Emergent BioSolutions Reports Fourth Quarter and Twelve Months 2016 Financial Results; Reaffirms 2017 Guidance and Provides 2020 Goals
2016 FINANCIAL HIGHLIGHTS (1) (2)
(in millions) | 4Q 2016 | CY 2016 |
|||||||||
Combined & Continuing Operations Basis |
Combined Basis |
Continuing Operations Basis |
|||||||||
Total Revenues | $ | 151.7 | $ | 510.2 | $ | 488.8 | |||||
Net Income | $ | 32.3 | $ | 51.8 | $ | 62.5 | |||||
Adjusted Net Income (3) | $ | 36.6 | $ | 73.1 | $ | 77.5 | |||||
EBITDA (3) | $ | 61.3 | $ | 111.5 | $ | 141.7 |
(1) The presentation of Emergent’s financial performance using the “Combined Basis” method includes the impact of the operations associated with the Company’s former biosciences business which was spun-off into a separate publicly traded company,
(2) See “Reconciliation of Statement of Operations” for a reconciliation of the Company’s Statement of Operations for the Three and Twelve Months Ended
(3) See “Reconciliation of Net Income to Adjusted Net Income and EBITDA” for a definition of terms and a reconciliation table.
2016 BUSINESS ACCOMPLISHMENTS
- Signed a follow-on contract with the
Centers for Disease Control and Prevention (CDC) to supply approximately 29.4 million doses of BioThrax® (Anthrax Vaccine Adsorbed) to the Strategic National Stockpile (SNS) throughSeptember 2021 , valued at up to$911 million - Signed a five-year contract with the
Biomedical Advanced Research and Development Authority (BARDA) for advanced development and procurement of NuThrax™ (anthrax vaccine adsorbed with CPG 7909 adjuvant), the Company’s next generation anthrax vaccine candidate, valued at up to$1.6 billion - Received a Sole Source Notification issued by BARDA for the procurement of approximately
$100 million of BioThrax for delivery into the SNS within 24 months from the date of contract award Achieved U.S. Food and Drug Administration (FDA ) licensure for large-scale manufacturing of BioThrax in Building 55- Completed the spin-off of
Aptevo Therapeutics Inc.
2016 FINANCIAL PERFORMANCE
Note: The following discussion of Emergent’s year to date and quarter ended
(I) Quarter Ended
Revenues
Product Sales
For Q4 2016, product sales were
(in millions) |
Three Months Ended December 31, |
||||
2016 | 2015 | % Change |
|||
Product Sales | |||||
BioThrax® | 43.8 | $ | 111.9 | (61 | )% |
Other | 43.7 | $ | 12.5 | 249 | % |
Total Product Sales | 87.5 | $ | 124.4 | (30 | )% |
Contract Manufacturing
For Q4 2016, revenue from the Company’s contract manufacturing operations was
Contracts and Grants
For Q4 2016, contracts and grants revenue was
Operating Expenses
Cost of Product Sales and Contract Manufacturing
For Q4 2016, cost of product sales and contract manufacturing was
Research and Development
For Q4 2016, gross research and development (R&D) expenses were
For Q4 2016, net R&D was fully funded, resulting in a net contribution from funded development programs of
(in millions) | Three Months Ended December 31, |
|||||||||||
2016 | 2015 |
% Change |
||||||||||
Research and Development Expenses [Gross] | $ | 27.1 | $ | 25.3 | (7 | )% | ||||||
Adjustments: | ||||||||||||
- Contracts and grants revenue | $ | 47.5 | $ | 24.8 | 91 | % | ||||||
Net Research and Development Expenses (Income) | $ | (20.4 | ) | $ | 0.5 | -- |
Selling, General and Administrative
For Q4 2016, selling, general and administrative expenses were
Net Income
For Q4 2016, net income was
For Q4 2016 and 2015, net income per diluted share is computed using the “if-converted” method. This method requires net income to be adjusted to add back interest expense and amortization of debt issuance cost, both net of tax, associated with the Company’s 2.875% Convertible Senior Notes due 2021. As a result, net income per diluted share for Q4 2016 is adjusted in the amount of
