SIRIUS Reports First Quarter 2008 Results
* Revenue of $270.4 Million, Up 33% Year Over Year
* Total Subscribers of More Than 8.6 Million, Up 31% Year Over Year
* Record First Quarter Gross Subscriber Additions - Exceed 1 Million
* Adjusted Loss From Operations Improves 55%
SIRIUS Satellite Radio today announced first quarter
2008 financial results, including a 33% increase in revenue to $270.4
million, total subscribers in excess of 8.6 million and a 55% decrease
in the adjusted loss from operations.
“SIRIUS continues to demonstrate robust subscriber and revenue
growth, along with strong cost discipline and significant improvement
in our bottom line,” said Mel Karmazin, CEO of SIRIUS. “Compared with a
year ago, first quarter 2008 subscribers grew 31%, revenue grew 33%,
while cash operating costs only grew 8%, leading to a 55% decline in
our adjusted loss from operations.”
“We await the FCC decision on our pending merger with XM, and we are eager to deliver the strong benefits
of the combined company to our subscribers and stockholders.”
SIRIUS
ended first quarter 2008 with 8,644,319 subscribers, up 31% from
6,581,045 subscribers at the end of first quarter 2007. Retail
subscribers increased 10% in the first quarter 2008 to 4,643,215 from
4,234,804 at the end of first quarter 2007. OEM subscribers increased
72% in the first quarter 2008 to 3,986,818 from 2,323,683 at the end of
first quarter 2007. During the first quarter 2008, SIRIUS added 322,534
net subscribers and achieved a 52% share of satellite radio net
subscriber additions.
Total
revenue for the first quarter 2008 increased to $270.4 million, up 33%
from first quarter 2007 total revenue of $204.0 million. Average
monthly revenue per subscriber (or “ARPU”) was $10.42 in first quarter
2008 as compared with $10.46 for first quarter 2007. First quarter 2008
average all-in customer churn was 2.7%. SAC per gross subscriber
addition was $91 in first quarter 2008, an improvement over first
quarter 2007’s SAC per gross subscriber addition of $101.
SIRIUS
reported a first quarter 2008 net loss of ($104.1) million, or ($0.07)
per share, an improvement of 28% over first quarter 2007 net loss of
($144.7) million, or ($0.10) per share. The adjusted loss from
operations for first quarter 2008 improved 53% to ($39.5) million, as
compared to the adjusted loss from operations of ($84.0) million in
first quarter 2007.
2008 OUTLOOK
Following approval of
the pending merger with XM by the Federal Communications Commission,
SIRIUS will provide guidance for 2008.
RESULTS OF OPERATIONS
The
discussion of operating expenses below excludes the effects of
stock-based compensation. SIRIUS believes this presentation improves
the transparency of disclosure and is consistent with the way operating
results are evaluated by management.
FIRST QUARTER 2008 VERSUS FIRST QUARTER 2007
For the first
quarter of 2008, SIRIUS recognized total revenue of $270.4 million
compared to $204.0 million for the first quarter of 2007. This 33%, or
$66.4 million, increase in revenue was driven by a $64.8 million
increase in subscriber revenue resulting from the net increase in
subscribers of 2,063,274 from the first quarter of 2007.
The
company’s adjusted loss from operations decreased $44.5 million to
($39.5) million for the first quarter of 2008 from ($84.0) million for
the first quarter of 2007 (refer to the reconciliation table of net
loss to adjusted loss from operations). This decrease was driven by the
increase in total revenue of $66.4 million offset by a $21.8 million
increase in non-operating expenses.
Satellite and transmission expenses decreased $0.3 million to $7.0 million for the first quarter of 2008
compared to $7.3 million for the first quarter of 2007 as a result of lower maintenance expenses in the first of quarter 2008.
Programming
and content expenses increased $1.8 million to $58.9 million for the
first quarter of 2008 from $57.1 million for the first quarter of 2007.
The increase was primarily attributable to higher compensation-related
costs for additions to headcount.
Revenue share and royalties
increased $15.2 million to $42.3 million for the first quarter of 2008
from $27.1 million for the first quarter of 2007. This increase was
attributable to the determination by the Copyright Royalty Board in
January 2008 of the royalty rate under the statutory license covering
the performance of sound recordings. The 33% growth in the company’s
revenues also contributed to the increase in revenue share and
royalties.
