D&E Communications, Inc. ("D&E" or the "Company") (NASDAQ:
DECC)
-- Fourth quarter 2008 reported net loss of $7.8 million and adjusted net
income of $3.5 million (shown below) excluding impairment charges and other
items impacting comparability
-- Non-cash impairment charge of $19.6 million ($11.5 million after tax)
recorded in the fourth quarter of 2008
-- Full year 2008 reported net loss of $11.0 million and adjusted net
income of $11.6 million (shown below) excluding impairment charges and
other items impacting comparability
-- Full year 2008 Systems Integration Adjusted EBITDA of $31,000, a $2.0
million improvement from 2007
D&E Communications, Inc. ("D&E" or the "Company")
(NASDAQ: DECC), a leading provider of integrated communications
services in central and eastern Pennsylvania, today announced the
results of its operations for the fourth quarter and year ended
December 31, 2008.
For the fourth quarter of 2008, the Company reported a net loss
of $7.8 million, or $0.54 per share, compared to a net income of
$2.0 million, or $0.14 per share, for the same period last year.
The operating loss for the fourth quarter of 2008 was $9.5 million,
compared to operating income of $4.1 million in the fourth quarter
of 2007. Total operating revenue for the fourth quarter of 2008 was
$37.5 million, compared to $38.8 million in the fourth quarter of
2007.
Results for the fourth quarter of 2008 included a non-cash
intangible asset impairment of $19.6 million ($11.5 million, or
$0.79 per share, after tax) on the Wireline franchise intangible
assets as a result of an interim test for impairment of goodwill
and intangible assets as of December 31, 2008. In the fourth
quarter of 2008, the Company recorded a reserve of $0.7 million
($0.4 million, or $0.03 per share, after tax) on a note receivable
from the sale of assets in 2006.
The revenue decrease of $1.3 million for the fourth quarter 2008
was the result of decreases in Wireline and Systems Integration
segment revenues of $1.2 million and $0.1 million, respectively.
Operating income (loss) declined $13.6 million primarily as a
result of the non-cash intangible asset impairment described above
and a decline in operating revenue of $1.3 million, partially
offset by a decline in Wireline depreciation expense of $0.9
million ($0.6 million, or $0.04 per share, after tax) primarily due
to certain fixed assets becoming fully depreciated in June and July
2008, a decline in other operating expenses of $1.2 million and the
effect of the fourth quarter 2007 non-cash goodwill impairment of
$5.2 million ($4.7 million, or $0.32 per share, after tax)
recognized in the Systems Integration segment.
The fourth quarter 2007 results included income of $4.6 million
($2.7 million, or $0.19 per common share, after tax) from the
collection of the remaining outstanding principal on the note
received from the sale of Conestoga Wireless assets in 2003, which
was scheduled to be paid in monthly installments through June 1,
2009. The note receivable was fully reserved on our balance sheet.
In the fourth quarter of 2007, the Company recognized a reserve of
$0.13 million ($0.1 million, or $0.01 per share, after tax) on the
note receivable from the sale of assets in 2006. Net income for the
fourth quarter of 2008 before the decline in depreciation expense
and other items described above was $3.5 million, or $0.24 per
share. Net income for the fourth quarter of 2007 before the items
described above was $4.1 million, or $0.28 per share.
Total operating revenue for the full year 2008 was $149.5
million, compared to $152.6 million for the previous year. The
revenue decrease of $3.1 million for the year 2008 was due to lower
Wireline and Systems Integration segment revenues of $1.7 million
and $1.6 million, respectively, partially offset by an increase in
Corporate and Other segment revenue of $0.2 million. The operating
loss for 2008 was $10.9 million, compared to operating income of
$24.6 million in 2007. The net loss for the year was $11.0 million,
or $0.76 per share, compared to a net income of $10.6 million, or
$0.74 per share, for 2007. Net income before certain one-time items
described below was $11.6 million, or $0.80 per share, for the year
ended December 31, 2008, compared to $11.6 million, or $0.81 per
share, for the year ended December 31, 2007.
