Onyx Pharmaceuticals, Inc. (NASDAQ: ONXX) today reported its
financial results for the full year and fourth quarter 2012 and
provided a business update.
"This past year was transformational, as Onyx grew from a
company with one therapy in two indications to one with three
therapies approved in four indications and positive Phase 3 data
for another two potential indications," said N. Anthony Coles,
M.D., chairman and chief executive officer of Onyx. "We enter 2013
with the architecture for near-term momentum in our business and
sustained growth. The successful launch of Kyprolis, Onyx's first
wholly-owned product, serves as the foundation of our emerging
proteasome inhibitor franchise, and we are committed to investing
in a broad Phase 3 clinical development program across all lines of
therapy to reach more patients globally. 2013 will be an important
year for commercial execution in the United States, while
developing select capabilities to expand our business
internationally."
Dr. Coles continued, "The second launch of 2012 was Bayer's
Stivarga with additional regulatory actions expected this year in
the United States, Europe and Japan. Contributions from worldwide
sales of Nexavar and royalty revenue from Stivarga provide
increasing cash flow to enable the strategic investment in Kyprolis
and oprozomib."
Onyx reported total revenue of $362.2 million for the full year
2012 and $127.9 million for the fourth quarter 2012. Onyx reported
non-GAAP net loss of $162.9 million, or $2.50 per diluted share,
for the full year 2012 and $24.0 million, or $0.36 per diluted
share, for the fourth quarter 2012. On a GAAP basis, Onyx reported
net loss of $187.8 million, or $2.88 per diluted share, for the
full year 2012 and $42.9 million, or $0.64 per diluted share, for
the fourth quarter 2012. A description of the non-GAAP calculations
and reconciliation to comparable GAAP financial measures is
provided in the accompanying table entitled "Reconciliation of GAAP
to Non-GAAP Financial Measures."
Revenue For the full year and fourth
quarter of 2012, Onyx reported total revenue of $362.2 million and
$127.9 million, respectively, as compared to total revenue of
$447.2 million and $237.0 million for the comparable periods in
2011. For the full year and fourth quarter of 2011, total revenue
included $160.0 million in contract revenue from collaboration
received from the sale of the Japan royalty rights of Nexavar®
(sorafenib) tablets.
- Revenue from the Nexavar collaboration agreement for the full
year and fourth quarter of 2012 was $288.4 million and $72.9
million, respectively, as compared to $287.0 million and $76.8
million for the comparable periods in 2011. The increase in full
year revenue from collaboration is primarily a result of increased
Nexavar net sales as recorded by Bayer, excluding Japan, of $861.4
million and $229.1 million for the full year and fourth quarter of
2012, respectively, as compared to $839.9 million and $231.5
million for the full year and fourth quarter of 2011. The increase
in full year Nexavar sales was driven by increased sales in the
U.S. and demand driven growth in emerging markets including Asia
Pacific and Latin America.
- Kyprolis® (carfilzomib) for Injection net sales for the full
year and fourth quarter of 2012 were $64.0 million and $45.3
million, respectively, representing orders shipped to and received
by end customers such as physician offices and hospitals
post-approval. The U.S. Food and Drug Administration (FDA) granted
accelerated approval of Kyprolis on July 20, 2012. In addition,
Onyx recorded deferred revenue of $9.8 million as of December 31,
2012, representing Kyprolis inventory at distributors which has not
yet shipped to physician offices and hospitals.
- Stivarga® (regorafenib) tablets royalty revenue was $8.3
million and $8.2 million for the full year and fourth quarter of
2012, respectively, following marketing approval by the U.S. FDA on
September 27, 2012. Onyx receives a 20% royalty on Bayer's global
net sales of Stivarga in human oncology.
Operating Expenses Non-GAAP cost of goods
sold was $1.3 million and $0.8 million for the full year and fourth
quarter 2012, respectively. Cost of goods sold related to sales of
Kyprolis is not representative of Onyx's future expectations of
cost of goods sold because product costs associated with Kyprolis
sales in 2012 were charged to research and development expense in
periods prior to approval.