Customer service and billing expenses increased $4.9
million to $26.6 million for the first quarter of 2008 from $21.7
million for the first quarter of 2007. The increase was primarily
attributable to higher call center operating costs necessary to
accommodate the increase in the company’s subscriber base. Customer
service and billing expenses per average subscriber per month declined
9.0% to $1.05 for the first quarter of 2008 from $1.15 for the first
quarter of 2007.
Sales
and marketing expenses decreased $2.2 million to $33.2 million for the
first quarter of 2008 from $35.4 million for the first quarter of 2007.
This decrease was primarily attributable to lower advertising and
reduced cooperative marketing spend with the company’s distributors
compared to the year-ago first quarter.
Subscriber acquisition
costs (SAC) decreased $8.4 million, or 9%, to $89.8 million for the
first quarter of 2008 from $98.2 million for the first quarter of 2007.
This decrease was primarily attributable to production efficiencies and
a higher average retail selling price, offset by increased OEM unit
production.
SAC
per gross subscriber addition decreased 10% to $91 for the first
quarter of 2008 from $101 for the first quarter of 2007. The decrease
was driven by lower per unit subsidies due to production efficiencies
and a higher average retail selling price, offset by a higher mix of
OEM gross additions.
General and administrative expenses
increased $13.4 million to $36.8 million for the first quarter of 2008
from $23.4 million for the first quarter of 2007. The increase was
primarily the result of higher litigation related costs and
compensation-related costs to support the growth of our business.
Engineering,
design and development expenses decreased $3.9 million to $7.5 million
for the first quarter of 2008 from $11.4 million for the first quarter
of 2007. This decrease was attributable to reduced OEM and product
development costs.
SIRIUS
reported a net loss of ($104.1) million, or ($0.07) per share, for the
first quarter of 2008 compared to a net loss of ($144.7) million, or
($0.10) per share, for the first quarter of 2007.
<br /> SIRIUS SATELLITE RADIO INC. AND SUBSIDIARIES<br /> SUBSCRIBER DATA, METRICS<br /> AND OTHER NON-GAAP FINANCIAL MEASURES<br /> (Dollars in thousands, unless otherwise stated)<br /><br /> Subscriber Data:<br /> For the Three Months<br /> Ended March 31,<br /> 2008 2007<br /><br /> Beginning subscribers 8,321,785 6,024,555<br /> Net additions 322,534 556,490<br /> Ending subscribers 8,644,319 6,581,045<br /><br /> Retail 4,643,215 4,234,804<br /> OEM 3,986,818 2,323,683<br /> Hertz 14,286 22,558<br /> Ending subscribers 8,644,319 6,581,045<br /><br /> Retail 2,506 192,978<br /> OEM 321,186 364,674<br /> Hertz (1,158) (1,162)<br /> Net additions 322,534 556,490<br /><br /><br /> Metrics:<br /> For the Three Months<br /> Ended March 31,<br /> 2008 2007<br /><br /> Gross subscriber additions 1,003,422 988,458<br /> Deactivated subscribers 680,888 431,968<br /> Average monthly churn (1)(6) 2.7% 2.3%<br /> SAC per gross subscriber<br /> addition (3)(6) $91 $101<br /> Customer service and billing<br /> expenses per average<br /> subscriber (3)(6) $1.05 $1.15<br /> Total revenue $270,350 $204,037<br /> Free cash flow (4)(6) $(186,535) $(146,715)<br /><br /> Monthly ARPU:<br /> Average monthly subscriber<br /> revenue per subscriber<br /> before the effects of<br /> Hertz subscribers and rebates $10.09 $10.30<br /> Effects of Hertz subscribers 0.04 0.04<br /> Effects of rebates (0.04) (0.24)<br /> Average monthly subscriber<br /> revenue per subscriber 10.09 10.10<br /> Average monthly net<br /> advertising revenue per<br /> subscriber 0.33 0.36<br /> ARPU $10.42 $10.46<br /><br /><br /><br /> SIRIUS SATELLITE RADIO INC. AND SUBSIDIARIES<br /> SUBSCRIBER DATA, METRICS<br /> AND OTHER NON-GAAP FINANCIAL MEASURES - CONTINUED<br /> (Dollars in thousands, unless otherwise stated)<br /><br /> Adjusted Loss from Operations:<br /> For the Three Months<br /> Ended March 31,<br /> 2008 2007<br /><br /> Net loss $(104,118) $(144,745)<br /> Depreciation 26,906 26,786<br /> Stock-based compensation 22,262 24,260<br /> Other non operating expense 14,950 9,145<br /> Income tax expense 543 555<br /> Adjusted loss from<br /> operations (7) $(39,457) $(83,999)<br /><br /><br /> Adjusted Net Loss:<br /> For the Three Months<br /> Ended March 31,<br /> 2008 2007<br /><br /> Net