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 the earliest event reported) February
13, 2008
FARO
TECHNOLOGIES,
INC.
(Exact
Name of Registrant as Specified in Its Charter)
|
Florida
|
0-20381
|
59-3157093
|
|
(State
or Other Jurisdiction
|
(Commission
File
|
(IRS
Employer
|
|
of
Incorporation)
|
Number)
|
Identification
No.)
|
|
125
Technology Park, Lake Mary, Florida
|
32746
|
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
|
(407)
333-9911
(Registrant’s
Telephone Number, Including Area Code)
(Former
Name or Former Address, if Changed Since Last Report)
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:
|
¨
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230
.425)
|
|
¨
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
¨
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
|
¨
|
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 Statements
Item
7.01 Regulation
FD Disclosure
On
February 13, 2008, FARO Technologies, Inc. issued a press release announcing
its
results of operations for the forth quarter and year ended December 31, 2007.
A
copy of the press release is furnished as Exhibit 99.1 hereto and is
incorporated herein by reference.
The
information furnished herewith pursuant to Item 2.02 and Item 7.01 of this
Current Report shall not be deemed to be “filed” for the purpose of Section 18
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or
otherwise subject to the liabilities of that section, and shall not be
incorporated by reference into any registration statement or other document
under the Securities Act of 1933, as amended, or the Exchange Act, except as
shall be expressly set forth by specific reference in such filing.
Item
9.01 Financial
Statements and Exhibits
|
(d)
|
Exhibits
|
|
99.1
|
Press
Release dated as of February 13,
2008
|
Signature
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Company has
duly
caused this report to be signed on its behalf by the undersigned thereunder
duly
authorized.
|
FARO
Technologies, Inc.
|
|
|
(Registrant)
|
|
|
Date:
February
14, 2008
|
|
|
/s/
Jay Freeland
|
|
|
Jay
Freeland
|
|
|
Chief
Executive Officer
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EXHIBIT
INDEX
|
Exhibit
No.
|
Description
|
|
99.1
|
Press
Release dated as of February 13,
2008
|
Keith
Bair, Senior Vice President and CFO
keith.bair@FARO.com,
407-333-9911
FARO
Reports Sales Growth of 25.7% in 2007; Orders Increase 21.8% for
2007
LAKE
MARY,
FL.,
February 13, 2008 - FARO Technologies, Inc. (NASDAQ: FARO)
today
announced results for the fourth quarter ended December 31, 2007. Net
income for the fourth quarter was $8.4 million,
or
$0.50 per diluted share, an increase of $4.7 million, compared to $3.7 million,
or $0.25 per diluted share, in the fourth quarter of 2006. Net income for fiscal
2007 was $18.1 million, or $1.15 per diluted share, compared to $8.2 million,
or
$0.56 per diluted share for fiscal 2006. Fiscal 2007 results include a charge
of
$2.65 million, or $0.21 per diluted share, for the estimated fines and penalties
that the Company anticipates
could be necessary to resolve the
previously announced Foreign Corrupt Practices Act (“FCPA”) matter with the U.S.
Department of Justice (“DOJ”) and U.S. Securities and Exchange Commission
(“SEC”).1
Sales
for
the fourth quarter of 2007 were $59.2 million, an increase of $15.3 million,
or
34.9%, from $43.9 million in the fourth quarter of 2006. New
order
bookings for the fourth quarter of 2007 were $65.4 million, an increase of
$15.6
million, or 31.3%, compared to $49.8 million in the year-ago quarter. Fiscal
2007 sales were $191.6 million, an increase of 25.7% compared to fiscal 2006
sales of $152.4 million, slightly above the Company’s full-year guidance of
20-25% sales growth. New order bookings for fiscal 2007 were $197.8 million,
a
21.8% increase from $162.4 million in fiscal 2006.
“Once
again, the FARO team around the world demonstrated its ability to perform,”
stated Jay Freeland, FARO’s President and CEO. “Sales growth for 2007 was above
the target range of 20-25% that we have been communicating all year. As always,
fourth quarter sales were particularly strong with all three regions growing
more than 20%.”
