Texas
|
74-2211011
|
|
(State
or other jurisdiction
|
(I.R.S.
Employer
|
|
of
incorporation or organization)
|
Identification
No.)
|
|
3000
Technology Drive
|
77515
|
|
Angleton,
Texas
|
(Zip
Code)
|
|
(Address
of principal executive offices)
|
Large
accelerated filer þ
|
Accelerated
filer ¨
|
Non-accelerated
filer ¨ (Do not check if a smaller
reporting company)
|
Smaller
reporting company ¨
|
Page
|
|||||
2 | |||||
2 | |||||
3 | |||||
4 | |||||
5 | |||||
6 | |||||
7-19 | |||||
20 | |||||
29 | |||||
29 | |||||
30 | |||||
30 | |||||
31 | |||||
32 | |||||
33 | |||||
34 |
June
30,
|
December
31,
|
|||||||
(in
thousands, except par value)
|
2010
|
2009
|
||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 351,477 | $ | 421,243 | ||||
Accounts
receivable, net of allowance for doubtful accounts of $676 and $417,
respectively
|
413,448 | 417,268 | ||||||
Inventories,
net
|
389,023 | 315,743 | ||||||
Prepaid
expenses and other assets
|
35,013 | 31,034 | ||||||
Income
taxes receivable
|
3,526 | 3,526 | ||||||
Deferred
income taxes
|
10,133 | 9,861 | ||||||
Total
current assets
|
1,202,620 | 1,198,675 | ||||||
Long-term
investments
|
45,559 | 45,686 | ||||||
Property,
plant and equipment, net of accumulated depreciation of $288,467 and
$280,107 respectively
|
127,105 | 126,250 | ||||||
Goodwill,
net
|
37,912 | 37,912 | ||||||
Deferred
income taxes
|
19,367 | 17,713 | ||||||
Other
long-term assets, net
|
38,453 | 39,484 | ||||||
$ | 1,471,016 | $ | 1,465,720 | |||||
Liabilities
and Shareholders’ Equity
|
||||||||
Current
liabilities:
|
||||||||
Current
installments of capital lease obligations
|
$ | 333 | $ | 300 | ||||
Accounts
payable
|
281,494 | 275,900 | ||||||
Income
taxes payable
|
8,811 | 6,464 | ||||||
Accrued
liabilities
|
48,586 | 56,916 | ||||||
Total
current liabilities
|
339,224 | 339,580 | ||||||
Capital
lease obligations, less current installments
|
11,202 | 11,381 | ||||||
Other
long-term liabilities
|
25,168 | 23,856 | ||||||
Shareholders’
equity:
|
||||||||
Preferred
shares, $0.10 par value; 5,000 shares authorized, none
issued
|
— | — | ||||||
Common
shares, $0.10 par value; 145,000 shares authorized; issued – 62,661 and
64,208, respectively; outstanding – 62,550 and 64,097,
respectively
|
6,255 | 6,410 | ||||||
Additional
paid-in capital
|
720,969 | 732,956 | ||||||
Retained
earnings
|
381,237 | 356,802 | ||||||
Accumulated
other comprehensive loss
|
(12,767 | ) | (4,993 | ) | ||||
Less
treasury shares, at cost; 111 shares
|
(272 | ) | (272 | ) | ||||
Total
shareholders’ equity
|
1,095,422 | 1,090,903 | ||||||
Commitments
and contingencies
|
||||||||
$ | 1,471,016 | $ | 1,465,720 |
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
June
30
|
June
30,
|
|||||||||||||||
(in
thousands, except per share data)
|
2010
|
2009
|
2010
|
2009
|
||||||||||||
Sales
|
$ | 589,449 | 481,802 | $ | 1,161,354 | $ | 978,569 | |||||||||
Cost
of sales
|
542,555 | 447,248 | 1,069,115 | 912,379 | ||||||||||||
Gross
profit
|
46,894 | 34,554 | 92,239 | 66,190 | ||||||||||||
