Revenues for the six months ended June 30, 2005, were $583.5 million, an increase of 15% over the $505.3 million reported for the first half of 2004. Net income for the six months ended June 30, 2005, was $62.0 million versus $30.2 million for the same period in 2004, an increase of 105%. Earnings per share for the first half of 2005 increased 96% to $1.10 per share, as compared to $0.56 per share reported in the first half of 2004.
“The Effect of Contingently Convertible Debt on Diluted Earnings per Share”
Invitrogen has regularly reported pro forma results which exclude acquisition related amortization and other costs. Second quarter pro forma net income was $50.8 million, or $0.87 per share, compared with pro forma net income in the second quarter of 2004 of $42.2 million, or $0.73 per share. Pro forma net income and pro forma earnings per share increased 21% and 19%, respectively.
Reconciliations between Invitrogen's results and pro forma results for the periods reported are presented in the attached tables with information also presented on the Company's Investor Relations web page at www.invitrogen.com.
Performance Highlights
-- Organic revenue growth of 7% for the total company for the quarter
-- Year to date free cash flow increased 29%
-- Raised $350 million in 3.25% Senior Convertible Notes
-- Completed acquisitions of Dynal Biotech and Caltag Laboratories
-- Announced intent to acquire BioSource International
Conference Call and Webcast Today at 5:00 PM Eastern
The Company will discuss its second quarter 2005 results, as well as updated 2005 guidance on its conference call at 5:00 pm Eastern Time today. Additional details regarding the call and webcast are included later in this release.
Second Quarter Review
Greg Lucier, Invitrogen's Chairman and CEO, commented: "We are pleased with the Company's performance during the second quarter. Our accomplishments during the period are the result of tremendous efforts by our employees throughout our global organization. We exceeded our guidance targets for both revenues and pro forma earnings per share, and importantly, we achieved organic growth of 7% in the quarter. During the quarter we also made significant investments in facilities expansion and information technology systems. These investments help bolster the infrastructure which will support the growth of our company in the coming years. We remain enthusiastic about our ability to execute in the second half of the year and are confident that Invitrogen will continue to deliver consistent value and returns to our customers and shareholders."
Second quarter 2005 revenue growth of 21% included approximately 2% from favorable changes in foreign currency exchange rates and 12% from acquisitions. The BioDiscovery segment grew 30% compared to the comparable quarter in 2004. Favorable foreign currency exchange rates and acquisitions contributed 2% and 22%, respectively, to the growth rate for the quarter. Revenue growth of 9% in BioProduction includes a 2% contribution from favorable foreign currency exchange rates compared with the second quarter of 2004.
Revenues for the six months ended June 30, 2005, grew 15%, of which 2% resulted from favorable foreign currency exchange rates and an 8% contribution from acquisitions. Sales of BioDiscovery products increased 18% for the six months ended June 30, 2005 versus the same period in 2004. For the same period, BioProduction revenues increased 12%.
Second quarter 2005 pro forma gross margin was 62%, compared to 60% in the second quarter of 2004. BioDiscovery gross margin increased to 71% in the second quarter of 2005 from 70% in the second quarter of 2004, as product mix has migrated toward higher value, proprietary product offerings. BioProduction gross margin were 48% in both the second quarters of 2005 and 2004.
Operating income was 7% of revenues in the second quarter of 2005 versus 12% in the second quarter of 2004. Pro forma operating income was 25% of revenues in the second quarter of 2005, compared with 26% the second quarter of 2004.
Cash flows from operating activities were $72.7 million in the second quarter and $135.7 million for the six months ended June 30, 2005. Capital expenditures were $21.1 million during the second quarter of 2005 and $32.9 million for the six months ended June 30, 2005. Free cash flow, defined as cash from operating activities less capital expenditures, was $51.6 million for the second quarter and $102.8 million for the six months ended June 30, 2005.
2005 Outlook
The Company increased its revenue guidance for the full-year. Commenting on guidance, Lucier remarked: "We remain committed as an organization to the 6-8% organic growth target that we set late last year. With this quarter's organic growth of 7%, we have further confidence in our ability to meet our expectation for the full year." The Company projects that revenue for fiscal 2005 will be in excess of $1,190 million. Pro forma earnings per share are expected to range from $3.50 to $3.53. The Company will provide further detail on its business outlook and guidance on the conference call today.
