UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
FORM 8-K
_____________________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
October 27, 2015
Date of Report (Date of earliest event reported)
_____________________________________________
FEI COMPANY
(Exact name of registrant as specified in its charter)
_____________________________________________
|
| | | | |
| | | | |
Oregon | | 000-22780 | | 93-0621989 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
5350 NE Dawson Creek Drive, Hillsboro, Oregon 97124
(Address of principal executive offices, including zip code)
(503) 726-7500
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
_____________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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| |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On October 27, 2015, FEI Company issued a press release announcing results for the quarter ended September 27, 2015. A copy of this press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.
The information in this Item 2.02 of this Current Report on Form 8-K and the exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
|
| | |
| | |
Exhibit No. | | Description |
| |
99.1 | | Press Release issued by FEI Company, dated October 27, 2015 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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|
|
FEI COMPANY |
|
/s/ Bradley J. Thies |
Bradley J. Thies |
Senior Vice President, General Counsel and Secretary |
Date: October 27, 2015
EXHIBIT INDEX
|
| | |
| | |
Exhibit No. | | Description |
| |
99.1 | | Press Release issued by FEI Company, dated October 27, 2015 |
Exhibit 99.1
NEWS RELEASE
For more information contact:
FEI Company
Jason Willey
Investor Relations Director
jason.willey@fei.com
(503) 726-2533
FEI Reports Third Quarter 2015 Results
Revenue of $213 Million and Bookings of $234 Million
HILLSBORO, Ore. October 27, 2015 - FEI Company (NASDAQ: FEIC) today reported results for the third quarter of 2015. Third quarter revenue of $213 million was down 6.7% compared to $228 million for third quarter of 2014. Movements in foreign exchange rates negatively impacted revenue for the third quarter of 2015 by approximately $10 million, as compared with third quarter of 2014 rates. Excluding the impact of foreign exchange movements, third quarter organic revenue was down 2.4% compared with the third quarter of 2014.
Diluted earnings per share were $0.25, compared with $0.51 in the third quarter of 2014. Net income for the quarter was $10 million compared with $22 million in the third quarter of 2014. Included in third quarter 2015 results are tax benefits in the amount of $6.1 million, or $0.15 per share, and a non-cash impairment of goodwill and long-lived assets of $24 million, or $0.58 per share, net of taxes. The impairment is related to assets supporting the company’s oil and gas business.
The company’s backlog of orders at the end of the third quarter of 2015 was $562 million, compared with $539 million at the end of the third quarter of 2014 and $541 million at the end of the second quarter of 2015. Bookings for the third quarter of 2015 were $234 million, resulting in a book-to-bill of 1.10-to-1.
“While Science met our expectations, activity at our large semiconductor customers fell short of our forecast in the third quarter,” commented Don Kania, president and CEO. “Near term spending at our semiconductor customers is being impacted as the industry transitions to 10nm devices.
“We saw increased activity in our Science business during the third quarter and expect a strong finish to the year from this group. We remain focused on investing to drive our technology leadership and ensuring we are well positioned for the significant long term growth opportunities we see in our Science and Industrial markets.”
Net cash provided by operating activities for the third quarter of 2015 was $46 million, compared with $28 million in the third quarter of 2014. During the quarter, the company paid cash dividends of $12 million, invested $2.2 million on plant and equipment and repurchased 545,000 shares of its common stock at an average price of $77.41. Total cash, investments and restricted cash at the end of the quarter was $500 million.
Outlook
For the fourth quarter of 2015, the company currently expects reported revenue to be in the range of $260 million to $275 million. This range reflects the expected negative impact of a stronger U.S. dollar of approximately 4.0% as compared to the fourth quarter of 2014. Earnings per fully diluted share are expected to be in the range of $1.05 to $1.20. This range is based on an expected tax rate for the fourth quarter of approximately 20%.
