Black Box Corporation (NASDAQ:BBOX) today reported for the fourth
quarter ended March 31, 2006 diluted earnings per share of 26 cents
on net income of $4.7 million or 2.7% of revenues compared to
break-even last year. On a sequential quarter comparison basis,
third quarter diluted earnings per share were 70 cents with
corresponding net income of $12.5 million or 6.9% of revenues.
Excluding restructuring charges and reconciling items described
below, diluted earnings per share for the fourth quarter 2006 were
53 cents and net income was $9.6 million or 5.5% of revenues
compared to diluted earnings per share of 39 cents and net income
of $6.8 million or 4.3% of revenues for the fourth quarter 2005.
Management believes that presenting diluted earnings per share and
net income excluding restructuring charges and reconciling items is
useful to investors because it provides a more meaningful
comparison of the ongoing operations of the Company. During the
fourth quarter of fiscal 2006, the Company incurred a pre-tax
charge of $7.5 million related to reconciling items. Of this
charge, $7.1 million relates to an adjustment of earnings over
multiple years, from FY03 through FY06, from the Company's Italian
Operations ("Italian Operations Adjustment"). The Italian
Operations Adjustment resulted from intentional misconduct by
certain local operational and financial management of the Company's
Italian Operations acting in collusion with one another for the
purpose of overstating local financial results. All involved team
members have been terminated and the Company intends to pursue all
available legal remedies against these individuals. The misconduct
was recently brought to the Company management's attention by a
team member of the Italian Operations pursuant to the Company's
"Open Door" Policy. Company management responded by immediately
suspending the management team of the Italian Operations and
conducting a full investigation of the matter. The Company believes
that all accounting irregularities have been identified, corrective
action taken, and that the Italian Operations Adjustment captures
all necessary corrections. These corrections were not material to
any prior reporting period. Total revenues for the fourth quarter
were $175 million, an increase of 11% from $157 million for the
same period last year. On a sequential comparison basis, third
quarter revenues were $182 million. Fourth quarter cash provided by
operating activities was approximately $13 million or 276% of net
income, compared to $18 million for the same period last year.
Fourth quarter free cash flow (defined below) was $19 million
compared to $18 million last year. On a sequential comparison
basis, third quarter cash provided by operating activities was $16
million or 131% of net income and free cash flow was $24 million.
Black Box utilized its fourth quarter free cash flow of $19 million
to fund debt reduction of $18 million and a dividend payment of $1
million. Management believes that free cash flow, defined by the
Company as cash provided by operating activities less net capital
expenditures, plus proceeds from option exercises, plus or minus
foreign currency translation adjustments, is an important
measurement of liquidity as it represents the total cash available
to the Company. For total fiscal 2006, diluted earnings per share
were $2.13 compared to $1.68 for the same period last year, an
increase of 27%. Corresponding net income for the year was $37.4
million or 5.2% of revenues, compared to $29.9 million or 5.6% of
revenues for the same period last year. Excluding restructuring
charges and reconciling items for fiscal years 2006 and 2005,
diluted earnings per share were $2.81 and net income was $49.3
million or 6.8% of revenues in 2006 compared to diluted earnings
per share of $2.13 and net income of $37.9 million or 7.1% of
revenues in 2005. Total pre-tax charges incurred for the fiscal
year 2006 were: $5.4 million associated with acquisition-related
expenses of Norstan; a restructuring charge of $5.3 million related
to staffing level adjustments and real estate consolidations in
Europe and North America; and a charge of $7.1 million related to
the Italian Operations Adjustment. Revenues for fiscal year 2006
were $721 million, an increase of 35% from $535 million for fiscal
year 2005. Cash provided by operating activities for the year was
$52 million or 139% of net income, compared to $52 million or 175%
of net income last year. Free cash flow was $72 million compared to
$57 million last year. Black Box utilized the twelve-month free
cash flow of $72 million to fund $41 million of acquisition-related
activity; debt reduction of $27 million; and dividend payments of
$4 million. The Company's 6-month order backlog was $96 million at
March 31, 2006 compared to $97 million at the same period last
year. On a sequential comparison basis, third quarter 6-month order
backlog was $94 million. For FY07, the Company expects total year
reported revenues of approximately $1 billion. By 2Q07, the Company
currently expects quarterly revenues in the range of $265 to $275
million; gross profit margin in the range of 37% to 38%; SG&A
expenses in the range of 26% to 27%; corresponding EPS in the range
of 90 cents to 95 cents; and quarterly cash provided by operating
activities in the range of $20 to $22 million. All of the above
ranges exclude acquisition-related expense and stock option-based
expense (including the impact of FAS 123R), and are before any new
mergers and acquisition activity that has not been announced.