Selling,
general and administrative expenses
|
23,032 | 21,184 | 45,548 | 41,518 | ||||||||||||
Restructuring
charges
|
— | 1,017 | 1,697 | 2,147 | ||||||||||||
Income
from operations
|
23,862 | 12,353 | 44,994 | 22,525 | ||||||||||||
Interest
expense
|
(340 | ) | (350 | ) | (679 | ) | (701 | ) | ||||||||
Interest
income
|
447 | 489 | 814 | 1,328 | ||||||||||||
Other
expense
|
(679 | ) | 1 | (1,050 | ) | (395 | ) | |||||||||
Income
before income taxes
|
23,290 | 12,493 | 44,079 | 22,757 | ||||||||||||
Income
tax expense
|
2,513 | 938 | 5,052 | 1,964 | ||||||||||||
Net
income
|
$ | 20,777 | 11,555 | $ | 39,027 | $ | 20,793 | |||||||||
Earnings
per share:
|
||||||||||||||||
Basic
|
$ | 0.33 | $ | 0.18 | $ | 0.62 | $ | 0.32 | ||||||||
Diluted
|
$ | 0.33 | $ | 0.18 | $ | 0.61 | $ | 0.32 | ||||||||
Weighted-average
number of shares outstanding:
|
||||||||||||||||
Basic
|
62,695 | 65,018 | 63,047 | 65,057 | ||||||||||||
Diluted
|
63,243 | 65,197 | 63,598 | 65,315 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(in
thousands)
|
2010
|
2009
|
2010
|
2009
|
||||||||||||
|
||||||||||||||||
Net
income
|
$ | 20,777 | $ | 11,555 | $ | 39,027 | $ | 20,793 | ||||||||
Other
comprehensive income (loss):
|
||||||||||||||||
Foreign
currency translation adjustments
|
(5,069 | ) | 5,448 | (8,023 | ) | 1,485 | ||||||||||
Unrealized
gain on investments, net of tax
|
425 | 1,123 | 248 | 582 | ||||||||||||
Other
|
11 | (20 | ) | 1 | (5 | ) | ||||||||||
Comprehensive
income
|
$ | 16,144 | $ | 18,106 | $ | 31,253 | $ | 22,855 |
June 30,
|
December 31,
|
|||||||
(in thousands)
|
2010
|
2009
|
||||||
Foreign
currency translation losses
|
$ | (8,476 | ) | $ | (453 | ) | ||
Unrealized
loss on investments, net of tax
|
(4,141 | ) | (4,389 | ) | ||||
Other
|
(150 | ) | (151 | ) | ||||
Accumulated
other comprehensive loss
|
$ | (12,767 | ) | $ | (4,993 | ) |
Accumulated
|
||||||||||||||||||||||||||||
Additional
|
other
|
Total
|
||||||||||||||||||||||||||
Common
|
paid-in
|
Retained
|
comprehensive
|
Treasury
|
shareholders’
|
|||||||||||||||||||||||
(in
thousands)
|
Shares
|
shares
|
capital
|
earnings
|
loss
|
shares
|
equity
|
|||||||||||||||||||||
Balances,
December 31, 2009
|
64,097 | $ | 6,410 | $ | 732,956 | $ | 356,802 | $ | (4,993 | ) | $ | (272 | ) | $ | 1,090,903 | |||||||||||||
Stock-based
compensation expense
|
— | — | 3,165 | — | — | — | 3,165 | |||||||||||||||||||||
Shares
repurchased and retired
|
(1,656 | ) | (166 | ) | (17,794 | ) | (14,592 | ) | — | — | (32,552 | ) | ||||||||||||||||
Stock
options exercised
|
113 | 11 | 1,541 | — | — | — | 1,552 | |||||||||||||||||||||
Restricted
shares cancelled
|
(4 | ) | — | — | — | — | — | — | ||||||||||||||||||||
Excess
tax benefit of stock-based compensation
|
— | — | 1,101 | — | — | — | 1,101 | |||||||||||||||||||||
Comprehensive
income
|
— | — | — | 39,027 | (7,774 | ) | — | 31,253 | ||||||||||||||||||||
Balances,
June 30, 2010
|
62,550 | $ | 6,255 | $ | 720,969 | $ | 381,237 | $ | (12,767 | ) | $ | (272 | ) | $ | 1,095,422 |
