Manhattan Associates Reports Record Fourth Quarter and Full Year 2015 Performance


ATLANTA, Feb. 02, 2016 (GLOBE NEWSWIRE) -- Leading Supply Chain Commerce Solutions provider Manhattan Associates, Inc. (NASDAQ:MANH) today reported record non-GAAP adjusted diluted earnings per share for the fourth quarter ended December 31, 2015 of $0.39 compared to $0.30 in Q4 2014, on license revenue of $20.4 million and record total revenue of $141.4 million. GAAP diluted earnings per share for Q4 2015 was a record $0.36 compared to $0.27 in Q4 2014.

“We’re very pleased with our 2015 fourth quarter and full year financial results. This marks our 4th consecutive year of record revenue and earnings per share performance. Our associates continue to execute very well serving our customers and therefore delivering strong financial performance,” said Eddie Capel, Manhattan Associates President and CEO. Demand for our omni-channel, store and distribution management solutions continues to be strong and we’re working hard to extend our market leadership position. Despite persistent global macro sluggishness, we are optimistic about our growth opportunities in 2016. We will continue to be a serial investor in innovation and focus on the customer to increase market share and improve our financial results.”

FOURTH QUARTER 2015 FINANCIAL SUMMARY:

  • Adjusted diluted earnings per share, a non-GAAP measure, was $0.39 in Q4 2015, compared to $0.30 in Q4 2014.
  • GAAP diluted earnings per share was $0.36 in Q4 2015, compared to $0.27 in Q4 2014.
  • Consolidated total revenue was $141.4 million in Q4 2015, compared to $130.4 million in Q4 2014. License revenue was $20.4 million in Q4 2015, compared to $19.5 million in Q4 2014.
  • Adjusted operating income, a non-GAAP measure, was $43.1 million in Q4 2015, compared to $31.9 million in Q4 2014.
  • GAAP operating income was $39.5 million in Q4 2015, compared to $29.1 million in Q4 2014.
  • Cash flow from operations was $36.1 million in Q4 2015, compared to $40.4 million in Q4 2014. Days Sales Outstanding was 63 days at December 31, 2015, compared to 60 days at September 30, 2015.
  • Cash and investments totaled $128.8 million at December 31, 2015, compared to $119.1 million at September 30, 2015.
  • During the three months ended December 31, 2015, the Company repurchased 340,082 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $25.1 million. In January 2016, the Board of Directors approved raising the Company's share repurchase authority to an aggregate of $50.0 million of the Company’s outstanding common stock.

FULL YEAR 2015 FINANCIAL SUMMARY:

  • Adjusted diluted earnings per share, a non-GAAP measure, was a record $1.52 for the twelve months ended December 31, 2015, compared to $1.16 for the twelve months ended December 31, 2014.
  • GAAP diluted earnings per share for the twelve months ended December 31, 2015 was a record $1.40, compared to $1.08 for the twelve months ended December 31, 2014.  
  • Consolidated revenue for the twelve months ended December 31, 2015 was a record $556.4 million, compared to $492.1 million for the twelve months ended December 31, 2014. License revenue was a record $78.6 million for the twelve months ended December 31, 2015, compared to $71.6 million for the twelve months ended December 31, 2014.  
  • Adjusted operating income, a non-GAAP measure, was a record $176.4 million for the twelve months ended December 31, 2015, compared to $137.0 million for the twelve months ended December 31, 2014. 
  • GAAP operating income was a record $161.4 million for the twelve months ended December 31, 2015, compared to $127.1 million for the twelve months ended December 31, 2014.
  • Cash flow from operations was a record $120.2 million in the twelve months ended December 31, 2015, compared to $94.2 million in the twelve months ended December 31, 2014.
  • During the twelve months ended December 31, 2015, the Company repurchased 1,721,457 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $101.6 million.