(II) Twelve Months Ended
Revenues
Product Sales
For the twelve months of 2016, product sales were
(in millions) | Twelve Months Ended December 31, |
|||||||||||
2016 | 2015 |
% Change |
||||||||||
Product Sales | ||||||||||||
BioThrax® | $ | 237.0 | $ | 293.9 | (19 | )% | ||||||
Other | $ | 59.3 | $ | 35.1 | 69 | % | ||||||
Total Product Sales | $ | 296.3 | $ | 329.0 | (10 | )% |
Contract Manufacturing
For the twelve months of 2016, revenue from contract manufacturing operations was
Contracts and Grants
For the twelve months of 2016, contracts and grants revenue was
Operating Expenses
Cost of Product Sales and Contract Manufacturing
For the twelve months of 2016, cost of product sales and contract manufacturing was
Research and Development
For the twelve months of 2016, gross R&D expenses were
For the twelve months of 2016, net R&D was fully funded, resulting in a net contribution from funded development programs of
(in millions) | Twelve Months Ended December 31, |
||||||||||||
2016 | 2015 | % Change |
|||||||||||
Research and Development Expenses [Gross] | $ | 108.3 | $ | 119.2 | (9 | )% | |||||||
Adjustments: | |||||||||||||
- Contracts and grants revenue | $ | 143.4 | $ | 117.4 | 22 | % | |||||||
Net Research and Development Expenses (Income) | $ | (35.1 | ) | $ | 1.8 | -- |
Selling, General and Administrative
For the twelve months of 2016, selling, general and administrative expenses were
Net Income
For the twelve months of 2016, net income was
Pursuant to the “if-converted” method, net income per diluted share for the twelve months of 2016 is adjusted in the amount of
2017 FORECAST & OPERATIONAL GOALS
Full Year 2017 Forecast:
- Total revenue of
$500 to $530 million , including BioThrax sales of$265 to $280 million - GAAP net income of
$60 to $70 million - Adjusted net income of
$70 to $80 million (3) - EBITDA of
$135 to $145 million (3)
(3) See “Reconciliation of Net Income to Adjusted Net Income and EBITDA” for a definition of terms and a reconciliation table.
Revised 1Q 2017 Forecast:
- Total revenue of
$110 to $125 million
2017 Operational Goals:
- Initiate three Phase I or II clinical studies for EID therapeutics
- Advance NuThrax development to enable initiating a Phase III study in 2018
- Initiate two human factor studies for a nerve agent antidote auto-injector
- Complete an acquisition that generates revenue within 12 months of closing
2020 FINANCIAL & OPERATIONAL GOALS
The Company is targeting the following 2020 financial and operational goals:
- Total Revenue: $1 billion
- Revenue Mix: >10% of total revenue from ex-US customers
- Expense Discipline: Net R&D <15% of net revenue (4); SG&A <25% of total revenue
- Net Income: 13% of total revenue
- Product Development Pipeline: Six products in clinical or advanced development (three dual market)
(4) Computed as Total Revenue less Contracts & Grants Revenue.
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME AND EBITDA
This press release contains two financial measures (Adjusted Net Income and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization)) that are considered “non-GAAP” financial measures under applicable
The determination of the amounts that are excluded from these non-GAAP financial measures are a matter of management judgment and depend upon, among other factors, the nature of the underlying expense or income amounts. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, management strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety.