Six Months Ended
|
||||||||
June 30,
|
||||||||
(in thousands)
|
2010
|
2009
|
||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 39,027 | $ | 20,793 | ||||
Adjustments
to reconcile net income to net cash provided by (used in) operating
activities:
|
||||||||
Depreciation
and amortization
|
20,418 | 19,481 | ||||||
Deferred
income taxes
|
(1,047 | ) | (345 | ) | ||||
(Gain)
loss on the sale of property, plant and equipment
|
(5 | ) | 8 | |||||
Asset
impairment
|
105 | — | ||||||
Stock-based
compensation expense
|
3,165 | 2,519 | ||||||
Excess
tax benefits from stock-based compensation
|
(240 | ) | (75 | ) | ||||
Changes
in operating assets and liabilities, net of acquisition:
|
||||||||
Accounts
receivable
|
(9 | ) | 71,932 | |||||
Inventories
|
(77,362 | ) | 29,490 | |||||
Prepaid
expenses and other assets
|
(7,979 | ) | 754 | |||||
Accounts
payable
|
7,443 | (62,498 | ) | |||||
Accrued
liabilities
|
(4,408 | ) | (5,594 | ) | ||||
Income
taxes
|
2,389 | 328 | ||||||
Net
cash provided by (used in) operations
|
(18,503 | ) | 76,793 | |||||
Cash
flows from investing activities:
|
||||||||
Proceeds
from redemptions of investments
|
375 | 350 | ||||||
Additions
to property, plant and equipment
|
(19,106 | ) | (9,579 | ) | ||||
Proceeds
from the sale of property, plant and equipment
|
164 | 145 | ||||||
Additions
to purchased software
|
(139 | ) | (62 | ) | ||||
Business
acquisition
|
— | (10,552 | ) | |||||
Purchase
of intangible asset
|
— | (11,300 | ) | |||||
Net
cash used in investing activities
|
(18,706 | ) | (30,998 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Proceeds
from stock options exercised
|
1,552 | 535 | ||||||
Excess
tax benefits from stock-based compensation
|
240 | 75 | ||||||
Principal
payments on capital lease obligations
|
(145 | ) | (125 | ) | ||||
Share
repurchases
|
(32,552 | ) | (3,689 | ) | ||||
Proceeds
from warrants exercised
|
— | 203 | ||||||
Net
cash used in financing activities
|
(30,905 | ) | (3,001 | ) | ||||
Effect
of exchange rate changes
|
(1,652 | ) | 1,272 | |||||
Net
increase (decrease) in cash and cash equivalents
|
(69,766 | ) | 44,066 | |||||
Cash
and cash equivalents at beginning of year
|
421,243 | 359,694 | ||||||
Cash
and cash equivalents at June 30
|
$ | 351,477 | $ | 403,760 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Expected
term of options
|
7.0
years
|
7.0
years
|
7.0
years
|
7.0
years
|
||||||||||||
Expected
volatility
|
40 | % | 44 | % | 40 | % | 44 | % | ||||||||
Risk-free
interest rate
|
2.94 | % | 3.03 | % | 2.94 | % | 3.03 | % | ||||||||
Dividend
yield
|
zero
|
zero
|
zero
|
zero
|
Weighted-
|
||||||||||||||
Weighted-
|
Average
|
|||||||||||||
Average
|
Remaining
|
Aggregate
|
||||||||||||
Number of
|
Exercise
|
Contractual
|
Intrinsic
|
|||||||||||
Options
|
Price
|
Term (Years)
|
Value
|
|||||||||||
Outstanding
at December 31, 2009
|
5,531 | $ | 19.20 | 6.18 | ||||||||||
Granted
|
61 | $ | 19.41 | |||||||||||
Exercised
|
(113 | ) | $ | 13.79 | ||||||||||
Forfeited
