Recon
Exactech Results – 2010 Net Income $10.5 Million, Q4 EPS $0.21
EXACTECH, INC. AND SUBSIDIARIES |
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CONSOLIDATED BALANCE SHEETS | ||||||
As of December 31, 2010 and 2009 | ||||||
(in thousands, except share and per share amounts) | ||||||
(unaudited) | (audited) | |||||
2010 | 2009 | |||||
ASSETS | ||||||
CURRENT ASSETS: | ||||||
Cash and cash equivalents | $ | 3,935 | $ | 2,889 | ||
Trade receivables, net of allowances of $2,751 and $835 | 39,796 | 33,753 | ||||
Prepaid expenses and other assets, net | 3,384 | 2,317 | ||||
Income taxes receivable | 1,544 | 389 | ||||
Inventories, current | 61,602 | 56,417 | ||||
Deferred tax assets | 2,278 | 1,703 | ||||
Total current assets | 112,539 | 97,468 | ||||
PROPERTY AND EQUIPMENT: | ||||||
Land | 2,210 | 1,895 | ||||
Machinery and equipment | 27,155 | 24,322 | ||||
Surgical instruments | 60,077 | 43,713 | ||||
Furniture and fixtures | 3,583 | 3,051 | ||||
Facilities | 16,365 | 15,517 | ||||
Projects in process | 3,669 | 1,024 | ||||
Total property and equipment | 113,059 | 89,522 | ||||
Accumulated depreciation | (44,377 | ) | (37,150 | ) | ||
Net property and equipment | 68,682 | 52,372 | ||||
OTHER ASSETS: | ||||||
Deferred financing and deposits, net | 881 | 1,159 | ||||
Non-current inventory | 9,191 | — | ||||
Product licenses and designs, net | 11,812 | 6,225 | ||||
Patents and trademarks, net | 1,938 | 2,057 | ||||
Customer relationships, net | 2,003 | 1,928 | ||||
Goodwill | 12,947 | 9,811 | ||||
Total other assets | 38,772 | 21,180 | ||||
TOTAL ASSETS | $ | 219,993 | $ | 171,020 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
CURRENT LIABILITIES: | ||||||
Accounts payable | $ | 15,855 | $ | 9,306 | ||
Income taxes payable | — | 525 | ||||
Accrued expenses | 8,847 | 11,370 | ||||
Other current liabilities | 296 | 1,354 | ||||
Current portion of long-term debt | 1,066 | 1,190 | ||||
Total current liabilities | 26,064 | 23,745 | ||||
LONG-TERM LIABILITIES: | ||||||
Deferred tax liabilities | 6,175 | 1,989 | ||||
Line of credit | 37,556 | 7,794 | ||||
Long-term debt, net of current portion | 4,153 | 5,221 | ||||
Other long-term liabilities | 629 | 518 | ||||
Total long-term liabilities | 48,513 | 15,522 | ||||
Total liabilities | 74,577 | 39,267 | ||||
COMMITMENTS AND CONTINGENCIES | ||||||
SHAREHOLDERS’ EQUITY: | ||||||
Common stock, $.01 par value; 30,000,000 shares authorized, 13,028,024 and 12,823,778 shares issued and outstanding | 130 | 128 | ||||
Additional paid-in capital | 57,735 | 53,475 | ||||
Accumulated other comprehensive loss, net of tax | (2,525 | ) | (1,461 | ) | ||
Retained earnings | 90,076 | 79,611 | ||||
Total shareholders’ equity | 145,416 | 131,753 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 219,993 | $ | 171,020 | ||