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Published: 2023-08-07 00:00:00 ET
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EX-99.01 2 brhc20057067_ex99-01.htm EXHIBIT 99.01
Exhibit 99.01

 

ACM Research Reports Second Quarter 2023 Results
 
FREMONT, Calif., August 04, 2023 (Globe Newswire) – ACM Research, Inc. (“ACM” or the “Company”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, today reported financial results for its second quarter ended June 30, 2023.
 
“I am pleased with our second quarter results, with strong revenue growth and good profitability, as our operations have largely returned to a “new-normal” following several years of COVID-related disruptions,” said ACM’s President and Chief Executive Officer, Dr. David Wang. “Our results demonstrate good spending on mature nodes and market share gains at our customer base, together with penetration from new products and new customers.”
 
Dr. Wang continued, “We continue to expect  growth in 2023, driven by continued investments in mature node capacity by our China-based customers, and growing traction for our multi-product portfolio. We are moving forward with longer-term growth initiatives, with technical progress for our Track and PECVD platforms, continued evaluation of two cleaning tools at the U.S. facility of a major U.S.-based semiconductor manufacturer, and we plan to deliver our first evaluation tool to a major European semiconductor manufacturer during the fourth quarter of 2023.  We are excited to begin initial production at our facility in Lingang, Shanghai  later this year, and we continue to expand our operations in Korea to support the global market opportunity.”
 
 
  
Three Months Ended June 30,
  
 
  
GAAP
    
Non-GAAP(1)
  
 
  
2023
    
2022
    
2023
    
2022
  
 
  
(dollars in thousands, except EPS)
  
Revenue
  
$
144,577
    
$
104,395
    
$
144,577
    
$
104,395
  
Gross margin
    
47.5
%
    
42.3
%
    
47.6
%
    
42.4
%
Income from operations
  
$
30,430
    
$
20,035
    
$
32,447
    
$
22,004
  
Net income attributable to ACM Research, Inc.
  
$
26,825
    
$
12,236
    
$
31,297
    
$
14,628
  
Basic EPS
  
$
0.45
    
$
0.21
    
$
0.52
    
$
0.25
  
Diluted EPS
  
$
0.41
    
$
0.18
    
$
0.48
    
$
0.22
  

 
  
Six Months Ended June 30,
  
 
  
GAAP
    
Non-GAAP(1)
  
 
  
2023
    
2022
    
2023
    
2022
  
 
  
(dollars in thousands, except EPS)
  
Revenue
  
$
218,833
    
$
146,581
    
$
218,833
    
$
146,581
  
Gross margin
    
49.6
%
    
43.6
%
    
49.8
%
    
43.7
%
Income from operations
  
$
39,292
    
$
10,729
    
$
43,377
    
$
14,072
  
Net income attributable to ACM Research, Inc.
  
$
33,970
    
$
6,450
    
$
41,164
    
$
14,074
  
Basic EPS
  
$
0.57
    
$
0.11
    
$
0.69
    
$
0.24
  
Diluted EPS
  
$
0.52
    
$
0.10
    
$
0.63
    
$
0.21
  

(1)
Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Reconciliation of GAAP to Non-GAAP Financial Measures.” Non-GAAP financial measures exclude stock-based compensation and, with respect to net income (loss) attributable to ACM Research, Inc. and basic and diluted earnings per share, also exclude unrealized loss on trading securities.
 
Outlook
 
The Company is maintaining its revenue guidance range for fiscal year 2023 of $515 million to $585 million. This expectation is based on ACM management’s current assessment of the continuing impact from international trade policy together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field, among other factors.
 
Operating Highlights and Recent Announcements
 
•
Shipments. Total shipments in the second quarter of 2023 were $153 million, up 37% from the second quarter of 2022. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting customer acceptance for potential revenue in future quarters.
 
•
Dividend. During its June 27, 2023 annual stockholder meeting, the stockholders of ACM Research (Shanghai), Inc. (“ACM Shanghai”), approved, amongst other items, a dividend to be paid to its stockholders. The amount of the approved dividend is RMB 0.372 per share for an aggregate total of approximately RMB 161.3 million (approximately $22.2 million).
 
•
Auditor Resignation. On July 21, 2023, the Company was informed by Armanino LLP (“Armanino”), the Company’s current independent auditor, that Armanino will resign as the Company’s independent registered public accounting firm effective as of the earlier of (a) the date the Company engages a new independent registered public accounting firm or (b) the filing of the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2023.  Armanino advised the Company that its decision to resign was due to Armanino’s decision to exit from the practice of providing financial statement audit services to all public companies. In light of Armanino’s determination, the Audit Committee of the Company’s Board of Directors has initiated a process to select and appoint a new public accounting firm to serve as the Company’s independent registered public accountant commencing with the audit of the Company’s financial statements for the fiscal year ending December 31, 2023.
 
