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   04-3125110

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

5 Carlisle Road

Westford, MA

  01886
(Address of principal executive offices)   (Zip code)

(978) 256-4200

(Registrant’s telephone number, including area code)

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    x  Yes    ¨  No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    x  Yes    ¨  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer   ¨    Accelerated filer   x
Non-accelerated filer   ¨ (Do not check if a smaller reporting company)    Smaller reporting company   ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    ¨  Yes    x  No

The number of shares outstanding of each of the registrant’s classes of common stock, as of May 3, 2012:

 

Class

 

Number of Shares

Class A Common Stock, $0.001 par value   9,658,465
Class B Common Stock, $0.001 par value   2,939,161

 

 

 


Table of Contents

Cynosure, Inc.

Table of Contents

 

         Page No.  
PART I   Financial Information       
Item 1.   Financial Statements (Unaudited)   
  Consolidated Balance Sheets as of March 31, 2012 and December 31, 2011      1   
  Consolidated Statements of Operations for the Three Month Periods Ended March 31, 2012 and 2011      2   
  Consolidated Statements of Comprehensive Income (Loss) for the Three Month Periods Ended March 31, 2012 and 2011      3   
  Consolidated Statements of Cash Flows for the Three Month Periods Ended March 31, 2012 and 2011      4   
  Notes to Consolidated Financial Statements      5   
Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations      11   
Item 3.   Quantitative and Qualitative Disclosures About Market Risk      17   
Item 4.   Controls and Procedures      18   
PART II   Other Information   
Item 1.   Legal Proceedings      19   
Item 1A.   Risk Factors      19   
Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds      19   
Item 4.   Mine Safety Disclosure      19   
Item 6.   Exhibits      20   
SIGNATURES      21   
EXHIBIT INDEX      22   
EX-31.1 Section 302 Certification of Principal Executive Officer   
EX-31.2 Section 302 Certification of Principal Financial Officer   
EX-32.1 Section 906 Certification of Principal Executive Officer   
EX-32.2 Section 906 Certification of Principal Financial Officer   

EX-101 The following materials from the Cynosure, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, formatted in XBRL (eXtensible Business Reporting Language); (i) Condensed Statement of Earnings for the three months ended March 31, 2012 and 2011, (ii) Condensed Statement of Financial Position at March 31, 2012 and December 31, 2011, (iii) Condensed Statement of Comprehensive Income (Loss) for the three months ended March 31, 2012 and 2011, (iv) Condensed Statement of Cash Flows for the three months ended March 31, 2012 and 2011, and (v) Notes to Condensed Consolidated Financial Statements.


Table of Contents

Cynosure, Inc.

Consolidated Balance Sheets

(in thousands)

 

     (Unaudited)
March 31,
2012
    December 31,
2011
 
Assets     

Current assets:

    

Cash and cash equivalents

   $ 40,654      $ 35,694   

Short-term marketable securities

     30,124        31,379   

Accounts receivable, net

     14,701        12,853   

Inventories

     29,970        29,568   

Prepaid expenses and other current assets

     3,880        3,038   

Deferred income taxes

     701        701   
  

 

 

   

 

 

 

Total current assets

     120,030        113,233   

Property and equipment, net

     8,217        7,705   

Long-term marketable securities

     5,992        6,595   

Goodwill and intangibles, net

     23,059        23,486   

Other assets

     457        561   
  

 

 

   

 

 

 

Total assets

   $ 157,755      $ 151,580   
  

 

 

   

 

 

 
Liabilities and Stockholders’ Equity     

Current liabilities:

    

Accounts payable

   $ 9,292      $ 8,474   

Amounts due to related party

     1,374        1,550   

Accrued expenses

     13,685        13,944   

Deferred revenue

     9,793        6,388   

Capital lease obligation

     304        239   
  

 

 

   

 

 

 

Total current liabilities

     34,448        30,595   
  

 

 

   

 

 

 

Capital lease obligation, net of current portion

     615        494   

Deferred revenue, net of current portion

     313        367   

Other noncurrent liability

     737        497   

Commitments and contingencies

    

Stockholders’ equity:

    

Preferred stock, $0.001 par value

    

Authorized — 5,000 shares

    

Issued — none

     —          —     

Class A and Class B common stock, $0.001 par value

    

Authorized — 70,000 shares

    

Issued — 9,849 Class A shares and 2,975 Class B shares at March 31, 2012;

Issued— 9,828 Class A shares and 2,975 Class B shares at December 31, 2011, respectively

     13        13   

Additional paid-in capital

     125,371        124,506   

Retained earnings

     141        (678

Accumulated other comprehensive loss

     (1,710     (2,041

Treasury stock, 197 Class A shares and 36 Class B shares, at cost

     (2,173     (2,173
  

 

 

   

 

 

 

Total stockholders’ equity

     121,642        119,627   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 157,755      $ 151,580   
  

 

 

   

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

1


Table of Contents

Cynosure, Inc.

Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)

 

     Three Months Ended
March 31,
 
     2012      2011  

Product revenues

   $ 28,095       $ 16,611   

Parts, accessories and service revenues

     6,073         5,273   
  

 

 

    

 

 

 

Total revenues

     34,168         21,884   

Cost of revenues

     14,660         9,803   
  

 

 

    

 

 

 

Gross profit

     19,508         12,081   

Operating expenses:

     

Sales and marketing

     11,551         8,756   

Research and development

     3,239         2,240   

Amortization of intangible assets acquired

     342         10   

General and administrative

     3,518         2,941   
  

 

 

    

 

 

 

Total operating expenses

     18,650         13,947   
  

 

 

    

 

 

 

Income (loss) from operations

     858         (1,866

Interest income, net

     10         54   

Other income, net

     209         214   
  

 

 

    

 

 

 

Income (loss) before provision for income taxes

     1,077         (1,598

Provision for income taxes

     258         296   
  

 

 

    

 

 

 

Net income (loss)

   $ 819       $ (1,894
  

 

 

    

 

 

 

Basic net income (loss) per share

   $ 0.07       $ (0.15
  

 

 

    

 

 

 

Diluted net income (loss) per share

   $ 0.06       $ (0.15
  

 

 

    

 

 

 

Basic weighted average common shares outstanding

     12,578         12,577   
  

 

 

    

 

 

 

Diluted weighted average common shares outstanding

     13,037         12,577   
  

 

 

    

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

2


Table of Contents

Cynosure, Inc.

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited, in thousands)

 

     Three Months Ended
March 31,
 
     2012      2011  

Net income (loss)

   $ 819       $ (1,894
  

 

 

    

 

 

 

Other comprehensive income components:

     

Cumulative translation adjustment

     322         569   

Unrealized gain (loss) on marketable securities

     9         (14
  

 

 

    

 

 

 

Total other comprehensive income

     331         555   
  

 

 

    

 

 

 

Comprehensive income (loss)

   $ 1,150       $ (1,339
  

 

 

    

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

3


Table of Contents

Cynosure, Inc.

Consolidated Statements of Cash Flows

(Unaudited, in thousands)

 

     Three Months Ended
March 31,
 
     2012     2011  

Operating activities:

    

Net income (loss)

   $ 819      $ (1,894

Reconciliation of net income (loss) to net cash provided by operating activities:

    

Depreciation and amortization

     1,755        1,480   

Stock-based compensation expense

     665        666   

Gain on disposal of fixed assets

     (16     —     

Accretion of discounts on marketable securities

     243        286   

Changes in operating assets and liabilities:

    

Accounts receivable

     (1,675     655   

Inventories

     (1,291     (2,653

Net book value of demonstration inventory sold

     177        249   

Prepaid expenses and other current assets

     (802     267   

Accounts payable

     804        2,054   

Due to related party

     (175     696   

Tax benefit from the exercise of stock options

     (25     (2

Accrued expenses

     (93     (204

Deferred revenue

     3,359        151   

Other noncurrent liability

     —          2   
  

 

 

   

 

 

 

Net cash provided by operating activities

     3,745        1,753   

Investing activities:

    

Purchases of property and equipment

     (671     (160

Proceeds from the sales and maturities of marketable securities

     13,171        18,243   

Purchases of marketable securities

     (11,546     (21,010

Acquisitions

     —          (2,470

Decrease in other noncurrent assets

     107        4   
  

 

 

   

 

 

 

Net cash provided by (used in) investing activities

     1,061        (5,393

Financing activities:

    

Excess tax benefit on options exercised

     25        2   

Proceeds from stock option exercises

     200        25   

Payments on capital lease obligation

     (69     (50
  

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     156        (23

Effect of exchange rate changes on cash and cash equivalents

     (2     (8
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     4,960        (3,671

Cash and cash equivalents, beginning of the period

     35,694        27,434   
  

 

 

   

 

 

 

Cash and cash equivalents, end of the period

   $ 40,654      $ 23,763   
  

 

 

   

 

 

 

Supplemental cash flow information

    

Cash paid for interest

   $ 12      $ 5   
  

 

 

   

 

 

 

Cash paid for income taxes

   $ 228      $ 253   
  

 

 

   

 

 

 

Supplemental noncash investing and financing activities

    

Transfer of demonstration equipment from inventory to fixed assets

   $ 1,019      $ 1,331   
  

 

 

   

 

 

 

Assets acquired under capital lease

   $ 276      $ —     
  

 

 

   

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

4


Table of Contents

Cynosure, Inc.

Notes to Consolidated Financial Statements

Note 1 — Interim Consolidated Financial Statements

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures required for complete financial statements are not included herein. It is recommended that these financial statements be read in conjunction with the consolidated financial statements and related notes that appear in the Annual Report on Form 10-K of Cynosure, Inc. (Cynosure) for the year ended December 31, 2011. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the financial position, results of operations, and cash flows as of the dates and for the periods presented have been included. The results of operations for the three months ended March 31, 2012 may not be indicative of the results that may be expected for the year ending December 31, 2012, or any other period.

Note 2 — Stock-Based Compensation

Cynosure recorded stock-based compensation expense of $0.7 million for both the three months ended March 31, 2012 and 2011, respectively. Cynosure capitalized $15,000 and $19,000 of stock-based compensation expense as part of inventory during the three months ended March 31, 2012 and 2011, respectively.

Total stock-based compensation expense was recorded to cost of revenues and operating expenses based upon the functional responsibilities of the individual holding the respective options, as follows:

 

     Three Months Ended
March 31,
 
     2012      2011  
     (In thousands)  

Cost of revenues

   $ 44       $ 36   

Sales and marketing

     193         230   

Research and development

     120         121   

General and administrative

     308         279   
  

 

 

    

 

 

 

Total stock-based compensation expense

   $ 665       $ 666   
  

 

 

    

 

 

 

Cash received from option exercises was $0.2 million and $25,000 during the three months ended March 31, 2012 and 2011, respectively.

Cynosure granted 300,000 and 316,500 stock options during the three months ended March 31, 2012 and 2011, respectively. Cynosure utilizes the Black-Scholes model to determine the weighted average fair value of options. The weighted average fair value of the options granted during the three months ended March 31, 2012 and 2011 was $8.42 and $7.51, respectively, using the following assumptions:

 

     Three Months Ended
March 31,
 
     2012     2011  

Risk-free interest rate

     0.81% - 0.86%        2.33% - 2.37%   

Expected dividend yield

     —          —     

Expected term

     5.8 years        5.8 years   

Expected volatility

     57     56

Estimated forfeiture rate

     5     5

Option-pricing models require the input of various subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. Cynosure’s estimated expected stock price volatility is based on its own historical volatility. Cynosure’s expected term of options granted in the three months ended March 31, 2012 and 2011 was derived from the short-cut method. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The dividend yield of zero is based on the fact that Cynosure has never paid cash dividends and has no present intention to pay cash dividends.

 

5


Table of Contents

In March 2012, Cynosure commenced an option exchange program (the “Exchange Offer”) in which it offered eligible option holders the opportunity to voluntarily exchange certain “underwater” stock options for a lesser number of new stock options with a lower exercise price. Cynosure’s U.S. employees were eligible to participate in the Exchange offer, and Cynosure’s directors and executive officers were not eligible to participate. The exchange ratios for the Exchange Offer were determined by using the Black-Scholes option pricing model to approximate a “value-for-value” exchange, meaning that the value of the eligible stock options was equal to the value of the new stock options. The Exchange Offer, which was subject to Rule 13e-4 under the Securities Exchange Act of 1934, as amended, expired on April 13, 2012.

In the Exchange Offer, 90 eligible option holders tendered eligible options with exercise prices of $20.00 or greater to purchase an aggregate of 325,946 shares of Class A common stock, representing 96% of the total shares of Class A common stock underlying options eligible for exchange. New stock options were granted to purchase an aggregate of 280,771 shares of Class A common stock in exchange for the cancellation of the tendered eligible options. The exercise price per share of each new option granted in the Exchange Offer is $19.78, which was the closing price of Cynosure’s Class A common stock as reported by The Nasdaq Global Market on April 13, 2012.

Note 3 — Inventories

Cynosure states all inventories at the lower of cost or market, determined on a first-in, first-out method. Inventory includes material, labor and overhead and consists of the following:

 

     March 31,
2012
     December 31,
2011
 
     (in thousands)  

Raw materials

   $ 7,003       $ 7,645   

Work in process

     1,902         1,437   

Finished goods

     21,065         20,486   
  

 

 

    

 

 

 
   $ 29,970       $ 29,568   
  

 

 

    

 

 

 

Note 4 — Fair Value

U.S. GAAP establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:

 

   

Level 1 – Quoted prices in active markets for identical assets or liabilities.

 

   

Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable markets data for substantially the full term of the assets or liabilities.

 

   

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table represents Cynosure’s fair value hierarchy for its financial assets (cash equivalents and marketable securities) measured at fair value as of March 31, 2012 (in thousands):

 

     Level 1      Level 2      Level 3      Total  

Money market funds (1)

   $ 10,465       $ —         $ —         $ 10,465   

State and municipal bonds (2)

     —           26,009         —           26,009   

Treasuries and government agencies

     —           12,095         —           12,095   

Equity securities

     18         —           —           18   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 10,483       $ 38,104       $ —         $ 48,587   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) Included in cash and cash equivalents at March 31, 2012.
(2) $2.0 million included in cash and cash equivalents at March 31, 2012.

During the three months ended March 31, 2012, there were no significant transfers in and out of Level 1 and Level 2. Cynosure did not have any Level 3 financial assets at March 31, 2012 or December 31, 2011.

 

6


Table of Contents

Note 5 — Short and Long-Term Marketable Securities

Cynosure’s available-for-sale securities at March 31, 2012 consist of approximately $38.1 million of investments in debt securities consisting of state and municipal bonds, treasuries and government agencies and approximately $18,000 in equity securities. All investments in available-for-sale securities are recorded at fair market value, with any unrealized gains and losses reported as a separate component of accumulated other comprehensive loss. As of March 31, 2012, Cynosure’s marketable securities consist of the following (in thousands):

 

     Market Value      Amortized
Cost
     Unrealized
Gains
     Unrealized
Losses
 

Available-for-sale Securities:

           

Cash equivalents:

           

State and municipal bonds

   $ 2,006       $ 2,006       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total cash equivalents

   $ 2,006       $ 2,006       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Short-term marketable securities:

           

State and municipal bonds

   $ 18,511       $ 18,502       $ 10       $ (1

Treasuries and government agencies

     11,595         11,590         5         —     

Equity securities

     18         6         12         —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total short-term marketable securities

   $ 30,124       $ 30,098       $ 27       $ (1
  

 

 

    

 

 

    

 

 

    

 

 

 

Long-term marketable securities:

           

State and municipal bonds

   $ 5,492       $ 5,488       $ 5       $ (1

Treasuries and government agencies

     500         501         —           (1
  

 

 

    

 

 

    

 

 

    

 

 

 

Total long-term marketable securities

   $ 5,992       $ 5,989       $ 5       $ (2
  

 

 

    

 

 

    

 

 

    

 

 

 

Total available-for-sale securities

   $ 38,122       $ 38,093       $ 32       $ (3
  

 

 

    

 

 

    

 

 

    

 

 

 

Total marketable securities

   $ 36,116            
  

 

 

          

As of December 31, 2011, Cynosure’s marketable securities consist of the following (in thousands):

 

     Market Value      Amortized
Cost
     Unrealized
Gains
     Unrealized
Losses
 

Available-for-sale Securities:

           

Cash equivalents:

           

State and municipal bonds

   $ 3,264       $ 3,263       $ 1       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total cash equivalents

   $ 3,264       $ 3,263       $ 1       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Short-term marketable securities:

           

State and municipal bonds

   $ 18,868       $ 18,858       $ 12       $ (2

Treasuries and government agencies

     12,505         12,499         6         —     

Equity securities

     6         5         1         —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total short-term marketable securities

   $ 31,379       $ 31,362       $ 19       $ (2
  

 

 

    

 

 

    

 

 

    

 

 

 

Long-term marketable securities:

           

State and municipal bonds

   $ 4,719       $ 4,713       $ 6       $ —     

Treasuries and government agencies

     1,876         1,875         1         —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total long-term marketable securities

   $ 6,595       $ 6,588       $ 7       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total available-for-sale securities

   $ 41,238       $ 41,213       $ 27       $ (2
  

 

 

    

 

 

    

 

 

    

 

 

 

Total marketable securities

   $ 37,974            
  

 

 

          

 

7


Table of Contents

As of March 31, 2012, Cynosure’s available-for-sale debt securities mature as follows (in thousands):

 

     Total      Maturities  
      Less Than One Year      One to Five Years      More than five years  

State and municipal bonds

   $ 26,009       $ 20,517       $ 5,492       $ —     

U.S. government sponsored enterprises

     12,095         11,595         500         —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total available-for-sale debt securities

   $ 38,104       $ 32,112       $ 5,992       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Note 6 — Goodwill and Other Intangible Assets

Changes to goodwill during the three months ended March 31, 2012 were as follows (in thousands):

 

     Total  

Balance – December 31, 2011

   $ 15,712   

Translation adjustment

     30   
  

 

 

 

Balance – March 31, 2012

   $ 15,742   
  

 

 

 

Other intangible assets consist of the following at March 31, 2012 and December 31, 2011 (in thousands):

 

     Developed
Technology
& Patents
    Business
Licenses
    Customer
Relationships
    Trade
Names
    Other     Total  

March 31, 2012

            

Cost

   $ 3,250      $ 384      $ 3,323      $ 2,650      $ 48      $ 9,655   

Translation adjustment

     —          30        19        —          2        51   

Accumulated amortization

     (978     (159     (1,110     (137     (5     (2,389
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance, March 31, 2012

   $ 2,272      $ 255      $ 2,232      $ 2,513      $ 45      $ 7,317   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

December 31, 2011

            

Cost

   $ 3,250      $ 384      $ 3,323      $ 2,650      $ 48      $ 9,655   

Translation adjustment

     —          27        20        —          2        49   

Accumulated amortization

     (874     (147     (812     (93     (4     (1,930
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance, December 31, 2011

   $ 2,376      $ 264      $ 2,531      $ 2,557      $ 46      $ 7,774   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amortization expense related to developed technology and patents is classified as a component of cost of revenues in the Consolidated Statements of Operations. Amortization expense related to customer relationships and trade names is classified as a component of amortization of intangible assets acquired in the Consolidated Statements of Operations. Amortization expense related to business licenses and other is classified as a component of general and administrative expenses in the Consolidated Statements of Operations.

Amortization expense for the three months ended March 31, 2012 and 2011 was $0.5 million and $61,000, respectively. Cynosure has approximately $41,000 of indefinite-life intangible assets that are included in other intangible assets in the table above. As of March 31, 2012, amortization expense on existing intangible assets for the next five years and beyond is as follows (table in thousands):

 

Remainder of 2012

   $  1,386   

2013

     1,299   

2014

     950   

2015

     765   

2016 and thereafter

     2,876   
  

 

 

 

Total

   $ 7,276   
  

 

 

 

 

8


Table of Contents

The table above includes $1.0 million for the remainder of 2012, $0.9 million for 2013, $0.6 million for 2014, $0.4 million for 2015 and $1.8 million for 2016 and thereafter, to be recognized within operating expenses related to intangible assets acquired through the Eleme Medical and ConBio acquisitions.

Note 7 — Warranty Costs

Cynosure typically provides a one-year parts and labor warranty on end-user sales of laser systems. Distributor sales generally include a warranty on parts only. Estimated future costs for initial product warranties are provided at the time of revenue recognition.

The following table provides the detail of the change in Cynosure’s product warranty accrual during the three months ended March 31, 2012, which is a component of accrued expenses in the consolidated balance sheets:

 

     March 31,
2012
 
     (in thousands)  

Warranty accrual, beginning of period

   $ 3,171   

Warranty provision related to new sales

     1,052   

Costs incurred

     (989
  

 

 

 

Warranty accrual, end of period

   $ 3,234   
  

 

 

 

Note 8 — Segment Information

In accordance with ASC 280, Segment Reporting Topic, operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions how to allocate resources and assess performance. Cynosure’s chief decision-maker, as defined under ASC 280, is a combination of the Chief Executive Officer and the Chief Financial Officer. Cynosure views its operations and manages its business as one segment, aesthetic treatment products and services.

The following table represents total revenue by geographic destination:

 

     Three Months Ended
March 31,
 
     2012      2011  
     (in thousands)  

United States

   $ 15,160       $ 7,985   

Europe

     7,019         7,468   

Asia / Pacific

     9,277         4,122   

Other

     2,712         2,309   
  

 

 

    

 

 

 

Total

   $ 34,168       $ 21,884   
  

 

 

    

 

 

 

Total assets by geographic area are as follows:

 

     March 31,
2012
    December 31,
2011
 
     (in thousands)  

United States

   $ 136,912      $ 132,041   

Europe

     13,703        12,688   

Asia / Pacific

     9,284        8,855   

Eliminations

     (2,144     (2,004
  

 

 

   

 

 

 

Total

   $ 157,755      $ 151,580   
  

 

 

   

 

 

 

Long-lived assets by geographic area are as follows:

 

     March 31,
2012
     December 31,
2011
 
     (in thousands)  

United States

   $ 6,819       $ 6,461   

Europe

     1,290         1,344   

Asia / Pacific

     565         461   
  

 

 

    

 

 

 

Total

   $ 8,674       $ 8,266   
  

 

 

    

 

 

 

 

9


Table of Contents

No individual country within Europe or Asia/Pacific represented greater than 10% of total revenue, total assets or total long-lived assets for any period presented.

Note 9 — Net Income (Loss) Per Common Share

Basic net income (loss) per share was determined by dividing net income (loss) by the weighted average common shares outstanding during the period. Diluted net income (loss) per share was determined by dividing net income (loss) by diluted weighted average shares outstanding. Diluted weighted average shares reflect the dilutive effect, if any, of common stock options based on the treasury stock method. Common shares outstanding includes both Class A and Class B common stock as each participates equally in earnings. Class B shares are convertible at any time into shares of Class A on a one-for-one basis at the option of the holder.

A reconciliation of basic and diluted shares is as follows:

 

     Three Months Ended
March 31,
 
     2012      2011  

Net income (loss)

   $ 819       $ (1,894
  

 

 

    

 

 

 

Basic weighted average common shares outstanding

     12,578         12,577   

Weighted average common equivalent shares

     459         —     
  

 

 

    

 

 

 

Diluted weighted average common shares outstanding

     13,037         12,577   
  

 

 

    

 

 

 

Basic net income (loss) per share

   $ 0.07       $ (0.15
  

 

 

    

 

 

 

Diluted net income (loss) per share

   $ 0.06       $ (0.15
  

 

 

    

 

 

 

For the three months ended March 31, 2012, options to purchase approximately 1.5 million shares of the Company’s Class A common stock were excluded from the calculation of diluted weighted average common shares outstanding as their effect was antidilutive.

For the three months ended March 31, 2011, the number of basic and diluted weighted average shares outstanding was the same as any increase in the number of shares of common stock equivalents for the three months ended March 31, 2011 would be antidilutive based on the net loss for the period. During the three months ended March 31, 2011, outstanding options to purchase 2.0 million shares were excluded from the computation of diluted earnings per share because their inclusion would have been antidilutive.

Note 10 — Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss as of March 31, 2012 and December 31, 2011 are as follows:

 

     March 31,
2012
    December 31,
2011
 
     (in thousands)  

Unrealized gain on marketable securities, net of taxes

   $ 32      $ 23   

Cumulative translation adjustment

     (1,742     (2,064
  

 

 

   

 

 

 

Total accumulated other comprehensive loss

   $ (1,710   $ (2,041
  

 

 

   

 

 

 

Note 11 — Litigation

In 2005, Dr. Ari Weitzner, individually and as putative representative of a purported class, filed a complaint against Cynosure under the federal Telephone Consumer Protection Act (TCPA) in Massachusetts Superior Court in Middlesex County seeking monetary damages, injunctive relief, costs and attorneys fees. The complaint alleges that Cynosure violated the TCPA by sending unsolicited advertisements by facsimile to the plaintiff and other recipients without the prior express invitation or permission of the recipients. Under the TCPA, recipients of unsolicited facsimile advertisements are entitled to damages of up to $500 per facsimile for

 

10


Table of Contents

inadvertent violations and up to $1,500 per facsimile for knowing or willful violations. Based on discovery in this matter, the plaintiff alleges that approximately three million facsimiles were sent on Cynosure’s behalf by a third party to approximately 100,000 individuals. In February 2008, several months after the close of discovery, the plaintiff served a motion for class certification, which Cynosure opposed on numerous factual and legal grounds, including that a nationwide class action may not be maintained in a Massachusetts state court by Dr. Weitzner, a New York resident; individual issues predominate over common issues; a class action is not superior to other methods of resolving TCPA claims; and Dr. Weitzner is an inadequate class representative. Cynosure also believes it has many merits defenses, including that the faxes in question do not constitute “advertising” within the meaning of the TCPA and many recipients had an established business relationship with Cynosure and are thereby deemed to have consented to the receipt of facsimile communications. The Court held a hearing on the plaintiff’s class certification motion in June 2008. In July 2010, the Court issued an order dismissing this matter without prejudice for Dr. Weitzner’s failure to prosecute the case. In August 2010, Dr. Weitzner filed a motion for relief from the dismissal order, which the Court allowed. At a status conference held in November 2010, the Court confirmed that the class certification motion was still under advisement. In January 2012, the Court issued a Memorandum of Decision denying the class certification motion.

In addition to the matter discussed above, from time to time, Cynosure is subject to various claims, lawsuits, disputes with third parties, investigations and pending actions involving various allegations against Cynosure incident to the operation of its business, principally product liability. Each of these other matters is subject to various uncertainties, and it is possible that some of these other matters may be resolved unfavorably to Cynosure. Cynosure establishes accruals for losses that management deems to be probable and subject to reasonable estimate. Cynosure believes that the ultimate outcome of these matters will not have a material adverse impact on its consolidated financial position, results of operations or cash flows.

Note 12 — Related Party Transactions

As of March 31, 2012, El. En. S.p.A. (El.En.) owned 23% of Cynosure’s outstanding common stock. Purchases of inventory from El.En. during the three months ended March 31, 2012 and 2011 were approximately $1.1 million and $2.2 million, respectively. As of March 31, 2012 and December 31, 2011, amounts due to related party for these purchases were approximately $1.4 million and $1.5 million, respectively. There were no amounts due from El.En. as of March 31, 2012 or December 31, 2011.

Note 13 — Income Taxes

At March 31, 2012, Cynosure had no unrecognized tax benefits. Cynosure files income tax returns in the U.S. federal jurisdiction, and in various state and foreign jurisdictions. With few exceptions, Cynosure is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before 2008. Additionally, certain non-U.S. jurisdictions are no longer subject for income tax examinations by tax authorities for years before 2007.

Note 14 — Recent Accounting Pronouncements

In June 2011, the Financial Accounting Standards Board, or FASB, issued new accounting guidance that requires companies to present the components of net income and other comprehensive income either as one continuous statement or as two consecutive statements and eliminates the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity. The guidance does not change the items which must be reported in other comprehensive income, how such items are measured or when they must be reclassified to net income. Cynosure adopted this new accounting guidance effective January 1, 2012. The adoption of this guidance had no material effect on Cynosure’s financial condition, results of operations or cash flows.

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this Quarterly Report regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about:

 

   

our ability to identify and penetrate new markets for our products and technology;

 

   

our ability to innovate, develop and commercialize new products;

 

   

our ability to obtain and maintain regulatory clearances;

 

   

our sales and marketing capabilities and strategy in the United States and internationally;

 

   

our intellectual property portfolio; and

 

   

our estimates regarding expenses, future revenues, capital requirements and needs for additional financing.

We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements included in our Annual Report on Form 10-K for the year ended December 31, 2011, particularly in Part I — Item 1A and in our other public filings with the Securities and Exchange Commission that could cause actual results or events to differ materially from the forward-looking statements that we make.

 

11


Table of Contents

You should read this Quarterly Report and the documents that we have filed as exhibits to the Quarterly Report completely and with the understanding that our actual future results may be materially different from what we expect. It is routine for internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections and beliefs upon which we base our expectations are made as of the date of this Quarterly Report on Form 10-Q and may change prior to the end of each quarter or the year. While we may elect to update forward-looking statements at some point in the future, we do not undertake any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.

The following discussion should be read in conjunction with, and is qualified in its entirety by, the condensed consolidated financial statements and notes thereto included in Item 1 of this Quarterly Report and the condensed consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K filed with the SEC on March 8, 2012. Historical results and percentage relationships among any amounts in the financial statements are not necessarily indicative of trends in operating results for any future periods.

Company Overview

We develop and market aesthetic treatment systems that are used by physicians and other practitioners to perform non-invasive and minimally invasive procedures to remove hair, treat vascular and pigmented lesions, remove multi-colored tattoos, rejuvenate the skin, liquefy and remove unwanted fat through laser lypolysis, reduce cellulite and treat onychomycosis. We are also developing in conjunction with our development agreement with Unilever Ltd. (Unilever) a laser treatment system for the home use market.

Our systems incorporate a broad range of laser and other light-based energy sources, including Alexandrite, pulse dye, Nd:Yag and diode lasers, as well as intense pulsed light. We believe that we are one of only a few companies that currently offer aesthetic treatment systems utilizing Alexandrite and pulse dye lasers, which are particularly well suited for some applications and skin types. We offer single energy source systems as well as workstations that incorporate two or more different types of lasers or pulsed light technologies. We offer multiple technologies and system alternatives at a variety of price points depending primarily on the number and type of energy sources included in the system. Our newer products are designed to be easily upgradeable to add additional energy sources and handpieces, which provides our customers with technological flexibility as they expand their practices. As the aesthetic treatment market evolves to include new customers, such as aesthetic spas and additional physician specialties, we believe that our broad technology base and tailored solutions will provide us with a competitive advantage.

