|
(state
or other jurisdiction of
incorporation)
|
Yes x
|
No ¨
|
Large
accelerated filer
¨
|
Accelerated
filer x
|
Non-accelerated
filer ¨
|
Yes ¨
|
No x
|
ITEM
|
|
PAGE
|
|
|
|
|
PART
I - FINANCIAL
INFORMATION
|
|
|
|
|
1.
|
Financial
Statements:
|
|
|
|
|
|
Condensed
Consolidated Statements
of Incomefor
the Three and Nine Months
Ended March31,
2008and
2007
|
3
|
|
|
|
|
Condensed
Consolidated Balance
Sheets as of March31,
2008 and June
30,
2007
|
4
|
|
|
|
|
Condensed
Consolidated Statements
of Cash Flows for the NineMonths
Ended March31,
2008and
2007
|
5
|
|
|
|
|
Notes
to Condensed Consolidated
Financial Statements
|
6
|
|
|
|
2.
|
Management’s
Discussion and
Analysis of Financial Condition and Results of
Operations
|
17
|
|
|
|
3.
|
Quantitative
and Qualitative
Disclosures About Market Risk
|
24
|
|
|
|
4.
|
Controls
and
Procedures
|
24
|
|
|
|
|
PART
II - OTHER
INFORMATION
|
|
|
|
|
|
|
|
1.
|
Legal
Proceedings
|
25
|
6.
|
Exhibits
|
25
|
|
SIGNATURES
|
26
|
|
|
|
Item
1.
|
Financial
Statements
|
|
Three
Months
Ended
March
31
|
|
NineMonths
Ended
March
31
|
|
|||||||||
|
2008
|
2007
|
|
2008
|
|
2007
|
|
||||||
Net
sales
|
$
|
201,865
|
$
|
193,009
|
|
$
|
610,186
|
|
$
|
569,145
|
|
||
Cost
of goods
sold
|
167,664
|
160,070
|
|
|
493,351
|
|
|
477,853
|
|
||||
Gross
margin
|
34,201
|
32,939
|
|
|
116,835
|
|
|
91,292
|
|
||||
|
|
|
|
|
|
||||||||
Selling,
research and
administrative expenses
|
11,470
|
11,680
|
|
|
34,740
|
|
|
34,047
|
|
||||
Amortization
of intangibles and
other
|
468
|
500
|
|
|
1,390
|
|
|
1,638
|
|
||||
Restructuring
costs
|
-
|
1,201
|
|
|
96
|
|
|
1,224
|
|
||||
Operating
income
|
22,263
|
19,558
|
|
|
80,609
|
|
|
54,383
|
|
||||
|
|
|
|
|
|
||||||||
Net
interest expense and
amortization of debt costs
|
(7,814
|
)
|
(10,020
|
)
|
|
(25,495
|
)
|
|
(31,211
|
)
|
|||
Gain
on sale of assets held for
sale
|
-
|
-
|
|
|
-
|
|
|
355
|
|
||||
Extinguishment
of
debt
|
-
|
(85
|
)
|
|
(535
|
)
|
|
(737
|
)
|
||||
Foreign
exchange and
other
|
313
|
422
|
|
|
51
|
|
|
674
|
|||||
|
|
|
|
|
|
||||||||
Income
before income
taxes
|
14,762
|
9,875
|
|
|
54,630
|
|
|
23,464
|
|||||
Income
tax
expense
|
4,340
|
3,302
|
|
|
16,845
|
|
|
9,264
|
|||||
|
|
|
|
|
|
||||||||
Net
income
|
$
|
10,422
|
$
|
6,573
|
|
$
|
37,785
|
|
$
|
14,200
|
|||
|
|
|
|
|
|
||||||||
Earnings
per
share
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.27
|
$
|
0.17
|
|
$
|
0.97
|
|
$
|
0.38
|
|||
Diluted
|
$
|
0.26
|
$
|
0.17
|
|
$
|
0.96
|
|
$
|
0.37
|
|||
Weighted