SALES ACHIEVEMENTS:

  • Recognized license revenue of $1.0 million or more on six contracts during Q4 2015.
  • Completed software license wins with new customers such as: Antalis, Biesheuvel Techniek (an IPH Group Company), Boston Scientific, Eddie Bauer, Eksmo, Fanatics, MVP Group, Nitori, Nortek, North Bay International, Riffle Machine Works, Selmec Equipos Industriales, The White Company, Value Drug.
  • Expanded relationships with existing customers such as: Ahold USA, BCBGMaxazria, Citizen Watch, Coach, Darice, David’s Bridal, DOME, Essilor of America, eStore Logistics, Federal Mogul, Fiskars, Floor and Décor, Groupe Dynamite, Harris Teeter, Heineken, Hot Topic, House of Fraser, Inter-Fab, Kane Warehousing, Keeco, Kiabi, Kuehne & Nagel, Kwik Trip, Lacoste, LC Industries, Lennox International, Maggy London, O'Reilly Automotive Stores, Petrovich, Pitt-Ohio, RedMart, Republic National Distributing Company, Samson, Schurman Fine Papers, Southern Wine & Spirits of America, Telebrands, The Honest Company, Tractor Supply, TwinMed, Under Armour, West Coast Distribution, Wineworks.

2016 GUIDANCE

Manhattan Associates provides the following revenue and diluted earnings per share guidance for the full year 2016:

   Guidance Range - 2016 Full Year
($'s in millions, except EPS) $ Range % Growth Range
          
Total revenue  $609  $615   9.5%  10.5%
          
Diluted earnings per share (EPS):         
Adjusted EPS(1)  $1.69  $1.72   11%  13%
GAAP EPS  $1.55  $1.58   11%  13%
          
(1) Adjusted EPS is a Non-GAAP measure which excludes the impact of equity-based compensation 


Manhattan Associates currently intends to publish, in each quarterly earnings release, certain expectations with respect to future financial performance. Those statements, including the guidance provided above, are forward looking. Actual results may differ materially. Those statements, including the guidance provided above, do not reflect the potential impact of mergers, acquisitions or other business combinations that may be completed after the date of the release.

Manhattan Associates will make its earnings release and published expectations available on its website (www.manh.com). Beginning the close of business on March 15, 2016, Manhattan Associates will observe a “Quiet Period” during which Manhattan Associates and its representatives will not comment concerning previously published financial expectations. Prior to the start of the Quiet Period, the public can continue to rely on the expectations published in this 2016 Guidance section as being Manhattan Associates’ current expectation on matters covered, unless Manhattan Associates publishes a notice stating otherwise. During the Quiet Period, previously published expectations should be considered historical only, and Manhattan Associates disclaims any obligation to update any previously published financial expectations during the Quiet Period. The Quiet Period will extend until publication of Manhattan Associates’ next quarterly earnings release, currently scheduled for the third full week of April 2016.

CONFERENCE CALL

The Company’s conference call regarding its fourth quarter and twelve months ended December 31, 2015 financial results will be held today, February 2, 2016, at 4:30 p.m. Eastern Standard Time. Investors are invited to listen to a live webcast of the conference call through the investor relations section of Manhattan Associates' website at www.manh.com. To listen to the live webcast, please go to the website at least 15 minutes before the call to download and install any necessary audio software.

For those who cannot listen to the live broadcast, a replay can be accessed shortly after the call by dialing +1.855.859.2056 in the U.S. and Canada, or +1.404.537.3406 outside the U.S., and entering the conference identification number 20771536 or via the web www.manh.com. The phone replay will be available for two weeks after the call, and the Internet webcast will be available until Manhattan Associates’ first quarter 2016 earnings release.

GAAP VERSUS NON-GAAP PRESENTATION

The Company provides adjusted operating income, adjusted net income and adjusted diluted earnings per share in this press release as additional information regarding the Company’s operating results. These measures are not in accordance with – or an alternative to – GAAP, and may be different from non-GAAP operating income, non-GAAP net income and non-GAAP earnings per share measures used by other companies. The Company believes that the presentation of these non-GAAP financial measures facilitates investors’ ability to understand and compare the Company’s results and guidance, because the measures provide important supplemental information in evaluating the operating results of its business, as distinct from results that include items that are not indicative of ongoing operating results, and because the Company’s competitors and peers typically publish similar non-GAAP measures. This release should be read in conjunction with the Company’s Form 8-K earnings release filing for the quarter and twelve months ended December 31, 2015. 

Non-GAAP adjusted operating income, adjusted net income and adjusted diluted earnings per share exclude the impact of equity-based compensation and acquisition-related costs and the amortization thereof – all net of income tax effects. Reconciliations of the Company’s GAAP financial measures to non-GAAP adjustments are included in the supplemental information attached to this release.