We focus our development and marketing efforts on offering leading, or flagship, products for the following high volume applications:

 

   

the Elite product line for hair removal, treatment of facial and leg veins and pigmentations;

 

   

the Smartlipo product line for LaserBodySculptingSM for the removal of unwanted fat;

 

   

the Cellulaze product line for the reduction of cellulite;

 

   

the SmoothShapes XV and TriActive product line for the temporary reduction in the appearance of cellulite;

 

   

the Affirm/SmartSkin product line for anti-aging applications, including treatments for wrinkles, skin texture, skin discoloration and skin tightening;

 

   

the Cynergy product line for the treatment of vascular lesions; and

 

   

the Accolade, MedLite C6, and RevLite product lines for the removal of benign pigmented lesions, as well as multi-colored tattoos.

A key element of our business strategy is to launch innovative new products and technologies into high-growth aesthetic applications. Our research and development team builds on our existing broad range of laser and light-based technologies to develop new solutions and products to target unmet needs in significant aesthetic treatment markets. Innovation continues to be a strong contributor to our strength. Since 2002, we have introduced 24 new products. In January 2012, we received FDA clearance in the United States to sell and market Cellulaze, the world’s first aesthetic laser device for the reduction of cellulite.

We generate revenues primarily from sales of our products, parts and accessories and from services, including product warranty revenues. During the three months ended March 31, 2012, we derived approximately 82% of our revenues from sales of our products and 18% of our revenues from parts, accessories and service revenues. During the three months ended March 31, 2011, we derived approximately 76% of our revenues from sales of products and 24% of our revenues from parts, accessories and service revenues. Generally, we recognize revenues from the sales of our products upon delivery to our customers, revenues from service contracts and extended product warranties ratably over the coverage period and revenues from service in the period in which the service occurs.

We sell our products through a direct sales force in North America, France, Spain, the United Kingdom, Germany, Korea, China, Japan and Mexico, and use distributors to sell our products in other countries where we do not have a direct presence. During the three months ended March 31, 2012 and 2011, we derived 54% and 58% of our revenues, respectively, from sales outside North America. As of March 31, 2012, we had 34 sales employees covering North America, 32 sales employees in France, Spain, the United Kingdom, Germany, Korea, China and Japan and 69 distributors covering 97 countries.

 

12


Table of Contents

The following table provides revenue data by geographical region for the three months ended March 31, 2012 and 2011:

 

     Percentage of Revenues  
     Three-Months
Ended March 31,
 

Region

   2012     2011  

North America

     46     42

Europe

     21        34   

Asia/Pacific

     27        19   

Other

     6        5   
  

 

 

   

 

 

 

Total

     100     100
  

 

 

   

 

 

 

See Note 8 to our consolidated financial statements included in this Quarterly Report for revenues and asset data by geographic region.

Results of Operations

The following table contains selected income statement information, which serves as the basis of the discussion of our results of operations for the three months ended March 31, 2012 and 2011, respectively (in thousands, except for percentages):

 

     Three Months Ended March 31,     $
Change
    %
Change
 
   2012     2011      
   Amount      As a % of
Total
Revenues
    Amount     As a % of
Total
Revenues
     

Product revenues

   $ 28,095         82   $ 16,611        76   $ 11,484        69

Parts, accessories and service revenues

     6,073         18        5,273        24        800        15   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     34,168         100        21,884        100        12,284        56   

Cost of revenues

     14,660         43        9,803        45        4,857        50   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     19,508         57        12,081        55        7,427        61   

Operating expenses

             

Sales and marketing

     11,551         34        8,756        40        2,795        32   

Research and development

     3,239         9        2,240        10        999        45   

Amortization of intangible assets acquired

     342         1        10        —          332        3,320   

General and administrative

     3,518         10        2,941        14        577        20   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     18,650         55        13,947        64        4,703        34   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from operations

     858         3        (1,866     (9     2,724        146   

Interest income, net

     10         —          54        —          (44     (81

Other income, net

     209         1        214        1        (5     (2
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before provision for income taxes

     1,077         3        (1,598     (8     2,675        167   

Provision for income taxes

     258         1        296        1        (38     (13
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ 819         2   $ (1,894     (9 )%    $ 2,713        143
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

13


Table of Contents

Revenues

Revenues in the three months ended March 31, 2012 increased from the three months ended March 31, 2011 by $12.3 million or 56%. The increase was attributable to a number of factors (in thousands, except for percentages):

 

     Three Months Ended
March 31,
     $
Change
     %
Change
 
     2012      2011        

Product sales in North America

   $ 13,562       $ 7,094       $ 6,468         91

Product sales outside North America

     14,533         9,517         5,016         53   

Global parts, accessories and service sales

     6,073         5,273         800         15   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Revenues

   $ 34,168       $ 21,884       $ 12,284         56
  

 

 

    

 

 

    

 

 

    

 

 

 

 

   

Revenues from the sale of products in North America increased by approximately $6.5 million, or 91%, from the 2011 period attributable to our ConBio and PinPointe FootLaser product lines which contributed $3.1 million. On an organic basis, product sales grew $3.4 million, or 47%, due to an increased number of units sold.

 

   

Revenues from the sale of products outside of North America increased by approximately $5.0 million, or 53%, from the 2011 period primarily attributable to our ConBio and PinPointe FootLaser product lines.

 

   

Revenues from the sale of parts, accessories and services increased by approximately $0.8 million, or 15%, from the 2011 period, primarily due to an increase in revenues generated from the sale of our service contracts.

Cost of Revenues

 

     Three Months Ended
March 31,
    $
Change
     %
Change
 
     2012     2011       

Cost of revenues (in thousands)

   $ 14,660      $ 9,803      $ 4,857         50

Cost of revenues (as a percentage of total revenues)

     43     45     

Total cost of revenues increased $4.9 million, or 50%, to $14.7 million for three months ended March 31, 2012, as compared to $9.8 million for the three months ended March 31, 2011, primarily related to our 56% increase in total revenues. Our total cost of revenues as a percentage of total revenues decreased for the three months ended March 31, 2012 as compared to the three months ended March 31, 2011, due to a higher percentage of laser revenue from our North American distribution, whose average selling prices tend to be higher.

Sales and Marketing

 

     Three Months Ended
March 31,
    $
Change
     %
Change
 
     2012     2011       

Sales and marketing (in thousands)

   $ 11,551      $ 8,756      $ 2,795         32

Sales and marketing (as a percentage of total revenues)

     34     40     

Sales and marketing expenses increased $2.8 million, or 32%. The increase is attributed to an increase in commission expense of $0.9 million due to the 69% increase in product revenues. Our personnel, administrative costs and travel expenses increased $1.3 million as a result of efforts to integrate our recently acquired product lines. Promotional costs increased $0.6 million, primarily due to an increased number of workshops, trade shows and other promotional efforts, including those related to the launch of Cellulaze. Our sales and marketing expenses for the three months ended March 31, 2012 decreased as a percentage of revenue to 34% primarily due to the 56% increase in total revenues.

 

14


Table of Contents

Research and Development

 

     Three Months Ended
March 31,
    $
Change
     %
Change
 
     2012     2011       

Research and development (in thousands)

   $ 3,239      $ 2,240      $ 999         45

Research and development (as a percentage of total revenues)

     9     10     

Research and development expenses increased $1.0 million, or 45%. This increase was primarily due to a $0.7 million increase in personnel and administrative costs associated with the integration of our ConBio research and development team. Professional fees and project materials expenses increased $0.3 million related to increased clinical studies and other research and development efforts.

Amortization on Intangible Assets Acquired

 

     Three Months Ended
March 31,
     $
Change
     %
Change
 
     2012     2011        

Amortization of intangible assets acquired (in thousands)

   $ 342        10      $ 332         3,320  

Amortization of intangible assets acquired (as a percentage of total revenues)

     1     —           

For the three month period ending March 31, 2012, we recognized amortization expense of $0.3 million in our operating expenses relating to certain intangible assets acquired through our recent acquisitions of Eleme Medical and ConBio’s aesthetic business. We expect our amortization expense associated with these intangible assets that will be recognized in our operating expenses over the next five years and beyond to be $1.0 million for the remainder of 2012, $0.9 million for 2013, $0.6 million for 2014, $0.4 million for 2015 and $1.8 million for 2016 and beyond.

General and Administrative

 

     Three Months Ended
March 31,
    $
Change
     %
Change
 
     2012     2011       

General and administrative (in thousands)

   $ 3,518      $ 2,941      $ 577         20

General and administrative (as a percentage of total revenues)

     10     13     

General and administrative expenses increased $0.6 million, or 20%, primarily related to an increase in personnel and other administrative costs.

Interest Income, net

 

     Three Months Ended
March 31,
     $
Change
    %
Change
 
     2012      2011       

Interest income, net (in thousands)

   $ 10       $ 54       $ (44     (81 )% 

The decrease in interest income, net was primarily due to less cash invested in 2012 when compared to 2011, due to cash used for acquisitions during the first half of 2011, as well as increased interest payments associated with capital leases.

Other Income, net

 

     Three Months Ended
March 31,
     $
Change
    %
Change
 
     2012      2011       

Other income, net (in thousands)

   $ 209       $ 214       $ (5     (2 )% 

Other income, net remained relatively consistent for the three months ended March 31, 2012 when compared with the three months ended March 31, 2011.

 

15


Table of Contents

Provision for Income Taxes

 

     Three Months Ended
March 31,
    $
Change
    %
Change
 
     2012     2011      

Provision for income taxes (in thousands)

   $ 258      $ 296      $ (38     (13 )% 

Provision as a % of income before provision for income taxes

     24     (19 )%     

The provision for income taxes results from a combination of the activities of our domestic and foreign subsidiaries. During the three months ended March 31, 2012, we recorded an income tax provision of $0.3 million, representing an effective tax rate of 24%. We continue to maintain a valuation allowance against our net domestic deferred tax assets as well as the deferred tax assets of our German, Japanese and Mexican subsidiaries at March 31, 2012. During the three months ended March 31, 2011, we recorded an income tax provision of $0.3 million, representing an effective tax rate of (19)% mainly attributable to taxable income generated in foreign jurisdictions. We recorded a tax provision on a pre-tax loss for the three months ended March 31, 2011 because we did not record a benefit for our domestic tax loss. The change in the effective tax rate from the 2011 period to the 2012 period is primarily due to changes in the jurisdictional mix of earnings.

Liquidity and Capital Resources

We require cash to pay our operating expenses, make capital expenditures and pay our long-term liabilities. Since our inception, we have funded our operations through our 2005 initial public offering, private placements of equity securities, short-term borrowings and funds generated from our operations.

At March 31, 2012, our cash, cash equivalents and short and long-term marketable securities were $76.8 million. Our cash and cash equivalents of $40.7 million are highly liquid investments with maturity of 90 days or less at date of purchase and consist of cash in operating accounts, investments in money market funds and various state and municipal governments. Our short-term marketable securities of $30.1 million consist of investments in various state and municipal governments, U.S. government agencies and treasuries all of which mature by March 5, 2013. Our long-term marketable securities of $6.0 million consist of investments in various state and municipal governments, U.S. government agencies and treasuries, all of which mature by December 27, 2013.

Our future capital requirements depend on a number of factors, including the rate of market acceptance of our current and future products, the resources we devote to developing and supporting our products and continued progress of our research and development of new products. Our capital expenditures increased for the three months ended March 31, 2012 as compared to the three months ended March 31, 2011, and we expect that our capital expenditures during the remainder of 2012 will increase slightly as a result of manufacturing and purchasing new demonstration equipment. During the three months ended March 31, 2012 and 2011, respectively, we transferred $1.0 million and $1.3 million of demonstration equipment to fixed assets.

In March 2012, we commenced an option exchange program (the “Exchange Offer”) in which we offered eligible option holders the opportunity to voluntarily exchange certain “underwater” stock options for a lesser number of new stock options with a lower exercise price. Our U.S. employees were eligible to participate in the Exchange offer, and our directors and executive officers were not eligible to participate. The exchange ratios for the Exchange Offer were determined by using the Black-Scholes option pricing model to approximate a “value-for-value” exchange, meaning that the value of the eligible stock options was equal to the value of the new stock options. The Exchange Offer, which was subject to Rule 13e-4 under the Securities Exchange Act of 1934, as amended, expired on April 13, 2012.

In the Exchange Offer, 90 eligible option holders tendered eligible options with exercise prices of $20.00 or greater to purchase an aggregate of 325,946 shares of Class A common stock, representing 96% of the total shares of Class A common stock underlying options eligible for exchange. New stock options were granted to purchase an aggregate of 280,771 shares of Class A common stock in exchange for the cancellation of the tendered eligible options. The exercise price per share of each new option granted in the Exchange Offer is $19.78, which was the closing price of our Class A common stock as reported by The Nasdaq Global Market on April 13, 2012.

On July 28, 2009, our Board of Directors authorized the repurchase of up to $10 million of our Class A common stock, from time to time, on the open market or in privately negotiated transactions under a stock repurchase program. The program will terminate upon the purchase of $10 million in common stock, unless our Board of Directors discontinues it sooner. During the three months ended March 31, 2012, we did not repurchase any shares of our common stock under this program. As of March 31, 2012 we have repurchased an aggregate of 196,970 shares under this program at an aggregate cost of $1.9 million.

We believe that our current cash, cash equivalents and short and long-term marketable securities, as well as cash generated from operations, will be sufficient to meet our anticipated cash needs for working capital and capital expenditures for the foreseeable future.

 

16


Table of Contents

Cash Flows

Net cash provided by operating activities was $3.7 million for the three months ended March 31, 2012. This resulted primarily from net income for the period of $0.8 million, increased by approximately $2.4 million in depreciation, amortization and stock-based compensation expense and increased by approximately $0.2 million in accretion of discounts on marketable securities. Net changes in working capital items increased cash from operating activities by approximately $0.3 million principally related to an increase in deferred revenue of $3.4 million offset by an increase in accounts receivable of $1.7 million and increased inventory of $1.3 million, net of demonstration equipment transfers, associated with increased purchases to meet the increased revenue requirements. Net cash provided by investing activities was $1.1 million for the three months ended March 31, 2012, which consisted of net proceeds from the sales and maturities of marketable securities of $1.7 million offset by purchases of property and equipment of $0.7 million. Net cash provided by financing activities during the three months ended March 31, 2012 was $0.2 million, primarily relating to proceeds from stock option exercises.

Net cash provided by operating activities was $1.8 million for the three months ended March 31, 2011. This resulted primarily from net loss for the period of $1.9 million, increased by approximately $2.1 million in depreciation, amortization and stock-based compensation expense and increased by approximately $0.3 million in accretion of discounts on marketable securities. Net changes in working capital items, net of the acquisition, increased cash from operating activities by approximately $1.2 million principally related to an increase in accounts payable and amounts due to related party of $2.8 million and a decrease in accounts receivable of $0.7 million due to increased collection efforts offset by an increase in inventory of $2.7 million due to the timing of our inventory purchases. Net cash used in investing activities was $5.4 million for the three months ended March 31, 2011, which consisted primarily of net purchases of marketable securities of $2.8 million and our acquisition of certain assets and liabilities of Eleme Medical for $2.5 million. Net cash used in financing activities during the three months ended March 31, 2011 was $23,000, principally relating to payments on capital lease obligations offset by stock option exercise proceeds.

Critical Accounting Policies and Estimates

The discussion and analysis of our financial condition and results of operations set forth above are based on our financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, we evaluate our estimates and judgments, including those described in our Annual Report on Form 10-K for the year ended December 31, 2011. We base our estimates on historical experience and on various assumptions that we believe to be reasonable under the circumstances. These estimates and assumptions form the basis for making judgments about the carrying values of assets and liabilities, and the reported amounts of revenues and expenses, that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. A discussion of our critical accounting policies and the related judgments and estimates affecting the preparation of our consolidated financial statements is included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011. There have been no material changes to our critical accounting policies as of March 31, 2012.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

The following discussion about our market risk disclosures involves forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements. We are exposed to market risk related to changes in interest rates and foreign currency exchange rates. We do not use derivative financial instruments.

Interest Rate Sensitivity. We maintain an investment portfolio consisting mainly of money market funds, state and municipal government obligations, U.S. government agencies and treasuries. The securities, other than money market funds, are classified as available-for-sale and consequently are recorded on the balance sheet at fair value with unrealized gains and losses reported as a separate component of accumulated other comprehensive loss. All investments mature by December 27, 2013. These available-for-sale securities are subject to interest rate risk and will fall in value if market interest rates increase, which could result in a realized loss if we are forced to sell an investment before its scheduled maturity. We currently have the ability and intent to hold our fixed income investments until maturity. We do not utilize derivative financial instruments to manage our interest rate risks.

The following table provides information about our investment portfolio in available-for-sale debt securities. For investment securities, the table presents principal cash flows (in thousands) and weighted average interest rates by expected maturity dates.

 

     March 31, 2012     2012     2013  

Investments (at fair value)

   $ 38,104      $ 27,878      $ 10,226   

Weighted average interest rate

     0.29     0.28     0.31

 

17


Table of Contents

Foreign Currency Exchange. A significant portion of our operations is conducted through operations in countries other than the United States. Revenues from our international operations that were recorded in U.S. dollars represented approximately 50% of our total international revenues during the three months ended March 31, 2012. Substantially all of the remaining 50% were sales in euros, British pounds, Japanese yen, Chinese yuan and South Korean won. Since we conduct our business in U.S. dollars, our main exposure, if any, results from changes in the exchange rate between these currencies and the U.S. dollar. Our functional currency is the U.S. dollar. Our policy is to reduce exposure to exchange rate fluctuations by having most of our assets and liabilities, as well as most of our revenues and expenditures, in U.S. dollars, or U.S. dollar linked. We have not historically engaged in hedging activities relating to our non-U.S. dollar operations. We sell inventory to our subsidiaries in U.S. dollars. These amounts at our local subsidiaries are recorded in local currency rates in effect on the transaction date. Therefore, we may be exposed to exchange rate fluctuations that occur while the debt is outstanding which we recognize as unrealized gains and losses in our statements of operations. Upon settlement of these debts, we may record realized foreign exchange gains and losses in our statements of operations. We may incur negative foreign currency translation charges as a result of changes in currency exchange rates.

 

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2012. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of March 31, 2012, our principal executive officer and principal financial officer have concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended March 31, 2012 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

18


Table of Contents

PART II — Other Information

 

Item 1. Legal Proceedings

In 2005, Dr. Ari Weitzner, individually and as putative representative of a purported class, filed a complaint against us under the federal Telephone Consumer Protection Act, or the TCPA in Massachusetts Superior Court in Middlesex County seeking monetary damages, injunctive relief, costs and attorneys fees. The complaint alleges that we violated the TCPA by sending unsolicited advertisements by facsimile to the plaintiff and other recipients without the prior express invitation or permission of the recipients. Under the TCPA, recipients of unsolicited facsimile advertisements are entitled to damages of up to $500 per facsimile for inadvertent violations and up to $1,500 per facsimile for knowing or willful violations. Based on discovery in this matter, the plaintiff alleges that approximately three million facsimiles were sent on our behalf by a third party to approximately 100,000 individuals. On February 6, 2008, several months after the close of discovery, the plaintiff served a motion for class certification, which we opposed on numerous factual and legal grounds, including that a nationwide class action may not be maintained in a Massachusetts state court by Dr. Weitzner, a New York resident; individual issues predominate over common issues; a class action is not superior to other methods of resolving TCPA claims; and Dr. Weitzner is an inadequate class representative. We also believe we have many merits defenses, including that the faxes in question do not constitute “advertising” within the meaning of the TCPA and many recipients had an established business relationship with us and are thereby deemed to have consented to the receipt of facsimile communications. The Court held a hearing on the plaintiff’s class certification motion in June 2008. In July 2010, the Court issued an order dismissing this matter without prejudice for Dr. Weitzner’s failure to prosecute the case in August 2010, Dr. Weitzner filed a motion for relief from the dismissal order, which the Court allowed. At a status conference held in November 2010, the Court confirmed that the class certification motion was still under advisement. In January 2012, the Court issued a Memorandum of Decision denying the class certification motion.

In addition to the matters discussed above, from time to time, we are subject to various claims, lawsuits, disputes with third parties, investigations and pending actions involving various allegations against us incident to the operation of its business, principally product liability. Each of these other matters is subject to various uncertainties, and it is possible that some of these other matters may be resolved unfavorably to us. We establish accruals for losses that management deems to be probable and subject to reasonable estimate. We believe that the ultimate outcome of these matters will not have a material adverse impact on our consolidated financial position, results of operations or cash flows.

 

Item 1A. Risk Factors

Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described in our Annual Report on Form 10-K for the year ended December 31, 2011 in addition to the other information included in this quarterly report. If any of the risks actually occurs, our business, financial condition or results of operations would likely suffer. In that case, the trading price of our common stock could fall.

As of March 31, 2012, there have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011, although we may disclose changes to such risk factors or disclose additional risk factors from time to time in our future filings with the SEC.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On July 28, 2009, our Board of Directors authorized the repurchase of up to $10 million of our Class A common stock from time to time on the open market or in privately negotiated transactions under a stock repurchase program. The program will terminate upon the purchase of $10 million in common stock, unless our Board of Directors terminates it sooner. During the three months ended March 31, 2012, we did not repurchase any shares of our common stock. As of March 31, 2012, we have repurchased an aggregate of 196,970 shares under the program at an aggregate cost of $1.9 million.

 

Item 4. Mine Safety Disclosure

None.

 

19


Table of Contents
Item 6. Exhibits

(a) Exhibits

 

Exhibit

No.

  

Description

31.1    Certification of the Principal Executive Officer
31.2    Certification of the Principal Financial Officer
32.1    Certification of the Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2    Certification of the Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101*    The following materials from the Cynosure, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, formatted in XBRL (eXtensible Business Reporting Language); (i) Condensed Statement of Earnings for the three months ended March 31, 2012 and 2011, (ii) Condensed Statement of Financial Position at March 31, 2012 and December 31, 2011, (iii) Condensed Statement of Comprehensive Income (Loss) for the three months ended March 31, 2012 and 2011, (iv) Condensed Statement of Cash Flows for the three months ended March 31, 2012 and 2011, and (v) Notes to Condensed Consolidated Financial Statements.

 

* Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

 

20


Table of Contents

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant certifies that it has caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Cynosure, Inc.
  (Registrant)

Date: May 8, 2012

  By:  

/s/    MICHAEL R. DAVIN        

    Michael R. Davin
    Chairman, President, Chief Executive Officer

Date: May 8, 2012

  By:  

/s/    TIMOTHY W. BAKER        

    Timothy W. Baker
    Executive Vice President, Chief Financial Officer and Treasurer

 

21


Table of Contents

EXHIBIT INDEX

 

Exhibit

No.

  

Description

  31.1    Certification of the Principal Executive Officer
  31.2    Certification of the Principal Financial Officer
  32.1    Certification of the Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
  32.2    Certification of the Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101*    The following materials from the Cynosure, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, formatted in XBRL (eXtensible Business Reporting Language); (i) Condensed Statement of Earnings for the three months ended March 31, 2012 and 2011, (ii) Condensed Statement of Financial Position at March 31, 2012 and December 31, 2011, (iii) Condensed Statement of Comprehensive Income (Loss) for the three months ended March 31, 2012 and 2011, (iv) Condensed Statement of Cash Flows for the three months ended March 31, 2012 and 2011, and (v) Notes to Condensed Consolidated Financial Statements.

 

* Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

 

22

EX-31.1 2 d318468dex311.htm SECTION 302 CEO CERTIFICATION Section 302 CEO Certification

Exhibit 31.1

CERTIFICATIONS

I, Michael R. Davin, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Cynosure, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 8, 2012  

/s/    Michael R. Davin        

  Michael R. Davin
  Chairman, President and Chief Executive Officer
EX-31.2 3 d318468dex312.htm SECTION 302 CFO CERTIFICATION Section 302 CFO Certification

Exhibit 31.2

CERTIFICATIONS

I, Timothy W. Baker, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Cynosure, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 8, 2012

 

/s/    Timothy W. Baker        

  Timothy W. Baker
  Executive Vice President, Chief Financial Officer and Treasurer
EX-32.1 4 d318468dex321.htm SECTION 906 CEO CERTIFICATION Section 906 CEO Certification

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Cynosure, Inc. (the “Company”) for the period ended March 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Michael R. Davin, Chairman, President and Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, that, to his knowledge:

 

  (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 8, 2012

 

/s/    Michael R. Davin        

Michael R. Davin
Chairman, President and Chief Executive Officer
EX-32.2 5 d318468dex322.htm SECTION 906 CFO CERTIFICATION Section 906 CFO Certification

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Cynosure, Inc. (the “Company”) for the period ended March 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Timothy W. Baker, Executive Vice President, Chief Financial Officer and Treasurer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, that, to his knowledge:

 