1 The
Company believes that measuring net income and net income per diluted share
without the impact of the $2.65 million FCPA charge and the $0.6 million
of
related tax effects is useful to management and investors (when presented
in
conjunction with the comparable GAAP measure of net income and net income
per
diluted share) because the impact of the $2.65 million charge on the Company’s
tax rate could otherwise be unclear to investors. In addition, management
refers
to these financial measures to facilitate
internal and external comparisons to the Company’s historical operating
results..
Gross
margin for the fourth quarter of 2007 was 60.0%, compared to 58.8% in the fourth
quarter of 2006. Gross margin increased primarily as the result of an increase
in unit sales in product lines with lower unit costs due to continuing
productivity improvements. The gross margin for fiscal 2007 was 60.0% compared
to 58.7% in fiscal 2006 and within the Company’s previously issued guidance of
58% to 60%.
Selling
expenses as a percentage of sales decreased to 27.3% in the fourth quarter
of
2007 compared to 29.2% in the fourth quarter of 2006. Selling expenses as a
percentage of sales for fiscal 2007 were 29.3% compared to 29.7% for fiscal
2006.
General
and administrative expenses were 11.8% of sales for the fourth quarter of 2007
compared to 14.2% of sales in the fourth quarter of 2006. General and
administrative expenses in the fourth quarter of 2006 included $1.5 million
of
professional fees related to the Company’s Foreign Corrupt Practices Act
(“FCPA”) matter and its patent litigation. General and administrative expenses
were 13.3% of sales in 2007 and included the accrual of $2.65 million for the
estimated fines and penalties that could be necessary to resolve the FCPA matter
and $1.1 million of professional fees related to the Company’s FCPA matter and
resolution of the patent litigation. General and administrative expenses were
16.1% of sales in fiscal 2006 and included $6.8 million of professional fees
related to the FCPA matter and patent litigation.
Research
and development (“R&D”) expenses were $3.1 million for the fourth quarter of
2007, up from $1.8 million in the fourth quarter of 2006. R&D expenses for
fiscal 2007 were $10.3 million, or 5.4% of sales, an increase of $3.1 million
from $7.2 million in fiscal 2006, or 4.7% of sales. The increase was driven
primarily by costs associated with the recent launches of the new Quantum
FAROArm and Fusion FAROArm product lines.
Operating
margin for the fourth quarter of 2007 was 13.8%, compared to 8.8% in the year
ago quarter.
Income
tax expense was $1.1 million for the fourth quarter of 2007 compared to $0.8
million in the fourth quarter of 2006. The Company’s effective tax rate for 2007
increased to 21.5% compared to 16.2% for fiscal 2006 primarily as a result
of
the increase in non-deductible expenses for U.S. income tax purposes associated
with the FCPA matter. The Company’s effective income tax rate, excluding the
effects of the $2.65 million charge for the estimated fines and penalties
associated with the FCPA matter, would have been 17.0%.2
2 The
Company believes that calculating its effective tax rate without the impact
of
the FCPA charge is useful to management and investors because the impact
of the
$2.65 million charge on the Company’s tax rate could otherwise be unclear to
investors. In addition, management refers to the adjusted effective tax rate
to
facilitate internal and external comparisons to the Company’s historical tax
rate. The Company’s 2007 effective tax rate without the impact of the FCPA
charge would have been calculated in accordance with FIN No.
18.
Full
Year 2008 Sales and Gross Margin Guidance
“2007
was
a tremendous year for FARO combining significant growth with great productivity,
several new products and fantastic execution. Although there is clearly
increased economic pressure globally, particularly in the U.S., we continue
to
see strong demand for our products. As such, in 2008 we are maintaining our
guidance ranges of approximately 20% - 25% top line growth and gross margin
of
58% to 60%,” Freeland concluded.
This
press release contains forward-looking statements (within the meaning of the
Private Securities Litigation Reform Act of 1995) that are subject to risks
and
uncertainties, such as statements about our plans, objectives, projections,
expectations, assumptions, strategies, or future events. Statements that are
not
historical facts or that describe the Company’s plans, objectives, projections,
expectations, assumptions, strategies, or goals are forward-looking statements.
