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Genpact Reports Results for 2013 Full Year and Fourth Quarter - KOAM TV 7

Genpact Reports Results for 2013 Full Year and Fourth Quarter

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SOURCE Genpact Limited

Revenues of $2.1 Billion, Up 12% for FY '13 and Up 10% for 4Q '13

Adjusted Income from Operations of $352.6 Million, Up 13% for FY '13 and Up 2% for 4Q '13

NEW YORK, Feb. 6, 2014 /PRNewswire/ -- Genpact Limited (NYSE: G), a global leader in transforming and running business processes and operations, today announced financial results for the fourth quarter and full year ended December 31, 2013.

(Logo: http://photos.prnewswire.com/prnh/20120501/NY98560LOGO )

Key Financial Results – Full Year 2013

  • Revenues were $2.132 billion, up 12.1% from $1.902 billion in 2012.
  • Income from operations was $309.5 million, up 17.1% from $264.3 million in 2012.
  • Net income attributable to Genpact Limited shareholders was $229.7 million, up 28.9% from $178.2 million in 2012. Net income margin for 2013 was 10.8%, up from 9.4% in 2012.
  • Diluted earnings per common share were $0.97, up from $0.78 per share in 2012.
  • Adjusted income from operations was $352.6 million, up 12.6% from $313.1 million in 2012.
  • Adjusted income from operations margin was 16.5%, unchanged from 2012.
  • Adjusted diluted earnings per share were $1.13, up from $0.96 in 2012.
  • The effective tax rate was 23.6%, down from 30.6% in 2012.

Key Financial Results – Fourth Quarter 2013   

  • Revenues were $558.5 million, up 10.0% from $507.7 million in the fourth quarter of 2012.
  • Income from operations was $71.6 million, up 1.2% from $70.8 million in the fourth quarter of 2012.
  • Net income attributable to Genpact Limited shareholders was $48.8 million, compared to $53.4 million in the fourth quarter of 2012. Net income margin for the fourth quarter of 2013 was 8.7%, compared to 10.5% in the fourth quarter of 2012.
  • Diluted earnings per common share were $0.21, compared to $0.23 in the fourth quarter of 2012.
  • Adjusted income from operations was $85.7 million, up 2.0% from $84.0 million in the fourth quarter of 2012.
  • Adjusted income from operations margin was 15.3%, compared to 16.5% in the fourth quarter of 2012.
  • Adjusted diluted earnings per share were $0.25, unchanged from the fourth quarter of 2012.

N.V. 'Tiger' Tyagarajan, Genpact's president and CEO, said, "For the full year 2013 Genpact revenues, operating income and earnings per share increased and we held adjusted operating income margin steady. We faced a number of revenue headwinds during the year, including reduction in our mortgage originations business related to U.S. mortgage refinancing volumes, softness in our GE business and the adverse impact of foreign exchange, as well as extended deal cycle times reflecting the increase in the value and proportion of large deals in our pipeline.  Although conversion to revenue in large, transformative deals tends to be longer, these engagements are where we want to be and a positive trend for the medium-term. Despite these challenges, we continued to deliver clear, measurable business outcomes for clients, differentiate our approach by building capabilities and domain expertise, and strengthen our relationships with existing clients, as well as add many new clients."

Revenues from Global Clients grew 16.4% for the full year 2013 and 13.3% in the fourth quarter. Business process management revenues from Global Clients grew 15.1% for the full year and 11.8% in the fourth quarter. Growth in revenues from global clients was led by growth in the banking and financial services, insurance, high-tech, consumer packaged goods, retail and life sciences verticals. Revenues from Global Clients represented approximately 77.5% of Genpact's total revenues in 2013, with the remaining 22.5% of revenues coming from GE. GE revenues decreased 0.6% for the full year 2013 and 0.1% in the fourth quarter, adjusted for dispositions by GE of businesses that Genpact continues to serve.

In the 12 months ended December 31, 2013, 52 client relationships each contributed revenues of $5 - $15 million, up from 43 such relationships as of December 31, 2012, 13 client relationships each contributed revenues of $15 - $25 million, up from 11 such client relationships as of December 31, 2012 and 13 client relationships each contributed revenues of $25 million or more, up from 11 such relationships as of December 31, 2012.

