UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of
Report (Date of earliest event reported): May
8, 2008
GRIFFON
CORPORATION
(Exact
Name of Registrant as Specified in Charter)
|
Delaware
|
|
1-6620
|
|
11-1893410
|
|
(State
or Other Jurisdiction
|
|
(Commission
|
|
(I.R.S.
Employer
|
|
of
Incorporation)
|
|
File
Number)
|
|
Identification
Number)
|
|
100
Jericho Quadrangle
|
||||
|
Jericho,
New York
|
11753
|
|||
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
(516)
938-5544
(Registrant’s
telephone number, including area code)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
| o |
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
| o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
| o |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17
CFR 240.14d-2(b))
|
| o |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17
CFR 240.13e-4(c))
|
Item
2.02. Results
of Operations and Financial Condition.
On
May 8,
2008, Griffon Corporation (the “Registrant”) issued a press release announcing
the Registrant’s financial results for the second fiscal quarter ended March 31,
2008. A copy of the Registrant’s press release is attached hereto as Exhibit
99.1.
Item
9.01. Financial
Statements and Exhibits.
| (d) |
Exhibits.
|
| 99.1. |
Press
Release, dated May 8, 2008
|
The
information filed as an exhibit to this Form 8-K is being furnished in
accordance with Item 2.02 and shall not be deemed to be “filed” for the purposes
of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities of such section, nor shall such
information be deemed incorporated by reference in any filing under the
Securities Act of 1933, as amended, or the Exchange Act, except as shall be
expressly set forth by specific reference in such a filing.
2
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
GRIFFON
CORPORATION
|
|||
|
By:
|
/s/
Patrick L. Alesia
|
||
|
|
Patrick
L. Alesia
|
||
|
Chief
Financial Officer
|
|||
Date:
May
8, 2008
3
Exhibit
Index
|
99.1.
|
Press
release, dated May 8, 2008
|
4
Contact:
Patrick L. Alesia
Chief
Financial Officer
(516)
938-5544
GRIFFON
CORPORATION ANNOUNCES OPERATING RESULTS
FOR
THE SECOND QUARTER OF FISCAL 2008
JERICHO,
NEW YORK, May 8, 2008
-
Griffon Corporation (NYSE:GFF) today reported operating results for the second
quarter of fiscal 2008, ended March 31, 2008.
Net
sales
for the second quarter of fiscal 2008 were $320.3 million, compared to $369.1
million in the second quarter of fiscal 2007. Loss from continuing operations
was $12.8 million, or $.42 per diluted share, for the quarter compared to income
from continuing operations of $838,000, or $.03 per diluted share, last year.
Loss from discontinued operations was $8.6 million, or $.29 per diluted share,
compared to $583,000, or $.02 per diluted share, last year. Net loss for the
quarter was $21.4 million, or $.71 per diluted share, compared to net income
of
$255,000, or $.01 per diluted share, last year.
Certain
operating units in the Installation Services segment were closed during the
second quarter and the related assets are in the process of being disposed
of.
Results of operations related to the closed operating units of the Installation
Services segment from the beginning of each fiscal period presented through
the
respective dates of asset disposition have been reflected as discontinued
operations in the condensed consolidated income statements. Net sales of these
operating units were $8.4 million and $18.2 million for the three months ended
March 31, 2008 and 2007, respectively, and $21.3 million and $39.6 million
for
the six months ended March 31, 2008 and 2007, respectively.
Earlier
today,
the
company’s Board of Directors approved a plan to exit all operating activities of
the Installation Services segment in 2008.
As
a
result, the company presently estimates aggregate exit costs, including
operating and intangible asset write-offs, to range between $30 million and
$40
million for the remainder of 2008, of which $25 million to $35 million is
estimated to be non-cash.
During
the second quarter of fiscal 2008, the company’s Installation Services and
Garage Doors segments incurred charges resulting from restructuring activities
of approximately $2.3 million and $.7 million, respectively.
Telephonics Results
For
the
quarter ended March 31, 2008, Telephonics generated sales of $98.4 million,
a
20.8% decrease from the second quarter of fiscal 2007.