Results for the year 2008 included non-cash intangible asset
impairments of $45.8 million ($26.8 million, or $1.85 per share,
after tax) on the Wireline franchise intangible assets as a result
of the completion of the Company's annual and interim tests for
impairment of goodwill and intangible assets as of April 30, 2008
and December 31, 2008, respectively. The year 2008 results were
also affected by income of $2.9 million ($1.7 million, or $0.12 per
common share, after tax) from the termination of a lease guarantee,
a decrease in depreciation expense in the Wireline segment of $4.7
million ($3.0 million, or $0.21 per share, after tax) primarily due
to revisions in the estimated useful lives of certain fixed assets
effective July 2007 and certain fixed assets becoming fully
depreciated in the first and second quarters of 2007 and June and
July of 2008, partially offset by the depreciation expense on
additional fixed assets placed in service in the current year, and
a reserve of $0.9 million ($0.5 million, or $0.04 per share, after
tax) recognized on a note receivable from the sale of assets in
2006.
Results for the year 2007 included a non-cash goodwill
impairment charge of $5.2 million ($4.7 million, or $0.32 per
common share, after tax) described above, a gain of $0.6 million
($0.6 million, or $0.04 per share, after tax) from life insurance
proceeds, income of $5.5 million ($3.2 million, or $0.22 per common
share, after tax) from the collection of the remaining outstanding
principal on the note received from the sale of Conestoga Wireless
assets as described above and a reserve of $0.13 million ($0.1
million, or $0.01 per share, after tax) on the note receivable from
the sale of assets in 2006.
"Our fourth quarter results were negatively affected by a
non-cash franchise intangible asset impairment charge as well as an
impairment on a note receivable from the sale of assets in 2006,"
stated James W. Morozzi, D&E's President and CEO. "The
franchise intangible asset impairment was the result of our 2002
acquisition of Conestoga Enterprises Inc. and the value ascribed to
the franchise intangible assets acquired as part of that
transaction at that point in time. We have determined that the
value of these franchise intangible assets needed to be reduced due
to our lower estimates of future regulated cash flows from this
entity."
Morozzi continued, "We also concluded that the value of a note
receivable should be reduced due to the note payer's business
experiencing a decline in light of the current economic turmoil.
Operationally, these impairment charges had no impact on our cash
flow from operations. For the full year 2008, we generated solid
Adjusted EBITDA of $64.4 million. DSL/High-speed Internet
Subscribers continued to grow, while RLEC access line loss was
moderate. Our Systems Integration segment made great strides and
reported positive Adjusted EBITDA for the full year 2008 compared
to a negative Adjusted EBITDA of $1.9 million in 2007."
The following table provides a reconciliation of reported and
adjusted net income (loss) and earnings per share:
(Dollar amounts Three Months Ended Year Ended
in millions, December 31, December 31,
except per- 2008 2007 2008 2007
share amounts) ------------- ------------ -------------- ------------
Per- Per- Per- Per-
------ ----- ------ -----
Amount share Amount share Amount share Amount share
----- ------ ----- ----- ------ ------ ----- -----
Reported net
income (loss) $(7.8) $(0.54) $ 2.0 $0.14 $(11.0) $(0.76) $10.6 $0.74
Items impacting
comparability:
Decrease in
depreciation,
net of tax,
compared to
2007 (0.6) (0.04) -- -- (3.0) (0.21) -- --
Intangible
asset
impairment,
net of tax 11.5 0.79 -- -- 26.8 1.85 -- --
Note
receivable
reserve, net
of tax 0.4 0.03 0.1 0.01 0.5 0.04 0.1 0.01
Lease
guarantee
termination,
net of tax -- -- -- -- (1.7) (0.12) -- --
Goodwill
impairment,
net of tax -- -- 4.7 0.32 -- -- 4.7 0.32
Note
receivable
collected,
net of tax -- -- (2.7) (0.19) -- -- (3.2) (0.22)
Life insurance
gain, net of
tax -- -- -- -- -- -- (0.6) (0.04)
----- ------ ----- ----- ------ ------ ----- -----
Adjusted net
income $ 3.5 $ 0.24 $ 4.1 $0.28 $ 11.6 $ 0.80 $11.6 $0.81
===== ====== ===== ===== ====== ====== ===== =====
Summary Statistics
December 31, December 31,
2008 2007 Change % Change
------------ ------------ ----------- -----------
RLEC access lines 119,102 124,600 (5,498) (4.4%)
CLEC access lines 46,436 46,002 434 0.9%
DSL/High-speed Internet
Subscribers 43,058 38,333 4,725 12.3%
Dial-up Internet
subscribers 2,183 3,254 (1,071) (32.9%)
Video subscribers 8,487 7,986 501 6.3%
Web-hosting customers 982 1,009 (27) (2.7%)
------------ ------------ -----------
Total customer
connections 220,248 221,184 (936) (0.4%)
============ ============ ===========
On a segment by segment basis, the Company reported the
following information:
Wireline
Fourth quarter 2008 revenues from the Wireline segment were
$36.0 million, as compared to $37.2 million for the fourth quarter
2007. The decrease was due in large part to lower network access
revenue of $1.6 million primarily due to a decline in NECA revenue
and minutes of use, partially offset by increased DSL/High-speed
Internet revenue of $0.4 million due to subscriber growth.