Approximately 75.4% of Genpact's revenues for the full year 2013 and 75.3% for the fourth quarter came from business process management services, compared to 76.6% for 2012 and 76.8% for the fourth quarter of 2012. Revenues from IT services represented approximately 24.6% of total revenues for the full year 2013 and 24.7% for the fourth quarter, compared to 23.4% for 2012 and 23.2% for the fourth quarter of 2012.

Genpact generated $311.6 million of cash from operations in 2013, up from $310.7 million of cash from operations in 2012, which included approximately $45 million from an up-front client payment, and $78.4 million in the fourth quarter of 2013 compared to $101.2 million in the fourth quarter of 2012. Genpact had approximately $571.3 million in cash and cash equivalents as of December 31, 2013.

As of December 31, 2013, Genpact had approximately 63,600 employees worldwide, an increase from approximately 60,200 at the end of 2012. The attrition rate for the entire year, measured from day one, was 25%, unchanged from 2012. Revenue per employee in 2013 was approximately $36,000, up 6.0% from $34,000 in 2012.

2014 Outlook

Tyagarajan continued, "The fundamentals of our business and our market opportunity have not changed and we continue to believe there is a long runway for growth where our competitive advantages are clear and compelling. In order to ensure that we are the best partner for our clients in their transformational journeys, over a year ago we commenced an extensive study of the market and our capabilities to better understand how to take Genpact to the next level and where we should focus our resources and investments. To capture the right growth opportunities, we are accelerating our investments in our client-facing teams and solutions in specific verticals and service lines.

"In the near-term, we expect the revenue headwinds we faced in 2013 to continue and, as a result, our revenue guidance for 2014 is $2.22 to $2.26 billion. Our 2014 expectation for adjusted operating income margin is a range of 15.0 – 15.5%, reflecting our strategic investments for growth."

Conference Call to Discuss Financial Results

Genpact management will host an hour-long conference call beginning at 4:30 p.m. ET on February 6, 2014 to discuss the company's performance for the periods ended December 31, 2013. To participate, callers can dial +1 (877) 703-6107 from within the U.S. or +1 (857) 244-7306 from any other country. Thereafter, callers will be prompted to enter the participant code, 47475982.

A live webcast of the call including slides with our comments will also be made available on the Genpact Investor Relations website at http://investors.genpact.com. For those who cannot participate in the call, a replay and podcast will be available on Genpact's website, www.genpact.com, after the end of the call. A transcript of the call as well as the presentation slides will also be made available on the website.

About Genpact

Genpact Limited (NYSE: G) is a global leader in transforming and running business processes and operations, including those that are complex and industry-specific.  Our mission is to help clients become more competitive by making their enterprises more intelligent through becoming more adaptive, innovative, globally effective and connected to their own clients. Genpact stands for Generating Impact – visible in tighter cost management as well as better management of risk, regulations and growth for hundreds of long-term clients including more than 100 of the Fortune Global 500. Our approach is distinctive – we offer an unbiased, agile combination of smarter processes, crystallized in our Smart Enterprise Processes (SEPSM) proprietary framework, along with analytics and technology, which limits upfront investments and enhances future adaptability.  We have global critical mass – 63,600+ employees in 24 countries with key management and corporate offices in New York City – while remaining flexible and collaborative, and a management team that drives client partnerships personally. Our history is unique – behind our single-minded passion for process and operational excellence is the Lean and Six Sigma heritage of a former General Electric division that has served GE businesses for more than 15 years.  For more information, visit www.genpact.com

Safe Harbor

This press release contains certain statements concerning our future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those in such forward-looking statements. These risks, uncertainties and other factors include but are not limited to a slowdown in the economies and sectors in which our clients operate, a slowdown in the business process management and information technology services sectors, the risks and uncertainties arising from our past and future acquisitions, our ability to manage growth, factors which may impact our cost advantage, wage increases, changes in  tax rates and tax legislation, our ability to attract and retain skilled professionals, risks and uncertainties regarding fluctuations in our earnings, general economic conditions affecting our industry as well as other risks detailed in our reports filed with the U.S. Securities and Exchange Commission, including Genpact's Annual Report on Form 10-K. These filings are available at www.sec.gov. Genpact may from time to time make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. Although Genpact believes that these forward-looking statements are based on reasonable assumptions, you are cautioned not to put undue reliance on these forward-looking statements, which reflect management's current analysis of future events and should not be relied upon as representing management's expectations or beliefs as of any date subsequent to the time they are made. Genpact does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of Genpact.


