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30th July 2008

Directors:            

Don Hanson                                             (Chairman)

Kaye Collins

Peter Haspel

Margaret Mountford

Nicholas Oppenheim

Clive Preston

Simon Prew

Robert Wickham

Company Secretary:        

Peter Smith

Registered Office:        

33, King Street, London, SW1Y 6RJ. Tel: 020 7600 7900

Nominated Advisor:        

Cenkos Securities plc, 6,7,8, Token House Yard, London, EC2R 7AS.

Solicitors :

Herbert Smith LLP, Exchange House, Primrose Street, London, EC2A 2HS.

Stockbrokers:        

Mirabaud Securities Limited, 21, St James's Square, London, SW1Y 4JP.

KBC Peel Hunt Limited, 111, Old Broad Street, London, EC2N 1PH.        

Oriel Securities Ltd, 125, Wood Street, London, EC2V 7AN.

Auditors:            

PricewaterhouseCoopers LLP, 1, Embankment Place, London, WC2N 6RH.

Registrars:            

Capita Registrars, The Registry, 34, Beckenham Road, Beckenham, Kent, BR3 4TU. 

Tel: 0871 664 0300 (Calls cost 10p per minute plus network extras)

Overseas tel: 44 208 639 3399

Company number:

4039562

Country of registration:

England and Wales

 

Chairman's statement

 

On 8th July 2008, Georgica announced that preliminary talks were taking place which may or may not lead to an offer for the company. Such talks continue. Should these talks not result in a satisfactory offer, the company intends to instruct its financial advisors to determine an optimal capital structure to enable the company to return cash to shareholders.

Georgica's same outlet sales for the 26 weeks which ended 29th June 2008 were 1.9% down when compared with the comparable period in 2007. Until the end of April sales were reasonably strong, same outlet sales having risen by 3.6%: sales in May and June 2008 were lower than in the comparable period, which was unsurprising given the very wet weather in 2007, but were still 5.9% higher than in May and June 2006. 

EBITDA for the period amounted to £4.2m. Reducing the comparative figure by £1.4m for the rental impact of the sales and leasebacks of certain freehold and long leasehold properties for £46m in the last year, EBITDA rose by £0.1m. Without this adjustment the comparative figure was £5.5m in 2007. 

Profit before tax amounted to £4.6m in the half year to June 2008 compared to a loss before tax of £0.7m in the prior year. The sale or sale and leaseback of a further four properties held for sale or redevelopment generated £3.8m of profit in the period (2007: £0.7m). Costs from corporate transactions and the cost of obtaining planning for the development property programme fell from £2.2m in the first half of 2007 to £0.7m in the first half of 2008. The repayment of the vast majority of Georgica's debt in the second half of 2007 led interest charges to fall from £5.4m in the first half of 2007 to £0.2m in the first half of 2008. 

During the period £7m was received from the sale or sale and leaseback of a further four properties held for sale or redevelopment, bringing the total raised from recent property sales to £99m in cash. The company retains six properties for sale or redevelopment. Planning permission for one of these properties was obtained after the period end.

As at the end of June 2008 the company had net debt of £63,000 and debt facilities of £15m. 

Derham O' Neill and Vineet Arora stepped down from the Georgica board following the AGM in May. We thank them for their considerable contributions to the board. Vineet Arora continues to be employed by Tenpin working on pricing and IT activities. 

Tenpin is the leading bowling operator in the UK with 37 bowls, has a recently refurbished estate and a strong pipeline comprising five new bowling centres, two of which are expected to open later this year. It is leading the UK bowling industry in online and telephone sales systems. It is focused on continuing to increase the frequency of customer visits through targeted marketing campaigns and strong customer service.

Don Hanson

29th July 2008

 

Segmental analysis

26 week period ended 29th June 2008

 

This analysis has been adjusted from the information shown in the unaudited consolidated income statement with additional information to explain more clearly the results of the group. The comparative information is for the 26 week period ended 1st July 2007.