average shares for
earnings per share
|
|||||||||||||
Basic
|
39,011
|
37,887
|
|
|
38,902
|
|
|
37,750
|
|
||||
Effect
of diluted
shares
|
361
|
555
|
|
|
458
|
|
|
298
|
|
||||
Diluted
|
39,372
|
38,442
|
|
|
39,360
|
|
|
38,048
|
|
|
|
March
31
2008
|
|
June
30
2007
|
|
||
|
|
(Unaudited)
|
|
|
|
||
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash
and cash
equivalents
|
|
$
|
20,835
|
|
$
|
14,790
|
|
Accounts
receivable –net
|
|
|
121,985
|
|
|
116,865
|
|
Inventories–
net
|
|
|
103,531
|
|
|
86,777
|
|
Deferred
income taxes and
other
|
|
|
9,716
|
|
|
9,452
|
|
Total
current
assets
|
|
|
256,067
|
|
|
227,884
|
|
|
|
|
|
|
|
|
|
Property,
plant and
equipment
|
|
|
1,069,362
|
|
|
1,016,299
|
|
Less
accumulated
depreciation
|
|
|
(524,405
|
)
|
|
(478,644
|
)
|
|
|
|
544,957
|
|
|
537,655
|
|
Goodwill
|
|
|
160,285
|
|
|
155,937
|
|
Intellectual
property and other,
net
|
|
|
29,947
|
|
|
30,346
|
|
Total
assets
|
|
$
|
991,256
|
|
$
|
951,822
|
|
|
|
|
|
|
|
|
|
Liabilities
and stockholders’
equity
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Trade
accounts
payable
|
|
$
|
44,659
|
|
$
|
41,030
|
|
Accrued
expenses
|
|
|
55,302
|
|
|
49,532
|
|
Current
portion of capital lease
obligation
|
|
|
459
|
|
|
399
|
|
Short-term
debt
|
|
|
647
|
|
|
-
|
|
Total
current
liabilities
|
|
|
101,067
|
|
|
90,961
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
394,532
|
|
|
445,138
|
|
Accrued
postretirement
benefits
|
|
|
25,194
|
|
|
24,509
|
|
Deferred
income
taxes
|
|
|
56,379
|
|
|
41,761
|
|
Capital
lease
obligation
|
|
|
-
|
|
|
356
|
|
Other
liabilities
|
|
|
2,508
|
|
|
1,943
|
|
Stockholders’
equity
|
|
|
411,576
|
|
|
347,154
|
|
Total
liabilities and
stockholders’ equity
|
|
$
|
991,256
|
|
$
|
951,822
|
|
|
|
NineMonths
Ended
March
31
|
|
||||
|
|
2008
|
|
2007
|
|
||
Operating
activities
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
37,785
|
|
$
|
14,200
|
|
Adjustments
to reconcile net
income to net cash provided by operating
activities:
|
|
|
|
|
|
||
Depreciation
|
|
|
38,079
|
|
|
36,454
|
|
Amortization
|
|
|
1,666
|
|
|
2,354
|
|
Loss
on early extinguishment of
debt
|
|
|
535
|
|
|
737
|
|
Deferred
income taxes and
other
|
|
|
13,591
|
|
|
4,350
|
|
Gain
on sale of assets held for
sale
|
|
|
-
|
|
(355
|
)
|
|
Loss
on disposal of
equipment
|
794
|
701
|
|||||
Provision
for bad
debts
|
(62
|
)
|
170
|
||||
Excess
tax benefit from stock
based compensation
|
(44
|
)
|
(6
|
)
|
|||
Other
|
956
|
1,258
|
|||||
Changes