Conference Call and Webcast Details
The Company will discuss its financial and business results as well as its business outlook on its conference call at 5 p.m. Eastern Time today. This conference call will contain forward-looking information. The conference call will include a discussion of "non-GAAP financial measures" as that term is defined in Regulation G. For actual results, the most directly comparable GAAP financial measures and information reconciling these non-GAAP financial measures to the company's financial results determined in accordance with GAAP, as well as other material financial and statistical information to be discussed on the conference call will be posted at the Company's Investor Relations website at www.invitrogen.com.
The conference call will be webcast live over the Company's investor relations website at www.invitrogen.com and will be archived at the site for one month.
To listen to the live conference call, please dial (888) 396-2298 (domestic) or (617) 847-8708 (international) and use passcode 82774482. A replay of the call will be available for one week by dialing (888) 286-8010 (domestic) and (617) 801-6888 (international). The passcode for the replay is 80637794.
About Invitrogen
Invitrogen Corporation (Nasdaq: IVGN) provides products and services that support academic and government research institutions and pharmaceutical and biotech companies worldwide in their efforts to improve the human condition. The company provides essential life science technologies for disease research, drug discovery, and commercial bioproduction. Invitrogen's own research and development efforts are focused on breakthrough innovation in all major areas of biological discovery including functional genomics, proteomics, bioinformatics and cell biology -- placing Invitrogen's products in nearly every major laboratory in the world. Founded in 1987, Invitrogen is headquartered in Carlsbad, California, and conducts business in more than 70 countries around the world. The company globally employs approximately 4,500 scientists and other professionals and had revenues of more than $1 billion in 2004. For more information about Invitrogen, visit the company's web site at www.invitrogen.com.
Statement Regarding Use of Non-GAAP Measures
We regularly have reported pro forma results for net income and earnings per share in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
Our financial results under GAAP include substantial non-cash charges and tax benefits related to acquired businesses. Our pro forma calculations of gross margin, net income and earnings per share, excluding acquisition related amortization and other similar costs, are limited because they do not reflect the entirety of our business costs. However, management believes that the pro forma presentation is a useful supplemental disclosure to investors as it provides an indication of the profitability and cash flows of the combined businesses apart from the initial, sunk cost of the acquisition. Management believes that this information is therefore useful to investors in analyzing and assessing our past and future operating performance.
In addition to the non-cash charges above, we exclude from our pro forma results the costs to integrate our acquired businesses or significant costs to restructure existing businesses as well as related tax benefits. Management views these costs as not indicative of the profitability or cash flows of its ongoing or future operations and excludes these costs as a supplemental disclosure to assist investors in evaluating and assessing our past and future operational performance.
We encourage investors to carefully consider our results under GAAP, as well as our pro forma disclosures and the reconciliation between these presentations to more fully understand our business. Reconciliations between GAAP results and pro forma results are presented on the following pages.
Safe Harbor Statement
Certain statements contained in this press release and in today's conference call are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is Invitrogen's intent that such statements be protected by the safe harbor created thereby. Such statements include, but are not limited to statements regarding Invitrogen's: 1) financial projections, including revenue and pro forma earnings per share; 2) momentum in 2005; 3) ability to generate new products that will accelerate scientific research and our future growth; 4) integration of acquired businesses; and 5) ability to combine technologies of acquired businesses. Such forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to a) the Company's ability to identify promising technology and new product development opportunities; b) the Company's ability to identify and implement measures to effect cost savings and efficiency improvements; and c) the Company's ability to identify acquisitions and organic growth opportunities that will position it to serve growing markets, as well as other risks and uncertainties detailed from time to time in Invitrogen's Securities and Exchange Commission filings.
