Exactech Results – 2010 Net Income $10.5 Million, Q4 EPS $0.21

Exactech Results – 2010 Net Income $10.5 Million, Q4 EPS $0.21

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EXACTECH, INC. AND SUBSIDIARIES

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

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