Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

 

NBTY REPORTS FISCAL YEAR END AND RECORD FOURTH QUARTER RESULTS

 

RONKONKOMA, N.Y. — November 9, 2009 - NBTY, Inc. (NYSE: NTY) (www.NBTY.com), a leading global manufacturer and marketer of nutritional supplements, today announced results for the fiscal fourth quarter and fiscal year ended September 30, 2009.

 

For the fiscal fourth quarter ended September 30, 2009, net sales were a record $674 million compared to $602 million for the fiscal fourth quarter ended September 30, 2008, an increase of $73 million or 12%.  Leiner Health Products, which was acquired in July 2008, has been fully integrated into NBTY operations, and accordingly, Leiner sales can no longer be separately identified.

 

Net income for the fiscal fourth quarter ended September 30, 2009 was $63 million, or $1.00 per diluted share, compared to net income of $18 million, or $0.28 per diluted share, for the prior comparable quarter.

 

Net income for this fiscal fourth quarter reflects greater sales, improved supply chain management and effective controls of selling, general & administrative and advertising costs.  During the quarter, the Company recovered a net of $7 million for previously terminated IT programs.  The aggregate after-tax impact of this item was $0.07 per diluted share.  Without this recovery, earnings per diluted share for this fiscal quarter would have been $0.93.

 

Adjusted EBITDA for the fiscal fourth quarter of 2009 was a record $120 million, compared to $55 million for the fiscal fourth quarter of 2008.  The Company’s balance sheet continues to be strong and well capitalized.  At September 30, 2009, working capital was $674 million,

 

 

total assets were $2 billion, and $325 million remains undrawn under the Company’s Revolving Credit Facility.

 

Preliminary and unaudited net sales for October 2009 were $242 million, a 9% increase from the prior like month.  A detailed breakdown of these sales is shown in the last table below.

 

OPERATIONS FOR THE FISCAL FOURTH QUARTER ENDED SEPTEMBER 30, 2009

 

Net sales for the Wholesale/US Nutrition division, which markets various brands including Nature’s Bounty, Osteo Bi-Flex, Rexall, Sundown,  Ester-C, Solgar, and private label products, increased $46 million, or 13%, to $404 million.

 

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 September 26, 2009, Nielsen reported an increase in the entire category of 11%.  According to Nielsen, for that same period, the Company’s Wholesale brands reported a 13.6% 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 $50 million, a 2% increase from the prior like quarter.   While the division’s same store sales were relatively flat for the fiscal fourth quarter of 2009, the modernization of its stores had a favorable impact on its operations.  This resulted in pre-tax income of $2 million, net of IT recovery, compared with a $1 million loss for the prior like quarter.

 

 

During the fiscal fourth quarter of 2009, the North American Retail division closed one store and added one new store.  At the end of the fiscal fourth quarter of 2009, the North American Retail division operated a total of 528 stores, consisting of 442 Vitamin World stores in the United States and 86 LeNaturiste stores in Canada.

 

European Retail net sales for the fiscal fourth quarter ended September 30, 2009 were $160 million compared to $138 million, for the prior like quarter.  European Retail net sales for the fiscal fourth quarter of 2009 include $27 million from Julian Graves.   NBTY acquired Julian Graves on September 16, 2008 and in that month Julian Graves generated $5 million in sales.  European Retail same store sales decreased 4%, and in local currency (British Pound Sterling), same store sales increased 11%.

 

The Julian Graves acquisition was formally approved by the UK Competition Commission on August 20, 2009.  The Company is in the process of integrating the Julian Graves operation.  Benefits should be seen in European Retail operations by the fiscal fourth quarter 2010.

 

The European Retail division continues to leverage its premier status, high street locations and brand awareness to maintain market share in a difficult retail environment. The European Retail division consists of 537 Holland & Barrett stores, 351 Julian Graves stores and 31 GNC stores in the UK, 24 Nature’s Way stores in Ireland, and 80 DeTuinen stores in the Netherlands, for a total of 1,023 stores in Europe and 9 Holland & Barrett franchised stores in South Africa.  As part of Holland & Barrett’s global expansion, additional franchise locations are expected during 2010.

 

Net sales from Direct Response/E-Commerce operations for the fiscal fourth quarter of 2009 increased $4 million, or 8% to $60 million from $55 million for the fiscal fourth 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.  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.

