UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
__________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): January 6, 2009
AngioDynamics,
Inc.
(Exact
Name of Registrant as Specified in Charter)
|
Delaware
|
000-50761
|
11-3146460
|
|
(State
or Other Jurisdiction
of Incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
|
603
Queensbury Avenue, Queensbury, New
York 12804
|
|
(Address
of Principal Executive
Offices)
(Zip Code)
|
|
(518)
798-1215
|
|
(Registrant’s
telephone number, including area
code)
|
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2 (b))
|
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4 (c))
|
Item
2.02 – Results of Operations and Financial Condition.
On January 6, 2009, AngioDynamics, Inc.
(the “Company”) issued a press release announcing financial results for the
fiscal second quarter ended November 30, 2008.
The
information set forth in Item 2.02 of this Form 8-K (including Exhibit 99.1)
shall not be deemed “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the Exchange Act), or incorporated by
reference in any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by specific reference in
such a filing.
Forward-Looking
Statements
This document and its attachments
include "forward-looking statements" intended to qualify for the safe harbor
from liability established by the Private Securities Litigation Reform Act of
1995. Investors can identify these statements by the fact that they do not
relate strictly to historical or current facts. These statements contain words
such as "expect," "reaffirm," "anticipate," "plan," "believe," "estimate,"
"may," "will," "predict," "project," "might," "intend," "potential," "could,"
"would," "should," "estimate," "seek," "continue," "pursue," or "our future
success depends," or the negative or other variations thereof or comparable
terminology, are intended to identify such forward-looking statements. In
particular, they include statements relating to, among other things, future
actions, strategies, future performance and future financial results of the
Company. These forward-looking statements are based on current
expectations and projections about future events.
Investors are cautioned
that forward-looking statements are not guarantees of future performance or
results and involve risks and uncertainties that cannot be predicted or
quantified and, consequently, the actual performance or results of the Company
may differ materially from those expressed or implied by such forward-looking
statements. Such risks and uncertainties include, but are not limited
to, the factors described from time to time in the Company's reports filed with
the SEC, including the Company's Form 10-K for the fiscal year ended May 31,
2008, financial community and rating agency perceptions of the Company; the
effects of economic, credit and capital market conditions on the economy in
general, and on medical device companies in particular; domestic and foreign
health care reforms and governmental laws and regulations; third-party relations
and approvals, technological advances and patents attained by competitors; and
challenges inherent in new product development, including obtaining regulatory
approvals. In addition to the matters described above, the ability of
the Company to develop its products, future actions by the FDA or other
regulatory agencies, results of pending or future clinical trials, the outcome
of pending patent litigation, overall economic conditions, general market
conditions, market acceptance, foreign currency exchange rate fluctuations, and
the effects on pricing from group purchasing organizations and competition, may
affect the actual results achieved by the Company.
Any
forward-looking statements are made pursuant to the Private Securities
Litigation Reform Act of 1995 and, as such, speak only as of the date made. The
Company disclaims any obligation to update the forward-looking statements.
Investors are cautioned not to place undue reliance on these forward-looking
statements which speak only as of the date stated, or if no date is stated, as
of the date of this document.
Item
9.01 – Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No.
|
Description
|
|
|
99.1
|
Press
Release dated January 6, 2009.
|
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
| ANGIODYNAMICS, INC. | ||
| (Registrant) | ||
|
Date:
January 6, 2009
|
By:
|
/s/
D. Joseph Gersuk
|
|
D.
Joseph Gersuk
|
||
|
Chief
Financial Officer
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||
EXHIBIT
INDEX
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Exhibit No.
|
Description
|
|
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99.1
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Press
Release dated January 6, 2009.
|
Exhibit
99.1
For Immediate Release
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Company
Contact:
|
Investor Relations
Contacts:
|
Media
Contact:
|
|
AngioDynamics,
Inc.
D. Joseph Gersuk,
CFO
(800) 772-6446
x1608
jgersuk@AngioDynamics.com
|
EVC
Group, Inc.
Doug Sherk / Jenifer
Kirtland
(415) 896-6820
dsherk@evcgroup.com
jkirtland@evcgroup.com
|
EVC
Group, Inc.