(I) Reconciliation of Net Income to Adjusted Net Income | ||||||||||
COMBINED BASIS | ||||||||||
(in millions, except per share value) | Three Months Ended December 31, | |||||||||
2016 | 2015 | Source | ||||||||
Net Income | $ | 32.3 | $ | 33.3 | NA | |||||
Adjustments: | ||||||||||
+ Acquisition-related costs (transaction & integration) | 1.0 | 2.0 | SG&A | |||||||
+ Non-cash amortization charges | 1.9 | 2.7 | COGS, SG&A, Other Income |
|||||||
+ Exit and disposal costs | 2.6 | 1.2 | SG&A | |||||||
+ Impact of purchase accounting on inventory step-up | 1.1 | -- | COGS | |||||||
Tax effect | (2.3 | ) | (2.1 | ) | NA | |||||
Total Adjustments | 4.3 | 3.8 | NA | |||||||
Adjusted Net Income Adjusted Net Income per Diluted Share |
$36.6 $0.74 |
$37.1 $0.77 |
NA |
CONTINUING OPERATIONS BASIS | ||||||||||
(in millions, except per share value) | Three Months Ended December 31, | |||||||||
2016 | 2015 | Source | ||||||||
Net Income | $ | 32.3 | $ | 42.5 | NA | |||||
Adjustments: | ||||||||||
+ Acquisition-related costs (transaction & integration) | 1.0 | 0.1 | SG&A | |||||||
+ Non-cash amortization charges | 1.9 | 2.2 | COGS, SG&A, Other Income |
|||||||
+ Exit and disposal costs | 2.6 | -- | SG&A | |||||||
+ Impact of purchase accounting on inventory step-up | 1.1 | -- | COGS | |||||||
Tax effect | (2.3 | ) | (0.8 | ) | NA | |||||
Total Adjustments | 4.3 | 1.5 | NA | |||||||
Adjusted Net Income Adjusted Net Income per Diluted Share |
$36.6 $0.74 |
$44.0 $0.91 |
NA |
COMBINED BASIS | ||||||||||
(in millions, except per share value) | Twelve Months Ended December 31, | |||||||||
2016 | 2015 | Source | ||||||||
Net Income | $ | 51.8 | $ | 62.9 | NA | |||||
Adjustments: | ||||||||||
+ Spin-off and acquisition-related costs (transaction & integration) | 10.4 | 5.5 | SG&A | |||||||
+ Non-cash amortization charges | 9.6 | 10.8 | COGS, SG&A, Other Income |
|||||||
+ Exit and disposal costs | 11.7 | 1.2 | SG&A | |||||||
+ Impact of purchase accounting on inventory step-up | 1.1 | 0.6 | COGS | |||||||
Tax effect | (11.5 | ) | (6.3 | ) | NA | |||||
Total Adjustments | 21.3 | 11.8 | NA | |||||||
Adjusted Net Income Adjusted Net Income per Diluted Share |
$73.1 $1.48 |
$74.7 $1.58 |
NA |
CONTINUING OPERATIONS BASIS | ||||||||||
(in millions, except per share value) | Twelve Months Ended December 31, | |||||||||
2016 | 2015 | Source | ||||||||
Net Income From Continuing Operations | $ | 62.5 | $ | 91.4 | NA | |||||
Adjustments: | ||||||||||
+ Acquisition-related costs (transaction & integration) | 1.7 | 2.1 | SG&A | |||||||
+ Non-cash amortization charges | 8.4 | 8.9 | COGS, SG&A, Other Income |
|||||||
+ Exit and disposal costs | 11.7 | -- | SG&A | |||||||
+ Impact of purchase accounting on inventory step-up | 1.1 | 0.3 | COGS | |||||||
Tax effect | (8.0 | ) | (4.0 | ) | NA | |||||
Total Adjustments | 15.0 | 7.4 | NA | |||||||
Adjusted Net Income From Continuing Operations Adjusted Net Income per Diluted Share |
$77.5 $1.57 |
$98.8 $2.09 |
NA |
(II) Reconciliation of Net Income to EBITDA | |||||
COMBINED BASIS | |||||
(in millions, except per share value) | Three Months Ended December 31, | ||||
2016 | 2015 | ||||
Net Income | $ | 32.3 | $ | 33.3 | |
Adjustments: | |||||
+ Depreciation & Amortization | 9.7 | 9.1 | |||
+ Provision For Income Taxes | 16.8 | 14.5 | |||
+ Total Interest Expense | 2.5 | 1.6 | |||
Total Adjustments | 29.0 | 25.2 | |||
EBITDA EBITDA per Diluted Share |
$61.3 $1.24 |
$58.5 $1.22 |
CONTINUING OPERATIONS BASIS | |||||
(in millions, except per share value) | Three Months Ended December 31, | ||||
2016 | 2015 | ||||
Net Income From Continuing Operations | $ | 32.3 | $ | 42.5 | |
Adjustments: | |||||
+ Depreciation & Amortization | 9.7 | 8.3 | |||
+ Provision For Income Taxes | 16.8 | 20.7 | |||
+ Total Interest Expense | 2.5 | 1.6 | |||
Total Adjustments | 29.0 | 30.6 | |||
EBITDA From Continuing Operations EBITDA per Diluted Share |
$61.3 $1.24 |
$73.1 $1.52 |
COMBINED BASIS | |||||
(in millions, except per share value) | Twelve Months Ended December 31, | ||||
2016 | 2015 | ||||
Net Income | $ | 51.8 | $ | 62.9 | |
