a8616_8k

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.

______________________________________________


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) August 9, 2004


MIM Corporation
(Exact Name of Registrant as Specified in its Charter)

Delaware 0-28740 05-0489664
(State or Other Jurisdiction of
Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
   
100 Clearbrook Road, Elmsford, New York 10523
(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code (914) 460-1600


________________________________________________________________________
(Former Name or Former Address, if Changed Since Last Report)


Item 7. Financial Statements and Exhibits.

(c) Exhibits. The following Exhibit is filed with this Report:

Exhibit Description of Exhibit
   
99.1 Press Release issued by MIM Corporation on August 9, 2004

Item 12. Results of Operations and Financial Condition.

The press release dated August 9, 2004 identified in Exhibit 99.1, and which announces earnings for our second quarter, includes “non-GAAP financial measures” as defined by SEC rules.

The Reconciliation Table presented in our second quarter 2004 press release demonstrates the differences between the non-GAAP financial measures and the most directly comparable GAAP financial measures. As required by Regulation G, the Company has provided a quantitative comparison between the GAAP and disclosed non-GAAP financial measures. We believe that the non-GAAP financial measures presented provide important insight into our ongoing operations and a meaningful comparison of revenue, gross profit, selling, general and administrative expenses, operating income, net income and earnings per share.

We believe that meaningful analysis of our financial performance requires an understanding of the factors underlying that performance and our judgments about the likelihood that particular factors will repeat. For that reason, we believe that investors may find it useful to see the financial results without the effects of the lost TennCare PBM and Synagis business so that they may evaluate the Company's business comparatively while giving consistent effect to material occurrences.

 

2


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 duly authorized.


Date: August 9, 2004 MIM CORPORATION
         
         
    By:   \s\ James S. Lusk                           
        James S. Lusk, Chief Financial
Officer

 


 

 

3



EXHIBIT INDEX

Exhibit Number Description of Exhibit
   
99.1 Press Release issued by MIM Corporation on August 9, 2004

 

 

 

 

 

 

 

 




a8614

MIM Reports 31% Increase in Specialty Revenues and EPS of $0.09 for Second Quarter 2004

Merger with Chronimed Creates One of the Largest U.S. Specialty Pharmacies

     ELMSFORD, NY - August 9, 2004 - MIM Corporation (NASDAQ:MIMS) (CBOE:OQX) (PCX:OQX), a pharmaceutical healthcare organization, today reported second quarter 2004 results.

     Financial Highlights(1)

      
Second quarter Specialty revenues increased 31% over 2Q03
 
Second quarter Specialty and Mail prescriptions dispensed increased 29% over 2Q03
 
Second quarter PBM/Mail revenues increased 15% from 2Q03, excluding TennCare; and decreased 19% compared to 2Q03, including TennCare

     Richard H. Friedman, Chairman and Chief Executive Officer commented, “We are pleased with the quarter. Our two operating segments are performing well. The implementation of the Natural Living Acquisition has been successful and we continue to deliver substantial growth in our Specialty division. Additionally, we have expanded customer contracts and increased our national base through our strategy of developing local relationships.”

     Revenues for the second quarter of 2004 were $154.1 million compared to $161.2 million in the second quarter of 2003. Second quarter revenues increased 22% over the second quarter of 2003, excluding the revenue from TennCare PBM services and Synagis.(1)

     Second quarter Specialty revenues grew 31% to $60.4 million compared to $46.2 million for the same period last year. This increase includes the loss of $1.9 million in Synagis sales. Excluding the results from Synagis, the Specialty segment grew 36% over the prior year’s period.

     During the second quarter, the Company expanded its relationship with one of its customers to cover a larger geographic area. In return for this expansion, the Company provided certain pricing concessions. These concessions had a negative financial impact on the second quarter. The decline in earnings is expected to be recouped in the fourth quarter as volume from the expanded territories is achieved. This decision is expected to add to revenues and profitability in future quarters.