The
operating results declined as anticipated as a result of the wind-down in late
fiscal 2007 of substantial contracts with Syracuse Research Corporation (SRC).
Excluding the impact of the SRC contracts in the respective second quarter
periods, core business sales grew by approximately $8.2 million, or 11%.
Clopay
Garage Doors Results
For
the
quarter ended March 31, 2008, the company’s Garage Door segment generated sales
of $83.8 million, a 20.3% decrease from the second quarter of fiscal 2007.
The
company’s Garage Doors segment finished the quarter with results that were
consistent with the sustained downturn in the housing market and were further
impacted by the seasonal nature of the business. We believe that our market
was
further adversely impacted by weakness in the consumer credit markets. The
segment’s management has been and will continue to focus on significant cost
reduction programs including, but not limited to, reductions in force, reducing
or eliminating certain sales and marketing programs and consolidating facilities
where possible.
Specialty
Plastic Films Results
For
the
quarter ended March 31, 2008, the company’s Specialty Plastic Films segment
generated sales of $114.7 million, a 15.0% increase from the second quarter
of
fiscal 2007.
Specialty
Plastic Films achieved higher sales resulting primarily from a favorable product
mix and the impact of foreign exchange. However, operating income was
unfavorably affected by lower unit volumes and higher resin costs. On average,
resin costs in the second quarter increased approximately 31%, 14% and 9% in
North America, Germany and Brazil, respectively, compared to last year. It
is
estimated that the effect of resin cost volatility had a negative impact on
the
segment’s operating results, when compared to the prior-year quarter, of
approximately $5-$6 million.
Installation
Services Results
For
the
quarter ended March 31, 2008, the company’s Installation Services segment
generated sales of $26.0 million, a 41.0% decrease from the second quarter
of
fiscal 2007.
The
decline in Installation Services’ sales and operating results was greater than
anticipated due to the continuing effect of the weakness in new home
construction.
2
Balance Sheet and Capital Expenditures
The
company’s total cash balances at the end of the second quarter of fiscal 2008
were $39.4 million. Total debt outstanding at the end of the quarter was $206.6
million, including $130 million of convertible notes. Capital expenditures
during the second quarter of fiscal 2008 were $5.5 million.
As
previously announced, on March 31, 2008, Telephonics Corporation, a wholly-owned
subsidiary of the company, entered into a Credit Agreement with JPMorgan Chase
Bank, N.A., as administrative agent, and the lenders party thereto, pursuant
to
which the lenders agreed to provide Telephonics with a five-year, revolving
credit facility of $100 million. Commitments under the Credit Agreement may
be
increased by up to an additional $50 million under certain circumstances.
Proceeds of a $50 million draw under this facility, together with internal
cash
of the company, were used to repay $62.5 million of outstanding debt under
the
company’s Amended and Restated Credit Agreement, dated as of December 20, 2006,
as amended, among the company, Telephonics, JPMorgan Chase Bank, N.A., as
administrative agent, and the lenders party thereto, at which time such Amended
and Restated Credit Agreement was terminated.
The
company expects to enter into a senior secured credit facility for its other
principal wholly-owned subsidiary, Clopay Corporation, in the third
quarter.
Conference
Call Information
The
company will hold a conference call to discuss its results today, May 8, 2008,
at 4:30 PM. EDT. The conference call can be accessed by dialing 1-800-322-9079
for US callers or 1-973-582-2717 for international callers. Callers should
ask to be connected to Griffon Corporation’s second quarter earnings
teleconference and provide the conference ID number 43965215. A replay of the
call will be available one hour following the call and can be accessed by
dialing 1-800-642-1687 conference code: 43965215. The replay will be
available until 5:00 PM EDT on May 22, 2008.
