Exhibit 99.1

 

Public Relations
470 Park Avenue South, New York, NY 10016   (212) 725-4500		NEWS

 

FOR IMMEDIATE RELEASE

Contact:		Harvey Kamil		Carl Hymans
		NBTY, Inc.		G.S. Schwartz & Co.
		President & Chief Financial Officer		212-725-4500
		631-200-2020		carlh@schwartz.com

 

NBTY REPORTS SECOND QUARTER RESULTS

 

RONKONKOMA, N.Y. — April 23, 2009 - NBTY, Inc. (NYSE: NTY) (www.NBTY.com), a leading global manufacturer and marketer of nutritional supplements, today announced results for the fiscal second quarter and first six months ended March 31, 2009.

 

For the fiscal second quarter ended March 31, 2009, net sales were $596 million compared to $533 million for the fiscal second quarter ended March 31, 2008, an increase of $63 million or 12%.  Included in this total are net sales of $23 million from Julian Graves, acquired in the fiscal fourth quarter of 2008.  The Leiner Health Products business, which was acquired in July 2008, has been fully integrated into NBTY operations; accordingly its sales can no longer be separately identified.

 

Net income for the fiscal second quarter ended March 31, 2009 was $23 million, or $0.37 per diluted share, compared to $44 million, or $0.67 per diluted share, for the fiscal second quarter ended March 31, 2008.

 

The decline in net income for the fiscal second quarter of 2009 reflects lower gross profit margins due to higher raw material costs which were not offset by higher prices charged to customers and the impact of a stronger US dollar as compared to the British Pound Sterling.  The British pound sterling declined 27% compared to the prior like quarter.  Without fluctuations in foreign exchange rates, earnings per diluted share would have been $0.09 higher for the fiscal second quarter of 2009.

 

 

Adjusted EBITDA for the fiscal second quarter of 2009 was $62 million, compared to $84 million for the fiscal second quarter of 2008.  At March 31, 2009, working capital was $530 million, a decrease of $43 million compared to September 30, 2008.  At March 31, 2009, total assets were $1.8 billion, and book value per share was $15.81.

 

Since October 1, 2008, the Company repaid $15 million under its term loan and $55 million under its revolving credit agreement.  As of March 31, 2009, $320 million remained undrawn under the Company’s $325 million Revolving Credit Facility.  The Company is in compliance with all of its covenants under outstanding credit facilities.

 

For the six months ended March 31, 2009, net sales were $1.3 billion compared to $1.0 billion for the six months ended March 31, 2008, an increase of $213 million or 20%.

 

Net income for the six months ended March 31, 2009 was $37 million, or $0.58 per diluted share, compared to $90 million, or $1.34 per diluted share, for the six months ended March 31, 2008.  The decrease in net income for the six months ended March 31, 2009 reflects the aforementioned lower gross profit margins, decreases in foreign exchange rates and previously announced costs associated with the write off and termination of the information technology programs in our Direct Response business, which programs were ineffective and uneconomical.

 

Adjusted EBITDA for the six months ended March 31, 2009 was $116 million, compared to $171 million for the six months ended March 31, 2008.

 

Overall gross profit margins for the fiscal second quarter of 2009 decreased to 42% from 51% for the fiscal second quarter of 2008.  As previously discussed, a portion of this decrease was anticipated due to lower gross margins on Leiner private label business.  Additional cost pressures occurred at the time of the Leiner acquisition in July 2008, when Leiner inventory levels were not adequate to maintain customer fulfillment levels.  At the same time, certain raw material costs were increasing due to tight supply and inflationary pressures.  In order to maintain adequate customer fulfillment levels, the Company was forced to purchase products at these higher costs.  These conditions continued to negatively impact results for the last two quarters.  The Company believes operations are stabilizing.

 

 

OPERATIONS FOR THE FISCAL SECOND QUARTER ENDED MARCH 31, 2009

Net sales for the Wholesale/US Nutrition division, which markets various brands including Nature’s Bounty, Osteo Bi-Flex, Rexall, Ester-C and Leiner products, increased $90 million, or 35%, to $350 million.  Since acquiring Leiner, the Company has eliminated in excess of $30 million in annualized non-manufacturing costs.