  (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: May 8, 2012  

/s/    Timothy W. Baker        

  Timothy W. Baker
  Executive Vice President, Chief Financial Officer and Treasurer
EX-101.INS 6 cyno-20120331.xml XBRL INSTANCE DOCUMENT 0000885306 us-gaap:CommonClassBMember 2012-03-31 0000885306 us-gaap:CommonClassAMember 2012-03-31 0000885306 us-gaap:CommonClassBMember 2011-12-31 0000885306 us-gaap:CommonClassAMember 2011-12-31 0000885306 2011-03-31 0000885306 2010-12-31 0000885306 us-gaap:CommonClassBMember 2012-05-03 0000885306 us-gaap:CommonClassAMember 2012-05-03 0000885306 2012-01-01 2012-03-31 0000885306 2011-01-01 2011-03-31 0000885306 2012-03-31 0000885306 2011-12-31 iso4217:USD xbrli:shares xbrli:shares iso4217:USD 23486000 23059000 -1866000 858000 249000 177000 13947000 18650000 5273000 6073000 16611000 28095000 1331000 1019000 false --12-31 Q1 2012 2012-03-31 10-Q 0000885306 9658465 2939161 Accelerated Filer CYNOSURE INC 8474000 9292000 12853000 14701000 -286000 -243000 13944000 13685000 -2041000 -1710000 124506000 125371000 10000 342000 151580000 157755000 113233000 120030000 31379000 30124000 6595000 5992000 239000 304000 276000 494000 615000 27434000 23763000 35694000 40654000 -3671000 4960000 <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Note 11 &#8212; Litigation </b></font></p> <p style="margin-top: 6px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">In 2005, Dr. Ari Weitzner, individually and as putative representative of a purported class, filed a complaint against Cynosure under the federal Telephone Consumer Protection Act (TCPA) in Massachusetts Superior Court in Middlesex County seeking monetary damages, injunctive relief, costs and attorneys fees. The complaint alleges that Cynosure violated the TCPA by sending unsolicited advertisements by facsimile to the plaintiff and other recipients without the prior express invitation or permission of the recipients. Under the TCPA, recipients of unsolicited facsimile advertisements are entitled to damages of up to $500 per facsimile for </font></p> <p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">inadvertent violations and up to $1,500 per facsimile for knowing or willful violations. Based on discovery in this matter, the plaintiff alleges that approximately three million facsimiles were sent on Cynosure's behalf by a third party to approximately 100,000 individuals. In February 2008, several months after the close of discovery, the plaintiff served a motion for class certification, which Cynosure opposed on numerous factual and legal grounds, including that a nationwide class action may not be maintained in a Massachusetts state court by Dr. Weitzner, a New York resident; individual issues predominate over common issues; a class action is not superior to other methods of resolving TCPA claims; and Dr. Weitzner is an inadequate class representative. Cynosure also believes it has many merits defenses, including that the faxes in question do not constitute "advertising" within the meaning of the TCPA and many recipients had an established business relationship with Cynosure and are thereby deemed to have consented to the receipt of facsimile communications. The Court held a hearing on the plaintiff's class certification motion in June 2008. In July 2010, the Court issued an order dismissing this matter without prejudice for Dr. Weitzner's failure to prosecute the case. In August 2010, Dr. Weitzner filed a motion for relief from the dismissal order, which the Court allowed. At a status conference held in November 2010, the Court confirmed that the class certification motion was still under advisement. In January 2012, the Court issued a Memorandum of Decision denying the class certification motion. </font></p> <p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">In addition to the matter discussed above, from time to time, Cynosure is subject to various claims, lawsuits, disputes with third parties, investigations and pending actions involving various allegations against Cynosure incident to the operation of its business, principally product liability. Each of these other matters is subject to various uncertainties, and it is possible that some of these other matters may be resolved unfavorably to Cynosure. Cynosure establishes accruals for losses that management deems to be probable and subject to reasonable estimate. Cynosure believes that the ultimate outcome of these matters will not have a material adverse impact on its consolidated financial position, results of operations or cash flows. </font></p> </div> 0.001 0.001 0.001 0.001 70000000 70000000 70000000 70000000 9828000 2975000 9849000 2975000 13000 13000 -1339000 1150000 <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Note 10 &#8212; Accumulated Other Comprehensive Loss </b></font></p> <p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The components of accumulated other comprehensive loss as of March 31, 2012 and December 31, 2011 are as follows: </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="84%" align="center"> <tr><td width="78%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>March&nbsp;31,<br />2012</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>December&nbsp;31,<br />2011</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="6" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>(in thousands)</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Unrealized&nbsp;gain on marketable securities, net of taxes</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">32</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">23</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Cumulative translation adjustment</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(1,742</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(2,064</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total accumulated other comprehensive loss</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(1,710</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(2,041</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr></table> </div> 9803000 14660000 6388000 9793000 367000 313000 701000 701000 1480000 1755000 <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Note 2 &#8212; Stock-Based Compensation </b></font></p> <p style="margin-top: 6px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Cynosure recorded stock-based compensation expense of $0.7 million for both the three months ended March 31, 2012 and 2011, respectively. Cynosure capitalized $15,000 and $19,000 of stock-based compensation expense as part of inventory during the three months ended March 31, 2012 and 2011, respectively. </font></p> <p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total stock-based compensation expense was recorded to cost of revenues and operating expenses based upon the functional responsibilities of the individual holding the respective options, as follows: </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="84%" align="center"> <tr><td width="84%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Three&nbsp;Months&nbsp;Ended<br />March&nbsp;31,</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>2012</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>2011</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="6" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>(In thousands)</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Cost of revenues</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">44</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">36</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Sales and marketing</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">193</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">230</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Research and development</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">120</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">121</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">General and administrative</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">308</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">279</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total stock-based compensation expense</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">665</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">666</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr></table> <p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Cash received from option exercises was $0.2 million and $25,000 during the three months ended March 31, 2012 and 2011, respectively. </font></p> <p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Cynosure granted 300,000 and 316,500 stock options during the three months ended March 31, 2012 and 2011, respectively. Cynosure utilizes the Black-Scholes model to determine the weighted average fair value of options. The weighted average fair value of the options granted during the three months ended March 31, 2012 and 2011 was $8.42 and $7.51, respectively, using the following assumptions: </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="84%" align="center"> <tr><td width="70%"> </td> <td valign="bottom" width="9%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="9%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Three&nbsp;Months&nbsp;Ended<br />March&nbsp;31,</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>2012</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>2011</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Risk-free interest rate</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" nowrap="nowrap" align="center"><font style="font-family: Times New Roman;" class="_mt" size="2">0.81%&nbsp;-&nbsp;0.86%</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" nowrap="nowrap" align="center"><font style="font-family: Times New Roman;" class="_mt" size="2">2.33%&nbsp;-&nbsp;2.37%</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Expected dividend yield</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Expected term</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5.8&nbsp;years</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5.8&nbsp;years</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Expected volatility</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">57</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">%&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">56</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Estimated forfeiture rate</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">%&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">%&nbsp;</font></td></tr></table> <p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Option-pricing models require the input of various subjective assumptions, including the option's expected life and the price volatility of the underlying stock. Cynosure's estimated expected stock price volatility is based on its own historical volatility. Cynosure's expected term of options granted in the three months ended March 31, 2012 and 2011 was derived from the short-cut method. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The dividend yield of zero is based on the fact that Cynosure has never paid cash dividends and has no present intention to pay cash dividends. </font></p> <p style="margin-top: 12px; margin-bottom: 0px; font-size: 1px;">&nbsp;</p> <p style="margin-top: 0px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">In March 2012, Cynosure commenced an option exchange program (the "Exchange Offer") in which it offered eligible option holders the opportunity to voluntarily exchange certain "underwater" stock options for a lesser number of new stock options with a lower exercise price. Cynosure's U.S. employees were eligible to participate in the Exchange offer, and Cynosure's directors and executive officers were not eligible to participate. The exchange ratios for the Exchange Offer were determined by using the Black-Scholes option pricing model to approximate a "value-for-value" exchange, meaning that the value of the eligible stock options was equal to the value of the new stock options. The Exchange Offer, which was subject to Rule 13e-4 under the Securities Exchange Act of 1934, as amended, expired on April 13, 2012. </font></p> <p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">In the Exchange Offer, 90 eligible option holders tendered eligible options with exercise prices of $20.00 or greater to purchase an aggregate of 325,946 shares of Class A common stock, representing 96% of the total shares of Class A common stock underlying options eligible for exchange. New stock options were granted to purchase an aggregate of 280,771 shares of Class A common stock in exchange for the cancellation of the tendered eligible options. The exercise price per share of each new option granted in the Exchange Offer is $19.78, which was the closing price of Cynosure's Class A common stock as reported by The Nasdaq Global Market on April 13, 2012. </font></p> </div> 1550000 1374000 -0.15 0.07 -0.15 0.06 <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Note 9 &#8212; Net Income (Loss) Per Common Share </b></font></p> <p style="margin-top: 6px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Basic net income (loss) per share was determined by dividing net income (loss) by the weighted average common shares outstanding during the period. Diluted net income (loss) per share was determined by dividing net income (loss) by diluted weighted average shares outstanding. Diluted weighted average shares reflect the dilutive effect, if any, of common stock options based on the treasury stock method. Common shares outstanding includes both Class A and Class B common stock as each participates equally in earnings. Class B shares are convertible at any time into shares of Class A on a one-for-one basis at the option of the holder. </font></p> <p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">A reconciliation of basic and diluted shares is as follows: </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="80%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Three Months Ended<br />March&nbsp;31,</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>2012</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>2011</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Net income (loss)</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">819</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(1,894</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Basic weighted average common shares outstanding</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">12,578</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">12,577</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Weighted average common equivalent shares</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">459</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Diluted weighted average common shares outstanding</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">13,037</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">12,577</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Basic net income (loss) per share</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">0.07</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(0.15</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Diluted net income (loss) per share</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">0.06</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(0.15</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr></table> <p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">For the three months ended March 31, 2012, options to purchase approximately 1.5 million shares of the Company's Class A common stock were excluded from the calculation of diluted weighted average common shares outstanding as their effect was antidilutive. </font></p> <p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">For the three months ended March 31, 2011, the number of basic and diluted weighted average shares outstanding was the same as any increase in the number of shares of common stock equivalents for the three months ended March 31, 2011 would be antidilutive based on the net loss for the period. During the three months ended March 31, 2011, outstanding options to purchase 2.0 million shares were excluded from the computation of diluted earnings per share because their inclusion would have been antidilutive. </font></p> </div> -8000 -2000 2000 25000 <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Note 4 &#8212; Fair Value </b></font></p> <p style="margin-top: 6px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">U.S. GAAP establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"><font class="_mt" size="1">&nbsp;</font></td> <td valign="top" width="2%" align="left"><font style="font-family: Times New Roman;" class="_mt" size="2">&#149;</font></td> <td valign="top" width="1%"><font class="_mt" size="1">&nbsp;</font></td> <td valign="top" align="left"> <p align="left"><font style="font-family: Times New Roman;" class="_mt" size="2">Level 1 &#8211; Quoted prices in active markets for identical assets or liabilities. </font></p></td></tr></table> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"><font class="_mt" size="1">&nbsp;</font></td> <td valign="top" width="2%" align="left"><font style="font-family: Times New Roman;" class="_mt" size="2">&#149;</font></td> <td valign="top" width="1%"><font class="_mt" size="1">&nbsp;</font></td> <td valign="top" align="left"> <p align="left"><font style="font-family: Times New Roman;" class="_mt" size="2">Level 2 &#8211; Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable markets data for substantially the full term of the assets or liabilities. </font></p></td></tr></table> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 6px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"><font class="_mt" size="1">&nbsp;</font></td> <td valign="top" width="2%" align="left"><font style="font-family: Times New Roman;" class="_mt" size="2">&#149;</font></td> <td valign="top" width="1%"><font class="_mt" size="1">&nbsp;</font></td> <td valign="top" align="left"> <p align="left"><font style="font-family: Times New Roman;" class="_mt" size="2">Level 3 &#8211; Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table represents Cynosure's fair value hierarchy for its financial assets (cash equivalents and marketable securities) measured at fair value as of March&nbsp;31, 2012 (in thousands): </font></p></td></tr></table> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="66%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Level 1</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Level&nbsp;2</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Level&nbsp;3</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Total</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Money market funds (1)</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">10,465</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">10,465</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">State and municipal bonds (2)</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">26,009</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">26,009</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Treasuries and government agencies</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">12,095</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">12,095</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Equity securities</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">18</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">18</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 3em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">10,483</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">38,104</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">48,587</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr></table> <p style="border-bottom: #000000 0.5pt solid; line-height: 8px; margin-top: 0px; width: 10%; margin-bottom: 2px;"> </p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left"><font style="font-family: Times New Roman;" class="_mt" size="2">(1)</font></td> <td valign="top" align="left"><font style="font-family: Times New Roman;" class="_mt" size="2">Included in cash and cash equivalents at March&nbsp;31, 2012. </font></td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left"><font style="font-family: Times New Roman;" class="_mt" size="2">(2)</font></td> <td valign="top" align="left"><font style="font-family: Times New Roman;" class="_mt" size="2">$2.0 million included in cash and cash equivalents at March&nbsp;31, 2012. </font></td></tr></table> <p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">During the three months ended March 31, 2012, there were no significant transfers in and out of Level 1 and Level 2. Cynosure did not have any Level 3 financial assets at March 31, 2012 or December 31, 2011. </font></p> <p style="margin-top: 18px; margin-bottom: 0px; font-size: 1px;">&nbsp;</p> </div> 16000 2941000 3518000 <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Note 6 &#8212; Goodwill and Other Intangible Assets </b></font></p> <p style="margin-top: 6px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Changes to goodwill during the three months ended March 31, 2012 were as follows (in thousands): </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="89%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Total</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Balance &#8211; December&nbsp;31, 2011</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">15,712</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Translation adjustment</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">30</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Balance &#8211; March 31, 2012</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">15,742</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr></table> <p style="margin-top: 18px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Other intangible assets consist of the following at March 31, 2012 and December 31, 2011 (in thousands): </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="62%"> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Developed<br />Technology<br />&amp; Patents</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Business<br />Licenses</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Customer<br />Relationships</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Trade<br />Names</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Other</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Total</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>March&nbsp;31, 2012</b></font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Cost</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">3,250</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">384</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">3,323</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">2,650</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">48</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">9,655</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Translation adjustment</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">30</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">19</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">2</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">51</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Accumulated