Questcor Reports Fourth Quarter and Full Year 2012 Results
- Net Sales, EPS and Cash Flow from Operations Increase Significantly Over Prior
Year Period - - Continues to Expand R&D Efforts - - Increases Quarterly Dividend
25% to $0.25 per share -
ANAHEIM, Calif., Feb. 26, 2013 /PRNewswire via COMTEX/ -- Questcor
Pharmaceuticals, Inc. (QCOR) today reported financial results for the fourth
quarter and full year ended December 31, 2012.
Three Months Ended 12/31/12 Three Months Ended 12/31/11 Percentage Change
Net Sales$160.5 Million$75.5 Million113%
GAAP Diluted EPS$1.03$0.48115%
Non-GAAP Diluted EPS $1.09$0.47132%
Year Ended 12/31/12 Year Ended 12/31/11 Percentage Change
Net Sales$509.3 Million$218.2 Million133%
GAAP Diluted EPS$3.14$1.21160%
Non-GAAP Diluted EPS $3.33$1.27162%
Net sales for the fourth quarter of 2012 were $160.5 million, compared to $75.5
million for the same period in 2011. Net sales increased primarily due to
expanded prescribing of H.P. Acthar Gel (repository corticotropin injection) by
nephrologists in the treatment of nephrotic syndrome, as well as continued
prescribing by neurologists in the treatment of MS relapses and infantile spasms.
Net sales also benefitted from the initiation of commercial activities focused on
the use of Acthar by rheumatologists in the treatment of on-label
rheumatology-related conditions.
GAAP earnings for the fourth quarter of 2012 were $1.03 per diluted common share,
compared to $0.48 per diluted common share for last year's comparable quarter.
Non-GAAP earnings for the quarter ended December 31, 2012 were $1.09 per diluted
common share and exclude non-cash share-based compensation expense and
depreciation and amortization expense. Non-GAAP earnings for the year ago quarter
were $0.47 per diluted common share. Basic common share count decreased over 5
million shares from the fourth quarter of 2011 to the fourth quarter of 2012.
Questcor shipped 6,330 vials of Acthar during the fourth quarter 2012, up 88
percent compared to 3,360 vials in the year ago quarter. For the full year of
2012, Questcor shipped 20,741vials of Acthar, up 94 percent compared to 10,710
vials in 2011. Quarterly vial shipments are subject to significant variation due
to the size and timing of individual orders received from Questcor's distributor.
The timing of when these orders are received and filled can significantly affect
net sales and net income in any particular quarter.
The fourth quarter and full year results do not reflect Questcor's acquisition of
BioVectra or the change, to be applied on a prospective basis, in the Medicaid
rebate percentage for Acthar, both of which occurred in the first quarter of
2013.
"Net sales, net income and cash flow from operations grew sharply in the fourth
quarter compared to the prior-year period," said Don M. Bailey, President and CEO
of Questcor. "Additionally, we more than doubled our investment in R&D in 2012
compared to 2011 as we continue to build the body of evidence regarding the
unique properties of Acthar and how it may benefit an increasing number of
patients who do not respond to other therapies."
"Acthar is most commonly prescribed by physicians as an appropriate treatment
alternative for patients with certain auto-immune conditions in whom first-line
therapies have not provided the intended treatment outcome and an additional
FDA-approved treatment alternative is needed," commented Steve Cartt, Chief
Operating Officer of Questcor. "For such patients, insurance coverage for Acthar
continues to remain favorable. Continued expanded use in nephrotic syndrome, MS
and strong growth in our newly commercialized rheumatology indications, mainly
dermatomyositis and polymyositis, contributed to the year-over-year net sales
increase in the fourth quarter. While Acthar net sales in MS posted greater than
40% year-over-year growth, MS prescriptions softened by approximately 8% from the
third quarter, after almost five years of sequential quarterly growth, and
nephrotic syndrome became the largest contributor to net sales. At the same time,
based on early, encouraging results from our pilot rheumatology commercial
effort, we have just completed our rheumatology sales force expansion from 12 to
55 representatives."