 

Gross profit for the Wholesale operation decreased to 27% from 41% for the prior like quarter.  Operating results were adversely affected by higher raw material costs which were not offset by higher prices charged to wholesale customers.  While the gross profit percentage decreased during this period, the Company continued to increase its market share.  The Nielsen Company tracks industry-wide sales of vitamins, minerals, herbs and other supplements in the food, drug and mass market sectors.  For the thirteen week period ended March 28, 2009, Nielsen reported an increase in the entire category of 8%.  According to Nielsen, for that same period, the Company’s Wholesale brands reported a 10% increase.

 

The Wholesale/US Nutrition division utilizes valuable consumer preference sales data generated by the Company’s Vitamin World retail stores and Puritan’s Pride Direct Response/E-Commerce operations to empower its wholesale customers with this latest data.  The Vitamin World stores are used as a laboratory for new ideas and are an effective tool in determining and monitoring consumer preferences.  This information, as well as scanned sales data from the Vitamin World stores, is shared on a real time basis with our wholesale customers to give them a competitive advantage.

 

Net sales for the North American Retail division, comprised of Vitamin World Stores in the United States and LeNaturiste stores in Canada, were $52 million, unchanged from the prior like quarter.  While operating in a difficult retail environment in the US and Canada, Vitamin World same store sales increased 4% for the fiscal second quarter of 2009.  Vitamin World results seem to indicate that the new modernization of the stores has had a favorable impact on the US Stores.

 

 

Net sales at LeNaturiste decreased 18%, all attributable to a weaker Canadian dollar, and the division operated at a loss of $1 million.  LeNaturiste will continue to focus on increasing gross margins by utilizing more in-house manufactured products and more targeted promotions.

 

During the fiscal second quarter of 2009, the North American Retail division closed 3 stores and added 3 new stores.  At the end of the fiscal second quarter of 2009, the North American Retail division operated a total of 531 stores, consisting of 444 Vitamin World stores in the United States and 87 LeNaturiste stores in Canada.  Vitamin World plans to add 3 stores and close 5 stores during the remainder of fiscal 2009.

 

European Retail net sales for the fiscal second quarter ended March 31, 2009 decreased $24 million, or 15% to $134 million compared to $158 million for the prior like quarter.  Julian Graves recorded net sales of $23 million.  European Retail division same store sales in local currency decreased 5% from the prior like period.  On a monthly basis, in local currency, same store sales decreased 10% in both January and February but increased 4% in March.

 

As previously announced, the Julian Graves acquisition continues to be the subject of an inquiry from the UK Competition Commission for potential anti-trust implications.  In conjunction with this inquiry, Julian Graves business has not been integrated with the Company’s European operations and incurred a loss of $0.5 million during the fiscal second quarter ended March 31, 2009.

 

The European Retail division continues to leverage its premier status, high street locations and brand awareness in a difficult retail environment. The European Retail division consists of 531 Holland & Barrett stores, 345 Julian Graves stores and 31 GNC stores in the UK, 22 Nature’s Way stores in Ireland, and 71 DeTuinen stores in the Netherlands, for a total of 1,000 stores in Europe.  In addition, during the fiscal second quarter of 2009, Holland & Barrett opened 3 franchised stores in South Africa, for a total of 7 franchised stores in South Africa.

 

Net sales from Direct Response/E-Commerce operations for the fiscal second quarter of 2009 decreased $4 million, or 6% to $59 million from $63 million for the fiscal second quarter of 2008.  As this division varies its promotional strategy throughout the fiscal year, its results should be viewed on an annual and not quarterly basis.  For the fiscal second quarter of

 

 

2009, compared with the prior like quarter, gross profit percentage for this division increased 5% to 64%; average order size increased $8 to $78.  This division was reorganized during the first fiscal quarter of 2009.  Online sales represented 43% of total Direct Response/E-Commerce sales.  Puritan’s Pride is the leader in the Direct Response and E-Commerce sectors and continues to increase the number of products available via its catalog and web sites.

 

NBTY Chairman and CEO, Scott Rudolph, said: “Profitability for the quarter was affected by inflationary pressures and foreign exchange declines.  We continue to garner greater market share and enhance our position as the global leader in the nutritional supplement industry.  The overall success of NBTY, and its ability to generate long-term growth, reflects our commitment to providing the highest quality products to our customers.”

