UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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) July 22, 2014

 

 

Domino’s Pizza, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

Delaware   001-32242   38-2511577

(State or Other Jurisdiction

of Incorporation or Organization)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

30 Frank Lloyd Wright Drive  
Ann Arbor, Michigan   48105
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code (734) 930-3030

 

 

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 Condition.

On July 22, 2014, the Company issued a press release announcing financial results for the second quarter ended June 15, 2014. A copy of the press release is attached hereto as Exhibit 99.1. The information in this Form 8-K and the Exhibit attached hereto are being furnished pursuant to Item 2.02 of Form 8-K and therefore shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit

Number

  

Description

99.1    Domino’s Pizza, Inc. 2014 second quarter financial results press release, dated July 22, 2014.


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.

 

  DOMINO’S PIZZA, INC.
  (Registrant)
Date July 22, 2014  

/s/ Michael T. Lawton

  Michael T. Lawton
  Chief Financial Officer


EXHIBIT 99.1

 

LOGO   

For Immediate Release

 

 

  

Contact: Lynn Liddle, Executive Vice President,

Communications, Investor Relations and Legislative Affairs

(734) 930-3008

Domino’s Pizza Announces Second Quarter 2014 Financial Results

Delivers Strong Global Sales and Profit Growth

ANN ARBOR, Michigan, July 22, 2014: Domino’s Pizza, Inc. (NYSE: DPZ), the recognized world leader in pizza delivery, today announced results for the second quarter of 2014, comprised of strong growth in both same store sales and global store counts, which resulted in 17.5% EPS growth, or 67 cents per share. Domestic same store sales grew 5.4% during the quarter versus the year-ago period, continuing the positive sales momentum in the Company’s domestic business. The international division also posted strong results with same store sales growth of 7.7% during the quarter, marking the 82nd consecutive quarter of international same store sales growth. The Company had global net store growth of 133 stores in the second quarter of 2014.

During the quarter, the Company also repurchased and retired 687,750 shares of its common stock for approximately $49.9 million. Additionally, on July 16, 2014, the Board of Directors declared a 25 cent per share quarterly dividend for shareholders of record as of September 15, 2014 to be paid on September 30, 2014.

J. Patrick Doyle, Domino’s President and Chief Executive Officer, said: “The first half of 2014 has proven to be yet another positive story for our global brand and hardworking franchisees. We are performing well in the U.S. and international markets by driving sales and building stores around the world. We also opened our 11,000th store this quarter, an important milestone for a growing brand.”

Second Quarter Highlights:

 

(dollars in millions, except per share data)    Second
Quarter of
2014
     Second
Quarter of
2013
     Two Fiscal
Quarters of
2014
    Two Fiscal
Quarters of
2013
 

Net income

   $ 38.5       $ 33.3       $ 78.9      $ 67.7   

Weighted average diluted shares

     57,124,457         57,960,232         57,246,871        58,091,126   

Diluted earnings per share, as reported

   $ 0.67       $ 0.57       $ 1.38      $ 1.17   

Items affecting comparability*

     —           —           (0.02     —     
  

 

 

    

 

 

    

 

 

   

 

 

 

Diluted earnings per share, as adjusted*

   $ 0.67       $ 0.57       $ 1.36      $ 1.17   
  

 

 

    

 

 

    

 

 

   

 

 

 

 

  * Refer to the Items Affecting Comparability section on page three for additional details.

 

    Revenues were up 8.8% for the second quarter versus the prior year period, due primarily to higher supply chain revenues from higher cheese and other commodity prices as well as increased volumes, higher international revenues resulting in part from same store sales and store count growth, and increased domestic franchise revenues due primarily to same store sales growth.

 

    Net Income was up 15.6% for the second quarter versus the prior year period, driven by domestic and international same store sales growth and global store count growth.

 

    Diluted EPS was 67 cents for the second quarter versus 57 cents in the prior year quarter, which represents an increase of 10 cents, or 17.5%. This increase was due to higher net income and lower weighted average diluted shares outstanding.

More…


Domino’s Pizza: Q2 2014 Earnings Release, Page Two

 

The table below outlines certain statistical measures utilized by the Company to analyze its performance. Refer to the Comments on Regulation G section on page four for additional details.

