MIRA
INFORM REPORT
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Report Date : |
13.10.2012 |
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Tel. No.: |
1 973 691 1300 |
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Fax No.: |
1 973 691 4863 |
IDENTIFICATION DETAILS
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Name : |
RUDOLPH TECHNOLOGIES INC |
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Registered Office : |
One Rudolph Road, P.O. Box 1000, Flanders,
NJ, 07836, Morris County |
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Country : |
United States |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1958 |
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Legal Form : |
Public Parent |
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Line of Business : |
Subject is engaged in the design, development, and manufacture of
process control defect inspection, metrology, and process control software
systems used by microelectronics device manufacturers. |
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No. of Employees : |
564 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UNITED STATES - ECONOMIC OVERVIEW
The US has the largest and most technologically
powerful economy in the world, with a per capita GDP of $48,100. In this
market-oriented economy, private individuals and business firms make most of
the decisions, and the federal and state governments buy needed goods and
services predominantly in the private marketplace. US business firms enjoy
greater flexibility than their counterparts in Western Europe and Japan in
decisions to expand capital plant, to lay off surplus workers, and to develop
new products. At the same time, they face higher barriers to enter their
rivals' home markets than foreign firms face entering US markets. US firms are
at or near the forefront in technological advances, especially in computers and
in medical, aerospace, and military equipment; their advantage has narrowed
since the end of World War II. The onrush of technology largely explains the
gradual development of a "two-tier labor market" in which those at
the bottom lack the education and the professional/technical skills of those at
the top and, more and more, fail to get comparable pay raises, health insurance
coverage, and other benefits. Since 1975, practically all the gains in
household income have gone to the top 20% of households. Since 1996, dividends
and capital gains have grown faster than wages or any other category of
after-tax income. Imported oil accounts for nearly 55% of US consumption. Oil
prices doubled between 2001 and 2006, the year home prices peaked; higher
gasoline prices ate into consumers' budgets and many individuals fell behind in
their mortgage payments. Oil prices increased another 50% between 2006 and
2008. In 2008, soaring oil prices threatened inflation and caused a
deterioration in the US merchandise trade deficit, which peaked at $840
billion. In 2009, with the global recession deepening, oil prices dropped 40%
and the US trade deficit shrank, as US domestic demand declined, but in 2011
the trade deficit ramped back up to $803 billion, as oil prices climbed once
more. The global economic downturn, the sub-prime mortgage crisis, investment
bank failures, falling home prices, and tight credit pushed the United States
into a recession by mid-2008. GDP contracted until the third quarter of 2009,
making this the deepest and longest downturn since the Great Depression. To
help stabilize financial markets, in October 2008 the US Congress established a
$700 billion Troubled Asset Relief Program (TARP). The government used some of
these funds to purchase equity in US banks and industrial corporations, much of
which had been returned to the government by early 2011. In January 2009 the US
Congress passed and President Barack OBAMA signed a bill providing an
additional $787 billion fiscal stimulus to be used over 10 years - two-thirds
on additional spending and one-third on tax cuts - to create jobs and to help
the economy recover. In 2010 and 2011, the federal budget deficit reached nearly
9% of GDP; total government revenues from taxes and other sources are lower, as
a percentage of GDP, than that of most other developed countries. The wars in
Iraq and Afghanistan required major shifts in national resources from civilian
to military purposes and contributed to the growth of the US budget deficit and
public debt - through 2011, the direct costs of the wars totaled nearly $900
billion, according to US government figures. In March 2010, President OBAMA
signed into law the Patient Protection and Affordable Care Act, a health
insurance reform bill that will extend coverage to an additional 32 million
American citizens by 2016, through private health insurance for the general
population and Medicaid for the impoverished. Total spending on health care -
public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July
2010, the president signed the DODD-FRANK Wall Street Reform and Consumer
Protection Act, a law designed to promote financial stability by protecting
consumers from financial abuses, ending taxpayer bailouts of financial firms,
dealing with troubled banks that are "too big to fail," and improving
accountability and transparency in the financial system - in particular, by
requiring certain financial derivatives to be traded in markets that are
subject to government regulation and oversight. Long-term problems include
inadequate investment in deteriorating infrastructure, rapidly rising medical
and pension costs of an aging population, sizable current account and budget
deficits - including significant budget shortages for state governments -
energy shortages, and stagnation of wages for lower-income families. Source : CIA
Company name and address
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Rudolph Technologies Inc |
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Employees: |
564 |
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Company Type: |
Public Parent |
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Corporate Family: |
8 Companies |
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Traded: |
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Incorporation Date: |
1958 |
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Auditor: |
Ernst & Young LLP |
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Fiscal Year End: |
31-Dec-2011 |
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Reporting Currency: |
US Dollar |
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Annual Sales: |
187.2 1 |
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Net Income: |
25.2 |
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Total Assets: |
305.9 2 |
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Market Value: |
339.0 |
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(28-Sep-2012) |
Business Description
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Rudolph Technologies, Inc. is engaged in
the design, development, and manufacture of process control defect
inspection, metrology, and process control software systems used by
microelectronics device manufacturers. The Company provides yield management
solutions used in both wafer processing and final manufacturing through a
family of standalone systems for macro-defect inspection, probe card test and
analysis, and transparent and opaque thin film measurements. It markets and
sells products to logic, memory, data storage and application-specific
integrated circuit device manufacturers. In Inspection Systems, the
Company’s chip manufacturers deploy macro-defect inspection throughout the
fab to monitor key process steps. The Company’s transparent film technology
uses up to four lasers operating simultaneously at multiple angles and
multiple wavelengths, providing analysis and measurement capabilities. In
June 2012, the Company acquired the assets of NanoPhotonics GmbH, Mainz,
Germany. For the six months ended 30 June 2012, Rudolph Technologies Inc
revenues decreased less than 1% to $102M. Net income decreased 40% to $8.2M.
