NBTY Reports Fourth Quarter and Fiscal Year Results
For the fiscal fourth quarter ended September 30, 2008, net sales were$602 million compared to net sales of $496 million for the fiscal fourthquarter ended September 30, 2007, an increase of $105 million, or 21%. Netincome for the fiscal fourth quarter ended September 30, 2008 was $18 million,or $0.28 per diluted share, compared to net income of $48 million, or $0.70per diluted share, for the fiscal fourth quarter ended September 30, 2007.
The decline in net income primarily reflects lower gross profit margin,Leiner acquisition-related integration costs, weak sales in the EuropeanRetail operation, investment in information technology infrastructure andincreased freight costs. Overall gross profit margins for the fiscal fourthquarter of 2008 decreased to 44% from 52% for the fiscal fourth quarter of2007. This gross margin compression was mainly due to higher raw material andother manufacturing costs which were not offset by higher prices charged tocustomers, increased promotional sales in the Wholesale/US Nutrition andDirect Response/E-Commerce operations and lower margins on Leiner privatelabel products. NBTY acquired Leiner Health Products on July 14, 2008 andincurred acquisition-related integration costs of $12 million, consisting ofseverance costs, increased payroll and certain adjustments to acquiredinventory. These adjustments were required under purchase accounting rules torecord this inventory at fair value. This results in temporary compression ingross profit when this inventory is sold. The integration plan will result inthe elimination of 250 Leiner associates. NBTY expects integration costs tocontinue over the next two quarters.
Adjusted EBITDA for the fiscal fourth quarter of 2008 was $55 million,compared to $87 million for the fiscal fourth quarter of 2007. The Company'sbalance sheet remains strong. At September 30, 2008 working capital was $573million with total assets of $1.9 billion. The Company financed the Leineracquisition with a $300 million term loan plus available cash on hand andmaintains a $325 million Revolving Credit Facility.
For the fiscal year ended September 30, 2008, net sales were $2.2 billion,compared to net sales of $2.0 billion for the prior fiscal year, an increaseof $165 million, or 8%. Net income for the fiscal year ended September 30,2008 was $153 million, or $2.33 per diluted share, compared to $208 million,or $3.00 per diluted share, for the prior fiscal year. Adjusted EBITDA forfiscal 2008 was $313 million, compared to $378 million for fiscal 2007.
Preliminary and unaudited net sales for October 2008 were $221 million. Adetailed breakdown of these sales is shown in the last table below.
OPERATIONS FOR THE FISCAL FOURTH QUARTER ENDED SEPTEMBER 30, 2008
Net sales for the Wholesale/US Nutrition division, which markets variousbrands including Nature's Bounty, Osteo Bi-Flex, Rexall, Ester-C and Leinerproducts, increased $122 million, or 51%, to $359 million from $237 millionfor the prior like quarter. Leiner operations contributed net sales of $93million since its acquisition on July 14, 2008.
While the gross profit percentage decreased during this period, theCompany continued to increase its market share. Neilson tracks industry-widesales of vitamins, minerals, herbs and other supplements in the food, drug andmass market sectors. For the thirteen week period ended September 27, 2008,Neilson reported an increase in the entire category of 9%. According toNeilson, for that same period, the Company's Wholesale brands reported a 17%increase. This trend continued into October. For the four weeks endedOctober 25, 2008, Neilson reported the entire category was up 9%, and theCompany's Wholesale brands were up 16%.
The Wholesale/US Nutrition division utilizes valuable consumer preferencesales data generated by the Company's Vitamin World retail stores andPuritan's Pride Direct Response/E-Commerce operations to empower its wholesalecustomers with this latest data. The Vitamin World stores are used as alaboratory for new ideas and are an effective tool in determining andmonitoring consumer preferences. This information, as well as scanned salesdata from the Vitamin World stores, is shared on a real time basis with NBTY'swholesale customers to give them a competitive advantage.