Non-GAAP research and development expense was $316.0 million and
$80.3 million for the full year and fourth quarter 2012,
respectively, compared to $249.1 million and $82.5 million for the
same periods in 2011. Higher research and development expense
between periods was primarily due to the global development of
Kyprolis, particularly the ongoing Phase 3 ASPIRE, FOCUS and
ENDEAVOR trials. On a GAAP basis, research and development expense
was $325.3 million and $82.6 million for the full year and fourth
quarter 2012, respectively, compared to $268.1 million and $84.0
million for the same periods in 2011.
Non-GAAP selling, general and administrative expense was $198.1
million and $68.0 million for the full year and fourth quarter
2012, respectively, compared to $147.8 million and $50.1 million
for the same periods in 2011. Higher selling, general and
administrative expense between periods was primarily related to
hiring of the field force associated with the Kyprolis commercial
launch as well as promotional costs. On a GAAP basis, selling,
general and administrative expense was $224.2 million and $74.6
million for the full year and fourth quarter 2012, respectively,
compared to $168.0 million and $52.6 million for the same periods
in 2011.
Onyx recorded contingent consideration expense of $69.2 million
and $2.9 million for the full year and fourth quarter 2012,
respectively, compared to a benefit of $93.5 million and $116.7
million for the same periods in 2011. The increase in contingent
consideration expense for the full year was primarily a result of
the accelerated approval of Kyprolis.
Amortization expense for certain acquired intangible assets was
$9.3 million and $5.2 million for the full year and fourth quarter
2012, respectively, and reflects the amortization of a portion of
the intangible asset, which was acquired in the 2009 acquisition of
Proteolix, Inc.
Provision for Income Taxes Provision for
income taxes for the full year 2012 primarily consisted of a $96.8
million non-cash tax benefit to recognize a change in the net
deferred tax balance related to the U.S. approval of Kyprolis.
Cash, Cash Equivalents and Marketable
Securities On December 31, 2012, cash, cash equivalents and
current and non-current marketable securities were $492.8 million,
compared to $668.4 million at December 31, 2011. This decrease was
largely due to Kyprolis development and commercialization expenses,
partly offset by cash proceeds from the exercise of employee stock
options. During January 2013, Onyx raised approximately $352
million in net proceeds from a public offering of 4.4 million
shares of common stock.
Non-GAAP Financial Measures This press
release includes the following non-GAAP financial measures:
non-GAAP net income (loss), non-GAAP net income (loss) - diluted,
non-GAAP net income (loss) per share, non-GAAP net income (loss)
per share - diluted, non-GAAP cost of goods sold, non-GAAP research
and development expense and non-GAAP selling, general and
administrative expense. The following table reconciles these
non-GAAP measures to the most comparable financial measures
calculated in accordance with GAAP.
Onyx management uses these non-GAAP financial measures to
monitor and evaluate our operating results and trends on an
on-going basis, and internally for operating, budgeting and
financial planning purposes. Onyx management believes the non-GAAP
information is useful for investors by offering the ability to
better identify trends in our business and better understand how
management evaluates the business. These non-GAAP measures have
limitations, however, because they do not include all items of
income and expense that affect Onyx. These non-GAAP financial
measures are not prepared in accordance with, and should not be
considered in isolation of, or as an alternative to, measurements
required by GAAP. A description of the non-GAAP calculations and
reconciliation to comparable GAAP financial measures is provided in
the accompanying table entitled "Reconciliation of GAAP to Non-GAAP
Financial Measures."
Non-GAAP operating expenses exclude contingent consideration
expense (benefit), employee stock-based compensation expense,
imputed interest related to the convertible senior notes due 2016,
the write-off of certain research and development expenses, equity
investment impairment, the impact of the S*BIO termination, lease
termination exit costs, amortization of certain acquired
intangibles and related tax impact of certain acquired intangible
assets.
Management Conference Call Today Onyx will
host a webcast and conference call with management to discuss full
year and fourth quarter 2012 financial results, as well as provide
a general business overview, today at 5:00 p.m. Eastern Time (2:00
p.m. Pacific Time).
To access a live audio webcast of the conference call, log onto
the Company's website at:
http://www.onyx.com/investors/event-calendar
To access the live conference call, dial 847-585-4405 and use
the passcode 34138405#. A replay of the call will be available on
the Onyx website, or by dialing 630-652-3042 and using the passcode
34138405# beginning approximately one hour after the teleconference
concludes through March 7, 2013.