"We continue to invest in the future of both Acthar and our overall business
capabilities," continued Mr. Bailey. "In addition to the rapid expansion of our
R&D investment, we have also substantially expanded our sales force, our
reimbursement and compliance teams, and our manufacturing capabilities. The
recent acquisition of BioVectra, which gives us much greater control of our
supply chain, deepens our manufacturing capabilities and scientific expertise,
while also expanding and diversifying our business. The appointment of Michael
Aldridge to lead our strategic development function was another important step as
we look to broaden our capabilities and further diversify our business, while
maintaining our focus on the potential of Acthar to help many more patients than
it does today. We continue to balance our investments in the business with a
disciplined program of returning capital to shareholders, as demonstrated by
additional share repurchases and the institution of a regular quarterly
dividend."
Full Year Financial Results
Net sales for the full year of 2012 were $509.3 million, compared to $218.2
million in the full year of 2011. Cash flow from operations for the full year of
2012 was $219.0 million, compared to $85.6 million for the full year of 2011.
GAAP earnings per share for the full year of 2012 were $3.14 per diluted common
share, compared with $1.21 per diluted common share for the comparable period of
2011. Non-GAAP earnings per share for the full year ended December 31, 2012 were
$3.33 per diluted common share, excluding non-cash share-based compensation
expense, depreciation and amortization expense, and impairment of intangibles.
Non-GAAP earnings for the comparable period of 2011 were $1.27 per diluted common
share.
Research and Development Programs
Questcor's continued strong financial performance has enabled the company to
increase investment in research programs to further clarify the potential
immune-modulating properties of Acthar and identify Acthar mechanisms of action
applicable to other inflammatory and auto-immune diseases with high unmet need.
Questcor currently has approximately 35 company-sponsored clinical and
pre-clinical research projects underway. Key company-sponsored clinical programs
are in process in the following disease states:
-- Lupus: Enrollment is underway in a company-sponsored multi-site Phase 4
clinical trial to evaluate the efficacy and safety of daily Acthar administration
over a 6-month period in patients with persistently active lupus.
-- Idiopathic Membranous Nephropathy: Enrollment continues in a company-sponsored
Phase 4 trial in idiopathic membranous nephropathy. Patients enrolled in this
study are refractory, or non-responsive, to current standard therapies or have
relapsed after partial remission on current standard therapies.
-- Diabetic Nephropathy: Enrollment continues in a company-sponsored Phase 2
trial to evaluate the efficacy and safety of Acthar in patients with diabetic
nephropathy, one of the most common causes of end-stage renal disease in the
United States.
-- Amyotrophic Lateral Sclerosis (ALS): Questcor is in discussions with the U.S.
Food and Drug Administration (FDA) to commence clinical trials of Acthar for the
treatment of amyotrophic lateral sclerosis (ALS), often referred to as Lou
Gehrig's disease. ALS is a life-threatening, progressive neurodegenerative
disease that affects nerve cells in the brain and the spinal cord. The company
expects to file an Investigational New Drug application (IND) and initiate a
proof-of-concept trial of Acthar in ALS in the first half of 2013.
In addition, Questcor provides grant funding to a wide range of independent
research projects, which include the evaluation of Acthar in nephrotic syndrome
due to focal segmental glomerulosclerosis (FSGS), nephrotic syndrome due to lupus
nephritis, lupus flares, intractable chronic migraine, multiple sclerosis,
prevention of infantile spasms in at-risk patients, and others. The company is
currently funding more than 30 such independent research programs, including both
preclinical and clinical studies.
Questcor continues to receive case reports and inquiries from physicians
indicating that Acthar may be able to benefit patients whose serious illnesses
are not effectively treated with other medications, but for which Questcor does
not currently have an active sales force providing information to specialists who
treat these illnesses. As it has over the last several years, Questcor continues
to follow up on these reports and inquiries in order to ascertain whether the
Company should fund research regarding the potential utility of Acthar in
treating these serious illnesses. Past reports and inquiries have led to the
company's current work in MS and rheumatology. More recent reports and inquiries
may lead Questcor to expand its internal research and development, including
clinical trials, and other activities within current on-label or potential new
indications.
Share Repurchase Program and Cash Dividend
During the fourth quarter of 2012, Questcor used $18.6 million in cash to
repurchase 747,207 shares of its common stock in open market transactions, at an
average price of $24.93 per common share. Since the beginning of 2008, the
company has repurchased a total of 22.2 million shares of its common stock for
$340.3 million through December 31, 2012, at an average price of $15.36 per
share. As of December 31, 2012, there are approximately 6.3 million shares
authorized remaining under the stock repurchase plan. Shares outstanding were
58.5 million at December 31, 2012 and 63.6 million at December 31, 2011.