amortization</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(978</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(159</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(1,110</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(137</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(5</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(2,389</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Balance, March&nbsp;31, 2012</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">2,272</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">255</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">2,232</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">2,513</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">45</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">7,317</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>December&nbsp;31, 2011</b></font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Cost</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">3,250</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">384</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">3,323</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">2,650</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">48</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">9,655</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Translation adjustment</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">27</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">20</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">2</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">49</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Accumulated amortization</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(874</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(147</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(812</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(93</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(4</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(1,930</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Balance, December&nbsp;31, 2011</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">2,376</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">264</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">2,531</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">2,557</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">46</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">7,774</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr></table> <p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Amortization expense related to developed technology and patents is classified as a component of cost of revenues in the Consolidated Statements of Operations. Amortization expense related to customer relationships and trade names is classified as a component of amortization of intangible assets acquired in the Consolidated Statements of Operations. Amortization expense related to business licenses and other is classified as a component of general and administrative expenses in the Consolidated Statements of Operations. </font></p> <p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Amortization expense for the three months ended March 31, 2012 and 2011 was $0.5 million and $61,000, respectively. Cynosure has approximately $41,000 of indefinite-life intangible assets that are included in other intangible assets in the table above. As of March 31, 2012, amortization expense on existing intangible assets for the next five years and beyond is as follows (table in thousands): </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="68%" align="center"> <tr><td width="89%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Remainder of 2012</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;1,386</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">2013</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">1,299</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">2014</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">950</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">2015</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">765</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">2016 and thereafter</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">2,876</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">7,276</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr></table> <p style="margin-top: 12px; margin-bottom: 0px; font-size: 1px;">&nbsp;</p> <p style="margin-top: 0px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The table above includes $1.0 million for the remainder of 2012, $0.9 million for 2013, $0.6 million for 2014, $0.4 million for 2015 and $1.8 million for 2016 and thereafter, to be recognized within operating expenses related to intangible assets acquired through the Eleme Medical and ConBio acquisitions. </font></p> </div> 12081000 19508000 -1598000 1077000 <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Note 13 &#8212; Income Taxes </b></font></p> <p style="margin-top: 6px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">At March 31, 2012, Cynosure had no unrecognized tax benefits. Cynosure files income tax returns in the U.S. federal jurisdiction, and in various state and foreign jurisdictions. With few exceptions, Cynosure is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before 2008. Additionally, certain non-U.S. jurisdictions are no longer subject for income tax examinations by tax authorities for years before 2007. </font></p> </div> 253000 228000 296000 258000 2054000 804000 -655000 1675000 -204000 -93000 151000 3359000 696000 -175000 2653000 1291000 2000 -4000 -107000 -267000 802000 54000 10000 5000 12000 <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Note 3 &#8212; Inventories </b></font></p> <p style="margin-top: 6px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Cynosure states all inventories at the lower of cost or market, determined on a first-in, first-out method. Inventory includes material, labor and overhead and consists of the following: </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="76%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>March&nbsp;31,<br />2012</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>December&nbsp;31,<br />2011</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="6" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>(in thousands)</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Raw materials</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">7,003</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">7,645</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Work in process</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">1,902</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">1,437</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Finished goods</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">21,065</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">20,486</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td valign="top"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">29,970</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">29,568</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr></table> </div> 29568000 29970000 151580000 157755000 30595000 34448000 <div> <p style="margin-top: 0px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Note 5 &#8212; Short and Long-Term Marketable Securities </b></font></p> <p style="margin-top: 6px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Cynosure's available-for-sale securities at March 31, 2012 consist of approximately $38.1 million of investments in debt securities consisting of state and municipal bonds, treasuries and government agencies and approximately $18,000 in equity securities. All investments in available-for-sale securities are recorded at fair market value, with any unrealized gains and losses reported as a separate component of accumulated other comprehensive loss. As of March 31, 2012, Cynosure's marketable securities consist of the following (in thousands): </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="70%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Market&nbsp;Value</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Amortized<br />Cost</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Unrealized<br />Gains</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Unrealized<br />Losses</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b><i>Available-for-sale Securities:</i></b></font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Cash equivalents:</b></font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">State and municipal bonds</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">2,006</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">2,006</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total cash equivalents</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">2,006</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">2,006</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Short-term marketable securities:</b></font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">State and municipal bonds</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">18,511</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">18,502</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">10</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(1</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Treasuries and government agencies</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">11,595</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">11,590</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Equity securities</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">18</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">6</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">12</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total short-term marketable securities</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">30,124</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">30,098</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">27</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(1</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Long-term marketable securities:</b></font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">State and municipal bonds</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,492</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,488</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(1</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Treasuries and government agencies</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">500</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">501</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(1</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total long-term marketable securities</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,992</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,989</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(2</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total available-for-sale securities</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">38,122</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">38,093</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">32</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(3</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total marketable securities</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">36,116</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr></table> <p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">As of December 31, 2011, Cynosure's marketable securities consist of the following (in thousands): </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="67%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Market&nbsp;Value</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Amortized<br />Cost</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Unrealized<br />Gains</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Unrealized<br />Losses</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b><i>Available-for-sale Securities:</i></b></font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Cash equivalents:</b></font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">State and municipal bonds</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">3,264</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">3,263</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">1</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total cash equivalents</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">3,264</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">3,263</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">1</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Short-term marketable securities:</b></font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">State and municipal bonds</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">18,868</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">18,858</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">12</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(2</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Treasuries and government agencies</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">12,505</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">12,499</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">6</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Equity securities</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">6</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">1</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total short-term marketable securities</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">31,379</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">31,362</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">19</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(2</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td height="8"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td> <td height="8" colspan="4"> </td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Long-term marketable securities:</b></font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">State and municipal bonds</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">4,719</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">4,713</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">6</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Treasuries and government agencies</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">1,876</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">1,875</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">1</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total long-term marketable securities</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">6,595</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">6,588</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">7</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total available-for-sale securities</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">41,238</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">41,213</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">27</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(2</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total marketable securities</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">37,974</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr></table> <p style="margin-top: 12px; margin-bottom: 0px; font-size: 1px;">&nbsp;</p> <p style="margin-top: 0px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">As of March 31, 2012, Cynosure's available-for-sale debt securities mature as follows (in thousands): </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="47%"> </td> <td valign="bottom" width="9%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="9%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="9%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="9%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom" rowspan="2"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" rowspan="2" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Total</b></font></td> <td valign="bottom" rowspan="2"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="10" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Maturities</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Less&nbsp;Than&nbsp;One&nbsp;Year</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>One&nbsp;to&nbsp;Five&nbsp;Years</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>More&nbsp;than&nbsp;five&nbsp;years</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">State and municipal bonds</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">26,009</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">20,517</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,492</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">U.S.&nbsp;government&nbsp;sponsored&nbsp;enterprises</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">12,095</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">11,595</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">500</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total available-for-sale debt securities</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">38,104</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">32,112</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">5,992</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">&#8212;&nbsp;&nbsp;</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr></table> </div> -23000 156000 -5393000 1061000 1753000 3745000 -1894000 819000 561000 457000 -14000 9000 569000 322000 555000 331000 497000 737000 214000 209000 2470000 21010000 11546000 160000 671000 0.001 0.001 5000000 5000000 0 0 3038000 3880000 18243000 13171000 25000 200000 <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Note 7 &#8212; Warranty Costs </b></font></p> <p style="margin-top: 6px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Cynosure typically provides a one-year parts and labor warranty on end-user sales of laser systems. Distributor sales generally include a warranty on parts only. Estimated future costs for initial product warranties are provided at the time of revenue recognition. </font></p> <p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The following table provides the detail of the change in Cynosure's product warranty accrual during the three months ended March 31, 2012, which is a component of accrued expenses in the consolidated balance sheets: </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="68%" align="center"> <tr><td width="84%"> </td> <td valign="bottom" width="11%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>March&nbsp;31,<br />2012</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>(in&nbsp;thousands)</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Warranty accrual, beginning of period</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">3,171</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Warranty provision related to new sales</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">1,052</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Costs incurred</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(989</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Warranty accrual, end of period</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">3,234</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr></table> </div> 7705000 8217000 <div> <p style="margin-top: 12px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Note 1 &#8212; Interim Consolidated Financial Statements </b></font></p> <p style="margin-top: 6px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures required for complete financial statements are not included herein. It is recommended that these financial statements be read in conjunction with the consolidated financial statements and related notes that appear in the Annual Report on Form 10-K of Cynosure, Inc. (Cynosure) for the year ended December 31, 2011. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the financial position, results of operations, and cash flows as of the dates and for the periods presented have been included. The results of operations for the three months ended March 31, 2012 may not be indicative of the results that may be expected for the year ending December 31, 2012, or any other period. </font></p> </div> <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Note 12 &#8212; Related Party Transactions </b></font></p> <p style="margin-top: 6px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">As of March 31, 2012, El. En. S.p.A. (El.En.) owned 23% of Cynosure's outstanding common stock. Purchases of inventory from El.En. during the three months ended March 31, 2012 and 2011 were approximately $1.1 million and $2.2 million, respectively. As of March 31, 2012 and December 31, 2011, amounts due to related party for these purchases were approximately $1.4 million and $1.5 million, respectively. There were no amounts due from El.En. as of March 31, 2012 or December 31, 2011. </font></p> </div> 50000 69000 2240000 3239000 -678000 141000 21884000 34168000 <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Note 14 &#8212; Recent Accounting Pronouncements </b></font></p> <p style="margin-top: 6px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">In June 2011, the Financial Accounting Standards Board, or FASB, issued new accounting guidance that requires companies to present the components of net income and other comprehensive income either as one continuous statement or as two consecutive statements and eliminates the option to present components of other comprehensive income as part of the statement of changes in stockholders' equity. The guidance does not change the items which must be reported in other comprehensive income, how such items are measured or when they must be reclassified to net income. Cynosure adopted this new accounting guidance effective January 1, 2012. The adoption of this guidance had no material effect on Cynosure's financial condition, results of operations or cash flows. </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 18px;">&nbsp;</p> </div> <div> <p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Note 8 &#8212; Segment Information </b></font></p> <p style="margin-top: 6px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">In accordance with ASC 280, <i>Segment Reporting Topic,</i> operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions how to allocate resources and assess performance. Cynosure's chief decision-maker, as defined under ASC 280, is a combination of the Chief Executive Officer and the Chief Financial Officer. Cynosure views its operations and manages its business as one segment, aesthetic treatment products and services. </font></p> <p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The following table represents total revenue by geographic destination: </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="80%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>Three Months Ended<br />March&nbsp;31,</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>2012</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>2011</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="6" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>(in thousands)</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">United States</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">15,160</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">7,985</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Europe</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">7,019</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">7,468</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Asia / Pacific</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">9,277</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">4,122</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Other</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">2,712</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">2,309</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">34,168</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">21,884</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr></table> <p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total assets by geographic area are as follows: </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="74%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>March&nbsp;31,<br />2012</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>December&nbsp;31,<br />2011</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="6" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>(in thousands)</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">United States</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">136,912</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">132,041</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Europe</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">13,703</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">12,688</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Asia / Pacific</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">9,284</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">8,855</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Eliminations</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(2,144</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">(2,004</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">)&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">157,755</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">151,580</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr></table> <p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">Long-lived assets by geographic area are as follows: </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 12px;">&nbsp;</p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr><td width="76%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>March&nbsp;31,<br />2012</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>December&nbsp;31,<br />2011</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr><td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom" colspan="6" align="center"><font style="font-family: Times New Roman;" class="_mt" size="1"><b>(in thousands)</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">United States</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">6,819</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">6,461</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Europe</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">1,290</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">1,344</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Asia / Pacific</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">565</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">461</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 1px solid;">&nbsp;</p></td> <td>&nbsp;</td></tr> <tr><td valign="top"> <p style="text-indent: -1em; margin-left: 1em;"><font style="font-family: Times New Roman;" class="_mt" size="2">Total</font></p></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">8,674</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Times New Roman;" class="_mt" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family: Times New Roman;" class="_mt" size="2">8,266</font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Times New Roman;" class="_mt" size="2">&nbsp;&nbsp;</font></td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td valign="bottom"> <p style="border-top: #000000 3px double;">&nbsp;</p></td> <td>&nbsp;</td></tr></table> <p style="margin-top: 12px; margin-bottom: 0px; font-size: 1px;">&nbsp;</p> <p style="margin-top: 0px; text-indent: 32px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">No individual country within Europe or Asia/Pacific represented greater than 10% of total revenue, total assets or total long-lived assets for any period presented. </font></p> </div> 8756000 11551000 666000 665000 119627000 121642000 -2000 -25000 197000 36000 197000 36000 2173000 2173000 12577000 13037000 12577000 12578000 EX-101.SCH 7 cyno-20120331.xsd XBRL TAXONOMY EXTENSION SCHEMA 00100 - Statement - Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00200 - Statement - Consolidated Statements Of Operations link:presentationLink link:calculationLink link:definitionLink 00300 - Statement - Consolidated Statements Of Comprehensive Income (Loss) link:presentationLink link:calculationLink link:definitionLink 00400 - Statement - Consolidated Statements Of Cash Flows link:presentationLink link:calculationLink link:definitionLink 00090 - Document - Document And Entity Information link:presentationLink link:calculationLink link:definitionLink 00105 - Statement - Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 10101 - Disclosure - Interim Consolidated Financial Statements link:presentationLink link:calculationLink link:definitionLink 10201 - Disclosure - Stock-Based Compensation link:presentationLink link:calculationLink link:definitionLink 10301 - Disclosure - Inventories link:presentationLink link:calculationLink link:definitionLink 10401 - Disclosure - Fair Value link:presentationLink link:calculationLink link:definitionLink 10501 - Disclosure - Short And Long-Term Marketable Securities link:presentationLink link:calculationLink link:definitionLink 10601 - Disclosure - Goodwill And Other Intangible Assets link:presentationLink link:calculationLink link:definitionLink 10701 - Disclosure - Warranty Costs link:presentationLink link:calculationLink link:definitionLink 10801 - Disclosure - Segment Information link:presentationLink link:calculationLink link:definitionLink 10901 - Disclosure - Net Income (Loss) Per Common Share link:presentationLink link:calculationLink link:definitionLink 11001 - Disclosure - Accumulated Other Comprehensive Loss link:presentationLink link:calculationLink link:definitionLink 11101 - Disclosure - Litigation link:presentationLink link:calculationLink link:definitionLink 11201 - Disclosure - Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 11301 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 11401 - Disclosure - Recent Accounting Pronouncements link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 cyno-20120331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 cyno-20120331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 cyno-20120331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 11 cyno-20120331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE ZIP 12 0001193125-12-217236-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-12-217236-xbrl.zip M4$L#!!0````(``I8J$`L,;$>>D@```GO!``1`!P`8WEN;RTR,#$R,#,S,2YX M;6Q55`D``P0UJ4\$-:E/=7@+``$$)0X```0Y`0``[#UI<]LXLM^G:OX#5I.Y MJB19U"W'SI;C)%O>3>)L[+RW^RD%D9"$"4EP`%*VYM=O-T"*U&D=M"4YVJK9 MR"#8=S<:0`,\^_N]YY(ADXH+_[Q@E2L%PGQ;.-SOGQ.L"./^2&Q):,A<\@=#P?D4@JE>EPRTAV1SWS(0G(C>N$=A988 M/FF4K;)5;YG)R=W=75EB7Q5W+=O"*Y5B;*^I`NCPGD9;+5OC)Y[XZ+V3P87-9R#Z\5*F=<%^% MU+=9P?0\=;G_;4EW?-P%LI+N]S/][VJZM]7I=$[TTW%7`.3P<=\LW.:)>9AT MM4>^F`"*#2HRXM',5FHU*^G-E:A7K=8R)DV/Y`6'39&AF%WNB^$)/$#H5JEB ME5+X8`5]2H/Q*SVJNAIV_&#.*PB5KR'U>\7G"1'Z6B?_^?#^QAXPCY;&;X%V M"3E#X9XJ_>@SZQ$M[--P%+#S@N)>X")TW3:0K'=>0!F6$MF5[Y53("<&$!J4 M\$-V#R;+[!`L51L0/+'C9NZ<%R[4U^O>U]K7FO45H7R-N?]Z$X(IHC][/`B:Y<#*RT.H.7Z&T2Y4:F-?9 M2=*60,B\7_EJDSE`;8Y2XU=PR4N]#6M2%/-G0<78$F&;T#B,:LX40-AC5O''9GO9+J9`)NT;2<1*RN1W8\D$Q*Q M5I.(M9U$IN8?.Q?!XZ7G^\3:!AG0WTJE+SZ?60:(L`W9Q8=6;;-V4G2F,:P^>]KL&^8+SSN+P*L%UQ. MU8!*IA9!G@5Q=I+AP'2:QW!JL`^C6PQE!LA"861A@$9NH\!ETRJ!]K>N'D9F MUFQ&OCC]AQ#.'7?="]^Y\D'Y?=YUF?K(0A+K^S,N"*/5."N\Z8"8ZJPD"'HC9 M#]!3LMK-C%QF<6U.R-1P^@`A[49[13)`.J^%^/9_U(W8=>\-@WQ#A:;;E3\$ MLQ)R="-<)TL9G:V*/V^2UY.GU6IM17(L>K__]CZ`/'#6\+>3J%7KU#,$ MSL.V#3%KRJK=;%16)N83I!OJPK:94D)RIL!W;Y@<7JV6$L0#?EA2MZ7<5J[,B10[CIQ?PIX--[US:7X>,5SU` MR;>#?6=/FD4]MWT+:6 M_;WZ=XQO(;1%")&F]='A_\]#.(8VB\[0LHE`L[.?7Q7>-5I-MKU9F."CR6$[I2IUZLR5>W4.E;3VI2I=]QE M\A((ZT,FM99AX"CI8K[!'**A9$F8`#N-\S/K<\SB_/`C]=:S]\O_?KR^^?+Y M+;GZ>)G%-PDRG@K&*WM`J(C\4'VB(PJ3E#B\;34I:]=;=1W_E^/8D(Z5AZ%. MM5/=F(S/S&9\B-T@2\Q#*%85P\0\3SR%,Y%5(B^G>L4MQK/_+>CZ-&Y6B]W*E7K,U:2"U<1 M<]YSVN4N#R%SS\6B8:XWX^?S\6Q.SNJV7&NV&QM2$WF1BY'Z.AQ`7!9>(-D` M-TF&[,JWA<=PW0+\X+IW2^^W$EFI6JG/.-PZV/,F?76[M%I6)4?*'8>C(4-& M2[ESY5_2@(?4W3+"UAN5J9`P'\VFM*QNC-5&K65M0,J$CZ=+AQ=*L5R#Y[0N ME^+-C<;U0F&M7MVH5&KS!#H?[9!R%Q.0=T+>4)?=,#N2N8U=-:O6ZDR2\A"^[; M%GD88+4V:7[+46U)UAJ&5\^;JBLCVCSW0*JMYBI4)IA7(C,GOZAW5A+@F@:7 MCT,TK<9VM*D!3#;P'US$'8('X?0CO*12CKC?U[M0RX17>5BO]=JT^%;`F0^9 MJV\:UEK-VJZH7&.$:S1G;/')A?F@3=8KS<8C46D6DR$(2#3P-\S\F^<"1*TY ME>.O0\@CL;!>)*UWFI6\.!">Q\WB`P(`$D%9S+=A>"7WBI_ZW#TOA#`A+ZQI MUB\_*E=M:HO MR7M(C=^$/"GKW`I=R();V*5:UD,]!C\ MHBZY92X+!L)G!.Q)8549^21!\KI8BES8(?GM]O+3Q>]`'_D`:*@]B&!^!+/+ MFTA7R$EX,9*A?LX=QP4R[[')#T=$,?8-MUH\@!]2.2(.]6B?*>3VC\BW8]Y< MSGI%(%L!5,TY"%_Z;*2`2J;*Y';`LDRY+@,8P`7-<#;D0B_[:.:08CQ@"A+3 M6SV1KX2N!T;Y.$,&4W;%S"HI].I16W'0)".AT*\;1+S7T]0(7$@"*FT>U2/`JZ&/#3F":T@'H\K?:05%(:]4R!E\F6L"J2VF$4`O;,4 MI_1-T8Z'9G6=(^H=:(^EJ]\/L.$%)%=(1@9$#PC;Q&$J3^`=W#<,8DYI]*D+ MOU`),3]6<3Y'WWQQAXJ&GUCBUHO<#(`R&1\1=G"%&E",T%S#`5?`4ABB^TWI M/6MC-`BDN(<1*F3@FN%`,D8`LXN*'9,!9L%`'>BCB"BQRU_!PMB`NCTT-(HH MI4,"*L$Y@)])R#!N%V'@RT0"(!TBQCO6E1%Z#X2.=A%0#+7G@E.%`Y!.+XSM M"`<`'1O&7$ZSI9@,.B]%1$UX\.B*^"$%$\!-H MA/\`"ZB&3L4:%9KM?`PT($B,GFGDI-JX_BOD-W`BI6N!7V:$2,`'L=`&7-0Q ME:W`$$@'0PK(,'[\$@-GEC:P#21-)5$.U&4B@)][ M"`E$DB4185&`".;-_HPT)QK39%0OI_(&S0L0"L3%(1#.0S*@:*G^")!+#O)P M6$]7B\W(6H=V>H]O^>1/X$OSX@C-BXVE>#R,@(!"$DK@S8*.:-HA0`^,^MJ3 M>FDD17XT]DR,&E`'>0($%*9I:@!ZZT8`C6F^8L\;\"`^]C_F#,,[_(N29*!) MAT$LT\%K0(A$A.ZO&H.$B5[,2]<7PP@]"`N6C>`T:E9L*? M=`#PQCGFGG@#2."?$0R$Z&;:\?X9N>AT5L7X43S.H;EHWH5T]-D5I:.\UL`X MH(P'"=#P'Z`?V\2IK%7\BC[$790*,`N!0#$;5:-=&0*6)N$BZDTSKFQ&4M*3PM-08M+`!32IB5NGO$"8$W?,@50$O12=S%3H]$`Y/I"LQ0EB M^0C^H@_J3`L#^W*I-9A8WQ(!WU'T9(B<<1X"-AB/94;U9U9XDBC3=G$E>(#0N#>Z0P&M,NJ*48 MJQL@ZX[P;S%U-[!'%77_@&P.'P[!*S!TFSA5)"Z]4Q&$DR("A5R3F=PF,TIQ M$V)P"S=9BM$N',2)E8F5.O&)`V&"0X^@R1O3:2@$+1VF$]9$4GN->L7XEH22 M(B98T#G067%@*AJ)&^^>CLKD+8P1<:S"L<\$:"THM8!Y2#O!.G1`0.:0&SQ_ M`..#`"_N8A:(IJR$QQ8!QF&KR^+H#XJ(_!X=@F5V73VJ)VQF`GH:)G%\L26. M[=IE8G MSW&1U2=QL(28>"IE::EQ,Z"XY6KFT],DX>AR_ M.ER&=J*A*Y,8[\:#=#5KN]I>SHLA<5=\K*(5O7W6:34>DX\G\!:CCGIGC]EX M,FULOU%IU181,&^K[V',:U2,KH=XNKIQ;EGEML=V:]-U(8OQYD/@FD>[K,9, M1-VD)I5U.M/9@V7V6;9*VZU]-(EQ9D[+IRITUQW4HCF&OF) M)6A$@ZKSNRJ8`S[4D_\815>O\95L((T&"F`DOT!@YMEYH0*R8ZZK8!:O;VZ- M_PYPJ2G^^XX[X>"\T*[_7"#4Y7W_O&#CBJPL&,P:KTS8#9WDA5;[YT(Z;P^= M3&^'#&-(AMTQDN;B5_)JWP%J\U,N$-<4/1/6/VO7UCP;F+"WY>RN"WYU1)-6 ME]CQ3R:Y)59P3_3:$!C?M`;`+L$`?73:.1:V=2BP)D.@=NN4+_!D_4B2$WR* MKKXLUN4KW1V#/Q25)6%WF=:LG6OM^W#SA9;0?`I+^$UO2HI(P6BL?M]'E9-N M'T0B8&S]R;89Z_4*A%XG/].9KB'O*"[*=?3+0'(7U8FWGB/^4O#\(\Z2D M5EV;%%_<2;R,W?R;Z^0B;RT]+M!,J4 MLA#J_!&9<\S?5Q3<(E=X+$_XS2JVZOL4$G__'B+A/AI"M5AIU@_+$.;ED%FD M\?I/=F5LOEI76>U8&D\>?G4F%L=31[V,-6?>.,=,U@F-CXAN3M>U)+=S!O9% M7@<_!;H5>(W"*NO"W]O68>G_V8WJ-1@V M'!%U7?8TP]2&^/9H7#]TB65,V/S$I<#4).=5XB[=.Y_>:5?A=2^^BS;'XH1. MNS)=,9%!M"D-:]8?U)O3)Y87$_&&]1A>`!$_S./:CF:M/5F%-1_'AG2L?K5A MJU/;EHR<;KRH-5O+*%ETF\0ZQ*Q^?8FU5"H/T7)+[\V%1#E=^3A]N>(2/-L0 MM+)XMJ`GP.-HVF_AMVON(_2=[(U<>5Y.5I^Z=VL5_#E3O.ZM_%,7>&U`\?A( MQ74/XST$>]WK,]-3)PQS2E?DZ0.VG^A('\QX7N53U8GJ*5V*%W]R."N1P[R. M8'Q:".P"4PRL$4#^NIH_.\L?,]\GP+W`%Y5R*ST`+20!\LRIPOALM-`'DYF/ M`.>45:&[Z<-!`=,W`+BCS+DEVUP`I*NT7U@-?2`:7WIA=?1OP/\@C7AS`I5Z MWY(GGYP@3B230X*;D[F);G=6#:=7.AX4%A[*'*L_%/H:!G.V.?Y`@;X#(?E, M1?*:(@9D%,1G;'OZ.@>\2E*+3$!:F-QPFIPESAS)'@C72;212AC0Z"-BQ6.- MW=P:.WQAU4EB\DYC=S5VCXAZSGQ[^;SZJ19A]JW&[DG*=&XQGJ9\?="!-?W[ M+498W3FNWYI?D[=OI3U'@]I9!>"S*LM\ENHYUE]^%_675\?ZRUSG6U.Y]8+4 M=I\L+D?N]V>+J;Y/12.[**@\FL-$?6WS0,UAM3%P;\(?7G"NXMO$L-@O-]JL'9,BH>5IKXF2FFUZ,Q5#J0*[HB.%:>[X%/ M6-5#]8FC83RR8>Q3P=HS3B'_P7Q]^;&^1];QN,_-Q^6'[!@<=SV+JK0/U`>. MAO&XF62K\0_]6,I1=H]PI&R_X307]50M3#PJC.Y,V MQZ)3+%9]42E7Q^7'NC2X:LJ$O[L*WW'1=%]2_=&<6OP%*62N9C7UQ[)TSI14 MUN8CH_1SJY3S ME_[JV>G1H(Y5RD\!_H"4LI>UR0=6@<#5MU(/$RB.FF(J))*&A["^]C3K"%L2 M]1A^8&BLE-O6SRFAI?0G/&G^O)_2W)L@=[2EB7V[M0;6FU'&IO M(O';>YR%XM06S\["/):,.'.=`XC$^^$MC[7$_4MZ*<#A#%O[&FB/IG)XIG+P M.>XXLN+ZY#&>[MA)&N5V2M6(43GG<-Q!^,4QA!ZMX_EEGT.!]^#C-]>/D7+7 MOM#:(]O_^1@0=V,$^U1@LX(1''ZVJ$+NZ?O">T+V&`_UM6F'L2;ZS%WAL#SA M&`Z/-I")AN;G7A=F7>L:EU(@.=:*F,H>O#/PSXA+%M_L%T3Z8I,AE5Q$BJBH M^T=\IU^F2J8('6TW&M_\9ZIW?E6Z?%NGF2[O,5V$@X\1($ M4'1Q4UJ0A*#&<7H,U%1`S4#CR1V&PB<$!3`2A:=8,`9.KT/CP+R;%#)(> MM1$$P!G7B@V`2Y\-F20!Y8`2J_T2:.92"-U#@**8PDN%<>?1URR$T$A'4Z]L M4ZKW4,W5*B57BRNZGMY#K_S8N-"PBIG+5(7G,=_&$CH_+::T!]3OHWL)4*Q' M?D.%%=XFS==@`K+P.UK#W8`#3(Z>#6WH4A!#.5::Q;#P&D\F56QN`5@L7DD\ M0H6!^T1^".'`':4H;29#_-QD0;OP'<4-JZD"131I2ERF%%B*'^G/;X.5^2"% MR8YW/!Q@3W$'/9(*4>/E$PZK[9UY@2M&#"M(@9&4#VU9,H3`%J`_Q;X[EH7F MNZB-,P/1@;!G0Y@P5@NHP4OU[:6]'B"7,0Y?A(OP&%<:2T7?BZS&SCRI"0-L M7$3ID.XH4XPX67,9:V4B4"-J&H"N[W58!(D5=`5E"="5]*_"F)(BQ!KJ&]AQ M")BHMARS,Z4)\%L8#*C&-?/2C.8,]Y-<_J^]KVUN&T?6_7ZJSG_`3FRG&VD\T8N7&5^['ZS MI8K'\K%2N19J1C_6>ND"Y!)`:UK]UBO3]V-8`@V+]1OKIR0*H&3.9A-G<<*H M$KT_.8US++`<@[X7.#45:E-0*QQK*H>,W\$7=P@B>+KIM*U^JP-VBL?Z]Y=( M.[M02@<(46..:;29/D=8]3L_Y[!(](&NC;\N6OJ<^AD[.%URX)XK(2ZA4A02 MHS=QXO0:5K=K/T:+7U"=^51U>8A9L_H,6L[8.L'GL[XH>#8!,:N.\>>"PQ3` M^9*-Y9)+L:08P.;^9/?/N[WBY%%4!9%2$+H'Y&>NNTI94Q6@47MK]8)D?N'2 MXW^QWX-H`,/T695KVF$2K;DS9,]Z\DO%Z5-Q&V6__(K*5<@J+DBP5=7\8MG\ MM?WL0<_V5?R;W=:3R+GB,:IR^57$N4A]=X\+$9I%RIQ7OYTUSNWVG*S2[O:E M:/.%!\L4@?KJ[D70>S]($W6T])F$E'6X/U4["ZJS)U$OZXZ'_L(=#U]`U>D+ MC=CK3Y&4;QAPC;<]H,94W-?SM@<]W_!"=S_C+E#5`%`*-S"^'$`R]EVP*G\]^GO7)5:08`M^)\E?`]0>N=/0/ M07A4XAGAR3OX1T<1\!QZ7\433H)UCG<2[(!=EVQ_E6QVF7DRY(6>!&/Z`!BC M$!?5GVK->X-4>%Y"G4TNG9=:V>1W@X!!Y>VU:O;]+] M%70]>GE$9D!_)8^2[/:5W7;.N#&&7*_Z;;]*=UIVWL!<-MNQVETJI4S86(<- MD_+_3^K$X+_6*%',A`1B<:=7ZU/2H4>>)ZTV!4T$C),^BUWK^*K>U=9)M1K.N'C1A@Z*KD_$!ZKY.2+*KU`^HUU+!H[F6I^4(F+-] MADGB-=7P!(B#[*=BBKY!B*#MU/J9*Y+=R87\9-J-T^1XK,D@14ZF_=B`(--. MYHE,NQ&F7;\TNLS1A^Q0_Z.5>ZS9^;Z%L@+S(AO!E-GG[=D==?/C<]@\GGOG MX73=67Q=G^2'.OE7*`?D\L!-YX4&UAYQ7'_X4A<'\..\Q@^>JN1AXN>'&NMU M0&_;P8)_51&262&9U5-\6QP3G956D'PL5'V1$(]4NGBB M)C(O]O(H_>PA2@./#<3"8"V>+$5?%'W06:NST[7;7X<'_Q89+D.X<]Y8QO0Z MM`+&TV0%K?D)U,+9WH%P>2I%!DUUXE7BKS37(XZL"A%NA]0U52?6GEU?.N*N MYL7U,"^S\0UF\G6(MU)>A![^N2J,W]-+!"P7>#CK+91WV(6*`]&_N9C`"OU. M5?3_<(64M_S'.Q&*H9]\`#3-BX$4RX5\\$,>XFG5"RPQITL!53<@2_SL0]5S M,;C;B#GM0W'X@?OQ/['XT[S0BWQ9E2):"Y4BD%^F&*YG10A5&^WWBXNO6#81 MG#-?CK`>`"ARL',/4?RGLBAC5;<`K4+A`E9=C^L.(!.K`@/<=<5$65'7C5)= M[FD"/W+]"98F4Y72PA'62\(":C-T,#X`LU-L6/RPTI$J6C8SE_.;A+&B7(AU*+&$459^$"N5Q3R46$B)L\#G`UT4\C7' M,D]^HIM\D]OVC!,>8`/C2":,>_=@D\!=P'*78UT?*3>_LZ[F[?JA*L$7JWI6 MNFON*OLX$,D#6KBLC5GU!M32F7TOB(1YJGX<8DZ;UT2XH]#_*P51IE)7NLH> M7Q!J"B2/.;BG,/JZB*;4%^X.I(CO5>3,.59W5%*^4S\!@< M*B'=V!]DUP'/[\DMT#'R`2[@3DR+#@PZ)H&XQZ*BT(]N6M74T&6M5&-^#`PD M#U%>K$+ZNLA6@::\;"A@/5F@UM+(&/,IXF*]E`Y7NJ%SY,H-=B.KQ%"RPIH] MTOYYY\6F;1=6<.TV[\:9EY#`]=GJ4SOM5O]IE-D'%L`RUW-0'4@>GW!*,7MN ML.R_L_])(]316=$_5$JZ2*]6/CJ`P/*JB2J!J_28+"HRL/AKO>^]`W^:2323 M#)Y)SL),^JBM9006!XT^&/=\OBECHRHZ%BR0\-6#NG0L>``XS\+\G<5D"H8. MO)J_%N8GSD8)ACC@B6 MP$2)XPBF",_J0A8>RGL!;X1K,M,!^@&)KYQ!9;+3(%BH1TW:A+0):9-&&8D-/LUEQYS>Y MA^YA6;E"-UR%":M5FG15_=L:WO[%BQK;.A!MJZ MLFFMXU5LHZZ?KXO"--F0IT-%KIZGR%7F;"H6UJPZ5BM"&J&GC-"<+ZH85YNA M:M)0&3M4MWAMQ-''I\06UNMXRND1$5* M73TV)`J[S%7(B+!"6"&L$%;J;6I*W"Z3G:R;1%VXAPN<:>CK])%!I'PMY\1\ MK3VT$6G-4]6:!H+&Z5B-!I66(VR00B'0G+Q"*?''ZK4,EEV#[F<)RG?1O8A# ME6;+[T3H^E3)]>@3A+0J@>8IA=P:_;I&N80-4B@$&K-`4VN%4N*FF>R4X0'1 M9%K(!"0?[-CHI]M("!=D2@DT!!H"#5F@?9?(:EW/J][W2Y#D2'(DN;I(KDQY M'G1_H5GU_L(L6_EDPE>S4IUZS9KZ#02)0T"BV;/LADEW9Q,DC@T)"D<)*UO? M*MJSVKVZWA[RXB+1NE=')MF1[$AV]9)=08GJEVMKA:PY2=LX;T^2+$9F@1^* MLY$J/_V6%6N9SBN,J'H,H)8;/Z]4&YD5%V%S7HY]09-Y1U?ACH>O&A]%BC:JL'J^N2PFRQ,+`T7!65P\_RBKQG<\J M4#'/]U2).U4J'LORY^6U5FI/Y2,Q(P:K7KT7KE!E^_,R^$^\!F%=)6I6ZEN7 M6*$UM>LW5M1>++[]._?#3Y&4U^$-8.]Z^#6.)B).IE\#D"XFU4Q49G-U=<3M MSD(=\>WZ7Z)9UX^^"+T+#XL.RP0)NA=7/[#HN*BRJGN_92^2N[GKZNC<3:C- MMMW;@\XH\AY`/\'3'\.$AW<^:(X+A?\Y@%Y61?;.0D7V7`!*6URK6I=S03`M MB7K6:K]4I<[5C1QW.9/>#JI7ZUPNL[I^?6O@M?M[%@%K]??O0I>^W#U MX$I6;C:OT,P01Q6(*IA^5('H,!=D!W@9Q$(5U-P96_&5[36ZZ:B`/845;[MM M=6UG9W*,7?$V>4;<8OR37?'&O7^G,D%_^;20;V#J8;/Q/:W7EY_F71:ZS^TQF:SS9:J^Z(TPF^3T'\\L, M5I>!<:EH91WX=)9'U#[/;K<$.+NOCVSX256?4]?4]0&[+C%4FPW2+@[-/F[, M22[#O<=MOF@B//5)S'[!#V_Q,DSPJ.^FQ4\5]_@_^\H3W)15?!]S]>ZYFJ_+ M8+Y+I1\**8NC]LEW<7^+!LNTP;I,)?0JXN)@?1-ZX4J._`F-F&DC=AMS3Q2' MZPL?T\0R;IA4*$.C8MBHT'Y?M4D;:[+A-DG8R%7$;9>;JG[NP%.1/+&M;7.VBYJ6TZ[KIK8)SN^+P4'OU(_"$PI0&S2=4Z^203A( M_NY8';(*A(._M^I::H]`4!TE?5`&+ZC<=;V6RB@1>)_Y2)6"3DQK&@B5VN:, M$QH.D9Y;U_N]"`UD1@@J1PS)"0P$AIRD=LDAV%J@H20>,SGZNG#==)Q"^"4\ MQL=1G/C_JT(QBK^./`%>][LF+4V](3UX'!C8;9/\:8+!L6!@V;9)838!X5A` M:)I4DIE@<"08F+1=02`X$@@$0:"`GFM!`9H2@0N6U M"`Q/C\)-.C:^;R)FK7:FJ."6H5/B=:]KTGX%%=4X$@SLEDGQ%L'@6-J@["PQ MP>#48-`W:>^24'`D%)!C0"!X;5M]HVXZH&I;=:N^\OR'/4A>)"^2%\F+Y&5( MM:T2,VO,TN2LMM8C!ZM.9I72G(0IQVIV.P;YGJ>U@6,0#CHFA:*$@F-I@W:S MKO?C$`XJQ4';I,T*PL&1=O/)-2`0=*VN41O8^V9UU'J=LNY%5IX_TB>)D<1( M8B0QDMAQ)58PQ?HEAZ9+J% M#$HF?DQ$*`6+A4ZO3"+FB7L11!-\(]Q1&`71W93QT&,3>"),)/.E;ML?^IB0 M*1EG;C2>1"%\RZ(AO)'J;PP-A2E0Y8_TZ1'T$/\*-%W(H2.`O4+[HW]T)<)=GPO M\IYVE?:J>SFI%W*'4:SX34:Q$&P,+8\D$T"6I^^[8/DU%TIHN"#/'D"P/S7. MVPP("-0A3_CFIXYM@7*P8*CD1+@HTV!ZSBZG82336+`1CL9D$D<__#$(,YBR MGUKJ%QH\GAC":"3B+/"'H@1,R8@GC,?XE1NDGD95-N@K#V=#J/0(XX/H7@"L MU-`MLF0MHC@7B7H)R/##NY+&IX%^CE$PEMY*\`2_J[ M7U\U`%8BP'I^+HAE]G["/2]__^![R>C75YW>S[.($R9H(N)7Q2"K$$QE/^CU M?]XZD,I_TU[_DWT_+PL,:Y7N_TV,.787(^#I@IKC+8_,Q6%;S5Y=%\Q*YH/) MZ`?`E^3/OF3`&YBX:%M.GXY['6\&E"S*T@QXUAG0KVWEJ?KI^Y*R/H3VY]T( MZKR@TDJUT_8=O7@#L;#@0XBW:#H<>3HX5J^VJ7-E$Z+6^Z*4S_NG MI7_,66_H6@ZI'5/4SBEORCVV1+W-"O7Z!?#GWSBY7=Q,R/<@)/O)/F_,=D'R MC8%X>?W5PMV2_L)SN$JE/NXL?]Q2'[>6/V[K31;[O+?\S;+W9ZE-,B3#C>Y" MX`(7VI,1;I?H?:OP;K[95=A7V["!EXSB*+T;*>ZN`C$6[+/P?#?;2+N,PG=^ MI)^6_N9],?VYY]_CFW_\DLJS.\XG;W^/(N\!V+H(O8\S,BX4%>]]Z09J"^D6 MQOU=$+E__O:?_\'8/V:_C2,IO\;1T`>3`1W"4]_$\-=7[U.]2??=AO]PW^K[ M;?2]^;VIW[QB:>CK!_^`%_#>$ZX_Y@&,_UGSU6^VT^C9,*\*-,[[>1H!3I$` MYU$"^NU&;SL"/H9N-!:?X-L/<32&X8`Q3F&8Y_N4[P2`1>CG;OD/(3_[813[ MR?0C[L\(F2C!%UNY@L%,II]%,HK@FWNA:[C*"B5\9K?[BPP^(Q]F"G!'A#2Z M79/D!PV63-9=&/X-M4.F'-AZ&]-[!I6/S0SPQ9\T]B68#02`I2P'/'7/8S]*);`#=DA]B`@% M#VCA<>CS7V##H*D'L%VNF*@/"S3[$DD.HO`.S*Y,!_\6;H)&K4B`5>@$D`D4 M%0@7/T"&H9XE;#!5G_$44`^SPQ=ZUU_O\P_4'`*A-7KG[,+SE,7C03"UF"OB M!$P_D!*>J9X7>%#I"ZM48LM[$M+=U=YNFK!KIK:07[GO5:C_G7:S1'O->GHZ M&;MI4<DI4*95^IYR*]T'\_ MAA>N&Z5@/K[RJ7*G*Y1;H]U:IG!SYU72NILP>XT#D?I-N,*_KUBR9YUV>TMR MY_U73/&.CE&G>Q"*XU1XGWP^\`.MBBN4L;,-));ZKYCBW61\UE_1WGL3_%X, M10SQYC>=^%IE-->V'Z%VJ>\J2=U-L,UFNU\QK:FXC;[I0/\KCW$D+E/X?5BE MW>JLVJVMR3@0`SL"VGY4:3R=`XR>PI1>9M+A0_8#&-W9 MRO074:516@D)'N^]8GIW7=&KB-Z*0_5EPSCOY(G=[VI#MNY?6Y+I2UV'7%Z& MG%OL6JY"SI;OU,*<9#S`-;DY4SQ1JXA!]*`WT_3)N!C)^E,D%L`$D##V0^'A MF1W.AGXLD04K>Q6E"1NKI>OSF;"F\]T[/(<4^[@P&/`!-*O.D=V+>"2XI]X` M9*0O]:$O)$2?Z(&)]X*/[W0[.Q[?P1]LN_$^.R-TN.,[1^QZNUR=(]0;J323 M9A%U.8Y+TI]61@!P"0`,0*>6(ZT,#3 M,K;5;YAT\=6I*D,CH=%JUK7:;.T]Q0]8'FDD/'8711ZIR6//!<>V&K4]9DO8 M."PV&E;K)168J??1KWJ?."7)/<]9W:W16C/U:$Y,[?2M?K>N95@($@>"1+O3 MJRDD7IRAK/L9:9+=`C1O M>J=.MS]HT^]WE[/`UO59R#^]"+V;!"0QB@(8.:E/;>[%O-VVU9F?`B6/];YF%,6)RNGZ%(5W9[^P$R=3:,XC/),4]LSAU?/O>;Y[BIDNZ+Y;F;O7-[5FQ"%>F>GV+W M0T#@("DVG36$Y27@X?E1VS%`U_4G/&"#*/2DQ1),'TYU@E^(JXOW(@ZQ6<;O M1.CFGR]18_=4L7#H6&CU,>_ZG%UDB8,%\AZ10ZP+9,1821R$,N1^GE:(%C(5 MEBJ:`81,U4%H,)IX#/J.^Z',#A!+73]C`L#*:\U+,>$Q\KU8*=]UTW&JZVSH MBN7X=2Q&`@1V+U13Z^J3%P9V/(?KJM17,A39ZU.I-VXW&KMF+#9VSUAL'2]C MD;JF/,T7G.JGS?"1G)A,;,V#'[8^;" M%`?M=_1F:-1J-FJ?E.=Y]&$K,:+U2F^8B1E?^$JSK88,\\#PK6+8G[&^*40\ M*KKW6.^M^CEBD!@T@,'M_'WS%-,EER.UV@$DXK+&6U(\Q"`Q6!\&:^\CW:Q; MQ:V)_JE(#`;E+UB-1EWS_`@1A`A"Q.$14=CWK$)&A!7"2LVP4N9WU3I1KMYY MT20YDAQ)KBZ2*U&>)H>HZL8QYBXME5%\2M$(>9B$"$*$>8AXF3$'886P0O%I M+3U>DAQ)CB17%\EMCD]'`DW0KZ]ZZ_7C_)%Y/E_+[,?+#$:M-I*QF0&^4`>Q MSK!L=_F!%LIQ.:D,"6*P[@QN5L?&*2+*:#$LPK-[5CLKY5V_0(X@<2A(4$50 M@D01$E3&B>`PI^2U20;CS=,6_&H5O]T^6K/AM/RG/9:@#Z8B;:O=I_JPA(UU MV"`32M@H(8E4!L'BE'=>37:[KI9+79&7=6Q+6M?BL82+@^*"4MP(%F7J@I8Q M"1>G[%U17AOE&)'D2'(DN2?DM=5LCT"=Q)*/)'B=5@1KSI99LV'93JNFC@5! MXD"0:/1I/8,@43BM5]?;5@D.E&=!`:AA+BU)CB1'DJN+Y$J49T%)GLS!JA+# M8$R(C<#RMT-6<-9NVU:=5?D+$(B)Z?4($(8)6 M^0D-9<&G2>:"@L^ZN;,D.9(<2:XNDBM1GN:'FOR>^P'&EV?#*#Z3G`)-`]R& M9L^R'9-=9PHY.V-PUR()H=R[:IM.H>'=&I3&)P_7,OSN%M@DWSHA2T]_/8T"?V]]SN MQ]$F"9%<_4S5+]%#*85IYB,IF-H.3%VVX$@UU4?90[JSMZQ1G.$5F,D+R:(A M>R]<,1Z(F#5MBSD-&_Z]G(:13&/Q-UGN:#$W"J4O$_QY,A)L&`5!]."'=^RU M'\(G42IYZ,DW;]D:EVRC.!IK6&=%9>?,9%$RE_/F,[H7%`.XN@&?2&@C?P42 MTM_]^JH!PA(!UB%Q@9O9^PGWO/S]@^\E([`>C<;/,X_*A3$3\:NB@BXHXNP7 MG>[/6^,J_TU[_4^J^IRZ?J:N2ZSX9FN]B^]BC'.[.-GRZ5L2S*Z,P*S^CU,V MK_96>?:LF0&^^*STVIRQ?_(@%8JAP8RU`PJ4QFO'\;H81W$"7WCJDYC]@A]> M1C*A,3-VS/X(8P&]+`W:[]P/)8U:S4;M4R2E./ZPE1C1>BU?SL2,+WREV583 M:6Z62L3Y,];7R-[(=4Y:\R$&3YC![?Q]\Q33)9B*I6J&8,V>"VG0Y?2$"(6$6%2VB`AXMB(,*E:#J'AV&A0XGAQ%;?* M/*M:)V+4.Y>1)$>2(\G517(ERM/D(%3G&;M+BV$4@5($2AZF*8B@")0001$H MH8$B4(I`*1H@R9'D2')/CD!/YNK4>FT&8S,#?'$SBN*$;E.E+`=B\&4PN%D= M&Z>(*"O%L`C/[EF]#EV529!8A$2;($&0*$""BMT1'%Y68?5:Q6]TH:KQ-]W9 MCM5NT/T3A(UR;+3Z=%,-8:.$)"KY1K`XY9U7D]VNJ[]2/YF>;'%,`Z<%:4N" M10E)Y'<3+"B9C6!!OM4+RFJC`KXY95>F1.NU4Z!.7,E'TKQ.*XXU M9^.L:5O-+BT$$R06(=$Q:3^5('%L2-BD(0@.+RO;HM:!:+T/;)#D2'(DN;I( MKD1Y%I3DR1RO*C$,QH38V,P`7WR*PCLZ2U7!<\0@,6@`@V6.:ZT6_^ATE6&A M6\OJ4C!/B%A"!%5<(D102ANAX:1S4TSVH^BXE?$Y7+;5ZY+F)&BL@08E!!,T M*"&88$%.%^W#&K*S0Y(CR9'DZB*Y,N59J[T`G0@<;-ZB/*TPUIQ5GH[5[E.( M0HA80$2/:JX1(N:4=`D-A`8*4>L5HM;]_!O)CF1'LJN7[$J4J/F!*;_G?H#1 MZ-DPBL\DI[#4`">C95M.DZ(0@L0B)"AAC2!1H,2AR)3@0,=3*>8DWY]D1[([ M2=F5*=$:;H_2IJA!CD2S:_6[=#_]'AW1Z4]BD6W[+&OA9Z?0N`>_&YE5+"VY:)9Q"9((@NA!LM=^ MR))1E$H>>O+-6[;&YWM<((^)V]E&WID'NJ!YP)<.^$1"&_DK$)+^[M=7#9"7 M"+"@BNN'=[/W$^YY^?L'WTM&O[[J.S_//#871DW$KXH&H*#HLQ^TNC]OC=M9 M)^M_4M7GU/4S=5WB):SW!E@,DTE5]7$6Y_P6?I(QCO3BO,MG\2;NY_6- MG++YMK-&(5C=). ML_MP0U:O/_CW M2Z-X?&5`P[A68T=Q<1P7IN-P822G1HQDB5JOUW(\52XS;#'>Z5B-!I4N(T@4 M(-&PVC;E_A`DYI2TK5;?I/0?0L2Q$?%?IW).R61OZH_SF_,Y4_/R9?//Y"0* M)3BYWOPCY4U/8E^>6@;$'N@\U"RR':M!!\0)&Z78L*EX`&%CC3_6:!`P"!@G M[);5.Z.IWC632'(D.9)<7217ICQKM6>P]B#Y4OK7:46SYBP%-7N6W:!\?H)$ M`1*.9=NT8$R0*&XA]&D+@1!!L6K=8E4Z?4.R(]F1[(YT[%R_S`]&::7H^??X MYA^_I/+LCO/)V\^S\]TWLW#P%L+4=T'D_OG;?_X'8__('_TBDDLN1U_CZ-[W MA/=N^H<4WL?P@Q_R$`_97+B)?Z^/$[F@KZ&1;V+XZZOW:T^X_I@'8$W.FJ]^.W.:(*8YO=L3<1#BG2+Q MSF/$V^W.(8G_&-X+F1Q,\NUF?RO9EY!Q$/)WE'VC8Q^2^NN)0/(.)'R[V]Y* M]B54'(3ZW63?[+;:55'_,72CL?@4R4JQ;??ZK64*YST]E8C=I-2S^]N2<)V, M1'PAI4CDER@$/1WC57M%4B[D]^OA=Z!@2PFTEV9':0]/(V)K`;3:W2?1\A]?HQ@'[2))8G^0 M*MMW&WWE*]SL"['6*G.'H]P<,>TV"?KF">E#%`OPY2X5_MSI;V$]I!^#!5A#L:*,Y"SM02[S3VH@2^CW.W3@K[Z,0&YBPJ1[)39 MWK4=5T;D;CAT&B5J?$LBO_(I*AMY&UVX?Z5^+-ZET@\%N$X:LNAL9]]X5]FR1R_P1S<1VK4YS>/WF0 MBJ\BOAF!"=G),#2+M'[\\N'5;XWS1L,NT+I5GQ71N5:BST"F>D!>I,DHBOW_ M75)SCXG16:&OK==CUU&XW-N>E*T5W#,0]E'*=!]QX0QYA!S=Q1ZD;">?2BA1 M@&,_I/\V](-?7R5Q*E[MZ*O]4D'[&Y33:O,3[GN97P#:I[!L MZB;_XG$,_LKTO2_=0-4&G&WT[4+K;[B1F.TCLH7]S852B[UGJ'R(S0SPQ96748RD7KW0U'EDPGOLN#8,HF>@M% M,LZB4)QA<14VX3%PB*5!`CZ(8O:0LQZ%3(3>62I%S'#95!6*A+[P[50F8BS/ M&:!!+VI$^3-W(H0(%#OS0S=(/0%]%9O4W45A,#UG5S(!G(+?QH:IJB#I*FD/ MH3$?D.SS`"E&].5-H`)";S)CQ&,\8:"N&;0CD+Q8W(L0+&8LW.@.FXC"\R<5 MG]3%/I]_T&Z!&5U$$V)XI@M7SD8-.?5`!?H!\HKOW!$/[P1(JUBQU!L\+ M;3$E4[4^E8>OTN?5@`XX1#>N8'(DP(Z^X`*@G=Z.!4![K=T+@-JV(04I=\V\ M-":QLS:5L7`2SOF"V:B^BMDO^"U.S$VVJ/XU#HT!S'%A\-HO5$2;%U(V<>SK M=:CI7TLVT6(#`;V%:!?!MDU$[$?>&F-E$AXK%(DYF>E-"P+"G:DQ-O^\%O-` M.9<2_&3PF0/ENB41"Z$%Y8IW8;ZX(_DFJY]57U6$'GFIQU9#3?2-+_I#Q.1!Q,L]-4//@8#J-X MK+:R#KG1]1Q["MC,?