ABOUT MANHATTAN ASSOCIATES

Manhattan Associates makes commerce-ready supply chains that bring all points of commerce together so you’re ready to sell and ready to execute. Across the store, through your network or from your fulfillment center, we design, build and deliver market-leading solutions that support both top-line growth and bottom-line profitability. By converging front-end sales with back-end supply chain execution, our software, platform technology and unmatched experience help our customers get commerce ready—and ready to reap the rewards of the omni-channel marketplace. For more information, please visit www.manh.com.

This press release contains “forward-looking statements” relating to Manhattan Associates, Inc.  Forward-looking statements in this press release include the information set forth under “2016 Guidance.” Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: uncertainty about the global economy, delays in product development, competitive pressures, software errors, information security breaches and the risk factors set forth in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Manhattan Associates undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results.


MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
     
  Three Months Ended December 31, Year Ended December 31,
  2015 2014 2015 2014
  (unaudited) (unaudited)      
Revenue:            
Software license $20,413 $19,542 $78,615 $71,583
Services  106,982  97,073  428,078  376,023
Hardware and other  14,040  13,788  49,678  44,498
Total revenue  141,435  130,403  556,371  492,104
Costs and expenses:            
Cost of license  2,590  1,970  9,938  7,110
Cost of services  46,419  45,534  184,349  169,140
Cost of hardware and other  11,322  11,088  41,141  36,328
Research and development  13,457  13,047  53,859  48,953
Sales and marketing  13,975  16,273  48,615  52,617
General and administrative  12,036  11,694  49,259  44,455
Depreciation and amortization  2,108  1,725  7,764  6,377
Total costs and expenses  101,907  101,331  394,925  364,980
Operating income  39,528  29,072  161,446  127,124
Other income, net  170  850  1,395  874
Income before income taxes  39,698  29,922  162,841  127,998
Income tax provision  13,328  9,568  59,366  45,998
Net income $26,370 $20,354 $103,475 $82,000
             
Basic earnings per share $0.36 $0.27 $1.41 $1.09
Diluted earnings per share $0.36 $0.27 $1.40 $1.08
             
Weighted average number of shares:            
Basic  72,929  74,223  73,443  74,995
Diluted  73,555  75,034  74,038  75,841


MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Reconciliation of Selected GAAP to Non-GAAP Measures
(in thousands, except per share amounts)
     
  Three Months Ended December 31, Year Ended December 31,
  2015 2014 2015 2014
             
Operating income $39,528 $29,072 $161,446 $127,124
Equity-based compensation (a)  3,441  2,704  14,528  9,671
Purchase amortization (b)  107  106  432  165
Adjusted operating income (Non-GAAP) $43,076 $31,882 $176,406 $136,960
             
             
Income tax provision $13,328 $9,568 $59,366 $45,998
Equity-based compensation (a)  1,216  989  5,385  3,574
Purchase amortization (b)  38  39  160  61
Adjusted income tax provision (Non-GAAP) $14,582 $10,596 $64,911 $49,633
             
             
Net income $26,370 $20,354 $103,475 $82,000
Equity-based compensation (a)  2,225  1,715  9,143  6,097
Purchase amortization (b)  69  67  272  104
Adjusted net income (Non-GAAP) $28,664 $22,136 $112,890 $88,201
             
             
Diluted EPS $0.36 $0.27 $1.40 $1.08
Equity-based compensation (a)  0.03  0.02  0.12  0.08
Purchase amortization (b)  -  -  -  -
Adjusted diluted EPS (Non-GAAP) $0.39 $0.30 $1.52 $1.16
             
Fully diluted shares  73,555  75,034  74,038  75,841


(a)     Adjusted results exclude all equity-based compensation, to facilitate comparison with our competitors and peers and for the other reasons explained in our Current Report on Form 8-K filed with the SEC on the date hereof. Equity-based compensation is included in the following GAAP operating expense lines for the three and twelve months ended December 31, 2015 and 2014:

  Three Months Ended December 31, Year Ended December 31,
  2015 2014 2015 2014
             
Cost of services $524 $551 $2,548 $1,839
Research and development  625  408  2,128  1,541
Sales and marketing  850  469  2,577  1,563
General and administrative  1,442  1,276  7,275  4,728
Total equity-based compensation $3,441 $2,704 $14,528 $9,671


(b)     Adjustments represent purchased intangibles amortization from prior acquisition. Such amortization is excluded from adjusted results to facilitate comparison with our competitors and peers, to facilitate comparisons of the results of our core operations from period to period and for the other reasons explained in our Current Report on Form 8-K filed with the SEC on the date hereof.


MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
       
  December 31,
2015
  December 31,
2014
 
         
ASSETS        
Current Assets:        
Cash and cash equivalents $118,416  $115,708 
Short-term investments  10,344   8,730 
Accounts receivable, net of allowance of $7,031 and $4,164 in 2015 and 2014, respectively  97,379   86,828 
Deferred income taxes  10,231   9,900 
Prepaid expenses and other current assets  10,772   8,695 
Total current assets  247,142   229,861 
         
Property and equipment, net  21,176   17,265 
Goodwill, net  62,233   62,250 
Deferred income taxes  86   270 
Other assets  7,275   8,524 
Total assets $337,912  $318,170 
         
LIABILITIES AND SHAREHOLDERS' EQUITY        
Current liabilities:        
Accounts payable $11,219  $12,483 
Accrued compensation and benefits  29,284   30,889 
Accrued and other liabilities  13,853   12,501 
Deferred revenue  68,757   58,968 
Income taxes payable  4,072   7,974 
Total current liabilities  127,185   122,815 
         
Other non-current liabilities  15,235   13,332 
         
Shareholders' equity:        
Preferred stock, no par value; 20,000,000 shares authorized, no shares issued or
  outstanding in 2015 and 2014
  -   - 
Common stock, $.01 par value; 200,000,000 shares authorized; 72,766,383 and
  74,104,064 shares issued and outstanding at December 31, 2015 and
  December 31, 2014, respectively
  728   741 
Retained earnings  207,070   191,305 
Accumulated other comprehensive loss  (12,306)  (10,023)
Total shareholders' equity  195,492   182,023 
Total liabilities and shareholders' equity $337,912  $318,170 


MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
   
  Year Ended December 31,
  2015  2014 
         
Operating activities:        
Net income $103,475  $82,000 
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization  7,764   6,377 
Equity-based compensation  14,528   9,671 
Gain on disposal of equipment  (30)  (13)
Tax benefit of stock awards exercised/vested  9,170   8,640 
Excess tax benefits from equity-based compensation  (9,147)  (8,562)
Deferred income taxes  1,532   (1,705)
Unrealized foreign currency loss (gain)  49   (624)
Changes in operating assets and liabilities:        
Accounts receivable, net  (12,223)  (16,758)
Other assets  (1,427)  (5,198)
Accounts payable, accrued and other liabilities  (1,592)  13,519 
Income taxes  (2,271)  338 
Deferred revenue  10,325   6,477 
Net cash provided by operating activities  120,153   94,162 
         
Investing activities:        
Purchases of property and equipment  (11,492)  (9,415)
Net purchases of short-term investments  (2,051)  (479)
Payment in connection with acquisition  -   (2,773)
Net cash used in investing activities  (13,543)  (12,667)
         
Financing activities:        
Purchase of common stock  (112,138)  (99,204)
Proceeds from issuance of common stock from options exercised  717   1,571 
Excess tax benefits from equity-based compensation  9,147   8,562 
Net cash used in financing activities  (102,274)  (89,071)
         
Foreign currency impact on cash  (1,628)  (1,091)
         
Net change in cash and cash equivalents  2,708   (8,667)
Cash and cash equivalents at beginning of period  115,708   124,375 
Cash and cash equivalents at end of period $118,416  $115,708 
         

MANHATTAN ASSOCIATES, INC.
SUPPLEMENTAL INFORMATION

1.    GAAP and Adjusted earnings per share by quarter are as follows:

  2014 2015
  1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year
GAAP Diluted EPS $0.24 $0.27 $0.30 $0.27 $1.08 $0.31 $0.35 $0.38 $0.36 $1.40
Adjustments to GAAP:                              
Equity-based
  compensation
  0.02  0.02  0.02  0.02  0.08  0.03  0.02  0.05  0.03  0.12
Purchase amortization  -  -  -  -  -  -  -  -  -  -
Adjusted Diluted EPS $0.26 $0.29 $0.32 $0.30 $1.16 $0.34 $0.37 $0.42 $0.39 $1.52
Fully Diluted Shares  76,795  76,037  75,466  75,034  75,841  74,607  74,126  73,761  73,555  74,038