Net sales for the North American Retail division, comprised of VitaminWorld Stores in the United States and LeNaturiste stores in Canada, decreased13%, to $50 million from $57 million for the fiscal fourth quarter endedSeptember 30, 2007. While Vitamin World remained profitable for the fiscalfourth quarter of 2008, LeNaturiste operated at a loss during this period.Same store sales for North American Retail decreased 10% for the fiscal fourthquarter of 2008.
During the fiscal fourth quarter of 2008, the North American Retaildivision closed 9 under-performing stores and added 4 new stores. At the endof the fiscal fourth quarter of 2008, the North American Retail divisionoperated a total of 522 stores, consisting of 441 Vitamin World stores in theUnited States and 81 LeNaturiste stores in Canada.
European Retail net sales for the fiscal fourth quarter of 2008 were $138million as compared to $155 million for the fiscal fourth quarter of 2007, adecrease of $17 million or 11%. Of this 11% decrease, 6% is attributed toforeign exchange. This decrease also reflects a general slowness in theEuropean marketplace as this division continued to operate in a difficultretail environment. Included in the sales results were $5 million from 346Julian Graves stores, purchased on September 16, 2008. This acquisition isthe subject of an inquiry from the UK Office of Fair Trading for potentialantitrust implications. In conjunction with this inquiry, Julian Graves hasnot been integrated into the Company's European operations. During the fiscalfourth quarter, the European Retail division opened 21 stores. The divisionnow operates 993 stores.
Net sales from Direct Response/E-Commerce operations for the fiscal fourthquarter of 2008 increased 17%, to $55 million from $47 million for the fiscalfourth quarter of 2007. Although net sales increased, the gross profit margindecreased 5% as a result of increased promotions to expand the operation'sInternet presence and increases in raw materials. In addition, marketing andadvertising costs increased by $4 million. This division varies itspromotional strategy throughout the fiscal year. Direct Response/E-Commerceresults should be viewed on an annual and not quarterly basis.
Online sales represented 45% of total Direct Response/E-Commerce sales forthis fiscal fourth quarter compared to 40% in the prior like quarter. Thisincrease reflects on-going efforts to garner greater online consumer sales andto capitalize on the continuing surge in shopping via the web. Puritan'sPride views the Internet as the driver of future growth and continues toincorporate new technologies to expand this business. Puritan's Pride remainsthe leader in the Direct Response and E-Commerce sectors and continues toincrease the number of products available via its catalog and web sites.
OPERATIONS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2008
Net sales for the Wholesale/US Nutrition division increased $184 million,or 19%, to $1.2 billion from $1.0 billion for fiscal year 2007. Gross profitfor the Wholesale operation decreased to 38% compared to 41% for the priorlike fiscal year.
Net sales for the North American Retail division decreased $15 million, or7%, to $208 million from $223 million for fiscal year 2007. North AmericanRetail same store sales decreased 4% for fiscal 2008.
European Retail net sales for the fiscal year decreased $20 million, or3%, to $600 million for the fiscal year 2008 from $620 million for the fiscalyear 2007. European Retail same store sales decreased 6% in both localcurrency and in US dollars for fiscal 2008.
The European Retail business continues to leverage its premier status,high street locations and brand awareness. As of September 30, 2008, theEuropean Retail business operated a total of 993 stores, comprised of 526Holland & Barrett stores, 346 Julian Graves Stores and 31 GNC stores in theUK, 19 Nature's Way stores in Ireland, and 71 DeTuinen stores in theNetherlands.
Net sales from Direct Response/E-Commerce operations for the fiscal year2008 increased $17 million or 9% to $211 million from $194 million for thefiscal year 2007. The increase in sales reflects a lowering of prices togarner greater market share in a highly competitive environment.Online sales represented 44% of total Direct Response/E-Commerce sales forfiscal year 2008 compared to 38% for fiscal year 2007.