 

ABOUT NBTY

NBTY is a leading global vertically integrated manufacturer, marketer and distributor of a broad line of high-quality, value-priced nutritional supplements in the United States and throughout the world. Under a number of NBTY and third party brands, the Company offers over 25,000 products, including products marketed by the Company’s Nature’s Bounty® (www.NaturesBounty.com), Vitamin World® (www.VitaminWorld.com), Puritan’s Pride® (www.Puritan.com), Holland & Barrett® (www.HollandAndBarrett.com), Rexall® (www.Rexall.com), Sundown® (www.SundownNutrition.com), MET-Rx® (www.MetRX.com), Worldwide Sport Nutrition® (www.SportNutrition.com), American Health® (www.AmericanHealthUS.com), GNC (UK)® (www.GNC.co.uk), DeTuinen® (www.DeTuinen.nl), LeNaturiste™ (www.LeNaturiste.com), SISU® (www.SISU.com), Solgar® (www.Solgar.com), Good ‘n’ Natural® (www.goodnnatural.com), Home Health™ (www.homehealthus.com), Julian Graves, and Ester-C® (www.Ester-C.com) brands.  NBTY routinely posts information that may be important to investors on its web site.

 

This release refers to non-GAAP financial measures, such as Adjusted EBITDA.  “Adjusted EBITDA” is defined as net income, excluding the aggregate amount of all non-cash losses reducing net income, plus interest, taxes, depreciation and amortization.  This non-GAAP financial measure is not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.  A reconciliation of the non-GAAP measure to the comparable GAAP measure is included in the attached financial tables.  Management believes the presentation of Adjusted EBITDA is relevant and useful because Adjusted EBITDA is a measurement industry analysts utilize when evaluating NBTY’s operating performance.  Management also believes Adjusted EBITDA enhances an investor’s understanding of NBTY’s results of operations because it measures NBTY’s operating performance exclusive of interest and non-cash charges for depreciation and amortization.  Management also provides this non-GAAP measurement as a way to help investors better understand its core operating performance, enhance comparisons of NBTY’s core operating performance from period to period and to allow better comparisons of NBTY’s operating performance to that of its competitors.

 

This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to our financial condition, results of operations and business.  These forward-looking statements can be identified by the use of terminology such as

 

 

“subject to,” “believe,” “expects,” “plan,” “project,” “estimate,” “intend,” “may,” “will,” “should,” “can,” or “anticipates,” or the negative thereof, or variations thereon, or comparable terminology, or by discussions of strategy.   Although all of these forward looking statements are believed to be reasonable, they are inherently uncertain.  Factors which may materially affect such forward-looking statements include: (i) slow or negative growth in the nutritional supplement industry; (ii) interruption of business or negative impact on sales and earnings due to acts of God, acts of war, terrorism, bio-terrorism, civil unrest or disruption of mail service; (iii) adverse publicity regarding nutritional supplements; (iv) inability to retain customers of companies (or mailing lists) recently acquired; (v) increased competition; (vi) increased costs; (vii) loss or retirement of key members of management; (viii) increases in the cost of borrowings and/or unavailability of additional debt or equity capital; (ix) unavailability of, or inability to consummate, advantageous acquisitions in the future, including those that may be subject to bankruptcy approval or the inability of NBTY to integrate acquisitions into the mainstream of its business; (x) changes in general worldwide economic and political conditions in the markets in which NBTY may compete from time to time; (xi) the inability of NBTY to gain and/or hold market share of its wholesale and/or retail customers anywhere in the world; (xii) unavailability of electricity in certain geographical areas; (xiii) the inability of NBTY to obtain and/or renew insurance and/or the costs of the same; (xiv) exposure to and expense of defending and resolving product liability and intellectual property claims and other litigation; (xv) the ability of NBTY to successfully implement its business strategy; (xvi) the inability of NBTY to manage its retail, wholesale, manufacturing and other operations efficiently; (xvii) consumer acceptance of NBTY’s products; (xviii) the inability of NBTY to renew leases for its retail locations; (xix) the inability of NBTY’s retail stores to attain or maintain profitability; (xx) the absence of clinical trials for many of NBTY’s products; (xxi) sales and earnings volatility and/or trends for the Company and its market segments; (xxii) the efficacy of NBTY’s Internet and on-line sales and marketing strategies; (xxiii) fluctuations in foreign currencies, including the British pound, the Euro and the Canadian dollar; (xxiv) import-export controls on sales to foreign countries; (xxv) the inability of NBTY to secure favorable new sites for, and delays in opening, new retail and manufacturing locations; (xxvi) introduction of and compliance with new federal, state, local or foreign legislation or regulation or adverse determinations by regulators anywhere in the world (including the banning of products) and more particularly Good Manufacturing Practices in the United States, the Food Supplements Directive and Traditional Herbal Medicinal Products Directive in Europe and Section 404 requirements of the Sarbanes-Oxley Act of 2002; (xxvii) the mix of NBTY’s products and the profit margins thereon; (xxviii) the availability and pricing of raw materials; (xxix) risk factors discussed in NBTY’s filings with the U.S. Securities and Exchange Commission; (xxx) adverse effects on NBTY as a result of increased energy prices and potentially reduced traffic flow to NBTY’s retail locations; (xxxi) adverse tax determinations; (xxxii) the loss of a significant customer of the Company; (xxxiii) potential investment losses as a result of liquidity conditions; and (xxxiv) other factors beyond the Company’s control.

