Velan Inc. (TSX:VLN), a world-leading manufacturer of industrial valves,
announced today its financial results for its second quarter ended August 31,
2011.
Three months Six months
ended ended
August 31 August 31
(millions of U.S. dollars,
excluding per share amounts) 2011 2010 2011 2010
------------------------------------------- --------- --------- ---------
Sales $95.4 $78.4 $200.4 $168.0
Gross Profit 15.7 14.1 37.0 38.4
Gross margin 16.5% 18.0% 18.4% 22.8%
Net income (loss) attributable to
Multiple
and Subordinate Voting Shares (2.1) (2.5) (2.0) 2.2
Net income (loss) per share -
basic and fully diluted (0.10) (0.11) (0.09) 0.10
Highlights
Second Quarter Fiscal 2012 (unless otherwise noted, all comparisons are to the
second quarter of fiscal 2011):
-- Net loss(1) amounted to $2.1 million or $0.10 per share compared to a
net loss(1)of $2.5 million or $0.11 per
share last year. Excluding the results of our first quarter acquisition,
Velan ABV ("ABV"), the related effects of purchase price accounting and
currency impacts, the Company would have reported a net loss(1)of $0.5
million or $0.02 per share in the current quarter compared to a net
loss(1) of $2.6 million or $0.12 per share last year.
-- Net new orders received ("bookings") amounted to $172.1 million, an
increase of $74.3 million or 76.0% compared to last year. Excluding ABV
and currency impacts, the increase was $47.6 million or 48.7%. The
Company booked a significant amount of project orders which it believes
may be indicative of a strengthening in its key end user markets. The
Company ended the second quarter with a record backlog of $676.9
million; $638.1 million excluding ABV.
-- Sales amounted to $95.4 million, an increase of $17.0 million or 21.7%.
Excluding ABV and currency impacts, sales increased $8.5 million or
10.8%.
-- Gross margin decreased by 1.5% from 18.0% to 16.5%. Excluding ABV, the
effects of purchase price accounting and currency impacts, gross margin
would have decreased by 0.2% over last year.
(1) Net earnings or loss refers to net income or loss attributable to
Subordinate and Multiple Voting Shares.
-- The Company used net cash(1) from operations of $12.8 million. This use
of net cash(1) is primarily attributable to increased inventory
purchases required to service the growing backlog. The Company's backlog
increased by 33.9% and 16.4% when compared to August 2010 and February
2011, respectively. The Company ended the second quarter with net
cash(1) of $49.6 million.
-- Based on average exchange rates, the U.S. dollar weakened 6.6% against
the Canadian dollar when compared to the same period last year. This
weakening resulted in the Company`s Canadian dollar expenses being
reported as higher U.S. dollar amounts in the current quarter.
Half year fiscal 2012 (unless otherwise noted, all comparisons are to the second
quarter of fiscal 2011):
-- Net loss(2) amounted to $2.0 million or $0.09 per share compared to net
earnings(2) of $2.2 million or $0.10
per share last year. Excluding ABV, the effects of purchase price
accounting and currency impacts, the Company would have reported net
earnings(2) of $1.0 million or $0.04 per share this year compared to a
net loss(2) of $0.7 million or $0.03 per share last year.
-- Bookings amounted to $308.9 million, an increase of $143.1 million or
86.3% compared to last year. Excluding ABV and currency impacts, the
increase would have been $94.6 million or 57.1%.
-- Sales amounted to $200.4 million, an increase of $32.4 million or 19.3%.
Excluding ABV and currency impacts, sales increased $17.7 million or
10.5%.
-- Gross margin decreased by 4.4% from 22.8% to 18.4%. Excluding ABV, the
effects of purchase price accounting and currency impacts, gross margin
would have decreased by 0.6%.
-- The Company used net cash(1) from operations of $14.3 million. This use
of net cash(1)is primarily attributable to increased inventory purchases
required to service the growing backlog.
-- Based on average exchange rates, the U.S. dollar weakened 6.0% against
the Canadian dollar when compared to the same period last year. This
weakening resulted in the Company`s Canadian dollar expenses being
reported as higher U.S. dollar amounts in the current year.
"Despite improving second quarter sales revenues, bookings and backlog, we had a
net loss(2)of US$2.1 million," said Tom Velan, President and CEO of Velan Inc.