 

     Second Quarter
of 2014
    Second Quarter
of 2013
 

Same store sales growth: (versus prior year period)

    

Domestic Company-owned stores

     +3.5     +5.7

Domestic franchise stores

     +5.5     +6.8
  

 

 

   

 

 

 

Domestic stores

     +5.4     +6.7
  

 

 

   

 

 

 

International stores (excluding foreign currency impact)

     +7.7     +5.8
  

 

 

   

 

 

 

Global retail sales growth: (versus prior year period)

    

Domestic stores

     +6.9     +7.3

International stores

     +15.6     +11.2
  

 

 

   

 

 

 

Total

     +11.5     +9.3
  

 

 

   

 

 

 

Global retail sales growth: (versus prior year period, excluding foreign currency impact)

    

Domestic stores

     +6.9     +7.3

International stores

     +16.0     +13.3
  

 

 

   

 

 

 

Total

     +11.7     +10.4
  

 

 

   

 

 

 

 

     Domestic
Company-
owned Stores
    Domestic
Franchise
Stores
    Total
Domestic
Stores
    International
Stores
    Total  

Store counts:

          

Store count at March 23, 2014

     376        4,615        4,991        5,997        10,988   

Openings

     —          18        18        130        148   

Closings

     —          (7     (7     (8     (15
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Store count at June 15, 2014

     376        4,626        5,002        6,119        11,121   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Second quarter 2014 net change

     —          11        11        122        133   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Trailing four quarters net change

     (13     83        70        611        681   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Conference Call Information

The Company will file its quarterly report on Form 10-Q this morning. Additionally, as previously announced, Domino’s Pizza, Inc. will hold a conference call today at 10 a.m. (Eastern) to review its 2014 second quarter financial results. The call can be accessed by dialing (888) 400-9978 (U.S./Canada) or (706) 634-4947 (International). Ask for the Domino’s Pizza conference call. The call will also be webcast at www.dominosbiz.com. If you are unable to participate on the call, a replay will be available for thirty days by dialing (855) 859-2056 (U.S./Canada) or (404) 537-3406 (International), Conference ID 34199171. The webcast will also be archived for 30 days on www.dominosbiz.com.

Share Repurchases

During the second quarter of 2014, the Company repurchased and retired 687,750 shares of its common stock under its open market share repurchase program for approximately $49.9 million, or an average price of $72.52 per share. As of July 15, 2014, the Company had authorization for repurchases of approximately $149.8 million remaining under the program.

Dividends

On July 16, 2014, the Board of Directors declared a 25 cent per share quarterly dividend for shareholders of record as of September 15, 2014 to be paid on September 30, 2014.

 

More...


Domino’s Pizza: Q2 2014 Earnings Release, Page Three

 

Items Affecting Comparability

The Company’s reported financial results for the two fiscal quarters of 2014 are not comparable to the reported financial results for the equivalent period in 2013. The table below presents certain items that affect comparability between 2014 and 2013 financial results. The Company believes that including such information is critical to the understanding of its financial results for the two fiscal quarters of 2014 as compared to the same period in 2013 (See the Comments on Regulation G section on page four for additional details).

In addition to the items noted in the table below, the Company had lower weighted average diluted shares outstanding in 2014 that resulted in an increase in diluted EPS of approximately one cent in the second quarter of 2014 and two cents in the two fiscal quarters of 2014.

 

     Second Quarter      Two Fiscal Quarters  
(in thousands, except per share data)    Pre-tax      After-tax      Diluted
EPS
Impact
     Pre-tax      After-tax      Diluted
EPS
Impact
 

2014 items affecting comparability:

                 

Gain on the sale of Company-owned stores (1)

   $ —         $ —         $ —         $ 1,652       $ 1,033       $ 0.02   

Deferred tax asset valuation allowance reversal (2)

     —           —           —           —           329         0.01   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total of 2014 items*

   $ —         $ —         $ —         $ 1,652       $ 1,362       $ 0.02   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

* Diluted earnings per share figures may not sum to the total due to the rounding of each individual calculation.
(1) Represents the gain recognized on the sale of 14 Company-owned stores to a franchisee. The gain is net of a reduction in goodwill of approximately $0.5 million.
(2) As a result of the capital gain recognized in connection with the sale of Company-owned stores, the Company was able to utilize a portion of a previously unrecognized benefit of a capital loss carry forward.

Liquidity

As of June 15, 2014, the Company had approximately:

 

    $15.3 million of unrestricted cash and cash equivalents;

 

    $1.52 billion in total debt; and

 

    $57.9 million of available borrowings under its $100.0 million variable funding notes, net of letters of credit issued of $42.1 million.