NBTY Chairman and CEO, Scott Rudolph, said: "While we have experienced adecline in profitability, NBTY continues to implement strategic initiatives tofurther establish our dominant position in the nutritional supplementindustry. The Company's commitment to the future includes the Leiner andJulian Graves acquisitions which respectively enhance our Wholesale andEuropean operations. We expect existing operations along with theseacquisitions to generate future growth and shareholder value."
NBTY is a leading global vertically integrated manufacturer, marketer anddistributor of a broad line of high-quality, value-priced nutritionalsupplements in the United States and throughout the world. Under a number ofNBTY and third party brands, the Company offers over 22,000 products,including products marketed by the Company's Nature's Bounty(R)(www.NaturesBounty.com), Vitamin World(R) (www.VitaminWorld.com), Puritan'sPride(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(TM) (www.LeNaturiste.com), SISU(R)(www.SISU.com), Solgar(R) (www.Solgar.com), Good 'n' Natural(R)(www.goodnnatural.com), Home Health(TM) (www.homehealthus.com), Julian Graves,and Ester-C(R) (www.Ester-C.com) brands. NBTY routinely posts informationthat may be important to investors on its web site.
This release refers to non-GAAP financial measures, such as AdjustedEBITDA. "Adjusted EBITDA" is defined as net income, excluding the aggregateamount of all non-cash losses reducing net income, plus interest, taxes,depreciation and amortization. This non-GAAP financial measure is notprepared in accordance with generally accepted accounting principles and maybe different from non-GAAP financial measures used by other companies.Non-GAAP financial measures should not be considered as a substitute for, orsuperior to, measures of financial performance prepared in accordance withGAAP. A reconciliation of the non-GAAP measure to the comparable GAAP measureis included in the attached financial tables. Management believes thepresentation of Adjusted EBITDA is relevant and useful because Adjusted EBITDAis a measurement industry analysts utilize when evaluating NBTY's operatingperformance. Management also believes Adjusted EBITDA enhances an investor'sunderstanding of NBTY's results of operations because it measures NBTY'soperating performance exclusive of interest and non-cash charges fordepreciation and amortization. Management also provides this non-GAAPmeasurement as a way to help investors better understand its core operatingperformance, enhance comparisons of NBTY's core operating performance fromperiod to period and to allow better comparisons of NBTY's operatingperformance to that of its competitors.
This release contains certain forward-looking statements within themeaning of the Private Securities Litigation Reform Act of 1995 with respectto our financial condition, results of operations and business. Theseforward-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, orvariations thereon, or comparable terminology, or by discussions of strategy.Although all of these forward looking statements are believed to bereasonable, they are inherently uncertain. Factors which may materiallyaffect such forward-looking statements include: (i) slow or negative growth inthe nutritional supplement industry; (ii) interruption of business or negativeimpact on sales and earnings due to acts of God, acts of war, terrorism,bio-terrorism, civil unrest or disruption of mail service; (iii) adversepublicity regarding nutritional supplements; (iv) inability to retaincustomers of companies (or mailing lists) recently acquired; (v) increasedcompetition; (vi) increased costs; (vii) loss or retirement of key members ofmanagement; (viii) increases in the cost of borrowings and/or unavailabilityof additional debt or equity capital; (ix) unavailability of, or inability toconsummate, advantageous acquisitions in the future, including those that maybe subject to bankruptcy approval or the inability of NBTY to