 

OPERATIONS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2009

 

For the fiscal year ended September 30, 2009, net sales were $2.6 billion, compared to net sales of $2.2 billion for the prior fiscal year, an increase of $402 million, or 18%.  Net income

 

 

for the fiscal year ended September 30, 2009 was $146 million, or $2.30 per diluted share, compared to $153 million, or $2.33 per diluted share, for the prior fiscal year.  Adjusted EBITDA for fiscal 2009 was $345 million, compared to $313 million for fiscal 2008, reflecting increased income from operations.

 

Overall gross profit margins for the fiscal year ended 2009 decreased to 44% from 49% for the fiscal year ended 2008.   This decrease was primarily due to significantly higher private label sales which traditionally have a lower gross margin.  Additional cost pressures occurred at the time of the Leiner acquisition 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 purchased products at these higher costs which were not offset by higher prices charged to the customer.  These conditions negatively impacted results for the first half of fiscal year 2009.  The Company’s operations stabilized during the second half as supply chain management improved.

 

Selling, general and administrative cost increased $38 million from fiscal year 2008 to $738 million for fiscal year 2009.  As a percentage of sales, these costs decreased from 32% of sales to 29%.  At the same time, advertising costs decreased $30 million to $110 million and as a percentage of net sales decreased from 6% to 4%.

 

NBTY Chairman and CEO, Scott Rudolph, said: “We are pleased to report record fourth quarter results.  These results are indicative of the benefits achieved from the successful integration of the Leiner acquisition as well as our strategic position in the marketplace.  We continue to benefit from our operating leverage and expect to maintain our global leadership position in the nutritional supplement industry.”

 

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(R) (www.NaturesBounty.com), Vitamin World(R) (www.VitaminWorld.com), Puritan’s Pride(R) (www.Puritan.com), Holland & Barrett(R) (www.HollandAndBarrett.com), Rexall(R) (www.Rexall.com), Sundown(R) (www.SundownNutrition.com), MET-Rx(R)  (www.MetRX.com), Worldwide Sport Nutrition(R) (www.SportNutrition.com), American Health(R) (www.AmericanHealthUS.com), GNC (UK)(R) (www.GNC.co.uk), DeTuinen(R) (www.DeTuinen.nl), LeNaturiste™ (www.LeNaturiste.com), SISU (R) (www.SISU.com), Solgar(R) (www.Solgar.com), Good ‘n’ Natural(R) (www.goodnnatural.com), Home Health™

 

 

(www.homehealthus.com), Julian Graves, and Ester-C (R)(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 September 30,
		2009			2008
Net sales		$	674,137		$	601,574
Costs and expenses:
Cost of sales		367,051			338,100
Advertising, promotion and catalog		22,209			31,570
Selling, general and administrative		184,608			199,621
IT project termination recovery		(7,055		)	—
		566,813			569,291
Income from operations		107,324			32,283
Other income (expense):
Interest		(8,102		)	(7,399		)
Miscellaneous, net		1,897			1,978
		(6,205		)	(5,421		)
Income before provision for income taxes		101,119			26,862
Provision for income taxes		37,853			9,286
Net income		$	63,266		$	17,576
Net income per share:
Basic		$	1.02		$	0.29
Diluted		$	1.00		$	0.28
Weighted average common shares outstanding:
Basic		61,874			61,245
Diluted		63,528			63,282

 

 

NBTY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

(In thousands, except per share amounts)

 

		Fiscal years
		ended September 30,
		2009			2008
Net sales		$	2,581,950		$	2,179,469
Costs and expenses:
Cost of sales		1,458,437			1,102,169
Advertising, promotion and catalog		110,098			140,479
Selling, general and administrative		737,786			700,209
IT project termination costs		11,718			—
		2,318,039			1,942,857
Income from operations		263,911			236,612
Other income (expense):
Interest		(34,882		)	(18,639		)
Miscellaneous, net		(61		)	13,067
		(34,943		)	(5,572		)
Income before provision for income taxes		228,968			231,040
Provision for income taxes		83,239			77,889
Net income		$	145,729		$	153,151
Net income per share:
Basic		$	2.36		$	2.42
Diluted		$	2.30		$	2.33
Weighted average common shares outstanding:
Basic		61,718			63,386
Diluted		63,236			65,739