"however, adjusting for ABV, the effects of purchase price accounting for the
acquisition and currency impacts, we would have reported a net loss(2)of US$0.5
million compared to an adjusted loss of $2.6 million last year."
"Faced with significant material cost increases, we have been raising our
selling prices. For some of our product lines we still face lower margins due to
higher material costs. We aim to improve the margin by increasing volume as well
as continuing to make selective price increases to cover cost increases."
"Administration costs increased significantly this quarter as our legal and
other costs associated with our on-going asbestos legal proceedings increased
from $2.2 million to $2.7 million. Similar to some other U.S. valve
manufacturers, two of our U.S. subsidiaries have been named as defendants in a
number of pending lawsuits brought on behalf of individuals seeking to recover
damages for their alleged asbestos exposure. These lawsuits are related to
products manufactured and sold many years ago. We strongly believe that our
products, which were supplied with encapsulated asbestos packing and gaskets in
accordance with valve industry practice and customer mandated specifications,
did not contribute to any asbestos-related sicknesses. We will continue to
vigorously defend against these claims but, given the ongoing course of asbestos
litigation in the U.S. and the unpredictability of jury trials, it is not
possible to make an estimate of our legal and other costs related to these
claims."
(1)Non-GAAP measures - see explanation below.
(2) Net earnings or loss refers to net income or loss attributable to
Subordinate and Multiple Voting Shares.
"ABV had a soft quarter due to the impact of resources devoted to opening a new
plant and the acquisition and subsequent integration work. We expect improving
results going forward and continue to view this acquisition as a great
opportunity to help grow our sales and earnings over the coming years."
"We had strong order bookings of $172.1 million, an increase of 76% compared to
last year. Adjusting for ABV and currency impacts, the increase would be 48.7%.
We have had a large increase in project order bookings and we continue to see
strength in our key markets both in quotation activity and bookings."
"Excluding ABV, our backlog increased by $90.1 million or 16.4% since the
beginning of the fiscal year," said John Ball, CFO of Velan Inc. "We needed to
increase our inventory purchases in order to service our backlog which is now
the highest in the history of Velan at $676.9 million. The increased purchases
resulted in net cash(1) of $12.8 million being used this quarter in operating
activities. Despite the increased purchases, we ended the quarter with net
cash(1) of $49.6 million."
"While our key end-user markets are showing signs of strengthening, we continue
to monitor the risk of another sharp downturn in the economy. Persistent
stagnation in Europe, renewed weakness in the U.S. and concerns about the
stability of the Euro caused by the economic problems in Greece and elsewhere
are some of the factors we are closely monitoring. With a record order backlog
of $676.9 million, virtually no debt, $190.2 million in unused credit lines and
net cash(1) of $49.6 million, we feel we have maintained a balance sheet solid
enough to weather another economic downturn should one occur."
Tom Velan concluded, "We are encouraged by the positive trend in bookings,
backlog and sales. We are continuing to take measures to broaden our product
offering, to improve our cost competitiveness, and to strengthen our presence in
international markets in order to improve our long-term performance and increase
the value of our company. In the shorter term, we are focused on improved
execution of our large project order backlog to increase sales and improve
earnings."
Dividend
The Board declared an eligible quarterly dividend of Canadian dollar $0.08 per
share, payable on December 30, 2011, to all shareholders of record as at
December 15, 2011.
Conference Call
Financial analysts, shareholders, and other interested individuals are invited
to attend the second quarter conference call to be held on October 12, 2011, at
4:30 PM (EST). The toll free call-in number is 1-800-268-2160, access code
21541915. A recording of this conference call will be available for seven days
at 1-416-626-4100 or 1-800-558-5253, access code 21541915
About Velan
Velan Inc. (www.velan.com) is a world-leading manufacturer of industrial valves
with sales of $381 million in its last reported fiscal year. The company employs
over 1,800 people and has manufacturing plants in 10 countries. Velan Inc. is a
public company with its shares listed on the Toronto Stock Exchange under the
symbol VLN.
(1)Non-GAAP measures - see explanation below.