Commenting on FY06 and the future outlook, Fred C. Young, Chief
Executive Officer, said, "Black Box had many significant
accomplishments in FY06. We are particularly pleased that
strategically, we have successfully positioned Black Box to reach
the $1 billion revenue milestone in FY07, effectively doubling our
business from 15 months ago. Achieving this $1 billion milestone 12
months ahead of our previously established timeframe is a
significant event. On the other hand, as we conclude FY06 we are
very disappointed by the situation in Italy. By no means do we
believe this misconduct is representative of the overall integrity
of the Black Box Team at large. Mr. Young went on to say, "FY07
should be a record year for Black Box. We believe the 2Q07
timetable we have established to achieve our financial targets is
reasonable given our historical track record, particularly with the
experience and associated results of the Norstan acquisition.
"There was a tremendous amount of planning and execution required
to ensure the NextiraOne transaction was completed in a manner
which we felt would meet both our operational and financial
objectives. We believe we have accomplished this. From an industry
positioning perspective, this combination significantly strengthens
Black Box's leadership position for data, voice and hotline
technical services. "Our FY07 plan is to fully integrate NextiraOne
into Black Box. We believe this will allow us to take full
advantage of combined synergies in all functional areas. This
applies particularly to marketing and operations, where we now have
a significant increase in resources available to our clients, and
the overall implementation of a much more efficient cost management
philosophy. The Black Box technical services model is very unique
in the industry and we believe provides the best value proposition
to our clients. "For FY07 we expect our revenue mix by technical
service to be approximately 16% data services, 65% voice services
and 19% hotline services. Geographically we expect our revenue mix
to be approximately 85% North America and 15% International. Over
time we will look to increase our International revenue mix. "In
closing, we have high expectations for the future of Black Box and
will stay focused on the tasks at hand. Achieving these
expectations will require us to successfully complete the
integration of all of our FY06 acquisitions, aggressively sell our
DVH services everyday throughout the world and continue to leverage
our financial strength into significant growth by consummating high
quality M&A opportunities." The historical information in this
press release and the attached tables does not include the
acquisitions of NextiraOne and NuVision which closed on April 30,
2006, and May 1, 2006, respectively. The Company will conduct a
conference call beginning at 5:00 p.m. Eastern Daylight Time today,
June 1, 2006. Fred C. Young, Chief Executive Officer, will host the
call. To participate in the call, please dial 612-332-1025
approximately 15 minutes prior to the starting time and ask to be
connected to the Black Box Earnings Call. A replay of the
conference call will be available for one week after the
teleconference by dialing 320-365-3844 and using access code
828910. Any forward-looking statements contained in this release
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. You can identify these
forward-looking statements by the fact they use words such as
"should," "anticipate," "estimate," "approximate," "expect,"
"target," "may," "will," "project," "intend," "plan," "believe,"
and other words of similar meaning and expression in connection
with any discussion of future operating or financial performance.
One can also identify forward-looking statements by the fact that
they do not relate strictly to historical or current facts.
Forward-looking statements are inherently subject to a variety of
risks and uncertainties that could cause actual results to differ
materially from those projected. Although it is not possible to
predict or identify all risk factors, they may include levels of
business activity and operating expenses, expenses relating to
corporate compliance requirements, cash flows, global economic
conditions, successful integration of acquisitions, including the
Norstan and NextiraOne businesses, the timing and costs of
restructuring programs, successful marketing of DVH (Data, Voice,
Hotline) services and successful implementation of our M&A
program, including identifying appropriate targets, consummating
transactions and successfully integrating the businesses.