	Tenpin		Georgica overheads1		Total
£000	2008	2007	2008	2007	2008	2007
Continuing operations:
Revenue	33,386	34,139	-	-	33,386	34,139
Cost of sales	(13,605)	(13,792)	-	-	(13,605)	(13,792)
Operating costs	(7,976)	(8,397)	-	-	(7,976)	(8,397)
Rent2	(5,093)	(3,600)	129	-	(4,964)	(3,600)
Contribution	6,712	8,350	129	-	6,841	8,350
Overheads	(1,725)	(1,879)	(958)	(942)	(2,683)	(2,821)
EBITDA3	4,987	6,471	(829)	(942)	4,158	5,529
Non recurring items and net
movement on provisions4	2,123	(120)	635	(2,214)	2,758	(2,334)
Depreciation and impairment
- goodwill impairment	-	(8)	-	-	-	(8)
- software	(92)	(50)	-	-	(92)	(50)
- property	(393)	(511)	-	-	(393)	(511)
- fixtures, fittings & equipment	(1,517)	(1,705)	-	-	(1,517)	(1,705)
- non-operating assets	(36)	(68)	(42)	(51)	(78)	(119)
Total depreciation and impairment	(2,038)	(2,342)	(42)	(51)	(2,080)	(2,393)
Operating profit	5,072	4,009	(236)	(3,207)	4,836	802
Net interest					(336)	(5,617)
Financial instruments and bank charges5					73	322
Profit/(loss) before tax					4,573	(4,493)
Tax					843	898
Profit/(loss) after tax from continuing operations					5,416	(3,595)
Discontinued operations:
Profit before tax					-	3,839
Tax					-	1,843
Profit after tax from discontinued operations					-	5,682
Profit after tax for the period					5,416	2,087

¹ Georgica overheads include the (charge)/credit for movements in the valuation of performance shares in the Georgica Executive Participation Plan,
which is volatile as it varies with the Georgica share price. The credit in H1 2008 was £nil (2007 - credit of £0.3m).

² Rent includes £1.4m (2007 - £nil) from ten sale and leaseback transactions (one completed in H1 2008 which raised £3.25m and nine completed in
August 2007 which raised £43.0m).

³ EBITDA represents earnings before interest, tax, depreciation, impairment, non recurring items and net movement on provisions.

4 The non recurring items and net movement on provisions in the 26 weeks ended 29th June 2008 in Tenpin includes the profit on the sale and leaseback
of Stoke bowl (£2.1m), the profit on the sale of Cardiff bowl (£0.4m) and the loss on closure of bowls in Edinburgh and Gateshead (£0.4m) (2007 -
includes £0.1m of onerous lease provision charges in Tenpin). In Georgica overheads it includes the profit on disposal of Rileys properties at Pontefract
and Westcliff (£1.3m) together with legal and professional costs associated with corporate transactions and the asset realisation programme (£0.7m)
(2007 - comprises £2.2m of costs associated with corporate transactions).

5 Financial instruments and bank charges include the movement in the fair value of financial instruments in each period, which fluctuate with interest rate
expectations. These were responsible for a benefit of £0.6m in the 26 weeks ended 29th June 2008 (2007 - benefit of £0.8m).

Consolidated income statement

26 week period ended 29th June 2008

			Notes	Unaudited 26 weeks to 29th June 2008	Unaudited 26 weeks to  1st July 2007	52 weeks to 30th December 2007
				£000	£000	£000
Continuing operations:
Revenue				33,386	34,139	65,681
Cost of sales				(13,605)	(13,792)	(26,762)
Gross profit				19,781	20,347	38,919
Profit on disposal				3,446	-	26,260
Administrative expenses				(18,391)	(19,545)	(42,059)
Operating profit				4,836	802	23,120
Finance costs				(381)	(5,429)	(16,211)
Finance income				118	134	252
Profit/(loss) before taxation				4,573	(4,493)	7,161
Taxation				843	898	1,392
Profit/(loss) from continuing operations				5,416	(3,595)	8,553
Discontinued operations:
Net profit/(loss) from discontinued operations			3	-	5,682	(18,975)
Profit/(loss) for the period				5,416	2,087	(10,422)
Earnings per share - continuing operations
Basic earnings per share			5	5.3p	(3.5)p	8.3p
Diluted earnings per share			5	5.3p	(3.5)p	8.3p
Earnings per share
Basic earnings per share			5	5.3p	2.0p	(10.1)p
Diluted earnings per share			5	5.3p	2.0p	(10.1)p

Consolidated balance sheet

at 29th June 2008

 