INVITROGEN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND RECONCILIATION OF PRO FORMA ADJUSTMENTS(1)
(in thousands, except per share data)
(unaudited)
For the three months
ended June 30, 2005
----------------------------------
GAAP Adjustments Pro forma
--------- -------------- ---------
Revenues $306,456 $- $306,456
Cost of revenues 128,410 (11,254)(2)(3) 117,156
--------- -------- ---------
Gross profit 178,046 11,254 189,300
--------- -------- ---------
Gross margin 58% 62%
Operating expenses:
Sales and marketing 56,294 (61)(3) 56,233
General and administrative 31,999 (11)(3) 31,988
Research and development 24,263 (215)(3) 24,048
Purchased intangibles amortization 29,866 (29,866)(4) -
Purchased in-process research and
development 12,686 (12,686)(5) -
--------- -------- ---------
Total operating expenses 155,108 (42,839) 112,269
--------- -------- ---------
Operating income 22,938 54,093 77,031
Operating margin 7% 25%
Total other income (expense), net (2,393) - (2,393)
--------- -------- ---------
Income before provision for income
taxes 20,545 54,093 74,638
Income tax provision (5,639) (18,162)(6) (23,801)
--------- -------- ---------
Net income $14,906 $35,931 $50,837
Add back interest expense for
subordinated debt, net of tax(8) 282 1,736 (7) 2,018
--------- -------- ---------
Numerator for diluted earnings per
share $15,188 $37,667 $52,855
========= ======== =========
Earnings per common share:
Basic $0.29 $0.98
========= =========
Diluted(8) $0.27 $0.87
========= =========
Weighted average shares used in per
share calculation:
Basic 52,076 - 52,076
Diluted(8) 55,676 4,785 (7) 60,461
For the three months
ended June 30, 2004
----------------------------------
GAAP Adjustments Pro forma
--------- -------------- ---------
Revenues $253,964 $- $253,964
Cost of revenues 107,931 (7,373)(2)(3) 100,558
--------- -------- ---------
Gross profit 146,033 7,373 153,406
--------- -------- ---------
Gross margin 58% 60%
Operating expenses:
Sales and marketing 43,261 (61)(3) 43,200
General and administrative 26,206 (17)(3) 26,189
Research and development 18,154 (233)(3) 17,921
Purchased intangibles amortization 28,307 (28,307)(4) -
Purchased in-process research and
development 728 (728)(5) -
--------- -------- ---------
Total operating expenses 116,656 (29,346) 87,310
--------- -------- ---------
Operating income 29,377 36,719 66,096
Operating margin 12% 26%
Total other income (expense), net (2,186) - (2,186)
--------- -------- ---------
Income before provision for income
taxes 27,191 36,719 63,910
Income tax provision (7,502) (14,227)(6) (21,729)
--------- -------- ---------
Net income $19,689 $22,492 $42,181
Add back interest expense for
subordinated debt, net of tax(8) 2,372 - 2,372
--------- -------- ---------
Numerator for diluted earnings per
share $22,061 $22,492 $44,553
========= ======== =========
Earnings per common share:
Basic $0.38 $0.81
========= =========
Diluted(8) $0.36 $0.73
========= =========
Weighted average shares used in per
share calculation:
Basic 52,182 - 52,182
Diluted(8) 61,185 - 61,185
(1) The Company has regularly reported pro forma results which exclude
the amortization of purchased intangibles, amortization of
inventory revaluation costs on products sold that were previously
written-up under purchase accounting rules and in-process research
and development to provide a supplemental comparison of results of
operations.
(2) Add back costs for purchase accounting inventory revaluations of
$11.2 million and $7.3 million for the three months ended June 30,
2005 and 2004, respectively.
(3) Add back deferred compensation amortization totaling $0.4 million
and $0.4 million for the three months ended June 30, 2005 and
2004, respectively, related to stock option plans assumed in
business combinations.
(4) Add back amortization of purchased intangibles.
(5) Add back in-process research and development.
(6) The Company's effective income tax rate used in the calculation of
pro forma net income differs from the effective income tax rate
applied for GAAP purposes. The effective income tax rate on GAAP
pretax income is lower because the expenses included in GAAP pre-
tax income, but excluded from pro forma pre-tax income, produce a
tax benefit in a taxing jursdiction having a higher tax rate than
the Company's overall average income tax rate.
(7) Pro forma diluted earnings per share includes the potential
dilution from the 2006 Convertible Subordinate Debt, and, using
the as-if-converted method, which assumes that the debt was
converted at the beginning of the period presented with related
interest expense, net of tax, added back to the numerator and
shares from the assumed conversion of the debt added to the
denominator.