Full-year 2008 revenue for the Wireline segment was $144.0 million
compared to $145.7 million for 2007. The decrease was caused mainly
by a reduction in network access revenue of $3.9 million primarily
due to lower NECA revenue and minutes of use and a decline in
directory revenue of $0.8 million. These decreases were partially
offset by increased DSL/High-speed Internet revenue of $2.1 million
due to subscriber growth and higher video, business continuity and
co-location revenues of $0.6 million.
Wireline operating expenses for the fourth quarter of 2008 were
$45.2 million, compared to $27.3 million during the same period
last year, with the increase caused primarily by the non-cash
intangible asset impairment of $19.6 million. Depreciation expense
decreased $0.9 million primarily due to certain fixed assets that
became fully depreciated in June and July of 2008. Corporate
overhead expenses decreased $0.6 million. Cost of services
decreased $0.2 million due to a settlement reached with a vendor on
estimated amounts owed to them.
Wireline operating expenses for the full year 2008 were $153.4
million, compared to $112.8 million during the same period last
year, with the increase caused primarily by the non-cash intangible
asset impairments of $45.8 million. Depreciation expense decreased
approximately $4.7 million primarily due to revisions in the
estimated useful lives of certain fixed assets to update composite
depreciation rates for regulated telephone property and certain
fixed assets that became fully depreciated in 2007 and 2008. All
other Wireline expenses decreased $0.5 million.
The operating loss was $9.2 million for the fourth quarter of
2008 compared to operating income of $9.9 million for the fourth
quarter of 2007. For the year, the Wireline segment reported an
operating loss of $9.4 million, down from operating income of $32.9
million in 2007, primarily due to the intangible asset impairments
of $45.8 million, partially offset by the decline in depreciation
expense of $4.7 million.
Systems Integration
System Integration revenues for the quarter were $1.1 million,
compared to $1.2 million for the same period last year. The primary
reason for the decline in revenues was lower computer product
sales. For the year, Systems Integration segment revenue was $3.8
million, compared to $5.4 million in 2007. Computer products sold
decreased $1.0 million and communication services revenue decreased
$0.6 million primarily due to the expiration of a contract with a
large retail services customer on March 31, 2007 resulting in lower
revenue of $0.8 million.
Fourth quarter 2008 operating expenses were $1.0 million,
compared to $6.8 million in the fourth quarter of 2007. The Company
recognized a non-cash goodwill impairment charge of $5.2 million in
the fourth quarter of 2007, which was the entire balance of
goodwill of the Systems Integration segment. In addition, labor and
benefits costs declined approximately $0.4 million. For the year
2008, operating expenses were $3.9 million, compared to $12.8
million in the previous year. Labor and benefits costs declined
approximately $1.8 million and subcontractor costs declined $0.3
million due to the contract expiration and a reduction in the
number of employees. The cost of computer products sold declined
$0.9 million in conjunction with the decline in sales. In 2007, we
recognized a non-cash goodwill impairment charge of $5.2
million.
The operating income for the fourth quarter 2008 was $0.1
million compared to an operating loss of $5.6 million in the fourth
quarter of 2007. The operating loss for 2008 was $0.1 million
compared to an operating loss of $7.4 million in 2007 primarily due
to the goodwill impairment of $5.2 million.