Contact




Investors


Bharani Bobba



+1 (646) 624-5951



bharani.bobba@genpact.com



Media


Gail Marold

+1 (919) 345-3899

gail.marold@genpact.com

 

GENPACT LIMITED AND ITS SUBSIDIARIES

 

Consolidated Balance Sheets
(Unaudited)
(In thousands, except per share data and share count)




As of December

31,  2012


As of December

31,  2013

Assets







Current assets





Cash and cash equivalents


$

459,228


$

571,276

Accounts receivable, net


451,960


504,714

Accounts receivable from related party, net


29


403

 Short term deposits


18,292


-

Deferred tax assets


48,489


60,638

Prepaid expenses and other current assets


150,769


139,113

Total current assets


$

1,128,767


$

1,276,144

Property, plant and equipment, net


200,362


173,204

Deferred tax assets


91,383


89,305

Investment in equity affiliates


416


384

Customer-related intangible assets, net


84,748


75,105

Marketing-related intangible assets, net



21,585



17,374

Other intangible assets, net


6,054


6,637

Goodwill


956,064


953,849

Other assets


116,548


97,365

Total assets


$

2,605,927


$

2,689,367

 

GENPACT LIMITED AND ITS SUBSIDIARIES

 

Consolidated Balance Sheets
(Unaudited)
(In thousands, except per share data and share count)




As of December

31,  2012


As of December

31,  2013

Liabilities and equity





Current liabilities





Short-term borrowings


$

80,000


$

-

Current portion of long-term debt


4,982


4,263

Current portion of capital lease obligations


1,301


1,405

Accounts payable


18,652


18,412

Income taxes payable


22,304


15,007

Deferred tax liabilities


538


614

Accrued expenses and other current liabilities


390,041


421,992

Total current liabilities


$

517,818


$

461,693

  Long-term debt, less current portion



656,879



653,601

  Capital lease obligations, less current portion


2,533


2,657

Deferred tax liabilities


6,068


4,464

  Other liabilities


250,848


242,884

Total liabilities


$

1,434,146


$

1,365,299

Shareholders' equity





Preferred shares, $0.01 par value, 250,000,000 authorized, none issued


-


-

 Common shares, $0.01 par value, 500,000,000 authorized,
 225,480,172 and 231,262,576 issued and outstanding as of
 December 31, 2012 and December 31, 2013, respectively


2,253


2,310

Additional paid-in capital


1,202,448


1,268,344

Retained earnings


281,982


511,699

Accumulated other comprehensive income (loss)


(318,272)


(459,614)

Genpact Limited shareholders' equity


$

1,168,411


$

1,322,739

 Noncontrolling interest


3,370


1,329

Total equity


$

1,171,781


$

1,324,068

Total liabilities and equity


$

2,605,927


$

2,689,367

 


GENPACT LIMITED AND ITS SUBSIDIARIES

 

Consolidated Statements of Income
(Unaudited)
(In thousands, except per share data and share count)



Year Ended December 31,


2011


2012


2013

Net revenues







Net revenues from services – others

$

1,115,972


$

1,901,421


$

2,131,059

Net revenues from services - related party

484,464


550



938

Total net revenues

1,600,436


1,901,971



2,131,997

Cost of revenue







Services

1,004,899


1,157,766



1,319,571

Total cost of revenue

1,004,899


1,157,766



1,319,571

Gross profit

$

595,537


$

744,205


$

812,426

Operating expenses:







Selling, general and administrative expenses

357,959


456,611



484,810

Amortization of acquired intangible assets

19,974


23,233



23,645

Other operating (income) expense, net

1,360


16



(5,556)

Income from operations

$

216,244


$

264,345


$

309,527

Foreign exchange (gains) losses, net

(35,099)


(13,146)



(20,763)