*/+7MCH^HA+6/Z87187[V="8"JM1J4OU7,/#+=3P'I& MXPD/I[C&DX8\]7QDTL\X7]BV&,XXEW/.1_Q>L($0(03+8L)C]6/5;.RI38X' M/QFI]VF(J9?P&,0,_F1Q.PR^%Q/=L=HN00C#.R7A?,]+4^3/H:?VY29I+%-` M,$;F^,LXQ9;QFUCGSBZD>V1709C<>^5('^ZYNKRS>J1V`' M<72C>X/-@:C$7IA`'HI?)&D91$B*BO)D2DM!BEC>* MS:/<`P%/E(H5]_'@]_D^H<=&(A9^>,X^)KCKA%MXX['>FDI&>I]/KFEJ@#M^ M7(D6AO/?::BR[/6XK&Q-E1.CI*D70)`IJ?ODDPGND69#=A&&N(WV34FM*++_ MB]+/=^`LF%3N.7N=O]>BQM^K_5;-T7OABO%`Q/E^FPULZTZBB1\B\=`B8)O? M*0(M\&8"QF<'!21[C3SY,LD6+D,*JH MXFS(_1AQ+>%)/;89D.9BFD12[:1:T+Q,@T1A+4LTAH8M)3R7RQ$;JLO_^`R, MGL*V!HL6@79=9=XCCOIL=N5`.&Y$3 MEC>N!AF?A*=P/]--A+\UKK/EV9F?15'W3 M*/T*ORP>*9$O-3$#AK)HL#+VF>*?%0503PM5?O_F57#.KD`5WIQ/SB]`E\![ M>/N&10\A\.XT?RXJG+]!$VD"RDQ#%=4F3&.)J3WG[&L*+7.ILS?\\!XXBW#R MQ]&8Z59W2@M0DQGU%7L0>.7G9!)'/U02!YBXG^QSFX$`@MQ$_.2<._D'2GO@ M#(-IB,D?98RK'ZVH1E`P8S2M$B@5:`1S13U1&,BF*]B&R8S7_JIUVLM$:4[>4+7.^*H97>61ZNLZQMW)#P( MBZZ'8',O9I'8US@*X:6KG7S`WJ4*AN3'L/A,'JR],+^IM>0W8;H*F_/-%H53 M3^\)8J;_3D.1N0GHPF:HH`_I[B%00!^&="F.6(E<1^&/@.\ER1".5T%TD M?!]HPPMZF2!OYG,?93TMLWBJIMK(J97&I$Q/@\P(R*M84]SQ(]7>#:9:%[XMA@3KT8=1*ZYC_ M*6)E;?*/SN`CI5OB*)U8J/.R#_('I%)TH*YX`+!&^D`51!#89@MI'(_'2UQO M4B2"0,^+RD234NP-"0"Q>.`LXMI!"@,?S\6?I_@5OI\;V^S[@F:]]\4#V`H^CQB5K0I.,=8`"UE4:W(E&+N/H0"Z#K3D1W,9\` M8&$`<;%7R?$%'Z?H=G8]3M'8_3C%AA,857U^A*ZWRVZI>UY^!0)3E4'&@F-5J=74VC4WD.\D#YGO["OW/6'ODMJ M\LASH6\YW6Y-YP)!XZ#0:%FV\X+.IINL%%5-2M*%1P:\8W7I=EV"1CDTFHVZ M1A-E+F.M#P77NTH!2:["^@[UBGUN,?_CM,R\.4N@3?!G:QOV$R0.8M5MJ]>C M6A^&&*>ZU_H@V1V@3HJ9:9XJCY.K.R26TCAY++C*6N8RRP1]R=6Q=T[G[#ZA M.G;G>.F^=SGZ;W;2ZC69-(5]_Y6R629IPBUMC2`$>!@B-1LV`4.85UGH'O][I95M*[N@,F"*OV@`;LNT=R;-?1S&7;*P'O9&7@O;_`H%\\< MS%`NWB/>>:W6*"@7SX`(M6/UJ)84(6(!$:T.9>111M[I;+#9EM.OZQH=0>/` MT&@:M0=/F7FD)H\U%]J=4]_2(F"45]-[2?YBO7>XZIUV09*K,&'%9,M.Z2E' M5-<]J].MJT]+B#@,(IQ.IZ:(>'$FO.XI%R2[XZ2K/);.L4TVQ_IDD>=/AOD2 M,>C/O_>]5%TPG89)/%57\/HATRNG>#TM+A+\DBT1S"\D%1Z[P]M718P7H8?, M;ORL[HZ8!R#U ML^:KWWK==@?`7"1S7:^54+=TI?4CU-EVNVT_C;P1C\4[+H5W&8WQ>WU-<'6" MZW26Y%;:X=Y$[2:O3J>].U$)(&\4!:#?Y-5?J9],%PBZD-^OA]^!CBWE8MO] MCM-=I&*EAR=0L#UF'+O3"=",?23#W$T5D]?3]1!N*L?(G9]D%^% MR#E;)&Z+SJNE=C=(G3GM/58"4&P'V/?OA=Y4;@"KS$HW$]5`U MU_']0 M2P,$%`````@`"EBH0%X?U;`="P``7Z```!4`'`!C>6YO+3(P,3(P,S,Q7V-A M;"YX;6Q55`D``P0UJ4\$-:E/=7@+``$$)0X```0Y`0``[5U;<^(X%G[?JOT/ M'N9EYX%PR[TZ.Y6DTUVI2AJ*9*;FK47#4Z1^V&A8A#74S&5XV`-VWN8-SX_=__ M_,>G7YK-OVZ&#Y9+G6"*B&\Y#-D^Y-<2OR+>>Z,A_ ML^&;6+]U_/+ENMM[>W(R;*\KCHD4.GS6;\M!N;@W:0"Q_; M/>HL?[F-GTS)I772.FMUVYVNU;GL'%^>G%N#QV6Y1P`RPGD%/4Q^O,"S++`% MX5>-1.7>7YAW1-D8!-N]UJ)@(RIY^<[Q6NFWWJ)LI_77X\.3,T%3NXD)]VWB MK*2$FC2YSL7%12O\%8IR?,E#^0?JV'[(3FZ]+&D)\5]S4:PIOFIVNLU>Y^B= MNPVP@65]8M1#0S2RP@I<^O,9NFIP/)UYHN+A=Q.&1E<-9TYH4]BQW8OD?WWR M@0SA$;>4<.IA5W!S8WL"]-,$`;L-2VC_8WB_!D)HXD%$NF"FTVR?-GOMEBC; M4E':VDO-EU_R_J@_0RRT_H=!D&G?/Y9;.ITQ-$&$0XN[AT8^10_09OYRV^Q+QX' M4:?=MIK64AU\3FJT8I56K#,$`!`\ZJRI]T3`H6R=B1A+&%5&-G\)0POT#V/; MGH6`6LCS^>*;9@2Q$T>87^.OOU]SGD#CV2_("WN9M1];I57L-F`,[)99O[C, M]]/>\1D$[%[WXKP+'SJ]=J+F":^X9NL@;.8L],/'+4=9#]MQB18/IM-06Q,# MM0OY$:/3;?/%#Z,Z%:?,10RZ_X85<*@/G8EGV5[#>D-X//'#7V8,4X;]^56C M6PY'HO%=$U?\N?MO@%]M3S3*:__69FP.^N@+94^`[0DY`50(H[S6FR=7#_:+P8R9[ZHQWRF)><>A`;CR$#D( MW!HP?D-^#ND9(C7A6Q=A3'7/:*KOR2O4G[(Y@)%0FRQ2#RIS$<74'6=15P9; MG]$(`5#WV7Z/<.>VRPR)>G"I"S"F]L0T:@<,S6SLWKW/8"R'(*WH^Q/$5+)E M!(4S*!7HE4BN#">2J10B2B4RVQJV2I1J0Y`)8?:H9%N3UB*;[Y_I=1] MPYX'8>2>^#898W`[OAU#LPM7@9$""%1RG]+CY@.V7[`71@=`]>13Y\>$>E!Q M+OH%?RYI67EBPB#=D^/V.+SNOVRYHGEL6LOIV5%&$JC=M M5O+DR<">BRY/;=IDO;#1/!>;-5$`6!5V68!8=_V M'I#-4?_%P^-H\3B;ZVRA&A%>`&@E,OG%7-(0O2(2Y(3N],(U8ED#H%ZN7Q:[ M`7JF0^2)%?J!S?)CMUR@3BSK@31U^E02DG('Y+ER1E.]2\Y=#'DEIMXV(E>N M$TC+UY9\/<1ZG7=)I('\[*0VM&M"WO,4WL?PKCQ#E&ZU M6O*L"+42\X$#%L>J$%36UK.4DN8QK$A-ZNJG$CJ5:912,C0ZG5*22^)FL1HQ MJ`1-)<$J9>++=7%4E8&-W7L2IX^R::_TTC4B4P>A2OY4!J?/#)+_@,US&^5V MP1HQJ0@N-QEJEC2(R'?D-\?/=OO\HEJ'2TUXO\CD)LZ+3)$ MOHT)7]GRD27;T+4F# M]&Q3-_MLTTJWU1]9">TEN#>TR>29MS5/AL=N_E[.!NO%\[^`LX(E?4P"<+*5 MX6[0B+(XT$!\0?P1DW#(=4]\Q!#WP\T=22V19^R$?TOW;/ZT& MYL2$%/:WVWW9EMGSBK=DB]2BIMN!(;DW:KN4.>2:PM_*HW1,5HG#7U_%)0,# M1D?2#"%1PAS/T.%A.Q[D0:K$#I5X2E_6&RQ^-HNGY6T96#Y^'DP23Z'* M;N#X$KNG%3'/]IDUVPAS*F#*Z=G$^K5(WA'GH#F:0D?L%3LHDYQ;_4`)8+)55:F`8?0J$Y6RG*J'L1()_A!Q M!+83%UA\ADCBT?#$73;7F3+UH5L?9B7ZRJ^(@$G$4:%K=XH)YKXPT"O*YCQ' MJCZL%P%:B8U1UU/*?/R_T&[]T>J86/8549E"]6&]`,Y*[(H*5[*^44(7IHEF MN;+;>K:0.:2;-_^W@P4KT7BU1UG1LZQ_B:?]5L:Z M=`KRG.TWF1)E-,BLI?74,N8T/@T6DLTQ'TTE!O8J>Y@&(ND%)GR?X9?`%R>S MG^G`SCLL45QKY9UC'_@KD?G)@"_O]($LB*_=Z7/M_B>(4IN/=[JIY[K@/ M_U+WXGV:M=)!\PND^'A,HA.QSOR9V83;3HB?N.%_L9_LT>?W4H>_6T!91BX8 M]4M-Y%>7\2NE[L=:J3LHMR+MQEQU/D!`@!B]BZ,!Z#.*_LI2=PT5R_-[O=/. M<:=WT3D]+2V]%Q4>,/J*@<*;^1\<06V7,ZG7X/NO80\@S_T5%9@7:G9F+'7P ML(LY3#VT5X-1X([,U':<^!E!'^C@T'SPV4-Q9Y=<$9$PKB)Z`(Y0V`R5N`+K M:0(Y3/AB,)$N0:Z4Y1'IA0_`!S2`5^(*K*\V)B*N]8FXJ+<_6KN;>7DQLVRO M@)+P`7C%#H90.F9:^C8Q<>5?%.[6UL\_8QY=]PA1<,#0%`=3GG]`J9BR`W"C M#S1,[@%5(]P*AM/Q(IA8+PW/<_;#FO*[=\0#SQ0V0^P?9[JKSV4[R.)%/_)IC$R9@W2)//RQ M+YSORQ+XR> MU-AVY_BE08L+#U-?'J0<&U24U=B)]F"8Q519NVI=R\;%]MJ)1RQWD-ZB8H.% M8YA]V'H;F_8MTSHJ#M);-,VQS>CA9ESM(UU"QP<(OS'Z+P3:V*,4J'CTD\@?I)SJV6/B+V=SQ+[*M!#HJ#L!G=C:'YM83L\9)7S"QB;/#."E%@7E.\_/& M2:KF,/65&7?OXA[%C7TVJ7M`U3UG)YWF.=..S&^[TL?;IQ(7^:X-&S6VPN7* M'8#+%+-!)?;E#]$L[I'[HP=*QL^(327O\I0XB(:&`W"57:U1C1'4W6B$',C6 M()9.;#)&0]M'?9+>[\NZ*0T5YOG-'E*`L``00E#@``!#D!``#M6UUOXC@4?5]I_X.7 M>=E]"$F@M`65'0$SE:IIMU7IKF:?*I,8L,:)*]LIL+]^'>>#!!((7VE&XJDA M.;X^]YR+[7#5F\]SAX!WQ#BF;K=FUHT:0*Y%;>Q.NC6/:Y!;&-<^__GK+S>_ M:=KW_O,]L*GE.<@5P&(("F2#&193,&"4\S%F"(P6X!F_(P&&="QF4-X)XX-6 MW:R;%]=U`TR%>.OH^FPVJS,?RT-HW:*.IH6S]2&7T>4X-6VC;L9/!N',U.V` MEGZE-PRS`=%I78.GAQCW(!,9XVU`@MT?(SD7D%JXO%M+D)N/&*E3-I$# MC:8>`6L!LC/G.(6>-2.LJ7]_N!]:4^1`#;M<0-=:CO+#9(TSV^VVKI[&4#F] M+6)LDDU+#QY**,<=KJ:ZIQ84RLBM*8!9+;C2#\9^^A+43_>VY]E=7 M8+&X<\>4.8I]#?CQ_WZ^2Z7AQ^)>4"&^C:9F7&I-0_>Q>K&P^J'LAT)6G1]_ M0%U.";;](NQ#XKL[G")9QD^RAETQ10);D.R1R,XSA#E!9A5-*\?XJ)Y\QULJ MVZD,P2QOA#0;2TI<:1A.E$PJCH)=H4NH'F+TS``G)!S/HMG4@7A'MNNCRZ&* MQM`C8F^NT?!3DE5Z:`YR1HCM2#0]](0D(2&[45,#0D)21>QB?Y6XEU.'!'S4 ML9>@9+IH+I!K(SN^BX4_H6$8;0-H(`J4O)1!01`5),.J)&0:A%JI&8B_'U"6 MJ:C290SY2(DC=_H)A&\J*QT1P:,[6I"G&6X`G\+;K_%"]0)'2\\('"&BS@V9 M(/TCB0X(Y/QQ/!34^M&;8[Z-\SH^IK\LEQY+)R*+*XH;UMF>RR1E-F+R0!9% M&S/JY`L;4J"%TO"X)$7??/K+':1<4Y*DOH2K;:8;6<`3V;"^_A?T(*^PDG9D MY?%S^_!ZV;RXDB?69J-]W;B^:IE-HPQKHNWNI-YDYE8%NZCC4%?Q[3V$6VJV M71G`4WF3WN$W^Y)?;RE#,MA72_U^4?7['Z)^XTCJ]RND?OR5EB")U%='R((KT1KMS-TZW,]7]`[.NAV+ND(>&K\2!97G933Q+Y;/">7([M8$ M\PXZ;'%DU2?T7;<1#OR1%ZNVR%NOT;'T189=,6/]<16^`)O-6.?\QC!E\K"M MW#W:=Z"HO#U)Q/;)W!(XR=!WY7FI`C?W%7B%],D5\M50_A9S"Y)_$62W\L[JDKX16:KZK4/57Z-?)?V#TBCF0`I; MJ@>7Q_$@E<#'NA#\E/.,)I@+!EWQ%W2REI]L6*G:7^VK?3;W*L@^D+09)'>N MC>;?T")7]S5FN*/> M$%.'PQSCB@ZNPE>IF*U%,SK-&\RQ;`P.]#U/3"7)_Y:GX8WVK0^J?A.C:"8_ M@UUWG'L[614-J'[GHT@65;,H\7Z\XZI8:&3U&R8[I5-A]PHNAAM'5+^U4BB- MRKNT<0W,15>_^;(UA:HY\\(0Y!Y;)*CFN)*)K'Y79B/]O7[]O(G_G4=^^!]0 M2P,$%`````@`"EBH0+QCO"GH)```#Q,"`!4`'`!C>6YO+3(P,3(P,S,Q7VQA M8BYX;6Q55`D``P0UJ4\$-:E/=7@+``$$)0X```0Y`0``[5UM;]Q&DOY^P/V' M/N\!:P.2)3F;39Q+]C"2[$`XV=))RNX>@L6"XO1(O'#(69(C2_OKK]_(:9+] M.C/LZ@3WR;)457R*K*JN[JZN_OX_GYL)5G97%#Z].WAZ_0KA(RWE6//SP M:ET?)G6:9:_^\T__^B_?_]OAX5]/;R[1O$S72UPT**UPTN`Y^I(UC^BL*NMZ MD548W;^@F^P)-^BV7#1?$O(;(1]]_?;D[5I2V M%J1OTW)Y>"B>=IK41#KA8X]]]_:D^\N9>')9?(>^/OKFZ-WQR3MT\MW)'[[[ M^EMT_:FC^T04660VPCPK?KDGST+D713U#Z\D<,_W5?ZVK!X(X_%71RWA*T[Y MW7.=]:B_?-72GAS]]=/E;?J(E\EA5M1-4J0;+BI&Q7?R_OW[(_970EIGW]6, M_[),DX9]'2LNI*6@_SMLR0[IKPY/WAU^=?+VN9Z_(N\`H>^K,L($8@.^: MEQ7^X56=+5"*G,*O#G]WR7!U4., MGQML^N\@?2G*0^J+QU]Q&_P=_*40&Y(H::8Q`54=F)Z_,@H.B+T,R.+X=N?Y4E= M7RUNFS+]9?:@ARQ8RI@IN&CH(&INXZFR"$T\S-C9D=H8O]X>ZM*$.:,OE MXTJGHH(0R):UD'NV/*(*;\L:"&.K8(2(&\<,_9@6^(#]:LU&) M$#@-'4%6YI\=%5SB.8!@FJ104L1H@>S8&?2GI/H%-W1.=8O3=94U&:Y_*BJ< MY-D_\?Q'DFA".B!UH-OYS6+O5 MP:/6.OQ;,!M5/UB_ID)I0GW+&7GBG#[U8YX\*'`/_A[^:RH!MI^S]\>@WU/Q MY-$'[6@0)0KMG=>XRLKYAV)^3H*,P2('='#^J@0\=-P>$8@'*Q#H79D3(T*- M*'EH&_B8U6F2_P].JH_D-\-TPT@)9P<:T$-+&)"!V((2@]X:.#FB](@QP-@# M-THWB^C10MN$`KC:*B1"0+L8H;!:A@@706V#[][,[M@4S>=DJ1HNU&3A M+<($MS4&%4U0.]`#&)F`V#S;T")*'/;CGQ$3K)+\HICCY__"+UJ%1G10GU\# MN/_]!T0`!J!$H+,`08P8-2+DH6S@;%U5O;%,GS/J2<-;@@UV:PPZNJ#V8`8Q M7K?BY+V$(70.RNFMX\)>0U7ZX96\M':2'VX,S*!C14.J@P&#@,'Q"ABA:,=4J3E M[P/$F9'$'<%2^-7B8U8D19J1=+FL,T.UFQ\K\'*Y@UK*!70#']R2NA648M^E MJ,L\F[-"Y=,DIR7`Q/XP;NHH2L-F=4V@6`QM2`1C4FJHLO'T*8*;B>KQXZ50 M1H1:JDFV6YYP=5^:-UP\L`+N=R?UXZR8TW\^_&.=/24Y\<%ZUIPE5?5"HO:? MDWRM*V=TY`7:%?=1K+=1[L(8?N_<'=4X0!(F5@[,?I#8#U#2H%8"8B(F<995 MNXIMW&??AX8I_0'+&F+RVW*!FD>,.(P)-22#6-4`Z'B/'[*BH-]P>DWM]1)3 MZ#B-*M)9#5"G.T#LV`A@BO*49#G=\?]85K>)O/$O%@=T0YR=#RB1<56HE]O8 MF,*G.VZ(QEE%RW>X**O#FG"B#>L!$LS[=:K1H;*I-:H[5IA`MZTJMX]EU1P2 M\4NT[$IM)M?&%NNF-35-A`N6BF^I'"^%4F=&`:-SFI9K,G+>ZPJLDFW]X7N&BQF2:=D5FOA5?3S,/CDZ<,([FH93L?PYLP=W2&=/( MQ@0G$JQL%LV8$>>>:`+CZB4!%`-.EW?7$'/6FJE8,A5346:0`*]XG^,%)DCF M=\DSU\B:3!LY8.*$@Q)R?#"0!X\+5BSCPD7!@;(B+9<8-:;="/:6&UM`]B6[0:[<.&4\4N8TUBX'-5UR& MMRCR#Q>@S":C&7*OJY($G^;EFF!D#8#^L!421SG(4E<;BEGVX)R>W4&/`\28>&>LC3HLFL@?/?I-ORQ;:9: M-;LLBX=?T7;J_K[4#B%#TQ?TQ[*316$@8??@TH1J;"U_6+CDPS"0\SNOH#GQ*M;>ST1]LMS.UC;-SG MLIQQ"0=V(4Z_`@>T].9U0B)05FH"QM?8(!UE:WCAW.`R2^ZSG*6N9)!EAP,? MRWQ.7CR=_C8OEF-1[NPPKN2KGNQLKKS!W=$/V'@^MF%G>9(LX/>(BX!Q9P#% MPE>)7BSVWF^ MQG?E#<[I8=_KI+(?43$Q`-5N6%7HE6YHJ<-7;EB@*'H2>RP>CDY`W,6+!798"J&7Q5..?0!0L2//$X-PD[U1K/I7'6.HKIZ,$& M,K,"@[%,30PQG)F0J(8'2H_DA&C2D@B'PPU;*="6*8(-R;N^]GA\MRV4NL%/ MN%A;TD\=,6PQI1JZJHZR3PE60JF"H:]@JS@U;.6='V1!'8^5GR6KC&J*DQI? MW>?9`]O6L0Q3-B:H!ADNJO0[8Y@X`%IBV.$HCN4S)I13+E1V;%"]$B94`621 MS^P)\61J;BE:!+F9>MLMIK6]55K!!=)`A62W.0!]%&FVV,"TQ=#)MM:AA/NUJ22!Y MMKLV7:H=T1XZV]R71A.WXA8-`V"%BU&%49F+DAJFUL4`15.)(2\)0=>4;JF" M5+/3IB1`"[R[?X.HW)EV",X:6@Q)MU_/RJ+)B@=ZG;'G?3`C.4[T&XN/!%EN$Q=AY648-U:=*`'W5F&9!#=6-08 M5"T\Q)2@YJW\__WX[?'Q"=WH1D^4#\W6S6-9T` MOM;=.K:,R2"O=#>/*D,:D.G$&,`XZ68WH<]X+VQQHWO*[XIQ\.WG_S=?>D]@\-NB7OG%W?CKXZ/D#$3H[_HR>M8W*2=HY3 M(>R$"CM^?X#(7U8X;;(GG$^S7N#61M_QJ_1NZXEVU-N'-I&,=]#N\NT?WOL8 M^"<2KAZ%=9^\:UV%"7KW[0Z>)@5*.4,<$/#UAI0_H/!9UU;D"QS6:2(:\J_(B+FF3S%ZP_[V59TQ8J5XN[Y%DWR/E*`3O.LXVR M@T,^/B(@CO[XXU.=3.E,573[EN6@G(@`S'OWKB.OL^C)05P0>DU%O6$-C6A1 M&)$7TT`"_BHB&6?V\QY$BPTHXW M/\94P8<('82QH0C"=J'RY)UR2?VK/SJMSJ/7Y-=I6=.DA[$YRQJMS6]$373E MX0-U"Y,G;O\.WW_CI#>[592J"#?,^NO87U>-9Y3<59-(!KGMC4Z]5>!N=)"U M<\X%4O'4RJD"_Y@J@MHXGYJX6=-4V?V:M^-M2MIM8JI*<*?PY*Q-!`$H"JS6 M]-(9)<\@:T7%811G5I6]P#0ZV]G`S[,:U?%I0!==X[D=^K*ATUOPP[`^.G&7 MR0>:Q>5"_8HP$M^O*A+92";,Q&)\#'V]*81Q>@MCIAB,3:>*WLB&',#&I89C-ZIVIM$QQF5)6USPCOP`99B^TYMI_U:DLC&-@E51Q'=2,'N&FYC.<&BM(84W'>.0IS0;R$%[*_B]X3J:XO#>TC_'YK))T%)&L"/: M!ZW=$N5DL'NB,@;KWHKZ)!S0+IT;\H&)1[I/MY4NUIVZ<"[+ZS%8XD8[5%A: M0&BI85S7`EYV7PUIC4[J`[''2QFO MJW*^3AO1H&L8Q]4D`!K3= M/]WW3E-'&3<=P?&"`=`['GP0@O:"J9NKA0"K70KJ MT4"M`"J`]M?])`*`U;[1TQ73IIJ=_9@VQ-L7]G9'&LX^?ZS*NB8I\$)[0KI' M`6.;"I"R94I_#FZ7HV>/KW&G%(B3P%BD*\:5$F/`#MQ\;:-X^"!NRK(L2QGH M@?IOVQ3HM=_6$8?OOFU&,F[\W-)W5YH!]O*\Q3F1^4!RZ4])]0N6U-!H:V(` MJM&WJM"KU==2AZ_9MT`9U^XGN9B[+%L&H&KR"9"'G&[5F';,(O#/20:1ERNZ MW&$V>PL/U,3,09'^;,W``#"%LZ)1S.LX#[.E^88+:A8UG08!^T0LZ2TH_V3K M?5>+BZ(A<+/[',_J&C>Z10D;$U`7""=5>DT?C!SA>SPXP%%==]PQT7G1A@UQ M/J"#^_O0)=OHDC`^E*3_6&<55.')-!\(O`CE1UR0K#0G@6PV7V9%1C-8VO31 M/"I:N8`FO&[*]";!9I;P$V,7/..)*.=B0TO2XP.:.D^LQ0Z;BZ-9VV<\G"@; MZ``V$$V`NRU#%1',)J$>B<.$F-_3]N4Q(VE25M#]?#)[V,PANDG'`=)E4^S_ MLB')!DB"$8?^-'S-R3H%CG;!U^_+T1?0?H05H7#>QHSMI00HYV M0PK@8\YXVWY=M(?3&PZ\U`(/61%)I@.X;C@\$2@^ET5G&N/AU8\5JE;27:U^ MX:2=#Z"*TA64PNHX:]J:CE@KE:UP-%<[9D)5\&=JRBL*LQ*S,Y:3(C=Z6+5";]` MZ%,#[4C/+\%<$X4V8_XI7I25Z/9XESSC^E-6E%76O+0!BLRD^U)X8Y)/N'DL MR5^>"`FK==>&R(`(($\W!'W)XQ,301X/=`HCH&[:Y/=RD_QN8,B'.^X9D+:? M$!>/)/D';2+#4!Z0*793)64USXJD>D$7#5Z27Y[Q)JJT8^J'Q0*G34TG.V>/ M!!$]_5C0RM]RS:ZE1=<5"3;9*F^O<2:HR/NDFZ2HU7W*.N`[6Q2%_W9LHB6^ M"YD2/F4U78=Y?8\+3*:'Y&N67F.TUA1[.R"L00_$I M_Y+&%ZN@AAPFM.#'(7U$"A1^-3A4YW*`7,R6C&ZK1TP!8LJO$,Z#R81X$ZDT M^@YH8+Q5"53VT1Y!<,]4/'UD";2Q_G3=Y6T^YXHPDP+!ZK#FI,+V!N\ M*BMZ%+G0F$`XAV\OK&G[#)TF=99J5-/0P@0`(W`Y$"@)@P<$`PI%6V#RM\XV M$,DS>=\)F$"Q'?*>+TZM@BV`3/'RX5ST/,O7C;8/DI8Z#C<=@# MCI&]B+]&ZZ[NZ*-VV7U]A'!N^Q>"]:Z[63=TD MK!6/:<3UE`'CXELI*CN^EX#@X6`+=)I!Y8N0=)AP4=W-X+QY6KF1!1,Z]J\I M`M+4%EWVH6DK`PDAB$NA"\*B^ZLDZ``Q4>!%O1K%1?P_W^O12H@I,-F4= M0I-.1"S!R8Q/.WS^2@/4CMK^RH)4<&U#7@_EC$K&=A<-4UNV+]R:$BB#S_0O^Q4/TEP%9_"O,,E`B'>5 M]MZ56""AORP+&H(`NS3HM/]85F2@+\[6%5$R?;FKDJ(F6M*74,S9_W)6M#"; M_^^:5QTXO"O/+S`1AKBBU*0OVB6630(@FH@WH7;;Q$4!![5XD`2('2:3(*$- M)I^`&E<4#?G^I:JZ1GJ-22<:L,SX_TV3T0(O6^D^Q>PIR7**=5%6=9+C6YRN M*WY;XX3CV]Z>&M>(MN>7Z3*&[>F1T8Q:>]5GFV#0`3@D"`XI!+3!\)L8F*9] MQ3\5%4YR>N\1>DBRHMT,)>^&=ZEB;Z;N'AG7P/2;M+YHQQ['>>8TL]?8Q@[/ ME[''M9IH8K\7WFG79N(*2[N]&-$_0KL<`WH_W5#55DW-&S)R@-U39U-B<%>= MCASBOCHS%M6E;^/E/,C*YDE5`-FW.TOJQX]Y^<76:MC,`KXCIU5#L_TVHH?< M:].`\=I8(R(0DQ'%/AIQ"HJ(G9V9X_GIRT\UGE\471NB6=ID3SS3-9O=-H+` M#KALJ?+@%(RG%(BC,EM!-+3'2CH6P!V:S72GOBMO,/WD68Y[QT/NROU8]32/ M`NK7.N%KZW5YG>`YX7O#3J:$XLP2EYYU+4N[8FLR[Z`_IW3,6(D'H?L7]'I- MGD5RE#=2.S"#:X995P)_9?TR>]V[9*1NB]69*2,OS\R`!C?#D%O6?Z\)Y2LT6GEKSM9AGZ`L>] M*@$S[D;\_IWO./%2@1(+%61R3=#9BP8.Q],G_0P!F],G64%3M:N"]H"^6I!D MC21,SB3-\XWH/6./.[VP7]K+=A:42 M:"+=RD!,".JD0`7FW74DRLVS>E76=+=C@1;9,SVK`7A7QTXJL=9>P56R7CX0 MT!+!D\M9FE8\:>[=3W*>U:Q%';TL^;K"RVR]K.UM(K<5!K2&M)/JO56BK22% M7P?:`>;X:II6&'HMBWM#K;V3R"93KZ!T0I>>=TD'K@!RRN9AT M#MIFL,(D*3W'_%]I;>XL664DZEK6RWT$@#4C]%1QT)_0D1NB9:$7M/&FY:;9 MJK1&*NX!(S$ISY+[+&<6RN^,(<;,[@>K,]:LN+6 M-SC%V1.-(LYO2,4:BT/JU3*[XI@O`B?4@5(-$GQ8J#I*J`%_6BT@/8:.U05Y M&O%D9]U[/+'XB$(1LW-(#!%XQ0B-JC4SHT4M$\F$D<06CV^XZ#(1;(\VP/&! M=NC^N[W5O&ZYWM!176+<8?5`59"D0HA#K;SV#E!$)")^>F2*F[UW23EV>`.MMMWMD72"*PZ!L'/.#>C> MR&])5_\$9Q^6W<]\A,2#L74G`^L&WU;1SSJODY>M%C8UA3G M=*B\3BJZ$LN[/X*H80,WKC9=LY.W%6L2O5V-E:U=K=AVSX=G7*59K;TNP8D3 MQO$\E)+]S8$MN)LY8QH?_TZ>D;@GB]_N2')!DBES)CKUKZDP5')I,0T&=#M] M3:9,FUTYGW%RQ!I+\->K9@K M-7K06BBV"+/]X*/EC\5Y+`I:"J'4S!$XDQ&9IE]00=Z?6")LJW]&PVT=TU=3JO'9TG M\AK@/?1+,0J*RC,=5';P4(.46#S5"E%9.E/'TV+@.GD171EFM%RWPKW3.;-B M;CO6YR,`QD;]591MTYT[N$WZ0AOO@0H!=)51B.A.5AWPHU4';"\0_*3?[JH2 M4(\)W>1T$_M3TM`3+B]7 MBT_=L9=-%UO=N_.7`Q2"ME6X%XE\A80/2-LA5-1F<#F;M6?:U9B7:"RYP(Q[ M2$,;![MT'!'M0.G4\YA_VW(&LONFQJ7:RT%WY+;R(CN/(:/ MCMU>/>TV,-QKC.OHQ5:?+K!:V_6'F%:Q&+>C=M[SB'_[:;=MIXBWF[;;&-[L M0D6Z,>RGJ:$)>J;8;XO.)S]F15*D>]@B-@J*RD<=5';P58.46'S6"G%DT1U' M'%O$'YY3,@L8%),K&]HJ5-6\JQUEPECR7EZ$;-0["0QNWWM`.S)U+A,UTGD# MV@F/GROH3AP`=A/H;6QXG'!QX(M@*]+U=(N5"7:KT>-D2W^#23[&TED;8'IP M@U=B(>9J<5D6#W>X6HHV=9=TGG%UGV[,&MTAN; MXO::5@)=;Z,R#LGD?(F$%,3$($D.U$+'[JIV:X[$]U*A7L[4*SO>7T.FOG,Z M&']FOEM&'G$FOMWL>9.@1SI[]M/4,'M>**8B@#.1Q0*GS=6"9(VL*^L-"5)7 M!=O>*.;T'UKB]I3DAI;J?B*`YAE;J-F;5GCPAY]%>(,;3QJ8"#H^8B$$540* M2D6K7C:>$).FE4/L![P1">.F>U6Z%8*H%*KL6:LL^T$2!;Y#I];P&E=9.1^N MO&M>G9\(H.N\MU"S=[^W!W_X"[^]P8U[:.L-E,M!BLT]H+O!=]?V,[]N4N@S MES!7INK.%O MU//!-;Y;3.+F1K@@_,0T.P&0Y1QDIHOKYCK)=*MJ?1*HPHPQS'[UQ>;O`"46 MPX>K@S%K?4B^.?GRG`&JM885;DN"KEFK0OB2HW*)[Y)G7!O-=$`%5D*D`CLH M%9))($J"QL^WFBR[RKFA3+"I+8V]M%*$_+C9KR[FBMDWO1LH+^MUA2T#ZNYB MX5+@?;R.85J\BTR05'EWP.9!N^"RY;H&DD_N:YU&T\;^KDJ*>H$KWC9<=R38 M3`K0I-X"N^M)KZ&#:4%O!#/NU/:(Z;7AZZ(9=V3O3K:B1LBDS7/*-2/=M&MO MRMXED2S&TF-GJW6U*GF[MWO\D!4%-2]"/&\O^L:4C!:_-7A9!VYF[_F6!#6Z M6B!*/]6!9ELYY2[0#9^7[65J/RCD&*G<#[K@)9*Z[,G*!37".2G3'\",+`#C MDP,>1?:EV7I$+2-,3?)VVLS$U6WB$`-:%W/:\EW>?P11-B2YQY*,GPR@A9EM%.TMS_@("+](XX]./?'-ENB,V'299W/6`[B3@VY) M!H'Y_OG/K:2_P5FN4=,[_-RK#;0F\I#5]")9:!3#C+/&I[+&MO%G9ZF1V[_Y M96SE`&J1\7J`">_X&&8GE1UZEIV@O8R!23Y`3/8A7S=R0&W36)7H;]EHR0&V;RQ83#?'1C&@*#2PC19FEFAL MR!CG3?0Q6)$]46\7.Z58#1]W=]`$M+#V8Y)5[%[8#6[;E,',`N,%+FK(7F"B M#^X%=C#C@Z*$!3&>*&*I2@-;,+7PQ&-'QG!J9(C"DFQA2#(EB2N"D+J;,G#. MH&I39PFI9A885W!10_8$$WUP1["#&<]Q'LNJ8;<[L[-W]%2;NF5@%!%7I:`M MXEIXXC$S8\0U,D1A:+8@I;$J\("[C2[.7@/G*C^6Y?Q+EN<$Y$71$/`90<8W M@YT7#SQEP+C25HK*KN4E(+BK;8%N9*ZM#&:QO('<1I9H(!=%?'=2UA;P?85$ M;+;&(<%/0IR&:PNTG>72HL^QS4:U&+)?A0VN"MH=9KY.F[\D5944_9I>6[+O MQ@K6(\99K4&;&"L?1*<81U`CXQ,\+WRW)XH1H:^-QZJU"V,,UN:Z@FWG`K8T MCS5@P8@Z>XLJCF^M5M]](*LJ'^C^Y@U>D5D*/8)A*Z#4D4/52IKA]\LBU;0` M%9`F(.,))"?O59+%$&Z':KC'6R?..`S*,>(ZL(&;F7MP:BVN8XTKZ.ZNV$4, M9[H_)!4]-D0;*+!Z$TOHU9,#=>*QP.]UW='0AN^P8P2B;%?!C^&BUY=E7;^A M/3EH?<^2Q&`F((I(/-3*%G\-]''8DC'6:HG!KJ=\#.SA;^D)TK)L5-0NEZ MN>;UI7RIJR<+44N,(A:K5"P;:TBVL\5C?"IU;)8G\T1A=F-`X\.=/0L3,8\R M1A"UMU3)Q8W@?(<^_:PL:$Z/B_3%$K*UU#">8@$O.XB&-+A?&'&,;.*[1!VO82`!>$M5!V$9`\)$`':&YXJ7+=">$-%64Q< M*QA[T7?CCY!-^=E8&Z07H<)V035M9`,HH0KE#!?I[0Q!*-$5G.$^KI8S`C^RF\ MUH[BBK,[J0)[T>6769K2OH0DZ[^NRH+\F.)N-L!O:K@H9)J,S`U6N2O\FGIW%`ES1LR?,BL0B9=>`=YRH+SZ*8>(V?<3S=8ZO%CN\"&L) MRIX?`E2M,LFKZA6V[/4)X6M@)H`_KBH1#Z$-4`L``00E#@``!#D!``#M75ESXSB2?M^(_0]?>J`*4C"-D5H0,JVYMH>>##T\1"%XZ\'\Z@#(A^A@[_]Y[__VY?_Z'3^ M#<%1-$($>B\+[Q&]PMA[PJ/X#=#?I/*] MTT^]3[V3BT]=;Q+'L\^'AV]O;Y\(*QNE13_Y>-KII%^[!A&53NOQSQY]ZJW^ M?O=/#\\.C;N_(ZWWNG7P^O?`&/U;E?E!%1DA5,$#AGR_T6QZU11A] M/<@T[OV%!)\P&=.*W>/#9<&#I.3G]PCE2K\=+\OV#O_QX^')G\`IZ*`PBD'H MKVLQ,47U>I>7EX?\K[1HA#Y'O/X#]D',T5&VRQ.68/_J+(MUV*\ZO:/.<>_3 M>S0\H#;PO"\$!_`1CCS>@,_Q8@:_'D1H.@M8P_GO)@2.OA[XBQ!WF!V[QTG] MO]RFA%C^_RH5UN\'1&X`2&$>T#[VFW.X4/M!=M M0C'AISY`2Q!-[@+\UHQ>:^&5-;E%D1_PMMR',21HFOWH'0HIZQ$(UE\OTZ<9 M?Z)&K9YB[/_)!U7&!DJ%TCVS4F2M6+Q22V""8%6#9^34V+X[@,C_@&`.*[4N M(Z5.Q">8L''S`8?C9TBF/P#Y$\;@)8!/T)\3%%)Q57 M8VM_PG@]L@T@H5W2%(=/$SI%J=1LJ=P:VW_ETXGN/&!#`:=?;LPN.3$PDEZC M+@_4]$M!V1^I4"^1ZF7%B%1R7F46<,P(P;_A`&<;3\ M32>!HI<&)_Z2_OJ/U9SXF7.B/L^.3\][EY?'1Y<71Q?EI[[B;:7N6 M)U#8,FHW`8CH4:0"<+-\:[`T@$6" MI99Z&K#V[,":;?XMG@(4"O#<+MA>(+4PV<944T4)F'`$"8'#A\1T0I6X/C$D M$>0E+2'/Y[Y`L632`]+MT(3:\I>I*_"=7S@VP]%5+03MN"VAW*/)!\+\0D#OZF\TQ25+2 M+>!TE$NA.VD7=`GE],#+E'41/I5Z*8"GM@%,8E6/<(Q8B"J,?X)I47]95,P- MV+0U2Q$[:P=B-U1-`H+[<`C?_PLNA)!ME',),QW54M#.;8-V,R22BZ!::SG[**UJ`YM4ZP[_S%)_\0I0P*+]=Y@\@>Q9 MU'1V*>I"5/7<($LY-1O8VK)^/"4]3!:QHV74::A)?L)8P1%)%4?H8:JA)$R\ MLUW(\K;`@NHN8$*VB!O(*S621)5W%ND!@3.`AM_>V?45N#SZG]A/WA5HU'2# M%V45E<2PR\]"K0\:MVG;G\%[8@+EF"&IX09!3!5L.E1>=:FIF`*XY^':OEP4 M*#?J^G$,@BU/M@3V@.`9)/%B$(#D7#9=.LW8&ET\Z,NJN$$%8PTE0?CJDX+S MMJT@?^+0+[F(7%=U@RFE-97L`UA82@JNT&0N@Z[O@4;;/8.\\&XC74(WV3[` MSL8),O-=I?\7EMUM&IBKMF1!,V'%4YMS0^FDT`V<);HL@:T:-[FE9ZA[8)1`4\_1Z['`QYFGW8.CSI*[%PXJXANM\,56]V8TR2Y-4 MX]CY#D7+:^9+N1AY0SMJEN@R6#:=&T-VEZ.@9.L(4ID2NDHV>F?#5DQD?>%0 M>J=GHYA[)-#2L-%`N:U;?L,A2M08`#2\#],5FBA,7ES:/3Z8*%I34'QK>6II MM?((8X!"./P&2$@G4U$FA3E=D"$?B685ZHI9\QUWCWN[SY.2.KMXI4.:ZGZ= MRO\GC/NC9_`NWH@SD>(>H^HP0%-!>$L]TC.!()J3A7*>LEW0/7YHZE@U['Z9 M4""$8\;$MLQ6MJVGO<)UCPF:.C9PAZ2-QP5+'A-L'2V:VZ73U_^#SIM:3DBS M\8IB%EM)=II3_>PTWF^Y3_S5W6PUO:/>T<7Q\5'O\LS2[+/B2R6M:6D%$);]:_U.E>*_&8E M5Q'7TK/IIU7J1?H^BN9&*"<5W$98HF/3;[#4TL;5CF=FL3/73VKI.2[H"I MJYS)PS`?OWNT^F74'_5GD"27ES1WCH[D[QJL97O]D9>1;B4-+SMELFJ18IM( M4'J5PN3XZ/RB=WK6/3'>&1+D"!L0/)S[<7HK:-.?BHJTSI%,;+;V)FW5K$<7 M1<@!$K,CBA.4=@]],3^&"ULT#I0 MS6`IV.PS4[6FB7=;LM\\4KRHK=DC5[=TX`HP3TDN)X>TCG/\,->VIHEZ6RAR M-<4D1O_BF/5'ZU35\K2]TDK.D:2$NHTFVK-TC><[#*D=64;SJ^$4A?QE[QB] M0GE_HJCE'%G*Z%OORJ%"GR*(^VS91)#0OZB<,P";:=C`U2K<.T0KQ.4SM';F'1P0M2>.+$8"F)?^(0+WDM>[E/7=418E16N:;7 M?>R_),RO,&ZN.37`NB>]AB-, MTDOOS^`=1C]0R(>PI6/QUW&R4I)+C3]@/,%#]K!FE.0&DVY=?D@+'&.M;!3,LE M#^K,GF6#![]#-)Y0):_H,@V,X<\YNSK8'R7'(_OS.(I!.*1&D?401C(34B?:,H@9ET12]H--1MHO^53YL8LM/MD]["S(0:=Y\OG8Y.1S M[E->\BWO-_8UV^ESDK;P+.-;UM#/I*,GY=<2I&+^'!.PRJU#=GS(T,DM.6#; MUA2].";H91ZS._+/.$EII3KU58]T%QG6I&D<.00N,M$=)G20#I/7IOS%,P%A M1$W!+!4.^;^"A`S#_YLGP4,-@QHRN)$VM([G39)4WR4^SM:-YO:W^>I04>?T M"E#`+#+")`(!?(+^G"0)(AOTFYJ^^LM3/MRZC;YZT#+?T$2MF5G/+V[7;KT& M[DY9YVZ!B10Y]24U6L>Y&F;8INHV=L'.7EZ<]L[.NY:R15":LL8-"'Y%%*+KQ=\C.+P/5X=&K^CD M]S49UN7:F@MJ@!UAA,*<.*[0JO>[N1^EJ0J4EL;OU=.#"U@->RPE^](P? MH8]#'P4P9XMG7$^OTL2G]H>>'V:]1A=LEJZ9W4+:>!]Q(M"?`YA&@;)7JP2L MU:G:.A9^&%FV>5K:7HY=?EV>1H)\_4%7$S*2%1?^1:M2%FJT`[/T/LEW@$)F MWG[X!`+8'U$#4Y/&BT$`PIB=?.87AT5W(+4J_V);+1:K&@Y0O)QF[W5&DO3D MN[U&;2)DZ^\@@E?I5%Q$*ZIS7E$*!]NK7 M&"I!5CV"?XT19^K%'U[A\1'D?!.KD9-]^E4U@@U9<)JRS9188=-YE0+!%Y0 MP(,P)L/=1E7W>53:"C4ER6I+=U30/:=JR)/F*^OM(X5T3-!`&JT6DBA9@93O MD@3U]Y%4)J:0):BR_-"<_@FGRJ=+6\>2)@\?5K&)BQ<5!"9)]C-K.,TL$=0Z MWC5WFMG4"NUZEQPLTFW.*_^?[#HVOKBI(APIG+VB'>UF,;%PW]; M'FE".)VZ>T2RTN9H^%R?I7-26_:XGDYL/;^L*R*0:IN^K5SHJ9OZLJKQ?VA646;U+3Q9SOULL`* M=R@$H5]#0$(BJ'54:RX@86H%X;S,2F[F=_;P]L;69N'-I0(U!6RI)+-UQ*D) M]6TZU6\F223#<@@^MU0V.'B@K+<_="EG"DETP?+)S4]V"M M)+DK5'8`:<!4Y*O4J^UBWU-%]7K/A-M\87L`D"@*E"W2/@)40*]H?TRA:GMC?)FG;Z58 MYDHY#Z=:6XT0G25$E_JSW5GZXWKW+!P6+/)9+I^`YV]6=/55Q;:/,_5,(6JW M24T7/DH-#H+T#_P5DQ%_:`Y.L>BTJZQHZ]!O!+HU0XQMX>+;+H((]GUR:D0T MUBAJ[1N3JICE8QY%:?0!@;6]^"0+3;/I_E/[@F"=]O\@![G@&8%>E_[G=;RU M3J*- M9.*KAB5/VR[;DF;"N,%1'/&3)R^LNH*+5U MW4@]=,FE6&_`0KO>X12D0%3T,L=%,XVU$"LAGS3=G/;:7UK#3M1JJT$J?Y=5 M:9TS:T"4#U@9ZK;K;G@'$,GM:BF<\&3;"9D(+Y%A@<`K!=9M4@W=\BHVO+"H M12HWE-9IG1_JP)1U1'/M=MT3GR:8L-O:RU.+LCNC"B<]+9B/,^D>%>\Q^1WV M`6_]!2_S"0OT+U)5X_8SQ\0T&P MS`1[3T6'8T0MD+\FJ?#?LVW_74KF+LQE>VOA7BK=QCLW:XTWE=6>%!O*L/*< MCTX35=YN)J1U[E\*ZMPC/=7UW_4.XG=`"`CC!5_R:_8&Y]N]P5*,E\BQXX M94G]=MU#<^]E#2"YP=,I#GE87=-5+[==E0KU$JG>;TSN7STJV4M$>XEL&W>N M``DILDQ+W@:%YXJ+6[DPMM$:E;\*R[?.2U6PY.Y\&6FUZ[YYY?OSZ9QO=O&U M*]L$(W`"PPB]YEZVEWMHK[OMH1G1Z;HX)]SCTFT!ZI9_"N.A^J M4]/**;2"AN%8Z<"J:JWS8P/H<%\O(L,!JUD'< MX)!-E6#H+Q3.*2QMR2&G*'DXE-V_6C4KMYK3<$\#(:US5@5\&PY:5=-==]?, MXS\+?JB:FBJ;8D3AO`4'O5*)'A?IY61:R:I2K)_"J]75[*2(*6Z5OF\;2&B= M8^M"F<_^4DW?77?OS'TK38\N/%3%U[N)%)L7Z0Q.54EJ6+T+:'*J2ERE=;ZI M`5'A-AF0KN:7>1(JR M61;/:!.MGK7D91"=<\T"C;2;-4BV$ISV)W`X#V!_5$$%91R[UH^TKHNID5:Y MZ'CS5OO8SNO+(=.1'46G__A_4$L#!!0````(``I8J$!G=?XQOP8``.\S```1 M`!P`8WEN;RTR,#$R,#,S,2YX+!TL?4I[GS_]^LO1;X[S[>1V@@+NQQ%A"OF"8$4"M*9JB4X%EW).!4&S M#;JE#T2A*9^K-88[J3XZZ'M];_]C?X"62JU&KKM>K_M"V\K4M._SR''2VDZP M!'7P,]7N];V\Y#2MF;,1.G`_N'L#;P]Y(V]_=/`1W5SF=I>0R)P^9RC])8DP M@I9@]KE8@-/`<[]=3J;&KI<8CAYG(J05XNY+IY!PKE\S3Z-QCL\/'1-:0\I+!9$7>&(R!7V2<7A&O=^Q#@T[=1#6"E!9[$B%8.8E4R2^%@<-6<3*.&JS8JX M8$$$]7,'SEKX<.8\\8-.J(L*,G,L9\8K*]'9><[`TD!W]!,4Q950.:441,] M=.G!`#DHEX'KLA)*I5"B=>0^%7BJ'<-8O6:?S/5*$`F2IITF<"/U3DULGCX. M_3C\"<LBRV_*Z_GUB@B3DXW=%@<[Q#T[Q$(37<]1H=KA?`G. M4QY!DRP)D_#HNH"G940F\/!KR7:;MQWTWT]W?B2Z((J/:P;3`/$N7J=G_8Q9\88JJS04\KD5DLDDPMK*T`QP< M:H"90/D2Q%"BADIR';D7+8%NX%6!J251%!)LNQZJ.CVW.#IHOSA"[RK2W1QK M'994^J$IOF`*UOE1N6'/*8-VI3@L9KQTB.[J9C4"2Y'RA/N7IV>T4DW#,I*':R60_$!\N:"DH;Q M5A39L0R;!E7NW)%H1>(<4_$7#F/RE$-18*>P7Z>@79'Q[2"TF[N67.A5X(2S MQ1T1T246]T3A64BFQ(\%Q%V%=FO MG`=K&H;0HM>P7A/PU,=L0:$MCZ4D]=7&L_9VHN_K1#-%`]5HHD(4):H=S%8P M_\9"8*8VIUS6R54+[9@^U#%E[LCX=T#:S9MDH9?(]1=LFX4=S<>&.3'1Z%ZG M=^9S152QX7A#!*R4(\ZF2WA[?0K*9FHG=E@G!F+574@$BBB11$:S`]@*X+'O MQY&.GR2/H\I&;[$'O8N#%:8WJ,,L2:;/K^IVLU;M<+;".8$(%HWS9*G$#JAA M)Z/P[3"TPG!+3&^^P4)M[N"I+[%?^EC7PLZ.J&&[(E5"1@J5M3ID+3/K[^9^#Z/F:)L<2,X@TN_>?OV&6L[L(:] MC40/%8*HJO@_@*C_Z)-#MV2.S+F@D3X5,^Y)&JU"?9[(W%L*,A_W-%,G.]/R M'>KN/T9A9J+U+2>4#/=JN&FUF0`6?DVC=FK)70F^(D)O6KA9Z)F`HDJ[G^65 M(%V+_`/A$*)T_[7$@?.NB3_M&J^4^DVIFE=*/L2S79,'%Q*^8M83K?]*Z<+( MW#7=)X/YE9(^+6II3/W(+9\M@U_5LV='D+G>'&2-I_^VG45,SCI.N&^$+"[Z MEY/Y.?J6X^TY0Z__*(,LQEU"*!IAMQ`ROQ>'<)BP962AEU[MP@B%J'CI(`YU M$-[[=D$8)4G\_H(_P-Q)*T<5MT30Z*,OG,+YA4V@=DY?_5SJM3.7+>%G#KK6 M@W;UE8^%+C!>M6[J1D>7A$IF=[8U?'J6UBQQ]*3S7:_G):Q%B)3FH]4T!^$DAG/G#L>11R88+&Y4"32:P)( M,9Y)F%EBG>!7P>-59DK!!*8>R9EL^10`Z0B2$#5]BRO MB#KA_-Y\4;J>GQ&(1:I$*_O@MYGR,,ARW<'^/\HX(#-;PN8%;4Y$$OR7'S%= M:8,LO^W%;Q0@+)&#V%>U/EF[_4;C3P^RLL671_VEG\@KDL/84O8V.Y;>*SL7 M/"H?$$[2:"QYHSALY^:.9WJH^SF>EK:63,$&Z+;.$Z>BF90M[VT)EKX"%M_J MRIW.9O"ZT)(5FK)UO",W>?K!Y3]02P$"'@,4````"``*6*A`+#&Q'GI(```) M[P0`$0`8```````!````I($`````8WEN;RTR,#$R,#,S,2YX;6Q55`4``P0U MJ4]U>`L``00E#@``!#D!``!02P$"'@,4````"``*6*A`7A_5L!T+``!?H``` M%0`8```````!````I('%2```8WEN;RTR,#$R,#,S,5]C86PN>&UL550%``,$ M-:E/=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`"EBH0#V/)@=2!0``RS4` M`!4`&````````0```*2!,50``&-Y;F\M,C`Q,C`S,S%?9&5F+GAM;%54!0`# M!#6I3W5X"P`!!"4.```$.0$``%!+`0(>`Q0````(``I8J$"\8[PIZ"0```\3 M`@`5`!@```````$```"D@=)9``!C>6YO+3(P,3(P,S,Q7VQA8BYX;6Q55`4` M`P0UJ4]U>`L``00E#@``!#D!``!02P$"'@,4````"``*6*A`JN8\@5$6``!J M9`$`%0`8```````!````I($)?P``8WEN;RTR,#$R,#,S,5]P&UL550% M``,$-:E/=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`"EBH0&=U_C&_!@`` M[S,``!$`&````````0```*2!J94``&-Y;F\M,C`Q,C`S,S$N>'-D550%``,$ H-:E/=7@+``$$)0X```0Y`0``4$L%!@`````&``8`&@(``+.<```````` ` end XML 13 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 14 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories
3 Months Ended
Mar. 31, 2012
Inventories [Abstract]  
Inventories