For full year 2015, the company expects organic revenue growth to be in the range of 1.0% to 2.5%, compared with 2014, and earnings per fully diluted share in the range of $2.85 to $3.00. This range includes the impairment expense and tax benefits the company recorded in the third quarter of 2015. Based on current exchange rates, the stronger U.S. dollar is expected to negatively impact full year 2015 reported revenue growth by approximately 5% as compared to the full year 2014.
Investor Conference Call - 2:00 p.m. Pacific Time, Tuesday, October 27, 2015
Parties interested in listening to FEI's quarterly conference call may do so by dialing 1-877-407-8293 (U.S., toll-free) or +1-201-689-8349 (international and toll), with the conference title: FEI Third Quarter Earnings Conference Call. The call can also be accessed via the web by going to FEI's Investor Relations page at http://investor.fei.com/event, where the webcast will also be archived.
Safe Harbor Statement
This news release contains forward-looking statements that include guidance for revenue and earnings per share for the fourth quarter of 2015 and full year 2015, the impact of certain items on our results for the quarter, statements about foreign currency exchange rates and the potential impact of a stronger U.S. dollar, assumptions about tax rates, and statements about potential healthy revenue growth and the timing product of deliveries in certain markets. Forward-looking statements may also be identified by words and phrases that refer to future expectations, such as “guidance”, “guiding”, “forecast”, “toward”, “plan”, “expect”, “expects”, “are expected”, “is expected”, “believe”, “anticipate”, “will”, “projecting”, “looking forward”, “continue to see”, “outlook” and other similar words and phrases. Factors that could affect these forward-looking statements include, but are not limited to: the global economic environment, particularly continued slower growth in China and emerging markets; lower than expected customer orders, including for recently-introduced products; potential weakness of the Science and Industry market segments, including continued weakness in the oil and gas sector of the Industry segment resulting from declining oil prices; fluctuations in foreign exchange rates, which, among other things, can affect revenues, margins, bookings, backlog and the competitive pricing of our products; cyclical and other changes and increased volatility in the semiconductor industry, which is a major component of Industry market segment revenue; changes in backlog and the timing of shipments from backlog, which may create forecasting challenges; potential delayed or reduced governmental spending to support expected orders; potential disruption in the company's operations due to organizational changes; the relative mix of higher-margin and lower-margin products; potential for increased volatility and challenges in forecasting resulting from larger sales transactions, cancellations and rescheduling of orders by customers; risks associated with a high percentage of the company's revenue coming from “turns” business, when the order for a product is placed by the customer in the same quarter as the planned shipment, and risks associated with building and shipping a high percentage of the company’s quarterly revenue in the last month of the quarter; delays in meeting all accounting requirements for revenue recognition; additional costs related to future merger and acquisition activity; failure of the company to achieve anticipated benefits of acquisitions and collaborations, including failure to achieve financial goals and integrate acquisitions successfully; reduced profitability due to failure to achieve or sustain margin improvement in service or product manufacturing; potential disruption in manufacturing or unexpected additional costs due to the transition from older to newer products; failure to achieve improved operational efficiency and other benefits from infrastructure investments and restructuring activities; potential additional restructurings, realignments and reorganizations; inability to deploy products as expected or delays in shipping products due to technical problems or barriers, especially with regard to recently introduced TEM products; and changes in U.S. and foreign tax rates and laws, accounting rules regarding taxes or agreements with tax authorities. Please also refer to our Form 10-K, Forms 10-Q, Forms 8-K and other filings with the U.S. Securities and Exchange Commission for additional information on these factors and other factors that could cause actual results to differ materially from the forward-looking statements. FEI assumes no duty to update forward-looking statements.
About FEI
FEI Company (Nasdaq: FEIC) designs, manufactures and supports a broad range of high-performance microscopy workflow solutions that provide images and answers at the micro-, nano- and picometer scales. Its innovation and leadership enable customers in industry and science to increase productivity and make breakthrough discoveries. Headquartered in Hillsboro, Ore., USA, FEI has over 2,800 employees and sales and service operations in more than 50 countries around the world. More information can be found at: www.fei.com.