Other income (expense), net

10,716


(14,499)



(24,308)

Income before Equity-method investment activity, net and income tax expense

$

262,059


$

262,992


$

305,982

Equity-method investment activity, net

327


(17)



(169)

Income before income tax expense

$

261,732


$

263,009


$

306,151

Income tax expense

70,656


78,419



71,100

Net Income

$

191,076


$

184,590


$

235,051

Net income attributable to noncontrolling interest

6,782


6,374



5,334

Net income attributable to Genpact Limited shareholders

$

184,294


$

178,216


$

229,717

Net income available to Genpact Limited common shareholders

$

184,294


$

178,216


$

229,717

Earnings per common share attributable to Genpact Limited common shareholders







Basic

$

0.83


$

0.80


$

1.00

Diluted

$

0.81


$

0.78


$

0.97

Weighted average number of common shares used in computing earnings per common share attributable to Genpact Limited common shareholders







Basic

221,567,502


223,696,567


229,348,411

Diluted

226,354,403


229,532,516


235,754,267

 

GENPACT LIMITED AND ITS SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)



Year Ended December 31,


2011


2012


2013

Operating activities







Net income attributable to Genpact Limited shareholders

$

184,294


$

178,216


$

229,717

Net income attributable to noncontrolling interest


6,782



6,374



5,334

Net income 

$

191,076


$

184,590


$

235,051

Adjustments to reconcile net income to net cash provided by (used for) operating activities:






Depreciation and amortization

58,357


56,089


52,815

Amortization of debt issue costs (including loss on extinguishment of debt)

1,952


8,079


6,035

Amortization of acquired intangible assets

20,132


23,305


23,645

Reserve for doubtful receivables

6,298


3,878


11,420

Reserve for mortgage loans

52


108


-

Unrealized (gain) loss on revaluation of foreign currency asset/liability

(18,276)


(13,700)


(6,251)

Equity-method investment activity, net

327


(17)


(169)

Stock-based compensation expense

27,767


32,152


31,129

Deferred income taxes

(7,981)


(10,028)


(1,116)

Others, net

5,322


6,471


5,939

Change in operating assets and liabilities:






Increase in accounts receivable

(46,314)


(36,171)


(60,817)

Increase in other assets

(10,461)


(20,525)


9,377

Increase (Decrease) in accounts payable

6,800


(4,380)


1,785

Increase (Decrease) in accrued expenses and other current liabilities

27,517


38,478


21,359

Increase (Decrease) in income taxes payable

10,345


1,775


(6,555)

Increase (Decrease) in other liabilities

(6,301)


40,556


(12,043)

Net cash provided by operating activities

$

266,612


$

310,660


$

311,604

Investing activities






Purchase of property, plant and equipment

(35,776)


(83,337)


(48,879)

Proceeds from sale of property, plant and equipment

916


500


3,442

Investment in affiliates

-


(205)


-

Purchase of short term investments

(129,458)


-


-

Proceeds from sale of short term investments

206,443


-


-

Short term deposits placed

-


(43,978)


(55,001)

Redemption of short term deposits

-


25,638


69,249

Payment for business acquisitions, net of cash acquired

(577,233)


(55,901)


(49,235)

Proceeds from divestiture of business, net of cash divested

-


-


1,982

Net cash used for investing activities

$

(535,108)


$

(157,283)


$

(78,442)

Financing activities






Repayment of capital lease obligations

(2,821)


(2,279)


(1,803)

Proceeds from long-term debt

120,000


675,000


121,410

Repayment of long-term debt

(40,000)


(106,688)


(123,098)

Proceeds from Short-term borrowings

260,000


80,000


275,000

Repayment of Short-term borrowings

(8,000)


(253,004)


(355,000)

Proceeds from issuance of  common shares under stock-based compensation plans

12,840


26,227


45,859

Payment for net settlement of stock-based awards

-


(2,103)


(9,315)

Payment of earn-out consideration

-


(587)


(3,868)

Cost incurred in relation to Debt amendment and refinancing

(9,115)


(15,266)


(8,104)

Distribution to noncontrolling interest

(6,805)


(5,760)


(6,423)

Dividend paid

-


(501,620)