Financial Summary
 
Unless otherwise noted, the following figures refer to the second quarter of 2023 and comparisons are with the second quarter of 2022.
 
•
Revenue was $144.6 million, up 38.5%, reflecting higher sales of single wafer cleaning, Tahoe and semi-critical cleaning equipment, and higher sales of Advance packaging (excluding ECP), services and spares.
 
•
Gross margin was 47.5%, up from 42.3%. Non-GAAP gross margin, which excludes stock-based compensation, was 47.6%, up from 42.4%. Gross margin exceeded the range of 40% to 45% reflected in the Company’s long-term business model. The increase in gross margin was due to a favorable product mix, improved gross margins for specific product lines, and a favorable impact from fluctuations in the RMB to U.S. dollar exchange rate. The Company expects gross margin to vary from period to period due to a variety of factors, such as product mix, currency impacts and sales volume.
 
•
Operating expenses were $38.2 million, an increase of 58.4%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $36.3 million, up 62.9%.  Operating expenses as a percent of revenue increased to 26.4% from 23.1%.  Non-GAAP operating expenses as a percent of revenue increased to 25.1% from 21.4%.
 
•
Operating income was $30.4 million, up from $20.0 million.  Non-GAAP operating income, which excludes the effect of stock-based compensation, was $32.4 million, up from $22.0 million.
 
•
Unrealized loss on trading securities was $2.5 million. The loss reflects the change in market value of the investments by ACM Shanghai in trading securities. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.
 
•
Realized gain from sale of trading securities was $3.9 million, which generated net proceeds of $6.6 million.
 
•
Income tax expense was $7.6 million, compared to $7.7 million. As a result of a change in Section 174 of the U.S. Internal Revenue Code of 1986, as amended, that became effective on January 1, 2022, the Company’s effective tax rate remains elevated, due primarily to the requirement to capitalize and amortize previously deductible research and experimental expenses.
 
•
Net income attributable to ACM Research, Inc. was $26.8 million, up from $12.2 million.  Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized loss on trading securities, was $31.3 million, up from $14.6 million.
 
•
Net income per diluted share attributable to ACM Research, Inc. was $0.41, up from $0.18.  Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized loss on trading securities, was $0.48, up from $0.22.
 
•
Cash and cash equivalents were $257.4 million at June 30, 2023, versus $260.4 million at March 31, 2023. Cash and cash equivalents, plus restricted cash and time deposits, were $376.1 million at June 30, 2023, versus $381.7 million at March 31, 2023.
 
- 2 -
Conference Call Details
 
A conference call to discuss results will be held on Friday, August 4, 2023, at 8:00 a.m. Eastern Time (8:00 p.m. China Time). To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call. This pre-registration process is designed by the operator to reduce delays due to operator congestion when accessing the live call.

Online Registration: https://register.vevent.com/register/BI9f104c7f57ab43bea588812dcca24b97
 
Participants who have not pre-registered may join the webcast by accessing the link at ir.acmrcsh.com/events.

A live and archived webcast will be available on the Investors section of the ACM website at www.acmrcsh.com.
 
Use of Non-GAAP Financial Measures
 
ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc. and basic and diluted earnings per share as supplemental measures to GAAP financial measures regarding ACM’s operational performance. These supplemental measures exclude the impact of stock-based compensation, which ACM does not believe is indicative of its core operating results. In addition, non-GAAP net income attributable to ACM Research, Inc. and basic and diluted earnings per share exclude non-cash change in fair value of financial assets and liabilities and unrealized gain on trading securities, which ACM also believes are not indicative of its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided below under “Reconciliation of GAAP to non-GAAP Financial Measures.”
 
ACM believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM uses these financial measures internally to evaluate its operating performance and for planning and forecasting of future periods. Financial analysts may focus on and publish both historical results and future projections based on the non-GAAP financial measures. ACM also believes it is in the best interests of investors for ACM to provide this non-GAAP information.
 
While ACM believes these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with ACM’s consolidated financial statements prepared in accordance with GAAP.
 
Forward-Looking Statements
 
Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements.  Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements.  A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.
 
About ACM Research, Inc.
 