Additional risk factors are included in the Company's Annual Report
on Form 10-K. We can give no assurance that any goal, plan or
target set forth in forward-looking statements can be achieved and
readers are cautioned not to place undue reliance on such
statements, which speak only as of the date made. We undertake no
obligation to release publicly any revisions to forward-looking
statements as a result of future events or developments. Black Box
is the world's largest technical services company dedicated to
designing, building and maintaining today's complicated data and
voice infrastructure systems. Black Box services 175,000 clients in
141 countries with 168 offices throughout the world. To learn more,
visit the Black Box website at www.blackbox.com. Black Box and the
Double Diamond logo are registered trademarks and DVH is a
trademark of BB Technologies, Inc. -0- *T BLACK BOX CORPORATION
CONSOLIDATED STATEMENTS OF INCOME Three months ended Year ended
------------------- ------------------- March 31, March 31, March
31, March 31, In thousands, except per share 2006 2005 2006 2005
----------------------------------------------------------------------
Revenue: Hotline products $ 53,667 $ 55,510 $213,946 $227,601
On-Site services 121,201 101,720 507,389 307,475 -------- --------
-------- -------- Total 174,868 157,230 721,335 535,076 Cost of
sales Hotline products 29,209 26,785 108,220 108,281 On-Site
services 81,533 70,729 330,765 211,866 -------- -------- --------
-------- Total 110,742 97,514 438,985 320,147 -------- --------
-------- -------- Gross profit 64,126 59,716 282,350 214,929
Selling, general & administrative expense 53,858 52,119 205,866
160,002 Restructuring and other charges - 5,059 5,290 5,059
Intangibles amortization 764 1,145 4,999 1,332 -------- --------
-------- -------- Operating income 9,504 1,393 66,195 48,536
Interest expense, net 2,437 1,319 9,123 2,755 Other expenses, net
(43) 22 36 115 -------- -------- -------- -------- Income before
income taxes 7,110 52 57,036 45,666 Provision for income taxes
2,454 18 19,678 15,754 -------- -------- -------- -------- Net
income $ 4,656 $ 34 $ 37,358 $ 29,912 ======== ======== ========
======== Basic earnings per common share$ 0.26 $ 0.00 $ 2.18 $ 1.72
======== ======== ======== ======== Diluted earnings per common
share $ 0.26 $ 0.00 $ 2.13 $ 1.68 ======== ======== ========
======== Weighted average common shares 17,617 17,148 17,164 17,411
======== ======== ======== ======== Weighted average common &
common equivalent shares outstanding 18,247 17,524 17,544 17,845
======== ======== ======== ======== BLACK BOX CORPORATION
CONSOLIDATED BALANCE SHEETS March 31, March 31, In thousands 2006
2005
----------------------------------------------------------------------
Assets Cash and cash equivalents $ 11,207 $ 11,592 Accounts
receivable, net 116,713 116,865 Lease receivables 512 1,697
Inventories, net 53,926 57,176 Costs and estimated earnings in
excess of billings on uncompleted contracts 23,803 25,695 Deferred
tax asset 8,973 9,236 Net current assets of discontinued operations
467 549 Other current assets 15,523 14,724 --------- ---------
Total current assets 231,124 237,534 --------- --------- Property,
plant and equipment, net 35,124 38,268 Goodwill, net 468,724
444,567 Intangibles, net 55,440 44,157 Lease receivables, net of
current portion - 473 Deferred tax asset 4,231 3,793 Discontinued
operations, net of current portion - 373 Other assets 5,091 3,725
--------- --------- Total assets $ 799,734 $ 772,890 ---------
--------- Liabilities Current maturities of long-term debt $ 1,049
$ 692 Current maturities of discounted lease rentals 30 890
Accounts payable 44,943 36,032 Billings in excess of costs and
estimated earnings on uncompleted contracts 8,648 8,947 Deferred
revenue 22,211 21,456 Accrued liabilities: Compensation and
benefits 13,954 14,270 Restructuring 3,292 6,709 Other liabilities
27,817 32,708 Income taxes 5,924 3,295 --------- --------- Total
current liabilities 127,868 124,999 --------- --------- Long-term
debt 122,673 147,196 Discounted lease rentals - 30 Deferred taxes -
- Other liabilities 887 75 Restructuring reserve 7,406 9,889
Stockholders' Equity Common stock 25 24 Additional paid-in capital
362,810 336,290 Retained earnings 461,853 428,632 Treasury stock,
at cost (296,824) (296,797) Accumulated other comprehensive gain
13,036 22,552 --------- --------- Total stockholders' equity
540,900 490,701 --------- --------- Total liabilities and