Forward-looking
Statements
“Safe
Harbor” Statement under the Private Securities Litigation Reform Act of 1995:
All statements other than statements of historical fact included in this
release, including without limitation statements regarding the company’s
financial position, business strategy and the plans and objectives of the
company’s management for future operations, are forward-looking statements. When
used in this release, words such as “anticipate”, “believe”, “estimate”,
“expect”, “intend”, and similar expressions, as they relate to the company or
its management, identify forward-looking statements. Such forward-looking
statements are based on the beliefs of the company’s management, as well as
assumptions made by and information currently available to the company’s
management. Actual results could differ materially from those contemplated
by
the forward-looking statements as a result of certain factors, including but
not
limited to, business, financial market and economic conditions, including,
but
not limited to, the credit market, the housing market, results of integrating
acquired businesses into existing operations, the results of the company’s
restructuring and disposal efforts, competitive factors and pricing pressures
for resin and steel and capacity and supply constraints. Such statements reflect
the views of the company with respect to future events and are subject to these
and other risks, uncertainties and assumptions relating to the operations,
results of operations, growth strategy and liquidity of the company as
previously disclosed in the company’s Annual Report on Form 10-K for the year
ended September 30, 2007 in response to Item 1A to Part I of Form 10-K. Readers
are cautioned not to place undue reliance on these forward-looking statements.
The company does not undertake to release publicly any revisions to these
forward-looking statements to reflect future events or circumstances or to
reflect the occurrence of unanticipated events.
3
About Griffon Corporation
Griffon
Corporation, headquartered in Jericho, New York, is a diversified holding
company consisting of four distinct business segments: Electronic Information
and Communication Systems, through Telephonics Corporation; Garage Doors,
through Clopay Building Products Company; Specialty Plastic Films, through
Clopay Plastic Products Company; and Installation Services, through Clopay
Service Company. Telephonics Corporation develops and manufactures
information and communication systems for government and commercial markets
worldwide. Clopay
Building Products Company is a leading manufacturer and marketer of residential
garage doors to
professional installing dealers and major home center retail chains.
Clopay Plastic Products is an international leader in the development and
production of embossed, laminated and printed specialty plastic films used
in a
variety of hygienic, health-care and industrial markets. Clopay Service Company
installs and services specialty building products and systems through a
substantial network of operations located throughout the country. For more
information on the company and its operating subsidiaries, please see the
company's website at www.griffoncorp.com.
###
4
|
GRIFFON