Note 3 — Inventories

Cynosure states all inventories at the lower of cost or market, determined on a first-in, first-out method. Inventory includes material, labor and overhead and consists of the following:

 

     March 31,
2012
     December 31,
2011
 
     (in thousands)  

Raw materials

   $ 7,003       $ 7,645   

Work in process

     1,902         1,437   

Finished goods

     21,065         20,486   
  

 

 

    

 

 

 
   $ 29,970       $ 29,568   
  

 

 

    

 

 

 
EXCEL 15 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%]A86%B8F8V85\P.3`W7S0W,CE?.#`T-%\T9F5B M86$Y8C@T,F(B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I7;W)K#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D9A:7)?5F%L=64\+W@Z3F%M93X-"B`@("`\>#I7 M;W)K#I7;W)K#I7;W)K5]#;W-T#I.86UE M/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-E9VUE;G1?26YF;W)M M871I;VX\+W@Z3F%M93X-"B`@("`\>#I7;W)K#I7;W)K#I7;W)K#I% M>&-E;%=O5]4#I7;W)K#I7;W)K#I7;W)K#I3='EL97-H965T($A2968],T0B5V]R:W-H965T3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]A86%B8F8V M85\P.3`W7S0W,CE?.#`T-%\T9F5B86$Y8C@T,F(-"D-O;G1E;G0M3&]C871I M;VXZ(&9I;&4Z+R\O0SHO86%A8F)F-F%?,#DP-U\T-S(Y7S@P-#1?-&9E8F%A M.6(X-#)B+U=O'0O:'1M;#L@8VAA2!) M;F9O2`P,RP@,C`Q,CQB'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^0UE.3U-54D4@24Y#/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$"!+97D\ M+W1D/@T*("`@("`@("`\=&0@8VQA2!&:6QE3PO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^06-C96QE2!#;VUM;VX@4W1O8VLL(%-H87)E'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]A M86%B8F8V85\P.3`W7S0W,CE?.#`T-%\T9F5B86$Y8C@T,F(-"D-O;G1E;G0M M3&]C871I;VXZ(&9I;&4Z+R\O0SHO86%A8F)F-F%?,#DP-U\T-S(Y7S@P-#1? M-&9E8F%A.6(X-#)B+U=O'0O:'1M;#L@8VAA6%B;&4\+W1D/@T*("`@("`@("`\=&0@8VQAF5D("T@-2PP,#`@3PO=&0^#0H@("`@("`@(#QT9"!C;&%S3X-"CPO:'1M;#X- M"@T*+2TM+2TM/5].97AT4&%R=%]A86%B8F8V85\P.3`W7S0W,CE?.#`T-%\T M9F5B86$Y8C@T,F(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO86%A M8F)F-F%?,#DP-U\T-S(Y7S@P-#1?-&9E8F%A.6(X-#)B+U=O'0O:'1M;#L@8VAAF5D/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$;G5M<#XU+#`P,"PP,#`\2!S=&]C:RP@F5D/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XW,"PP,#`L,#`P/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI M(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS M1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E/3-$=&5X="]J879A'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'!E;G-E&5S M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR-3@\'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQAF5D(&=A:6X@*&QO7!E.B!T97AT+VAT;6P[ M(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@ M/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E M>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2!O<&5R871I;F<@86-T:79I M=&EE'!E;G-E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M;G5M<#XV-C4\2!S;VQD/"]T9#X-"B`@("`@("`@/'1D(&-L M87-S/3-$;G5M<#XQ-S<\"!B M96YE9FET(&9R;VT@=&AE(&5X97)C:7-E(&]F('-T;V-K(&]P=&EO;G,\+W1D M/@T*("`@("`@("`\=&0@8VQA2!O<&5R871I;F<@86-T:79I=&EE'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S&5R8VES97,\+W1D/@T*("`@("`@("`\=&0@8VQA&5D(&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM M/5].97AT4&%R=%]A86%B8F8V85\P.3`W7S0W,CE?.#`T-%\T9F5B86$Y8C@T M,F(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO86%A8F)F-F%?,#DP M-U\T-S(Y7S@P-#1?-&9E8F%A.6(X-#)B+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^/&1I=CX@/'`@#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@ MF4],T0R/CQB/DYO=&4@,2`F(S@R,3([($EN=&5R:6T@0V]N M'0M:6YD96YT M.B`S,G!X.R!M87)G:6XM8F]T=&]M.B`P<'@[)SX\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6EN9R!U;F%U9&ET960@:6YT97)I;2!C;VYS M;VQI9&%T960@9FEN86YC:6%L('-T871E;65N=',@:&%V92!B965N('!R97!A M&-H86YG M92!#;VUM:7-S:6]N("A314,I(&9O2P@8V5R=&%I;B!I;F9O6YO M65A3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]A86%B8F8V85\P.3`W M7S0W,CE?.#`T-%\T9F5B86$Y8C@T,F(-"D-O;G1E;G0M3&]C871I;VXZ(&9I M;&4Z+R\O0SHO86%A8F)F-F%?,#DP-U\T-S(Y7S@P-#1?-&9E8F%A.6(X-#)B M+U=O'0O M:'1M;#L@8VAA'0^/&1I M=CX@/'`@#L@;6%R9VEN+6)O='1O M;3H@,'!X.R<^/&9O;G0@F4],T0R/CQB/DYO=&4@,B`F(S@R M,3([(%-T;V-K+4)A#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@F5D("0Q-2PP,#`@86YD("0Q.2PP M,#`@;V8@#L@=&5X="UI M;F1E;G0Z(#,R<'@[(&UA#LG/CQF;VYT('-T>6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@ M,'!X.R!F;VYT+7-I>F4Z(#$R<'@[)SXF;F)S<#L\+W`^#0H-"CQT86)L92!S M='EL93TS1"=B;W)D97(M8V]L;&%PF4] M,T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O M6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.SPO9F]N M=#X\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C M;&%SF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)W1E>'0M:6YD96YT.B`M M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R M/D-OF4],T0Q/B9N8G-P.R9N M8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM M;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/E-A;&5S(&%N9"!M M87)K971I;F<\+V9O;G0^/"]P/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M M/CQF;VYT(&-L87-S/3-$7VUT('-I>F4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N M=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/C$Y,SPO9F]N M=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R87`],T1N;W=R87`^ M/&9O;G0@F4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE6QE/3-$)W1E>'0M M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/C$R,3PO M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R87`],T1N;W=R M87`^/&9O;G0@F4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\ M+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1'1O<#X-"@T*/'`@3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA MF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M6QE/3-$)V9O;G0M6QE/3-$)V)O"!S M;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X- M"@T*/'`@3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQAF4],T0Q/B9N8G-P.R9N8G-P M.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4 M:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P M.R9N8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\='(@"!D M;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9#XF;F)S<#L\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3XF;F)S<#LF;F)S<#L\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X-"@T*/'`@"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9#XF;F)S<#L\+W1D/CPO M='(^/"]T86)L93X-"@T*/'`@#L@ M=&5X="UI;F1E;G0Z(#,R<'@[(&UA#LG/CQF;VYT M('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)VUA M'0M:6YD96YT.B`S,G!X.R!M87)G:6XM8F]T M=&]M.B`P<'@[)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQA2X@0WEN;W-U2P@=7-I;F<@=&AE M(&9O;&QO=VEN9R!A#LG/B9N8G-P.SPO<#X-"@T*/'1A8FQE('-T>6QE/3-$ M)V)OF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS M1&)O='1O;3X\9F]N="!C;&%S3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N M8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@ M,65M.R<^/&9O;G0@F4],T0R/E)I6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P.R9N8G-P.SPO9F]N M=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\='(^/'1D M('9A;&EG;CTS1'1O<#X-"@T*/'`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`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O M;G0@F4],T0R/D5X<&5C=&5D('9O;&%T:6QI='D\+V9O;G0^ M/"]P/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT(&-L87-S/3-$ M7VUT('-I>F4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B4F;F)S<#L\+V9O;G0^/"]T9#X\+W1R/@T*/'1R M(&)G8V]L;W(],T0C8V-E969F/CQT9"!V86QI9VX],T1T;W`^#0H-"CQP('-T M>6QE/3-$)W1E>'0M:6YD96YT.B`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`S,G!X.R!M87)G:6XM8F]T=&]M.B`P<'@[)SX\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA&-H86YG92!P&5R8VES92!P65E&-H86YG92!O9F9E M&5C=71I=F4@;V9F M:6-E&-H86YG92!R871I;W,@9F]R('1H92!%>&-H86YG92!/9F9E&-H86YG92P@;65A;FEN9R!T:&%T('1H92!V86QU92!O9B!T:&4@96QI M9VEB;&4@'!I M&-H86YG92!/9F9E6YO3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]A M86%B8F8V85\P.3`W7S0W,CE?.#`T-%\T9F5B86$Y8C@T,F(-"D-O;G1E;G0M M3&]C871I;VXZ(&9I;&4Z+R\O0SHO86%A8F)F-F%?,#DP-U\T-S(Y7S@P-#1? M-&9E8F%A.6(X-#)B+U=O'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^/&1I=CX@/'`@#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@'0M:6YD M96YT.B`S,G!X.R!M87)G:6XM8F]T=&]M.B`P<'@[)SX\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)VUA M#L@;6%R9VEN+6)O='1O;3H@,'!X.R!F;VYT+7-I>F4Z M(#$R<'@[)SXF;F)S<#L\+W`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`@3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0R/B9N8G-P M.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!A;&EG;CTS1')I M9VAT/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;3X\9F]N="!C;&%SF4],T0R/B9N8G-P.R9N M8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\='(@8F=C;VQO3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N M8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R M/C(Q+#`V-3PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R M87`],T1N;W=R87`^/&9O;G0@F4],T0R/B9N8G-P.R9N8G-P M.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S M6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M6QE/3-$)V)O M"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D M/B9N8G-P.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B9N8G-P.R9N8G-P M.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/@T*#0H\<"!S='EL93TS1"=B M;W)D97(M=&]P.B`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!C;&%S3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M"!D;W5B;&4[)SXF;F)S<#L\+W`^ M/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^#0H-"CQP('-T>6QE/3-$)V)O M"!D;W5B;&4[)SXF;F)S<#L\ M+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^#0H-"CQP('-T>6QE/3-$ M)V)O'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA#L@ M;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@F4],T0R/E4N M4RX@1T%!4"!E2`H86X@97AI="!P2!TF4@=&AE('5S92!O9B!O8G-EF4@=&AE('5S92!O9B!U;F]B#L@9F]N="US:7IE M.B`V<'@[)SXF;F)S<#L\+W`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`V<'@[)SXF;F)S<#L\+W`^#0H-"CQT86)L92!S='EL M93TS1"=B;W)D97(M8V]L;&%PF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T* M/'1D('9A;&EG;CTS1'1O<"!A;&EG;CTS1&QE9G0^#0H-"CQP(&%L:6=N/3-$ M;&5F=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA6QE/3-$)VUA#L@;6%R M9VEN+6)O='1O;3H@,'!X.R!F;VYT+7-I>F4Z(#$R<'@[)SXF;F)S<#L\+W`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`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`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;3X-"@T*/'`@6QE/3-$)V)O6QE/3-$)V)O"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D/B9N8G-P M.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B9N8G-P.R9N8G-P.SPO=&0^ M#0H\=&0@=F%L:6=N/3-$8F]T=&]M/@T*#0H\<"!S='EL93TS1"=B;W)D97(M M=&]P.B`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/C,X M+#$P-#PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R87`] M,T1N;W=R87`^/&9O;G0@F4],T0R/B9N8G-P.R9N8G-P.SPO M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA MF4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQAF4Z(#%P>#LG/CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L M:6=N/3-$8F]T=&]M/B9N8G-P.R9N8G-P.SPO=&0^#0H\=&0@=F%L:6=N/3-$ M8F]T=&]M/@T*#0H\<"!S='EL93TS1"=B;W)D97(M=&]P.B`C,#`P,#`P(#-P M>"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T M;VT^#0H-"CQP('-T>6QE/3-$)V)O"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B M;W1T;VT^#0H-"CQP('-T>6QE/3-$)V)O"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9"!V86QI9VX] M,T1B;W1T;VT^#0H-"CQP('-T>6QE/3-$)V)O"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9"!V86QI M9VX],T1B;W1T;VT^#0H-"CQP('-T>6QE/3-$)V)O#LG M/B`\+W`^#0H-"CQT86)L92!S='EL93TS1"=B;W)D97(M8V]L;&%P6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V)O#L@=&5X="UI;F1E M;G0Z(#,R<'@[(&UA#LG/CQF;VYT('-T>6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE6YO#L@;6%R9VEN+6)O M='1O;3H@,'!X.R!F;VYT+7-I>F4Z(#%P>#LG/B9N8G-P.SPO<#X@/"]D:78^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^ M#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]A86%B M8F8V85\P.3`W7S0W,CE?.#`T-%\T9F5B86$Y8C@T,F(-"D-O;G1E;G0M3&]C M871I;VXZ(&9I;&4Z+R\O0SHO86%A8F)F-F%?,#DP-U\T-S(Y7S@P-#1?-&9E M8F%A.6(X-#)B+U=O'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/&1I=CX@/'`@3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$ M)VUA#L@=&5X="UI;F1E;G0Z(#,R<'@[(&UA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M6YO2`D,S@N,2!M:6QL:6]N(&]F M(&EN=F5S=&UE;G1S(&EN(&1E8G0@&EM871E;'D@)#$X+#`P,"!I M;B!E<75I='D@#LG/B9N8G-P.SPO<#X- M"@T*/'1A8FQE('-T>6QE/3-$)V)OF4],T0Q/B9N8G-P.R9N8G-P.SPO M9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE MF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$ M)V)O6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE M/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE M/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O M;G0@F4],T0R/CQB/CQI/D%V86EL86)L92UF;W(MF4],T0Q/B9N8G-P.R9N M8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X- M"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T M=&]M/B`\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)W1E>'0M:6YD96YT.B`M M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R M/CQB/D-AF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B M;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4] M,T0R/B0\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@86QI9VX] M,T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS M1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@6QE/3-$)V)O6QE/3-$)V)O M"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D M/B9N8G-P.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B9N8G-P.R9N8G-P M.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/@T*#0H\<"!S='EL93TS1"=B M;W)D97(M=&]P.B`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`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`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@6QE/3-$)V)O6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M M.R<^/&9O;G0@F4],T0R/CQB/E-H;W)T+71EF4],T0Q/B9N8G-P M.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T M9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$ M8F]T=&]M/B`\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S MF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^ M(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\+W1D/CPO='(^#0H\='(^ M/'1D('9A;&EG;CTS1'1O<#X-"@T*/'`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`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`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO M<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@6QE/3-$ M)V)O6QE/3-$)W1E>'0M:6YD M96YT.B`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`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@6QE/3-$)V)O6QE/3-$ M)V)O"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T* M/'1D/B9N8G-P.SPO=&0^/"]T6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX] M,T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%SF4],T0Q M/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O M;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L M:6=N/3-$8F]T=&]M/B`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`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P M.SPO<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@6QE M/3-$)V)O6QE/3-$)V)O"!S;VQI9#LG/B9N8G-P.SPO M<#X\+W1D/@T*/'1D/B9N8G-P.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M M/B9N8G-P.R9N8G-P.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/@T*#0H\ M<"!S='EL93TS1"=B;W)D97(M=&]P.B`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N M8G-P.SPO<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UEF4],T0Q/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P.R9N8G-P M.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S M3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQAF4] M,T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!C;&%S3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@6QE/3-$)V)O6QE/3-$ M)V)O"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T* M/'1D/B9N8G-P.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B9N8G-P.R9N M8G-P.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/@T*#0H\<"!S='EL93TS M1"=B;W)D97(M=&]P.B`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`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`@6QE/3-$)V)O6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^ M/&9O;G0@F4],T0R/E1O=&%L(&UA6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%SF4],T0Q/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@ M/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N M/3-$8F]T=&]M/B`\+W1D/CPO='(^#0H\='(@#L@=&5X="UI;F1E;G0Z(#,R<'@[(&UA#LG/CQF M;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE#L@9F]N="US:7IE.B`Q,G!X.R<^)FYBF4],T0Q/B9N8G-P M.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S M3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQAF4],T0Q M/B9N8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\='(@8F=C;VQO3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX] M,T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%SF4],T0Q M/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O M;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L M:6=N/3-$8F]T=&]M/B`\+W1D/CPO='(^#0H\='(^/'1D('9A;&EG;CTS1'1O M<#X-"@T*/'`@3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V M86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)W1E M>'0M:6YD96YT.B`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`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N M8G-P.SPO<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`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`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;3X-"@T*/'`@6QE/3-$)V)O6QE/3-$)V)O"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D/B9N8G-P M.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B9N8G-P.R9N8G-P.SPO=&0^ M#0H\=&0@=F%L:6=N/3-$8F]T=&]M/@T*#0H\<"!S='EL93TS1"=B;W)D97(M M=&]P.B`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO M=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`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`^#0H-"CQP('-T>6QE/3-$)W1E>'0M:6YD96YT M.B`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`^/"]T9#X-"CQT M9#XF;F)S<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3XF;F)S<#LF;F)S M<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X- M"CQT9#XF;F)S<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3XF;F)S<#LF M;F)S<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T M9#X-"CQT9#XF;F)S<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3XF;F)S M<#LF;F)S<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@"!D;W5B;&4[)SXF;F)S<#L\+W`^ M/"]T9#X-"CQT9#XF;F)S<#L\+W1D/CPO='(^#0H\='(@8F=C;VQO3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A M;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R M/C,Q+#,V,CPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R M87`],T1N;W=R87`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`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@6QE/3-$)V)O M6QE/3-$)W1E M>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4] M,T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@ M=F%L:6=N/3-$8F]T=&]M/B`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`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`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`C,#`P,#`P(#-P>"!D;W5B;&4[)SXF;F)S M<#L\+W`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`C,#`P,#`P(#-P>"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9"!V M86QI9VX],T1B;W1T;VT^#0H-"CQP('-T>6QE/3-$)V)O"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT M9"!V86QI9VX],T1B;W1T;VT^#0H-"CQP('-T>6QE/3-$)V)O"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X- M"CQT9"!V86QI9VX],T1B;W1T;VT^#0H-"CQP('-T>6QE/3-$)V)O"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T M9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^#0H-"CQP('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UEF4] M,T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UEF4],T0Q M/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O M;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L M:6=N/3-$8F]T=&]M/B`\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N M="!C;&%S6QE/3-$)V9O;G0M6QE/3-$ M)V)O6QE/3-$)VUA#L@9F]N="US:7IE.B`Q<'@[)SXF;F)S<#L\+W`^#0H-"CQP('-T>6QE/3-$ M)VUA#L@=&5X="UI;F1E;G0Z(#,R<'@[(&UA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M#L@9F]N="US:7IE.B`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`C,#`P,#`P(#%P>"!S;VQI M9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T* M/'`@6QE/3-$)V)O6QE/3-$)V)O"!S M;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X- M"@T*/'`@3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/C,X+#$P M-#PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R87`],T1N M;W=R87`^/&9O;G0@F4],T0R/B9N8G-P.R9N8G-P.SPO9F]N M=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\='(@ M"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9#XF M;F)S<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3XF;F)S<#LF;F)S<#L\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT M9#XF;F)S<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3XF;F)S<#LF;F)S M<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X- M"CQT9#XF;F)S<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3XF;F)S<#LF M;F)S<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T M9#X-"CQT9#XF;F)S<#L\+W1D/CPO='(^/"]T86)L93X@/"]D:78^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO M8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]A86%B8F8V85\P M.3`W7S0W,CE?.#`T-%\T9F5B86$Y8C@T,F(-"D-O;G1E;G0M3&]C871I;VXZ M(&9I;&4Z+R\O0SHO86%A8F)F-F%?,#DP-U\T-S(Y7S@P-#1?-&9E8F%A.6(X M-#)B+U=O'0O:'1M;#L@8VAA'0^/&1I=CX@/'`@ M#L@;6%R9VEN+6)O='1O;3H@,'!X M.R<^/&9O;G0@F4],T0R/CQB/DYO=&4@-B`F(S@R,3([($=O M;V1W:6QL(&%N9"!/=&AE#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@#L@9F]N="US:7IE M.B`Q,G!X.R<^)FYBF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.SPO M9F]N=#X\+W1D/CPO='(^#0H\='(@8F=C;VQO3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M:6YD96YT.B`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`C,#`P,#`P(#%P>"!S;VQI9#LG M/B9N8G-P.SPO<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@ MF4],T0R/B0\ M+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H M=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X- M"CQT9"!V86QI9VX],T1B;W1T;VT^#0H-"CQP('-T>6QE/3-$)V)O#L@;6%R9VEN+6)O='1O M;3H@,'!X.R<^/&9O;G0@F4],T0R/D]T:&5R(&EN=&%N9VEB M;&4@87-S971S(&-O;G-I6QE/3-$)VUA#L@ M;6%R9VEN+6)O='1O;3H@,'!X.R!F;VYT+7-I>F4Z(#$R<'@[)SXF;F)S<#L\ M+W`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`\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%SF4],T0Q/B9N8G-P.SPO M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V M86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)W1E>'0M:6YD96YT.B`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`M,65M.R!M87)G:6XM;&5F M=#H@,65M.R<^/&9O;G0@F4],T0R/D%C8W5M=6QA=&5D(&%M M;W)T:7IA=&EO;CPO9F]N=#X\+W`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`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`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`C,#`P,#`P(#-P>"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9"!V M86QI9VX],T1B;W1T;VT^#0H-"CQP('-T>6QE/3-$)V)O"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9"!V86QI M9VX],T1B;W1T;VT^#0H-"CQP('-T>6QE/3-$)V)O"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9"!V86QI9VX] M,T1B;W1T;VT^#0H-"CQP('-T>6QE/3-$)V)O"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B M;W1T;VT^#0H-"CQP('-T>6QE/3-$)V)O"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T M;VT^#0H-"CQP('-T>6QE/3-$)V)O"!D M;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^ M#0H-"CQP('-T>6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE MF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^ M#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!C;&%SF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;3X@/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^(#PO M=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B`\+W1D/@T*/'1D('9A;&EG;CTS M1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)W1E>'0M:6YD96YT.B`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`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`M,65M.R!M87)G:6XM;&5F M=#H@,65M.R<^/&9O;G0@F4],T0R/D%C8W5M=6QA=&5D(&%M M;W)T:7IA=&EO;CPO9F]N=#X\+W`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`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D M('9A;&EG;CTS1&)O='1O;3X-"@T*/'`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`C,#`P,#`P(#-P>"!D;W5B M;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^#0H- M"CQP('-T>6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)V)O6QE M/3-$)V)O"!D;W5B;&4[)SXF;F)S<#L\ M+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^#0H-"CQP('-T>6QE/3-$ M)V)O"!D;W5B;&4[)SXF;F)S<#L\+W`^ M/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^#0H-"CQP('-T>6QE/3-$)V)O M#L@;6%R9VEN M+6)O='1O;3H@,'!X.R<^/&9O;G0@F4],T0R/D%M;W)T:7IA M=&EO;B!E>'!E;G-E(')E;&%T960@=&\@9&5V96QO<&5D('1E8VAN;VQO9WD@ M86YD('!A=&5N=',@:7,@8VQAF%T:6]N(&]F M(&EN=&%N9VEB;&4@87-S971S(&%C<75I#L@;6%R M9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@F4],T0R/D%M;W)T M:7IA=&EO;B!E>'!E;G-E(&9O2X@0WEN;W-U&EM871E M;'D@)#0Q+#`P,"!O9B!I;F1E9FEN:71E+6QI9F4@:6YT86YG:6)L92!AF%T:6]N(&5X<&5N65A6]N9"!I#L@9F]N="US:7IE.B`Q,G!X.R<^)FYB6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UEF4],T0R M/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!A;&EG M;CTS1')I9VAT/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/CPO M='(^#0H\='(@8F=C;VQO3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UEF4],T0R/B9N M8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!A;&EG;CTS M1')I9VAT/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M M.R<^/&9O;G0@F4],T0R/C(P,38@86YD('1H97)E869T97(\ M+V9O;G0^/"]P/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT(&-L M87-S/3-$7VUT('-I>F4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4Z(#%P>#LG/CQT9"!V86QI9VX],T1B M;W1T;VT^(#PO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/B9N8G-P.R9N8G-P M.SPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M/@T*#0H\<"!S='EL93TS1"=B M;W)D97(M=&]P.B`C,#`P,#`P(#%P>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D M/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS M1&)O='1O;3X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/CPO='(^#0H\='(@"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9#XF;F)S<#L\+W1D/CPO M='(^/"]T86)L93X-"@T*/'`@#L@ M;6%R9VEN+6)O='1O;3H@,'!X.R!F;VYT+7-I>F4Z(#%P>#LG/B9N8G-P.SPO M<#X-"@T*/'`@#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@F5D('=I=&AI;B!O<&5R871I;F<@97AP96YS97,@ M'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!#;W-T3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA6QE/3-$ M)VUA#L@=&5X="UI;F1E;G0Z(#,R<'@[(&UA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE M6YO7!I8V%L;'D@<')O=FED97,@82!O;F4M>65A#L@=&5X="UI;F1E;G0Z(#,R M<'@[(&UA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE6YO'!E;G-E M#L@9F]N="US:7IE.B`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`@/&AE860^#0H@("`@/$U% M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O M:'1M;#L@8VAA6QE/3-$)VUA#LG/CQF;VYT('-T>6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE'0M:6YD96YT.B`S,G!X.R!M87)G:6XM8F]T=&]M.B`P<'@[)SX\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA#L@=&5X="UI;F1E;G0Z(#,R M<'@[(&UA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE#L@9F]N="US:7IE.B`Q,G!X.R<^)FYBF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/CPO='(^ M#0H\='(^/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%SF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG M;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!C;&%S6QE/3-$)W1E>'0M:6YD96YT.B`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`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`^ M/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^#0H-"CQP('-T>6QE/3-$)V)O M"!D;W5B;&4[)SXF;F)S<#L\ M+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^#0H-"CQP('-T>6QE/3-$ M)V)O#L@;6%R M9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@F4],T0R/E1O=&%L M(&%S2!G96]G6QE/3-$)VUA#L@;6%R M9VEN+6)O='1O;3H@,'!X.R!F;VYT+7-I>F4Z(#$R<'@[)SXF;F)S<#L\+W`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`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`],T1N;W=R87`^/&9O;G0@F4],T0R/BDF;F)S<#L\+V9O M;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)VUA'0M:6YD96YT.B`S,G!X.R!M87)G:6XM8F]T=&]M.B`P M<'@[)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQA#L@9F]N="US:7IE.B`Q,G!X.R<^)FYBF4],T0Q/B9N8G-P.SPO9F]N=#X\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0Q/B9N8G-P.SPO9F]N=#X\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)W1E>'0M M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0Q/B9N M8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UEF4],T0R/B9N8G-P.R9N8G-P M.SPO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S M3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M:6YD96YT.B`M M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R M/D5U6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE3H@5&EM M97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE6QE/3-$)W1E M>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F=#H@,65M.R<^/&9O;G0@F4],T0R/B9N8G-P.SPO9F]N=#X\+W1D/@T* M/'1D('9A;&EG;CTS1&)O='1O;2!A;&EG;CTS1')I9VAT/CQF;VYT('-T>6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY M.B!4:6UE6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA M"!S;VQI9#LG/B9N8G-P.SPO<#X\ M+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T*/'`@6QE/3-$)V)O M6QE/3-$)W1E>'0M:6YD96YT.B`M,65M.R!M87)G:6XM;&5F M=#H@,65M.R<^/&9O;G0@F4],T0R/E1O=&%L/"]F;VYT/CPO M<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/C@L,C8V/"]F;VYT M/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M(&YO=W)A<#TS1&YO=W)A<#X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@ M8VQA"!D;W5B;&4[)SXF;F)S<#L\ M+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^#0H-"CQP('-T>6QE/3-$ M)V)O6QE M/3-$)V)O'0M:6YD96YT.B`S,G!X.R!M87)G:6XM8F]T M=&]M.B`P<'@[)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQA3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]A86%B8F8V85\P.3`W M7S0W,CE?.#`T-%\T9F5B86$Y8C@T,F(-"D-O;G1E;G0M3&]C871I;VXZ(&9I M;&4Z+R\O0SHO86%A8F)F-F%?,#DP-U\T-S(Y7S@P-#1?-&9E8F%A.6(X-#)B M+U=O'0O M:'1M;#L@8VAA'0^/&1I=CX@/'`@#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@ MF4],T0R/CQB/DYO=&4@.2`F(S@R,3([($YE="!);F-O;64@ M*$QO6QE/3-$)VUA#L@=&5X="UI;F1E;G0Z(#,R<'@[ M(&UA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE2P@;V8@8V]M;6]N('-T;V-K M(&]P=&EO;G,@8F%S960@;VX@=&AE('1R96%S=7)Y('-T;V-K(&UE=&AO9"X@ M0V]M;6]N('-H87)E6QE/3-$)VUA#L@;6%R9VEN M+6)O='1O;3H@,'!X.R!F;VYT+7-I>F4Z(#$R<'@[)SXF;F)S<#L\+W`^#0H- M"CQT86)L92!S='EL93TS1"=B;W)D97(M8V]L;&%PF4],T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T M>6QE/3-$)V)O6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('9A M;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4] M,T0Q/B9N8G-P.R9N8G-P.SPO9F]N=#X\+W1D/@T*/'1D('-T>6QE/3-$)V)O M6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)W1E>'0M:6YD96YT.B`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`C,#`P,#`P(#-P>"!D M;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T;VT^ M#0H-"CQP('-T>6QE/3-$)V)O"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T M;VT^#0H-"CQP('-T>6QE/3-$)V)O6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UEF4],T0Q/B9N8G-P.R9N8G-P.SPO M9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAF4],T0R/C$R+#4W M.#PO9F]N=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;2!N;W=R87`],T1N M;W=R87`^/&9O;G0@F4],T0R/B9N8G-P.R9N8G-P.SPO9F]N M=#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X\9F]N="!C;&%S6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE6QE M/3-$)W1E>'0M:6YD96YT.B`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`^/"]T9#X-"CQT9#XF;F)S<#L\+W1D/CPO='(^ M#0H\='(@8F=C;VQO3H@5&EM97,@3F5W(%)O M;6%N.R<@8VQAF4],T0R/B0\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T M;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UEF4Z(#%P>#LG/CQT9"!V86QI9VX],T1B;W1T;VT^(#PO=&0^#0H\=&0@=F%L M:6=N/3-$8F]T=&]M/B9N8G-P.R9N8G-P.SPO=&0^#0H\=&0@=F%L:6=N/3-$ M8F]T=&]M/@T*#0H\<"!S='EL93TS1"=B;W)D97(M=&]P.B`C,#`P,#`P(#-P M>"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B;W1T M;VT^#0H-"CQP('-T>6QE/3-$)V)O"!D;W5B;&4[)SXF;F)S<#L\+W`^/"]T9#X-"CQT9"!V86QI9VX],T1B M;W1T;VT^#0H-"CQP('-T>6QE/3-$)V)O6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M M:6QY.B!4:6UE6QE M/3-$)V9O;G0M9F%M:6QY.B!4:6UE6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UEF4],T0R/B@P M+C$U/"]F;VYT/CPO=&0^#0H\=&0@=F%L:6=N/3-$8F]T=&]M(&YO=W)A<#TS M1&YO=W)A<#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W M(%)O;6%N.R<@8VQA"!D;W5B;&4[)SXF;F)S<#L\ M+W`^/"]T9#X-"CQT9#XF;F)S<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O M;3XF;F)S<#LF;F)S<#L\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O;3X-"@T* M/'`@#L@=&5X="UI;F1E;G0Z(#,R M<'@[(&UA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M M9F%M:6QY.B!4:6UE2=S($-L87-S($$@8V]M;6]N('-T;V-K M('=E6QE/3-$)VUA'0M:6YD96YT M.B`S,G!X.R!M87)G:6XM8F]T=&]M.B`P<'@[)SX\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA2!I;F-R96%S92!I;B!T:&4@;G5M8F5R(&]F('-H87)E3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]A86%B8F8V85\P M.3`W7S0W,CE?.#`T-%\T9F5B86$Y8C@T,F(-"D-O;G1E;G0M3&]C871I;VXZ M(&9I;&4Z+R\O0SHO86%A8F)F-F%?,#DP-U\T-S(Y7S@P-#1?-&9E8F%A.6(X M-#)B+U=O'0O:'1M;#L@8VAA'0^/&1I=CX@/'`@ M#L@;6%R9VEN+6)O='1O;3H@,'!X M.R<^/&9O;G0@F4],T0R/CQB/DYO=&4@,3`@)B,X,C$R.R!! M8V-U;75L871E9"!/=&AE6QE/3-$)VUA'0M M:6YD96YT.B`S,G!X.R!M87)G:6XM8F]T=&]M.B`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`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`C,#`P,#`P(#%P M>"!S;VQI9#LG/B9N8G-P.SPO<#X\+W1D/@T*/'1D('9A;&EG;CTS1&)O='1O M;3X-"@T*/'`@3H@5&EM97,@3F5W(%)O;6%N M.R<@8VQAF4],T0R/B0\+V9O;G0^/"]T9#X-"CQT9"!V86QI9VX] M,T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F;VYT+69A M;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@ M3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT M4&%R=%]A86%B8F8V85\P.3`W7S0W,CE?.#`T-%\T9F5B86$Y8C@T,F(-"D-O M;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO86%A8F)F-F%?,#DP-U\T-S(Y M7S@P-#1?-&9E8F%A.6(X-#)B+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'0^/&1I=CX@/'`@#L@;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@'0M M:6YD96YT.B`S,G!X.R!M87)G:6XM8F]T=&]M.B`P<'@[)SX\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R<@8VQAFYE6YO M2!S965K:6YG(&UO;F5T87)Y(&1A M;6%G97,L(&EN:G5N8W1I=F4@6QE/3-$)VUA#L@;6%R9VEN+6)O='1O;3H@,'!X M.R<^/&9O;G0@F4],T0R/FEN861V97)T96YT('9I;VQA=&EO M;G,@86YD('5P('1O("0Q+#4P,"!P97(@9F%C2!T;R!A<'!R M;WAI;6%T96QY(#$P,"PP,#`@:6YD:79I9'5A;',N($EN($9E8G)U87)Y(#(P M,#@L('-E=F5R86P@;6]N=&AS(&%F=&5R('1H92!C;&]S92!O9B!D:7-C;W9E M6YO2!$2`R,#$R+"!T M:&4@0V]U#L@=&5X="UI;F1E M;G0Z(#,R<'@[(&UA#LG/CQF;VYT('-T>6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE6YO M2!T M;R!#>6YO7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\ M:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E M;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA2!46QE/3-$)VUA#LG/CQF;VYT('-T>6QE/3-$ M)V9O;G0M9F%M:6QY.B!4:6UE2!46QE/3-$)VUA#L@=&5X="UI;F1E;G0Z(#,R<'@[(&UA#LG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE2`D,2XQ(&UI;&QI;VX@86YD("0R+C(@;6EL;&EO;BP@&EM871E;'D@)#$N-"!M:6QL:6]N(&%N M9"`D,2XU(&UI;&QI;VXL(')E2X@5&AE3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]A86%B8F8V85\P M.3`W7S0W,CE?.#`T-%\T9F5B86$Y8C@T,F(-"D-O;G1E;G0M3&]C871I;VXZ M(&9I;&4Z+R\O0SHO86%A8F)F-F%?,#DP-U\T-S(Y7S@P-#1?-&9E8F%A.6(X M-#)B+U=O'0O:'1M;#L@8VAA'0^/&1I=CX@/'`@#L@ M;6%R9VEN+6)O='1O;3H@,'!X.R<^/&9O;G0@F4],T0R/CQB M/DYO=&4@,3,@)B,X,C$R.R!);F-O;64@5&%X97,@/"]B/CPO9F]N=#X\+W`^ M#0H-"CQP('-T>6QE/3-$)VUA#L@=&5X="UI;F1E;G0Z M(#,R<'@[(&UA#LG/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.B!4:6UE"!E>&%M:6YA=&EO;G,@8GD@=&%X(&%U=&AO2!T87@@875T:&]R:71I97,@9F]R M('EE87)S(&)E9F]R92`R,#`W+B`\+V9O;G0^/"]P/B`\+V1I=CX\'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA3H@5&EM97,@3F5W(%)O;6%N.R<@8VQA'0M:6YD96YT.B`S,G!X.R!M87)G M:6XM8F]T=&]M.B`P<'@[)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@ M5&EM97,@3F5W(%)O;6%N.R<@8VQA6QE/3-$)VUA#L@;6%R9VEN M+6)O='1O;3H@,'!X.R!F;VYT+7-I>F4Z(#$X<'@[)SXF;F)S<#L\+W`^(#PO M9&EV/CQS<&%N/CPO7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\>&UL M('AM;&YS.F\],T0B=7)N.G-C:&5M87,M;6EC'1087)T7V%A86)B9C9A @7S`Y,#=?-# XML 16 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock-Based Compensation
3 Months Ended
Mar. 31, 2012
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

Note 2 — Stock-Based Compensation

Cynosure recorded stock-based compensation expense of $0.7 million for both the three months ended March 31, 2012 and 2011, respectively. Cynosure capitalized $15,000 and $19,000 of stock-based compensation expense as part of inventory during the three months ended March 31, 2012 and 2011, respectively.