integrateacquisitions into the mainstream of its business; (x) changes in generalworldwide economic and political conditions in the markets in which NBTY maycompete from time to time; (xi) the inability of NBTY to gain and/or holdmarket share of its wholesale and/or retail customers anywhere in the world;(xii) unavailability of electricity in certain geographical areas; (xiii) theinability of NBTY to obtain and/or renew insurance and/or the costs of thesame; (xiv) exposure to and expense of defending and resolving productliability and intellectual property claims and other litigation; (xv) theability of NBTY to successfully implement its business strategy; (xvi) theinability of NBTY to manage its retail, wholesale, manufacturing and otheroperations efficiently; (xvii) consumer acceptance of NBTY's products; (xviii)the inability of NBTY to renew leases for its retail locations; (xix) theinability of NBTY's retail stores to attain or maintain profitability; (xx)the absence of clinical trials for many of NBTY's products; (xxi) sales andearnings volatility and/or trends for the Company and its market segments;(xxii) the efficacy of NBTY's Internet and on-line sales and marketingstrategies; (xxiii) fluctuations in foreign currencies, including the Britishpound, the Euro and the Canadian dollar; (xxiv) import-export controls onsales to foreign countries; (xxv) the inability of NBTY to secure favorablenew sites for, and delays in opening, new retail and manufacturing locations;(xxvi) introduction of and compliance with new federal, state, local orforeign legislation or regulation or adverse determinations by regulatorsanywhere in the world (including the banning of products) and moreparticularly Good Manufacturing Practices in the United States, the FoodSupplements Directive and Traditional Herbal Medicinal Products Directive inEurope and Section 404 requirements of the Sarbanes-Oxley Act of 2002; (xxvii)the mix of NBTY's products and the profit margins thereon; (xxviii) theavailability and pricing of raw materials; (xxix) risk factors discussed inNBTY's filings with the U.S. Securities and Exchange Commission; (xxx) adverseeffects on NBTY as a result of increased energy prices and potentially reducedtraffic flow to NBTY's retail locations; (xxxi) adverse tax determinations;(xxxii) the loss of a significant customer of the Company; (xxxiii) potentialinvestment losses as a result of liquidity conditions; and (xxxiv) otherfactors beyond the Company's control.
Readers are cautioned not to place undue reliance on forward-lookingstatements. NBTY cannot guarantee future results, trends, events, levels ofactivity, performance or achievements. NBTY does not undertake andspecifically declines any obligation to update, republish or reviseforward-looking statements to reflect events or circumstances after the datehereof or to reflect the occurrences of unanticipated events.
Consequently, such forward-looking statements should be regarded solely asNBTY's current plans, estimates and beliefs.
NBTY's preliminary unaudited net sales results for the month of October2008 by segment are as follows:
Wholesale / US Nutrition net sales for the month of October 2008 include$40 million from Leiner which was acquired on July 14, 2008. Without Leinersales, the Wholesale / US Nutrition net sales would have increased 6% for theperiod. European Retail net sales for October 2008 include $11 million fromJulian Graves, which NBTY acquired on September 16, 2008. Without JulianGraves sales, European Retail net sales would have decreased 22% for theperiod. European Retail net sales in local currency, excluding Julian Gravessales, decreased 6%, and North American Retail same store sales decreased 15%.Contact: Harvey Kamil Carl Hymans NBTY, Inc. G.S. Schwartz & Co. President & Chief Financial Officer 212-725-4500 631-200-2020 email@example.com NBTY, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In thousands, except per share amounts) Three months ended September 30, 2008 2007 