 

Readers are cautioned not to place undue reliance on forward-looking statements. NBTY cannot guarantee future results, trends, events, levels of activity, performance or achievements. NBTY does not undertake and specifically declines any obligation to update, republish or revise forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrences of unanticipated events.

 

Consequently, such forward-looking statements should be regarded solely as NBTY’s current plans, estimates and beliefs.

 

 (TABLES FOLLOW)

 

 

NBTY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

(In thousands, except per share amounts)

 

		Three months
		ended March 31,
		2009			2008
Net sales		$	595,553		$	532,518
Costs and expenses:
Cost of sales		343,644			261,284
Advertising, promotion and catalog		33,028			39,007
Selling, general and administrative		174,657			166,409
		551,329			466,700
Income from operations		44,224			65,818
Other income (expense):
Interest		(8,888		)	(3,657		)
Miscellaneous, net		279			3,786
		(8,609		)	129
Income before provision for income taxes		35,615			65,947
Provision for income taxes		12,545			21,721
Net income		$	23,070		$	44,226
Net income per share:
Basic		$	0.37		$	0.69
Diluted		$	0.37		$	0.67
Weighted average common shares outstanding:
Basic		61,600			64,102
Diluted		62,948			65,817

 

 

NBTY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

(In thousands, except per share amounts)

 

		Six months
		ended March 31,
		2009			2008
Net sales		$	1,256,105		$	1,043,376
Costs and expenses:
Cost of sales		732,147			501,615
Advertising, promotion and catalog		64,319			73,176
Selling, general and administrative		370,557			334,531
IT project termination costs		8,647			—
		1,175,670			909,322
Income from operations		80,435			134,054
Other income (expense):
Interest		(18,377		)	(7,519		)
Miscellaneous, net		(5,356		)	8,673
		(23,733		)	1,154
Income before provision for income taxes		56,702			135,208
Provision for income taxes		20,157			45,160
Net income		$	36,545		$	90,048
Net income per share:
Basic		$	0.59		$	1.37
Diluted		$	0.58		$	1.34
Weighted average common shares outstanding:
Basic		61,600			65,510
Diluted		63,043			67,313

 

 

SALES

(Unaudited)

 

		THREE MONTHS ENDED MARCH 31,
								Percentage
(In thousands)		2009			2008			Change
Wholesale / US Nutrition		$	349,801		$	259,363		35	%
North American Retail		51,916			51,904			0	%
European Retail		134,438			158,070			-15	%
Direct Response / E-Commerce		59,398			63,181			-6	%
Total		$	595,553		$	532,518		12	%

 

GROSS PROFIT

PERCENTAGES

(Unaudited)

 

		THREE MONTHS ENDED MARCH 31,
						Increase
		2009		2008		- Decrease
Wholesale / US Nutrition		27	%	41	%	-14	%
North American Retail		66	%	62	%	4	%
European Retail		63	%	61	%	2	%
Direct Response / E-Commerce		64	%	59	%	5	%
Total		42	%	51	%	-9	%

 

 

SALES

(Unaudited)

 

		SIX MONTHS ENDED  MARCH 31,
								Percentage
(In thousands)		2009			2008			Change
Wholesale / US Nutrition		$	756,768		$	518,298		46	%
North American Retail		100,354			108,086			-7	%
European Retail		290,464			316,666			-8	%
Direct Response / E-Commerce		108,519			100,326			8	%
Total		$	1,256,105		$	1,043,376		20	%