loss $(104,118) $(144,745)<br /> Stock-based compensation 22,262 24,260<br /> Adjusted net loss $(81,856) $(120,485)<br /> Net loss per share (basic<br /> and diluted) (8) $(0.07) $(0.10)<br /> Weighted average common<br /> shares outstanding<br /> (basic and diluted) 1,475,496 1,457,011<br /><br /><br /><br /> SIRIUS SATELLITE RADIO INC. AND SUBSIDIARIES<br /> SUBSCRIBER DATA, METRICS<br /> AND OTHER NON-GAAP FINANCIAL MEASURES - CONTINUED<br /> (Dollars in thousands, unless otherwise stated)<br /><br /> Condensed Consolidated Statements of Operations:<br /><br /> For the Three Months<br /> Ended March 31,<br /> 2008 2007<br /><br /> Total revenue $270,350 $204,037<br /> Operating expenses<br /> (excludes depreciation and<br /> stock-based compensation<br /> shown separately below):<br /> Satellite and transmission 7,025 7,330<br /> Programming and content 58,903 57,063<br /> Revenue share and royalties 42,320 27,134<br /> Customer service and billing 26,646 21,654<br /> Cost of equipment 7,588 6,458<br /> Sales and marketing 33,227 35,352<br /> Subscriber acquisition costs 89,810 98,237<br /> General and administrative 36,780 23,403<br /> Engineering, design and development 7,508 11,405<br /> Depreciation 26,906 26,786<br /> Stock-based compensation 22,262 24,260<br /> Total operating expenses 358,975 339,082<br /> Loss from operations (88,625) (135,045)<br /> Other expense (14,950) (9,145)<br /> Loss before income taxes (103,575) (144,190)<br /> Income tax expense (543) (555)<br /> Net loss $(104,118) $(144,745)<br /><br /><br /><br /> SIRIUS SATELLITE RADIO INC. AND SUBSIDIARIES<br /> CONSOLIDATED STATEMENTS OF OPERATIONS<br /> (In thousands, except per share amounts)<br /><br /> For the Three Months<br /> Ended March 31,<br /> 2008 2007<br /> Revenue:<br /> Subscriber revenue, including<br /> effects of rebates $255,640 $190,796<br /> Advertising revenue, net of agency fees 8,408 6,721<br /> Equipment revenue 6,063 4,671<br /> Other revenue 239 1,849<br /> Total revenue 270,350 204,037<br /> Operating expenses (excludes<br /> depreciation shown separately below) (1):<br /> Cost of services:<br /> Satellite and transmission 7,822 7,986<br /> Programming and content 61,692 59,998<br /> Revenue share and royalties 42,320 27,134<br /> Customer service and billing 26,922 21,853<br /> Cost of equipment 7,588 6,458<br /> Sales and marketing 38,467 40,996<br /> Subscriber acquisition costs 89,824 100,117<br /> General and administrative 48,778 35,343<br /> Engineering, design and development 8,656 12,411<br /> Depreciation 26,906 26,786<br /> Total operating expenses 358,975 339,082<br /> Loss from operations (88,625) (135,045)<br /> Other income (expense):<br /> Interest and investment income 2,802 6,042<br /> Interest expense, net of amounts<br /> capitalized (17,675) (15,192)<br /> Other (expense) income (77) 5<br /> Total other expense (14,950) (9,145)<br /> Loss before income taxes (103,575) (144,190)<br /> Income tax expense (543) (555)<br /> Net loss $(104,118) $(144,745)<br /> Net loss per share (basic and diluted) $(0.07) $(0.10)<br /> Weighted average common shares<br /> outstanding (basic and diluted) 1,475,496 1,457,011<br /><br /> (1) Amounts related to stock-based<br /> compensation included in other<br /> operating expenses were as follows:<br /><br /> Satellite and transmission $797 $656<br /> Programming and content 2,789 2,935<br /> Customer service and billing 276 199<br /> Sales and marketing 5,240 5,644<br /> Subscriber acquisition costs 14 1,880<br /> General and administrative 11,998 11,940<br /> Engineering, design and development 1,148 1,006<br /> Total stock-based compensation $22,262 $24,260<br /><br /><br /><br /> SIRIUS SATELLITE RADIO INC. AND SUBSIDIARIES<br /> BALANCE SHEET DATA<br /> (Dollars in thousands)<br /><br /> As of<br /> March 31, 2008 December 31, 2007<br /> (unaudited)<br /> Cash, cash equivalents and<br /> marketable securities $252,969 $439,289<br /> Restricted investments 56,000 53,000<br /> Working capital (741,218) (394,989)<br /> Total assets 1,469,823 1,694,149<br /> Total debt 1,282,743 1,314,418<br /> Total liabilities 2,309,257 2,486,886<br /> Accumulated deficit (4,503,090) (4,398,972)<br /> Stockholders' deficit (839,434) (792,737)<br /><br /><br /><br /> SIRIUS SATELLITE RADIO INC. AND SUBSIDIARIES<br /> CONSOLIDATED STATEMENTS OF CASH FLOWS<br /> (Dollars in thousands)<br /><br /> For the Three Months<br /> Ended March 31,<br /> 2008 2007<br /> Cash flows from operating activities:<br /> Net loss $(104,118) (144,745)<br /> Adjustments to reconcile net loss<br /> to net cash used in operating<br /> activities:<br /> Depreciation 26,906 26,786<br /> Non-cash interest expense 1,004 754<br /> Provision for doubtful accounts 2,560 2,088<br /> Gain on disposal of assets - (4)<br /> Stock-based compensation 22,262 24,260<br /> Deferred income taxes 543 555<br /> Changes in operating assets and<br /> liabilities:<br /> Accounts receivable 18,765 6,639<br /> Inventory 4,193 (473)<br /> Receivables from distributors (9,988) (7,569)<br /> Prepaid expenses and other current<br /> assets 14,256 (9,173)<br /> Other long-term assets 3,256 (23)<br /> Accounts payable and accrued expenses (116,741) (47,811)<br /> Accrued interest (11,885) (11,763)<br /> Deferred revenue 14,712 21,731<br /> Other long-term liabilities (5,017) 7,702<br /> Net cash used in operating activities (139,292) (131,046)<br /> Cash flows from investing activities:<br /> Additions to property and equipment (39,225) (12,458)<br /> Sales of property and equipment - 96<br /> Purchases of restricted and other<br /> investments (3,000) (310)<br /> Sale of investments 5,000 -<br /> Merger related costs (10,018) (2,901)<br /> Sales of available-for-sale securities 8 10,850<br /> Net cash used in investing<br /> activities (47,235) (4,723)<br /> Cash flows from financing activities:<br /> Repayment of long-term borrowings (625) -<br /> Proceeds from exercise of stock options 840 1,510<br /> Net cash provided by financing<br /> activities 215 1,510<br /> Net decrease in cash and cash equivalents (186,312) (134,259)<br /> Cash and cash equivalents at the<br /> beginning of period 438,820 393,421<br /> Cash and cash equivalents at the<br /> end of period $252,508 $259,162<br /><br /><br /><br /> FOOTNOTES TO PRESS RELEASE AND TABLES FOR NON-GAAP FINANCIAL MEASURES<br /><br /></pre><p>This press release, including the selected financial information above, includes the following non-GAAP financial measures: average monthly churn; SAC per gross subscriber addition; customer service and billing expenses per average subscriber; free cash flow; average monthly revenue per subscriber, or ARPU; adjusted loss from operations; and adjusted net loss. The definitions and usefulness of such non-GAAP financial measures are as follows (dollars in thousands, unless otherwise stated): </p><pre> (1) SIRIUS defines average monthly churn as the number of deactivated<br /> subscribers divided by average quarterly subscribers.<br /><br /> (2) SIRIUS defines SAC per gross subscriber addition as subscriber<br /> acquisition costs, excluding stock-based compensation, and margins<br /> from the direct sale of SIRIUS radios and accessories divided by the<br /> number of gross subscriber additions for the period. SAC per gross<br /> subscriber addition is calculated as follows:<br /><br /><br /> For the Three Months<br /> March 31,<br /> 2008 2007<br /><br /> Subscriber acquisition costs $89,824 $100,117<br /> Less: stock-based compensation (14) (1,880)<br /> Add: margin from direct sales of<br /> SIRIUS radios and accessories 1,525 1,787<br /> SAC $91,335 $100,024<br /> Gross subscriber additions 1,003,422 988,458<br /> SAC per gross subscriber addition $91 $101<br /><br /><br /> (3) SIRIUS defines customer service and billing expenses per average<br /> subscriber as total customer service and billing expenses, excluding<br /> stock-based compensation, divided by the daily weighted average<br /> number of subscribers for the period. Customer service and billing<br /> expenses per average subscriber is calculated as follows:<br /><br /><br /> For the Three Months<br /> Ended March 31,<br /> 2008 2007<br /><br /> Customer service and billing expenses $26,922 $21,853<br /> Less: stock-based compensation (276) (199)<br /> Customer service and billing expenses,<br /> as adjusted $26,646 $21,654<br /> Daily weighted average number of<br /> subscribers 8,446,343 6,295,282<br /> Customer service and billing expenses,<br /> as adjusted, per average subscriber $1.05 $1.15<br /><br /><br /> (4) SIRIUS defines free cash flow as cash flow from operating activities,<br /> capital expenditures, merger related costs and restricted and other<br /> investment activity. Free cash flow is calculated as follows:<br /><br /><br /> For the Three Months<br /> Ended