     Second quarter PBM Services segment revenues, which includes Mail Service, were $93.7 million compared to $115.0 million for the same period last year. Excluding TennCare PBM services, PBM revenues grew 15% in the current quarter compared to $81.7 million in the second quarter of 2003.(1)

1


     “As you know, today we announced a merger with Chronimed to create one of the largest specialty pharmacy businesses in the country,” added Mr. Friedman. “Combined annual revenues for the merged company are estimated to be $1.1 billion. We look forward to combining our established BioScrip brand with Chronimed and leveraging our strong PBM capability across Chronimed’s customer base.”

     Operating income for the second quarter was $3.5 million compared to $6.1 million for the second quarter of 2003. As previously reported, the second quarter of 2003 included $0.6 million in employee severance payments related to the loss of TennCare.

     Net income for the second quarter of 2004 was $1.9 million or $0.09 per diluted share compared to $3.5 million or $0.16 per diluted share for the second quarter of 2003.

     Chief Financial Officer James S. Lusk noted, “Earnings were strong for the quarter, despite the effect of certain pricing concessions on an expanded Specialty contract. Our balance sheet continues to be strong. We enter the Chronimed merger with little debt and a healthy cash flow. Our goal is to pay off the remainder of the line of credit from the Natural Living acquisition by first quarter 2005.”

     Cost of revenue for the second quarter was $137.3 million, compared with $142.0 million for the same period last year. Excluding the results from TennCare and Synagis, cost of revenue for the second quarter of 2003 was $109.7 million. (1)

     Gross profit for the quarter was $16.8 million or 10.9% compared to $19.3 million or 12.0% in the prior year’s period. Excluding the results from TennCare and Synagis, gross profit for second quarter 2003 was $16.4 million.(1) The decrease in gross margins reflects changes in the Company's product mix and overall industry trends.

     Selling, general and administrative expenses were $12.6 million for the second quarter of 2004 compared to $12.8 million for the same period a year ago. The second quarter of 2003 included $0.6 million in employee severance payments related to the loss of Tenncare.

     Revenues for the first half of 2004 were $302.2 million compared to $323.4 million for the first half of 2003. Revenues for the period increased 25% over the prior year’s first half, excluding the results from TennCare and Synagis.(1)

     Specialty revenues for the first half increased 18% to $118.2 million from $100.4 million for the period in 2003. First half Specialty revenues increased 36% over the same period in 2003, excluding the results from Synagis. (1)

     Revenues from PBM Services, which includes Mail, were $184.0 million for the first half of 2004, compared to $223.0 million in the 2003 period. Revenues from PBM Services grew 19% in the first half of 2004, excluding the results from TennCare. (1)

     Operating income for the first half was $7.3 million compared to $12.0 million for the same period in 2003. The first half of 2003 included $0.6 million in employee severance payments related to the loss of TennCare. Excluding the results of TennCare and Synagis and this severance charge, operating income for the first half of 2003 was $6.1 million. (1)

2


     Net income for the first half was $4.1 million or $0.18 per diluted share compared to $6.9 million or $0.31 per diluted share for the prior year’s period.

     Cost of revenue for the first half of 2004 was $268.4 million, compared with $285.5 million for the first half of 2003. Excluding the results from TennCare and Synagis, cost of revenue for the first half of 2003 was $210.5 million. (1)

     Gross profit for the first half of 2004 was $33.8 million or 11.2% compared to $37.9 million or 11.7% in the prior year’s period. Excluding the results from TennCare and Synagis, gross profit for the first half of the prior year was $31.4 million. (1)

     Selling, general and administrative expenses for the first half of 2004 increased to $25.1 million from $25.0 million for the same period in 2003. Last year included $0.6 million in employee severance payments related to the loss of Tenncare.

     Inventory turns remained strong for the quarter at 46. Days sales outstanding decreased to 40 days at June 30, 2004 from 41 days at March 31, 2004.

     The Company generated $4.0 million in operating cash flow for the quarter. This includes a rebate payment of $2.5 million to Tenncare MCO’s in the second quarter. Stockholders’ equity for the first half of 2004 increased to $112.2 million from $107.2 million at the end of 2003.