The company today announced that its Board of Directors has declared a quarterly
cash dividend of $0.25 per share to all shareholders of record at the close of
business on April 22, 2013. The quarterly cash dividend was increased from $0.20
per share, or 25% over the previous quarterly dividend. The dividend is scheduled
to be paid on or about April 30, 2013. Questcor currently intends to pay regular
quarterly cash dividends for the foreseeable future.
2012 Corporate Highlights
-- During 2012, approximately 7,000 patients received new prescriptions for
Acthar.
-- During 2012, additional academic papers were published providing incremental
information regarding Acthar and its potential immuno-modulating properties and
mechanisms of action.
-- During 2012, Questcor initiated two multi-center clinical trials, continued
enrollment in a third, and initiated discussions with the FDA for a fourth trial.
-- During the second quarter of 2012, the company completed the expansion of its
Nephrology sales force to 58 from 28 representatives.
-- In the third quarter of 2012, the company completed the expansion of its
neurology sales force to 107 from 77 representatives.
-- In the third quarter of 2012, Questcor initiated commercial efforts for Acthar
in the treatment of rheumatology-related indications already included on the
FDA-approved package insert for Acthar. Acthar is indicated for multiple
FDA-approved rheumatology-related conditions, including its use as adjunctive
therapy in psoriatic arthritis, rheumatoid arthritis, juvenile rheumatoid
arthritis, and ankylosing spondylitis. Acthar is also approved by the FDA as
acute or maintenance therapy in selected cases of systemic lupus erythematosus
and systemic dermatomyositis (polymyositis).
-- In the fourth quarter of 2012, the company initiated the expansion of its
rheumatology sales force to 55 from 12 rheumatology representatives.
-- Questcor also continued to demonstrate its commitment to returning capital to
shareholders, by expanding its common share repurchase program authorization by
an additional 5 million shares and adopting a policy to pay a regular quarterly
dividend in September 2012. The company repurchased 6.8 million shares in 2012.
Following the end of the fourth quarter of 2012:
-- On January 18, 2013, Questcor acquired BioVectra Inc. for an upfront payment
of $50.8 million. BioVectra has been Questcor's manufacturing partner for the
active pharmaceutical ingredient (API) in Acthar for nearly a decade. The
acquisition further secures the manufacturing process trade secrets surrounding
Acthar.
-- During the first quarter of 2013, the Medicaid rebate amount for Acthar was
reset to the standard basic rebate.
-- On January 28, 2013, Questcor strengthened its management team with the
appointment of Michael Aldridge to the new position of Senior Vice President,
Corporate Strategic Development. Mr. Aldridge's primary responsibilities will be
the identification and development of partnership and acquisition opportunities
to leverage Questcor's business model. Over time, such initiatives may include
development programs or products complementary to Acthar and the evaluation of
potential expansion into ex-US markets.
Acthar Label Information
The product label for Acthar includes 19 FDA-approved indications. Substantially
all of the Company's net sales currently result from Acthar prescriptions for the
following on-label indications of:
-- Nephrotic Syndrome (NS): "to induce a diuresis or a remission of proteinuria
in the nephrotic syndrome without uremia of the idiopathic type or that due to
lupus erythematosus." NS can result from several underlying conditions, and
prescribing physicians indicate that Acthar is most commonly being prescribed for
patients who suffer from NS due to idiopathic membranous nephropathy, focal
segmental glomerulosclerosis (FSGS), IgA nephropathy, minimal change disease and
lupus nephritis.
-- Multiple Sclerosis (MS): "for the treatment of acute exacerbations of multiple
sclerosis in adults. Clinical controlled trials have shown H.P. Acthar Gel to be
effective in speeding the resolution of acute exacerbations of multiple
sclerosis. However, there is no evidence that it affects the ultimate outcome or
natural history of the disease." When Acthar is used, it is typically prescribed
as second line treatment for patients with MS exacerbations.
-- Infantile Spasms (IS): "as monotherapy for the treatment of infantile spasms
in infants and children under 2 years of age."
-- Collagen Diseases: "during an exacerbation or as maintenance therapy in
selected cases of: systemic lupus erythematosus, systemic dermatomyositis
(polymyositis)."
-- Rheumatic Disorders: "as adjunctive therapy for short-term administration (to
tide the patient over an acute episode or exacerbation) in: Psoriatic arthritis,
Rheumatoid arthritis, including juvenile rheumatoid arthritis (selected cases may
require low-dose maintenance therapy), Ankylosing spondylitis."