March 31,<br /> 2008 2007<br /> Net cash used in operating activities $(139,292) $(131,046)<br /> Additions to property and equipment (39,225) (12,458)<br /> Merger related costs (10,018) (2,901)<br /> Restricted and other investment<br /> activity 2,000 (310)<br /> Free cash flow $(186,535) $(146,715)<br /><br /><br /> (5) SIRIUS defines ARPU as the total earned subscriber revenue and net<br /> advertising revenue divided by the daily weighted average number<br /> of subscribers for the period. ARPU is calculated as follows:<br /><br /><br /> For the Three Months<br /> Ended March 31,<br /> 2008 2007<br /> Subscriber revenue $255,640 $190,796<br /> Net advertising revenue 8,408 6,721<br /> Total subscriber and net advertising<br /> revenue $264,048 $197,517<br /> Daily weighted average number<br /> of subscribers 8,446,343 6,295,282<br /> ARPU $10.42 $10.46<br /><br /><br /> (6) SIRIUS believes average monthly churn; SAC per gross subscriber<br /> addition; customer service and billing expenses per average<br /> subscriber; free cash flow; and ARPU provide meaningful information<br /> regarding operating performance and liquidity and are used for<br /> internal management purposes; when publicly providing the business<br /> outlook; as a means to evaluate period-to-period comparisons; and<br /> to compare the company's performance to that of its competitors.<br /> SIRIUS also believes that investors use current and projected metrics<br /> to monitor performance of the business and make investment decisions.<br /><br /> SIRIUS believes the exclusion of stock-based compensation expense in<br /> the calculations of SAC per gross subscriber addition and customer<br /> service and billing expenses per average subscriber is useful given<br /> the significant variation in expense that can result from changes in<br /> the fair market value of SIRIUS common stock, the effect of which is<br /> unrelated to the operational conditions that give rise to variations<br /> in the components of subscriber acquisition costs and customer<br /> service and billing expenses. Specifically, the exclusion of<br /> stock-based compensation expense in the calculation of SAC per gross<br /> subscriber addition is critical in being able to understand the<br /> economic impact of the direct costs incurred to acquire a subscriber<br /> and the effect over time as economies of scale are reached.<br /><br /> These non-GAAP financial measures are used in addition to and in<br /> conjunction with results presented in accordance with GAAP. These<br /> non-GAAP financial measures may be susceptible to varying<br /> calculations; may not be comparable to other similarly titled<br /> measures of other companies; and should not be considered in<br /> isolation for, or superior to measures of financial performance<br /> prepared in accordance with GAAP.<br /><br /> (7) SIRIUS refers to net loss before taxes; other income<br /> (expense) -- including interest and investment income, interest<br /> expense, equity in net loss of affiliate; depreciation; and<br /> stock-based compensation expense as adjusted loss from operations.<br /> Adjusted loss from operations is not a measure of financial<br /> performance under GAAP. The company believes adjusted loss from<br /> operations is a useful measure of its operating performance. The<br /> company uses adjusted loss from operations for budgetary and planning<br /> purposes; to assess the relative profitability and on-going<br /> performance of consolidated operations; to compare performance from<br /> period to period; and to compare performance to that of its<br /> competitors. The company also believes adjusted loss from operations<br /> is useful to investors to compare operating performance to the<br /> performance of other communications, entertainment and media<br /> companies. The company believes that investors use current and<br /> projected adjusted loss from operations to estimate the current or<br /> prospective enterprise value and make investment decisions.