in operating assets and
liabilities:
|
|
|
|
|
|
||
Accounts
receivable
|
|
|
(1,316
|
)
|
|
(1,523
|
)
|
Inventories
|
|
|
(13,955
|
)
|
|
15,881
|
|
Other
assets
|
|
|
(1,020
|
)
|
|
(754
|
)
|
Accounts
payable and other current
liabilities
|
|
|
3,714
|
|
|
6,631
|
|
Net
cash provided by operating
activities
|
|
|
80,723
|
|
|
80,098
|
|
Investing
activities
|
|
|
|
|
|
||
Purchases
of property, plant and
equipment
|
|
|
(31,205
|
)
|
|
(26,235
|
)
|
Proceeds
from sale of
assets
|
|
|
-
|
|
|
521
|
|
Other
|
|
|
(253
|
)
|
|
(380
|
)
|
Net
cash used in investing
activities
|
|
|
(31,458
|
)
|
|
(26,094
|
)
|
Financing
activities
|
|
|
|
|
|
||
Net
borrowings under
lines of
credit
|
|
|
64,204
|
|
368
|
||
Payments
on long-term debt and
other
|
(113,918
|
)
|
(50,127
|
)
|
|||
Payments
for debt issuance
costs
|
|
|
(1,401
|
)
|
|
-
|
|
Net
proceeds from sale of equity
interests
|
5,742
|
2,308
|
|||||
Excess
tax benefit from stock
based compensation
|
44
|
6
|
|||||
Net
cash used in financing
activities
|
|
|
(45,329
|
)
|
|
(47,445
|
)
|
Effect
of foreign currency rate
fluctuations on cash
|
|
|
2,109
|
|
204
|
||
Increase
in cash and cash
equivalents
|
|
|
6,045
|
|
|
6,763
|
|
Cash
and cash equivalents at
beginning of period
|
|
|
14,790
|
|
|
8,734
|
|
Cash
and cash equivalents at end
of period
|
|
$
|
20,835
|
|
$
|
15,497
|
|
NOTE
1:
|
BASIS
OF
PRESENTATION
|
NOTE
2:
|
SEGMENT
INFORMATION
|
Three
Months
Ended
March
31
|
|
|
|
Specialty
Fibers
|
|
Nonwoven
Materials
|
|
Corporate
|
|
Total
|
|
|||||
Net
sales
|
|
|
2008
|
|
$
|
150,928
|
|
$
|
58,157
|
|
$
|
(7,219
|
)
|
$
|
201,865
|
|
|
|
|
2007
|
|
|
135,398
|
|
|
65,386
|
|
|
(7,775
|
)
|
|
193,009
|
|
Operating
income
(loss)
|
|
|
2008
|
|
|
21,965
|
|
|
1,177
|
|
|
(879
|
)
|
|
22,263
|
|
|
|
|
2007
|
|
|
15,948
|
|
|
5,873
|
|
|
(2,263
|
)
|
|
19,558
|
|
Depreciation
and amortization
of intangibles
|
|
|
2008
|
|
|
8,492
|
|
|
3,791
|
|
|
854
|
|
|
13,137
|
|
|
|
|
2007
|
|
|
7,901
|
|
|
3,898
|
|
|
844
|
|
|
12,643
|
|
Capital
expenditures
|
|
|
2008
|
|
|
10,981
|
|
|
1,298
|
|
|
234
|
|
|
12,513
|
|
|
|
|
2007
|
|
|
8,727
|
|
|
1,845
|
|
|
1,338
|
|
|
11,910
|
|
Nine
Months
Ended
March
31
|
|
|
|
Specialty
Fibers
|
|
Nonwoven
Materials
|
|
Corporate
|
|
Total
|
|
|||||
Net
sales
|
|
|
2008
|
|
$
|
434,837
|
|
$
|
201,753
|
|
$
|
(26,403
|
)
|
$
|
610,186
|
|
|
|
|
2007
|
|
|
400,399
|
|
|
192,841
|
|
|
(24,095
|
)
|
|
569,145
|
|
Operating
income
(loss)
|
|
|
2008
|
|
|
69,920
|
|
|
14,404
|
|
|
(3,715