About Nexavar®
(sorafenib) tablets Nexavar is approved in
the U.S. for the treatment of patients with unresectable
hepatocellular carcinoma and for the treatment of patients with
advanced renal cell carcinoma.
For information about Nexavar, including U.S. Nexavar
prescribing information, visit www.nexavar.com or call
1.866.NEXAVAR (1.866.639.2827).
About Kyprolis®
(carfilzomib) for Injection
Kyprolis® (carfilzomib) for Injection is
approved in the U.S. for the treatment of patients with multiple
myeloma who have received at least two prior therapies including
bortezomib and an immunomodulatory agent (IMiD), and have
demonstrated disease progression on or within 60 days of completion
of the last therapy. Approval was based on response rate. Clinical
benefit, such as improvement in survival or symptoms, has not been
verified.
Full prescribing information is available at
http://www.kyprolis.com.
About Stivarga®
(regorafenib) tablets Stivarga is approved in
the U.S. for the treatment of patients with mCRC who have been
previously treated with fluoropyrimidine-, oxaliplatin- and
irinotecan-based chemotherapy, an anti-VEGF therapy, and, if KRAS
wild type, an anti-EGFR therapy.
For full prescribing information, including BOXED WARNINGS,
visit www.stivarga-us.com.
About Onyx Pharmaceuticals, Inc.
Based in South San Francisco, California, Onyx Pharmaceuticals,
Inc. is a global biopharmaceutical company engaged in the
development and commercialization of innovative therapies for
improving the lives of people with cancer. The Company is focused
on developing novel medicines that target key molecular pathways.
For more information about Onyx, visit the Company's website at
www.onyx.com.
Forward-Looking Statements
This news release contains "forward-looking statements" of Onyx
within the meaning of the federal securities laws. These
forward-looking statements include, without limitation, statements
regarding our expected financial results for 2013, the anticipated
growth of our business, investments in and launch of Kyprolis,
development of our oral proteasome inhibitor oprozomib, global
expansion, generation of cash flows from sales of Nexavar,
commercial, regulatory, and clinical results and milestones,
royalties on Bayer's global net sales and development of Stivarga,
promotion of Stivarga in the U.S., overall costs from sales of
Kyprolis and our future clinical trials. These statements are
subject to risks and uncertainties that could cause actual results
and events to differ materially from those anticipated, including,
but not limited to, risks and uncertainties related to: Nexavar®
(sorafenib) tablets, Kyprolis® (carfilzomib) for Injection and
Stivarga® (regorafenib) tablets being the only approved products
from which we may obtain revenue; competition; failures or delays
in our clinical trials or the regulatory process; dependence on our
collaborative relationship with Bayer; supply of Nexavar, Stivarga
or Kyprolis; market acceptance and the rate of adoption of Nexavar,
Stivarga and Kyprolis; pharmaceutical pricing and reimbursement
pressures; serious adverse side effects, if they are associated
with Nexavar, Stivarga or Kyprolis; government regulation; possible
failure to realize the anticipated benefits of business
acquisitions or strategic investments; protection of our
intellectual property; the indebtedness incurred through the sale
of our 4.0% convertible senior notes due 2016; and product
liability risks. Reference should be made to Onyx's Prospectus
Supplement dated January 16, 2013 to Prospectus dated January 15,
2013 filed with the Securities and Exchange Commission (the
"Commission") on January 17, 2013, as updated by Onyx's subsequent
filings with the Commission, under the heading "Risk Factors" for a
more detailed description of these and other risks. Readers are
cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date of this release. Onyx
undertakes no obligation to update publicly any forward-looking
statements to reflect new information, events, or circumstances
after the date of this release except as required by law.
Kyprolis® (carfilzomib) for Injection Nexavar® (sorafenib)
tablets is a registered trademark of Bayer HealthCare
Pharmaceuticals, Inc. Stivarga® (regorafenib) is a Bayer compound
being developed by Bayer. Onyx receives a 20% royalty on global net
sales in human oncology. Bayer and Onyx are jointly promoting
Stivarga in the U.S.