stockholders' equity $ 799,734 $ 772,890 --------- --------- BLACK
BOX CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months
Ended Year Ended -------------------- -------------------- March
31, March 31, March 31, March 31, In thousands 2006 2005 2006 2005
----------------------------------------------------------------------
Operating Activities Net income $ 4,656 $ 34 $ 37,358 $ 29,912
Adjustments to reconcile net income to cash Provided by operating
activities: Intangibles amortization 764 1,145 4,999 1,332
Depreciation 2,153 2,253 8,931 6,623 Deferred tax provision /
(benefit) 1,871 (1,852) (212) (77) Stock compensation expense -- --
-- 680 Tax benefit from exercised stock options 147 (83) (3,200)
(3,472) Changes in operating assets and liabilities: Accounts
receivable, net 9,296 7,725 9,369 8,878 Inventories, net (673)
2,336 5,000 (76) Other current assets 6,271 2,419 7,541 3,307
Proceeds from lease contracts (88) 504 1,658 504 Accounts payable
and accrued liabilities (11,512) 3,317 (19,647) 4,595 ---------
---------- --------- --------- Net cash provided by operating
activities $ 12,885 $ 17,798 $ 51,797 $ 52,206 --------- ----------
--------- --------- Investing Activities Capital expenditures, net$
(751) $ (470) $ (2,670) $ (2,319) Acquisition of businesses, net of
cash acquired -- (102,553) (40,682) (102,553) Prior merger-related
payments -- 605 (378) 107 --------- ---------- --------- ---------
Net cash used in investing activities $ (751) $(102,418) $(43,730)
$(104,765) --------- ---------- --------- --------- Financing
Activities Proceeds/(repayments) on borrowings, net $(18,689) $
106,414 $(26,107) $ 110,450 Repayments on discounted lease rentals
(43) (458) (890) (458) Proceeds from exercise of options 6,976 609
23,320 7,919 Payment of dividends (1,045) (1,038) (4,094) (3,847)
Deferred financing costs (180) (1,117) (180) (1,352) Purchase of
treasury stock (13) (19,327) (27) (56,912) --------- ----------
--------- --------- Net cash provided/(used) in financing
activities $(12,994) $ 85,083 $ (7,978) $ 55,800 Foreign currency
exchange impact on cash $ (76) $ 182 $ (474) $ (955) ---------
---------- --------- --------- Increase/(decrease) in cash &
cash equivalents $ (936) $ 645 $ (385) $ 2,286 Cash & cash
equivalents at beginning of period 12,143 10,947 11,592 9,306
--------- ---------- --------- --------- Cash & cash
equivalents at end of period $ 11,207 $ 11,592 $ 11,207 $ 11,592
--------- ---------- --------- --------- *T Non-GAAP Measurements
The financial information presented in this release contains
certain non-GAAP financial measures. Management uses the non-GAAP
measures to improve the comparisons between fiscal periods.
Management believes the use of non-GAAP measures improves the
investor's ability to make comparisons between fiscal periods and
provides useful information to investors regarding the Company's
financial condition and its results of operations. In accordance
with SEC Regulation G, the following financial highlights tables
reconcile (1) free cash flow; (2) cash provided by operating
activities excluding restructuring payments and satisfaction of a
litigation judgment; (3) net income excluding restructuring charges
and reconciling items; and (4) diluted EPS excluding restructuring
charges and reconciling items; to the most directly comparable U.S.
GAAP measures. The additional non-GAAP financial information
presented should be considered in conjunction with, and not as a
substitute for, or superior to, the financial information presented
in accordance with GAAP. All dollar amounts are in thousands.
Management believes that free cash flow, defined by the Company as
cash provided by operating activities less net capital
expenditures, plus proceeds from option exercises, plus or minus
foreign currency translation adjustments, is an important
measurement of liquidity as it represents the total cash available
to the Company. A reconciliation of cash provided by operating
activities to free cash flow is presented below: -0- *T 4Q06 3Q06
4Q05 FY06 FY05
----------------------------------------------------------------------
Cash provided by operating activities $12,885 $16,438 $17,798
$51,797 $52,206 Capital expenditures (964) (1,551) (927) (4,115)
(3,506) Capital disposals 213 231 457 1,445 1,187 Proceeds from
stock option exercises 6,976 8,892 609 23,320 7,919 Foreign
currency exchange impact on cash (76) (408) 182 (474) (955)
----------------------------------------------------------------------