|
)
|
|
80,609
|
|
|
|
|
2007
|
|
|
41,430
|
|
|
16,698
|
|
|
(3,745
|
)
|
|
54,383
|
|
Depreciation
and amortization
of intangibles
|
|
|
2008
|
|
|
24,664
|
|
|
12,264
|
|
|
2,542
|
|
|
39,470
|
|
|
|
|
2007
|
|
|
23,458
|
|
|
12,034
|
|
|
2,649
|
|
|
38,141
|
|
Capital
expenditures
|
|
|
2008
|
|
|
27,369
|
|
|
2,742
|
|
|
1,094
|
|
|
31,205
|
|
|
|
|
2007
|
|
|
20,383
|
|
|
2,842
|
|
|
3,010
|
|
|
26,235
|
|
Period
Ended March 31, 2008
|
||||||||||||||||||||||||
Accrual
Balance
as of
December
31, 2007
|
Additional
Charges
|
Impact
of
Foreign
Currency
|
Payments
|
Accrual
Balance
as of
March
31, 2008
|
Program
Charges
to
Date
|
|||||||||||||||||||
2007
Restructuring Program
|
||||||||||||||||||||||||
Severance
and employee benefits
|
||||||||||||||||||||||||
Specialty
fibers
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
791
|
||||||||||||
Corporate
|
-
|
-
|
-
|
-
|
-
|
432
|
||||||||||||||||||
Other
miscellaneous expenses
|
||||||||||||||||||||||||
Specialty
fibers
|
108
|
-
|
8
|
-
|
116
|
135
|
||||||||||||||||||
Total
2007 Program
|
$
|
108
|
$
|
-
|
$
|
8
|
$
|
-
|
$
|
116
|
$
|
1,358
|
|
|
March
31
2008
|
|
June
30
2007
|
|
||
|
|
|
|
|
|
||
Raw
materials
|
|
$
|
31,378
|
|
$
|
25,816
|
|
Finished
goods
|
|
|
49,199
|
|
|
39,335
|
|
Storeroom
and other
supplies
|
|
|
22,954
|
|
|
21,626
|
|
|
|
$
|
103,531
|
|
$
|
86,777
|
|
|
|
March
31
2008
|
|
June
30
2007
|
|
||
Senior
Notes
due:
|
|
|
|
|
|
||
2013
|
|
$
|
200,000
|
|
$
|
200,000
|
|
Senior
Subordinated Notes
due:
|
|
|
|
|
|
|
|
2008
|
|
|
-
|
|
|
59,948
|
|
2010
|
|
|
131,044
|
|
|
151,568
|
|
Credit
facility
|
|
|
63,488
|
|
|
33,622
|
|
|
|
$
|
394,532
|
|
$
|
445,138
|
|
NOTE
6:
|
COMPREHENSIVE
INCOME
|
|
ThreeMonths
Ended
March
31
|
NineMonths
Ended
March
31
|
|
||||||||||
|
2008
|
2007
|
2008
|
|
2007
|
|
|||||||
|
|
|
|
|
|||||||||
Net
income
|
$
|
10,422
|
$
|
6,573
|
$
|
37,785
|
|
$
|
14,200
|
||||
Foreign
currency translation
adjustments –net
|
(675
|
)
|
4,044
|
|
21,747
|
|
437
|
||||||
Unrealized
losses on hedging
activities
|
(591
|
)
|
-
|
(1,076
|
)
|
-
|
|||||||
Comprehensive
income
|
$
|
9,156
|
$
|
10,617
|
$
|
58,456
|
|
$
|
14,637
|
|
NOTE
7:
|
INCOME
TAXES
|
|
Three
Months
Ended
March
31
|
|
NineMonths
Ended
March
31
|
|
|||||||||
|
2008
|
2007
|
|
2008
|
|
2007
|
|
||||||
|
|
|
|
|
|
||||||||
Expected
tax expense at
35%
|
$
|
5,167
|
$
|
3,456
|
|
$
|
19,121
|
|
$
|
8,212
|
|||
German
tax rate
change
|
-
|
-
|
(2,245
|
)
|
-
|
||||||||
Domestic
manufacturing
deduction