Safe Harbour Statement
Except for historical information provided herein, this press release may
contain information and statements of a forward-looking nature concerning the
future performance of the Company. These statements are based on suppositions
and uncertainties as well as on management's best possible evaluation of future
events. Such factors may include, without excluding other considerations,
fluctuations in quarterly results, evolution in customer demand for the
Company's products and services, the impact of price pressures exerted by
competitors, and general market trends or economic changes. As a result, readers
are advised that actual results may differ from expected results.
Non-GAAP measures
In this press release, the Company presented measures of performance and
financial condition which are not defined under Canadian GAAP ("non-GAAP
measures") and are therefore unlikely to be comparable to similar measures
presented by other companies. These measures are used by management in assessing
the operating results and financial condition of the Company.
Net cash is defined as cash and cash equivalents plus short-term investments
less bank indebtedness and short- term bank loans.
SELECTED FINANCIAL INFORMATION
Reconciliation of Net Income (Loss) from
Canadian GAAP to IFRS:
-----------------------------------------------
Fiscal Year Three Months Six Months
Ended Ended Ended
(In thousands of indicated
currency) February 28 August 31 August 31
2011 2010 2010
$ $ $
Net Income (Loss) - GAAP in
Canadian dollars 5,810 (882) 192
---------------------------------------
---------------------------------------
Net Income (Loss) - GAAP in U.S.
dollars 5,665 (837) 220
IFRS Adjustments to net income
(loss) in U.S. dollars:
Change of functional currency
to U.S. dollar 14,819 (617) 3,405
Reclassification of Non-
controlling Interest 775 346 668
Income taxes - tax effect of
above differences 740 (1,019) (1,400)
--------------------------- -----------
Net Income (Loss) - IFRS in U.S.
dollars 21,999 (2,127) 2,893
---------------------------------------
---------------------------------------
Reconciliation of Comprehensive Income (Loss) from Canadian GAAP to IFRS:
Fiscal Year Three Months Six Months
Ended Ended Ended
(In thousands of indicated currency) February 28 August 31 August 31
2011 2010 2010
$ $ $
Comprehensive Income (Loss) - GAAP
in Canadian
dollars 1,976 3,076 (2,874)
---------------------------------------
---------------------------------------
Comprehensive Income (Loss) - GAAP
in U.S. dollars 1,907 3,059 (2,752)
IFRS Adjustments to comprehensive
income (loss) in U.S. dollars:
Change of functional currency to
U.S. dollar 21,091 (1,727) 1,647
Realized translation adjustment on
reduction of net
investment in self-sustaining
operations
(239) - -
Reclassification of Non-
controlling Interest 845 347 555
Income taxes - tax effect of above
differences 740 (1,019) (1,400)
---------------------------------------
Comprehensive Income (Loss) - IFRS
in U.S. dollars 24,344 660 (1,950)
---------------------------------------
Reconciliation of Equity from
Canadian GAAP to IFRS:
------------------------------------
February 28 August 31, March 1,
(In thousands of indicated currency) 2011 2010 2010
$ $ $
Equity - GAAP in Canadian dollars 340,627 339,549 346,184
------------- ------------- -----------
Equity - GAAP in U.S. dollars 350,265 318,259 328,682
IFRS Adjustments to Equity in U.S.
dollars:
Change of functional currency to
U.S. dollar (19,794) (5,913) (13,469)
Reclassification of non-
controlling interest 4,025 5,472 4,954
Income taxes - tax effect of above
differences 3,227 (845) 2,439
------------- ------------- -----------
Equity - IFRS in U.S. dollars 337,723 316,973 322,606
------------- ------------- -----------
Velan Inc.