Revenues reflect South Korea segment increase of 82% to $25.3M, Taiwan
segment increase of 29% to $23.9M, also reflect Germany segment decrease of
81% to $1.7M, United States segment decrease of 28% to $18.1M. Net income was
partially offset by Interest income (expense) decrease from $85K (income) to
$2.2M |
Industry
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Industry |
Scientific and
Technical Instruments |
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ANZSIC 2006: |
2419 - Other
Professional and Scientific Equipment Manufacturing |
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NACE 2002: |
3320 -
Manufacture of instruments and appliances for measuring, checking, testing,
navigating and other purposes, except industrial process control equipment |
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NAICS 2002: |
333295 -
Semiconductor Machinery Manufacturing |
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UK SIC 2003: |
3320 - Manufacture
of instruments and appliances for measuring, checking, testing, navigating
and other purposes, except industrial process control equipment |
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UK SIC 2007: |
2651 -
Manufacture of instruments and appliances for measuring, testing and
navigation |
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US SIC 1987: |
3823 -
Industrial Instruments for Measurement, Display, and Control of Process
Variables; and Related Products |
Key Executives
(Emails Available)
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Significant Developments
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* number of
significant developments within the last 12 months |
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News
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Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
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Rudolph
Technologies Inc The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic
projects and investments. More about Strategic
Initiatives
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They also include consulting fees and the cost of related supplies.
Our research and development expense was $31.6 million, $26.0 million and
$33.4 million in 2008, 2009 and 2010, respectively. The year-over-year dollar
decrease from 2008 to 2009 primarily reflects reduced compensation costs and
lower project costs as part of cost reduction efforts, partially offset by an
increase in litigation expenses and the inclusion of expenses related to the
activities of the acquisition of PCG in
the 2009 period. The year-over-year dollar increase from 2009 to 2010 is
primarily due to higher costs related to compensation, projects and
litigation, as well as, the inclusion of engineering costs associated with
the YDI acquisition in the third quarter of 2010. We continue to maintain our
commitment to investing in new product development and enhancement to
existing products in order to position ourselves for future growth. |
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Credit Report as
of 04/01/2012 |
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Corporate Family |
Corporate Structure News: |
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Rudolph Technologies Inc |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Flanders, NJ |
United States |
Scientific and Technical Instruments |
187.2 |
564 |
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Subsidiary |
Bloomington, MN |
United States |
Electronic Instruments and Controls |
65.8 |
200 |
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Subsidiary |
Singapore |
Singapore |
Miscellaneous Capital Goods |
|
100 |
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Branch |
Budd Lake, NJ |
United States |
Scientific and Technical Instruments |
32.9 |
99 |
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Branch |
Richardson, TX |
United States |
Electronic Instruments and Controls |
3.3 |
10 |
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Branch |
Snoqualmie, WA |
United States |
Scientific and Technical Instruments |
3.3 |
10 |
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Branch |
Bohemia, NY |
United States |
Scientific and Technical Instruments |
3.3 |
10 |
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Branch |
Tewksbury, MA |
United States |
Scientific and Technical Instruments |
2.2 |
8 |
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Rudolph
Technologies Inc
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United States : Rudolph Technologies Appoints Michael
Jost to Head Inspection Business Unit |
21-Aug-2012 |
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Rudolph Sells MetaPulse FP Thin Film Metrology System |
12-Jul-2012 |
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Germany,United States : RUDOLPH TECHNOLOGIES buys assets
of NANOPHOTONICS GMBH! |
27-Jun-2012 |
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Germany,United States : Rudolph Acquires NanoPhotonics;
Adds New Technologies to Enhance Position in High-Growth Advanced Packaging