Non-GAAP Financial Measures
The company believes it is important to share non-GAAP financial metrics with
shareholders as these metrics may better represent the ongoing economics of the
business and reflect how we manage the business. Accordingly, management believes
investors' understanding of the company's financial performance is enhanced as a
result of the disclosure of these non-GAAP financial metrics. Non-GAAP net income
should not be viewed in isolation, or as a substitute for, or as superior to,
reported GAAP net income. The reconciliation between GAAP and Non-GAAP net income
is provided with the financial tables included with this release.
Conference Call and Webcast and Investor Communications
The company will host a conference call and slide presentation via webcast today,
February 26, 2013, at 4:30 p.m. ET/ 1:30 p.m. PT. The call can be accessed three
ways:
-- By webcast: At Questcor's investor relations website, ir.questcor.com.
-- By telephone: For both "listen-only" participants and those participants who
wish to take part in the question-and-answer portion of the call, the telephone
dial-in number in the U.S. is (877) 354-0215. For participants outside the U.S.,
the dial-in number is (253) 237-1173.
-- By audio replay: A replay of the conference call will be available for seven
business days following conclusion of the live call. The dial-in number for U.S.
participants is (855) 859-2056. For participants outside the U.S., the replay
dial-in number is (404) 537-3406. The replay access code for all callers is
95427085.
About Questcor
Questcor Pharmaceuticals, Inc. is a biopharmaceutical company focused on the
treatment of patients with serious, difficult-to-treat autoimmune and
inflammatory disorders. Questcor's primary product is H.P. Acthar Gel (repository
corticotropin injection), an injectable drug that is approved by the FDA for the
treatment of 19 indications. Of these 19 indications, Questcor currently
generates substantially all of its net sales from the following on-label
indications: the treatment of proteinuria in the nephrotic syndrome of the
idiopathic type, or NS, the treatment of acute exacerbations of multiple
sclerosis, or MS, in adults, the treatment of infantile spasms, or IS, in infants
and children under two years of age, and the treatment of certain rheumatology
related conditions, including the treatment of the rare and closely related
neuromuscular disorders dermatomyositis and polymyositis. With respect to
nephrotic syndrome, the FDA has approved Acthar to "induce a diuresis or a
remission of proteinuria in the nephrotic syndrome without uremia of the
idiopathic type or that due to lupus erythematosus. Questcor is also exploring
the possibility of developing markets for other on-label indications and the
possibility of pursuing FDA approval of additional indications not currently on
the Acthar label where there is high unmet medical need. For more information
about Questcor, please visit questcor.com.
Note: Except for the historical information contained herein, this press release
contains forward-looking statements that have been made pursuant to the Private
Securities Litigation Reform Act of 1995. These statements relate to future
events or our future financial performance. In some cases, you can identify
forward-looking statements by terminology such as "believes," "continue,"
"could," "estimates," "expects," "growth," "may," "plans," "potential," "remain,"
"should," "substantial" or "will" or the negative of such terms and other
comparable terminology. These statements are only predictions. Actual events or
results may differ materially. Factors that could cause or contribute to such
differences include, but are not limited to, the following:
-- Our reliance on Acthar for substantially all of our net sales and profits;
-- Reductions in vials used per prescription resulting from changes in treatment
regimens by physicians or patient compliance with physician recommendations;
-- Our ability to receive high reimbursement levels from third party payers;
-- The complex nature of our manufacturing process and the potential for supply
disruptions or other business disruptions;
-- The lack of patent protection for Acthar; and the possible FDA approval and
market introduction of competitive products;
-- Our ability to continue to generate revenue from sales of Acthar to treat
on-label indications associated with NS, MS, IS or rheumatology-related
conditions, and our ability to develop other therapeutic uses for Acthar;
-- Research and development risks, including risks associated with Questcor's
work in the area of NS and Lupus, our reliance on third-parties to conduct
research and development, and the ability of research and development to generate
successful results;
-- The results of any pending or future litigation, investigations or claims,