Steve DiMattia
(646) 201-5445
sdimattia@evcgroup.com
|
AngioDynamics
Reports Financial Results for Fiscal 2009
Second
Quarter
|
|
·
|
Net Sales
Increase 17% to $48.5
Million
|
|
|
·
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Net Income
of $2.9 Million and EPS of
$0.12
|
|
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·
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(Non GAAP)
EBITDA of $7.8 Million or $0.32 Per
Share
|
|
|
·
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First IRE
NanoKnife™ Sales Recorded
|
|
|
·
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Conference
Call Begins Today at 4:30 p.m. Eastern
Time
|
QUEENSBURY, N.Y.
January 6, 2009 — AngioDynamics, Inc. (NASDAQ: ANGO), a
leading provider of innovative medical devices used by interventional
radiologists and surgeons for the minimally invasive treatment of cancer and
peripheral vascular disease, today reported financial results for the second
quarter and six months ended November 30, 2008. Financial results
include the acquisition of Diomed assets since June 17, 2008, the date of
acquisition.
Net sales in the fiscal second quarter
were $48.5 million, a 17% increase over the $41.5 million reported in the second
quarter a year ago. Gross margin in the second quarter was 61.3%,
consistent with the gross margin reported for the same period one year
ago. Operating income increased in the second quarter to $4.9 million
compared with $4.8 million in the prior year period. Net income was
$2.9 million or $0.12 per share in the fiscal second quarter, compared with $3.1
million or $0.13 per share for the corresponding period one year
ago. EBITDA (Non GAAP) increased 11% to $7.8 million or $0.32 per
share from $7.0 million or $0.29 per share in the second quarter a year
ago. A non-cash charge associated with an interest rate swap
initiated in 2006 and foreign exchange losses reduced second quarter pretax
income by $570,000 and net income by $350,000, or a total of $0.01 per
share.
For the six months ended November 30,
2008, net sales were $92.8 million, a 17% increase over the $79.0 million
reported in the prior year period; gross margin increased to 61.6% from 60.7% a
year ago; operating income increased to $8.7 million from $8.3
million a year ago; and net income was
$5.1 million or $0.21 per share, compared with $5.5 million or $0.23 per share
for the corresponding period a year ago. EBITDA (Non GAAP) increased
15% to $14.5 million or $0.59 per share from $12.6 million or $0.52 per share in
the first half last year. The aforementioned non-cash charge on the
interest rate swap and foreign exchange losses reduced first half pretax income
by $800,000 and net income by $500,000, or $0.02 per share.
In fiscal 2009, AngioDynamics began
operating three business units: Peripheral Vascular, Access and
Oncology/Surgery. Peripheral Vascular sales were $21.8 million in the
quarter, an increase of 33% from the second quarter a year ago, inclusive of the
laser ablation products acquired from Diomed. Access sales were $16.1
million in the quarter, an increase of 2% from the second quarter a year ago,
and Oncology/Surgery sales grew 13% to $10.6 million in the second
quarter.
“Our second quarter results illustrate the benefit of our
diverse product offering,”
said Eamonn Hobbs, President and CEO. “The favorable impact of the
acquired Diomed
products, combined with
strong sales growth from the LC Bead™, Smart Port™ CT, Morpheus®
insertion kit and VenaCure EVLT™ procedure kit product lines
overcame lower sales from our conventional ports, PTA, Habib®,
and RF ablation product lines. In addition, while sales of the
Morpheus PICC line were impacted by the previously disclosed manufacturing issue
incurred in the first quarter, the issue was successfully resolved and Morephus
PICC sales during the final month of the quarter regained
momentum. Overall, for the quarter our net sales growth was 17% and,
importantly, we recorded our first IRE NanoKnife sales in the quarter,” said Mr.
Hobbs.
Highlights of the quarter and more
recent activities include the following:
|
|
·
|
Substantial progress in
integrating the acquired Diomed business into the
Peripheral Vascular business unit. The entire Peripheral
Vascular sales force has been trained on the VenaCure EVLT product line and kit sales
were extremely strong in the quarter. Laser sales were below expectations, as
prospective customers
remain cautious. Occupancy costs in Cambridge, England were lowered 35% through
relocation to smaller
premises.
|
|
|
·
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The Company’s first commercial sale of
NanoKnife probes, contributed $42,000 to second quarter
sales.