 

 

		NET SALES
		(Unaudited)
		THREE MONTHS ENDED								FISCAL YEARS ENDED
		SEPTEMBER 30,								SEPTEMBER 30,
								Percentage								Percentage
(In thousands)		2009			2008			Change		2009			2008			Change
Wholesale / US Nutrition		$	404,159		$	358,543		13	%	$	1,557,089		$	1,160,486		34	%
North American Retail		50,300			49,513			2	%	201,878			208,014			-3	%
European Retail		159,817			138,127			16	%	601,574			600,463			0	%
Direct Response / E-Commerce		59,861			55,391			8	%	221,409			210,506			5	%
Total		$	674,137		$	601,574		12	%	$	2,581,950		$	2,179,469		18	%

 

		GROSS PROFIT
		PERCENTAGES
		(Unaudited)
		THREE MONTHS ENDED						FISCAL YEARS ENDED
		SEPTEMBER 30,						SEPTEMBER 30,
						Increase						Increase
		2009		2008		- Decrease		2009		2008		- Decrease
Wholesale / US Nutrition		34	%	31	%	3	%	31	%	38	%	-7	%
North American Retail		68	%	67	%	1	%	67	%	63	%	4	%
European Retail		62	%	65	%	-3	%	62	%	63	%	-1	%
Direct Response / E-Commerce		61	%	52	%	9	%	62	%	57	%	5	%
Total		46	%	44	%	2	%	44	%	49	%	-5	%

 

 

ADJUSTED EBITDA**

Reconciliation of GAAP Measures to Non-GAAP Measures

(Unaudited)

 

(In thousands)

 

		THREE MONTHS ENDED
		SEPTEMBER 30, 2009
		Pretax Income (Loss)			Depreciation and amortization			Interest			Non-cash charges*			Adjusted EBITDA**
Wholesale / US Nutrition		$	69,692		$	3,803		$	—		$	49		$	73,544
North American Retail		5,580			752			—			(3,795		)	2,537
European Retail		29,189			3,787			—			(3,725		)	29,251
Direct Response / E-Commerce		19,323			1,245			—			15			20,583
Segment Results		123,784			9,587			—			(7,456		)	125,915
Corporate / Manufacturing		(22,665		)	7,698			8,102			1,151			(5,714		)
Total		$	101,119		$	17,285		$	8,102		$	(6,305	)	$	120,201

 

		THREE MONTHS ENDED
		SEPTEMBER 30, 2008
		Pretax Income (Loss)			Depreciation and amortization			Interest			Non-cash charges			Adjusted EBITDA**
Wholesale / US Nutrition		$	29,516		$	3,797		$	—		$	49		$	33,362
North American Retail		(1,083		)	757			—			450			124
European Retail		24,359			3,230			—			55			27,644
Direct Response / E-Commerce		2,497			1,266			—			23			3,786
Segment Results		55,289			9,050			—			577			64,916
Corporate / Manufacturing		(28,427		)	10,633			7,399			570			(9,825		)
Total		$	26,862		$	19,683		$	7,399		$	1,147		$	55,091

 

*      INCLUDES RECOVERY OF CERTAIN IT PROJECT TERMINATION COSTS.

 

**   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)

 

(In thousands)

 

		FISCAL YEAR ENDED SEPTEMBER 30, 2009
		Pretax Income (Loss)			Depreciation and amortization			Interest			Non-cash charges*			Adjusted EBITDA**
Wholesale / US Nutrition		$	180,660		$	14,794		$	—		$	46		$	195,500
North American Retail		1,420			3,007			—			1,813			6,240
European Retail		89,747			14,385			—			1,956			106,088
Direct Response / E-Commerce		57,442			5,022			—			5,428			67,892
Segment Results		329,269			37,208			—			9,243			375,720
Corporate / Manufacturing		(100,301		)	31,680			34,882			2,987			(30,752		)
Total		$	228,968		$	68,888		$	34,882		$	12,230		$	344,968

 

		FISCAL YEAR ENDED SEPTEMBER 30, 2008
		Pretax Income (Loss)			Depreciation and amortization			Interest			Non-cash charges			Adjusted EBITDA**
Wholesale / US Nutrition		$	158,195		$	11,655		$	—		$	128		$	169,978
North American Retail		(2,816		)	3,161			—			834			1,179
European Retail		121,941			12,311			—			145			134,397
Direct Response / E-Commerce		28,197			5,254			—			66			33,517
Segment Results		305,517			32,381			—			1,173			339,071
Corporate / Manufacturing		(74,477		)	28,340			18,639			1,500			(25,998		)
Total		$	231,040		$	60,721		$	18,639		$	2,673		$	313,073

 

*      INCLUDES RECOVERY OF CERTAIN IT PROJECT TERMINATION COSTS.