-

Net cash used for financing activities

$

326,099


$

(106,080)


$

(65,342)

Effect of exchange rate changes

(53,617)


3,911


(55,772)

Net increase (decrease) in cash and cash equivalents

57,603


47,297


167,820

Cash and cash equivalents at the beginning of the period

404,034


408,020


459,228

Cash and cash equivalents at the end of the period

$

408,020


$

459,228


$

571,276

Supplementary information






Cash paid during the period for interest

$

5,026


$

14,061


$

30,788

Cash paid during the period for income taxes

$

65,688


$

91,825


$

71,857

Property, plant and equipment acquired under capital lease obligation

$

1,787


$

2,699


$

2,342

 

GENPACT LIMITED AND ITS SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)



 Three months ended



March 31,

2012


June 30, 2012


September 30,

2012


December 31,

2012



(dollars in millions)


Statement of income data









Total net revenues

$             435.5


$             467.6


$             491.2


$             507.7


Cost of Revenue

265.5


285.2


297.3


309.8


Gross profit

170.0


182.4


193.9


197.9


Income from operations

60.4


63.2


70.0


70.8


Income before Equity method investment activity, net and income tax expense

56.6


84.4


41.8


80.1


Net income attributable to Genpact Limited common shareholders

$               38.5


$               61.1


$                25.2


$               53.4


 



 Three months ended



March 31,

2013


June 30,

2013


September

30, 2013


December

31, 2013



(dollars in millions)


Statement of income data









Total net revenues

$           503.8


$           534.8


$           534.9


$           558.5


Cost of Revenue

311.7


332.7


329.3


345.8


Gross profit

192.1


202.1


205.6


212.6


Income from operations

73.9


78.0


86.0


71.6


Income before Equity method investment activity, net and income tax expense

65.5


84.6


93.3


62.6


Net income attributable to Genpact Limited common shareholders

$             46.7


$             63.9


$             70.3


$             48.8


Reconciliation of Adjusted Non-GAAP Financial Measures to GAAP Measures

To supplement the consolidated financial statements presented in accordance with GAAP, this press release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures:

  • Adjusted income from operations;
  • Adjusted net income attributable to shareholders of Genpact Limited, or adjusted net income; and
  • Adjusted diluted earnings per share attributable to shareholders of Genpact Limited, or adjusted diluted earnings per share.

These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures, the financial statements prepared in accordance with GAAP and the reconciliations of Genpact's GAAP financial statements to such non-GAAP measures should be carefully evaluated.

Prior to July 2012, Genpact's management used financial statements that excluded significant acquisition related expenses and amortization of related acquired intangibles for its internal management reporting, budgeting and decision making purposes, including comparing Genpact's operating results to that of its competitors. However, considering Genpact's frequent acquisitions of varying scale and size, and the difficulty in predicting expenses relating to acquisitions and amortization of acquired intangibles thereof, since July 2012 Genpact's management uses financial statements that exclude all acquisition related expenses and amortization of acquired intangibles for its internal management reporting, budgeting and decision making purposes, including comparing Genpact's operating results to that of its competitors.

Additionally, Genpact's management uses financial statements that exclude stock-based compensation expense, amortization of acquired intangibles at formation in 2004, expenses related to change of shareholding and capital restructuring (excluding expenses related to the credit facility) and withholding taxes relating to the remittance of funds between subsidiaries to partly fund the payment of the special cash dividend in respect of capital restructuring. Because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use when adopting ASC 718 "Compensation-Stock Compensation," Genpact's management believes that providing non-GAAP financial measures that exclude all of the above expenses allows investors to make additional comparisons between Genpact's operating results and those of other companies. Genpact also believes that it is unreasonably difficult to provide its financial outlook in accordance with GAAP for a number of reasons including, without limitation, its inability to predict its stock-based compensation expense under ASC 718, the amortization of intangibles associated with further acquisitions, acquisition related expenses and expenses related to change of shareholding and capital restructuring (excluding expenses related to the credit facility) and withholding taxes relating to the remittance of funds between subsidiaries to partly fund the payment of the special cash dividend in respect of capital restructuring, if any. Accordingly, Genpact believes that the presentation of adjusted income from operations and adjusted net income, when read in conjunction with the Company's reported results, can provide useful supplemental information to investors and management regarding financial and business trends relating to its financial condition and results of operations.