ONYX PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
-------------------- --------------------
2012 2011 2012 2011
--------- --------- --------- ---------
Revenue:
Revenue from collaboration
agreement $ 72,936 $ 76,821 $ 288,416 $ 286,963
Product revenue 45,319 - 63,955 -
Royalty revenue 8,163 - 8,294 -
Contract revenue from
collaborations 1,500 160,211 1,500 160,211
--------- --------- --------- ---------
Total revenue 127,918 237,032 362,165 447,174
--------- --------- --------- ---------
Operating expenses:
Cost of goods sold (excludes
amortization of certain
acquired intangible assets) (1) 832 - 1,328 -
Research and development (1)(2) 82,572 83,990 325,256 268,060
Selling, general and
administrative (1) 74,566 52,611 224,164 167,959
Contingent consideration expense
(benefit) 2,937 (116,663) 69,173 (93,468)
Lease termination exit costs - (4,540) - 6,317
Intangible asset amortization 5,221 - 9,331 -
--------- --------- --------- ---------
Total operating expenses 166,128 15,398 629,252 348,868
--------- --------- --------- ---------
Income (loss) from operations (38,210) 221,634 (267,087) 98,306
Investment income 675 678 2,678 2,405
Interest expense (3) (5,659) (5,069) (21,785) (20,224)
Other income (expense) (4) (728) (326) 1,638 (4,103)
--------- --------- --------- ---------
Income (loss) before provision
(benefit) for income taxes (43,922) 216,917 (284,556) 76,384
Provision (benefit) for income
taxes (5) (1,000) 242 (96,769) 274
--------- --------- --------- ---------
Net income (loss) $ (42,922) $ 216,675 $(187,787) $ 76,110
========= ========= ========= =========
Net income (loss) per share:
Basic $ (0.64) $ 3.40 $ (2.88) $ 1.20
========= ========= ========= =========
Diluted (6) $ (0.64) $ 3.16 $ (2.88) $ 1.19
========= ========= ========= =========
Computation of diluted shares:
Basic 67,028 63,700 65,148 63,422
Dilutive effect of convertible
senior notes - 5,801 - -
Dilutive effect of options - 629 - 588
--------- --------- --------- ---------
Diluted (6) 67,028 70,130 65,148 64,010
========= ========= ========= =========
(1) Includes employee stock-based
compensation charges of:
Three Months Ended Year Ended
December 31, December 31,
-------------------- --------------------
2012 2011 2012 2011
--------- --------- --------- ---------
Cost of goods sold $ 4 $ - $ 6 $ -
Research and development 2,255 1,461 9,296 6,269
Selling, general, and
administrative 6,568 2,556 26,024 20,121
--------- --------- --------- ---------
Total employee stock-based
compensation $ 8,827 $ 4,017 $ 35,326 $ 26,390
========= ========= ========= =========
(2) Includes a $12.7 million non-cash
expense related to the unamortized balance of funding provided to
S*BIO which was recorded in the first quarter of 2011.
(3) Includes $11.5 million and $3.0
million imputed interest expense recorded for the full year and
fourth quarter in 2012, related to the convertible senior notes due
2016. For the comparable periods in 2011, imputed interest expense
was $10.2 million and $2.6 million.
(4) Includes a $0.5 million impairment
charge which reflects the write off of Onyx's equity investment in
S*BIO which was recorded in the third quarter of 2012 and $4.1
million net proceeds received pursuant to the sale of Jak2
inhibitors by S*BIO during the year ended December 31, 2012. In
2011, a $3.8 million impairment charge was recorded which reflected
the reassessment of the fair value of Onyx's equity investment in
S*BIO.
(5) Includes a $96.8 million and $1.1
million tax benefit representing the non-cash tax related effect on
certain acquired intangible assets for the full year and fourth
quarter of 2012, respectively.
(6) Under the "if-converted" method,
interest and issuance costs and potential common shares related to
the Company's convertible senior notes were excluded in the
computation of diluted per share amounts for the three months ended
December 31, 2012, and the years ended December 31, 2012 and 2011
because their effect would be anti-dilutive.