      “We are excited about prospects for the merger with Chronimed. We believe it is a winning combination for customers and shareholders, as we combine our individual strengths into a stronger, customer centric and profitable business,” stated Mr. Friedman. “Our businesses are complimentary and distinct. In a rapidly growing and fragmented industry, the combined companies cover a larger piece of the market and offer more access to complete pharmacy and pharmacy services solutions.”

     “In conclusion, we will continue to deliver on our strategic initiatives throughout this year and next. We feel confident that with the management team we have in place and the newly combined entity, we will be able to focus on our primary goal of executing against our benchmarks and delivering shareholder value.”

     MIM will host a conference call to discuss results today at 6:00 PM ET. Interested parties may participate in the conference call by dialing 800-288-8976 (US), or 612-332-0637 (International), 5-10 minutes prior to the initiation of the call. A replay of the conference call will be available from 9:30 PM ET on August 9 through 11:59 AM ET on August 16, by dialing 800-475-6701 (US), or 320-365-3844 (International), and entering access code 740878. A webcast of the conference call will also be available under the investor information section of the MIM website, www.mimcorporation.com.

MIM Corporation (www.mimcorporation.com) is a pharmaceutical healthcare organization delivering innovative pharmacy benefit and healthcare solutions that provide results beyond expectations. We excel by harnessing our clinical expertise, sophisticated data management, and therapeutic fulfillment capability, and combine it with our

3


dedicated, responsive team of professionals that understands our partners’ needs. The result is cost-effective solutions enhancing the quality of patient life.

Forward Looking Statements
This press release may contain statements that constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the intent, belief or current expectations of the Company, its directors, or its officers with respect to the future operating performance of the Company. Investors are cautioned that any such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward looking statements as a result of various factors. Important factors that could cause such differences are described in the Company’s periodic filings with the Securities and Exchange Commission.

Additional Information and Where to Find It
This press release may be deemed to be solicitation material in respect of the merger of MIM andChronimed. In connection with the proposed transaction, a registration statement on Form S-4 will be filed with the SEC. SHAREHOLDERS OF MIM ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE JOINT PROXY STATEMENT/ PROSPECTUS THAT WILL BE PART OF THE REGISTRATION STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. The final joint proxy statement/prospectus will be mailed to shareholders of MIM. Investors and security holders will be able to obtain the documents free of charge at the SEC’s web site, www.sec.gov, from MIM Investor Relations at 100 Clearbrook Road, Elmsford, NY 10523.

Participants In Solicitation
MIM and its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of merger. Information concerning MIM’s participants is set forth in the proxy statement, dated April 23, 2004, for MIM’s 2004 annual meeting of shareholders as filed with the SEC on Schedule 14A. Additional information regarding the interests of participants of MIM in the solicitation of proxies in respect of the merger will be included in the registration statement and joint proxy statement/prospectus to be filed with the SEC.

Contacts:

James S. Lusk Rachel Levine
Executive Vice President/Chief Financial Officer Investor Relations
MIM Corporation The Anne McBride Co.
914-460-1648 212-983-1702 x.207
Email: jlusk@mimcorporation.com Email: rlevine@annemcbride.com
   
(1) See Table of Reconciliation for the differences between the non-GAAP financial measures and the most directly comparable GAAP measures. As required by Regulation G, the Company has provided a quantitative comparison between the GAAP and disclosed non-GAAP financial measures. The non-GAAP measures presented provide important insight into the ongoing operations and a meaningful comparison of revenue, gross profit, selling, general and administrative expenses, operating income, net income and earnings per share.

4


FINANCIAL TABLES AND SUPPLEMENTAL DATA FOLLOW

 

 

 

 

 

5


MIM Corporation and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share amounts)

    June 30, 2004   December 31, 2003  
   

 
 
ASSETS   (Unaudited)        
Current assets            
     Cash and cash equivalents $ 2,499   $ 9,428  
     Receivables, less allowance for doubtful accounts of $3,673 and            
          $3,870 at June 30, 2004 and December 31, 2003, respectively   66,338     60,861  
     Inventory   7,657     8,553  
     Prepaid expenses and other current assets   1,497     2,160  
     Short term deferred taxes   2,183     3,235  
 

 