In addition, words such as “may,” “believes,” “anticipates,” “expects,”
“intends,” “plans,” “seeks,” “estimates,” “will,” “should,” “could,” “projects,”
“forecast,” “target,” “goal,” and similar expressions or discussions of our
strategy or other intentions identify forward-looking statements. Other written
or oral statements, which constitute forward-looking statements, also may be
made by the Company from time to time. Forward-looking statements are not
guarantees of future performance and are subject to various known and unknown
risks, uncertainties, and other factors that may cause actual results,
performances, or achievements to differ materially from future results,
performances, or achievements expressed or implied by such forward-looking
statements. Consequently, undue reliance should not be placed on these
forward-looking statements.
Factors
that could cause actual results to differ materially from what is expressed
or
forecasted in forward-looking statements include, but are not limited
to:
| · |
our
inability to further penetrate our customer base;
|
| · |
development
by others of new or improved products, processes or technologies
that make
our products obsolete or less competitive;
|
| · |
our
inability to maintain our technological advantage by developing new
products and enhancing our existing
products;
|
| · |
our
inability to successfully identify and acquire target companies or
achieve
expected benefits from acquisitions that are consummated;
|
| · |
the
cyclical nature of the industries of our customers and the financial
condition of our customers;
|
| · |
the
fact that the market potential for the CAM2 market and the potential
adoption rate for our products are difficult to quantify and
predict;
|
| · |
the
inability to protect our patents and other proprietary rights in
the
United States and foreign
countries;
|
| · |
fluctuations
in our annual and quarterly operating results , and the inability
to
achieve our financial operating targets as a result of a number of
factors
including, but not limited to (i) litigation and regulatory actions
brought against us, (ii) quality issues with our products, (iii)
excess or
obsolete inventory,(iv) raw material price fluctuations, (v) expansion
of
our manufacturing capability and other inflationary pressures, (vi)
the
size and timing of customer orders, (vii) the amount of time that
it takes
to fulfill orders and ship our products, (viii) the length of our
sales
cycle to new customers and the time and expense incurred in further
penetrating our existing customer base, (ix) increases in operating
expenses required for product development and new product marketing,
(x)
costs associated with new product introductions, such as product
development, marketing, assembly line start-up costs and low introductory
period production volumes, (xi) the timing and market acceptance
of new
products and product enhancements, (xii) customer order deferrals
in
anticipation of new products and product enhancements, (xiii) our
success
in expanding our sales and marketing programs, (xiv) costs associated
with
opening new sales offices outside of the United States, (xv) fluctuations
in revenue without proportionate adjustments in fixed costs, (xvi)
the
efficiencies achieved in managing inventories and fixed assets; (xvii)
investments in potential acquisitions or strategic sales, product
or other
initiatives, (xviii)shrinkage or other inventory losses due to product
obsolescence, scrap, or material price changes, (xix) adverse changes
in
the manufacturing industry and general economic conditions, (xx)
compliance with government regulations, including health, safety,
and
environmental matters, and (xxi) other factors noted