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|
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·
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Continued
positive clinical uses of NanoKnife, as five sites in the USA, Australia,
Germany and Italy have completed a total of 35 IRE procedures for
percutaneous prostate, percutaneous and laparoscopic liver, kidney, lymph
node, and lung lesions as of the date of this release. The
physicians performing the percutaneous IRE procedures have all reported
NanoKnife IRE system ease of use, rapid radiographic lesion resolution,
and short procedure times required compared to other focal
therapies. Most patients treated have also commented on a
distinct lack of, or very minimal, pain, especially when compared to
previous thermal focal therapy
treatments.
|
|
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·
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Additional
shipments of NanoKnife IRE systems to hospitals in the USA, Australia,
Italy and Germany under the Company’s program to place systems with 25 key
thought leaders, including 5 of the top 10 cancer centers in the
USA. This brings the number of systems shipped to key thought
leaders from various clinical specialties to 19. Two of these
sites have also completed pre-clinical pancreatic IRE safety
studies.
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|
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·
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Receipt
of CE Mark approval for both NanoKnife IRE electrode models has enabled
the sale of NanoKnife IRE systems within the European
Union. TGA and HPB approvals for Australia and Canada,
respectively, are pending.
|
The Company reported cash and
investments at November 30, 2008 of $57.8 million and long term debt of $7.2
million.
Fiscal 2009 Guidance
The Company has updated its outlook for
fiscal 2009 incorporating first half financial performance as well as the
overall current economic environment. The Company now expects the
following financial results for the fiscal year, with reference to previous
guidance:
|
|
·
|
Net sales in the range of $198 to
$203 million (a
decrease of $5 million)
|
|
|
·
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Gross margin in the range of
61-62%
(an increase of
1%)
|
|
|
·
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GAAP operating income in the range
of $19-21 million (a
decrease of $1-2 million)
|
|
|
·
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EBITDA in the range of $31 -
$33
million (a decrease
of $1-2 million)
|
|
|
·
|
GAAP EPS in the range of
$0.45 to
$0.50, inclusive of
additional operating
expenses of $0.05 per
share associated with the CEO transition and non-operating expenses of
$0.03 per share as a result of the
impact of the
interest rate swap
and foreign exchange
losses (versus
approximately $0.55 per
share).
|
Conference Call
AngioDynamics management will host a
conference call to discuss its second quarter results today beginning at 4:30
p.m. Eastern Time. To participate in the live call by telephone, please dial 1
(800) 218-0713 from the U.S. or for international callers, please dial +1 (303)
262-2130.
In
addition, individuals can listen to the call on the Internet by visiting the
investor relations portion of the Company's website at
http://investor.angiodynamics.com. To listen to the live call, please
go to the website 15 minutes prior to its start to register, download, and
install the necessary audio software.
A replay will be available on the
website. A telephone replay will be available from 6:30 p.m. Eastern time on
January 6, 2009 through 11:59 p.m. Eastern time on January 13, 2009 by dialing 1
(800) 405-2236 (domestic) or +1 (303) 590-3000 (international) and entering the
passcode: 11123338#.
Use
of Non-GAAP Measures
Management
uses non-GAAP measures to establish operational goals, and believes that
non-GAAP measures may assist investors in analyzing the underlying trends in the
Company’s business over time. Investors should consider these non-GAAP measures
in addition to, not as a substitute for or as superior to, financial reporting
measures prepared in accordance with GAAP. In this news release, the Company has
reported non-GAAP EBITDA, (earnings before interest, taxes, depreciation and
amortization), and EBITDA per share. Management uses these measures in its
internal analysis and review of operational performance. Management believes
that these measures provide investors with useful information in comparing the
Company’s performance over different periods, particularly when comparing this
period to periods in which the Company did not incur any expenses relating to
these activities or items. By using these non-GAAP measures, management believes
that investors get a better picture of the performance of the Company’s
underlying business. Management encourages investors to review the Company’s
financial results prepared in accordance with GAAP to understand the Company’s
performance taking into account all relevant factors, including those that may
only occur from time to time but have a material impact on the Company’s
financial results. Please see the tables that follow for a reconciliation of
GAAP to non-GAAP measures.