 

GROSS PROFIT

PERCENTAGES

(Unaudited)

 

		SIX MONTHS ENDED MARCH 31,
						Increase
		2009		2008		- Decrease
Wholesale / US Nutrition		27	%	42	%	-15	%
North American Retail		67	%	60	%	7	%
European Retail		63	%	62	%	1	%
Direct Response / E-Commerce		62	%	60	%	2	%
Total		42	%	52	%	-10	%

 

 

ADJUSTED EBITDA**

Reconciliation of GAAP Measures to Non-GAAP Measures

(Unaudited)

 

		THREE MONTHS ENDED MARCH 31, 2009
(In thousands)		Pretax Income (Loss)			Depreciation and amortization			Interest			Non-cash charges			Adjusted EBITDA**
Wholesale / US Nutrition		$	30,084		$	3,586		$	—		$	(74	)	$	33,596
North American Retail		914			745						23			1,682
European Retail		20,318			3,403						38			23,759
Direct Response / E-Commerce		21,198			1,267						(62		)	22,403
Segment Results		72,514			9,001			—			(75		)	81,440
Corporate / Manufacturing		(36,899		)	8,278			8,888			442			(19,291		)
Total		$	35,615		$	17,279		$	8,888		$	367		$	62,149

 

		THREE MONTHS ENDED MARCH 31, 2008
		Pretax Income (Loss)			Depreciation and amortization			Interest			Non-cash charges			Adjusted EBITDA**
Wholesale / US Nutrition		$	41,507		$	2,578		$	—		$	48		$	44,133
North American Retail		522			804						16			1,342
European Retail		34,266			2,970						41			37,277
Direct Response / E-Commerce		15,750			1,374						20			17,144
Segment Results		92,045			7,726			—			125			99,896
Corporate / Manufacturing		(26,098		)	5,998			3,657			393			(16,050		)
Total		$	65,947		$	13,724		$	3,657		$	518		$	83,846

 

**   SINCE ADJUSTED EBITDA IS NOT A MEASURE OF PERFORMANCE CALCULATED IN ACCORDANCE WITH U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (“GAAP”), IT SHOULD NOT BE CONSIDERED IN ISOLATION OF, OR AS A SUBSTITUTE FOR OR SUPERIOR TO, OTHER MEASURES OF FINANCIAL PERFORMANCE PREPARED IN ACCORDANCE WITH GAAP, SUCH AS OPERATING INCOME, NET INCOME AND CASH FLOWS FROM OPERATING ACTIVITIES.  IN ADDITION, THE COMPANY’S DEFINITION OF ADJUSTED EBITDA IS NOT NECESSARILY COMPARABLE TO SIMILARLY TITLED MEASURES REPORTED BY OTHER COMPANIES.

 

 

ADJUSTED EBITDA**

Reconciliation of GAAP Measures to Non-GAAP Measures

(Unaudited)

 

		SIX MONTHS ENDED MARCH 31, 2009
(In thousands)		Pretax Income (Loss)			Depreciation and amortization			Interest			Non-cash charges			Adjusted EBITDA**
Wholesale / US Nutrition		$	72,098		$	7,310		$	—		$	(27	)	$	79,381
North American Retail		1,161			1,497			—			47			2,705
European Retail		46,489			6,964			—			90			53,543
Direct Response / E-Commerce		23,403			2,532			—			4,623			30,558
Segment Results		143,151			18,303			—			4,733			166,187
Corporate / Manufacturing		(86,449		)	16,497			18,377			1,003			(50,572		)
Total		$	56,702		$	34,800		$	18,377		$	5,736		$	115,615

 

		SIX MONTHS ENDED MARCH 31, 2008
		Pretax Income (Loss)			Depreciation and amortization			Interest			Non-cash charges			Adjusted EBITDA**
Wholesale / US Nutrition		$	95,488		$	5,272		$	—		$	48		$	100,808
North American Retail		(342		)	1,654			—			366			1,678
European Retail		69,333			6,032			—			41			75,406
Direct Response / E-Commerce		22,872			2,740			—			20			25,632
Segment Results		187,351			15,698			—			475			203,524
Corporate / Manufacturing		(52,143		)	11,957			7,519			393			(32,274		)
Total		$	135,208		$	27,655		$	7,519		$	868		$	171,250

 