(8) The Company has restated 2004 diluted weighted average shares and
earnings per share to reflect the impact of Emerging Issues Task
Force Issue No. 04-8, "The Effect of Contingently Convertible Debt
on Diluted Earnings per Share," on its 11/2% Convertible Senior
Notes due 2024 and 2% Convertible Senior Notes due 2023.
INVITROGEN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND RECONCILIATION OF PRO FORMA ADJUSTMENTS(1)
(in thousands, except per share data)
(unaudited)
For the six months
ended June 30, 2005
----------------------------------
GAAP Adjustments Pro forma
--------- -------------- ---------
Revenues $583,537 $- $583,537
Cost of revenues 234,832 (11,946)(2)(3) 222,886
--------- -------- ---------
Gross profit 348,705 11,946 360,651
--------- -------- ---------
Gross margin 60% 62%
Operating expenses:
Sales and marketing 104,774 (121)(3) 104,653
General and administrative 62,003 (23)(3) 61,980
Research and development 45,504 (431)(3) 45,073
Purchased intangibles amortization 55,767 (55,767)(4) -
Purchased in-process research and
development 13,886 (13,886)(5) -
--------- -------- ---------
Total operating expenses 281,934 (70,228) 211,706
--------- -------- ---------
Operating income 66,771 82,174 148,945
Operating margin 11% 26%
Total other income (expense), net 21,898 (20,123)(6) 1,775
--------- -------- ---------
Income before provision for income
taxes 88,669 62,051 150,720
Income tax provision (26,689) (22,295)(7) (48,984)
--------- -------- ---------
Net income $61,980 $39,756 $101,736
Add back interest expense for
subordinated debt, net of tax(9) 4,400 - 4,400
--------- -------- ---------
Numerator for diluted earnings per
share $66,380 $39,756 $106,136
========= ======== =========
Earnings per common share:
Basic $1.20 $1.97
========= =========
Diluted(9) $1.10 $1.76
========= =========
Weighted average shares used in per
share calculation:
Basic 51,766 - 51,766
Diluted(9) 60,345 - 60,345
For the six months
ended June 30, 2004
----------------------------------
GAAP Adjustments Pro forma
--------- -------------- ---------
Revenues $505,288 $- $505,288
Cost of revenues 217,270 (17,755)(2)(3) 199,515
--------- -------- ---------
Gross profit 288,018 17,755 305,773
--------- -------- ---------
Gross margin 57% 61%
Operating expenses:
Sales and marketing 88,715 (123)(3) 88,592
General and administrative 53,229 (23)(3) 53,206
Research and development 33,902 (444)(3) 33,458
Purchased intangibles amortization 56,535 (56,535)(4) -
Purchased in-process research and
development 728 (728)(5) -
--------- -------- ---------
Total operating expenses 233,109 (57,853) 175,256
--------- -------- ---------
Operating income 54,909 75,608 130,517
Operating margin 11% 26%
Total other income (expense), net (12,556) - (12,556)
--------- -------- ---------
Income before provision for income
taxes 42,353 75,608 117,961
Income tax provision (12,155) (27,952)(7) (40,107)
--------- -------- ---------
Net income $30,198 $47,656 $77,854
Add back interest expense for
subordinated debt, net of tax(9) 516 4,179 (8) 4,695
--------- -------- ---------
Numerator for diluted earnings per
share $30,714 $51,835 $82,549
========= ======== =========
Earnings per common share:
Basic $0.58 $1.50
========= =========
Diluted(9) $0.56 $1.35
========= =========
Weighted average shares used in per
share calculation:
Basic 51,940 - 51,940
Diluted(9) 55,291 5,807 (8) 61,098
(1) The Company has regularly reported pro forma results which exclude
the amortization of purchased intangibles, amortization of
inventory revaluation costs on products sold that were previously
written-up under purchase accounting rules and in-process research
and development to provide a supplemental comparison of results of
operations.
(2) Add back costs for purchase accounting inventory revaluations of
$11.8 million and $17.6 million for the six months ended June 30,
2005 and 2004, respectively.