Adjusted EBITDA
We present the non-GAAP (generally accepted accounting
principles) measure Adjusted EBITDA (as defined herein) below and
anticipate referring to this measure in the conference call
referenced below. Presentation of Adjusted EBITDA is consistent
with how we evaluate performance of our business segments and
Adjusted EBITDA is frequently used by securities analysts,
investors and other interested parties in the evaluation of
companies in our industry. Adjusted EBITDA is a non-GAAP operating
measure under Regulation G of the Securities and Exchange
Commission. We compute Adjusted EBITDA by adding depreciation,
amortization and goodwill and intangible asset impairments to
operating income. Each of these GAAP financial measures is a line
item in our income statement and thus Adjusted EBITDA can be
reconciled to net income, the most comparable GAAP financial
measure to it. However, other companies in our industry may
calculate Adjusted EBITDA differently than we do. Adjusted EBITDA
is not a measurement of financial performance under GAAP and should
not be considered as a substitute for cash flow from operating
activities as a measure of liquidity or a substitute for net income
as an indicator of operating performance or any other measure of
performance derived in accordance with GAAP. Net income (loss) is
reconciled to consolidated Adjusted EBITDA for the three months and
years ended December 31, 2008 and 2007, respectively, in the
following table:
(Dollar amounts in thousands) Three months ended Year ended
-------------------- --------------------
December 31, December 31,
-------------------- --------------------
2008 2007 2008 2007
--------- --------- --------- ---------
Consolidated Adjusted EBITDA $ 17,040 $ 17,031 $ 64,391 $ 64,005
Depreciation and amortization (6,961) (7,812) (29,442) (34,208)
Goodwill and intangible asset
impairments (19,600) (5,158) (45,800) (5,158)
--------- --------- --------- ---------
Operating income (loss) (9,521) 4,061 (10,851) 24,639
Interest expense, net of
interest capitalized (3,059) (3,729) (12,312) (14,928)
Other income (expense), net (681) 5,164 2,944 8,242
Income taxes 5,442 (3,492) 9,330 (7,249)
Dividends on utility preferred
stock (16) (16) (65) (65)
--------- --------- --------- ---------
Net income (loss) $ (7,835) $ 1,988 $ (10,954) $ 10,639
========= ========= ========= =========
Operating income (loss) is reconciled to segment and
consolidated Adjusted EBITDA for the years ended December 31, 2008
and 2007, respectively, in the following table:
(Dollar amounts in Systems Corporate
thousands) ----------- -----------
Wireline Integration & Other Consolidated
----------- ----------- ----------- -----------
Year ended December 31, 2008
----------------------------
Adjusted EBITDA $ 64,863 $ 31 $ (503) $ 64,391
Depreciation and
amortization (28,483) (155) (804) (29,442)
Intangible asset
impairments (45,800) -- -- (45,800)
----------- ----------- ----------- -----------
Operating income (loss) $ (9,420) $ (124) $ (1,307) $ (10,851)
=========== =========== =========== ===========
Year ended December 31, 2007
----------------------------
Adjusted EBITDA $ 66,079 $ (1,955) $ (119) $ 64,005
Depreciation and
amortization (33,206) (272) (730) (34,208)
Goodwill impairment -- (5,158) -- (5,158)
----------- ----------- ----------- -----------
Operating income (loss) $ 32,873 $ (7,385) $ (849) $ 24,639
=========== =========== =========== ===========
Conference Call
The Company will host a conference call and live webcast
Thursday, March 12, 2009 at 11:00 a.m. Eastern Time. Parties in the
United States and Canada can call 877-719-9786 to access the
conference call. Parties outside the United States and Canada can
access the call at 719-325-4830. The live webcast of the conference
call will be accessible from the "Investors" section of the
Company's website (www.decommunications.com). The webcast will be
archived for a period of 90 days.
About D&E Communications
D&E is a leading integrated communications provider offering
high-speed data, Internet access, local and long distance
telephone, business continuity and co-location services, data and
professional IT services, network monitoring, security solutions
and video services. Based in Lancaster County, D&E has been
serving communities in central and eastern Pennsylvania for more
than 100 years. For more information, visit
www.decommunications.com.