 
               Total current assets   80,174     84,237  
               
Property and equipment, net   4,558     5,247  
Long term deferred taxes, net   4,554     4,554  
Other assets and investments   471     514  
Goodwill, net   70,983     61,085  
Intangible assets, net   19,111     15,554  
 

 

 
               Total assets $ 179,851   $ 171,191  
   

 

 
               
LIABILITIES AND STOCKHOLDERS' EQUITY            
Current liabilities            
     Current portion of capital lease obligations $ 237   $ 399  
     Line of credit   10,585     -  
     Accounts payable   16,710     16,857  
     Claims payable   30,158     27,359  
     Payables to plan sponsors   2,636     11,228  
     Accrued expenses and other current liabilities   7,283     8,111  
 

 

 
          Total current liabilities   67,609     63,954  
               
Capital lease obligations, net of current portion and other current liabilities   -     35  
 

 

 
     Total liabilities   67,609     63,989  
               
Stockholders’ equity            
     Common stock, $.0001 par value; 40,000,000 shares authorized,            
          22,266,658 and 22,101,827 shares issued and outstanding at            
          June 30, 2004, and December 31, 2003, respectively   2     2  
     Treasury stock, 2,198,076 shares at cost at June 30, 2004            
          And December 31, 2003   (8,002 )   (8,002 )
     Additional paid-in capital   130,497     129,583  
     Accumulated deficit   (10,255 )   (14,381 )
 

 

 
          Total stockholders’ equity   112,242     107,202  
   

 

 
          Total liabilities and stockholders’ equity $ 179,851   $ 171,191  
   

 

 

6


MIM Corporation and Subsidiaries
Consolidated Statements of Operations

(In thousands, except per share amounts)

  For the three months ended June 30,  
 

 
  2004   2003  
 

 

 
             
Revenue $ 154,125   $ 161,230  
Cost of revenue   137,275     141,955  
 

 

 
Gross profit   16,850     19,275  
             
Selling, general & administrative expenses   12,607     12,753  
             
Amortization of intangibles   768     447  
 

 

 
Income from operations   3,475     6,075  
             
Interest income (expense), net   (231 )   (215 )
 

 

 
Income before taxes   3,244     5,860  
             
Provision for income taxes   1,298     2,344  
 

 

 
             
Net income $ 1,946   $ 3,516  
 

 

 
             
             
Weighted average number of shares outstanding:            
     Basic   22,214     21,969  
     Diluted   22,780     22,459  
             
Earnings per share (basic) $ 0.09   $ 0.16  
Earnings per share (diluted) $ 0.09   $ 0.16  

7


     MIM Corporation and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share amounts)

  For the six months ended June 30,  
 

 
  2004   2003  
 

 

 
             
Revenue $ 302,178   $ 323,381  
Cost of revenue   268,364     285,505  
 

 

 
Gross profit   33,814     37,876  
             
Selling, general & administrative expenses   25,102     24,981  
             
Amortization of intangibles   1,408     893  
 

 

 
Income from operations   7,304     12,002  
             
Interest income (expense), net   (427 )   (467 )
 

 

 
Income before taxes   6,877     11,535  
             
Provision for income taxes   2,751   $ 4,614  
 

 

 
             
Net income $ 4,126   $ 6,921  
 

 

 
             
             
Weighted average number of shares outstanding:            
     Basic   22,187     22,263  
     Diluted   22,724     22,680  
             
Earnings per share (basic) $ 0.19   $ 0.31  
Earnings per share (diluted) $ 0.18   $ 0.31  

8


MIM Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)

  For the six monthsended June 30,  
 


 
  2004   2003  
 

 

 
  (Unaudited)  
Cash flows from operating activities:            
   Net Income $ 4,126   $ 6,921  
      Adjustments to reconcile net income to net cash provided by operating activities:            
         Depreciation and amortization   2,453     2,700  
         Issuance of stock to employees   44     201  
         Provision for losses on receivables   776     845  
   Changes in assets and liabilities, net of acquired assets:            
      Receivables, net   (3,683 )   (1,026 )
      Inventory   1,681     2,671  
      Prepaid expenses and other current assets   768     1,212  
      Accounts payable   (3,278 )   (297 )
      Claims payable   2,799     1,108  
      Payables to plan sponsors and others   (8,592 )   (7,264 )
      Accrued expenses and other current and non current liabilities   103     3,110  
 