The Company’s cash borrowing rate averaged 5.3% in the second quarter of 2014 and averaged 5.4% in the second quarter of 2013. Additionally, the Company invested $18.9 million in capital expenditures during the two fiscal quarters of 2014, compared to $11.6 million in the two fiscal quarters of 2013.

Free cash flow, as reconciled below to cash flows from operations as determined under generally accepted accounting principles (GAAP), was approximately $41.8 million in the two fiscal quarters of 2014.

 

(in thousands)    Two Fiscal Quarters
of 2014
 

Net cash provided by operating activities

   $ 60,790   

Capital expenditures

     (18,948
  

 

 

 

Free cash flow

   $ 41,842   
  

 

 

 

 

More...


Domino’s Pizza: Q2 2014 Earnings Release, Page Four

 

Comments on Regulation G

In addition to the GAAP financial measures set forth in this press release, the Company has included non-GAAP financial measures within the meaning of Regulation G due to items affecting comparability between fiscal quarters. The Company has also included metrics such as global retail sales growth and same store sales growth, which are commonly used statistical measures in the quick-service restaurant industry that are important to understanding Company performance.

The Company uses “Diluted EPS, as adjusted,” which is calculated as reported Diluted EPS adjusted for the items that affect comparability to the prior year period discussed above. The most directly comparable financial measure calculated and presented in accordance with GAAP is Diluted EPS. The Company believes that the Diluted EPS, as adjusted measure is important and useful to investors and other interested persons and that such persons benefit from having a consistent basis for comparison between reporting periods. The Company uses Diluted EPS, as adjusted to internally evaluate operating performance, to evaluate itself against its peers and to determine future performance targets and long-range planning. Additionally, the Company believes that analysts covering the Company’s stock performance generally eliminate these items affecting comparability when preparing their financial models, when determining their published EPS estimates and when benchmarking the Company against its competitors.

The Company uses “Global retail sales” to refer to total worldwide retail sales at Company-owned and franchise stores. The Company believes global retail sales information is useful in analyzing revenues because franchisees pay royalties that are based on a percentage of franchise retail sales. The Company reviews comparable industry global retail sales information to assess business trends and to track the growth of the Domino’s Pizza® brand. In addition, domestic supply chain revenues are directly impacted by changes in domestic franchise retail sales. Retail sales for franchise stores are reported to the Company by its franchisees and are not included in Company revenues.

The Company uses “Same store sales growth,” calculated by including only sales from stores that also had sales in the comparable period of the prior year. International same store sales growth is calculated similarly to domestic same store sales growth. Changes in international same store sales are reported excluding foreign currency impacts, which reflect changes in international local currency sales.

The Company uses “Free cash flow,” calculated as cash flows from operations less capital expenditures, both as reported under GAAP. The Company believes that the free cash flow measure is important to investors and other interested persons, and that such persons benefit from having a measure which communicates how much cash flow is available for working capital needs or to be used for repurchasing debt, making acquisitions, repurchasing common stock, paying dividends or other similar uses of cash.

 

More...


Domino’s Pizza: Q2 2014 Earnings Release, Page Five

 

About Domino’s Pizza®

Founded in 1960, Domino’s Pizza is the recognized world leader in pizza delivery, with a significant business in carryout pizza. It ranks among the world’s top public restaurant brands with its global enterprise of more than 11,000 stores in over 70 international markets. Domino’s had global retail sales of over $8.0 billion in 2013, comprised of nearly $3.8 billion in the U.S. and over $4.2 billion internationally. In the second quarter of 2014, Domino’s had global retail sales of over $2.0 billion, comprised of $0.9 billion in the U.S. and $1.1 billion internationally. Its system is made up of franchise owners who accounted for nearly 97% of the Domino’s Pizza stores as of the second quarter of 2014. The emphasis on technology innovation helped Domino’s generate approximately 40% of U.S. sales from its digital channels in 2013, as well as reach an estimated $3 billion annually in global digital sales. Domino’s recently launched its ordering app for iPad®, adding to an existing ordering app lineup that covers nearly 95% of the smartphone market. In June 2014, Domino’s debuted voice ordering for its iPhone® and Android™ apps, a true technology first within both traditional and e-commerce retail.