Adjustments: | |||||
+ Depreciation & Amortization | 36.7 | 33.8 | |||
+ Provision For Income Taxes | 15.4 | 26.9 | |||
+ Total Interest Expense | 7.6 | 6.5 | |||
Total Adjustments | 59.7 | 67.2 | |||
EBITDA EBITDA per Diluted Share |
$111.5 $2.26 |
$130.1 $2.75 |
CONTINUING OPERATIONS BASIS | |||||
(in millions, except per share value) | Twelve Months Ended December 31, | ||||
2016 | 2015 | ||||
Net Income From Continuing Operations | $ | 62.5 | $ | 91.4 | |
Adjustments: | |||||
+ Depreciation & Amortization | 34.9 | 31.2 | |||
+ Provision For Income Taxes | 36.7 | 44.3 | |||
+ Total Interest Expense | 7.6 | 6.5 | |||
Total Adjustments | 79.2 | 82.0 | |||
EBITDA From Continuing Operations EBITDA per Diluted Share |
$141.7 $2.87 |
$173.4 $3.67 |
RECONCILIATION OF STATEMENT OF OPERATIONS
The following table provides a reconciliation of the Company’s Statement of Operations for the Twelve Months Ended
Emergent BioSolutions Inc. and Subsidiaries | |||||||||
Consolidated Statements of Operations | |||||||||
Year Ended December 31, 2016 | |||||||||
Continuing Operations |
Discontinuing Operations |
Combined | |||||||
Revenues: | (Unaudited) | ||||||||
Product sales | $ | 296.3 | $ | 21.2 | 317.5 | ||||
Contract manufacturing | 49.1 | - | 49.1 | ||||||
Contracts and grants | 143.4 | 0.2 | 143.6 | ||||||
Total revenues | 488.8 | 21.4 | 510.2 | ||||||
Operating expenses: | |||||||||
Cost of product sales and contract manufacturing | 131.3 | 11.6 | 142.9 | ||||||
Research and development | 108.3 | 18.0 | 126.3 | ||||||
Selling, general and administrative | 143.7 | 23.8 | 167.5 | ||||||
Income from operations | 105.5 | (32.0 | ) | 73.5 | |||||
Other income (expense): | |||||||||
Interest income | 1.1 | - | 1.1 | ||||||
Interest expense | (7.6 | ) | - | (7.6 | ) | ||||
Other income, net | 0.2 | - | 0.2 | ||||||
Total other expense, net | (6.3 | ) | (0.0 | ) | (6.3 | ) | |||
Income (loss) before provision for (benefit) from income taxes | 99.2 | (32.0 | ) | 67.2 | |||||
Provision for (benefit from) income taxes | 36.7 | (21.3 | ) | 15.4 | |||||
Net income | $ | 62.5 | $ | (10.7 | ) | $ | 51.8 | ||
CONFERENCE CALL AND WEBCAST INFORMATION
Company management will host a conference call at
Live Teleconference Information: Dial in number: (855) 766-6521 International dial in: (262) 912-6157 Conference ID: 29688886 |
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Live Webcast Information: Visit edge.media-server.com/m/p/qbs3g23i for the live webcast feed. |
A replay of the call can be accessed on Emergent’s website www.emergentbiosolutions.com under “Investors.”
ABOUT
SAFE HARBOR STATEMENT
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact, including, without limitation, our financial guidance, and any other statements containing the words "believes," "expects," "anticipates," "intends," "plans," "targets," "forecasts," "estimates" and similar expressions in conjunction with, among other things, obtaining a BioThrax procurement contract from BARDA under the Sole Source Notification, discussions of the Company's outlook, financial performance or financial condition, growth strategy, product sales, government development or procurement contracts or awards, government appropriations, manufacturing capabilities, product development, Emergency Use Authorization or other regulatory approvals or expenditures and plans to increase our operational efficiencies and cost structure are forward-looking statements. These forward-looking statements are based on our current intentions, beliefs and expectations regarding future events. We cannot guarantee that any forward-looking statement will be accurate. Investors should realize that if underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could differ materially from our expectations. Investors are, therefore, cautioned not to place undue reliance on any forward-looking statement. Any forward-looking statement speaks only as of the date of this press release, and, except as required by law, we do not undertake to update any forward-looking statement to reflect new information, events or circumstances.