Market |
22-Jun-2012 |
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Research and Markets Adds Report: Semiconductors Report
2012 |
12-Jun-2012 |
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Rudolph Technologies Schedules Date to Announce 2012
First Quarter Earnings |
22-Apr-2012 |
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1. 3D integration--drive toward high-performance small
factor chips |
24-Feb-2012 |
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Rudolph Technologies to Speak at 14th Annual Global
Needham Company Growth Conference |
13-Jan-2012 |
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Riverbed RiOS 70 Offers Support for HTTP Video IPv6 UDP
729777 |
07-Dec-2011 |
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified Normal
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Filed Currency |
USD |
USD |
USD |
USD |
USD |
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Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
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Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
KPMG LLP |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
187.2 |
195.3 |
78.7 |
131.0 |
160.1 |
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Revenue |
187.2 |
195.3 |
78.7 |
131.0 |
160.1 |
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Total Revenue |
187.2 |
195.3 |
78.7 |
131.0 |
160.1 |
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Cost of Revenue |
86.8 |
91.4 |
49.8 |
87.4 |
78.9 |
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Cost of Revenue, Total |
86.8 |
91.4 |
49.8 |
87.4 |
78.9 |
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Gross Profit |
100.4 |
103.9 |
28.9 |
43.7 |
81.2 |
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Selling/General/Administrative Expense |
40.8 |
38.2 |
32.7 |
36.5 |
33.2 |
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Total Selling/General/Administrative Expenses |
40.8 |
38.2 |
32.7 |
36.5 |
33.2 |
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Research & Development |
36.3 |
33.4 |
26.0 |
31.6 |
30.0 |
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Amortization of Intangibles |
1.8 |
1.7 |
1.4 |
5.9 |
4.5 |
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Depreciation/Amortization |
1.8 |
1.7 |
1.4 |
5.9 |
4.5 |
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Purchased R&D Written-Off |
0.0 |
0.0 |
0.0 |
0.0 |
1.0 |
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Impairment-Assets Held for Use |
0.0 |
0.0 |
0.0 |
227.1 |
0.0 |
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Unusual Expense (Income) |
0.0 |
0.0 |
0.0 |
227.1 |
1.0 |
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Total Operating Expense |
165.7 |
164.7 |
109.9 |
388.5 |
147.5 |
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Operating Income |
21.5 |
30.6 |
-31.2 |
-257.5 |
12.6 |
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Investment Income -
Non-Operating |
0.8 |
-0.3 |
-0.9 |
2.5 |
- |
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Interest/Investment Income - Non-Operating |
0.8 |
-0.3 |
-0.9 |
2.5 |
- |
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Interest Income (Expense) - Net Non-Operating |
-1.9 |
0.2 |
0.3 |
1.2 |
4.1 |
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Interest Income (Expense) - Net Non-Operating Total |
-1.1 |
-0.1 |
-0.7 |
3.7 |
4.1 |
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Other Non-Operating Income (Expense) |
- |
- |
- |
- |
0.0 |
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Other, Net |
- |
- |
- |
- |
0.0 |
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Income Before Tax |
20.4 |
30.5 |
-31.9 |
-253.8 |
16.7 |
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Total Income Tax |
-4.8 |
3.5 |
-2.2 |
-4.1 |
4.8 |
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Income After Tax |
25.2 |
27.0 |
-29.6 |
-249.7 |
11.9 |
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Net Income Before Extraord Items |
25.2 |
27.0 |
-29.6 |
-249.7 |
11.9 |
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Net Income |
25.2 |
27.0 |
-29.6 |
-249.7 |
11.9 |
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Income Available to Common Excl Extraord Items |
25.2 |
27.0 |
-29.6 |
-249.7 |
11.9 |
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Income Available to Common Incl Extraord Items |
25.2 |
27.0 |
-29.6 |
-249.7 |
11.9 |
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Basic/Primary Weighted Average Shares |
31.7 |
31.3 |
30.9 |
30.6 |
29.2 |
|
Basic EPS Excl Extraord Items |
0.79 |
0.86 |
-0.96 |
-8.16 |
0.41 |
|
Basic/Primary EPS Incl Extraord Items |
0.79 |
0.86 |
-0.96 |
-8.16 |
0.41 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
25.2 |
27.0 |
-29.6 |
-249.7 |
11.9 |
|
Diluted Weighted Average Shares |
32.3 |
31.5 |
30.9 |
30.6 |
29.3 |
|
Diluted EPS Excl Extraord Items |
0.78 |
0.86 |
-0.96 |
-8.16 |
0.40 |
|
Diluted EPS Incl Extraord Items |
0.78 |
0.86 |
-0.96 |
-8.16 |
0.40 |