The Company develops, manufactures and sells semiconductor process equipment for single-wafer or batch wet cleaning, electroplating, stress-free polishing and thermal processes that are critical to advanced semiconductor device manufacturing, as well as wafer-level packaging. The Company is committed to delivering customized, high performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield.
 
© ACM Research, Inc. The ACM Research logo is a trademark of ACM Research, Inc. For convenience, this trademark appears in this press release without ™ symbols, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks.
 
For investor and media inquiries, please contact:
 
 
In the United States:
The Blueshirt Group
Yujia Zhai
+1 (860) 214-0809
yujia@blueshirtgroup.com

 
In China:
The Blueshirt Group Asia
Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com

- 3 -
ACM RESEARCH, INC.
Condensed Consolidated Balance Sheets

   
June 30, 2023
    
December 31, 2022
  
   
(Unaudited)
    
 
   
(In thousands)
  
Assets
            
Current assets:
            
Cash and cash equivalents
  
$
257,420
    
$
247,951
  
Restricted cash
    
582
      
500
  
Short-term time deposits
    
6,000
      
70,492
  
Trading securities
    
6,375
      
20,209
  
Accounts receivable
    
200,745
      
182,936
  
Other receivables
    
34,491
      
29,617
  
Inventories
    
471,094
      
393,172
  
Advances to related party
    
1,155
      
3,322
  
Prepaid expenses
    
18,970
      
15,607
  
Total current assets
    
996,832
      
963,806
  
Property, plant and equipment, net
    
159,013
      
82,875
  
Land use right, net
    
8,290
      
8,692
  
Operating lease right-of-use assets, net
    
7,809
      
2,489
  
Intangible assets, net
    
2,107
      
1,255
  
Long-term time deposits
    
112,104
      
101,956
  
Deferred tax assets
    
11,249
      
6,703
  
Long-term investments
    
16,122
      
17,459
  
Other long-term assets
    
3,388
      
50,265
  
Total assets
  
$
1,316,914
    
$
1,235,500
  
Liabilities and Equity
                
Current liabilities:
                
Short-term borrowings
  
$
53,976
    
$
56,004
  
Current portion of long-term borrowings
    
3,239
      
2,322
  
Related party accounts payable
    
11,879
      
14,468
  
Accounts payable
    
106,861
      
101,735
  
Advances from customers
    
195,485
      
153,773
  
Deferred revenue
    
5,050
      
4,174
  
Income taxes payable
    
10,324
      
3,469
  
FIN-48 payable
    
6,446
      
6,686
  
Other payables and accrued expenses
    
59,997
      
52,201
  
Current portion of operating lease liability
    
3,042
      
1,382
  
Total current liabilities
    
456,299
      
396,214
  
Long-term borrowings
    
15,899
      
18,687
  
Long-term operating lease liability
    
4,767
      
1,107
  
Other long-term liabilities
    
6,566
      
7,321
  
Total liabilities
    
483,531
      
423,329
  
Commitments and contingencies
                
Equity:
                
Stockholders’ equity:
                
Class A Common stock
    
5
      
5
  
Class B Common stock
    
1
      
1
  
Additional paid-in capital
    
612,699
      
604,089
  
Retained earnings
    
124,284
      
94,426
  
Statutory surplus reserve
    
16,881
      
16,881
  
Accumulated other comprehensive loss
    
(61,916
)
    
(40,546
)
Total ACM Research, Inc. stockholders’ equity
    
691,954
      
674,856
  
Non-controlling interests
    
141,429
      
137,315
  
Total equity
    
833,383
      
812,171
  
Total liabilities and equity
  
$
1,316,914
    
$
1,235,500
  

- 4 -
ACM RESEARCH, INC.
 
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
 
 
  
Three Months Ended June 30,
    
Six Months Ended June 30,
  
 
  
2023
    
2022
    
2023
    
2022
  
 
  
(Unaudited)
    
(Unaudited)
  
 
  
( In thousands, except share and per
share data)
    
( In thousands, except share and per
share data)
  
Revenue
  
$
144,577
    
$
104,395
    
$
218,833
    
$
146,581
  
Cost of revenue
    
75,938
      
60,238
      
110,208
      
82,738
  
Gross profit
    
68,639
      
44,157
      
108,625
      
63,843
  
Operating expenses:
                                
Sales and marketing
    
11,439
      
7,664
      
20,776
      
14,361
  
Research and development
    
20,064
      
11,367
      
34,093
      
28,713
  
General and administrative
    
6,706
      
5,091
      
14,464
      
10,040
  
Total operating expenses
    
38,209
      
24,122
      
69,333
      
53,114
  
Income from operations
    
30,430
      
20,035
      
39,292
      
10,729
  
Interest income
    
2,346
      
2,144
      
4,131
      
3,949
  
Interest expense
    
(649
)
    