or expired
|
(100 | ) | $ | 23.06 | ||||||||||
Outstanding
at June 30, 2010
|
5,379 | $ | 19.25 | 5.83 | $ |
6,301
|
||||||||
Exercisable
at June 30, 2010
|
3,361 | $ | 20.41 | 4.42 | $ |
3,971
|
Weighted-
|
||||||||
Average
|
||||||||
Grant Date
|
||||||||
Shares
|
Fair Value
|
|||||||
Non-vested
shares outstanding at December 31, 2009
|
290 | $ | 16.67 | |||||
Vested
|
(19 | ) | $ | 17.54 | ||||
Forfeited
|
(4 | ) | $ | 16.70 | ||||
Non-vested
shares outstanding at June 30, 2010
|
267 | $ | 16.61 |
Weighted-
|
||||||||
Average
|
||||||||
Grant
Date
|
||||||||
Shares
|
Fair Value
|
|||||||
Non-vested
shares outstanding at December 31, 2009
|
81 | $ | 16.50 | |||||
Granted
|
— | — | ||||||
Forfeited
|
(2 | ) | $ | 17.62 | ||||
Non-vested
shares outstanding at June 30, 2010
|
79 | $ | 16.48 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Numerator
for basic earnings per share - net income
|
$ | 20,777 | $ | 11,555 | $ | 39,027 | $ | 20,793 | ||||||||
Denominator
for basic earnings per share - weighted-average number of common shares
outstanding during the period
|
62,695 | 65,018 | 63,047 | 65,057 | ||||||||||||
Incremental
common shares attributable to exercise of outstanding dilutive
options
|
450 | 145 | 457 | 230 | ||||||||||||
Incremental
common shares attributable to outstanding restricted shares and phantom
stock
|
98 | 23 | 94 | 11 | ||||||||||||
Incremental
common shares attributable to exercise of warrants
|
— | 11 | — | 17 | ||||||||||||
Denominator
for diluted earnings per share
|
63,243 | 65,197 | 63,598 | 65,315 | ||||||||||||
Basic
earnings per share
|
$ | 0.33 | $ | 0.18 | $ | 0.62 | $ | 0.32 | ||||||||
Diluted
earnings per share
|
$ | 0.33 | $ | 0.18 | $ | 0.61 | $ | 0.32 |
Gross
|
Net
|
|||||||||||
Carrying
|
Accumulated
|
Carrying
|
||||||||||
Amount
|
Amortization
|
Amount
|
||||||||||
Customer
relationships
|
$ | 17,669 | $ | (6,230 | ) | $ | 11,439 | |||||
Technology
licenses
|
11,300 | (3,193 | ) | 8,107 | ||||||||
Other
|
868 | (82 | ) | 786 | ||||||||
Other
intangible assets, June 30, 2010
|
$ | 29,837 | $ | (9,505 | ) | $ | 20,332 |
Gross
|
Net
|
|||||||||||
Carrying
|
Accumulated
|
Carrying
|
||||||||||
Amount
|
Amortization
|
Amount
|
||||||||||
Customer
relationships
|
$ | 17,944 | $ | (5,432 | ) | $ | 12,512 | |||||
Technology
licenses
|
11,300 | (1,698 | ) | 9,602 | ||||||||
Other
|
868 | (70 | ) | 798 | ||||||||
Other
intangible assets, December 31, 2009
|
$ | 30,112 | $ | (7,200 | ) | $ | 22,912 |
Year ending December 31,
|
Amount
|
|||
2010
(remaining six months)
|
$ | 2,051 | ||
2011
|
4,391 | |||
2012
|
4,391 | |||
2013
|
3,614 | |||
2014
|
1,812 |
June
30,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
Raw
materials
|
$ | 298,356 | $ | 237,294 | ||||
Work
in process
|
65,024 | 54,197 | ||||||
Finished
goods
|
25,643 | 24,252 | ||||||
$ | 389,023 | $ | 315,743 |
Six
Months Ended
|
||||||||
June
30,
|
||||||||
2010
|
2009
|
|||||||
Federal
– Current
|
$ | 1,278 | $ | (156 | ) | |||
Foreign
– Current
|
4,570 | 2,120 | ||||||