FEI Company and Subsidiaries
Consolidated Balance Sheets
(In thousands)
(Unaudited)
|
| | | | | | | |
| September 27,
2015 | | December 31,
2014 |
Assets | | | |
Current Assets: | | | |
Cash and cash equivalents | $ | 381,858 |
| | $ | 300,507 |
|
Short-term investments in marketable securities | 36,015 |
| | 61,688 |
|
Short-term restricted cash | 23,444 |
| | 15,698 |
|
Receivables, net | 208,909 |
| | 227,354 |
|
Inventories, net | 191,648 |
| | 176,440 |
|
Deferred tax assets | 8,652 |
| | 8,225 |
|
Other current assets | 31,050 |
| | 35,503 |
|
Total current assets | 881,576 |
| | 825,415 |
|
Long-term investments in marketable securities | 34,016 |
| | 85,865 |
|
Long-term restricted cash | 24,758 |
| | 38,369 |
|
Property plant and equipment, net | 152,919 |
| | 163,794 |
|
Intangible assets, net | 37,815 |
| | 54,111 |
|
Goodwill | 145,639 |
| | 170,773 |
|
Deferred tax assets | 8,129 |
| | 6,605 |
|
Long-term inventories | 47,401 |
| | 50,731 |
|
Other assets, net | 19,001 |
| | 22,155 |
|
Total Assets | $ | 1,351,254 |
| | $ | 1,417,818 |
|
Liabilities and Shareholders' Equity | | | |
Current Liabilities: | | | |
Accounts payable | $ | 67,788 |
| | $ | 78,308 |
|
Accrued payroll liabilities | 37,304 |
| | 38,599 |
|
Accrued warranty reserves | 13,159 |
| | 13,005 |
|
Short-term deferred revenue | 107,485 |
| | 96,924 |
|
Income taxes payable | 4,896 |
| | 5,299 |
|
Accrued restructuring, reorganization, relocation and severance | 858 |
| | 9,161 |
|
Other current liabilities | 58,289 |
| | 56,146 |
|
Total current liabilities | 289,779 |
| | 297,442 |
|
Long-term deferred revenue | 39,765 |
| | 34,021 |
|
Deferred tax liabilities | 4,694 |
| | 9,576 |
|
Other liabilities | 31,752 |
| | 35,454 |
|
Shareholders' Equity: | | | |
Preferred stock - 500 shares authorized; none issued and outstanding | — |
| | — |
|
Common stock - 70,000 shares authorized; 41,065 and 41,797 shares issued and outstanding at September 27, 2015 and December 31, 2014 | 556,452 |
| | 607,250 |
|
Retained earnings | 501,944 |
| | 461,586 |
|
Accumulated other comprehensive loss | (73,132 | ) | | (27,511 | ) |
Total shareholders’ equity | 985,264 |
| | 1,041,325 |
|
Total Liabilities and Shareholders' Equity | $ | 1,351,254 |
| | $ | 1,417,818 |
|
FEI Company and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
|
| | | | | | | | | | | | | | | |
| Thirteen Weeks Ended | | Thirty-Nine Weeks Ended |
| September 27,
2015 | | September 28,
2014 | | September 27,
2015 | | September 28,
2014 |
Net Sales: | | | | | | | |
Products | $ | 151,843 |
| | $ | 169,131 |
| | $ | 479,487 |
| | $ | 517,459 |
|
Service | 60,718 |
| | 58,625 |
| | 178,079 |
| | 173,517 |
|
Total net sales | 212,561 |
| | 227,756 |
| | 657,566 |
| | 690,976 |
|
Cost of Sales: | | | | | | | |
Products | 74,639 |
| | 83,653 |