Net sales $601,574 $496,441 Costs and expenses: Cost of sales 338,100 239,609 Advertising, promotion and catalog 31,570 30,654 Selling, general and administrative 199,621 158,610 569,291 428,873 Income from operations 32,283 67,568 Other income (expense): Interest (7,399) (3,713) Miscellaneous, net 1,978 5,656 (5,421) 1,943 Income before provision for income taxes 26,862 69,511 Provision for income taxes 9,286 21,014 Net income $17,576 $48,497 Net income per share: Basic $0.29 $0.72 Diluted $0.28 $0.70 Weighted average common shares outstanding: Basic 61,245 67,235 Diluted 63,282 69,245 NBTY, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In thousands, except per share amounts) Fiscal years ended September 30, 2008 2007 Net sales $ 2,179,469 $2,014,506 Costs and expenses: Cost of sales 1,102,169 966,784 Advertising, promotion and catalog 140,479 120,126 Selling, general and administrative 700,209 619,995 1,942,857 1,706,905 Income from operations 236,612 307,601 Other income (expense): Interest (18,639) (16,749) Miscellaneous, net 13,067 13,124 (5,572) (3,625) Income before provision for income taxes 231,040 303,976 Provision for income taxes 77,889 96,044 Net income $153,151 $207,932 Net income per share: Basic $2.42 $3.09 Diluted $2.33 $3.00 Weighted average common shares outstanding: Basic 63,386 67,268 Diluted 65,739 69,404 SALES (Unaudited) THREE MONTHS ENDED FISCAL YEARS ENDED SEPTEMBER 30, SEPTEMBER 30, Perce- Perce- ntage ntage (In thousands) 2008 2007 Change 2008 2007 Change Wholesale/ US Nutrition $358,543 $236,941 51% $1,160,486 $976,814 19% North American Retail 49,513 57,033 -13% 208,014 223,435 -7% European Retail 138,127 155,072 -11% 600,463 620,281 -3% Direct Response/ E-Commerce 55,391 47,395 17% 210,506 193,976 9% Total $601,574 $496,441 21% $2,179,469 $2,014,506 8% GROSS PROFIT PERCENTAGES (Unaudited) THREE MONTHS ENDED FISCAL YEARS ENDED SEPTEMBER 30, SEPTEMBER 30, Increase Increase 2008 2007 - Decrease 2008 2007 - Decrease Wholesale/ US Nutrition 31% 41% -10% 38% 41% -3% North American Retail 67% 59% 8% 63% 59% 4% European Retail 65% 64% 1% 63% 64% -1% Direct Response/ E-Commerce 52% 57% -5% 57% 60% -3% Total 44% 52% -8% 49% 52% -3% ADJUSTED EBITDA** Reconciliation of GAAP Measures to Non-GAAP Measures (Unaudited) (In thousands) THREE MONTHS ENDED SEPTEMBER 30, 2008 Pretax Income Depreciation and Non-cash Adjusted (Loss) amortization Interest charges EBITDA** Wholesale/ US Nutrition $39,831 $3,797 $- $49 $43,677 North American Retail 334 757 - 450 1,541 European Retail 24,359 3,230 - 55 27,644 Direct Response/ E-Commerce 4,180 1,266 - 23 5,469 Segment Results 68,704 9,050 - 577 78,331 Corporate/ Manufacturing (41,842) 10,633 7,399 570 (23,240) Total $26,862 $19,683 $7,399 $1,147 $55,091 THREE MONTHS ENDED SEPTEMBER 30, 2007 Pretax Income Depreciation and Non-cash Adjusted (Loss) amortization Interest charges EBITDA** Wholesale/ US Nutrition $43,852 $2,731 $- $- $46,583 North American Retail 745 854 - 202 1,801 European Retail 37,874 2,821 - - 40,695 Direct Response/ E-Commerce 10,828 1,248 - - 12,076 Segment Results 93,299 7,654 - 202 101,155 Corporate/ Manufacturing (23,788) 5,910 3,713 - (14,165) Total $69,511 $ 13,564 $3,713 $202 $86,990 ** 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, 2008 Pretax Income Depreciation and Non-cash Adjusted (Loss) amortization Interest charges EBITDA** Wholesale/ US Nutrition $193,532 $11,655 $- $128 $205,315 North American Retail 3,437 3,161 - 834 7,432 European Retail 121,941 12,311 - 145 134,397 Direct Response/ E-Commerce 34,902 5,254 - 66 40,222 Segment Results 353,812 32,381 - 1,173 387,366 Corporate/ Manufacturing (122,772) 28,340 18,639 1,500 (74,293) Total $231,040 $60,721 $18,639 $2,673 $313,073 FISCAL YEAR ENDED SEPTEMBER 30, 2007 Pretax Income Depreciation and Non-cash Adjusted (Loss) amortization Interest charges EBITDA** Wholesale/ US Nutrition $196,770 $11,062 $- $- $207,832 North American Retail 2,771 3,883 - 1,336 7,990 European Retail 156,966 11,154 - - 168,120 Direct Response/ E-Commerce 50,706 5,030 - - 55,736 Segment Results 407,213 31,129 - 1,336 439,678 Corporate/ Manufacturing (103,237) 24,472 16,749 - (62,016) Total $303,976 $55,601 $16,749 $1,336 $377,662 ** 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, 2008 2007 Current assets: Cash and cash equivalents $90,180 $92,902 Investments - 121,382 Accounts receivable, net 122,878 98,454 Inventories 585,239 384,990 Deferred income taxes 25,098 21,441 Other current assets 75,971 44,157 Total current assets 899,366 763,326 Property, plant and equipment, net 419,066 323,154 Goodwill 342,379 251,753 Intangible assets, net 230,424 157,548 Other assets 45,123 39,154 Total assets $1,936,358 $1,534,935 Current liabilities: Current portion of long-term debt $33,309 $989 Accounts payable 120,620 71,852 Accrued expenses and other current liabilities 172,035 125,533 Total current liabilities 325,964 198,374 Long-term debt, net of current portion 538,402 210,106 Deferred income taxes 49,139 61,788 Other liabilities 24,657 8,697 Total liabilities 938,162 478,965 Commitments and contingencies Stockholders' equity: Common stock, $0.008 par; authorized 175,000 shares; issued and outstanding 61,599 and 67,118 shares at September 30, 2008 and 2007, respectively 493 537 Capital in excess of par 140,990 143,244 Retained earnings 839,068 864,852 Accumulated other comprehensive income 17,645 47,337 Total stockholders' equity 998,196 1,055,970 Total liabilities and stockholders' equity $1,936,358 $1,534,935 NBTY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands) For the fiscal year ended September 30, 2008 2007 Cash flows from operating activities: Net income $153,151 $207,932 Adjustments to reconcile net income to cash provided by operating activities: Impairments and disposals of property, plant and equipment 1,320 4,682 Depreciation and amortization 60,721 55,601 Foreign currency transaction gain (1,934) (4,878) Stock-based compensation 1,897 - Amortization and write-off of deferred charges 874 1,972 Allowance for doubtful accounts 2,140 (1,575) Inventory reserves 8,113 12,832 Deferred income taxes 7,697 (164) Excess income tax benefit from exercise of stock options (1,002) (3,294) Changes in operating assets and liabilities, net of acquisitions: Accounts receivable (11,619) 361 Inventories (77,027) (29,229) Other assets (2,817) (637) Accounts payable 4,386 1,025 Accrued expenses and other liabilities 31,505 (3,632) Net cash provided by operating activities 177,405 240,996 Cash flows from investing activities: Purchase of property, plant and equipment (49,097) (51,274) Purchase of available-for-sale investments (365,021) (449,766) Proceeds from sale of available-for-sale investments 483,156 328,714 Cash paid for acquisitions, net of cash acquired (394,532) (37,005) Cash paid for acquisition of customer lists (5,072) - Acquisition working capital escrow (15,000) - Cash collateral securing loan - (18,861) Purchase price adjustments and settlements, net - (473) Net cash used in investing activities (345,566) (228,665) Cash flows from financing activities: Proceeds from term loan 300,000 - Proceeds from borrowings under the Revolving Credit Facility 385,000 - Principal payments under the Revolving Credit Facility (325,000) - Principal payments under long-term debt agreements and capital leases (2,816) (888) Payments for financing fees (2,478) (1,649) Excess income tax benefit from exercise of stock options 1,002 3,294 Proceeds from stock options exercised 7,325 1,840 Purchase of treasury stock (subsequently retired) (188,432) (14,808) Net cash provided by (used in) financing activities 174,601 (12,211) Effect of exchange rate changes on cash and cash equivalents (9,162) 2,977 Net (decrease) increase in cash and cash equivalents (2,722) 3,097 Cash and cash equivalents at beginning of the year 92,902 89,805 Cash and cash equivalents at end of the year $90,180 $92,902
SOURCE NBTY, Inc.
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