2.    Revenues and operating income by reportable segment are as follows (in thousands):

  2014 2015
  1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year
Revenue:                              
Americas $91,355 $98,633 $103,419 $108,557 $401,964 $109,959 $117,154 $120,118 $117,245 $464,476
EMEA  15,679  15,911  14,253  15,012  60,855  18,305  17,175  16,829  17,767  70,076
APAC  6,529  7,986  7,936  6,834  29,285  5,259  4,780  5,357  6,423  21,819
  $113,563 $122,530 $125,608 $130,403 $492,104 $133,523 $139,109 $142,304 $141,435 $556,371
                               
GAAP Operating
  Income:
                              
Americas $24,133 $25,127 $28,750 $23,926 $101,936 $30,182 $36,214 $36,407 $31,020 $133,823
EMEA  4,058  4,239  3,617  3,399  15,313  5,522  4,516  5,909  6,363  22,310
APAC  1,860  3,134  3,134  1,747  9,875  1,160  644  1,364  2,145  5,313
  $30,051 $32,500 $35,501 $29,072 $127,124 $36,864 $41,374 $43,680 $39,528 $161,446
                               
Adjustments (pre-tax):                              
Americas:                              
Equity-based
  compensation
 $2,274 $2,396 $2,297 $2,704 $9,671 $3,078 $2,661 $5,348 $3,441 $14,528
Purchase
  amortization
  1  -  58  106  165  106  106  113  107  432
  $2,275 $2,396 $2,355 $2,810 $9,836 $3,184 $2,767 $5,461 $3,548 $14,960
                               
Adjusted non-GAAP
  Operating Income:
                              
Americas $26,408 $27,523 $31,105 $26,736 $111,772 $33,366 $38,981 $41,868 $34,568 $148,783
EMEA  4,058  4,239  3,617  3,399  15,313  5,522  4,516  5,909  6,363  22,310
APAC  1,860  3,134  3,134  1,747  9,875  1,160  644  1,364  2,145  5,313
  $32,326 $34,896 $37,856 $31,882 $136,960 $40,048 $44,141 $49,141 $43,076 $176,406
                               

3.    Our services revenue consists of fees generated from professional services and customer support and software enhancements related to our software products as follows (in thousands):

  2014 2015
  1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year
Professional services $59,422 $65,702 $69,398 $65,536 $260,058 $72,659 $76,548 $80,994 $74,423 $304,624
Customer support and
  software enhancements
  27,491  27,817  29,120  31,537  115,965  28,544  30,796  31,555  32,559  123,454
Total services revenue $86,913 $93,519 $98,518 $97,073 $376,023 $101,203 $107,344 $112,549 $106,982 $428,078


4.    Hardware and other revenue includes the following items (in thousands):

  2014 2015
  1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year
Hardware revenue $5,946 $6,114 $4,707 $8,856 $25,623 $7,730 $7,080 $5,462 $9,243 $29,515
Billed travel  3,597  4,908  5,438  4,932  18,875  5,276  4,927  5,163  4,797  20,163
Total hardware and
  other revenue
 $9,543 $11,022 $10,145 $13,788 $44,498 $13,006 $12,007 $10,625 $14,040 $49,678


5.    Impact of Currency Fluctuation

The following table reflects the increases (decreases) in the results of operations for each period attributable to the change in foreign currency exchange rates from the prior period as well as foreign currency gains (losses) included in other income, net for each period (in thousands):