(3) Add back deferred compensation amortization totaling $0.7 million
and $0.8 million for the six months ended June 30, 2005 and 2004,
respectively, related to stock option plans assumed in business
combinations.
(4) Add back amortization of purchased intangibles.
(5) Add back in-process research and development.
(6) Add back gain on foreign currency transaction, net of loss on sale
of investments, used for business acquisitions.
(7) The Company's effective income tax rate used in the calculation of
pro forma net income differs from the effective income tax rate
applied for GAAP purposes. The effective income tax rate on GAAP
pretax income is lower because the expenses included in GAAP pre-
tax income, but excluded from pro forma pre-tax income, produce a
tax benefit in a taxing jursdiction having a higher tax rate than
the Company's overall average income tax rate.
(8) Pro forma diluted earnings per share includes the potential
dilution from the 2006 Convertible Subordinate Debt, and, using
the as-if-converted method, which assumes that the debt was
converted at the beginning of the period presented with related
interest expense, net of tax, added back to the numerator and
shares from the assumed conversion of the debt added to the
denominator.
(9) The Company has restated 2004 diluted weighted average shares and
earnings per share to reflect the impact of Emerging Issues Task
Force Issue No. 04-8, "The Effect of Contingently Convertible Debt
on Diluted Earnings per Share," on its 11/2% Convertible Senior
Notes due 2024 and 2% Convertible Senior Notes due 2023.
INVITROGEN CORPORATION
EBITDA INFORMATION
For the three months For the six months
ended June 30, ended June 30,
-------------------- -------------------
(in thousands) (unaudited) 2005 2004 2005 2004
---------- --------- --------- ---------
Operating income reported
under GAAP $22,938 $29,377 $66,771 $54,909
Add back in-process research
and development and merger
related amortization 54,093 36,719 82,174 75,608
Add back depreciation 9,908 9,708 19,155 18,574
Add back amortization of non
merger-related deferred
compensation 1,464 657 2,638 1,179
Add back amortization of all
other intangible assets 917 752 1,913 1,431
---------- --------- --------- ---------
EBITDA $89,320 $77,213 $172,651 $151,701
========== ========= ========= =========
INVITROGEN CORPORATION
BUSINESS SEGMENT HIGHLIGHTS
FOR THE THREE MONTHS ENDED JUNE 30, 2005 AND 2004
(in thousands)
(unaudited)
Bio- Bio-
Discovery Production Unallocated(1) Total
--------- ---------- -------------- ---------
Segment results for the
three months ended June
30, 2005
------------------------
Revenues $185,422 $121,034 $- $306,456
========= ========== ============== =========
Gross profit 130,956 58,208 (11,118) 178,046
--------- ---------- -------------- ---------
Gross margin 71% 48% 58%
Selling and
administrative 62,716 25,501 76 88,293
Research and development 21,283 2,767 213 24,263
Purchased inventory
amortization and in-
process research and
development - - 42,552 42,552
--------- ---------- -------------- ---------
Operating income (loss) $46,957 $29,940 $(53,959) $22,938
========= ========== ============== =========
Operating margin 25% 25% 7%
Segment results for the
three months ended June
30, 2004
------------------------
Revenues $143,000 $110,964 $- $253,964
========= ========== ============== =========
Gross profit 100,634 52,772 (7,373) 146,033
--------- ---------- -------------- ---------
Gross margin 70% 48% 58%
Selling and
administrative 46,405 22,985 77 69,467
Research and development 15,670 2,250 234 18,154
Purchased inventory
amortization and in-
process research and
development - - 29,035 29,035
--------- ---------- -------------- ---------
Operating income (loss) $38,559 $27,537 $(36,719) $29,377
========= ========== ============== =========
Operating margin 27% 25% 12%
(1) Unallocated items for the three months ended June 30, 2005 and
2004, include costs for purchase accounting inventory revaluations
of $11.2 million and $7.3 million, amortization of purchased
intangibles of $29.9 million and $28.3 million, in-process
research and development of $12.7 million and $0.7 million and
amortization of deferred compensation of $0.4 million and $0.4
million, respectively. These items are not allocated by management
for purposes of analyzing the operations since they are
principally non-cash or other costs resulting primarily from
business restructuring or purchase accounting that are separate
from ongoing operations.