<br /><br /> Because the company funds and builds-out its satellite radio system<br /> through the periodic raising and expenditure of large amounts of<br /> capital, results of operations reflect significant charges for<br /> interest and depreciation expense. The company believes adjusted loss<br /> from operations provides useful information about the operating<br /> performance of the business apart from the costs associated with the<br /> capital structure and physical plant. The exclusion of interest<br /> expense and depreciation is useful given fluctuations in interest<br /> rates and significant variation in depreciation expense that can<br /> result from the amount and timing of capital expenditures and<br /> potential variations in estimated useful lives, all of which can vary<br /> widely across different industries or among companies within the same<br /> industry. The company believes the exclusion of taxes is appropriate<br /> for comparability purposes as the tax positions of companies can vary<br /> because of their differing abilities to take advantage of tax<br /> benefits and because of the tax policies of the various jurisdictions<br /> in which they operate. The company also believes the exclusion of<br /> stock-based compensation expense is useful given the significant<br /> variation in expense that can result from changes in the fair market<br /> value of the company's common stock. Finally, the company believes<br /> that the exclusion of equity in net loss of affiliate (SIRIUS Canada,<br /> Inc.) is useful to assess the performance of its core consolidated<br /> operations in the continental United States. To compensate for the<br /> exclusion of taxes, other income (expense), depreciation, impairment<br /> charges and stock-based compensation expense, the company separately<br /> measures and budgets for these items.<br /><br /> There are material limitations associated with the use of adjusted<br /> loss from operations in evaluating the company compared with net<br /> loss, which reflects overall financial performance, including the<br /> effects of taxes, other income (expense), depreciation, impairment<br /> charges and stock-based compensation expense. The company uses<br /> adjusted loss from operations to supplement GAAP results to provide<br /> a more complete understanding of the factors and trends affecting the<br /> business than GAAP results alone. Investors that wish to compare and<br /> evaluate the operating results after giving effect for these costs,<br /> should refer to net loss as disclosed in the unaudited consolidated<br /> statements of operations. Since adjusted loss from operations is a<br /> non-GAAP financial measure, the calculation of adjusted loss from<br /> operations may be susceptible to varying calculations; may not be<br /> comparable to other similarly titled measures of other companies;<br /> and should not be considered in isolation, as a substitute for, or<br /> superior to measures of financial performance in accordance with<br /> GAAP.<br /><br /> (8) SIRIUS refers to adjusted net loss as net loss per share excluding<br /> stock-based compensation expense. Adjusted net loss is not a measure<br /> of financial performance under GAAP. The company believes adjusted<br /> net loss is useful to investors to compare its operating performance<br /> to the performance of other communications, entertainment and media<br /> companies. The company also believes the exclusion of stock-based<br /> compensation expense is useful given the significant variation in<br /> expense that can result from changes in the fair market value of the<br /> company's common stock.<br /><br /> There are material limitations associated with the use of adjusted<br /> net loss in evaluating the company compared with net loss, which<br /> reflects overall financial performance, including the effects of<br /> stock-based compensation expense. The company uses adjusted net loss<br /> to supplement GAAP results to provide a more complete understanding<br /> of the factors and trends affecting the business than GAAP results<br /> alone. Investors that wish to compare and evaluate the operating<br /> results after giving effect for these costs, should refer to net loss<br /> as disclosed in the unaudited consolidated financial statements of<br /> operations. Since adjusted net loss is a non-GAAP financial measure,<br /> the calculation of adjusted net loss may be susceptible to varying<br /> calculations; may not be comparable to other similarly titled<br /> measures of other companies; and should not be considered in<br /> isolation, as a substitute for, or superior to measures of financial<br /> performance prepared in accordance with GAAP.<br /><br /><br />
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