CORPORATION AND SUBSIDIARIES
|
|||||||||||||
|
OPERATING
HIGHLIGHTS
|
|||||||||||||
|
(Unaudited)
|
|||||||||||||
|
(IN
THOUSANDS)
|
|||||||||||||
| PRELIMINARY | |||||||||||||
|
For
the Three Months Ended
|
For
the Six Months Ended
|
||||||||||||
|
March
31,
|
March
31,
|
||||||||||||
|
2008
|
2007
|
2008
|
2007
|
||||||||||
|
Net
Sales:
|
|||||||||||||
|
Electronic
Information and Communication Systems
|
$
|
98,397
|
$
|
124,164
|
$
|
174,257
|
$
|
254,014
|
|||||
|
Garage
Doors
|
83,846
|
105,256
|
194,892
|
233,895
|
|||||||||
|
Specialty
Plastic Films
|
114,675
|
99,730
|
221,073
|
203,385
|
|||||||||
|
Installation
Services
|
25,998
|
44,044
|
65,315
|
99,653
|
|||||||||
|
Intersegment
eliminations
|
(2,569
|
)
|
(4,054
|
)
|
(6,696
|
)
|
(8,819
|
)
|
|||||
|
$
|
320,347
|
$
|
369,140
|
$
|
648,841
|
$
|
782,128
|
||||||
|
Operating
Income (Loss):
|
|||||||||||||
|
Electronic
Information and Communication Systems
|
$
|
7,139
|
$
|
12,430
|
$
|
12,622
|
$
|
25,351
|
|||||
|
Garage
Doors
|
(8,575
|
)
|
(4,564
|
)
|
(9,742
|
)
|
(543
|
)
|
|||||
|
Specialty
Plastic Films
|
5,200
|
4,934
|
10,406
|
9,279
|
|||||||||
|
Installation
Services
|
(8,849
|
)
|
(4,131
|
)
|
(12,284
|
)
|
(4,796
|
)
|
|||||
|
Segment
operating income (loss)
|
(5,085
|
)
|
8,669
|
1,002
|
29,291
|
||||||||
|
Unallocated
amounts
|
(5,509
|
)
|
(4,968
|
)
|
(10,335
|
)
|
(8,665
|
)
|
|||||
|
Interest
and other, net
|
(2,687
|
)
|
(2,300
|
)
|
(4,721
|
)
|
(4,624
|
)
|
|||||
|
Income
(loss) from continuing operations before income taxes
|
$
|
(13,281
|
)
|
$
|
1,401
|
$
|
(14,054
|
)
|
$
|
16,002
|
|||
5
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|||||||
|
(IN
THOUSANDS EXCEPT FOR PER SHARE AMOUNTS)
|
|||||||
|
PRELIMINARY
|
|
|
|||||
|
|
FOR
THE THREE MONTHS ENDED
|
||||||
|
|
MARCH
31,
|
||||||
|
|
2008
|
2007
|
|||||
|
Net
sales
|
$
|
320,347
|
$
|
369,140
|
|||
|
Cost
of sales
|
256,783
|
292,296
|
|||||
|
Gross
profit
|
63,564
|
76,844
|
|||||
|
|
|||||||
|
Selling,
general and administrative expenses
|
71,968
|
73,712
|
|||||
|
Restructuring
costs
|
2,992
|
-
|
|||||
|
Income
(loss) from operations
|
(11,396
|
)
|
3,132
|
||||
|
|
|||||||
|
Other
income (expense):
|
|||||||
|
Interest
expense
|
(3,286
|
)
|
(3,052
|
)
|
|||
|
Interest
income
|
599
|
752
|
|||||
|
Other,
net
|
802
|
569
|
|||||
|
|
(1,885
|
)
|
(1,731
|
)
|
|||
|
Income
(loss) from continuing operations before income taxes
|
(13,281
|
)
|
1,401
|
||||
|
|
|||||||
|
Provision
(benefit) for income taxes
|
(522
|
)
|
563
|
||||
|
|
|||||||
|
Income
(loss) from continuing operations before discontinued operations
|
(12,759
|
)
|
838
|
||||
|
|
|||||||
|
Discontinued
operations (net of taxes):
|
|||||||
|
Loss
from operation of discontinued operations (net of tax benefit
of $2,800
for the three months ended March 31, 2008 and $121 for the three
months
ended March 31, 2007)
|
(8,611
|
)
|
(583
|
)
|
|||
|
Net
income (loss)
|
$
|
(21,370
|
)
|
$
|
255
|
||
|
|
|||||||
|
Basic
earnings (loss) per share of common stock:
|
|||||||
|
Continuing
operations
|
$
|
(.42
|
)
|
$
|
.03
|
||
|
Discontinued
operations
|
(.29
|
)
|
(.02
|
)
|
|||
|
|
$
|
(.71
|
)
|
$
|
.01
|
||
|
|
|||||||
|
Diluted
earnings (loss) per share of common stock:
|
|||||||
|