including with respect to the investigation by the United States Attorney's
Office for the Eastern District of Pennsylvania regarding the company's
promotional practices and litigation brought by certain shareholders arising from
the federal securities laws, currently pending in the United States District
Court for the Central District of California;
-- Our ability to comply with federal and state regulations, including
regulations relating to pharmaceutical sales and marketing practices;
-- Regulatory changes or other policy actions by governmental authorities and
other third parties in connection with U.S. health care reform or efforts to
reduce federal and state government deficits;
-- An increase in the proportion of our Acthar unit sales comprised of
Medicaid-eligible patients and government entities;
-- Our ability to estimate reserves required for Acthar used by government
entities and Medicaid-eligible patients and the impact that unforeseen invoicing
of historical Medicaid prescriptions may have upon our results;
-- Our ability to effectively manage our growth, including the expansion of our
sales forces, and our reliance on key personnel;
-- Our ability to integrate the BioVectra business with our business and to
manage, and grow, a contract manufacturing business;
-- Our ability to comply with foreign regulations related to the operation of
BioVectra's business;
-- The impact to our business caused by economic conditions;
-- Our ability to protect our proprietary rights;
-- The risk of product liability lawsuits;
-- Unforeseen business interruptions and security breaches;
-- Volatility in Questcor's monthly and quarterly Acthar shipments, estimated
channel inventory, and end-user demand, as well as volatility in our stock price;
-- Our ability and willingness to continue to pay our quarterly dividend or make
future increases in our quarterly dividend; and
-- Other risks discussed in Questcor's annual report on Form 10-K for the year
ended December 31, 2011 as filed with the Securities and Exchange Commission, or
SEC, on February 22, 2012, and other documents filed with the SEC.
The risk factors and other information contained in these documents should be
considered in evaluating Questcor's prospects and future financial performance.
Questcor undertakes no obligation to publicly release the result of any revisions
to these forward-looking statements, which may be made to reflect events or
circumstances after the date of this release.
For more information, please visit questcor.com or
acthar.com.
Questcor Pharmaceuticals, Inc.
Consolidated Statements of Income
(In thousands, except per share amounts)
Three Months Ended December 31, Twelve Months Ended December 31,
2012201120122011
Net sales$160,532$75,535$509,292$218,169
Cost of sales (exclusive of amortization of purchased technology)9,1564,01328,55512,459
Gross profit151,37671,522480,737205,710
Operating expenses:
Selling and marketing33,05116,998114,13956,728
General and administrative11,1755,76633,59617,743
Research and development12,1225,73034,26916,778
Depreciation and amortization2682921,2191,044
Impairment of goodwill and intangibles----987299
Total operating expenses56,61628,786184,21092,592
Income from operations94,76042,736296,527113,118
Other income:
Interest and other income, net167145703627
Total other income167145703627
Income before income taxes94,92742,881297,230113,745
Income tax expense32,98711,24099,55534,154
Net income$61,940$31,641$197,675$79,591
Net income per share applicable to common shareholders:
Basic$1.07$0.50$3.28$1.27
Diluted$1.03$0.48$3.14$1.21
Shares used in computing net income per share applicable to common shareholders:
Basic58,00963,23660,24362,498
Diluted60,26666,56563,04566,010
Dividends declared per common shareholder$0.20$--$0.40$--
Reconciliation of Non-GAAP Adjusted Financial
Adjusted net income$65,705$31,584$209,644$83,956
Share-based compensation expense (1)(3,590)(1,416)(10,502)(5,128)
Depreciation and amortization expense (2)(175)(216)(811)(731)
Impairment of goodwill and intangibles (3)0-(656)(209)
Tax adjustments (4)01,68901,703
Net income - GAAP$61,940$31,641$197,675$79,591
Adjusted net income per share - basic$1.13$0.50$3.48$1.34
Share-based compensation expense (1)(0.06)(0.02)(0.17)(0.08)
Depreciation and amortization expense (2)(0.00)(0.00)(0.01)(0.01)
Impairment of goodwill and intangibles (3)0.000.00(0.01)0.00
Tax adjustments (4)0.000.030.000.03
Net income per share - basic$1.07$0.50$3.28$1.27
Adjusted net income per share - diluted$1.09$0.47$3.33$1.27
Share-based compensation expense (1)(0.06)(0.02)(0.17)(0.08)
Depreciation and amortization expense (2)(0.00)(0.00)(0.01)(0.01)
Impairment of goodwill and intangibles (3)0.000.00(0.01)0.00
Tax adjustments (4)0.000.030.000.03
Net income per share - diluted$1.03$0.48$3.14$1.21
Net income per share - basic and diluted may not foot due to rounding.