	Notes	Unaudited 29th June 2008	Unaudited  1st July 2007	30th December 2007
		£000	£000	£000
Assets
Non-current assets
Goodwill		42,433	84,078	42,628
Intangible assets		32	429	124
Property, plant and equipment	4	44,082	120,604	45,664
		86,547	205,111	88,416
Current assets
Inventories		1,591	2,117	1,596
Trade and other receivables		5,502	7,322	6,667
Assets held for resale		3,554	-	4,463
Financial assets		747	1,195	260
Cash and cash equivalents		5,437	13,622	716
		16,831	24,256	13,702
Liabilities
Current liabilities
Financial liabilities	7	(53)	(11,068)	(5,032)
Trade and other payables		(6,899)	(19,060)	(10,437)
Provisions		(148)	(220)	(148)
		(7,100)	(30,348)	(15,617)
Net current assets/( liabilities)		9,731	(6,092)	(1,915)
Non-current liabilities
Financial liabilities	7	(8,042)	(99,253)	(2,791)
Other non-current liabilities		(1,312)	(1,277)	(1,344)
Provisions		(1,019)	(605)	(1,034)
Deferred tax		(1,150)	(6,036)	(1,993)
		(11,523)	(107,171)	(7,162)
Net assets		84,755	91,848	79,339
Equity
Share capital		6,140	6,140	6,140
Share premium		34,841	34,841	34,841
Other reserves		57,724	57,724	57,724
Retained deficit		(13,950)	(6,857)	(19,366)
Total equity		84,755	91,848	79,339

Consolidated cash flow statement
26 week period ended 29th June 2008

	Notes			Unaudited 26 weeks to 29th June 2008	Unaudited 26 weeks to  1st July 2007	52 weeks to 30th December 2007
				£000	£000	£000
Cash flows from operating activities	6
Cash generated by operations				1,225	9,435	10,622
Interest received				83	250	326
Interest paid				(389)	(3,207)	(11,740)
Net cash generated by/ (used in) operating activities				919	6,478	(792)
Cash flows from investing activities
Proceeds from sale of property, plant and equipment				6,119	10,247	82,609
Purchase of property, plant and equipment				(2,150)	(9,992)	(15,133)
Discontinued businesses	3			-	(203)	29,918
Net cash generated by investing activities				3,969	52	97,394
Cash flows from financing activities
Finance lease principal payments				(35)	(52)	(84)
Receipts from borrowings				413	4,634	9,634
Repayment of borrowings				-	(3,806)	(110,663)
Net cash generated by/ (used in) financing activities				378	776	(101,113)
Net increase/ (decrease) in cash, cash equivalents and bank overdrafts				5,266	7,306	(4,511)
Cash, cash equivalents and bank overdrafts - beginning of period				171	4,682	4,682
Cash, cash equivalents and bank overdrafts - end of period				5,437	11,988	171

Consolidated statement of changes in equity

for the 26 week period ended 29th June 2008

	Share capital	Share premium	Other reserves	Retained earnings	Total equity
	£000	£000	£000	£000	£000
Unaudited 26 weeks to 29th June 2008
Balance at 31st December 2007	6,140	34,841	57,724	(19,366)	79,339
Profit for the period	-	-	-	5,416	5,416
Balance at 29th June 2008	6,140	34,841	57,724	(13,950)	84,755
Unaudited 26 weeks to 1st July 2007
Balance at 1st January 2007	6,140	34,841	57,724	(8,934)	89,771
Profit for the period	-	-	-	2,087	2,087
Share incentive plan	-	-	-	(10)	(10)
Balance at 1st July 2007	6,140	34,841	57,724	(6,857)	91,848
52 weeks to 30th December 2007
Balance at 1st January 2007	6,140	34,841	57,724	(8,934)	89,771
Loss for the period	-	-	-	(10,422)	(10,422)
Share incentive plan	-	-	-	(10)	(10)
Balance at 30th December 2007	6,140	34,841	57,724	(19,366)	79,339

 

Notes

1   Basis of preparation and Statement of Directors' Responsibilities

The financial information in this report has been prepared under the historical cost convention, as modified by the revaluation of derivative instruments to fair value through the income statement, and incorporates the consolidated results of Georgica PLC and all its subsidiaries (together 'the group') for the 26 week period ended 29th June 2008. The financial information for the 26 week period ended 29th June 2008 has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Services Authority and with IAS 34, 'Interim financial reporting' as adopted by the European Union. The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the 52 week period to 30th December 2007, which have been prepared in accordance with IFRSs as adopted by the European Union. The interim management report is incorporated within the Chairman's statement, supplemented by the information in note 9 'Operating review'.