** SINCE ADJUSTED EBITDA IS NOT A MEASURE OF PERFORMANCE CALCULATED IN ACCORDANCE WITH U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (“GAAP”), IT SHOULD NOT BE CONSIDERED IN ISOLATION OF, OR AS A SUBSTITUTE FOR OR SUPERIOR TO, OTHER MEASURES OF FINANCIAL PERFORMANCE PREPARED IN ACCORDANCE WITH GAAP, SUCH AS OPERATING INCOME, NET INCOME AND CASH FLOWS FROM OPERATING ACTIVITIES. IN ADDITION, THE COMPANY’S DEFINITION OF ADJUSTED EBITDA IS NOT NECESSARILY COMPARABLE TO SIMILARLY TITLED MEASURES REPORTED BY OTHER COMPANIES.

 

 

NBTY, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

 

(In thousands, except per share amounts)

 

		March 31,			September 30,
		2009			2008
Current assets:
Cash and cash equivalents		$	43,801		$	90,180
Accounts receivable, net		134,111			122,878
Inventories		613,401			585,239
Deferred income taxes		25,300			25,098
Other current assets		36,587			75,971
Total current assets		853,200			899,366
Property, plant and equipment, net		394,645			419,066
Goodwill		323,337			342,379
Intangible assets, net		217,945			230,424
Other assets		37,151			45,123
Total assets		$	1,826,278		$	1,936,358
Current liabilities:
Current portion of long-term debt		$	32,077		$	33,309
Accounts payable		156,256			120,620
Accrued expenses and other current liabilities		134,817			172,035
Total current liabilities		323,150			325,964
Long-term debt, net of current portion		464,010			538,402
Deferred income taxes		32,992			49,139
Other liabilities		32,366			24,657
Total liabilities		852,518			938,162
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.008 par; authorized 175,000 shares; issued and outstanding 61,600 and 61,599 shares at March 31, 2009 and September 30, 2008, respectively		493			493
Capital in excess of par		142,065			140,990
Retained earnings		875,613			839,068
Accumulated other comprehensive (loss) income		(44,411		)	17,645
Total stockholders’ equity		973,760			998,196
Total liabilities and stockholders’ equity		$	1,826,278		$	1,936,358

 

 

NBTY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(In thousands)

 

		Six Months
		ended March 31,
		2009			2008
Cash flows from operating activities:
Net income		$	36,545		$	90,048
Adjustments to reconcile net income to cash provided by operating activities:
Impairments and disposals of property, plant and equipment		688			482
Depreciation and amortization		34,800			27,655
IT project termination costs		4,667			—
Foreign currency transaction loss (gain)		6,669			(1,385		)
Stock-based compensation		1,069			518
Amortization of deferred charges		631			372
Allowance for doubtful accounts		850			(174		)
Inventory reserves		7,177			2,465
Deferred income taxes		383			903
Excess income tax benefit from exercise of stock options		—			(4,984		)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		(16,256		)	(153		)
Inventories		(57,941		)	(8,156		)
Other assets		10,568			4,241
Accounts payable		47,219			13,927
Accrued expenses and other liabilities		(20,843		)	(10,946		)
Net cash provided by operating activities		56,226			114,813
Cash flows from investing activities:
Purchase of property, plant and equipment		(35,639		)	(21,693		)
Purchase of available-for-sale investments		—			(159,884		)
Proceeds from sale of available-for-sale investments		—			248,728
Cash paid for acquisitions, net of cash acquired		(264		)	(5,072		)
Escrow refund, net of purchase price adjustments		11,989			—
Net cash (used in) provided by investing activities		(23,914		)	62,079
Cash flows from financing activities:
Principal payments under long-term debt agreements and capital leases		(16,785		)	(481		)
Proceeds from borrowings under the Revolving Credit Facility		60,000			—
Principal payments under the Revolving Credit Facility		(115,000		)	—
Excess income tax benefit from exercise of stock options		—			4,984
Proceeds from stock options exercised		6			3,852
Purchase of treasury stock (subsequently retired)		—			(171,008		)
Net cash used in financing activities		(71,779		)	(162,653		)
Effect of exchange rate changes on cash and cash equivalents		(6,912		)	(2,233		)
Net (decrease) increase in cash and cash equivalents		(46,379		)	12,006
Cash and cash equivalents at beginning of period		90,180			92,902
Cash and cash equivalents at end of period		$	43,801		$	104,908