About AngioDynamics
AngioDynamics, Inc. is a leading
provider of innovative medical devices used by interventional radiologists,
surgeons, and other physicians for the minimally invasive treatment of cancer
and peripheral vascular disease. The Company’s diverse product line includes
market-leading radiofrequency ablation and irreversible electroporation
resection systems, vascular access
products, angiographic products and accessories, dialysis products, angioplasty
products, drainage products, thrombolytic products, embolization products and
venous products. More information is available at www.angiodynamics.com.
Safe Harbor
This
release contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements regarding
AngioDynamics’ expected future financial position, results of operations, cash
flows, business strategy, budgets, projected costs, capital expenditures,
products, competitive positions, growth opportunities, plans and objectives of
management for future operations, as well as statements that include the words
such as “expects,” “reaffirms” “intends,” “anticipates,” “plans,” “believes,”
“seeks,” “estimates,” or variations of such words and similar expressions, are
forward-looking statements. These forward looking statements are not
guarantees
of future performance and are subject to risks and
uncertainties. Investors are cautioned that actual events or results
may differ from the Company’s expectations. Factors that may affect
the actual results achieved by the Company include, without limitation, the
ability of the Company to develop its existing and new products, future actions
by the FDA or other regulatory agencies, results of pending or future clinical
trials, overall economic conditions, general market conditions, market
acceptance, foreign currency exchange rate fluctuations, the effects on pricing
from group purchasing organizations and competition, the ability of the Company
to integrate purchased businesses as well as the risk factors listed from time
to time in the SEC filings of AngioDynamics, Inc., including but not limited to
its Annual Report on Form 10-K for the year ended May 31, 2008. The
Company does not assume any obligation to publicly update or revise any
forward-looking statements for any reason.
In
the United States, NanoKnife has been cleared by the FDA for use in the surgical
ablation of soft tissue. This document may discuss the use of NanoKnife for
specific clinical indications for which it is not cleared in the United States
at this time.
###
(Tables to Follow)
ANGIODYNAMICS,
INC. AND SUBSIDIARIES
CONSOLIDATED
INCOME STATEMENTS
(in
thousands, except per share data)
|
Three
months ended
|
Six
months ended
|
|||||||||||||||
|
Nov
30,
|
Nov
30,
|
Nov
30,
|
Nov
30,
|
|||||||||||||
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Net
sales
|
$ | 48,464 | $ | 41,497 | $ | 92,787 | $ | 79,023 | ||||||||
|
Cost
of sales
|
18,771 | 16,042 | 35,637 | 31,067 | ||||||||||||
|
Gross profit
|
29,693 | 25,455 | 57,150 | 47,956 | ||||||||||||
|
% of net sales
|
61.3 | % | 61.3 | % | 61.6 | % | 60.7 | % | ||||||||
|
Operating
expenses
|
||||||||||||||||
|
Research
and development
|
4,425 | 3,694 | 8,387 | 6,405 | ||||||||||||