ONYX PHARMACEUTICALS, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
-------------------- --------------------
2012 2011 2012 2011
--------- --------- --------- ---------
(i) Net income
Net income (loss) - GAAP $ (42,922) $ 216,675 $(187,787) $ 76,110
Non-GAAP adjustments:
Contingent consideration
expense (benefit) (a) 2,937 (116,663) 69,173 (93,468)
Employee stock-based
compensation (b) 8,827 4,017 35,326 26,390
Imputed interest related to
the convertible senior
notes due 2016 (c) 3,009 2,605 11,511 10,191
Advance funding to S*BIO (d) - - - 12,666
Impairment of equity
investment in S*BIO (d) - 750 500 3,750
Proceeds received pursuant
to the sale of Jak2
inhibitors by S*BIO (e) - - (4,096) -
Lease termination exit costs
(f) - (4,540) - 6,317
Amortization of certain
acquired intangible assets
(g) 5,221 - 9,331 -
Non-cash tax related effect
on certain acquired
intangible assets (h) (1,066) - (96,843) -
--------- --------- --------- ---------
Net income (loss) - Non-GAAP $ (23,994) $ 102,844 $(162,885) $ 41,956
========= ========= ========= =========
(ii) Cost of goods sold
Cost of goods sold - GAAP $ 832 $ - $ 1,328 $ -
Non-GAAP adjustments:
Employee stock-based
compensation (b) (4) - (6) -
--------- --------- --------- ---------
Cost of goods sold - Non-GAAP $ 828 $ - $ 1,322 $ -
========= ========= ========= =========
(iii) Research and development
expenses
Research and development
expenses - GAAP $ 82,572 $ 83,990 $ 325,256 $ 268,060
Non-GAAP adjustments:
Employee stock-based
compensation(b) (2,255) (1,461) (9,296) (6,269)
Advance funding to S*BIO (d) - - - (12,666)
--------- --------- --------- ---------
Research and development
expenses - Non-GAAP $ 80,317 $ 82,529 $ 315,960 $ 249,125
========= ========= ========= =========
(iv) Selling, general and
administrative expenses
Selling, general and
administrative expenses -
GAAP $ 74,566 $ 52,611 $ 224,164 $ 167,959
Non-GAAP adjustments:
Employee stock-based
compensation (b) (6,568) (2,556) (26,024) (20,121)
--------- --------- --------- ---------
Selling, general &
administrative expenses -
Non-GAAP $ 67,998 $ 50,055 $ 198,140 $ 147,838
========= ========= ========= =========
(v) Earnings per share
--------- --------- --------- ---------
Net income (loss) - Non-GAAP $ (23,994) $ 102,844 $(162,885) $ 41,956
========= ========= ========= =========
Add:
Interest and issuance costs
related to dilutive
convertible senior notes
(i) - 2,456 - -
--------- --------- --------- ---------
Net income (loss) - diluted -
Non-GAAP $ (23,994) $ 105,300 $(162,885) $ 41,956
========= ========= ========= =========
Computation of non-GAAP
diluted shares
Basic shares - GAAP 67,028 63,700 65,148 63,422
Dilutive effect of options and
restricted stock - 629 - 588
Dilutive effect of convertible
senior notes (i) - 5,801 - -
--------- --------- --------- ---------
Diluted shares - Non-GAAP 67,028 70,130 65,148 64,010
========= ========= ========= =========
Net income (loss) per share -
Non-GAAP $ (0.36) $ 1.61 $ (2.50) $ 0.66
========= ========= ========= =========
Net income (loss) per share -
diluted - Non-GAAP $ (0.36) $ 1.50 $ (2.50) $ 0.66
========= ========= ========= =========
ONYX PHARMACEUTICALS, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
These non-GAAP financial measures exclude the following
items:
(a) Contingent
consideration expense (benefit): The effects of contingent
consideration expense (benefit) are excluded due to the nature of
this charge, which is related to the change in fair value of the
liability for contingent consideration in connection with the
acquisition of Proteolix; such exclusion facilitates comparisons of
Onyx's operating results to peer companies.
(b) Employee stock-based
compensation: The effects of employee stock-based compensation
are excluded because of varying available valuation methodologies,
subjective assumptions and the variety of award types; such
exclusion facilitates comparisons of Onyx's operating results to
peer companies.
(c) Imputed interest
related to the convertible senior notes due 2016: The effects
of imputed interest related to the convertible senior notes due
2016 are excluded because this expense is non-cash; such exclusion
facilitates comparisons of Onyx's cash operating results to peer
companies.