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Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Dividends per Share - Common Stock Issue 2 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Dividends per Share - Common Stock Issue 3 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
2.1 |
- |
- |
- |
- |
|
Depreciation, Supplemental |
4.2 |
3.7 |
6.8 |
4.5 |
4.5 |
|
Total Special Items |
7.9 |
3.9 |
12.0 |
227.1 |
1.0 |
|
Normalized Income Before Tax |
28.3 |
34.4 |
-19.9 |
-26.7 |
17.7 |
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Effect of Special Items on Income Taxes |
2.8 |
0.5 |
4.2 |
79.5 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
-2.1 |
4.0 |
2.0 |
75.4 |
4.8 |
|
Normalized Income After Tax |
30.4 |
30.5 |
-21.8 |
-102.1 |
12.9 |
|
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|
|
|
|
|
|
Normalized Inc. Avail to Com. |
30.4 |
30.5 |
-21.8 |
-102.1 |
12.9 |
|
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Basic Normalized EPS |
0.96 |
0.97 |
-0.71 |
-3.33 |
0.44 |
|
Diluted Normalized EPS |
0.94 |
0.97 |
-0.71 |
-3.33 |
0.44 |
|
Amort of Intangibles, Supplemental |
1.8 |
1.7 |
1.4 |
5.9 |
4.5 |
|
Rental Expenses |
3.3 |
3.0 |
2.8 |
3.0 |
2.4 |
|
Research & Development Exp, Supplemental |
36.3 |
33.4 |
26.0 |
31.6 |
30.0 |
|
Normalized EBIT |
29.4 |
34.5 |
-19.2 |
-30.4 |
13.6 |
|
Normalized EBITDA |
35.3 |
40.0 |
-11.1 |
-20.0 |
22.6 |
|
Current Tax - Domestic |
1.7 |
0.7 |
-2.6 |
-4.0 |
3.8 |
|
Current Tax - Foreign |
2.1 |
2.8 |
0.2 |
-1.7 |
3.4 |
|
Current Tax - Local |
0.3 |
0.1 |
0.0 |
0.0 |
0.9 |
|
Current Tax - Total |
4.2 |
3.7 |
-2.5 |
-5.6 |
8.2 |
|
Deferred Tax - Domestic |
-8.0 |
0.0 |
0.2 |
-3.2 |
-2.5 |
|
Deferred Tax - Foreign |
-0.2 |
0.0 |
0.0 |
0.1 |
-0.1 |
|
Deferred Tax - Local |
-0.8 |
-0.2 |
0.0 |
0.6 |
-0.7 |
|
Deferred Tax - Total |
-9.0 |
-0.2 |
0.2 |
-2.4 |
-3.3 |
|
Income Tax - Total |
-4.8 |
3.5 |
-2.2 |
-8.1 |
4.8 |
|
Defined Contribution Expense - Domestic |
0.8 |
0.8 |
0.3 |
0.9 |
0.4 |
|
Total Pension Expense |
0.8 |
0.8 |
0.3 |
0.9 |
0.4 |
|
|
|
Annual Balance Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
96.7 |
71.1 |
57.8 |
67.7 |
57.4 |
|
Short Term Investments |
70.9 |
0.6 |
3.1 |
10.5 |
16.5 |
|
Cash and Short Term Investments |
167.6 |
71.7 |
60.9 |
78.3 |
73.9 |
|
Accounts Receivable -
Trade, Gross |
41.3 |
59.1 |
35.9 |
22.4 |
50.2 |
|
Provision for Doubtful
Accounts |
-0.3 |
-0.3 |
-0.6 |
-0.7 |
-0.2 |
|
Trade Accounts Receivable - Net |
41.0 |
58.8 |
35.3 |
21.8 |
50.0 |
|
Other Receivables |
1.7 |
1.1 |
3.5 |
4.7 |
0.4 |
|
Total Receivables, Net |
42.8 |
60.0 |
38.8 |
26.5 |
50.4 |
|
Inventories - Finished Goods |
11.2 |
13.3 |
11.6 |
18.1 |
15.6 |
|
Inventories - Work In Progress |
11.2 |
13.5 |
14.6 |
15.2 |
20.8 |
|
Inventories - Raw Materials |
27.2 |
25.6 |
19.3 |
23.8 |
34.6 |
|
Total Inventory |
49.5 |
52.3 |
45.5 |
57.1 |
71.0 |
|
Prepaid Expenses |
3.3 |
2.5 |
1.1 |
1.6 |
3.6 |
|
Deferred Income Tax - Current Asset |
- |
- |
- |
0.0 |
4.7 |
|
Other Current Assets, Total |
- |
- |
- |
0.0 |
4.7 |
|
Total Current Assets |
263.1 |
186.5 |
146.4 |
163.4 |
203.6 |
|
|
|
|
|
|
|
|
Buildings |
6.3 |
6.3 |
6.1 |
7.0 |
5.8 |
|
Land/Improvements |
5.0 |
5.0 |
4.9 |
4.9 |
5.2 |
|
Machinery/Equipment |
27.2 |
24.9 |
22.2 |
25.6 |
20.9 |
|
Property/Plant/Equipment - Gross |
38.6 |
36.2 |
33.2 |
37.5 |
31.9 |
|
Accumulated Depreciation |
-26.0 |
-22.5 |
-20.4 |
-18.5 |
-15.8 |
|
Property/Plant/Equipment - Net |
12.5 |
13.7 |
12.8 |
19.1 |
16.1 |
|
Goodwill, Net |
4.5 |
4.5 |
3.3 |
0.0 |
188.8 |
|
Intangibles - Gross |
65.6 |
65.6 |
65.2 |
62.6 |
61.0 |
|
Accumulated Intangible Amortization |
-57.8 |
-56.1 |
-54.3 |
-53.0 |
-12.9 |
|
Intangibles, Net |
8.4 |
10.5 |
12.1 |
11.4 |
51.2 |
|
Deferred Income Tax - Long Term Asset |
12.2 |
3.2 |
3.1 |
2.9 |
0.0 |
|
Other Long Term Assets |
5.2 |
0.7 |
0.5 |
0.6 |
0.5 |
|
Other Long Term Assets, Total |
17.4 |
3.9 |
3.6 |
3.5 |
0.5 |
|
Total Assets |
305.9 |
219.1 |
178.2 |
197.4 |
460.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
4.4 |
7.9 |
5.7 |
2.4 |
8.0 |
|
Accrued Expenses |
10.6 |
5.2 |
3.4 |
3.0 |
4.7 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Customer Advances |
7.3 |
8.7 |
6.9 |
4.4 |
6.0 |
|
Income Taxes Payable |
- |
- |
- |
- |
0.0 |
|
Other Current Liabilities |
6.4 |
5.1 |
3.6 |
6.0 |
8.7 |
|
Other Current liabilities, Total |
13.8 |
13.8 |
10.5 |
10.4 |
14.7 |
|
Total Current Liabilities |
28.9 |
26.8 |
19.6 |
15.8 |
27.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
46.5 |
0.0 |
- |
- |
- |
|
Total Long Term Debt |
46.5 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
46.5 |
0.0 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
- |
- |
- |
0.0 |
3.6 |
|
Deferred Income Tax |
- |
- |
- |
0.0 |
3.6 |
|
Other Long Term Liabilities |
8.8 |
7.2 |
7.5 |
5.6 |
4.9 |
|
Other Liabilities, Total |
8.8 |
7.2 |
7.5 |
5.6 |
4.9 |
|
Total Liabilities |
84.1 |
34.0 |
27.1 |
21.3 |
35.7 |
|
|
|
|
|
|
|
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Additional Paid-In Capital |
405.5 |
393.5 |
387.5 |
383.5 |
379.9 |
|
Retained Earnings (Accumulated Deficit) |
-182.3 |
-207.5 |
-234.5 |
-204.9 |
44.8 |
|
Other Comprehensive Income |