State
– Current
|
251 | 345 | ||||||
Deferred
|
(1,047 | ) | (345 | ) | ||||
$ | 5,052 | $ | 1,964 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Net
sales:
|
||||||||||||||||
Americas
|
$ | 380,614 | $ | 294,464 | $ | 742,769 | $ | 589,763 | ||||||||
Asia
|
208,807 | 167,108 | 415,981 | 342,446 | ||||||||||||
Europe
|
36,807 | 40,859 | 83,068 | 87,816 | ||||||||||||
Elimination
of intersegment sales
|
(36,779 | ) | (20,629 | ) | (80,464 | ) | (41,456 | ) | ||||||||
$ | 589,449 | $ | 481,802 | $ | 1,161,354 | $ | 978,569 | |||||||||
Depreciation
and amortization:
|
||||||||||||||||
Americas
|
$ | 5,173 | $ | 4,830 | $ | 10,451 | $ | 9,166 | ||||||||
Asia
|
3,351 | 3,491 | 6,744 | 7,053 | ||||||||||||
Europe
|
706 | 647 | 1,439 | 1,299 | ||||||||||||
Corporate
|
897 | 852 | 1,784 | 1,963 | ||||||||||||
$ | 10,127 | $ | 9,820 | $ | 20,418 | $ | 19,481 | |||||||||
Income
from operations:
|
||||||||||||||||
Americas
|
$ | 16,885 | $ | 8,292 | $ | 30,773 | $ | 12,727 | ||||||||
Asia
|
15,548 | 12,545 | 30,052 | 25,119 | ||||||||||||
Europe
|
751 | 356 | 2,484 | 1,844 | ||||||||||||
Corporate
and intersegment eliminations
|
(9,322 | ) | (8,840 | ) | (18,315 | ) | (17,165 | ) | ||||||||
$ | 23,862 | $ | 12,353 | $ | 44,994 | $ | 22,525 | |||||||||
Capital
expenditures:
|
||||||||||||||||
Americas
|
$ | 4,536 | $ | 669 | $ | 10,032 | $ | 1,737 | ||||||||
Asia
|
4,737 | 2,215 | 8,058 | 5,633 | ||||||||||||
Europe
|
411 | 1,916 | 857 | 2,152 | ||||||||||||
Corporate
|
2 | 108 | 298 | 119 | ||||||||||||
$ | 9,686 | $ | 4,908 | $ | 19,245 | $ | 9,641 |
June 30,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
Total
assets:
|
||||||||
Americas
|
$ | 587,306 | $ | 567,494 | ||||
Asia
|
474,750 | 418,208 | ||||||
Europe
|
245,057 | 263,025 | ||||||
Corporate
and other
|
163,903 | 216,993 | ||||||
$ | 1,471,016 | $ | 1,465,720 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Geographic
net sales:
|
||||||||||||||||
United
States
|
$ | 437,622 | $ | 360,555 | $ | 864,295 | $ | 720,785 | ||||||||
Asia
|
49,324 | 41,931 | 91,541 | 85,797 | ||||||||||||
Europe
|
90,696 | 70,982 | 180,900 | 154,578 | ||||||||||||
Other
Foreign
|
11,807 | 8,334 | 24,618 | 17,409 | ||||||||||||
$ | 589,449 | $ | 481,802 | $ | 1,161,354 | $ | 978,569 |
June 30,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
Long-lived
assets:
|
||||||||
United
States
|
$ | 74,376 | $ | 77,675 | ||||
Asia
|
67,439 | 65,555 | ||||||
Europe
|
8,703 | 9,344 | ||||||
Other
|
15,040 | 13,160 | ||||||
$ | 165,558 | $ | 165,734 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Income
taxes paid, net
|
$ | 2,819 | $ | 443 | $ | 3,571 | $ | 1,932 | ||||||||
Interest
paid
|
327 | 337 | 663 | 679 |
Balance as of
|
Foreign
|
Balance as of
|
||||||||||||||||||||||
December 31,
|
Restructuring
|
Cash
|
Non-Cash
|
Exchange
|
June 30,
|
|||||||||||||||||||
2009
|
Charges
|
Payment
|
Activity
|
Adjustments
|
2010
|
|||||||||||||||||||
2010
Restructuring:
|
||||||||||||||||||||||||
Severance
|