This press release contains forward-looking statements. These
forward-looking statements are found in various places throughout
this press release and include, without limitation, statements
regarding financial and other information. These statements are
based upon the current beliefs and expectations of D&E's
management concerning the development of our business, are not
guarantees of future performance and involve a number of risks,
uncertainties, and other important factors that could cause actual
developments and results to differ materially from our
expectations. Those factors include, but are not limited to: the
effect of the convergence of voice, data, and video technologies on
our historical competitive advantages; the increasingly competitive
nature of the communications industry; the complex and uncertain
regulatory environment faced by communications companies such as
D&E; the current review of proposals for intercarrier
compensation reform by the Federal Communications Commission; the
indebtedness of the Company, potential future goodwill or
intangible asset impairment charges and the current conditions in
the financial and credit markets and other key factors that we have
indicated could adversely affect our business and financial
performance contained in our past and future filings and reports,
including those filed with the United States Securities and
Exchange Commission. D&E undertakes no obligation to revise or
update its forward-looking statements whether as a result of new
information, future events, or otherwise.
D&E COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, expect per share amounts)
Three Months Ended Twelve Months Ended
---------------------- ----------------------
December 31, December 31,
---------------------- ----------------------
(unaudited) (Unaudited)
---------------------- ----------
2008 2007 2008 2007
---------- ---------- ---------- ----------
OPERATING REVENUES
Communication service
revenues $ 35,972 $ 37,261 $ 143,926 $ 146,631
Communication products
sold 592 801 2,429 3,046
Other 916 712 3,096 2,872
---------- ---------- ---------- ----------
Total operating
revenues 37,480 38,774 149,451 152,549
---------- ---------- ---------- ----------
OPERATING EXPENSES
Communication service
expenses (exclusive of
depreciation and
amortization below) 11,649 12,353 47,735 49,528
Cost of communication
products sold 471 690 1,965 2,496
Depreciation and
amortization 6,961 7,812 29,442 34,208
Marketing and customer
services 3,431 3,412 14,142 13,910
General and
administrative services 4,889 5,288 21,218 22,610
Goodwill and intangible
asset impairments 19,600 5,158 45,800 5,158
---------- ---------- ---------- ----------
Total operating
expenses 47,001 34,713 160,302 127,910
---------- ---------- ---------- ----------
Operating income
(loss) (9,521) 4,061 (10,851) 24,639
---------- ---------- ---------- ----------
OTHER INCOME (EXPENSE)
Interest expense (3,059) (3,729) (12,312) (14,928)
Other, net (681) 5,164 2,944 8,242
---------- ---------- ---------- ----------
Total other income
(expense) (3,740) 1,435 (9,368) (6,686)
---------- ---------- ---------- ----------
Income (loss) before
income taxes and
dividends on
utility preferred
stock (13,261) 5,496 (20,219) 17,953
INCOME TAXES AND DIVIDENDS
ON UTILITY PREFERRED STOCK
Income taxes (benefit) (5,442) 3,492 (9,330) 7,249
Dividends on utility
preferred stock 16 16 65 65
---------- ---------- ---------- ----------
Total income taxes
(benefit) and
dividends on utility
preferred stock (5,426) 3,508 (9,265) 7,314
---------- ---------- ---------- ----------
NET INCOME (LOSS) $ (7,835) $ 1,988 $ (10,954) $ 10,639
========== ========== ========== ==========
Weighted average common
shares outstanding
(basic) 14,444 14,420 14,471 14,399
Weighted average common
shares outstanding
(diluted) 14,444 14,519 14,471 14,471
BASIC AND DILUTED EARNINGS
(LOSS) PER COMMON SHARE
Net income (loss) per
common share $ (0.54) $ 0.14 $ (0.76) $ 0.74
========== ========== ========== ==========
Dividends per common
share $ 0.12 $ 0.12 $ 0.50 $ 0.50
========== ========== ========== ==========
D&E COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands)
December 31,
------------------------
2008 2007
----------- -----------
(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 18,280 $ 17,845
Accounts and notes receivable, net of
reserves of $466 and $500 13,086 14,688
Inventories 2,651 2,666