-1.5 |
-0.9 |
-1.8 |
-2.5 |
-0.2 |
|
Other Equity, Total |
-1.5 |
-0.9 |
-1.8 |
-2.5 |
-0.2 |
|
Total Equity |
221.8 |
185.0 |
151.1 |
176.1 |
424.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
305.9 |
219.1 |
178.2 |
197.4 |
460.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
31.9 |
31.4 |
31.0 |
30.7 |
30.5 |
|
Total Common Shares Outstanding |
31.9 |
31.4 |
31.0 |
30.7 |
30.5 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
564 |
550 |
497 |
536 |
648 |
|
Number of Common Shareholders |
4,560 |
5,129 |
5,723 |
4,913 |
5,753 |
|
Accumulated Intangible Amort, Suppl. |
57.8 |
56.1 |
20.1 |
18.8 |
12.9 |
|
Deferred Revenue - Current |
7.3 |
8.7 |
6.9 |
4.4 |
6.0 |
|
Total Long Term Debt, Supplemental |
71.2 |
- |
- |
- |
- |
|
Long Term Debt Maturing within 1 Year |
2.2 |
- |
- |
- |
- |
|
Long Term Debt Maturing in Year 2 |
3.4 |
- |
- |
- |
- |
|
Long Term Debt Maturing in Year 3 |
3.4 |
- |
- |
- |
- |
|
Long Term Debt Maturing in Year 4 |
31.1 |
- |
- |
- |
- |
|
Long Term Debt Maturing in Year 5 |
31.1 |
- |
- |
- |
- |
|
Long Term Debt Maturing in 2-3 Years |
6.8 |
- |
- |
- |
- |
|
Long Term Debt Maturing in 4-5 Years |
62.3 |
- |
- |
- |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
- |
- |
- |
- |
|
Total Operating Leases, Supplemental |
15.8 |
12.4 |
13.3 |
15.2 |
10.7 |
|
Operating Lease Payments Due in Year 1 |
2.9 |
2.9 |
2.8 |
2.7 |
2.5 |
|
Operating Lease Payments Due in Year 2 |
2.5 |
2.2 |
2.3 |
2.4 |
1.8 |
|
Operating Lease Payments Due in Year 3 |
2.6 |
1.7 |
1.7 |
2.1 |
1.5 |
|
Operating Lease Payments Due in Year 4 |
2.6 |
1.7 |
1.5 |
1.6 |
1.5 |
|
Operating Lease Payments Due in Year 5 |
1.6 |
1.7 |
1.5 |
1.5 |
1.1 |
|
Operating Lease Pymts. Due in 2-3 Years |
5.1 |
3.8 |
4.0 |
4.5 |
3.4 |
|
Operating Lease Pymts. Due in 4-5 Years |
4.2 |
3.4 |
2.9 |
3.1 |
2.6 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
3.6 |
2.2 |
3.5 |
5.0 |
2.2 |
|
|
|
Annual Cash Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
25.2 |
27.0 |
-29.6 |
-249.7 |
11.9 |
|
Depreciation |
4.2 |
3.7 |
6.8 |
4.5 |
4.5 |
|
Depreciation/Depletion |
4.2 |
3.7 |
6.8 |
4.5 |
4.5 |
|
Amortization of Intangibles |
2.1 |
2.1 |
1.9 |
7.2 |
5.7 |
|
Amortization |
2.1 |
2.1 |
1.9 |
7.2 |
5.7 |
|
Deferred Taxes |
-9.0 |
-0.2 |
-0.2 |
-2.4 |
-3.3 |
|
Unusual Items |
0.0 |
0.0 |
0.0 |
227.2 |
0.0 |
|
Purchased R&D |
- |
- |
0.0 |
0.0 |
1.0 |
|
Other Non-Cash Items |
6.4 |
4.5 |
9.4 |
15.4 |
3.7 |
|
Non-Cash Items |
6.4 |
4.5 |
9.4 |
242.6 |
4.7 |
|
Accounts Receivable |
17.4 |
-21.8 |
-12.2 |
27.1 |
20.3 |
|
Inventories |
0.0 |
-5.6 |
6.9 |
-4.3 |
-5.4 |
|
Prepaid Expenses |
-4.4 |
0.6 |
0.7 |
0.8 |
-2.3 |
|
Accounts Payable |
-3.4 |
2.2 |
3.2 |
-5.6 |
-3.3 |
|
Accrued Expenses |
1.1 |
2.7 |
-1.2 |
-2.5 |
-4.0 |
|
Taxes Payable |
- |
- |
0.0 |
0.0 |
-0.5 |
|
Other Liabilities |
5.9 |
1.1 |
2.4 |
-2.4 |
-4.6 |
|
Changes in Working Capital |
16.6 |
-20.8 |
-0.2 |
13.2 |
0.2 |
|
Cash from Operating Activities |
45.4 |
16.3 |
-12.1 |
15.4 |
23.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1.6 |
-4.4 |
-0.6 |
-3.0 |
-1.0 |
|
Purchase/Acquisition of Intangibles |
- |
0.0 |
0.0 |
0.0 |
-0.7 |
|
Capital Expenditures |
-1.6 |
-4.4 |
-0.6 |
-3.0 |
-1.7 |
|
Acquisition of Business |
0.0 |
-0.8 |
-5.0 |
-8.5 |
-56.2 |
|
Sale/Maturity of Investment |
11.4 |
10.3 |
19.4 |
21.3 |
95.1 |
|
Purchase of Investments |
-81.0 |
-7.8 |
-12.2 |
-15.5 |
-77.7 |
|
Other Investing Cash Flow Items, Total |
-69.6 |
1.6 |
2.3 |
-2.7 |
-38.8 |
|
Cash from Investing Activities |
-71.2 |
-2.8 |
1.7 |
-5.7 |
-40.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.5 |
0.2 |
0.0 |
0.0 |
0.1 |
|
Financing Cash Flow Items |
0.5 |
0.2 |
0.0 |
0.0 |
0.1 |
|
Sale/Issuance of
Common |
0.3 |
0.3 |
0.2 |
0.2 |
1.3 |
|
Common Stock, Net |
0.3 |
0.3 |
0.2 |
0.2 |
1.3 |
|
Warrants Converted |
7.0 |
0.0 |
0.0 |
- |
- |
|
Issuance (Retirement) of Stock, Net |
7.3 |
0.3 |
0.2 |
0.2 |
1.3 |
|
Long Term Debt Issued |
57.7 |
0.0 |
0.0 |
- |
- |
|
Long Term Debt
Reduction |
-14.5 |
0.0 |
0.0 |
- |
- |
|
Long Term Debt, Net |
43.2 |
0.0 |
0.0 |
- |
- |
|
Issuance (Retirement) of Debt, Net |
43.2 |
0.0 |
0.0 |
- |
- |
|
Cash from Financing Activities |
51.0 |
0.5 |
0.2 |
0.2 |
1.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.3 |
-0.8 |
0.3 |
0.4 |
0.4 |
|
Net Change in Cash |
25.6 |
13.3 |
-9.9 |
10.3 |
-15.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
71.1 |
57.8 |
67.7 |
57.4 |
72.5 |
|
Net Cash - Ending Balance |
96.7 |
71.1 |
57.8 |
67.7 |
57.4 |
|
Cash Taxes Paid |
2.5 |
0.9 |
-3.1 |
1.9 |
8.2 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Revenues |
187.2 |
195.3 |
78.7 |
131.0 |
160.1 |
|
Total Revenue |
187.2 |
195.3 |
78.7 |
131.0 |
160.1 |
|
|
|
|
|
|
|
|
Cost of Revenues |
86.8 |
91.4 |
49.8 |
87.4 |
78.9 |
|
Research/Development |
36.3 |
33.4 |
26.0 |
31.6 |
30.0 |
|
Selling, general and administrative |
40.8 |
38.2 |
32.7 |
36.5 |
33.2 |
|
Amortization |
1.8 |
1.7 |
1.4 |
5.9 |
4.5 |
|
In-process research and development |
0.0 |
0.0 |
0.0 |
0.0 |
1.0 |
|
Impairment charge for goodwill and ident |
0.0 |
0.0 |
0.0 |
227.1 |
0.0 |
|