Interim Consolidated Statements of Income (Loss)
(Unaudited)
(in thousands of U.S. dollars, excluding number of shares and per share
amounts)
Three-month periods ended Six-month periods ended
August 31 August 31
2011 2010 2011 2010
$ $ $ $
Sales 95,389 78,355 200,412 168,025
Cost of sales 79,681 64,286 163,442 129,663
---------- -------------- ------------ ------------
Gross profit 15,708 14,069 36,970 38,362
Administration cost 19,931 15,896 40,580 33,573
Other expense (income) (340) (455) (216) (346)
---------- -------------- ------------ ------------
Operating profit (loss) (3,883) (1,372) (3,394) 5,135
Finance income 42 210 161 229
Finance costs 506 250 823 437
---------- -------------- ------------ ------------
Finance income (costs) -
net (464) (40) (662) (208)
---------- -------------- ------------ ------------
Income (Loss) before
income tax (4,347) (1,412) (4,056) 4,927
Income tax expense
(recovery) (1,525) 715 (1,575) 2,034
---------- -------------- ------------ ------------
Net income (loss) for
the period (2,822) (2,127) (2,481) 2,893
---------------------------------------------------
---------------------------------------------------
Net income (loss)
attributable to:
Subordinate Voting
Shares and Multiple
Voting Shares (2,111) (2,473) (1,964) 2,225
Non-controlling interest (711) 346 (517) 668
---------- -------------- ------------ ------------
(2,822) (2,127) (2,481) 2,893
---------------------------------------------------
---------------------------------------------------
Net income (loss) per
Subordinate and
Multiple Voting Share
Basic (0.10) (0.11) (0.09) 0.10
Diluted (0.10) (0.11) (0.09) 0.10
---------------------------------------------------
---------------------------------------------------
Dividends declared per
Subordinate and 0.09 0.08 0.17 0.16
Multiple Voting Share (CDN$0.08) (CDN$0.08) (CDN$0.16) (CDN$0.16)
---------------------------------------------------
---------------------------------------------------
Total weighted average
Subordinate and
Multiple Voting Shares
Basic 22,183,375 22,220,030 22,183,375 22,220,030
Diluted 22,225,091 22,254,340 22,230,509 22,262,513
---------------------------------------------------
---------------------------------------------------
Velan Inc.
Interim Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(in thousands of U.S. dollars)
Three-month periods ended Six-month periods ended
August 31 August 31
2011 2010 2011 2010
$ $ $ $
Comprehensive income
(loss)
Net income (loss) for
the period (2,822) (2,127) (2,481) 2,893
Other comprehensive
income (loss), net of
tax
Foreign currency
translation adjustment
on foreign operations
whose functional
currency is other than
the U.S. dollar 1,031 2,787 3,845 (4,843)
------------ ------------ ------------ ------------
Comprehensive income
(loss) (1,791) 660 1,364 (1,950)
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Comprehensive income
(loss) attributable
to:
Subordinate Voting
Shares and Multiple
Voting Shares (1,258) 313 2,027 (2,505)
Non-controlling
interest (533) 347 (663) 555
------------ ------------ ------------ ------------
(1,791) 660 1,364 (1,950)
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Velan Inc.
Interim Consolidated Statements of Financial Position
(Unaudited)
(in thousands of U.S. dollars)
As At August 31, February 28, March 1,
2011 2011 2010
$ $ $
Assets
Current assets
Cash and cash equivalents 58,210 119,996 101,691
Short-term investments 738 87 295
Accounts receivable 107,710 94,495 86,756
Income taxes recoverable 9,695 5,007 3,301
Inventories 247,924 205,334 190,031
Deposits and prepaid expenses 4,796 3,875 5,672
Derivative assets 602 3,329 4,042
---------------------------------------
429,675 432,123 391,788
Non-current assets
Property, plant and equipment 73,802 64,622 63,931
Other assets 1,375 1,391 1,388
Intangible assets and goodwill 64,014 11,657 11,382
Deferred income taxes 8,200 6,244 5,545
---------------------------------------
147,392 83,914 82,246
---------------------------------------
Total assets 577,067 516,037 474,034
---------------------------------------
---------------------------------------
Liabilities
Current liabilities
Bank indebtedness 8,495 5,634 2,500
Short-term bank loans 847 822 791
Accounts payable and accrued
liabilities 77,869 65,329 63,897
Income tax payable 1,566 1,832 4,505
Dividend payable 1,811 1,830 1,689
Customer deposits 80,344 73,054 55,403
Provisions 4,238 4,288 2,973
Accrual for performance guarantees 19,239 13,354 7,955
Derivative liabilities 1,412 447 1,077
Current portion of long-term debt 3,356 603 44
Current portion of other long-term
liabilities 4,120 - -
---------------------------------------
203,297 167,193 140,834
Non-current liabilities
Long-term debt 8,556 4,408 3,768
Other long-term liabilities 12,989 6,656 6,702
Deferred income taxes 8,773 57 124
---------------------------------------
30,318 11,121 10,594
---------------------------------------
Total liabilities 233,615 178,314 151,428
---------------------------------------
Equity
Equity attributable to the
Subordinate and Multiple Voting
shareholders
Share capital 79,070 79,271 79,651
Contributed surplus 1,837 1,898 1,936
Retained earnings 244,629 250,254 236,065
Accumulated other comprehensive
income 6,266 2,275 -
---------------------------------------
331,802 333,698 317,652
Non-controlling interest 11,650 4,025 4,954
---------------------------------------
Total equity 343,452 337,723 322,606
---------------------------------------
Total liabilities and equity 577,067 516,037 474,034
---------------------------------------
---------------------------------------
Velan Inc.