Prepaid expenses 9,367 2,887
Other 2,500 2,520
----------- -----------
TOTAL CURRENT ASSETS 45,884 40,606
----------- -----------
PROPERTY, PLANT AND EQUIPMENT
In service 417,209 396,659
Under construction 5,235 6,648
----------- -----------
422,444 403,307
Less accumulated depreciation 258,642 237,243
----------- -----------
163,802 166,064
----------- -----------
OTHER ASSETS
Goodwill 138,441 137,623
Intangible assets, net of accumulated
amortization 97,344 148,376
Other 7,449 8,512
----------- -----------
243,234 294,511
----------- -----------
TOTAL ASSETS $ 452,920 $ 501,181
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Long-term debt maturing within one year $ 7,076 $ 7,071
Accounts payable and accrued liabilities 10,690 17,188
Accrued taxes 543 1,093
Accrued interest and dividends 1,178 816
Advance billings, customer deposits and other 4,706 4,709
Derivative financial instruments 3,091 1,053
----------- -----------
TOTAL CURRENT LIABILITIES 27,284 31,930
----------- -----------
LONG-TERM DEBT 179,054 186,879
----------- -----------
OTHER LIABILITIES
Deferred income taxes 50,071 70,977
Defined benefit plans 34,749 15,465
Other 5,181 6,610
----------- -----------
90,001 93,052
----------- -----------
PREFERRED STOCK OF UTILITY SUBSIDIARY, Series A
4 1/2%, par value $100, cumulative, callable
at par at the option of the Company, authorized
20,000 shares, outstanding 14 shares 1,446 1,446
----------- -----------
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Common stock, par value $0.16, authorized
shares-100,000; issued shares-16,187 at
December 31, 2008 and 16,092 at
December 31, 2007, outstanding shares-
14,410 at December 31, 2008 and 14,425
at December 31, 2007 2,590 2,575
Additional paid-in capital 164,526 163,560
Accumulated other comprehensive income (loss) (21,908) (7,216)
Retained earnings 29,917 48,147
Treasury stock at cost, 1,777 shares at
December 31, 2008 and 1,667 shares at
December 31, 2007 (19,990) (19,192)
----------- -----------
155,135 187,874
----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 452,920 $ 501,181
=========== ===========
D&E COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
2008 2007
----------- -----------
(Unaudited)
CASH FLOWS FROM INVESTING ACTIVITIES
Net income (loss) $ (10,954) $ 10,639
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depreciation and amortization 29,442 34,208
Bad debt expense 731 693
Deferred income taxes (10,761) (3,500)
Gain from cash recovery of note receivable -- (5,500)
Gain from life insurance proceeds -- (588)
Stock-based compensation expense 501 425
Gain on retirement of property, plant and
equipment (141) (134)
Goodwill and intangible asset impairments 45,800 5,158
Termination of lease guarantee (2,904) --
Note receivable reserve 900 125
Changes in operating assets and liabilities:
Accounts receivable 870 656
Inventories 14 38
Prepaid expenses (6,484) 422
Accounts payable and accrued liabilities (3,413) 1,795
Accrued taxes and accrued interest (187) 571
Advance billings, customer deposits and
other (3) (170)
Defined benefit plans (3,744) (1,757)
Other, net 20 (933)
----------- -----------
Net Cash Provided by Operating Activities 39,687 42,148
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment (24,697) (22,457)
Proceeds from sale of property, plant and
equipment 785 777
Purchases of short-term investments -- (3,187)
Proceeds from sale of short-term investments -- 10,933
Collection of notes receivable 141 5,879
Life insurance proceeds -- 1,000
Acquisition of intangible assets (70) (606)
----------- -----------
Net Cash Used in Investing Activities (23,841) (7,661)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends on common stock (6,947) (6,885)
Payments on long-term debt (7,821) (13,066)
Proceeds from issuance of common stock and
stock options exercised 118 205
Excess tax benefits from stock compensation
plans 37 51
Purchase of treasury stock (798) (48)
----------- -----------
Net Cash Used in Financing Activities (15,411) (19,743)
----------- -----------
INCREASE IN CASH AND CASH EQUIVALENTS 435 14,744
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 17,845 3,101
----------- -----------
CASH AND CASH EQUIVALENTS, END OF YEAR $ 18,280 $ 17,845
=========== ===========
CONTACT: Thomas E. Morell Sr. Vice President, Chief Financial
Officer Secretary and Treasurer (717) 738-8315
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