| | 234,965 |
| | 262,327 |
|
Service | 33,645 |
| | 35,522 |
| | 100,948 |
| | 103,893 |
|
Total cost of sales | 108,284 |
| | 119,175 |
| | 335,913 |
| | 366,220 |
|
Gross profit | 104,277 |
| | 108,581 |
| | 321,653 |
| | 324,756 |
|
Operating Expenses: | | | | | | | |
Research and development | 23,825 |
| | 25,312 |
| | 70,275 |
| | 77,178 |
|
Selling, general and administrative | 43,467 |
| | 49,463 |
| | 132,382 |
| | 148,513 |
|
Impairment of goodwill and long-lived assets | 26,596 |
| | — |
| | 26,596 |
| | — |
|
Restructuring, reorganization, relocation and severance | (423 | ) | | 7,699 |
| | (565 | ) | | 11,259 |
|
Total operating expenses | 93,465 |
| | 82,474 |
| | 228,688 |
| | 236,950 |
|
Operating Income | 10,812 |
| | 26,107 |
| | 92,965 |
| | 87,806 |
|
Other Expense, Net | (1,372 | ) | | (831 | ) | | (2,929 | ) | | (1,907 | ) |
Income Before Income Taxes | 9,440 |
| | 25,276 |
| | 90,036 |
| | 85,899 |
|
Income Tax (Benefit) Expense | (978 | ) | | 3,629 |
| | 14,274 |
| | 14,228 |
|
Net Income | $ | 10,418 |
| | $ | 21,647 |
| | $ | 75,762 |
| | $ | 71,671 |
|
Basic Net Income Per Share | $ | 0.25 |
| | $ | 0.52 |
| | $ | 1.82 |
| | $ | 1.70 |
|
Diluted Net Income Per Share | $ | 0.25 |
| | $ | 0.51 |
| | $ | 1.80 |
| | $ | 1.68 |
|
Weighted Average Shares Outstanding: | | | | | | | |
Basic | 41,404 |
| | 41,891 |
| | 41,624 |
| | 42,053 |
|
Diluted | 41,820 |
| | 42,465 |
| | 42,050 |
| | 42,624 |
|
FEI Company and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
|
| | | | | | | | | | | |
| Thirteen Weeks Ended (1) | | Thirty-Nine Weeks Ended (1) |
| September 27,
2015 | | September 28,
2014 | | September 27,
2015 | | September 28,
2014 |
Net Sales: | | | | | | | |
Products | 71.4 | % | | 74.3 | % | | 72.9 | % | | 74.9 | % |
Service | 28.6 |
| | 25.7 |
| | 27.1 |
| | 25.1 |
|
Total net sales | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % |
Cost of Sales: | | | | | | | |
Products | 35.1 | % | | 36.7 | % | | 35.7 | % | | 38.0 | % |
Service | 15.8 |
| | 15.6 |
| | 15.4 |
| | 15.0 |
|
Total cost of sales | 50.9 | % | | 52.3 | % | | 51.1 | % | | 53.0 | % |
Gross Margin: | | | | | | | |
Products | 50.8 | % | | 50.5 | % | | 51.0 | % | | 49.3 | % |
Service | 44.6 |
| | 39.4 |
| | 43.3 |
| | 40.1 |
|
Gross margin | 49.1 |
| | 47.7 |
| | 48.9 |
| | 47.0 |
|
Operating Expenses: | | | | | | | |
Research and development | 11.2 | % | | 11.1 | % | | 10.7 | % | | 11.2 | % |
Selling, general and administrative | 20.4 |
| | 21.7 |
| | 20.1 |
| | 21.5 |
|
Impairment of goodwill and long-lived assets | 12.5 |
| | — |
| | 4.0 |
| | — |
|
Restructuring, reorganization, relocation and severance | (0.2 | ) | | 3.4 |
| | (0.1 | ) | | 1.6 |
|
Total operating expenses | 44.0 | % | | 36.2 | % | | 34.8 | % | | 34.3 | % |
Operating Income | 5.1 | % | | 11.5 | % | | 14.1 | % | | 12.7 | % |