(306
)
    
(1,344
)
    
(567
)
Realized gain from sale of trading securities
    
3,919
      
-
      
7,913
      
-
  
Unrealized loss on trading securities
    
(2,455
)
    
(423
)
    
(3,109
)
    
(4,281
)
Other income, net
    
3,724
      
2,505
      
2,306
      
2,742
  
Equity income in net income of affiliates
    
3,920
      
472
      
3,888
      
401
  
Income before income taxes
    
41,235
      
24,427
      
53,077
      
12,973
  
Income tax expense
    
(7,638
)
    
(7,679
)
    
(10,517
)
    
(3,668
)
Net income
    
33,597
      
16,748
      
42,560
      
9,305
  
Less: Net income attributable to non-controlling interests
    
6,772
      
4,512
      
8,590
      
2,855
  
Net income attributable to ACM Research, Inc.
  
$
26,825
    
$
12,236
    
$
33,970
    
$
6,450
  
Comprehensive income (loss):
                                
Net income
    
33,597
      
16,748
      
42,560
      
9,305
  
Foreign currency translation adjustment
    
(35,269
)
    
(40,372
)
    
(25,846
)
    
(37,918
)
Comprehensive Income (loss)
    
(1,672
)
    
(23,624
)
    
16,714
      
(28,613
)
Less: Comprehensive income (loss) attributable to non-controlling interests and redeemable non-controlling interests
    
652
      
(2,248
)
    
4,114
      
(3,321
)
Comprehensive income (loss) attributable to ACM Research, Inc.
  
$
(2,324
)
  
$
(21,376
)
  
$
12,600
    
$
(25,292
)
 
                                
Net income attributable to ACM Research, Inc. per common share:
                                
Basic
  
$
0.45
    
$
0.21
    
$
0.57
    
$
0.11
  
Diluted
  
$
0.41
    
$
0.18
    
$
0.52
    
$
0.10
  
 
                                
Weighted average common shares outstanding used in computing per share amounts:
                          
Basic
    
59,898,149
      
59,177,643
      
59,817,903
      
59,003,484
  
Diluted
    
64,929,638
      
65,478,677
      
64,968,900
      
65,772,973
  

- 5 -
ACM RESEARCH, INC.
Total Revenue by Product Category, by Equipment Type and by Region
 
 
  
Three Months Ended June 30,
    
Six Months Ended June 30,
  
 
  
2023
    
2022
    
2023
    
2022
  
 
  
($ in thousands)
  
Single wafer cleaning, Tahoe and semi-critical cleaning equipment
  
$
112,528
    
$
72,583
    
$
149,142
    
$
98,616
  
ECP (front-end and packaging), furnace and other technologies
    
19,117
      
20,500
      
45,715
      
32,748
  
Advanced packaging (excluding ECP), services & spares
    
12,932
      
11,312
      
23,976
      
15,217
  
Total Revenue By Product Category
  
$
144,577
    
$
104,395
    
$
218,833
    
$
146,581
  
 
                                
Wet-cleaning and other front-end processing tools
  
$
122,415
    
$
79,553
    
$
178,797
    
$
111,254
  
Advanced packaging, other processing tools, services and spares
    
22,162
      
24,842
      
40,036
      
35,327
  
Total Revenue Front-end and Back-End
  
$
144,577
    
$
104,395
    
$
218,833
    
$
146,581
  

   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
2023
    
2022
    
2023
    
2022
  
Mainland China
  
$
134,767
    
$
100,275
    
$
207,226
    
$
142,405
  
Other Regions
    
9,810
      
4,120
      
11,607
      
4,176
  
Total Revenue By Region
  
$
144,577
    
$
104,395
    
$
218,833
    
$
146,581
  

- 6 -
ACM RESEARCH, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
 
As described under “Use of Non-GAAP Financial Measures” above, ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation (SBC) from the equivalent GAAP financial line items. In addition, non-GAAP net income attributable to ACM Research, Inc., and basic and diluted earnings per share exclude unrealized gain on trading securities. The following table reconciles gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share to the related non-GAAP financial measures:

 
  
Three Months Ended June 30,
  
 
  
2023
    
2022
  
 
  
Actual
(GAAP)
    
SBC
    
Other non-operating adjustments
    
Adjusted
(Non-GAAP)
    
Actual
(GAAP)
    
