EX-99.1 2 a08-20746_1ex99d1.htm EX-99.1

Exhibit 99.1

 

SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(unaudited)

 

 

 

Quarter Ended

 

Six Months Ended

 

 

 

June 30,
2008

 

June 30,
2007

 

March 31,
2008

 

June 30,
2008

 

June 30,
2007

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

156,082

 

$

143,854

 

$

152,413

 

$

308,495

 

$

266,483

 

Cost of Services

 

105,418

 

97,613

 

104,985

 

210,403

 

182,782

 

Gross Profit

 

50,664

 

46,241

 

47,428

 

98,092

 

83,701

 

Selling, General and Administrative Expenses

 

38,826

 

38,992

 

39,697

 

78,523

 

73,253

 

Operating Income

 

11,838

 

7,249

 

7,731

 

19,569

 

10,448

 

Interest Expense

 

(2,323

)

(2,988

)

(2,662

)

(4,985

)

(5,124

)

Interest Income

 

158

 

220

 

273

 

431

 

638

 

Other (Expense) Income

 

1,071

 

431

 

(1,222

)

(151

)

431

 

Pre-tax Income

 

10,744

 

4,912

 

4,120

 

14,864

 

6,393

 

Income Tax Provision

 

4,652

 

1,974

 

1,717

 

6,369

 

2,544

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

6,092

 

$

2,938

 

$

2,403

 

$

8,495

 

$

3,849

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share

 

$

0.17

 

$

0.08

 

$

0.07

 

$

0.24

 

$

0.11

 

Weighted Average Common and Common Equivalent Shares Outstanding—Diluted

 

35,838

 

35,813

 

35,375

 

35,612

 

35,660

 

 



 

RECONCILIATION OF GAAP NET INCOME AND EARNINGS PER SHARE TO NON-GAAP EBITDA AND EBITDA PER SHARE

(In thousands, except per share amounts)

(unaudited)

 

 

 

Quarter Ended

 

 

 

June 30,
2008

 

June 30,
2007

 

March 31,
2008

 

Net Income

 

$

6,092

 

$

0.17

 

$

2,938

 

$

0.08

 

$

2,403

 

$

0.07

 

Other Expense (Income)

 

(1,071

)

(0.03

)

(431

)

(0.01

)

1,222

 

0.03

 

Interest Expense, net

 

2,165

 

0.06

 

2,768

 

0.08

 

2,389

 

0.07

 

Income Tax Provision

 

4,652

 

0.13

 

1,974

 

0.06

 

1,717

 

0.05

 

Depreciation

 

1,216

 

0.03

 

1,551

 

0.04

 

1,356

 

0.04

 

Amortization of Intangibles

 

2,372

 

0.07

 

3,778

 

0.10

 

2,328

 

0.06

 

EBITDA

 

15,426

 

0.43

 

12,578

 

0.35

 

11,415

 

0.32

 

Equity-based Compensation

 

1,560

 

0.04

 

2,231

 

0.06

 

1,585

 

0.05

 

Adjusted EBITDA

 

$

16,986

 

$

0.47

 

$

14,809

 

$

0.41

 

$

13,000

 

$

0.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common and Common Equivalent Shares Outstanding

 

35,838

 

 

 

35,813

 

 

 

35,375

 

 

 

 

 

 

Six Months Ended

 

 

 

June 30,
2008

 

June 30,
2007

 

Net Income

 

$

8,495

 

$

0.24

 

$

3,849

 

$

0.11

 

Other Expense (Income)

 

151

 

0.00

 

(431

)

(0.01

)

Interest Expense, net

 

4,554

 

0.13

 

4,486

 

0.13

 

Income Tax Provision

 

6,369

 

0.18

 

2,544

 

0.07

 

Depreciation

 

2,572

 

0.07

 

2,892

 

0.08

 

Amortization of Intangibles

 

4,700

 

0.13

 

7,943

 

0.22

 

EBITDA

 

26,841

 

0.75

 

21,283

 

0.60

 

Equity-based Compensation

 

3,145

 

0.09

 

3,337

 

0.09

 

Adjusted EBITDA

 

$

29,986

 

$

0.84

 

$

24,620

 

$

0.69

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common and Common Equivalent Shares Outstanding

 

35,612

 

 

 

35,660