herein;
|
| · |
changes
in gross margins due to changing product mix of products sold and
the
different gross margins on different
products,
|
| · |
our
inability to successfully implement the requirements of Restriction
of use
of Hazardous Substances (RoHS) and Waste Electrical and Electronic
Equipment (WEEE) compliance into our
products;
|
| · |
the
inability of our products to displace traditional measurement devices
and
attain broad market acceptance;
|
| · |
the
impact of competitive products and pricing in the CAM2 market and
the
broader market for measurement and inspection devices;
|
| · |
the
effects of increased competition as a result of recent consolidation
in
the CAM2 market;
|
| · |
risks
associated with expanding international operations, such as fluctuations
in currency exchange rates, difficulties in staffing and managing
foreign
operations, political and economic instability, compliance with
import and
export regulations, and the burdens of complying with a wide variety
of
foreign laws and labor practices;
|
| · |
unforeseen
developments in our FCPA matter or in complying with the FCPA in
the
future;
|
| · |
the
fact that there is no assurance that the Company’s discussions with the
SEC and the DOJ will result in a resolution of the FCPA matter
with either
the DOJ or the SEC or that any such resolution, if reached, may
differ
from the resolution currently anticipated by the
Company;
|
| · |
the
fact that predicting when the FCPA matter will be finally resolved
with
the SEC and the DOJ is not possible;
|
| · |
the
fact that the amount of monetary sanctions ultimately paid by the
Company
to the SEC and the DOJ in resolving the FCPA matter, whether imposed
on
the Company or agreed to by settlement, may exceed the amount that
that
has been reserved by the Company;
|
| · |
the
outcome of the class action securities
litigation;
|
| · |
higher
than expected increases in expenses relating to our Asia Pacific
expansion
or our Singapore manufacturing
facility;
|
| · |
our
inability to find less expensive alternatives to stock options
to attract
and retain employees;
|
| · |
the
loss of our Chief Executive Officer, our Chief Technology Officer,
our
Chief Financial Officer, or other key
personnel;
|
| · |
difficulties
in recruiting research and development engineers, and application
engineers;
|
| · |
the
failure to effectively manage our
growth;
|
| · |
variations
in the effective tax rate and the difficulty predicting the tax
rate on a
quarterly and annual basis;
|
| · |
the
loss of key suppliers and the inability to find sufficient alternative
suppliers in a reasonable period or on commercially reasonable
terms;
and
|
| · |
the
other risks detailed in the Company’s Annual Report on Form 10-K and other
filings from time to time with the Securities and Exchange Commission.
|
Forward-looking
statements in this release represent the Company’s judgment as of the date of
this release. The Company undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information, future
events, or otherwise.
About
FARO
With
approximately 16,000 installations and 7,400 customers globally, FARO
Technologies, Inc. designs, develops, and markets portable, computerized
measurement devices and software used to create digital models - or to perform
evaluations against an existing model - for anything requiring highly detailed
3-D measurements, including part and assembly inspection, factory planning
and
asset documentation, as well as specialized applications ranging from surveying,
recreating accident sites and crime scenes to digitally preserving historical
sites.
FARO's
technology increases productivity by dramatically reducing the amount of on-site