The financial information for the 26 week period ended 29th June 2008 is unaudited and has not been reviewed by the company's auditors. It does not constitute statutory financial statements within the meaning of Section 240 of the Companies Act 1985. The financial information for the 52 week period to 30th December 2007 has been extracted from the financial statements for that period which were approved by the board of directors on 5th February 2008 and have been filed with the Registrar of Companies. The report of the auditors on those financial statements was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 237 of the Companies Act 2005.

Except as described below, the accounting policies applied in this report are consistent with those of the financial statements for the 52 week period to 30th December 2007, as described in those financial statements. The tax charge for the 26 week period to 29th June 2008 is based on the expected effective tax rate for the 52 week period ending 28th December 2008. The following new standards, amendments to standards or interpretations are mandatory for the first time for the financial year beginning 31st December 2007, but are not currently relevant for the group: IFRIC 11, 'IFRS 2 - Group and treasury share transactions'; IFRIC 12, 'Service concession arrangements', and IFRIC 14 - IAS 19, 'The limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction'. The following new standards, amendments to standards or interpretations have been issued but are not effective for the financial year beginning 31st December 2007 and have not been early adopted: IFRS 8, 'Operating segments'; IAS 23 (amendment), 'Borrowing costs'; IFRS 2 (amendment),'Share-based payment'; IFRS 3 (amendment), 'Business combinations' and consequential amendments to IAS 27, 'Consolidated and separate financial statements', IAS 28, 'Investments in associates' and IAS 31, 'Interests in joint ventures'; IAS 1 (amendment), 'Presentation of financial statements'; IAS 32 (amendment), 'Financial instruments: presentation' and consequential amendments to IAS 1, 'Presentation of financial statements'; IFRIC 13, 'Customer loyalty programmes'; IFRS 1 (amendment), 'First time adoption of IFRS' and consequential amendments to IAS 27, 'Consolidated and separate financial statements'; IAS 27 (amendment), 'Consolidated and separate financial statements'; IAS 1(amendment), 'Presentation of financial statements'; IAS 21 (amendment), 'Net investment in a foreign operation'; IFRIC 15, 'Agreements for construction of real estates'; and IFRIC 16, 'Hedges of a net investment in a foreign operation'.

This report was approved by the directors on 29th July 2008.

 

Statement of Directors' Responsibilities

The directors confirm that this condensed interim financial information has been prepared in accordance with IAS 34 as adopted by the European Union and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

• an indication of important events that have occurred during the 26 week period and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining 26 weeks of the financial year; and material related party transactions in the 26 week period and any material changes in the related party transactions described in the financial statements for the 52 week period to 30th December 2007.

The directors of Georgica PLC are listed at the front of this interim report.

By order of the Board

Don Hanson                                                         Simon Prew

Chairman                                                             Finance Director

29th July 2008

 

 

2    Segment information

The group, all of whose activities are conducted in the UK, comprises the following main business segments:    

Tenpin (Bowling) - Tenpin is the largest tenpin bowling operator in the UK with an approximate 20% share of the UK market.

Georgica - this comprises 6 (formerly 8 - two were sold in the period) properties held for sale for redevelopment together with central management, being company secretarial and the board, central finance and head office assets and costs.

Until 28th August 2007 Georgica had a third segment, Rileys (Cue sports), which it sold on that date - Rileys is the largest and only national cue sports operator in the UK, accounting for approximately 15% of the total number of dedicated cue sports venues. Rileys has been classified as discontinued business below.

The segment results and capital expenditure for the 26 week period ended 29th June 2008 and the segment assets and liabilities at 29th June 2008 are as follows:

			Continuing	Discontinued	Total
Unaudited	Tenpin	Georgica	Business	Business	Group
	£000	£000	£000	£000	£000
Segment revenue - external	33,386	-	33,386	-	33,386
Operating profit - segment result	5,072	(236)	4,836	-	4,836
Net interest			(263)	-	(263)
Profit before tax			4,573	-	4,573
Tax			843	-	843
Discontinued operations, net (see note 3)			-	-	-
Profit after tax for the period			5,416	-	5,416
Other segment items included in the income statement
Impairment of goodwill	-	-	-	-	-
Depreciation of property, plant and equipment	(1,946)	(42)	(1,988)	-	(1,988)
Impairment of property, plant and equipment	-	-	-	-	-
Segment assets	94,882	8,496	103,378	-	103,378
Segment liabilities	(18,224)	(399)	(18,623)	-	(18,623)
Net assets	76,658	8,097	84,755	-	84,755
Capital expenditure	2,146	4	2,150	-	2,150