(d) Advance funding to
S*BIO and impairment of equity investment in S*BIO: The
effects of the termination of the S*BIO collaboration agreement are
excluded because they do not relate to the normal and recurring
transactions of Onyx's business; such exclusion allows for a better
representation of the ongoing economics of the business,
facilitates comparison to peer companies and is reflective of how
Onyx manages the business.
(e) Proceeds received
pursuant to the sale of Jak2 inhibitors by S*BIO: The effects
of the proceeds received pursuant to the sale of Jak2 inhibitors by
S*BIO are excluded because they do not relate to the normal and
recurring transactions of Onyx's business; such exclusion allows
for a better representation of the ongoing economics of the
business, facilitates comparison to peer companies and is
reflective of how Onyx manages the business.
(f) Lease termination
exit costs: The effects of lease termination exit costs and
reoccupation of facilities are excluded because they represent
non-cash items that relate to Onyx's exit from facilities it
previously occupied in Emeryville and in South San Francisco,
California.
(g) Amortization of
certain acquired intangible assets: The effects of
amortization of certain acquired intangible assets are excluded
because this expense is non-cash; such exclusion facilitates
comparisons of Onyx's operating results to peer companies.
(h) Non-cash tax related
effect on certain acquired intangible assets: The tax related
effect on certain acquired intangible assets is excluded because
this expense is non-cash; such exclusion facilitates comparisons of
Onyx's operating results to peer companies.
(i) Under the "if-converted" method,
interest and issuance costs and potential common shares related to
the Company's convertible senior notes were excluded in the
computation of diluted per share amounts for the three months ended
December 31, 2012 and the years ended December 31, 2012 and 2011
because their effect would be anti-dilutive.
ONYX PHARMACEUTICALS, INC.
CALCULATION OF REVENUE FROM COLLABORATION AGREEMENT
(In thousands, unaudited)
Three Months Ended Year Ended
December 31, December 31,
------------------- -------------------
2012 2011 2012 2011
--------- --------- --------- ---------
Nexavar revenue subject to profit
sharing (as recorded by Bayer) $ 229,060 $ 231,490 $ 861,443 $ 839,944
Combined cost of goods sold,
distribution, selling, general and
administrative expenses 91,869 94,697 326,223 335,471
--------- --------- --------- ---------
Combined collaboration commercial
profit $ 137,191 $ 136,793 $ 535,220 $ 504,473
========= ========= ========= =========
Onyx's share of collaboration
commercial profit $ 68,596 $ 68,396 $ 267,610 $ 252,236
Reimbursement of Onyx's shared
marketing expenses 4,340 5,255 20,806 22,946
Royalty revenue (1) - 3,170 - 11,781
--------- --------- --------- ---------
Revenue from collaboration agreement $ 72,936 $ 76,821 $ 288,416 $ 286,963
========= ========= ========= =========
(1) Effective January 1, 2012, royalty
revenue ceased due to the sale of the Japan royalty to Bayer.
ONYX PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31,
2012 December 31,
(unaudited) 2011(1)
------------- -------------
Assets
Cash, cash equivalents and current marketable
securities $ 484,436 $ 646,343
Accounts receivable, net 79,117 -
Other current assets 121,320 85,506
------------- -------------
Total current assets 684,873 731,849
Marketable securities, non-current 8,323 22,102
Property and equiment, net 29,016 19,734
Finite-lived intangible assets, net 257,969 -
Intangible assets - in-process research and
development 171,500 438,800
Goodwill 193,675 193,675
Other assets 6,215 5,564
------------- -------------
Total assets $ 1,351,571 $ 1,411,724
============= =============
Liabilities and stockholders' equity
Current liabilities $ 131,369 $ 111,792
Convertible senior notes due 2016 174,404 162,893
Liability for contingent consideration, non-
current 149,162 137,816
Deferred tax liability 51,940 149,413
Other long-term liabilities 24,577 26,397
Stockholders' equity 820,119 823,413
------------- -------------
Total liabilities and stockholders' equity $ 1,351,571 $ 1,411,724
============= =============
(1) Derived from the audited financial
statements, included in the Company's Annual Report on Form 10-K
for the year ended December 31, 2011. Certain amounts have been
reclassified to conform to the current year presentation.
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