Interim Statements of Changes in Equity
(Unaudited)
(in thousands of U.S. dollars)
Equity attributable to the
Subordinate and Multiple Voting
shareholders
-------------------------------------
Number of Share Contributed
shares capital surplus
Balance -
Beginning of period 22,195,568 79,271 1,898
Net income (loss) for the period - - -
Other comprehensive
income (loss) - - -
-------------------------------------
22,195,568 79,271 1,898
Effect of share-based
compensation - - 17
Dividends
Multiple Voting Shares - - -
Subordinate Voting Shares - - -
Non-controlling interest - - -
Share repurchase (19,200) (201) (78)
Non-controlling interest arising on
acquisition - - -
-------------------------------------
As at August 31, 2011 22,176,368 79,070 1,837
-------------------------------------
-------------------------------------
Equity attributable to the
Subordinate and Multiple Voting
shareholders
-------------------------------------
Accumulated
other
comprehensive Retained
income earnings Total
Balance -
Beginning of period 2,275 250,254 333,698
Net income (loss) for the period - (1,964) (1,964)
Other comprehensive
income (loss) 3,991 - 3,991
--------------------------------------
6,266 248,290 335,725
Effect of share-based
compensation - - 17
Dividends
Multiple Voting Shares - (2,568) (2,568)
Subordinate Voting Shares - (1,093) (1,093)
Non-controlling interest - - -
Share repurchase - - (279)
Non-controlling interest arising on
acquisition - - -
--------------------------------------
As at August 31, 2011 6,266 244,629 331,802
--------------------------------------
--------------------------------------
Non-
controlling
interest Total equity
Balance -
Beginning of period 4,025 337,723
Net income (loss) for the period (517) (2,481)
Other comprehensive
income (loss) (146) 3,845
-----------------------------------
3,362 339,087
Effect of share-based
compensation - 17
Dividends
Multiple Voting Shares - (2,568)
Subordinate Voting Shares - (1,093)
Non-controlling interest (84) (84)
Share repurchase - (279)
Non-controlling interest arising on
acquisition 8,372 8,372
-----------------------------------
As at August 31, 2011 11,650 343,452
-----------------------------------
-----------------------------------
Equity attributable to the
Subordinate and Multiple Voting
shareholders
-------------------------------------
Number of Share Contributed
shares capital surplus
-------------------------------------------------------------------------
Balance -
Beginning of period 22,230,468 79,651 1,936
Net income (loss) for the period - - -
Other comprehensive
income (loss) - - -
-------------------------------------
22,230,468 79,651 1,936
Effect of share-based
compensation - - 37
Dividends
Multiple Voting Shares - - -
Subordinate Voting Shares - - -
Non-controlling interest - - -
Share repurchase (17,000) (185) (53)
-------------------------------------
As at August 31, 2010 22,213,468 79,466 1,920
-------------------------------------
-------------------------------------
Equity attributable to the
Subordinate and Multiple Voting
shareholders
-------------------------------------
Accumulated
other
comprehensive Retained
income earnings Total
--------------------------------------------------------------------------
Balance -
Beginning of period - 236,065 317,652
Net income (loss) for the period - 2,225 2,225
Other comprehensive
income (loss) (4,730) - (4,730)
--------------------------------------
(4,730) 238,290 315,147
Effect of share-based
compensation - - 37
Dividends
Multiple Voting Shares - (2,413) (2,413)
Subordinate Voting Shares - (1,032) (1,032)
Non-controlling interest - - -
Share repurchase - - (238)
--------------------------------------
As at August 31, 2010 (4,730) 234,845 311,501
--------------------------------------
--------------------------------------
Non-
controlling
interest Total equity
-----------------------------------------------------------------------