Continuing
operations
|
$
|
(.42
|
)
|
$
|
.03
|
||
|
Discontinued
operations
|
(.29
|
)
|
(.02
|
)
|
|||
|
|
$
|
(.71
|
)
|
$
|
.01
|
||
|
|
|||||||
|
Weighted-average
number of shares outstanding:
|
|||||||
|
Basic
|
30,057
|
29,948
|
|||||
|
Diluted
|
30,057
|
31,166
|
|||||
6
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|||||||
|
(IN
THOUSANDS EXCEPT FOR PER SHARE AMOUNTS)
|
|||||||
|
PRELIMINARY
|
|
|
|||||
|
|
FOR
THE SIX MONTHS ENDED
|
||||||
|
|
MARCH
31,
|
||||||
|
|
2008
|
2007
|
|||||
|
Net
sales
|
$
|
648,841
|
$
|
782,128
|
|||
|
Cost
of sales
|
511,201
|
617,317
|
|||||
|
Gross
profit
|
137,640
|
164,811
|
|||||
|
|
|||||||
|
Selling,
general and administrative expenses
|
143,895
|
145,368
|
|||||
|
Restructuring
costs
|
4,683
|
-
|
|||||
|
Income
(loss) from operations
|
(10,938
|
)
|
19,443
|
||||
|
|
|||||||
|
Other
income (expense):
|
|||||||
|
Interest
expense
|
(6,201
|
)
|
(5,996
|
)
|
|||
|
Interest
income
|
1,480
|
1,372
|
|||||
|
Other,
net
|
1,605
|
1,183
|
|||||
|
|
(3,116
|
)
|
(3,441
|
)
|
|||
|
Income
(loss) from continuing operations before income taxes
|
(14,054
|
)
|
16,002
|
||||
|
|
|||||||
|
Provision
(benefit) for income taxes
|
(553
|
)
|
6,434
|
||||
|
|
|||||||
|
Income
from continuing operations before discontinued operations
|
(13,501
|
)
|
9,568
|
||||
|
|
|||||||
|
Discontinued
operations (net of taxes):
|
|||||||
|
Loss
from operation of discontinued operations
(net of tax benefit of $3,807 for the
six months ended March 31, 2008 and $99
for the six months ended March 31, 2007)
|
(9,224
|
)
|
(848
|
)
|
|||
|
Net
income (loss)
|
$
|
(22,725
|
)
|
$
|
8,720
|
||
|
|
|||||||
|
Basic
earnings (loss) per share of common stock:
|
|||||||
|
Continuing
operations
|
$
|
(.45
|
)
|
$
|
.32
|
||
|
Discontinued
operations
|
(.31
|
)
|
(.03
|
)
|
|||
|
|
$
|
(.76
|
)
|
$
|
.29
|
||
|
|
|||||||
|
Diluted
earnings (loss) per share of common stock:
|
|||||||
|
Continuing
operations
|
$
|
(.45
|
)
|
$
|
.31
|
||
|
Discontinued
operations
|
(.31
|
)
|
(.03
|
)
|
|||
|
|
$
|
(.76
|
)
|
$
|
.28
|
||
|
|
|||||||
|
Weighted-average
number of shares outstanding:
|
|||||||
|
Basic
|
30,054
|
29,950
|
|||||
|
Diluted
|
30,054
|
31,117
|
|||||
7
|
CONSOLIDATED
BALANCE SHEETS
|
|||||||
|
(IN
THOUSANDS)
|
|||||||
|
|
|
|
|||||
|
PRELIMINARY
|
|
|
|||||
|
|
MARCH
31,
|
SEPTEMBER
30,
|
|||||
|
|
2008
|
2007
|
|||||
|
ASSETS
|
|
|
|||||
|
|
|
|
|||||
|
Current
Assets:
|
|
|
|||||
|
Cash
and cash equivalents
|
$
|
39,401
|
$
|
44,747
|
|||
|
Accounts
receivable, net
|
177,353
|
199,834
|
|||||
|
Contract
costs and recognized income not yet billed
|
73,327
|
77,184
|
|||||
|
Inventories
|
163,695
|
154,565
|
|||||
|
Assets
of discontinued operations
|
6,532
|
19,212
|
|||||
|
Prepaid
expenses and other current assets
|
54,457
|
49,884
|
|||||
|
Total
current assets
|
514,765
|
545,426
|
|||||
|
Property,
plant and equipment, at cost net of depreciation and amortization
|
232,492
|
233,078
|
|||||
|
Costs
in excess of fair value of net assets of businesses acquired, net
|
120,912
|
114,756
|
|||||
|
Intangible
and other assets
|
74,934
|
66,598
|
|||||
|
|
$
|
943,103
|
$
|
959,858
|
|||
|
|
|||||||
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|||||||
|
|
|||||||