  2014  2015 
  1st Qtr  2nd Qtr  3rd Qtr  4th Qtr  Full Year  1st Qtr  2nd Qtr  3rd Qtr  4th Qtr  Full Year 
Revenue $202  $696  $479  $(1,397) $(20) $(3,426) $(3,599) $(3,421) $(2,263) $(12,709)
Costs and expenses  (713)  73   522   (1,097)  (1,215)  (2,546)  (3,201)  (2,820)  (2,058)  (10,625)
Operating income  915   623   (43)  (300)  1,195   (880)  (398)  (601)  (205)  (2,084)
Foreign currency
  (losses) gains in
  other income
  (516)  12   (415)  491   (428)  (86)  (4)  213   (199)  (76)
  $399  $635  $(458) $191  $767  $(966) $(402) $(388) $(404) $(2,160)


Manhattan Associates has a large research and development center in Bangalore, India.  The following table reflects the increases (decreases) in the financial results for each period attributable to changes in the Indian Rupee exchange rate (in thousands):

  2014  2015
  1st Qtr  2nd Qtr  3rd Qtr  4th Qtr  Full Year  1st Qtr  2nd Qtr  3rd Qtr  4th Qtr  Full Year
Operating income $898  $505  $(171) $24  $1,256  $72  $468  $571  $492  $1,603
Foreign currency
  (losses) gains in
  other income
  (141)  (129)  191   342   263   45   182   423   2   652
Total impact of
  changes in the
  Indian Rupee
 $757  $376  $20  $366  $1,519  $117  $650  $994  $494  $2,255


6.    Other (loss) income includes the following components (in thousands):


  2014  2015 
  1st Qtr  2nd Qtr  3rd Qtr  4th Qtr  Full Year  1st Qtr  2nd Qtr  3rd Qtr  4th Qtr  Full Year 
Interest income $267  $302  $349  $350  $1,268  $324  $335  $336  $336  $1,331 
Foreign currency
  (losses) gains
  (516)  12   (415)  491   (428)  (86)  (4)  213   (199)  (76)
Other non-operating
  income (expense)
  16   (2)  11   9   34   24   28   55   33   140 
Total other (loss) income $(233) $312  $(55) $850  $874  $262  $359  $604  $170  $1,395 


7.    Total equity-based compensation is as follows (in thousands except per share amounts):

  2014  2015
  1st Qtr  2nd Qtr  3rd Qtr  4th Qtr  Full Year  1st Qtr  2nd Qtr  3rd Qtr  4th Qtr  Full Year
Total equity-based
  compensation -
  restricted stock
 $2,274  $2,396  $2,297  $2,704  $9,671  $3,078  $2,661  $5,348  $3,441  $14,528
Income tax provision  844   889   852   989   3,574   1,154   1,004   2,011   1,216   5,385
Net income $1,430  $1,507  $1,445  $1,715  $6,097  $1,924  $1,657  $3,337  $2,225  $9,143
Diluted earnings
  per share -
  restricted stock
 $0.02  $0.02  $0.02  $0.02  $0.08  $0.03  $0.02  $0.05  $0.03  $0.12


8.    Capital expenditures are as follows (in thousands):

  2014  2015
  1st Qtr  2nd Qtr  3rd Qtr  4th Qtr  Full Year  1st Qtr  2nd Qtr  3rd Qtr  4th Qtr  Full Year
Capital expenditures $1,156  $2,424  $3,096  $2,739  $9,415  $3,098  $2,671  $3,850  $1,873  $11,492


9.    Stock Repurchase Activity (in thousands):

  2014  2015
  1st Qtr  2nd Qtr  3rd Qtr  4th Qtr  Full Year  1st Qtr  2nd Qtr  3rd Qtr  4th Qtr  Full Year
Shares purchased under
  publicly-announced
  buy-back program
  695   782   504   639   2,620   524   458   399   340   1,721
Shares withheld for
  taxes due upon
  vesting of restricted stock
  235   1   10   3   249   212   2   9   3   226
Total shares purchased  930   783   514   642   2,869   736   460   408   343   1,947
                                        
Total cash paid for
  shares purchased
  under publicly-
  announced
  buy-back program
 $25,459  $25,090  $15,112  $25,422  $91,083  $26,306  $25,214  $25,001  $25,078  $101,599
Total cash paid for
  shares withheld for
  taxes due upon
  vesting of
  restricted stock
  7,720   36   289   76   8,121   9,727   83   508   221   10,539
Total cash paid for
  shares repurchased
 $33,179  $25,126  $15,401  $25,498  $99,204  $36,033  $25,297  $25,509  $25,299  $112,138

 


            

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