Total Operating Expense |
165.7 |
164.7 |
109.9 |
388.5 |
147.5 |
|
|
|
|
|
|
|
|
Interest income (expense) |
-1.9 |
0.2 |
0.3 |
1.2 |
4.1 |
|
Foreign currency exchange gains (losses) |
0.8 |
-0.3 |
-0.9 |
2.5 |
- |
|
Other income (expense) |
- |
- |
- |
- |
0.0 |
|
Realized Losses on Sale of Marketable |
0.0 |
0.0 |
0.0 |
-0.1 |
- |
|
Net Income Before Taxes |
20.4 |
30.5 |
-31.9 |
-253.8 |
16.7 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-4.8 |
3.5 |
-2.2 |
-4.1 |
4.8 |
|
Net Income After Taxes |
25.2 |
27.0 |
-29.6 |
-249.7 |
11.9 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
25.2 |
27.0 |
-29.6 |
-249.7 |
11.9 |
|
Net Income |
25.2 |
27.0 |
-29.6 |
-249.7 |
11.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
25.2 |
27.0 |
-29.6 |
-249.7 |
11.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
25.2 |
27.0 |
-29.6 |
-249.7 |
11.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
31.7 |
31.3 |
30.9 |
30.6 |
29.2 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.79 |
0.86 |
-0.96 |
-8.16 |
0.41 |
|
Basic EPS Including ExtraOrdinary Item |
0.79 |
0.86 |
-0.96 |
-8.16 |
0.41 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
25.2 |
27.0 |
-29.6 |
-249.7 |
11.9 |
|
Diluted Weighted Average Shares |
32.3 |
31.5 |
30.9 |
30.6 |
29.3 |
|
Diluted EPS Excluding ExtraOrd Items |
0.78 |
0.86 |
-0.96 |
-8.16 |
0.40 |
|
Diluted EPS Including ExtraOrd Items |
0.78 |
0.86 |
-0.96 |
-8.16 |
0.40 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
DPS-Common Stock A |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
DPS-Common Stock B |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
28.3 |
34.4 |
-19.9 |
-26.7 |
17.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
-2.1 |
4.0 |
2.0 |
75.4 |
4.8 |
|
Normalized Income After Taxes |
30.4 |
30.5 |
-21.8 |
-102.1 |
12.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
30.4 |
30.5 |
-21.8 |
-102.1 |
12.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.96 |
0.97 |
-0.71 |
-3.33 |
0.44 |
|
Diluted Normalized EPS |
0.94 |
0.97 |
-0.71 |
-3.33 |
0.44 |
|
Research & Development Exp |
36.3 |
33.4 |
26.0 |
31.6 |
30.0 |
|
Interest Expense |
2.1 |
- |
- |
- |
- |
|
Amort of Intangibles |
1.8 |
1.7 |
1.4 |
5.9 |
4.5 |
|
Rental Expense |
3.3 |
3.0 |
2.8 |
3.0 |
2.4 |
|
Depreciation |
4.2 |
3.7 |
6.8 |
4.5 |
4.5 |
|
Current Tax - Federal |
1.7 |
0.7 |
-2.6 |
-4.0 |
3.8 |
|
Current Tax - State |
0.3 |
0.1 |
0.0 |
0.0 |
0.9 |
|
Current Tax - Foreign |
2.1 |
2.8 |
0.2 |
-1.7 |
3.4 |
|
Current Tax - Total |
4.2 |
3.7 |
-2.5 |
-5.6 |
8.2 |
|
Deferred Tax - Federal |
-8.0 |
0.0 |
0.2 |
-3.2 |
-2.5 |
|
Deferred Tax - State |
-0.8 |
-0.2 |
0.0 |
0.6 |
-0.7 |
|
Deferred Tax- Foreign |
-0.2 |
0.0 |
0.0 |
0.1 |
-0.1 |
|
Deferred Tax - Total |
-9.0 |
-0.2 |
0.2 |
-2.4 |
-3.3 |
|
Income Tax - Total |
-4.8 |
3.5 |
-2.2 |
-8.1 |
4.8 |
|
401(k) Savings Plan |
0.8 |
0.8 |
0.3 |
0.9 |
0.4 |
|
Total Pension Expense |
0.8 |
0.8 |
0.3 |
0.9 |
0.4 |
|
|
|
Annual Balance Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and marketable securities |
96.7 |
71.1 |
57.8 |
67.7 |
57.4 |
|
ST Investments |
70.9 |
0.6 |
3.1 |
10.5 |
16.5 |
|
Accounts receivable |
41.3 |
59.1 |
35.9 |
22.4 |
50.2 |
|
Allowance for Doubtful Account |
-0.3 |
-0.3 |
-0.6 |
-0.7 |
-0.2 |
|
Raw Materials |
27.2 |
25.6 |
19.3 |
23.8 |
34.6 |
|
Work-in-Process |
11.2 |
13.5 |
14.6 |
15.2 |
20.8 |
|
Finished Goods |
11.2 |
13.3 |
11.6 |
18.1 |
15.6 |
|
Tax Receivables |
1.7 |
1.1 |
3.5 |
4.7 |
0.4 |
|
Prepaid expenses and other current asset |
3.3 |
2.5 |
1.1 |
1.6 |
3.6 |
|
Deferred Taxes |
- |
- |
- |
0.0 |
4.7 |
|
Total Current Assets |
263.1 |
186.5 |
146.4 |
163.4 |
203.6 |
|
|
|
|
|
|
|
|
Land/Buildings |
5.0 |
5.0 |
4.9 |
4.9 |
5.2 |
|
Machinery/Equip. |
17.5 |
15.5 |
13.4 |
16.6 |
11.8 |
|
Furniture/Fixt. |
3.4 |
2.9 |
2.7 |
2.7 |
2.7 |
|
Computer/Equip. |
6.4 |
6.4 |
6.1 |
6.3 |
6.4 |
|
Leasehold Improvements |
6.3 |
6.3 |
6.1 |
7.0 |
5.8 |
|
Depreciation |
-26.0 |
-22.5 |
-20.4 |
-18.5 |
-15.8 |
|
Goodwill |
4.5 |
4.5 |
3.3 |
0.0 |
188.8 |
|
Developed technology |
53.8 |
53.8 |
53.4 |
51.2 |
49.6 |
|
Customer relationships |
7.4 |
7.4 |
7.4 |
7.3 |
7.3 |
|
Trade names |
4.4 |
4.4 |
4.3 |
4.1 |
4.1 |
|
Accumulated Amortization of Intangibles |
-57.8 |
-56.1 |
-20.1 |
-18.8 |
-12.9 |
|
Impairment |
- |
- |
-34.2 |
-34.2 |
- |
|
Deferred income taxes |
12.2 |
3.2 |
3.1 |
2.9 |
0.0 |
|
Capitalized Software |
0.6 |
0.9 |
1.2 |
1.8 |
3.1 |
|
Other assets |
5.2 |
0.7 |
0.5 |
0.6 |
0.5 |
|
Total Assets |
305.9 |
219.1 |
178.2 |
197.4 |
460.2 |
|
|
|
|
|
|
|
|
Accounts payable |
4.4 |
7.9 |
5.7 |
2.4 |
8.0 |
|
Payroll and related expenses |
5.7 |
4.7 |
3.2 |
2.8 |
3.9 |
|
Warranty |
1.4 |
1.7 |
0.7 |
1.8 |
2.4 |
|
Deferred Revenue |
7.3 |
8.7 |
6.9 |
4.4 |
6.0 |
|
Litigation accrual |
4.3 |
0.0 |
- |
- |
- |
|
Other current liabilities |
5.0 |
3.4 |
2.9 |
4.2 |
6.3 |
|
Accrued Royalties |
0.7 |
0.5 |
0.2 |
0.2 |
0.8 |
|
Taxes Payable |
- |
- |
- |
- |
0.0 |
|
Total Current Liabilities |
28.9 |
26.8 |
19.6 |
15.8 |
27.3 |
|
|
|
|
|
|
|
|
Convertible senior notes |
46.5 |
0.0 |
- |
- |
- |
|
Total Long Term Debt |
46.5 |