measuring time, and the various industry-specific software packages enable
users
to process and present their results quickly and more effectively.
Principal
products include the world's best-selling portable measurement arm - the
FaroArm; the world's best-selling laser tracker - the FARO Laser Tracker X
and
Xi; the FARO Laser ScanArm; FARO Laser Scanner LS; the FARO Gage, Gage-PLUS
and
PowerGAGE; and the CAM2 family of advanced CAD-based measurement and reporting
software. FARO Technologies is ISO-9001 certified and ISO-17025 laboratory
registered.
###
|
FARO
TECHNOLOGIES, INC. AND SUBSIDIARIES
|
|||||||||
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|||||||||
|
(UNAUDITED)
|
|
Three
Months Ended
|
Year
Ended
|
||||||||||||
|
(in
thousands, except share and per share data)
|
Dec
31, 2007
|
Dec
31, 2006
|
Dec
31, 2007
|
Dec
31, 2006
|
|||||||||
|
SALES
|
$
|
59,228
|
$
|
43,942
|
$
|
191,617
|
$
|
152,405
|
|||||
|
COST
OF SALES (exclusive of depreciation and amortization, shown separately
below)
|
23,700
|
18,125
|
76,574
|
62,947
|
|||||||||
|
GROSS
PROFIT
|
35,528
|
25,817
|
115,043
|
89,458
|
|||||||||
|
OPERATING
EXPENSES:
|
|||||||||||||
|
Selling
|
16,183
|
12,824
|
56,134
|
45,282
|
|||||||||
|
General
and administrative
|
7,012
|
6,258
|
25,508
|
24,554
|
|||||||||
|
Depreciation
and amortization
|
1,021
|
1,039
|
4,034
|
4,135
|
|||||||||
|
Research
and development
|
3,127
|
1,838
|
10,256
|
7,228
|
|||||||||
|
Total
operating expenses
|
27,343
|
21,959
|
95,932
|
81,199
|
|||||||||
|
INCOME
FROM OPERATIONS
|
8,185
|
3,858
|
19,111
|
8,259
|
|||||||||
|
OTHER
(INCOME) EXPENSE
|
|||||||||||||
|
Interest
income
|
(854
|
)
|
(227
|
)
|
(2,036
|
)
|
(743
|
)
|
|||||
|
Other
(income) expense, net
|
(471
|
)
|
(351
|
)
|
(1,898
|
)
|
(790
|
)
|
|||||
|
Interest
expense
|
2
|
8
|
9
|
16
|
|||||||||
|
INCOME
BEFORE INCOME TAX
|
9,508
|
4,428
|
23,036
|
9,776
|
|||||||||
|
INCOME
TAX EXPENSE
|
1,104
|
770
|
4,943
|
1,580
|
|||||||||
|
NET
INCOME
|
$
|
8,404
|
$
|
3,658
|
$
|
18,093
|
$
|
8,196
|
|||||
|
NET
INCOME PER SHARE - BASIC
|
$
|
0.51
|
$
|
0.25
|
$
|
1.17
|
$
|
0.57
|
|||||
|
NET
INCOME PER SHARE - DILUTED
|
$
|
0.50
|
$
|
0.25
|
$
|
1.15
|
$
|
0.56
|
|||||
|
Weighted
average shares - Basic
|
16,584,477
|
14,426,478
|
15,443,259
|
14,397,050
|
|||||||||
|
Weighted
average shares - Diluted
|
16,777,426
|
14,610,555
|
15,722,215
|
14,560,331
|
|||||||||
|
FARO
TECHNOLOGIES, INC. AND SUBSIDIARIES
|
||||
|
CONSOLIDATED
BALANCE SHEETS
|
||||
|
(UNAUDITED)
|
|
(in
thousands, except share data)
|
December
31, 2007 |
December
31, 2006 |
|||||
|
ASSETS
|
|||||||
|
Current
Assets:
|
|||||||
|
Cash
and cash equivalents
|
$
|
25,798
|
$
|
15,689
|
|||
|
Short-term
investments
|
77,375
|
15,790
|
|||||
|
Accounts
receivable, net
|
54,767
|
42,706
|
|||||
|
Inventories
|
29,100
|
23,429
|
|||||
|
Deferred
income taxes, net
|
2,841
|
1,845
|
|||||
|
Prepaid
expenses and other current assets
|
6,719
|
3,222
|
|||||
|
Total
current assets
|
196,600
|
102,681
|
|||||
|
Property
and Equipment:
|
|||||||
|
Machinery
and equipment
|
12,895
|
9,131
|
|||||
|
Furniture
and fixtures
|
5,008
|
3,988
|
|||||
|
Leasehold
improvements
|
3,296
|
2,615
|
|||||
|
Property
and equipment at cost
|
21,199
|
15,734
|
|||||
|
Less:
accumulated depreciation and amortization
|
(13,672
|
)
|
(8,889
|
)
|
|||
|
Property
and equipment, net
|
7,527
|
6,845
|
|||||
|
Goodwill
|
19,117
|
17,266
|
|||||
|
Intangible
assets, net
|
5,970
|
6,221
|
|||||
|
Service
Inventory
|
10,865
|
7,278
|
|||||
|
Deferred
income taxes, net
|
3,460
|
3,985
|
|||||
|
Total
Assets
|
$
|
243,539
|
$
|
144,276
|
|||
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|||||||