|
Current
Liabilities:
|
|||||||
|
Notes
payable and current portion of long-term debt
|
$
|
3,987
|
$
|
3,392
|
|||
|
Accounts
payable
|
115,732
|
103,833
|
|||||
|
Accrued
liabilities
|
76,952
|
77,628
|
|||||
|
Income
taxes
|
510
|
14,153
|
|||||
|
Liabilities
of discontinued operations
|
4,211
|
2,919
|
|||||
|
Total
current liabilities
|
201,392
|
201,925
|
|||||
|
Long-term
debt
|
202,612
|
229,438
|
|||||
|
Other
liabilities and deferred credits
|
76,451
|
61,556
|
|||||
|
Shareholders'
equity
|
462,648
|
466,939
|
|||||
|
|
$
|
943,103
|
$
|
959,858
|
|||
8
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|||||||
|
(IN
THOUSANDS)
|
|||||||
|
PRELIMINARY
|
|
|
|||||
|
|
For
the Six Months Ended
|
||||||
|
|
March
31,
|
||||||
|
|
2008
|
2007
|
|||||
|
|
|
|
|||||
|
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|||||
|
Net
income (loss)
|
$
|
(22,725
|
)
|
$
|
8,720
|
||
|
Adjustments
to reconcile net income (loss) to net cash provided by operating
activities:
|
|||||||
|
Depreciation
and amortization
|
22,033
|
19,765
|
|||||
|
Write-off
of unamortized deferred finance costs
|
495
|
-
|
|||||
|
Stock-based
compensation
|
1,194
|
1,303
|
|||||
|
Provision
for losses on accounts receivable
|
5,480
|
734
|
|||||
|
Deferred
income taxes
|
707
|
706
|
|||||
|
Change
in assets and liabilities:
|
|||||||
|
Decrease
in accounts receivable and contract costs
and recognized income not yet billed
|
32,123
|
32,828
|
|||||
|
Increase
in inventories
|
(2,433
|
)
|
(6,658
|
)
|
|||
|
Increase
in prepaid expenses and other assets
|
(8,624
|
)
|
(1,217
|
)
|
|||
|
Decrease
in accounts payable, accrued liabilities and
income taxes payable
|
86
|
(36,989
|
)
|
||||
|
Other
changes, net
|
551
|
155
|
|||||
|
|
51,612
|
10,627
|
|||||
|
Net
cash provided by operating activities
|
28,887
|
19,347
|
|||||
|
|
|||||||
|
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
|||||||
|
Acquisition
of property, plant and equipment
|
(12,050
|
)
|
(19,477
|
)
|
|||
|
Acquired
businesses
|
(1,750
|
)
|
(17,167
|
)
|
|||
|
Proceeds
from sale of investments
|
1,000
|
-
|
|||||
|
(Increase)
decrease in equipment lease deposits
|
4,024
|
(1,473
|
)
|
||||
|
Funds
restricted for capital projects
|
-
|
(4,421
|
)
|
||||
|
Net
cash used in investing activities
|
(8,776
|
)
|
(42,538
|
)
|
|||
|
|
|||||||
|
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
|||||||
|
Purchase
of shares for treasury
|
(579
|
)
|
(2,300
|
)
|
|||
|
Proceeds
from issuance of long-term debt
|
50,000
|
42,891
|
|||||
|
Payments
of long-term debt
|
(76,716
|
)
|
(482
|
)
|
|||
|
Increase
(decrease) in short-term borrowings
|
377
|
(5,625
|
)
|
||||
|
Exercise
of stock options
|
-
|
1,111
|
|||||
|
Tax
benefit from exercise of stock options
|
-
|
278
|
|||||
|
Other,
net
|
480
|
(1,238
|
)
|
||||
|
Net
cash provided by (used in) financing activities
|
(26,438
|
)
|
34,635
|
||||
|
|
|||||||
|
Effect
of exchange rate changes on cash and cash equivalents
|
981
|
541
|
|||||
|
|
|||||||
|
NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(5,346
|
)
|
11,985
|
||||
|
CASH
AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
44,747
|
22,389
|
|||||
|
CASH
AND CASH EQUIVALENTS AT END OF PERIOD
|
$
|
39,401
|
$
|
34,374
|
|||
9