$ | — | $ | 371 | $ | (371 | ) | $ | — | $ | — | $ | — | |||||||||||
Other
exit costs
|
— | 91 | (74 | ) | — | — | 17 | |||||||||||||||||
— | 462 | (445 | ) | — | — | 17 | ||||||||||||||||||
2009
Restructuring:
|
||||||||||||||||||||||||
Severance
|
1,099 | 153 | (1,666 | ) | — | 29 | (385 | ) | ||||||||||||||||
Lease
facility costs
|
2,472 | 99 | (472 | ) | — | (370 | ) | 1,729 | ||||||||||||||||
Other
exit costs
|
113 | 901 | (858 | ) | (105 | ) | — | 51 | ||||||||||||||||
3,684 | 1,153 | (2,996 | ) | (105 | ) | (341 | ) | 1,395 | ||||||||||||||||
2007
Restructuring:
|
||||||||||||||||||||||||
Lease
facility costs
|
373 | 82 | (362 | ) | — | (29 | ) | 64 | ||||||||||||||||
Other
exit costs
|
415 | — | (12 | ) | — | (62 | ) | 341 | ||||||||||||||||
788 | 82 | (374 | ) | — | (91 | ) | 405 | |||||||||||||||||
Total
|
$ | 4,472 | $ | 1,697 | $ | (3,815 | ) | $ | (105 | ) | $ | (432 | ) | $ | 1,817 |
2010
|
2009
|
|||||||
Balance
as of January 1
|
$ | 45,686 | $ | 48,162 | ||||
Net
unrealized gains included in other comprehensive loss
|
248 | 582 | ||||||
Redemptions
of investments
|
(375 | ) | (350 | ) | ||||
Balance
as of June 30
|
$ | 45,559 | $ | 48,394 | ||||
Unrealized
losses still held as of June 30
|
$ | 4,141 | $ | 4,731 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Sales
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Cost
of sales
|
92.0 | 92.8 | 92.1 | 93.2 | ||||||||||||
Gross
profit
|
8.0 | 7.2 | 7.9 | 6.8 | ||||||||||||
Selling,
general and administrative expenses
|
3.9 | 4.4 | 3.9 | 4.2 | ||||||||||||
Restructuring
charges
|
— | 0.2 | 0.1 | 0.2 | ||||||||||||
Income
from operations
|
4.0 | 2.6 | 3.9 | 2.3 | ||||||||||||
Other
income, net
|
(0.1 | ) | 0.0 | (0.1 | ) | 0.0 | ||||||||||
Income
before income taxes
|
3.9 | 2.6 | 3.8 | 2.3 | ||||||||||||
Income
tax expense
|
0.4 | 0.2 | 0.4 | 0.2 | ||||||||||||
Net
income
|
3.5 | % | 2.4 | % | 3.4 | % | 2.1 | % |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Computers
and related products for business enterprises
|
31 | % | 38 | % | 31 | % | 41 | % | ||||||||
Telecommunication
equipment
|
23 | 26 | 23 | 25 | ||||||||||||
Industrial
control equipment
|
25 | 19 | 25 | 19 | ||||||||||||
Medical
devices
|
10 | 14 | 11 | 13 | ||||||||||||
Testing
and instrumentation products
|
11 | 3 | 10 | 2 | ||||||||||||
100 | % | 100 | % | 100 | % | 100 | % |
|
•
|
Foreign
currency exchange risk;
|
|
•
|
Import
and export duties, taxes and regulatory
changes;
|
|
•
|
Inflationary
economies or currencies; and
|
|
•
|
Economic
and political instability.
|
Legal
Proceedings
|
Risk
Factors.
|
Unregistered
Sales Of Equity Securities And Use Of
Proceeds.
|
(d) Maximum
|
|||||||||||||||
(c) Total
|
Number (or
|
||||||||||||||
Number of
|
Approximate
|
||||||||||||||
Shares (or
|
Dollar Value)
|
||||||||||||||
Units)
|
of Shares (or
|
||||||||||||||
Purchased as
|
Units) that
|
||||||||||||||
(a) Total
|
Part of
|
May Yet Be
|
|||||||||||||
Number of
|
(b) Average
|
Publicly
|
Purchased
|
||||||||||||
Shares (or
|