Order - www.dominos.com

Mobile – http://mobile.dominos.com

Info - www.dominosbiz.com

Twitter - http://twitter.com/dominos

Facebook - http://www.facebook.com/dominos

YouTube - http://www.youtube.com/dominos

Please visit our Investor Relations website at www.dominosbiz.com to view a schedule of upcoming earnings releases, significant announcements and conference webcasts.

 

More...


Domino’s Pizza: Q2 2014 Earnings Release, Page Six

 

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:

This press release contains forward-looking statements. You can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” or “anticipates” or similar expressions that concern our strategy, plans or intentions. These forward-looking statements relating to our anticipated profitability, estimates in same store sales growth, the growth of our international business, ability to service our indebtedness, our future cash flows, our operating performance, trends in our business and other descriptions of future events reflect the Company’s expectations based upon currently available information and data. However, actual results are subject to future risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause actual results to differ materially include: the level of our long-term and other indebtedness; uncertainties relating to litigation; consumer preferences, spending patterns and demographic trends; the effectiveness of our advertising, operations and promotional initiatives; our reputation and the strength of our brand in the markets in which we compete; our ability to retain key personnel; new product and concept developments by us, and other food-industry competitors; the ongoing level of profitability of our franchisees; and our ability and that of our franchisees to open new restaurants and keep existing restaurants in operation; changes in food prices, particularly cheese, labor, utilities, insurance, employee benefits and other operating costs; the impact that widespread illness or general health concerns may have on our business and the economy of the countries where we operate; severe weather conditions and natural disasters; cyber-attacks or other catastrophic events; changes in our effective tax rate; changes in foreign currency exchange rates; changes in government legislation and regulations; adequacy of our insurance coverage; costs related to future financings; our ability and that of our franchisees to successfully operate in the current credit environment; changes in the level of consumer spending given the general economic conditions including interest rates, energy prices and weak consumer confidence; availability of borrowings under our variable funding notes and our letters of credit; and changes in accounting policies. Important factors that could cause actual results to differ materially from our expectations are more fully described in our other filings with the Securities and Exchange Commission, including under the section headed “Risk Factors” in our annual report on Form 10-K. These forward-looking statements speak only as of the date of this press release, and you should not rely on such statements as representing the views of the Company as of any subsequent date. Except as required by applicable securities laws, we do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

TABLES TO FOLLOW

 

More...


Domino’s Pizza: Q2 2014 Earnings Release, Page Seven

 

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

 

     Fiscal Quarter Ended  
(In thousands, except per share data)    June 15,
2014
    % of
Total

Revenues
    June 16,
2013
    % of
Total

Revenues
 

Revenues:

        

Domestic Company-owned stores

   $ 78,814        $ 78,509     

Domestic franchise

     52,038          48,167     

Domestic supply chain

     257,552          233,307     

International

     62,059          54,026     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     450,463        100.0     414,009        100.0
  

 

 

   

 

 

   

 

 

   

 

 

 

Cost of sales:

        

Domestic Company-owned stores

     60,717          59,536     

Domestic supply chain

     230,698          207,319     

International

     24,403          21,167     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of sales

     315,818        70.1     288,022        69.6
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating margin

     134,645        29.9     125,987        30.4

General and administrative

     53,282        11.8     52,146        12.6
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     81,363        18.1     73,841        17.8

Interest expense, net

     (19,824     (4.4 )%      (20,396     (4.9 )% 
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before provision for income taxes

     61,539        13.7     53,445        12.9

Provision for income taxes

     23,077        5.2     20,175        4.9
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 38,462        8.5   $ 33,270        8.0
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share:

        

Common stock – diluted

   $ 0.67        $ 0.57     

Dividends declared per share

   $ 0.25        $ 0.20     

 


Domino’s Pizza: Q2 2014 Earnings Release, Page Eight

 

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

 

     Two Fiscal Quarters Ended  
(In thousands, except per share data)    June 15,
2014
    % of
Total

Revenues
    June 16,
2013
    % of
Total

Revenues
 

Revenues:

        

Domestic Company-owned stores

   $ 161,271        $ 159,603     

Domestic franchise

     105,459          99,485     

Domestic supply chain

     515,079          464,839     

International

     122,506          107,700     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     904,315        100.0     831,627        100.0
  

 

 

   

 

 

   

 

 

   

 

 

 

Cost of sales:

        

Domestic Company-owned stores

     123,508          120,804     

Domestic supply chain

     461,065          412,732     

International

     48,055          42,298     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of sales