Balance -
Beginning of period 4,954 322,606
Net income (loss) for the period 668 2,893
Other comprehensive
income (loss) (113) (4,843)
-----------------------------------
5,509 320,656
Effect of share-based
compensation - 37
Dividends
Multiple Voting Shares - (2,413)
Subordinate Voting Shares - (1,032)
Non-controlling interest (37) (37)
Share repurchase - (238)
-----------------------------------
As at August 31, 2010 5,472 316,973
-----------------------------------
-----------------------------------
Interim Statements of Cash Flows
(Unaudited)
Three -month periods Six-month periods
ended August 31 ended August 31
2011 2010 2011 2010
Cash flows from $ $ $ $
Operating activities
Net income (loss ) for the period (2,822) (2,127) (2,481) 2,893
Adjustments to reconcile net profit
to cash provided operating
activities
Amortization of property, plant
and equipment 2,204 1,989 4,224 4,161
Amortization of intangible assets 1,667 177 2,358 339
Deferred income taxes (882) 1,121 (942) 1,894
Share-based compensation expense 8 22 17 37
Loss (Gain) on disposal of
property, plant and equipment 31 (77) 50 (81)
Amortization of present value
discount on other long-term
liabilities 305 - 411 -
Net change in other long-term
liabilities 514 221 628 (325)
-------- ----------- -------- --------
1,025 1,326 4,265 8,918
-------- ----------- -------- --------
Changes in non-cash working capital
items
Accounts receivable (2,828) 11,756 (3,965) 25,387
Inventories (12,244) (10,690) (24,911) (8,599)
Income taxes recoverable (2,243) (2,980) (4,404) (2,693)
Deposits and prepaid expenses (1,302) (1,521) (429) (1,238)
Derivative assets 1,212 1,579 2,892 2,829
Accounts payable and accrued
liabilities (5,632) (4,770) 644 (8,224)
Income taxes payable (296) (1,330) (752) (2,599)
Customer deposits 6,995 10,455 5,451 6,489
Provisions (91) 68 (47) (213)
Accrual for performance
guarantees 2,178 2,004 5,902 1,380
Derivative liabilities 422 398 1,023 155
-------- ----------- -------- --------
(13,829) 4,969 (18,596) 12,674
-------- ----------- -------- --------
Cash provided (used) by operating
activities (12,804) 6,295 (14,331) 21,592
-------- ----------- -------- --------
Investing activities
Short-term investments (614) (32) (651) (47)
Additions to property, plant and
equipment (2,932) (1,718) (7,377) (3,407)
Proceeds on disposal of property,
plant and equipment 19 62 27 204
Additions to intangible assets (610) (100) (645) (358)
Net change in other assets (9) 8 17 (34)
Business acquisition - net of cash
acquired - - (37,281) -
Cash provided (used) by investing
activities (4,146) (1,780) (45,910) (3,642)
-------- ----------- -------- --------
Financing activities
Dividends paid to Subordinate and
Multiple Voting shareholders (1,850) (1,737) (3,680) (3,461)
Dividends paid to non-controlling
interest (84) (37) (84) (37)
Repurchase of shares (250) (231) (279) (238)
Short-term bank loans (1,306) 5 (4,842) 2
Increase in long-term debt 4,224 - 4,224 -
Repayment of long-term debt (5) - (57) (19)
-------- ----------- -------- --------
Cash provided (used) by investing
activities 729 (2,000) (4,718) (3,753)
-------- ----------- -------- --------
Effect of exchange rate differences
on cash 133 802 312 (2,242)
-------- ----------- -------- --------
Net change in cash during the
period (16,088) 3,317 (64,647) 11,955
Net cash - Beginning of period 65,803 107,829 114,362 99,191
-------- ----------- -------- --------
Net cash - End of period 49,715 111,146 49,715 111,146
-------- ----------- -------- --------
Net cash is composed of:
Cash and cash equivalents 58,210 112,980 58,210 112,980
Bank indebtedness (8,495) (1,834) (8,495) (1,834)
-------- ----------- -------- --------
49,715 111,146 49,715 111,146
-------- ----------- -------- --------
Supplementary information
Interest received (paid) (54) (38) (105) (97)
Income taxes received (paid) (1,568) (3,080) (4,019) (4,039)
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