|
Current
Liabilities:
|
|||||||
|
Accounts
payable
|
$
|
12,450
|
$
|
11,182
|
|||
|
Accrued
liabilities
|
17,989
|
10,379
|
|||||
|
Income
taxes payable
|
2,266
|
2,151
|
|||||
|
Current
portion of unearned service revenues
|
8,594
|
4,569
|
|||||
|
Customer
deposits
|
337
|
618
|
|||||
|
Current
portion of long-term debt and obligations under capital
leases
|
18
|
90
|
|||||
|
Total
current liabilities
|
41,654
|
28,989
|
|||||
|
Unearned
service revenues - less current portion
|
6,091
|
2,917
|
|||||
|
Deferred
tax liability, net
|
1,073
|
1,200
|
|||||
|
Long-term
debt and obligations under capital leases - less current
portion
|
222
|
115
|
|||||
|
Total
Liabilities
|
49,040
|
33,221
|
|||||
|
Commitments
and contingencies
|
|||||||
|
Shareholders'
Equity:
|
|||||||
|
Common
stock - par value $.001, 50,000,000 shares authorized; 16,700,966
and
14,586,402 issued; 16,644,052 and 14,464,715 outstanding,
respectively
|
17
|
14
|
|||||
|
Additional
paid-in-capital
|
146,489
|
85,160
|
|||||
|
Retained
earnings
|
43,546
|
25,452
|
|||||
|
Accumulated
other comprehensive income (loss)
|
4,598
|
580
|
|||||
|
Common
stock in treasury, at cost - 40,000 shares
|
(151
|
)
|
(151
|
)
|
|||
|
Total
Shareholders' Equity
|
194,499
|
111,055
|
|||||
|
Total
Liabilities and Shareholders' Equity
|
$
|
243,539
|
$
|
144,276
|
|||
|
FARO
TECHNOLOGIES, INC. AND SUBSIDIARIES
|
|||||
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|||||
|
(UNAUDITED)
|
|
Year
Ended December 31,
|
|||||||
|
(in
thousands)
|
2007
|
2006
|
|||||
|
CASH
FLOWS FROM:
|
|||||||
|
OPERATING
ACTIVITIES:
|
|||||||
|
Net
income
|
$
|
18,093
|
$
|
8,196
|
|||
|
Adjustments
to reconcile net income to net cash provided by (used in)
|
|||||||
|
operating
activities:
|
|||||||
|
Depreciation
and amortization
|
4,034
|
4,135
|
|||||
|
Amortization
of stock options and restricted stock units
|
1,216
|
401
|
|||||
|
Provision
for bad debts
|
373
|
230
|
|||||
|
Deferred
income tax (benefit) expense
|
(464
|
)
|
20
|
||||
|
Change
in operating assets and liabilities:
|
|||||||
|
Decrease
(increase) in:
|
|||||||
|
Accounts
receivable
|
(9,121
|
)
|
(12,173
|
)
|
|||
|
Inventories
|
(7,265
|
)
|
2,804
|
||||
|
Prepaid
expenses and other current assets
|
(3,208
|
)
|
(933
|
)
|
|||
|
Income
tax (benefit) expense from exercise of stock options
|
(963
|
)
|
(102
|
)
|
|||
|
Increase
(decrease) in:
|
|||||||
|
Accounts
payable and accrued liabilities
|
9,884
|
3,062
|
|||||
|
Income
taxes payable
|
1,278
|
526
|
|||||
|
Customer
deposits
|
(269
|
)
|
399
|
||||
|
Unearned
service revenues
|
8,007
|
3,189
|
|||||
|
Net
cash provided by (used in) operating activities
|
21,595
|
9,754
|
|||||
|
INVESTING
ACTIVITIES:
|
|||||||
|
Acquisition
of iQVolution
|
|||||||
|
Purchases
of property and equipment
|
(2,930
|
)
|
(3,357
|
)
|
|||
|
Payments
for intangible assets
|
(359
|
)
|
(820
|
)
|
|||
|
(Purchases
of) proceeds from short-term investments
|
(61,585
|
)
|
700
|
||||
|
Net
cash used in investing activities
|
(64,874
|
)
|
(3,477
|
)
|
|||
|
FINANCING
ACTIVITIES:
|
|||||||
|
Payments
of capital leases
|
(92
|
)
|
(204
|
)
|
|||
|
Income
tax benefit (expense) from exercise of stock options
|
963
|
102
|
|||||
|
Proceeds
from issuance of stock, net
|
58,421
|
361
|
|||||
|
Net
cash provided by financing activities
|
59,292
|
259
|
|||||
|
EFFECT
OF EXCHANGE RATE CHANGES ON CASH AND CASH
EQUIVALENTS
|
(5,904
|
)
|
(125
|
)
|
|||
|
INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS
|
10,109
|
6,411
|
|||||
|
CASH
AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
15,689
|
9,278
|
|||||
|
CASH
AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
25,798
|
$
|
15,689
|
|||