Use of Non-GAAP Financial Measures
Our "non-GAAP adjusted net income" excludes the following items from GAAP net income:
1. Share-based compensation expense.
2. Depreciation and amortization expense
3. Impairment of purchased technology in 2012 related to the acquisition of Doral and impairment of goodwill related to the write-off of goodwill associated with an acquisition completed in 1999, written off in 2011.
4. Tax adjustments include: (1) the valuation allowance we established in the fourth quarter of 2010 relating to our single sales factor apportionment election which was made in 2011 for California; and (2) the recording of a one-time tax credit in 2011 for the orphan drug designation.
Questcor Pharmaceuticals, Inc.
Consolidated Balance Sheets
(In thousands, except per share amounts)
December 31,December 31,
20122011
ASSETS
Current assets:
Cash and cash equivalents$80,608$88,469
Short-term investments74,705121,680
Total cash, cash equivalents and short-term investments155,313210,149
Accounts receivable, net of allowance for doubtful accounts of $0 at both December 31, 2012 and 2011, respectively61,41727,801
Inventories, net9,9095,226
Prepaid income taxes--6,940
Prepaid expenses and other current assets4,9003,391
Deferred tax assets5,73712,093
Total current assets237,276265,600
Property and equipment, net2,0731,970
Purchased technology, net1,4932,778
Goodwill----
Deposits and other assets7056
Deferred tax assets11,5195,404
Total assets$252,431$275,808
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable$13,069$5,503
Accrued compensation21,30011,590
Sales-related reserves37,37634,119
Income taxes payable7,360--
Other accrued liabilities11,2944,509
Total current liabilities90,39955,721
Lease termination, deferred rent and other non-current liabilities203261
Total liabilities90,60255,982
Shareholders' equity:
Preferred stock, no par value, 5,334,285 shares authorized; none outstanding----
Common stock, no par value, 105,000,000 shares authorized; 58,544,206 and 63,645,781 shares issued and outstanding at December 31, 2012 and 2011, respectively 15,93894,976
Retained earnings145,851124,886
Accumulated other comprehensive income (loss)40(36)
Total shareholders' equity161,829219,826
Total liabilities and shareholders' equity$252,431$275,808
Questcor Pharmaceuticals, Inc.
Consolidated Statements of Cash Flows
(In thousands)
Years Ended December 31,
201220112010
(In thousands)
Cash Flows From Operating Activities
Net income$197,675$ 79,591$ 35,071
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense15,7927,3263,739
Deferred income taxes241(4,896)(1,029)
Amortization of investments1,3301,250678
Depreciation and amortization1,2191,044546
Impairment of goodwill and intangibles987299--
Loss on disposal of property and equipment7211--
Changes in operating assets and liabilities:
Accounts receivable(33,616)(16,673)3,705
Inventories(4,683)(1,500)(348)
Prepaid income taxes6,940(3,408)(3,532)
Income taxes payable7,360----
Prepaid expenses and other current assets(1,509)(1,527)(702)
Accounts payable7,5661,634(9,052)
Accrued compensation9,7107,4322,018
Sales-related reserves3,25712,6086,589
Other accrued liabilities6,7802,526(255)
Other non-current liabilities(84)(118)(871)
Net cash provided by operating activities219,03785,59936,557
Cash Flows From Investing Activities
Purchase of short-term investments(145,384)(162,301)(106,647)
Proceeds from the sale and maturities of short-term investments191,105112,63662,560
Purchase of property, equipment and leasehold improvements(1,065)(1,823)(713)
Changes in deposits and other assets(14)9645
Net cash provided by /(used in) investing activities44,642(51,479)(44,155)
Cash Flows From Financing Activities
Income tax benefit realized from share-based compensation plans7,48817,7121,335
Issuance of common stock, net6,3356,5821,942
Dividends paid(23,533)----
Repurchase of common stock(261,830)(11,453)--
Net cash (used in) / provided by financing activities(271,540)12,8413,277
(Decrease) / increase in cash and cash equivalents(7,861)46,961(4,321)
Cash and cash equivalents at beginning of year88,46941,50845,829
Cash and cash equivalents at end of year$80,608$ 88,469$ 41,508
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest$23 $16 $7
Cash paid for income taxes$77,556$ 25,278$ 23,185
Supplemental disclosure of non-cash investing and financing activities:
Capital lease obligation$31 $34 $-- |