INVITROGEN CORPORATION
BUSINESS SEGMENT HIGHLIGHTS
FOR THE SIX MONTHS ENDED JUNE 30, 2005 AND 2004
(in thousands)
(unaudited)
Bio- Bio-
Discovery Production Unallocated(1) Total
--------- ---------- -------------- ---------
Segment results for the
six months ended June
30, 2005
-----------------------
Revenues $347,773 $235,764 $- $583,537
========= ========== ============== =========
Gross profit 247,111 113,406 (11,812) 348,705
--------- ---------- -------------- ---------
Gross margin 71% 48% 60%
Selling and
administrative 115,691 50,940 146 166,777
Research and development 39,440 5,632 432 45,504
Purchased inventory
amortization and in-
process research and
development - - 69,653 69,653
--------- ---------- -------------- ---------
Operating income (loss) $91,980 $56,834 $(82,043) $66,771
========= ========== ============== =========
Operating margin 26% 24% 11%
Segment results for the
six months ended June
30, 2004
-----------------------
Revenues $295,673 $209,615 $- $505,288
========= ========== ============== =========
Gross profit 207,917 97,856 (17,755) 288,018
--------- ---------- -------------- ---------
Gross margin 70% 47% 57%
Selling and
administrative 96,969 44,829 146 141,944
Research and development 28,962 4,496 444 33,902
Purchased inventory
amortization and in-
process research and
development - - 57,263 57,263
--------- ---------- -------------- ---------
Operating income (loss) $81,986 $48,531 $(75,608) $54,909
========= ========== ============== =========
Operating margin 28% 23% 11%
(1) Unallocated items for the six months ended June 30, 2005 and 2004,
include costs for purchase accounting inventory revaluations of
$11.8 million and $17.6 million, amortization of purchased
intangibles of $55.8 million and $56.5 million, in-process
research and development of $13.9 million and $0.7 million and
amortization of deferred compensation of $0.7 million and $0.8
million, respectively. These items are not allocated by management
for purposes of analyzing the operations since they are
principally non-cash or other costs resulting primarily from
business restructuring or purchase accounting that are separate
from ongoing operations.
INVITROGEN CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)(unaudited)
For the six months
--------------------
ended June 30,
--------------------
2005 2004
--------- ----------
Net income $61,980 $30,198
Add back in-process research and development and
merger related amortization 82,174 75,608
Add back depreciation 19,155 18,574
Balance sheet changes (19,243) (5,215)
Other noncash adjustments (8,320) (28,270)
--------- ----------
Net cash provided by operating activities 135,746 90,895
Capital expenditures (32,930) (10,964)
--------- ----------
Free cash flow 102,816 79,931
Net cash used in other investing activities (48,088) (556,839)
Net cash provided by financing activities 263,459 308,598
Effect of exchange rate changes on cash (19,763) 3,325
--------- ----------
Net increase (decrease) in cash and cash
equivalents $298,424 $(164,985)
========= ==========
INVITROGEN CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, December 31,
2005 2004
------------ -------------
ASSETS (unaudited)
Current assets:
Cash and investments $931,919 $983,381
Trade accounts receivable, net of
allowance for doubtful accounts 192,752 165,754
Inventories 156,528 122,787
Deferred income taxes 25,513 31,866
Prepaid expenses and other current assets 29,663 28,440
------------ -------------
Total current assets 1,336,375 1,332,228
Property and equipment, net 259,946 222,193
Goodwill 1,730,500 1,424,671
Intangible assets, net 511,911 440,182
Long-term investments 14,813 109,088
Other assets 99,798 85,973
------------ -------------
Total assets $3,953,343 $3,614,335
============ =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $1,406 $12,390
Accounts payable, accrued expenses and
other current liabilities 181,203 183,285
Income taxes 19,366 510
------------ -------------
Total current liabilities 201,975 196,185
Long-term debt 1,540,548 1,319,315
Pension liabilities 17,336 15,307
Deferred income tax liability 181,908 153,716
Other long-term liabilities 12,731 16,561
Stockholders' equity 1,998,845 1,913,251
------------ -------------
Total liabilities and stockholders' equity $3,953,343 $3,614,335
============ =============
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