Free cash flow $19,034 $23,602 $18,119 $71,973 $56,851
----------------------------------------------------------------------
*T Management believes that presenting cash provided by operating
activities exclusive of the cash flow impact from items that rarely
occur or only occur once is a more meaningful measurement of cash
provided by operating activities on an ongoing basis and allows the
reader to more accurately compare other fiscal periods where the
events did not occur. A reconciliation of cash provided by
operating activities to cash provided by operating activities
excluding restructuring payments and satisfaction of a litigation
judgment is presented below: -0- *T 4Q06 3Q06 4Q05 FY06 FY05
----------------------------------------------------------------------
Cash provided by operating activities $12,885 $16,438 $17,798
$51,797 $52,206 Restructuring payments 1,753 1,537 1,266 10,918
1,653 Satisfaction of a litigation judgment -- -- -- 1,778 --
----------------------------------------------------------------------
Cash provided by operating activities excluding restructuring
payments and satisfaction of a litigation judgment $14,638 $17,975
$19,064 $64,493 $53,859
----------------------------------------------------------------------
*T Management believes that presenting net income and diluted
earnings per share excluding restructuring charges and reconciling
items is useful to investors because it provides a more meaningful
comparison of the ongoing operations of the Company. Included in
reconciling items are acquisition-related expenses from the
purchase of Norstan and the Italian Operations Adjustment in FY06
and acquisition-related expenses from the purchase of Norstan,
settlement of a litigation matter and costs associated with the
establishment and review of procedures to comply with the
requirements of Section 404 of the Sarbanes-Oxley Act of 2002 in
FY05. A reconciliation of net income to net income excluding
restructuring charges and reconciling items is presented below: -0-
*T 4Q06 4Q05 FY06 FY07
----------------------------------------------------------------------
Net income $4,656 $34 $37,358 $29,912 % of revenues 2.7% 0.0% 5.2%
5.6% Restructuring charges, after tax impact -- 3,314 3,465 3,314
Reconciling items, after tax impact 4,931 3,471 8,431 4,650
----------------------------------------------------------------------
Net income excluding restructuring charges and reconciling items
$9,587 $6,819 $49,254 $37,876 % of revenues 5.5% 4.3% 6.8% 7.1%
----------------------------------------------------------------------
*T A reconciliation of diluted earnings per common share (EPS) to
diluted EPS excluding restructuring charges and reconciling items
is presented below: -0- *T 4Q06 4Q05 FY06 FY05
----------------------------------------------------------------------
Diluted EPS $0.26 $0.00 $2.13 $1.68 EPS impact of restructuring
charges -- 0.19 0.20 0.19 EPS impact of reconciling items 0.27 0.20
0.48 0.26
----------------------------------------------------------------------
Diluted EPS excluding restructuring charges and reconciling items
$0.53 $0.39 $2.81 $2.13
----------------------------------------------------------------------
*T SUPPLEMENTAL INFORMATION: Additionally, the following
supplemental information is being provided for comparisons of
fourth quarter ended March 31, 2006 reported results to this year's
third quarter and prior year's fourth quarter. All dollar amounts
are in thousands unless noted otherwise. Information on revenues
and operating income by geography is presented below. Management
believes it is important to separately present the restructuring
charges and reconciling items. Reconciling items consist of
acquisition-related expenses from the purchase of Norstan and the
Italian Operations Adjustment in the 2006 periods and
acquisition-related expenses from the purchase of Norstan,
settlement of a litigation matter and costs associated with the
establishment and review of procedures to comply with the
requirements of Section 404 of the Sarbanes-Oxley Act of 2002 in
the 2005 periods. Management believes this enables a clearer
understanding of the ongoing operations of the Company and allows
the reader to more accurately compare other fiscal periods where
the events did not occur. Information on revenues and operating
income for geographical segments is presented below: -0- *T 4Q06
3Q06 4Q05 FY06 FY05
----------------------------------------------------------------------