 

**   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)

 

		September 30,
		2009			2008
Current assets:
Cash and cash equivalents		$	106,001		$	90,180
Accounts receivable, net		155,863			122,878
Inventories		658,534			585,239
Deferred income taxes		28,154			25,098
Other current assets		49,999			75,971
Total current assets		998,551			899,366
Property, plant and equipment, net		373,817			419,066
Goodwill		339,099			342,379
Intangible assets, net		214,139			230,424
Other assets		34,615			45,123
Total assets		$	1,960,221		$	1,936,358
Current liabilities:
Current portion of long-term debt		$	38,893		$	33,309
Accounts payable		128,485			120,620
Accrued expenses and other current liabilities		156,734			172,035
Total current liabilities		324,112			325,964
Long-term debt, net of current portion		437,629			538,402
Deferred income taxes		36,422			49,139
Other liabilities		34,233			24,657
Total liabilities		832,396			938,162
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.008 par; authorized 175,000 shares; issued and outstanding 61,874 and 61,599 shares at September 30, 2009 and 2008, respectively		495			493
Capital in excess of par		145,885			140,990
Retained earnings		984,797			839,068
Accumulated other comprehensive (loss) income		(3,352		)	17,645
Total stockholders’ equity		1,127,825			998,196
Total liabilities and stockholders’ equity		$	1,960,221		$	1,936,358

 

 

NBTY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

(In thousands)

 

		For the fiscal year
		ended September 30,
		2009			2008
Cash flows from operating activities:
Net income		$	145,729		$	153,151
Adjustments to reconcile net income to cash provided by operating activities:
Impairments and disposals of assets, net		14,029			1,320
Depreciation and amortization		68,888			60,721
Foreign currency transaction loss (gain)		4,552			(1,934		)
Stock-based compensation		3,396			1,897
Amortization of deferred charges		1,270			874
Allowance for doubtful accounts		(2,354		)	2,140
Inventory reserves		6,889			8,113
Deferred income taxes		6,995			7,697
Excess income tax benefit from exercise of stock options		(55		)	(1,002		)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		(32,368		)	(11,619		)
Inventories		(88,348		)	(77,027		)
Other assets		1,255			(2,817		)
Accounts payable		17,752			4,386
Accrued expenses and other liabilities		(10,693		)	31,505
Net cash provided by operating activities		136,937			177,405
Cash flows from investing activities:
Purchase of property, plant and equipment		(43,375		)	(49,097		)
Purchase of available-for-sale investments		—			(365,021		)
Proceeds from sale of available-for-sale investments		—			483,156
Cash paid for acquisitions, net of cash acquired		—			(394,532		)
Cash paid for acquisition of customer lists		—			(5,072		)
Acquisition working capital escrow		—			(15,000		)
Escrow refund, net of purchase of price adjustments		13,383			—
Proceeds from sale of assets		2,000			—
Net cash used in investing activities		(27,992		)	(345,566		)
Cash flows from financing activities:
Proceeds from term loan		—			300,000
Proceeds from borrowings under the Revolving Credit Facility		95,000			385,000
Principal payments under the Revolving Credit Facility		(155,000		)	(325,000		)
Principal payments under long-term debt agreements and capital leases		(33,217		)	(2,816		)
Payments for financing fees		—			(2,478		)
Excess income tax benefit from exercise of stock options		55			1,002
Proceeds from stock options exercised		1,446			7,325
Purchase of treasury stock (subsequently retired)		—			(188,432		)
Net cash (used in) provided by financing activities		(91,716		)	174,601
Effect of exchange rate changes on cash and cash equivalents		(1,408		)	(9,162		)
Net increase (decrease) increase in cash and cash equivalents		15,821			(2,722		)
Cash and cash equivalents at beginning of year		90,180			92,902
Cash and cash equivalents at end of year		$	106,001		$	90,180