0.0 |
- |
- |
- |
|
|
|
|
|
|
|
|
Deferred Income Taxes |
- |
- |
- |
0.0 |
3.6 |
|
Other non current liabilities |
8.8 |
7.2 |
7.5 |
5.6 |
4.9 |
|
Total Liabilities |
84.1 |
34.0 |
27.1 |
21.3 |
35.7 |
|
|
|
|
|
|
|
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Paid in Capital |
405.5 |
393.5 |
387.5 |
383.5 |
379.9 |
|
Other Comp. Inc. |
-1.5 |
-0.9 |
-1.8 |
-2.5 |
-0.2 |
|
Retained earnings (accumulated deficit) |
-182.3 |
-207.5 |
-234.5 |
-204.9 |
44.8 |
|
Total Equity |
221.8 |
185.0 |
151.1 |
176.1 |
424.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
305.9 |
219.1 |
178.2 |
197.4 |
460.2 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
31.9 |
31.4 |
31.0 |
30.7 |
30.5 |
|
Total Common Shares Outstanding |
31.9 |
31.4 |
31.0 |
30.7 |
30.5 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue - Current |
7.3 |
8.7 |
6.9 |
4.4 |
6.0 |
|
Intangible Amortization |
57.8 |
56.1 |
20.1 |
18.8 |
12.9 |
|
Full-Time Employees |
564 |
550 |
497 |
536 |
648 |
|
Number of Common Shareholders |
4,560 |
5,129 |
5,723 |
4,913 |
5,753 |
|
Long Term Debt Maturing within 1 Year |
2.2 |
- |
- |
- |
- |
|
Long Term Debt Maturing within1- 3 |
6.8 |
- |
- |
- |
- |
|
Long Term Debt Maturing within 1-5 |
62.3 |
- |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
71.2 |
- |
- |
- |
- |
|
Operating Leases Maturing within 1 Year |
2.9 |
2.9 |
2.8 |
2.7 |
2.5 |
|
Operating Leases Maturing within 2 Years |
2.5 |
2.2 |
2.3 |
2.4 |
1.8 |
|
Operating Leases Maturing within 3 Years |
2.6 |
1.7 |
1.7 |
2.1 |
1.5 |
|
Operating Leases Maturing within 4 Years |
2.6 |
1.7 |
1.5 |
1.6 |
1.5 |
|
Operating Leases Maturing within 5 Years |
1.6 |
1.7 |
1.5 |
1.5 |
1.1 |
|
Operating Leases Maturing Thereafter |
3.6 |
2.2 |
3.5 |
5.0 |
2.2 |
|
Total Operating Leases |
15.8 |
12.4 |
13.3 |
15.2 |
10.7 |
|
|
|
Annual Cash Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
25.2 |
27.0 |
-29.6 |
-249.7 |
11.9 |
|
Depreciation |
4.2 |
3.7 |
6.8 |
4.5 |
4.5 |
|
Impairment of goodwill and identifiable |
- |
0.0 |
0.0 |
227.1 |
0.0 |
|
Amortization of convertible note discoun |
1.1 |
0.0 |
0.0 |
- |
- |
|
Amort./Intagbles |
2.1 |
2.1 |
1.9 |
7.2 |
5.7 |
|
In-process research and development |
- |
- |
0.0 |
0.0 |
1.0 |
|
Stock Based Compensation |
4.8 |
5.4 |
3.8 |
3.4 |
3.1 |
|
Net (gain) loss on sale of marketable se |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Tax benefit for sale of shares through s |
- |
- |
- |
- |
0.0 |
|
Foreign Exchange Gain / Loss |
-0.8 |
0.3 |
0.8 |
-2.5 |
0.0 |
|
Provosion doubtful |
1.3 |
-1.2 |
4.8 |
14.6 |
0.5 |
|
Deferred Taxes |
-9.0 |
-0.2 |
-0.2 |
-2.4 |
-3.3 |
|
Accounts Receivable |
18.0 |
-24.1 |
-13.2 |
31.3 |
21.4 |
|
Income taxes receivable |
-0.5 |
2.3 |
1.0 |
-4.2 |
-1.1 |
|
Inventories |
0.0 |
-5.6 |
6.9 |
-4.3 |
-5.4 |
|
Prepaid/Other |
-4.4 |
0.6 |
0.7 |
0.8 |
-2.3 |
|
Accounts Payable |
-3.4 |
2.2 |
3.2 |
-5.6 |
-3.3 |
|
Accrued Liabs. |
1.1 |
2.7 |
-1.2 |
-2.5 |
-4.0 |
|
Taxes Payable |
- |
- |
0.0 |
0.0 |
-0.5 |
|
Deferred Revenues |
-1.3 |
0.9 |
1.6 |
-1.6 |
-6.1 |
|
Other Liabilities |
5.7 |
0.8 |
-1.3 |
-1.5 |
-0.6 |
|
Other Non-Current Liabilities |
1.5 |
-0.6 |
2.0 |
0.6 |
2.2 |
|
Cash from Operating Activities |
45.4 |
16.3 |
-12.1 |
15.4 |
23.6 |
|
|
|
|
|
|
|
|
Purchase of business |
0.0 |
-0.8 |
-5.0 |
-8.5 |
-56.2 |
|
Decrease in Marketabtle Securities |
11.4 |
10.3 |
19.4 |
21.3 |
95.1 |
|
Purchase./ST Investment |
-81.0 |
-7.8 |
-12.2 |
-15.5 |
-77.7 |
|
Capital Expenditures |
-1.6 |
-4.4 |
-0.6 |
-3.0 |
-1.0 |
|
Capitalized Software |
- |
0.0 |
0.0 |
0.0 |
-0.7 |
|
Cash from Investing Activities |
-71.2 |
-2.8 |
1.7 |
-5.7 |
-40.5 |
|
|
|
|
|
|
|
|
Net proceeds from issuance of convertibl |
57.7 |
0.0 |
0.0 |
- |
- |
|
Proceeds from sale of warrant |
7.0 |
0.0 |
0.0 |
- |
- |
|
Purchase of convertible note hedge |
-14.5 |
0.0 |
0.0 |
- |
- |
|
Issuance of shares through share-based c |
0.3 |
0.3 |
0.2 |
0.2 |
1.3 |
|
Tax benefit for sale of shares through s |
0.5 |
0.2 |
0.0 |
0.0 |
0.1 |
|
Cash from Financing Activities |
51.0 |
0.5 |
0.2 |
0.2 |
1.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.3 |
-0.8 |
0.3 |
0.4 |
0.4 |
|
Net Change in Cash |
25.6 |
13.3 |
-9.9 |
10.3 |
-15.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
71.1 |
57.8 |
67.7 |
57.4 |
72.5 |
|
Net Cash - Ending Balance |
96.7 |
71.1 |
57.8 |
67.7 |
57.4 |
|
Cash Taxes Paid |
2.5 |
0.9 |
-3.1 |
1.9 |
8.2 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Standard & Poor’s
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
·
We have also removed both the short- and long-term ratings
from CreditWatch negative.
·
The downgrade reflects our opinion that the fiscal
consolidation plan that Congress and the Administration recently agreed to
falls short of what, in our view, would be necessary to stabilize the
government's medium-term debt dynamics.
·
More broadly, the downgrade reflects our view that the
effectiveness, stability, and predictability of American policymaking and
political institutions have weakened at a time of ongoing fiscal and economic
challenges to a degree more than we envisioned when we assigned a negative