Total stock-based compensation expense was recorded to cost of revenues and operating expenses based upon the functional responsibilities of the individual holding the respective options, as follows:

 

     Three Months Ended
March 31,
 
     2012      2011  
     (In thousands)  

Cost of revenues

   $ 44       $ 36   

Sales and marketing

     193         230   

Research and development

     120         121   

General and administrative

     308         279   
  

 

 

    

 

 

 

Total stock-based compensation expense

   $ 665       $ 666   
  

 

 

    

 

 

 

Cash received from option exercises was $0.2 million and $25,000 during the three months ended March 31, 2012 and 2011, respectively.

Cynosure granted 300,000 and 316,500 stock options during the three months ended March 31, 2012 and 2011, respectively. Cynosure utilizes the Black-Scholes model to determine the weighted average fair value of options. The weighted average fair value of the options granted during the three months ended March 31, 2012 and 2011 was $8.42 and $7.51, respectively, using the following assumptions:

 

     Three Months Ended
March 31,
 
     2012     2011  

Risk-free interest rate

     0.81% - 0.86%        2.33% - 2.37%   

Expected dividend yield

     —          —     

Expected term

     5.8 years        5.8 years   

Expected volatility

     57     56

Estimated forfeiture rate

     5     5

Option-pricing models require the input of various subjective assumptions, including the option's expected life and the price volatility of the underlying stock. Cynosure's estimated expected stock price volatility is based on its own historical volatility. Cynosure's expected term of options granted in the three months ended March 31, 2012 and 2011 was derived from the short-cut method. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The dividend yield of zero is based on the fact that Cynosure has never paid cash dividends and has no present intention to pay cash dividends.

 

In March 2012, Cynosure commenced an option exchange program (the "Exchange Offer") in which it offered eligible option holders the opportunity to voluntarily exchange certain "underwater" stock options for a lesser number of new stock options with a lower exercise price. Cynosure's U.S. employees were eligible to participate in the Exchange offer, and Cynosure's directors and executive officers were not eligible to participate. The exchange ratios for the Exchange Offer were determined by using the Black-Scholes option pricing model to approximate a "value-for-value" exchange, meaning that the value of the eligible stock options was equal to the value of the new stock options. The Exchange Offer, which was subject to Rule 13e-4 under the Securities Exchange Act of 1934, as amended, expired on April 13, 2012.

In the Exchange Offer, 90 eligible option holders tendered eligible options with exercise prices of $20.00 or greater to purchase an aggregate of 325,946 shares of Class A common stock, representing 96% of the total shares of Class A common stock underlying options eligible for exchange. New stock options were granted to purchase an aggregate of 280,771 shares of Class A common stock in exchange for the cancellation of the tendered eligible options. The exercise price per share of each new option granted in the Exchange Offer is $19.78, which was the closing price of Cynosure's Class A common stock as reported by The Nasdaq Global Market on April 13, 2012.

XML 17 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2012
Dec. 31, 2011
Assets    
Cash and cash equivalents $ 40,654 $ 35,694
Short-term marketable securities 30,124 31,379
Accounts receivable, net 14,701 12,853
Inventories 29,970 29,568
Prepaid expenses and other current assets 3,880 3,038
Deferred income taxes 701 701
Total current assets 120,030 113,233
Property and equipment, net 8,217 7,705
Long-term marketable securities 5,992 6,595
Goodwill and intangibles, net 23,059 23,486
Other assets 457 561
Total assets 157,755 151,580
Liabilities and Stockholders' Equity    
Accounts payable 9,292 8,474
Amounts due to related party 1,374 1,550
Accrued expenses 13,685 13,944
Deferred revenue 9,793 6,388
Capital lease obligation 304 239
Total current liabilities 34,448 30,595
Capital lease obligation, net of current portion 615 494
Deferred revenue, net of current portion 313 367
Other noncurrent liability 737 497
Commitments and contingencies      
Stockholders' equity:    
Preferred stock, $0.001 par value Authorized - 5,000 shares Issued - none      
Class A and Class B common stock, $0.001 par value Authorized - 70,000 shares Issued - 9,849 Class A shares and 2,975 Class B shares at March 31, 2012; Issued- 9,828 Class A shares and 2,975 Class B shares at December 31, 2011, respectively 13 13
Additional paid-in capital 125,371 124,506
Retained earnings 141 (678)
Accumulated other comprehensive loss (1,710) (2,041)
Treasury stock, 197 Class A shares and 36 Class B shares, at cost (2,173) (2,173)
Total stockholders' equity 121,642 119,627
Total liabilities and stockholders' equity $ 157,755 $ 151,580
XML 18 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Operating activities:    
Net income (loss) $ 819 $ (1,894)
Reconciliation of net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 1,755 1,480
Stock-based compensation expense 665 666
Gain on disposal of fixed assets (16)  
Accretion of discounts on marketable securities 243 286
Changes in operating assets and liabilities:    
Accounts receivable (1,675) 655
Inventories (1,291) (2,653)
Net book value of demonstration inventory sold 177 249
Prepaid expenses and other current assets (802) 267
Accounts payable 804 2,054
Due to related party (175) 696
Tax benefit from the exercise of stock options (25) (2)
Accrued expenses (93) (204)
Deferred revenue 3,359 151
Other noncurrent liability   2
Net cash provided by operating activities 3,745 1,753
Investing activities:    
Purchases of property and equipment (671) (160)
Proceeds from the sales and maturities of marketable securities 13,171 18,243
Purchases of marketable securities (11,546) (21,010)
Acquisitions   (2,470)
Decrease in other noncurrent assets 107 4
Net cash provided by (used in) investing activities 1,061 (5,393)
Financing activities:    
Excess tax benefit on options exercised 25 2
Proceeds from stock option exercises 200 25
Payments on capital lease obligation (69) (50)
Net cash provided by (used in) financing activities 156 (23)
Effect of exchange rate changes on cash and cash equivalents (2) (8)
Net increase (decrease) in cash and cash equivalents 4,960 (3,671)
Cash and cash equivalents, beginning of the period 35,694 27,434
Cash and cash equivalents, end of the period 40,654 23,763
Supplemental cash flow information    
Cash paid for interest 12 5
Cash paid for income taxes 228 253
Supplemental noncash investing and financing activities    
Transfer of demonstration equipment from inventory to fixed assets 1,019 1,331
Assets acquired under capital lease $ 276  
XML 19 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } }
XML 20 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Interim Consolidated Financial Statements
3 Months Ended
Mar. 31, 2012
Interim Consolidated Financial Statements [Abstract]  
Interim Consolidated Financial Statements

Note 1 — Interim Consolidated Financial Statements

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures required for complete financial statements are not included herein. It is recommended that these financial statements be read in conjunction with the consolidated financial statements and related notes that appear in the Annual Report on Form 10-K of Cynosure, Inc. (Cynosure) for the year ended December 31, 2011. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the financial position, results of operations, and cash flows as of the dates and for the periods presented have been included. The results of operations for the three months ended March 31, 2012 may not be indicative of the results that may be expected for the year ending December 31, 2012, or any other period.

XML 21 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (Parenthetical) (USD $)
Mar. 31, 2012
Dec. 31, 2011
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 0 0
Common Stock Class A
   
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 70,000,000 70,000,000
Common stock, shares issued 9,849,000 9,828,000
Treasury stock, shares 197,000 197,000
Common Stock Class B
   
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 70,000,000 70,000,000
Common stock, shares issued 2,975,000 2,975,000
Treasury stock, shares 36,000 36,000
XML 22 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Litigation
3 Months Ended
Mar. 31, 2012
Litigation [Abstract]  
Litigation

Note 11 — Litigation

In 2005, Dr. Ari Weitzner, individually and as putative representative of a purported class, filed a complaint against Cynosure under the federal Telephone Consumer Protection Act (TCPA) in Massachusetts Superior Court in Middlesex County seeking monetary damages, injunctive relief, costs and attorneys fees. The complaint alleges that Cynosure violated the TCPA by sending unsolicited advertisements by facsimile to the plaintiff and other recipients without the prior express invitation or permission of the recipients. Under the TCPA, recipients of unsolicited facsimile advertisements are entitled to damages of up to $500 per facsimile for

inadvertent violations and up to $1,500 per facsimile for knowing or willful violations. Based on discovery in this matter, the plaintiff alleges that approximately three million facsimiles were sent on Cynosure's behalf by a third party to approximately 100,000 individuals. In February 2008, several months after the close of discovery, the plaintiff served a motion for class certification, which Cynosure opposed on numerous factual and legal grounds, including that a nationwide class action may not be maintained in a Massachusetts state court by Dr. Weitzner, a New York resident; individual issues predominate over common issues; a class action is not superior to other methods of resolving TCPA claims; and Dr. Weitzner is an inadequate class representative. Cynosure also believes it has many merits defenses, including that the faxes in question do not constitute "advertising" within the meaning of the TCPA and many recipients had an established business relationship with Cynosure and are thereby deemed to have consented to the receipt of facsimile communications. The Court held a hearing on the plaintiff's class certification motion in June 2008. In July 2010, the Court issued an order dismissing this matter without prejudice for Dr. Weitzner's failure to prosecute the case. In August 2010, Dr. Weitzner filed a motion for relief from the dismissal order, which the Court allowed. At a status conference held in November 2010, the Court confirmed that the class certification motion was still under advisement. In January 2012, the Court issued a Memorandum of Decision denying the class certification motion.

In addition to the matter discussed above, from time to time, Cynosure is subject to various claims, lawsuits, disputes with third parties, investigations and pending actions involving various allegations against Cynosure incident to the operation of its business, principally product liability. Each of these other matters is subject to various uncertainties, and it is possible that some of these other matters may be resolved unfavorably to Cynosure. Cynosure establishes accruals for losses that management deems to be probable and subject to reasonable estimate. Cynosure believes that the ultimate outcome of these matters will not have a material adverse impact on its consolidated financial position, results of operations or cash flows.

XML 23 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document And Entity Information
3 Months Ended
Mar. 31, 2012
May 03, 2012
Common Stock Class A
May 03, 2012
Common Stock Class B
Document Type 10-Q    
Amendment Flag false    
Document Period End Date Mar. 31, 2012    
Document Fiscal Year Focus 2012    
Document Fiscal Period Focus Q1    
Entity Registrant Name CYNOSURE INC    
Entity Central Index Key 0000885306    
Current Fiscal Year End Date --12-31    
Entity Filer Category Accelerated Filer    
Entity Common Stock, Shares Outstanding   9,658,465 2,939,161
XML 24 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Transactions
3 Months Ended
Mar. 31, 2012
Related Party Transactions [Abstract]  
Related Party Transactions

Note 12 — Related Party Transactions

As of March 31, 2012, El. En. S.p.A. (El.En.) owned 23% of Cynosure's outstanding common stock. Purchases of inventory from El.En. during the three months ended March 31, 2012 and 2011 were approximately $1.1 million and $2.2 million, respectively. As of March 31, 2012 and December 31, 2011, amounts due to related party for these purchases were approximately $1.4 million and $1.5 million, respectively. There were no amounts due from El.En. as of March 31, 2012 or December 31, 2011.

XML 25 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements Of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Consolidated Statements Of Operations [Abstract]    
Product revenues $ 28,095 $ 16,611
Parts, accessories and service revenues 6,073 5,273
Total revenues 34,168 21,884
Cost of revenues 14,660 9,803
Gross profit 19,508 12,081
Operating expenses:    
Sales and marketing 11,551 8,756
Research and development 3,239 2,240
Amortization of intangible assets acquired 342 10
General and administrative 3,518 2,941
Total operating expenses 18,650 13,947
Income (loss) from operations 858 (1,866)
Interest income, net 10 54
Other income, net 209 214
Income (loss) before provision for income taxes 1,077 (1,598)
Provision for income taxes 258 296
Net income (loss) $ 819 $ (1,894)
Basic net income (loss) per share $ 0.07 $ (0.15)
Diluted net income (loss) per share $ 0.06 $ (0.15)
Basic weighted average common shares outstanding 12,578 12,577
Diluted weighted average common shares outstanding 13,037 12,577
XML 26 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Goodwill And Other Intangible Assets
3 Months Ended
Mar. 31, 2012
Goodwill And Other Intangible Assets [Abstract]  
Goodwill And Other Intangible Assets

Note 6 — Goodwill and Other Intangible Assets

Changes to goodwill during the three months ended March 31, 2012 were as follows (in thousands):

 

     Total  

Balance – December 31, 2011

   $ 15,712   

Translation adjustment

     30   
  

 

 

 

Balance – March 31, 2012

   $ 15,742   
  

 

 

 

Other intangible assets consist of the following at March 31, 2012 and December 31, 2011 (in thousands):

 

     Developed
Technology
& Patents
    Business
Licenses
    Customer
Relationships
    Trade
Names
    Other     Total  

March 31, 2012

            

Cost

   $ 3,250      $ 384      $ 3,323      $ 2,650      $ 48      $ 9,655   

Translation adjustment

     —          30        19        —          2        51   

Accumulated amortization

     (978     (159     (1,110     (137     (5     (2,389
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance, March 31, 2012

   $ 2,272      $ 255      $ 2,232      $ 2,513      $ 45      $ 7,317   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

December 31, 2011

            

Cost

   $ 3,250      $ 384      $ 3,323      $ 2,650      $ 48      $ 9,655   

Translation adjustment

     —          27        20        —          2        49   

Accumulated amortization

     (874     (147     (812     (93     (4     (1,930
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance, December 31, 2011

   $ 2,376      $ 264      $ 2,531      $ 2,557      $ 46      $ 7,774   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amortization expense related to developed technology and patents is classified as a component of cost of revenues in the Consolidated Statements of Operations. Amortization expense related to customer relationships and trade names is classified as a component of amortization of intangible assets acquired in the Consolidated Statements of Operations. Amortization expense related to business licenses and other is classified as a component of general and administrative expenses in the Consolidated Statements of Operations.

Amortization expense for the three months ended March 31, 2012 and 2011 was $0.5 million and $61,000, respectively. Cynosure has approximately $41,000 of indefinite-life intangible assets that are included in other intangible assets in the table above. As of March 31, 2012, amortization expense on existing intangible assets for the next five years and beyond is as follows (table in thousands):

 

Remainder of 2012

   $  1,386   

2013

     1,299   

2014

     950   

2015

     765   

2016 and thereafter

     2,876   
  

 

 

 

Total

   $ 7,276   
  

 

 

 

 

The table above includes $1.0 million for the remainder of 2012, $0.9 million for 2013, $0.6 million for 2014, $0.4 million for 2015 and $1.8 million for 2016 and thereafter, to be recognized within operating expenses related to intangible assets acquired through the Eleme Medical and ConBio acquisitions.

XML 27 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Short And Long-Term Marketable Securities
3 Months Ended
Mar. 31, 2012
Short And Long-Term Marketable Securities [Abstract]  
Short And Long-Term Marketable Securities

Note 5 — Short and Long-Term Marketable Securities

Cynosure's available-for-sale securities at March 31, 2012 consist of approximately $38.1 million of investments in debt securities consisting of state and municipal bonds, treasuries and government agencies and approximately $18,000 in equity securities. All investments in available-for-sale securities are recorded at fair market value, with any unrealized gains and losses reported as a separate component of accumulated other comprehensive loss. As of March 31, 2012, Cynosure's marketable securities consist of the following (in thousands):

 

     Market Value      Amortized
Cost
     Unrealized
Gains
     Unrealized
Losses
 

Available-for-sale Securities:

           

Cash equivalents:

           

State and municipal bonds

   $ 2,006       $ 2,006       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total cash equivalents

   $ 2,006       $ 2,006       $ —         $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Short-term marketable securities:

           

State and municipal bonds

   $ 18,511       $ 18,502       $ 10       $ (1

Treasuries and government agencies

     11,595         11,590         5         —     

Equity securities

     18         6         12         —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total short-term marketable securities

   $ 30,124       $ 30,098       $ 27       $ (1
  

 

 

    

 

 

    

 

 

    

 

 

 

Long-term marketable securities:

           

State and municipal bonds

   $ 5,492       $ 5,488       $ 5       $ (1

Treasuries and government agencies

     500         501         —           (1
  

 

 

    

 

 

    

 

 

    

 

 

 

Total long-term marketable securities

   $ 5,992       $ 5,989       $ 5       $ (2
  

 

 

    

 

 

    

 

 

    

 

 

 

Total available-for-sale securities

   $ 38,122       $ 38,093       $ 32       $ (3
  

 

 

    

 

 

    

 

 

    

 

 

 

Total marketable securities

   $ 36,116            
  

 

 

          

As of December 31, 2011, Cynosure's marketable securities consist of the following (in thousands):

 

     Market Value      Amortized
Cost
     Unrealized
Gains
     Unrealized
Losses
 

Available-for-sale Securities:

           

Cash equivalents:

           

State and municipal bonds

   $ 3,264       $ 3,263       $ 1       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total cash equivalents

   $ 3,264       $ 3,263       $ 1       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Short-term marketable securities:

           

State and municipal bonds

   $ 18,868       $ 18,858       $ 12       $ (2

Treasuries and government agencies

     12,505         12,499         6         —     

Equity securities

     6         5         1         —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total short-term marketable securities

   $ 31,379       $ 31,362       $ 19       $ (2
  

 

 

    

 

 

    

 

 

    

 

 

 

Long-term marketable securities:

           

State and municipal bonds

   $ 4,719       $ 4,713       $ 6       $ —     

Treasuries and government agencies

     1,876         1,875         1         —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total long-term marketable securities

   $ 6,595       $ 6,588       $ 7       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total available-for-sale securities

   $ 41,238       $ 41,213       $ 27       $ (2
  

 

 

    

 

 

    

 

 

    

 

 

 

Total marketable securities

   $ 37,974            
  

 

 

          

 

As of March 31, 2012, Cynosure's available-for-sale debt securities mature as follows (in thousands):

 

     Total      Maturities  
      Less Than One Year      One to Five Years      More than five years  

State and municipal bonds

   $ 26,009       $ 20,517       $ 5,492       $ —     

U.S. government sponsored enterprises

     12,095         11,595         500         —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total available-for-sale debt securities

   $ 38,104       $ 32,112       $ 5,992       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 
XML 28 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
3 Months Ended
Mar. 31, 2012
Income Taxes [Abstract]  
Income Taxes

Note 13 — Income Taxes

At March 31, 2012, Cynosure had no unrecognized tax benefits. Cynosure files income tax returns in the U.S. federal jurisdiction, and in various state and foreign jurisdictions. With few exceptions, Cynosure is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before 2008. Additionally, certain non-U.S. jurisdictions are no longer subject for income tax examinations by tax authorities for years before 2007.

XML 29 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Net Income (Loss) Per Common Share
3 Months Ended
Mar. 31, 2012
Net Income (Loss) Per Common Share [Abstract]  
Net Income (Loss) Per Common Share

Note 9 — Net Income (Loss) Per Common Share

Basic net income (loss) per share was determined by dividing net income (loss) by the weighted average common shares outstanding during the period. Diluted net income (loss) per share was determined by dividing net income (loss) by diluted weighted average shares outstanding. Diluted weighted average shares reflect the dilutive effect, if any, of common stock options based on the treasury stock method. Common shares outstanding includes both Class A and Class B common stock as each participates equally in earnings. Class B shares are convertible at any time into shares of Class A on a one-for-one basis at the option of the holder.

A reconciliation of basic and diluted shares is as follows:

 

     Three Months Ended
March 31,
 
     2012      2011  

Net income (loss)

   $ 819       $ (1,894
  

 

 

    

 

 

 

Basic weighted average common shares outstanding

     12,578         12,577   

Weighted average common equivalent shares

     459         —     
  

 

 

    

 

 

 

Diluted weighted average common shares outstanding

     13,037         12,577   
  

 

 

    

 

 

 

Basic net income (loss) per share

   $ 0.07       $ (0.15
  

 

 

    

 

 

 

Diluted net income (loss) per share

   $ 0.06       $ (0.15
  

 

 

    

 

 

 

For the three months ended March 31, 2012, options to purchase approximately 1.5 million shares of the Company's Class A common stock were excluded from the calculation of diluted weighted average common shares outstanding as their effect was antidilutive.

For the three months ended March 31, 2011, the number of basic and diluted weighted average shares outstanding was the same as any increase in the number of shares of common stock equivalents for the three months ended March 31, 2011 would be antidilutive based on the net loss for the period. During the three months ended March 31, 2011, outstanding options to purchase 2.0 million shares were excluded from the computation of diluted earnings per share because their inclusion would have been antidilutive.

XML 30 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Warranty Costs
3 Months Ended
Mar. 31, 2012
Warranty Costs [Abstract]  
Warranty Costs

Note 7 — Warranty Costs

Cynosure typically provides a one-year parts and labor warranty on end-user sales of laser systems. Distributor sales generally include a warranty on parts only. Estimated future costs for initial product warranties are provided at the time of revenue recognition.

The following table provides the detail of the change in Cynosure's product warranty accrual during the three months ended March 31, 2012, which is a component of accrued expenses in the consolidated balance sheets:

 

     March 31,
2012
 
     (in thousands)  

Warranty accrual, beginning of period

   $ 3,171   

Warranty provision related to new sales

     1,052   

Costs incurred

     (989
  

 

 

 

Warranty accrual, end of period

   $ 3,234   
  

 

 

 
XML 31 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Information
3 Months Ended
Mar. 31, 2012
Segment Information [Abstract]  
Segment Information

Note 8 — Segment Information

In accordance with ASC 280, Segment Reporting Topic, operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions how to allocate resources and assess performance. Cynosure's chief decision-maker, as defined under ASC 280, is a combination of the Chief Executive Officer and the Chief Financial Officer. Cynosure views its operations and manages its business as one segment, aesthetic treatment products and services.

The following table represents total revenue by geographic destination:

 

     Three Months Ended
March 31,
 
     2012      2011  
     (in thousands)  

United States

   $ 15,160       $ 7,985   

Europe

     7,019         7,468   

Asia / Pacific

     9,277         4,122   

Other

     2,712         2,309   
  

 

 

    

 

 

 

Total

   $ 34,168       $ 21,884   
  

 

 

    

 

 

 

Total assets by geographic area are as follows:

 

     March 31,
2012
    December 31,
2011
 
     (in thousands)  

United States

   $ 136,912      $ 132,041   

Europe

     13,703        12,688   

Asia / Pacific

     9,284        8,855   

Eliminations

     (2,144     (2,004
  

 

 

   

 

 

 

Total

   $ 157,755      $ 151,580   
  

 

 

   

 

 

 

Long-lived assets by geographic area are as follows:

 

     March 31,
2012
     December 31,
2011
 
     (in thousands)  

United States

   $ 6,819       $ 6,461   

Europe

     1,290         1,344   

Asia / Pacific

     565         461   
  

 

 

    

 

 

 

Total

   $ 8,674       $ 8,266   
  

 

 

    

 

 

 

 

No individual country within Europe or Asia/Pacific represented greater than 10% of total revenue, total assets or total long-lived assets for any period presented.

XML 32 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Accumulated Other Comprehensive Loss
3 Months Ended
Mar. 31, 2012
Accumulated Other Comprehensive Loss [Abstract]  
Accumulated Other Comprehensive Loss

Note 10 — Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss as of March 31, 2012 and December 31, 2011 are as follows:

 

     March 31,
2012
    December 31,
2011
 
     (in thousands)  

Unrealized gain on marketable securities, net of taxes

   $ 32      $ 23   

Cumulative translation adjustment

     (1,742     (2,064
  

 

 

   

 

 

 

Total accumulated other comprehensive loss

   $ (1,710   $ (2,041
  

 

 

   

 

 

 
XML 33 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements Of Comprehensive Income (Loss) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Consolidated Statements Of Comprehensive Income (Loss) [Abstract]    
Net income (loss) $ 819 $ (1,894)
Other comprehensive income components:    
Cumulative translation adjustment 322 569
Unrealized gain (loss) on marketable securities 9 (14)
Total other comprehensive income 331 555
Comprehensive income (loss) $ 1,150 $ (1,339)
XML 34 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value
3 Months Ended
Mar. 31, 2012
Fair Value [Abstract]  
Fair Value

Note 4 — Fair Value

U.S. GAAP establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:

 

   

Level 1 – Quoted prices in active markets for identical assets or liabilities.

 

   

Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable markets data for substantially the full term of the assets or liabilities.

 

   

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table represents Cynosure's fair value hierarchy for its financial assets (cash equivalents and marketable securities) measured at fair value as of March 31, 2012 (in thousands):

 

     Level 1      Level 2      Level 3      Total  

Money market funds (1)

   $ 10,465       $ —         $ —         $ 10,465   

State and municipal bonds (2)

     —           26,009         —           26,009   

Treasuries and government agencies

     —           12,095         —           12,095   

Equity securities

     18         —           —           18   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 10,483       $ 38,104       $ —         $ 48,587   
  

 

 

    

 

 

    

 

 

    

 

 

 

(1) Included in cash and cash equivalents at March 31, 2012.
(2) $2.0 million included in cash and cash equivalents at March 31, 2012.

During the three months ended March 31, 2012, there were no significant transfers in and out of Level 1 and Level 2. Cynosure did not have any Level 3 financial assets at March 31, 2012 or December 31, 2011.

 

XML 35 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 12 116 1 false 2 0 false 3 false false R1.htm 00090 - Document - Document And Entity Information Sheet http://www.cynosure.com/2011-06-30/role/DocumentDocumentAndEntityInformation Document And Entity Information true false R2.htm 00100 - Statement - Consolidated Balance Sheets Sheet http://www.cynosure.com/2011-06-30/role/StatementConsolidatedBalanceSheets Consolidated Balance Sheets false false R3.htm 00105 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://www.cynosure.com/2011-06-30/role/StatementConsolidatedBalanceSheetsParenthetical Consolidated Balance Sheets (Parenthetical) false false R4.htm 00200 - Statement - Consolidated Statements Of Operations Sheet http://www.cynosure.com/2011-06-30/role/StatementConsolidatedStatementsOfOperations Consolidated Statements Of Operations false false R5.htm 00300 - Statement - Consolidated Statements Of Comprehensive Income (Loss) Sheet http://www.cynosure.com/2011-06-30/role/StatementConsolidatedStatementsOfComprehensiveIncomeLoss Consolidated Statements Of Comprehensive Income (Loss) false false R6.htm 00400 - Statement - Consolidated Statements Of Cash Flows Sheet http://www.cynosure.com/2011-06-30/role/StatementConsolidatedStatementsOfCashFlows Consolidated Statements Of Cash Flows false false R7.htm 10101 - Disclosure - Interim Consolidated Financial Statements Sheet http://www.cynosure.com/2011-06-30/role/DisclosureInterimConsolidatedFinancialStatements Interim Consolidated Financial Statements false false R8.htm 10201 - Disclosure - Stock-Based Compensation Sheet http://www.cynosure.com/2011-06-30/role/DisclosureStockBasedCompensation Stock-Based Compensation false false R9.htm 10301 - Disclosure - Inventories Sheet http://www.cynosure.com/2011-06-30/role/DisclosureInventories Inventories false false R10.htm 10401 - Disclosure - Fair Value Sheet http://www.cynosure.com/2011-06-30/role/DisclosureFairValue Fair Value false false R11.htm 10501 - Disclosure - Short And Long-Term Marketable Securities Sheet http://www.cynosure.com/2011-06-30/role/DisclosureShortAndLongTermMarketableSecurities Short And Long-Term Marketable Securities false false R12.htm 10601 - Disclosure - Goodwill And Other Intangible Assets Sheet http://www.cynosure.com/2011-06-30/role/DisclosureGoodwillAndOtherIntangibleAssets Goodwill And Other Intangible Assets false false R13.htm 10701 - Disclosure - Warranty Costs Sheet http://www.cynosure.com/2011-06-30/role/DisclosureWarrantyCosts Warranty Costs false false R14.htm 10801 - Disclosure - Segment Information Sheet http://www.cynosure.com/2011-06-30/role/DisclosureSegmentInformation Segment Information false false R15.htm 10901 - Disclosure - Net Income (Loss) Per Common Share Sheet http://www.cynosure.com/2011-06-30/role/DisclosureNetIncomeLossPerCommonShare Net Income (Loss) Per Common Share false false R16.htm 11001 - Disclosure - Accumulated Other Comprehensive Loss Sheet http://www.cynosure.com/2011-06-30/role/DisclosureAccumulatedOtherComprehensiveLoss Accumulated Other Comprehensive Loss false false R17.htm 11101 - Disclosure - Litigation Sheet http://www.cynosure.com/2011-06-30/role/DisclosureLitigation Litigation false false R18.htm 11201 - Disclosure - Related Party Transactions Sheet http://www.cynosure.com/2011-06-30/role/DisclosureRelatedPartyTransactions Related Party Transactions false false R19.htm 11301 - Disclosure - Income Taxes Sheet http://www.cynosure.com/2011-06-30/role/DisclosureIncomeTaxes Income Taxes false false R20.htm 11401 - Disclosure - Recent Accounting Pronouncements Sheet http://www.cynosure.com/2011-06-30/role/DisclosureRecentAccountingPronouncements Recent Accounting Pronouncements false false All Reports Book All Reports Process Flow-Through: 00100 - Statement - Consolidated Balance Sheets Process Flow-Through: Removing column 'Mar. 31, 2011' Process Flow-Through: Removing column 'Dec. 31, 2010' Process Flow-Through: 00105 - Statement - Consolidated Balance Sheets (Parenthetical) Process Flow-Through: 00200 - Statement - Consolidated Statements Of Operations Process Flow-Through: 00300 - Statement - Consolidated Statements Of Comprehensive Income (Loss) Process Flow-Through: 00400 - Statement - Consolidated Statements Of Cash Flows cyno-20120331.xml cyno-20120331.xsd cyno-20120331_cal.xml cyno-20120331_def.xml cyno-20120331_lab.xml cyno-20120331_pre.xml true true XML 36 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Recent Accounting Pronouncements
3 Months Ended
Mar. 31, 2012
Recent Accounting Pronouncements [Abstract]  
Recent Accounting Pronouncements

Note 14 — Recent Accounting Pronouncements

In June 2011, the Financial Accounting Standards Board, or FASB, issued new accounting guidance that requires companies to present the components of net income and other comprehensive income either as one continuous statement or as two consecutive statements and eliminates the option to present components of other comprehensive income as part of the statement of changes in stockholders' equity. The guidance does not change the items which must be reported in other comprehensive income, how such items are measured or when they must be reclassified to net income. Cynosure adopted this new accounting guidance effective January 1, 2012. The adoption of this guidance had no material effect on Cynosure's financial condition, results of operations or cash flows.