|
Sales
and marketing
|
13,993 | 11,267 | 27,084 | 21,815 | ||||||||||||
|
General
and administrative
|
4,143 | 4,063 | 8,474 | 8,195 | ||||||||||||
|
Amortization
of intangibles
|
2,242 | 1,641 | 4,493 | 3,229 | ||||||||||||
|
Total operating
expenses
|
24,803 | 20,665 | 48,438 | 39,644 | ||||||||||||
|
Operating income
|
4,890 | 4,790 | 8,712 | 8,312 | ||||||||||||
|
Other
income (expense), net
|
(500 | ) | 163 | (751 | ) | 450 | ||||||||||
|
Income before income
taxes
|
4,390 | 4,953 | 7,961 | 8,762 | ||||||||||||
|
Provision
for income taxes
|
1,483 | 1,853 | 2,843 | 3,282 | ||||||||||||
|
Net income
|
$ | 2,907 | $ | 3,100 | $ | 5,118 | $ | 5,480 | ||||||||
|
Earnings
per common share
|
||||||||||||||||
|
Basic
|
$ | 0.12 | $ | 0.13 | $ | 0.21 | $ | 0.23 | ||||||||
|
Diluted
|
$ | 0.12 | $ | 0.13 | $ | 0.21 | $ | 0.23 | ||||||||
|
Weighted
average common shares
|
||||||||||||||||
|
Basic
|
24,362 | 24,034 | 24,330 | 24,002 | ||||||||||||
|
Diluted
|
24,563 | 24,365 | 24,536 | 24,315 | ||||||||||||
ANGIODYNAMICS,
INC. AND SUBSIDIARIES
CONSOLIDATED
INCOME STATEMENTS
(in
thousands, except per share data)
Reconciliation
of Operating Income to non-GAAP EBITDA:
|
Three
months ended
|
Six
months ended
|
|||||||||||||||
|
Nov
30,
2008 |
Nov
30,
2007 |
Nov
30,
2008 |
Nov
30,
2007 |
|||||||||||||
|
(unaudited)
|
(unaudited) | |||||||||||||||
|
Operating
income
|
$ | 4,890 | $ | 4,790 | $ | 8,712 | $ | 8,312 | ||||||||
|
Amortization
of intangibles
|
2,242 | 1,641 | 4,493 | 3,229 | ||||||||||||
|
Depreciation
|
636 | 590 | 1,289 | 1,094 | ||||||||||||
|
EBITDA
|
$ | 7,768 | $ | 7,021 | $ | 14,494 | $ | 12,635 | ||||||||
|
EBITDA
per common share
|
||||||||||||||||
|
Basic
|
$ | 0.32 | $ | 0.29 | $ | 0.60 | $ | 0.53 | ||||||||
|
Diluted
|
$ | 0.32 | $ | 0.29 | $ | 0.59 | $ | 0.52 | ||||||||
|
Weighted
average common shares
|
||||||||||||||||
|
Basic
|
24,362 | 24,034 | 24,330 | 24,002 | ||||||||||||
|
Diluted
|
24,563 | 24,365 | 24,536 | 24,315 | ||||||||||||
ANGIODYNAMICS,
INC. AND SUBSIDIARIES
NET
SALES BY BUSINESS UNIT AND BY GEOGRAPHY
(in
thousands)
|
Three
months ended
|
Six
months ended
|
|||||||||||||||
|
Nov
30,
2008 |
Nov
30,
2007 |
Nov
30,
2008 |
Nov
30,
2007 |
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Net
Sales by Business Unit
|
||||||||||||||||
|
Peripheral
Vascular
|
$ | 21,770 | $ | 16,386 | $ | 40,204 | $ | 30,473 | ||||||||
|
Access
|
16,069 | 15,694 | 31,755 | 30,476 | ||||||||||||
|
Oncology/Surgery
|
10,625 | 9,417 | 20,828 | 18,074 | ||||||||||||
|
Total
|
$ | 48,464 | $ | 41,497 | $ | 92,787 | $ | 79,023 | ||||||||
|
Net
Sales by Geography
|
||||||||||||||||
|
United
States
|
$ | 42,927 | $ | 37,588 | $ | 82,188 | $ | 71,596 | ||||||||
|
International
|
5,537 | 3,909 | 10,599 | 7,427 | ||||||||||||
|
Total
|
$ | 48,464 | $ | 41,497 | $ | 92,787 | $ | 79,023 | ||||||||
ANGIODYNAMICS,
INC. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(in
thousands)
|
Nov
30,
2008 |
May
31,
2008 |
|||||||
|
(unaudited)
|
(2) | |||||||
|
Assets
|
||||||||
|
Current
Assets
|
||||||||
|
Cash
and cash equivalents
|
$ | 19,734 | $ | 32,040 | ||||
|
Restricted
cash
|
- | 68 | ||||||
|
Marketable