A limitation of using adjusted income from operations and adjusted net income versus income from operations and net income calculated in accordance with GAAP is that these non-GAAP financial measures exclude a recurring cost, namely stock-based compensation. Management compensates for this limitation by providing specific information on the GAAP amounts excluded from adjusted income from operations and adjusted net income.

The following tables show the reconciliation of these adjusted financial measures from GAAP for the three months and year ended December 31, 2012 and 2013:


Reconciliation of Adjusted Income from Operations
(Unaudited)
(In thousands)



Year Ended December 31,

 


Quarter Ended December 31,

 


2012


2013



2012



2013

Income from operations per GAAP

$

264,345


$

309,527


$

70,795


$

71,633

Add: Amortization of acquired intangible assets resulting from Formation Accounting


6,845



2,961



1,592



679

Add: Amortization of acquired intangible assets relating to acquisitions


10,739



15,360



2,791



4,006

Add: Acquisition related expenses


298



-



-



-

Add: Consultancy, legal and banker fees relating to change of shareholding (excluding expenses related to the credit facility), as recorded under other income (expense)


17,227



-



10,620



-

Less: Recovery from selling shareholder of consultancy, legal and banker fees relating to change of shareholding (excluding expenses related to the new credit facility), as recorded under other income (expense)


(17,000)



-



(17,000)



-

Add: Consultancy, legal and banker fees relating to capital restructuring (excluding expenses related to the new credit facility), as recorded under selling, general and administrative expenses


3,237



-



39



-

Add: Stock-based compensation


32,152



31,129



9,296



9,198

Less: Provision (created) reversed for loss on divestitures


(459)



(3,487)



(459)



33

Add: Other income (expense)


2,074



2,319



7,807



1,157

Add: Gain (Loss) on Equity-method investment activity, net


17



169



(7)



30

Less: Net income attributable to noncontrolling interest


(6,374)



(5,334)



(1,523)



(1,064)

Adjusted income from operations

$

313,101


$

352,644


$

83,951


$

85,672

 

Reconciliation of Adjusted Net Income
(Unaudited)
(In thousands, except per share data)



Year Ended December 31,


Quarter Ended December 31,


2012


2013


2012


2013

Net income per GAAP

$

178,216


$

229,717

$

53,401

$

48,842

Add: Amortization of acquired intangible assets resulting from Formation Accounting


6,845



2,961


1,592


679

Add: Amortization of acquired intangible assets relating to acquisitions


10,739



15,360


2,791


4,006

Add: Consultancy, legal and banker fees relating to change of shareholding (excluding expenses related to the credit facility), as recorded under other income (expense)


17,227



-


10,620


-

Less: Recovery from selling shareholder of consultancy, legal and banker fees relating to change of shareholding (excluding expenses related to the new credit facility), as recorded under other income (expense)


(17,000)



-


(17,000)


-

Add: Consultancy, legal and banker fees relating to capital restructuring (excluding expenses related to the new credit facility), as recorded under selling, general and administrative expenses


3,237



-


39


-

Add: Withholding taxes relating to remittance of funds between subsidiaries to partly fund the payment of  special cash dividend in respect of capital restructuring


2,300



-


-


-

Add: Stock-based compensation


32,152



31,129


9,296


9,198

Add: Acquisition related expenses


298



-


-


-

Less: Tax impact on amortization of acquired intangibles resulting from Formation Accounting


(1,564)



(551)


(374)


(138)

Less: Tax impact on amortization of acquired intangibles relating to acquisitions


(3,650)



(5,822)


(971)


(1,947)

Less: Tax impact on consultancy and legal fees relating to capital restructuring (excluding expenses related to the new credit facility)


(194)



-


(12)


-

Less: Tax Impact on stock-based compensation


(8,032)



(6,913)


(1,028)


(1,160)

Less: Tax Impact on acquisition related expenses


(75)



-


-


-

Adjusted net income

$

220,499


$

265,881

$

58,354

$

59,480

Adjusted diluted earnings per share

$

0.96


$

1.13


0.25


0.25

 

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