Other Expense, Net | (0.6 | )% | | (0.4 | )% | | (0.4 | )% | | (0.3 | )% |
Income Before Income Taxes | 4.4 | % | | 11.1 | % | | 13.7 | % | | 12.4 | % |
Income Tax (Benefit) Expense | (0.5 | )% | | 1.6 | % | | 2.2 | % | | 2.1 | % |
Net Income | 4.9 | % | | 9.5 | % | | 11.5 | % | | 10.4 | % |
| |
(1) | Percentages may not add due to rounding. |
FEI Company and Subsidiaries
Consolidated Summary of Cash Flows
(In thousands)
(Unaudited)
|
| | | | | | | | | | | | | | | |
| Thirteen Weeks Ended | | Thirty-Nine Weeks Ended |
| September 27,
2015 | | September 28,
2014 | | September 27,
2015 | | September 28,
2014 |
Net Income | $ | 10,418 |
| | $ | 21,647 |
| | $ | 75,762 |
| | $ | 71,671 |
|
Depreciation | 6,301 |
| | 7,740 |
| | 18,364 |
| | 22,379 |
|
Amortization | 2,765 |
| | 3,614 |
| | 8,480 |
| | 10,478 |
|
Stock-based compensation | 6,121 |
| | 6,494 |
| | 16,615 |
| | 17,456 |
|
Impairment of goodwill and long-lived assets | 26,596 |
| | 40 |
| | 26,596 |
| | 322 |
|
Other changes in working capital | (6,452 | ) | | (11,360 | ) | | (11,084 | ) | | (49,708 | ) |
Net cash provided by operating activities | 45,749 |
| | 28,175 |
| | 134,733 |
| | 72,598 |
|
Acquisition of property, plant and equipment | (2,240 | ) | | (12,107 | ) | | (10,109 | ) | | (35,429 | ) |
Payments for acquisitions, net of cash acquired | — |
| | — |
| | (5,377 | ) | | (65,049 | ) |
Other investing activities | 59,783 |
| | 13,631 |
| | 76,842 |
| | (17,967 | ) |
Net cash provided by (used in) investing activities | 57,543 |
| | 1,524 |
| | 61,356 |
| | (118,445 | ) |
Dividends paid on common stock | (12,462 | ) | | (10,490 | ) | | (33,340 | ) | | (20,619 | ) |
Repurchases of common stock | (42,350 | ) | | (9,836 | ) | | (72,575 | ) | | (40,315 | ) |
Other financing activities | 2,349 |
| | 2,379 |
| | 8,675 |
| | 10,940 |
|
Net cash used in financing activities | (52,463 | ) | | (17,947 | ) | | (97,240 | ) | | (49,994 | ) |
Effect of exchange rate changes | (2,165 | ) | | (11,683 | ) | | (17,498 | ) | | (15,888 | ) |
Decrease in cash and cash equivalents | 48,664 |
| | 69 |
| | $ | 81,351 |
| | $ | (111,729 | ) |
Cash and Cash Equivalents: | | | | | | | |
Beginning of period | 333,194 |
| | 272,372 |
| | 300,507 |
| | 384,170 |
|
End of period | $ | 381,858 |
| | $ | 272,441 |
| | $ | 381,858 |
| | $ | 272,441 |
|
Supplemental Cash Flow Information: | | | | | | | |
Cash paid for income taxes, net | $ | 11,825 |
| | $ | 4,575 |
| | $ | 22,422 |
| | $ | 14,458 |
|
Accrued purchases of plant and equipment | 1,675 |
| | 986 |
| | 1,675 |
| | 986 |
|
Dividends declared but not paid | 12,453 |
| | 10,461 |
| | 12,453 |
| | 10,461 |
|
Accrued repurchases of common stock | 1,095 |
| | — |
| | 1,095 |
| | — |
|
FEI Company and Subsidiaries
Supplemental Data Table
($ in millions, except per share amounts)