securities
|
38,108 | 46,182 | ||||||
|
Total cash and
investments
|
57,842 | 78,290 | ||||||
|
Receivables,
net
|
25,733 | 26,642 | ||||||
|
Inventories,
net
|
28,584 | 22,901 | ||||||
|
Deferred
income taxes
|
8,610 | 10,902 | ||||||
|
Prepaid
expenses and other
|
3,354 | 3,147 | ||||||
|
Total current
assets
|
124,123 | 141,882 | ||||||
|
Property,
plant and equipment, net
|
22,715 | 21,163 | ||||||
|
Intangible
assets, net
|
70,548 | 71,311 | ||||||
|
Goodwill
|
164,540 | 162,707 | ||||||
|
Deferred
income taxes
|
7,094 | 6,860 | ||||||
|
Other
non-current assets
|
3,931 | 4,824 | ||||||
|
Total Assets
|
$ | 392,951 | $ | 408,747 | ||||
|
Liabilities
and Stockholders' Equity
|
||||||||
|
Current
portion of long-term debt
|
$ | 315 | $ | 10,040 | ||||
|
Contractual
payments on acquisition of business, net
|
4,751 | 9,625 | ||||||
|
Other
current liabilities
|
17,418 | 19,537 | ||||||
|
Litigation
provision
|
- | 6,757 | ||||||
|
Long-term
debt, net of current portion
|
6,930 | 7,075 | ||||||
|
Total Liabilities
|
29,414 | 53,034 | ||||||
|
Stockholders'
equity
|
363,537 | 355,713 | ||||||
|
Total Liabilities and
Stockholders' Equity
|
$ | 392,951 | $ | 408,747 | ||||
|
Shares
outstanding
|
24,363 | 24,268 | ||||||
(2)
Derived from audited financial statements
ANGIODYNAMICS,
INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in
thousands)
|
Six
months ended
|
||||||||
|
Nov
30,
2008 |
Nov
30,
2007 |
|||||||
|
(unaudited)
|
||||||||
|
Cash
flows from operating activities:
|
||||||||
|
Net
income
|
$ | 5,118 | $ | 5,480 | ||||
|
Depreciation
and amortization
|
5,782 | 4,323 | ||||||
|
Tax
effect of exercise of stock options
|
(74 | ) | 186 | |||||
|
Deferred
income taxes
|
2,234 | 2,105 | ||||||
|
Stock-based
compensation
|
2,460 | 2,546 | ||||||
|
Other
|
714 | 291 | ||||||
|
Changes
in operating assets and liabilities
|
||||||||
|
Receivables
|
2,010 | (1,626 | ) | |||||
|
Inventories
|
(3,176 | ) | (19 | ) | ||||
|
Accounts payable and accrued
liabilities
|
(1,322 | ) | (901 | ) | ||||
|
Litigation
provision
|
(6,757 | ) | 241 | |||||
|
Other
|
(892 | ) | (2,347 | ) | ||||
|
Net
cash provided by operating activities
|
6,097 | 10,279 | ||||||
|
Cash
flows from investing activities:
|
||||||||
|
Additions to property, plant and
equipment
|
(2,459 | ) | (3,554 | ) | ||||
|
Acquisition of intangible assets
and business
|
(15,180 | ) | (2,488 | ) | ||||
|
Change in restricted
cash
|
68 | (9,409 | ) | |||||
|
Purchases, sales and maturities
of marketable securities, net
|
8,023 | (1,983 | ) | |||||
|
Net
cash used in investing activities
|
(9,548 | ) | (17,434 | ) | ||||
|
Cash
flows from financing activities:
|
||||||||
|
Repayment of long-term
debt
|
(9,870 | ) | (145 | ) | ||||
|
Proceeds from exercise of stock
options and ESPP
|
1,145 | 1,721 | ||||||
|
Other
|
-
|
25 | ||||||
|
Net
cash (used in) provided by financing activities
|
(8,725 | ) | 1,601 | |||||
|
Effect
of exchange rate changes on cash
|
(130 | ) |
-
|
|||||
|
Decrease
in cash and cash equivalents
|
(12,306 | ) | (5,554 | ) | ||||
|
Cash
and cash equivalents
|
||||||||
|
Beginning
of period
|
32,040 | 28,313 | ||||||
|
End
of period
|
$ | 19,734 | $ | 22,759 | ||||