There are a number of important factors that could cause the Company's actual results to differ materially from those indicated by such forward-looking statements, including our ability to obtain a BioThrax procurement contract from BARDA under the Sole Source Notification; the availability of funding and the exercise of options under our BioThrax and NuThrax contracts; appropriations for the procurement of BioThrax and NuThrax; our ability to secure EUA pre-authorization approval and licensure of NuThrax from the
FINANCIAL STATEMENTS FOLLOW
Emergent BioSolutions Inc. and Subsidiaries | |||||||||
Consolidated Balance Sheets | |||||||||
(in thousands, except share and per share data) | |||||||||
December 31, 2016 | December 31, 2015 |
||||||||
ASSETS | (Unaudited) | ||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 271,513 | $ | 308,304 | |||||
Accounts receivable, net | 138,478 | 113,906 | |||||||
Inventories | 74,002 | 60,887 | |||||||
Income tax receivable, net | 9,996 | 6,573 | |||||||
Prepaid expenses and other current assets | 16,229 | 18,458 | |||||||
Current assets of discontinued operations | - | 29,282 | |||||||
Total current assets | 510,218 | 537,410 | |||||||
Property, plant and equipment, net | 376,448 | 327,808 | |||||||
In-process research and development | - | 701 | |||||||
Intangible assets, net | 33,865 | 40,758 | |||||||
Goodwill | 41,001 | 41,001 | |||||||
Deferred tax assets, long-term, net | 6,096 | 11,286 | |||||||
Other assets | 2,483 | 2,155 | |||||||
Non-current assets of discontinued operations | - | 76,365 | |||||||
Total assets | $ | 970,111 | $ | 1,037,484 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 34,649 | $ | 37,970 | |||||
Accrued expenses and other current liabilities | 6,368 | 6,207 | |||||||
Accrued compensation | 34,537 | 31,998 | |||||||
Notes payable | 20,000 | - | |||||||
Contingent consideration, current portion | 3,266 | 2,109 | |||||||
Deferred revenue, current portion | 7,036 | 3,979 | |||||||
Current liabilities of discontinued operations | - | 17,348 | |||||||
Total current liabilities | 105,856 | 99,611 | |||||||
Contingent consideration, net of current portion | 9,919 | 23,046 | |||||||
Long-term indebtedness | 248,094 | 246,892 | |||||||
Deferred revenue, net of current portion | 8,433 | 3,426 | |||||||
Other liabilities | 1,604 | 1,258 | |||||||
Non-current liabilities of discontinued operations | - | 3,234 | |||||||
Total liabilities | 373,906 | 377,467 | |||||||
Stockholders’ equity: | |||||||||
Preferred stock, $0.001 par value; 15,000,000 shares authorized, 0 shares issued and outstanding at both December 31, 2016 and December 31, 2015 | - | - | |||||||
Common stock, $0.001 par value; 200,000,000 shares authorized, 40,996,890 shares issued and 40,574,060 shares outstanding at December 31, 2016; 100,000,000 shares authorized, 39,829,408 shares issued and 39,406,578 shares outstanding at December 31, 2015 | 41 | 40 | |||||||
Treasury stock, at cost, 422,830 common shares at both December 31, 2016 and 2015 | (6,420 | ) | (6,420 | ) | |||||
Additional paid-in capital | 352,435 | 317,971 | |||||||
Accumulated other comprehensive loss | (4,331 | ) | (2,713 | ) | |||||
Retained earnings | 254,480 | 351,139 | |||||||
Total stockholders’ equity | 596,205 | 660,017 | |||||||
Total liabilities and stockholders’ equity | $ | 970,111 | $ | 1,037,484 |
Emergent BioSolutions Inc. and Subsidiaries | ||||||
Consolidated Statements of Operations | ||||||
(in thousands, except share and per share data) | ||||||
Three Months Ended December 31, | ||||||
2016 | 2015 | |||||
(Unaudited) | ||||||
Revenues: | ||||||
Product sales | $ | 87,493 | $ | 124,407 | ||
Contract manufacturing | 16,683 | 10,525 | ||||
Contracts and grants | 47,487 | 24,853 | ||||