 

 
         Net cash (used in) provided by operating activities   (2,803 )   10,181  
 

 

 
             
Cash flows from investing activities:            
      Purchases of property and equipment, net of disposals   (355 )   (756 )
      Costs of acquisitions, net of cash acquired   (14,256 )   --  
      (Increase) decrease in other assets   (24 )   133  
 

 

 
         Net cash used in investing activities   (14,635 )   (623 )
 

 

 
             
Cash flows from financing activities:            
      Borrowings on line of credit   10,585     (4,608 )
      Purchase of treasury stock   --     (5,068 )
      Proceeds from exercise of stock options   588     107  
      Principal payments on short term debt   (467 )   --  
      Principal payments on capital lease obligations   (197 )   (320 )
 

 

 
         Net cash provided by (used in) financing activities   10,509     (9,889 )
 

 

 
             
Net decrease in cash and cash equivalents   (6,929 )   (331 )
             
Cash and cash equivalents—beginning of period   9,428     5,751  
 

 

 
             
Cash and cash equivalents—end of period $ 2,499   $ 5,420  
 

 

 

9


MIM Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)

  For the six months ended June 30,  
 

 
  2004   2003  
 

 

 
  (Unaudited)  
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:            
   Cash paid during the period for interest $ 387   $ 235  
 

 

 
   Cash paid during the period for income taxes $ 1,810   $ 1,167  
 

 

 
             
             
SUPPLEMENTAL DISCLOSURE OF NONCASH INFORMATION:            
             
   Increase in equity from change in deferred tax assets $ 282   $ 321  
 

 

 

 

 

 

 

10


Supplemental Data
(In thousands, except per Rx amounts)

  Three months ended June 30,  
  2004   2003  
 

 

 
PBM pharmacy network claims processed   2,338     3,426  
Mail (adjusted) and specialty pharmacy prescriptions dispensed internally   922     717  
Gross profit per Rx $ 5.17   $ 4.65  
Revenue per Rx $ 47.28   $ 38.92  
             
             
  Six months ended June 30,  
  2004   2003  
 

 

 
PBM pharmacy network claims processed   4,658     6,882  
Mail (adjusted) and specialty pharmacy prescriptions dispensed internally   1,756     1,395  
Gross profit per Rx $ 5.27   $ 4.58  
Revenue per Rx $ 47.11   $ 39.07  

 

 

 

 

11


MIM Corporation and Subsidiaries Consolidated Statement of Operations
Reconciliation Between Non-GAAP and GAAP Measures
(In thousands, except share amounts)

  For the Three Months Ended June 30, 2003  
 







 
                               
                    Business        
  As Reported   TennCare   Synagis   Restructuring   As Adjusted  
 









 
   Revenue                              
      Specialty $ 46,237   $ -   $ (1,885 ) $ -   $ 44,352  
      PBM/Mail $ 114,993   $ (33,274 ) $ -   $ -   $ 81,719  
 

 

 

 

 

 
   Total Revenue $ 161,230   $ (33,274 ) $ (1,885 ) $ -   $ 126,071  
                               
   Cost of Revenue                              
      Specialty $ 36,116   $ -   $ (1,761 ) $ -   $ 34,355  
      PBM/Mail $ 105,839   $ (30,479 ) $ -   $ -   $ 75,360  
 

 

 

 

 

 
   Total Cost of Revenue $ 141,955   $ (30,479 ) $ (1,761 ) $ -   $ 109,715  
                               
   Gross Profit                              
      Specialty $ 10,121   $ -   $ (124 ) $ -   $ 9,997  
         GP%   21.9 %                     22.5 %
      PBM/Mail $ 9,153   $ (2,795 ) $ -   $ -   $ 6,359  
         GP%   8.0 %                     7.8 %
 

 

 

 

 

 
   Total Gross Profit $ 19,275   $ (2,795 ) $ (124 ) $ -   $ 16,356  
         GP%   12.0 %   8.4 %   6.6 %         13.0 %
                               