     632,628        70.0     575,834        69.2
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating margin

     271,687        30.0     255,793        30.8

General and administrative

     106,149        11.7     106,427        12.8
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     165,538        18.3     149,366        18.0

Interest expense, net

     (40,119     (4.4 )%      (41,299     (5.0 )% 
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before provision for income taxes

     125,419        13.9     108,067        13.0

Provision for income taxes

     46,483        5.2     40,377        4.9
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 78,936        8.7   $ 67,690        8.1
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share:

        

Common stock – diluted

   $ 1.38        $ 1.17     

Dividends declared per share

   $ 0.50        $ 0.40     

 


Domino’s Pizza: Q2 2014 Earnings Release, Page Nine

 

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

 

     June 15, 2014     December 29, 2013  
(In thousands)             

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 15,304      $ 14,383   

Restricted cash and cash equivalents

     74,710        125,453   

Accounts receivable

     105,970        105,779   

Inventories

     33,542        30,321   

Advertising fund assets, restricted

     51,713        44,695   

Other assets

     39,741        30,909   
  

 

 

   

 

 

 

Total current assets

     320,980        351,540   

Property, plant and equipment, net

     98,056        97,584   

Other assets

     76,635        76,131   
  

 

 

   

 

 

 

Total assets

   $ 495,671      $ 525,255   
  

 

 

   

 

 

 

Liabilities and stockholders’ deficit

    

Current liabilities:

    

Current portion of long-term debt

   $ 538      $ 24,144   

Accounts payable

     73,184        83,408   

Dividends payable

     14,437        11,849   

Advertising fund liabilities

     51,713        44,695   

Other accrued liabilities

     76,135        90,515   
  

 

 

   

 

 

 

Total current liabilities

     216,007        254,611   

Long-term liabilities:

    

Long-term debt, less current portion

     1,523,882        1,512,299   

Other accrued liabilities

     45,464        48,547   
  

 

 

   

 

 

 

Total long-term liabilities

     1,569,346        1,560,846   

Total stockholders’ deficit

     (1,289,682     (1,290,202
  

 

 

   

 

 

 

Total liabilities and stockholders’ deficit

   $ 495,671      $ 525,255   
  

 

 

   

 

 

 


Domino’s Pizza: Q2 2014 Earnings Release, Page Ten

 

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

     Two Fiscal Quarters Ended  
(In thousands)    June 15,
2014
    June 16,
2013
 

Cash flows from operating activities:

    

Net income

   $ 78,936      $ 67,690   

Adjustments to reconcile net income to net cash flows provided by operating activities:

    

Depreciation and amortization

     13,077        11,407   

Gains on sale/disposal of assets

     (1,687     (285

Amortization of deferred financing costs

     2,771        2,853   

Provision (benefit) for deferred income taxes

     (2,187     2,557   

Non-cash compensation expense

     8,080        10,240   

Tax impact from equity-based compensation

     (8,319     (6,043

Other

     (623     (1,090

Changes in operating assets and liabilities

     (29,258     (20,489
  

 

 

   

 

 

 

Net cash provided by operating activities

     60,790        66,840   

Cash flows from investing activities:

    

Capital expenditures

     (18,948     (11,587

Proceeds from sale of assets

     4,967        2,077   

Changes in restricted cash

     50,743        303   

Other

     (1,049     1,266   
  

 

 

   

 

 

 

Net cash provided by (used in) investing activities

     35,713        (7,941

Cash flows from financing activities:

    

Repayments of long-term debt and capital lease obligations

     (12,022     (12,219

Proceeds from exercise of stock options

     2,648        3,738   

Tax impact from equity-based compensation

     8,319        6,043   

Purchases of common stock

     (65,006     (56,057

Tax payments for restricted stock upon vesting

     (4,363     (2,845

Payments of common stock dividends and equivalents

     (25,130     (11,454
  

 

 

   

 

 

 

Net cash used in financing activities

     (95,554     (72,794

Effect of exchange rate changes on cash and cash equivalents

     (28     (80
  

 

 

   

 

 

 

Change in cash and cash equivalents

     921        (13,975

Cash and cash equivalents, at beginning of period

     14,383        54,813   
  

 

 

   

 

 

 

Cash and cash equivalents, at end of period

   $ 15,304      $ 40,838   
  

 

 

   

 

 

 

###

 

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