Total revenues | 151,663 | 159,785 | ||||
Operating expenses: | ||||||
Cost of product sales and contract manufacturing | 38,259 | 34,403 | ||||
Research and development | 27,117 | 25,353 | ||||
Selling, general and administrative | 35,358 | 34,882 | ||||
Income from operations | 50,929 | 65,147 | ||||
Other income (expense): | ||||||
Interest income | 289 | 113 | ||||
Interest expense | (2,535 | ) | (1,600 | ) | ||
Other income, net | 439 | (517 | ) | |||
Total other expense, net | (1,807 | ) | (2,004 | ) | ||
Income from continuing operations before provision for income taxes | 49,122 | 63,143 | ||||
Provision for income taxes | 16,836 | 20,652 | ||||
Net income from continuing operations | 32,286 | 42,491 | ||||
Net income (loss) from discontinued operations | - | (9,144 | ) | |||
Net income | $ | 32,286 | $ | 33,347 | ||
Net income per share - basic: | ||||||
Net income from continuing operations | $ | 0.80 | $ | 1.09 | ||
Net income (loss) from discontinued operations | - | (0.24 | ) | |||
Net income per share - basic | $ | 0.80 | $ | 0.85 | ||
Net income per share - diluted (1): | ||||||
Net income from continuing operations | $ | 0.67 | $ | 0.90 | ||
Net income (loss) from discontinued operations | - | (0.19 | ) | |||
Net income per share - diluted | $ | 0.67 | $ | 0.71 | ||
Weighted-average number of shares - basic | 40,519,002 | 39,105,197 | ||||
Weighted-average number of shares - diluted | 49,572,655 | 48,143,431 |
(1) See “Net Income from Continuing Operations” for explanation of adjustments to denominator for per diluted share calculation.
Emergent BioSolutions Inc. and Subsidiaries | ||||||
Consolidated Statements of Operations | ||||||
(in thousands, except share and per share data) | ||||||
Year Ended December 31, | ||||||
2016 | 2015 | |||||
(Unaudited) | ||||||
Revenues: | ||||||
Product sales | $ | 296,278 | $ | 328,969 | ||
Contract manufacturing | 49,138 | 42,968 | ||||
Contracts and grants | 143,366 | 117,394 | ||||
Total revenues | 488,782 | 489,331 | ||||
Operating expenses: | ||||||
Cost of product sales and contract manufacturing | 131,284 | 107,486 | ||||
Research and development | 108,290 | 119,186 | ||||
Selling, general and administrative | 143,686 | 121,145 | ||||
Income from operations | 105,522 | 141,514 | ||||
Other income (expense): | ||||||
Interest income | 1,053 | 572 | ||||
Interest expense | (7,617 | ) | (6,523 | ) | ||
Other income, net | 263 | 153 | ||||
Total other expense, net | (6,301 | ) | (5,798 | ) | ||
Income from continuing operations before provision for income taxes | 99,221 | 135,716 | ||||
Provision for income taxes | 36,697 | 44,300 | ||||
Net income from continuing operations | 62,524 | 91,416 | ||||
Net loss from discontinued operations | (10,748 | ) | (28,546 | ) | ||
Net income | $ | 51,776 | $ | 62,870 | ||
Net income per share - basic: | ||||||
Net income from continuing operations | $ | 1.56 | $ | 2.37 | ||
Net loss from discontinued operations | (0.27 | ) | (0.74 | ) | ||
Net income per share - basic | $ | 1.29 | $ | 1.63 | ||
Net income per share - diluted: | ||||||
Net income from continuing operations | $ | 1.35 | $ | 2.02 | ||
Net loss from discontinued operations | (0.22 | ) | (0.61 | ) | ||
Net income per share - diluted (1) | $ | 1.13 | $ | 1.41 | ||
Weighted-average number of shares - basic | 40,184,159 | 38,595,435 | ||||
Weighted-average number of shares - diluted | 49,335,112 | 47,255,842 |
(1) See “Net Income from Continuing Operations” for explanation of adjustments to denominator for per diluted share calculation.
Investor ContactRobert Burrows Vice President, Investor Relations (o) 240/631-3280; (m) 240/413-1917 burrowsr@ebsi.com Media ContactTracey Schmitt Lintott Senior Vice President, Global Public Affairs (o) 240/631-3281 schmittt@ebsi.com