   Selling, general & administrative $ 12,753   $ -   $ -   $ (617 ) $ 12,136  
   expenses                              
   Amortization $ 447   $ -   $ -   $ -   $ 447  
 

 

 

 

 

 
                               
   Income from Operations $ 6,075   $ (2,795 ) $ (124 ) $ 617   $ 3,773  
                               
   Interest Income (Expense) $ (215 ) $ -   $ -   $ -   $ (215 )
 

 

 

 

 

 
                               
   Income Before Taxes $ 5,860   $ (2,795 ) $ (124 ) $ 617   $ 3,558  
                               
   Taxes $ 2,344   $ (1,118 ) $ (49 ) $ 247   $ 1,424  
      %   40.0 %   40.0 %   40.0 %   40.0 %   40.0%  
                               
   Net Income $ 3,516   $ (1,677 ) $ (75 ) $ 370   $ 2,134  
 

 

 

 

 

 
                               
Weighted average number of shares outstanding                          
      Basic shares   21,969,005                       21,969,005  
      Diluted shares   22,459,371                       22,459,371  
                               
   Earnings per share (basic) $ 0.16                     $ 0.10  
   Earnings per share (diluted) $ 0.16                     $ 0.10  

 

12


MIM Corporation and Subsidiaries Consolidated Statement of Operations
Reconciliation Between Non-GAAP and GAAP Measures
(In thousands, except share amounts)

  For the Six Months Ended June 30, 2003  
 






 
                               
                    Business        
  As Reported   TennCare   Synagis   Restructuring   As Adjusted  
 






 
   Revenue                              
      Specialty $ 100,349   $ -   $ (13,731 ) $ -   $ 86,618  
      PBM/Mail $ 223,032   $ (67,817 ) $ -   $ -   $ 155,215  
 

 

 

 

 

 
   Total Revenue $ 323,381   $ (67,817 ) $ (13,731 ) $ -   $ 241,833  
                               
   Cost of Revenue                              
      Specialty $ 80,064   $ -   $ (12,825 ) $ -   $ 67,239  
      PBM/Mail $ 205,441   $ (62,214 ) $ -   $ -   $ 143,227  
 

 

 

 

 

 
   Total Cost of Revenue $ 285,505   $ (62,241 ) $ (12,825 ) $ -   $ 210,466  
                               
   Gross Profit                              
      Specialty $ 20,285   $ -   $ (906 ) $ -   $ 19,379  
         GP%   20.2 %                     22.4 %
      PBM/Mail $ 17,591   $ (5,603 ) $ -   $ -   $ 11,988  
         GP%   7.9 %                     7.7 %
 

 

 

 

 

 
   Total Gross Profit $ 37,876   $ (5,603 ) $ (906 ) $ -   $ 31,367  
         GP%   11.7 %   8.3 %   6.6 %         13.0 %
                               
   Selling, general & administrative $ 24,981   $ -   $ -   $ (617 ) $ 24,364  
   expenses                              
   Amortization $ 893   $ -   $ -   $ -   $ 893  
 

 

 

 

 

 
                               
   Income from Operations $ 12,002   $ (5,603 ) $ (906 ) $ 617   $ 6,110  
                               
   Interest Income (Expense) $ (467 ) $ -   $ -   $ -   $ (467 )
 

 

 

 

 

 
                               
   Income Before Taxes $ 11,535   $ (5,603 ) $ (906 ) $ 617   $ 5,643  
                               
   Taxes $ 4,614   $ (2,241 ) $ (363 ) $ 247   $ 2,257  
      %   40.0 %   40.0 %   40.0 %   40.0 %   40.0 %
                               
   Net Income $ 6,921   $ (3,362 ) $ (543 ) $ 370   $ 3,386  
 

 

 

 

 

 
                               
Weighted average number of shares outstanding                          
      Basic shares   22,262,718                       22,262,718  
      Diluted shares   22,680,374                       22,680,374  
                               
   Earnings per share (basic) $ 0.31                     $ 0.15  
   Earnings per share (diluted) $ 0.31                     $ 0.15  

 

13