|
(182
|
)
|
-
|
(182
|
)
|
-
|
|||||||
R&D
tax
credits
|
(810
|
)
|
-
|
(810
|
)
|
-
|
|||||||
Effect
of foreign
operations
|
193
|
821
|
|
|
115
|
|
|
431
|
|||||
Extraterritorial
income
benefit
|
-
|
(393
|
)
|
-
|
(606
|
)
|
|||||||
Brazilian
valuation
allowance
|
472
|
355
|
1,319
|
2,494
|
|||||||||
Other
|
(500
|
)
|
(937
|
)
|
|
(473
|
)
|
|
1,267
|
||||
Income
tax
expense
|
$
|
4,340
|
$
|
3,302
|
|
$
|
16,845
|
|
$
|
9,264
|
|
Three
Months
Ended
March
31
|
|
NineMonths
Ended
March
31
|
|
|||||||||
|
2008
|
|
2007
|
|
2008
|
|
2007
|
|
|||||
Service
cost for benefits
earned
|
$
|
151
|
$
|
150
|
|
$
|
453
|
|
$
|
449
|
|
||
Interest
cost on benefit
obligation
|
350
|
352
|
|
|
1,051
|
|
|
1,056
|
|
||||
Amortization
of unrecognized prior
service cost
|
(251
|
)
|
(251
|
)
|
|
(752
|
)
|
|
(752
|
)
|
|||
Actuarial
loss
|
146
|
142
|
|
|
437
|
|
|
426
|
|
||||
Total
cost
|
$
|
396
|
$
|
393
|
|
$
|
1,189
|
|
$
|
1,179
|
|
|
|
Buckeye
Technologies
Inc.
|
|
Guarantors
US
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
|
|||||
Net
sales
|
|
$
|
32,029
|
|
$
|
133,671
|
|
$
|
44,071
|
|
$
|
(7,906
|
)
|
$
|
201,865
|
|
Cost
of goods
sold
|
|
|
29,193
|
|
|
105,013
|
|
|
41,273
|
|
|
(7,815
|
)
|
|
167,664
|
|
Gross
margin
|
|
|
2,836
|
|
|
28,658
|
|
|
2,798
|
|
|
(91
|
)
|
|
34,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Selling,
research and
administrative expenses, and other
|
|
|
(4,610
|
)
|
|
14,099
|
|
|
2,449
|
|
|
-
|
|
|
11,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating
income(loss)
|
|
|
7,446
|
|
|
14,559
|
|
|
349
|
|
|
(91
|
)
|
|
22,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other
income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net
interest income (expense) and
amortization of debt
|
|
|
(8,117
|
)
|
|
142
|
|
161
|
|
|
-
|
|
|
(7,814
|
)
|
|
Other
income (expense), including
equity income (loss) in affiliates
|
|
|
3,979
|
|
|
(30
|
)
|
|
485
|
|
(4,121
|
)
|
|
313
|
||
Intercompany
interest income
(expense)
|
|
|
8,319
|
|
|
(6,495
|
)
|
|
(1,824
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income
(loss) before income
taxes
|
|
|
11,627
|
|
|
8,176
|
|
|
(829
|
)
|
|
(4,212
|
)
|
|
14,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income
tax
expense
|
|
|
1,205
|
|
2,843
|
|
|
249
|
|
43
|
|
4,340
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net
income
(loss)
|
|
$
|
10,422
|
|
$
|
5,333
|
|
$
|
(1,078
|
)
|
$
|
(4,255
|
)
|
$
|
10,422
|
|
|
|
Buckeye
Technologies
Inc.