Revenues: North America $137,912 $143,173 $112,047 $564,700
$355,013 Europe 27,152 29,950 35,501 120,051 142,838 All Other
9,804 9,012 9,682 36,584 37,225 -------- -------- -------- --------
-------- Total $174,868 $182,135 $157,230 $721,335 $535,076
Operating income: North America $ 9,414 $ 15,740 $ (295)$ 53,550 $
26,798 % of North America revenues 6.8% 11.0% (0.3)% 9.5% 7.5%
Europe (1,643) 4,101 274 5,518 13,639 % of Europe revenues (6.1)%
13.7% 0.8% 4.6% 9.5% All Other 1,733 1,771 1,414 7,127 8,099 % of
All Other revenues 17.7% 19.7% 14.6% 19.5% 21.8% -------- --------
-------- -------- -------- Total $ 9,504 $ 21,612 $ 1,393 $ 66,195
$ 48,536 % of Total revenues 5.4% 11.9% 0.9% 9.2% 9.1%
Restructuring charges and reconciling items North America $ 464 $
1,245 $ 9,356 $ 7,358 $ 11,156 Europe 7,065 -- 1,003 10,807 1,003
All Other -- -- -- -- -- -------- -------- -------- --------
-------- Total $ 7,529 $ 1,245 $ 10,359 $ 18,165 $ 12,159 Operating
income excluding restructuring charges and reconciling items North
America $ 9,878 $ 16,985 $ 9,061 $ 60,908 $ 37,954 % of North
America revenues 7.2% 11.9% 8.1% 10.8% 10.7% Europe 5,422 4,101
1,277 16,325 14,642 % of Europe revenues 20.0% 13.7% 3.6% 13.6%
10.3% All Other 1,733 1,771 1,414 7,127 8,099 % of All Other
revenues 17.7% 19.7% 14.6% 19.5% 21.8% -------- -------- --------
-------- -------- Total $ 17,033 $ 22,857 $ 11,752 $ 84,360 $
60,695 % of Total revenues 9.7% 12.5% 7.5% 11.7% 11.3%
------------------------- -------- -------- -------- --------
-------- Information on revenues and gross profit for data
services, voice services and hotline services is presented below:
4Q06 3Q06 4Q05 FY06 FY05
----------------------------------------------------------------------
Revenues: Data Services $ 44,017 $ 47,083 $ 48,799 $196,585
$200,935 Voice Services 77,184 82,281 52,921 310,804 106,540
Hotline Services 53,667 52,771 55,510 213,946 227,601 --------
-------- -------- -------- -------- Total $174,868 $182,135
$157,230 $721,335 $535,076 Gross Profit: Data Services $ 11,268 $
14,794 $ 13,343 $ 57,068 $ 59,354 % of Data Services revenues 25.6%
31.4% 27.3% 29.0% 29.5% Voice Services 28,400 32,145 17,648 119,556
36,255 % of Voice Services revenues 36.8% 39.1% 33.3% 38.5% 34.0%
Hotline Services 24,458 26,463 28,725 105,726 119,320 % of Hotline
Services revenues 45.6% 50.1% 51.7% 49.4% 52.4% -------- --------
-------- -------- -------- Total $ 64,126 $ 73,402 $ 59,716
$282,350 $214,929 % of Total revenues 36.7% 40.3% 38.0% 39.1% 40.2%
Reconciling items: Data Services $ 2,071 -- -- $ 2,071 -- Voice
Services -- -- -- -- -- Hotline Services 1,517 -- -- 1,517 --
-------- -------- -------- -------- -------- Total $ 3,588 -- -- $
3,588 -- Gross Profit including: Data Services $ 13,339 $ 14,794 $
13,343 $ 59,139 $ 59,354 % of Data Services revenues 30.3% 31.4%
27.3% 30.1% 29.5% Voice Services 28,400 32,145 17,648 119,556
36,255 % of Voice Services revenues 36.8% 39.1% 33.3% 38.5% 34.0%
Hotline Services 25,975 26,463 28,725 107,243 119,320 % of Hotline
Services revenues 48.4% 50.1% 51.7% 50.1% 52.4% -------- --------
-------- -------- -------- Total $ 67,714 $ 73,402 $ 59,716
$285,938 $214,929 % of Total revenues 38.7% 40.3% 38.0% 39.6% 40.2%
Information on revenues on a same-office basis is presented below:
4Q06 4Q05 Change
----------------------------------------------------------------------
Revenues as reported $174,868 $157,230 11% Less revenues from
offices added since Fiscal 2005 (58,440) (35,208)
------------------------- Revenues on same-office basis $116,428
$122,022 (5)%
----------------------------------------------------------------------
Information on various balance sheet ratios, backlog and headcount
is presented below. Dollar amounts are in millions. 4Q06 3Q06 4Q05
----------------------------------------------------------------------
Accounts Receivable: Gross Accounts Receivable $ $126.2 $133.9
$124.2 Reserve $ / % $9.5/7.5% $8.3/6.2% $7.3/5.9% ------ ------
------ Net Accounts Receivable $ $116.7 $125.6 $116.9 Net Days
Sales Outstanding 54 days 57 days 57 days Inventory: Gross
Inventory $ $68.2 $66.9 $69.7 Reserve $ / % $14.3/21.0% $13.5/20.2%
$12.5/17.9% ------ ------ ------ Net Inventory $ $53.9 $53.4 $57.2
Net Inventory Turns 7.3x 6.8x 6.4x Six-Month Order Backlog $96 $94
$97 Team Members 3,295 3,273 3,371
----------------------------------------------------------------------
*T
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