(Unaudited)
|
| | | | | | | | | | | | | | | |
| Thirteen Weeks Ended | | Thirty-Nine Weeks Ended |
| September 27, 2015 | | September 28, 2014 | | September 27, 2015 | | September 28, 2014 |
Income Statement Highlights: | | | | | | | |
Consolidated sales | $ | 212.6 |
| | $ | 227.8 |
| | $ | 657.6 |
| | $ | 691.0 |
|
Gross margin | 49.1 | % | | 47.7 | % | | 48.9 | % | | 47.0 | % |
Net income | $ | 10.4 |
| | $ | 21.6 |
| | $ | 75.8 |
| | $ | 71.7 |
|
Diluted net income per share | $ | 0.25 |
| | $ | 0.51 |
| | $ | 1.80 |
| | $ | 1.68 |
|
Sales and Bookings Highlights: | | | | | | | |
Sales by Segment | | | | | | | |
Industry Group | $ | 105.3 |
| | $ | 107.1 |
| | $ | 336.8 |
| | $ | 340.7 |
|
Science Group | 107.3 |
| | 120.7 |
| | 320.8 |
| | 350.3 |
|
Sales by Geography | | | | | | | |
USA & Canada | $ | 76.3 |
| | $ | 77.0 |
| | $ | 217.7 |
| | $ | 229.7 |
|
Europe | 48.6 |
| | 56.6 |
| | 159.9 |
| | 187.2 |
|
Asia-Pacific and Rest of World | 87.7 |
| | 94.2 |
| | 280.0 |
| | 274.1 |
|
Gross Margin by Segment | | | | | | | |
Industry Group | 52.4 | % | | 51.5 | % | | 52.4 | % | | 51.5 | % |
Science Group | 45.8 |
| | 44.3 |
| | 45.2 |
| | 42.7 |
|
Bookings and Backlog | | | | | | | |
Bookings - Total | $ | 233.7 |
| | $ | 265.1 |
| | $ | 701.2 |
| | $ | 773.1 |
|
Book-to-bill Ratio | 1.10 |
| | 1.16 |
| | 1.07 |
| | 1.12 |
|
Backlog - Total | $ | 562.2 |
| | $ | 539.0 |
| | $ | 562.2 |
| | $ | 539.0 |
|
Backlog - Service | 165.7 |
| | 160.5 |
| | 165.7 |
| | 160.5 |
|
Bookings by Segment | | | | | | | |
Industry Group | $ | 114.6 |
| | $ | 157.8 |
| | $ | 364.4 |
| | $ | 391.1 |
|
Science Group | 119.1 |
| | 107.3 |
| | 336.8 |
| | 382.0 |
|
Bookings by Geography | | | | | | | |
USA & Canada | $ | 99.8 |
| | $ | 90.0 |
| | $ | 243.5 |
| | $ | 234.5 |
|
Europe | 54.8 |
| | 65.7 |
| | 166.1 |
| | 233.4 |
|
Asia-Pacific and Rest of World | 79.1 |
| | 109.4 |
| | 291.6 |
| | 305.2 |
|
Balance Sheet and Other Highlights: | | | | | | | |
Cash, equivalents, investments, restricted cash | $ | 500.1 |
| | $ | 493.0 |
| | $ | 500.1 |
| | $ | 493.0 |
|
Days sales outstanding (DSO) | 90 |
| | 88 |
| | 90 |
| | 88 |
|
Days in inventory | 198 |
| | 190 |
| | 198 |
| | 190 |
|
Days in payables (DPO) | 57 |
| | 61 |
| | 57 |
| | 61 |
|
Cash Cycle (DSO + Days in Inventory - DPO) | 231 |
| | 217 |
| | 231 |
| | 217 |
|
Working capital | $ | 591.8 |
| | $ | 543.4 |
| | $ | 591.8 |
| | $ | 543.4 |
|
Headcount (permanent and temporary) | 2,855 |
| | 2,693 |
| | 2,855 |
| | 2,693 |
|
Euro average rate | 1.11 |
| | 1.33 |
| | 1.12 |
| | 1.36 |
|
Euro ending rate | 1.12 |
| | 1.27 |
| | 1.12 |
| | 1.27 |
|
Yen average rate | 122.72 |
| | 103.38 |
| | 120.88 |
| | 102.76 |
|
Yen ending rate | 120.99 |
| | 109.04 |
| | 120.99 |
| | 109.04 |
|
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