|
|
Guarantors
US
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
|
|||||
Net
sales
|
|
$
|
87,756
|
|
$
|
399,710
|
|
$
|
152,165
|
|
$
|
(29,445
|
)
|
$
|
610,186
|
|
Cost
of goods
sold
|
|
|
77,041
|
|
|
309,265
|
|
|
136,401
|
|
|
(29,356
|
)
|
|
493,351
|
|
Gross
margin
|
|
|
10,715
|
|
|
90,445
|
|
|
15,764
|
|
|
(89
|
)
|
|
116,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Selling,
research and
administrative expenses, and other
|
|
|
(14,127
|
)
|
|
41,552
|
|
|
8,705
|
|
|
-
|
|
|
36,130
|
|
Restructuring
and impairment
costs
|
|
|
69
|
|
|
-
|
|
|
27
|
|
|
-
|
|
|
96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating
income
|
|
|
24,773
|
|
|
48,893
|
|
|
7,032
|
|
|
(89
|
)
|
|
80,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other
income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net
interest income (expense) and
amortization of debt
|
|
|
(25,887
|
)
|
|
26
|
|
366
|
|
|
-
|
|
|
(25,495
|
)
|
|
Other
income (expense), including
equity income (loss) in affiliates
|
|
|
31,423
|
|
|
161
|
|
|
(155
|
)
|
|
(31,913
|
)
|
|
(484
|
)
|
Intercompany
interest income
(expense)
|
|
|
24,982
|
|
|
(19,509
|
)
|
|
(5,473
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income
(loss) before income
taxes
|
|
|
55,291
|
|
|
29,571
|
|
|
1,770
|
|
|
(32,002
|
)
|
|
54,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income
tax expense
(benefit)
|
|
|
17,506
|
|
10,137
|
|
|
(558
|
)
|
|
(10,240
|
)
|
|
16,845
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net
income
(loss)
|
|
$
|
37,785
|
|
$
|
19,434
|
|
$
|
2,328
|
$
|
(21,762
|
)
|
$
|
37,785
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Buckeye
Technologies
Inc.
|
|
Guarantors
US
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
|
|
|||||
Net
sales
|
|
$
|
29,329
|
$
|
123,376
|
|
$
|
48,870
|
|
$
|
(8,566
|
)
|
$
|
193,009
|
|
|
Cost
of goods
sold
|
|
|
24,987
|
|
99,807
|
|
|
43,751
|
|
|
(8,475
|
)
|
|
160,070
|
|
|
Gross
margin
|
|
|
4,342
|
|
23,569
|
|
|
5,119
|
|
|
(91
|
)
|
|
32,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Selling,
research and
administrative expenses, and other
|
|
|
2,341
|
|
8,140
|
|
|
1,699
|
|
|
-
|
|
|
12,180
|
|
|
Restructuring
and
impairment costs
|
|
|
473
|
|
51
|
|
|
677
|
|
|
-
|
|
|
1,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating
income (loss)
|
|
|
1,528
|
|
15,378
|
|
|
2,743
|
|
|
(91
|
)
|
|
19,558
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other
income
(expense):
|
|
|
|
|
|
|
|
|
|
|
||||||
Net
interest
income(expense)
and
amortization ofdebt
|
|
|
(10,150
|
)
|
|
12
|
|
118
|
|
|
-
|
|
|
(10,020
|
)
|
|
Other
income(expense),
including
equityincome
(loss)in
affiliates
|
|
|
12,642
|
|
(11
|
)
|
|
443
|
|
(12,737
|
)
|
|
337
|
|||
Intercompany
interest
income (expense)
|
|
|
7,057
|
|
(4,798
|
)
|
|
(2,259
|
)
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income(loss)
before income
taxes
|
|
|
11,077
|
|
10,581
|
|
|
1,045
|
|
|
(12,828
|
)
|
|
9,875
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||
Income
tax
expense (benefit)
|
|
|
4,504
|
|
2,912
|
|
|
|