SBC
    
Other non-operating adjustments
    
Adjusted
(Non-GAAP)
  
 
  
(In thousands)
  
 
                                                
Revenue
  
$
144,577
    
$
-
    
$
-
    
$
144,577
    
$
104,395
    
$
-
    
$
-
    
$
104,395
  
Cost of revenue
    
(75,938
)
    
(125
)
    
-
      
(75,813
)
    
(60,238
)
    
(140
)
    
-
      
(60,098
)
Gross profit
    
68,639
      
(125
)
    
-
      
68,764
      
44,157
      
(140
)
    
-
      
44,297
  
Operating expenses:
                                                                
Sales and marketing
    
(11,439
)
    
(431
)
    
-
      
(11,008
)
    
(7,664
)
    
(574
)
    
-
      
(7,090
)
Research and development
    
(20,064
)
    
(709
)
    
-
      
(19,355
)
    
(11,367
)
    
(656
)
    
-
      
(10,711
)
General and administrative
    
(6,706
)
    
(752
)
    
-
      
(5,954
)
    
(5,091
)
    
(599
)
    
-
      
(4,492
)
Total operating expenses
    
(38,209
)
    
(1,892
)
    
-
      
(36,317
)
    
(24,122
)
    
(1,829
)
    
-
      
(22,293
)
Income (loss) from operations
  
$
30,430
    
$
(2,017
)
  
$
-
    
$
32,447
    
$
20,035
    
$
(1,969
)
  
$
-
    
$
22,004
  
Unrealized loss on trading securities
    
(2,455
)
    
-
      
(2,455
)
    
-
      
(423
)
    
-
      
(423
)
    
-
  
Net income (loss) attributable to ACM Research, Inc.
  
$
26,825
    
$
(2,017
)
  
$
(2,455
)
  
$
31,297
    
$
12,236
    
$
(1,969
)
  
$
(423
)
  
$
14,628
  
Basic EPS
  
$
0.45
                    
$
0.52
    
$
0.21
                    
$
0.25
  
Diluted EPS
  
$
0.41
                    
$
0.48
    
$
0.18
                    
$
0.22
  

 
  
Six Months Ended June 30,
  
 
  
2023
    
2022
  
 
  
Actual
(GAAP)
    
SBC
    
Other non-operating adjustments
    
Adjusted
(Non-GAAP)
    
Actual
(GAAP)
    
SBC
    
Other non-operating adjustments
    
Adjusted
(Non-GAAP)
  
 
  
(In thousands)
  
 
                                                
Revenue
  
$
218,833
    
$
-
    
$
-
    
$
218,833
    
$
146,581
    
$
-
    
$
-
    
$
146,581
  
Cost of revenue
    
(110,208
)
    
(250
)
    
-
      
(109,958
)
    
(82,738
)
    
(253
)
    
-
      
(82,485
)
Gross profit
    
108,625
      
(250
)
    
-
      
108,875
      
63,843
      
(253
)
    
-
      
64,096
  
Operating expenses:
                                                                
Sales and marketing
    
(20,776
)
    
(862
)
    
-
      
(19,914
)
    
(14,361
)
    
(928
)
    
-
      
(13,433
)
Research and development
    
(34,093
)
    
(1,410
)
    
-
      
(32,683
)
    
(28,713
)
    
(1,067
)
    
-
      
(27,646
)
General and administrative
    
(14,464
)
    
(1,563
)
    
-
      
(12,901
)
    
(10,040
)
    
(1,095
)
    
-
      
(8,945
)
Total operating expenses
    
(69,333
)
    
(3,835
)
    
-
      
(65,498
)
    
(53,114
)
    
(3,090
)
    
-
      
(50,024
)
Income from operations
  
$
39,292
    
$
(4,085
)
  
$
-
    
$
43,377
    
$
10,729
    
$
(3,343
)
  
$
-
    
$
14,072
  
Unrealized loss on trading securities
    
(3,109
)
    
-
      
(3,109
)
    
-
      
(4,281
)
    
-
      
(4,281
)
    
-
  
Net income (loss) attributable to ACM Research, Inc.
  
$
33,970
    
$
(4,085
)
  
$
(3,109
)
  
$
41,164
    
$
6,450
    
$
(3,343
)
  
$
(4,281
)
  
$
14,074
  
Basic EPS
  
$
0.57
                    
$
0.69
    
$
0.11
                    
$
0.24
  
Diluted EPS
  
$
0.52
                    
$
0.63
    
$
0.10
                    
$
0.21
  


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