outlook to the rating on April 18, 2011.
·
Since then, we have changed our view of the difficulties in
bridging the gulf between the political parties over fiscal policy, which makes
us pessimistic about the capacity of Congress and the Administration to be able
to leverage their agreement this week into a broader fiscal consolidation plan
that stabilizes the government's debt dynamics any time soon.
·
The outlook on the long-term rating is negative. We could
lower the long-term rating to 'AA' within the next two years if we see that
less reduction in spending than agreed to, higher interest rates, or new fiscal
pressures during the period result in a higher general government debt
trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The transfer and convertibility (T&C) assessment
of the U.S.--our assessment of the likelihood of official interference in the
ability of U.S.-based public- and private-sector issuers to secure foreign
exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011, especially Paragraphs 36-41).
Nevertheless, we view the U.S. federal government's other economic, external,
and monetary credit attributes, which form the basis for the sovereign rating,
as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The political brinksmanship of recent months
highlights what we see as America's governance and policymaking becoming less
stable, less effective, and less predictable than what we previously believed.
The statutory debt ceiling and the threat of default have become political
bargaining chips in the debate over fiscal policy. Despite this year's
wide-ranging debate, in our view, the differences between political parties
have proven to be extraordinarily difficult to bridge, and, as we see it, the
resulting agreement fell well short of the comprehensive fiscal consolidation
program that some proponents had envisaged until quite recently. Republicans
and Democrats have only been able to agree to relatively modest savings on
discretionary spending while delegating to the Select Committee decisions on
more comprehensive measures. It appears that for now, new revenues have dropped
down on the menu of policy options. In addition, the plan envisions only minor
policy changes on Medicare and little change in other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011, especially Paragraphs 36-41). In
our view, the difficulty in framing a consensus on fiscal policy weakens the
government's ability to manage public finances and diverts attention from the
debate over how to achieve more balanced and dynamic economic growth in an era
of fiscal stringency and private-sector deleveraging (ibid). A new political
consensus might (or might not) emerge after the 2012 elections, but we believe
that by then, the government debt burden will likely be higher, the needed
medium-term fiscal adjustment potentially greater, and the inflection point on
the U.S. population's demographics and other age-related spending drivers
closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now," June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's measures
as a step toward fiscal consolidation. However, this is within the framework of
a legislative mechanism that leaves open the details of what is finally agreed
to until the end of 2011, and Congress and the Administration could modify any
agreement in the future. Even assuming that at least $2.1 trillion of the
spending reductions the act envisages are implemented, we maintain our view
that the U.S. net general government debt burden (all levels of government
combined, excluding liquid financial assets) will likely continue to grow.
Under our revised base case fiscal scenario--which we consider to be consistent
with a 'AA+' long-term rating and a negative outlook--we now project that net
general government debt would rise from an estimated 74% of GDP by the end of
2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of sovereign
indebtedness is high in relation to those of peer credits and, as noted, would
continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our perspective,
the effect of these revisions underscores two related points when evaluating
the likely debt trajectory of the U.S. government. First, the revisions show
that the recent recession was deeper than previously assumed, so the GDP this
year is lower than previously thought in both nominal and real terms.
Consequently, the debt burden is slightly higher. Second, the revised data
highlight the sub-par path of the current economic recovery when compared with
rebounds following previous post-war recessions. We believe the sluggish pace
of the current economic recovery could be consistent with the experiences of
countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
On Monday, we will issue separate releases concerning
affected ratings in the funds, government-related entities, financial
institutions, insurance, public finance, and structured finance sectors.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.70 |
|
|
1 |
Rs.84.50 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.