  The segment results and capital expenditure for the 26 week period ended 1st July 2007 and the segment assets and liabilities at 1st July 2007 are as follows:

			Continuing	Discontinued	Total
Unaudited	Tenpin	Georgica	Business	Business	Group
	£000	£000	£000	£000	£000
Segment revenue - external	34,139	-	34,139	-	34,139
Operating profit - segment result	4,009	(3,207)	802	-	802
Net interest			(5,295)	-	(5,295)
Loss before tax			(4,493)	-	(4,493)
Tax			898	-	898
Discontinued operations, net (see note 3)			-	5,682	5,682
(Loss)/ profit after tax for the period			(3,595)	5,682	2,087
Other segment items included in the income statement
Impairment of goodwill	(8)	-	(8)	(130)	(138)
Depreciation of property, plant and equipment	(1,982)	(51)	(2,033)	(2,511)	(4,544)
Impairment of property, plant and equipment	(302)	-	(302)	-	(302)
Segment assets	112,391	14,749	127,140	102,227	229,367
Segment liabilities	(5,737)	(119,011)	(124,748)	(12,771)	(137,519)
Net assets	106,654	(104,262)	2,392	89,456	91,848
Capital expenditure	2,430	9	2,439	7,553	9,992

 

 

3    Discontinued operations

There have been no profits, losses or cash flows recorded in relation to discontinued operations in the 26 weeks to 29th June 2008.

On 28th August 2007, Rileys Limited completed the sale and lease back of 44 freehold and long leasehold properties for cash consideration, before costs, of £28.0m. A profit of £11.2m was recorded by Rileys, after deduction of fees of £0.7m and the related net book value of £16.1m. On 28th August 2007 Georgica Holdings Limited sold the entire ordinary share capital of Rileys Limited to Crucible Acquisitions Limited, an acquisition vehicle of Greenhill Capital Partners Europe LLP and North Atlantic Value LLP, for £34.9m consideration received in cash. Accordingly, Rileys was treated as a discontinued operation in the results for the 52 weeks to 30th December 2007. Also included in the discontinued operations line in the income statement is the loss on disposal of Rileys, being the loss on sale including costs.

Discontinued operations also include profits related to Allied Leisure Limited. In 2004 a receiver was appointed to Allied Leisure, which was a subsidiary of the company at that time. In June 2006 a settlement agreement was signed with the Allied receiver, in accordance with which the group made a settlement payment of £1.0m. In the 52 weeks to 30th December 2007, Georgica's funding banks, being the secured creditors of Allied Leisure, received payments of £0.2m in respect of the receivership. Under the terms of the loan agreement this amount was applied to reduce Georgica's borrowings and a profit of £0.2m was recorded. Allied Leisure is now being dissolved following completion of the receivership.  4    Property, plant and equipment

Unaudited	Freehold land and buildings	Long leasehold premises	Short leasehold premises	Fixtures, fittings and equipment	Total
	£000	£000	£000	£000	£000
26 weeks to 29th June 2008
Cost
At 31st December 2007	-	7,324	21,485	39,797	68,606
Additions	-	9	70	2,072	2,151
Disposals	-	(1,249)	(166)	(1,001)	(2,416)
At 29th June 2008	-	6,084	21,389	40,868	68,341
Depreciation and impairment
At 31st December 2007	-	1,310	7,042	14,590	22,942
Charge for the period	-	107	312	1,569	1,988
Disposals	-	(208)	(162)	(301)	(671)
At 29th June 2008	-	1,209	7,192	15,858	24,259
Net book value
At 29th June 2008	-	4,875	14,197	25,010	44,082
At 31st December 2007	-	6,014	14,443	25,207	45,664
26 weeks to 1st July 2007
Cost
At 1st January 2007	29,909	20,994	40,522	71,430	162,855
Additions	677	82	2,301	3,397	6,457
Disposals	(109)	-	(678)	(572)	(1,359)
At 1st July 2007	30,477	21,076	42,145	74,255	167,953
Depreciation and impairment
At 1st January 2007	2,411	2,637	9,704	28,453	43,205
Charge for the period	295	275	733	3,241	4,544
Disposals	(9)	-	(268)	(425)	(702)
Impairment	-	-	-	302	302
At 1st July 2007	2,697	2,912	10,169	31,571	47,349
Net book value
At 1st July 2007	27,780	18,164	31,976	42,684	120,604
At 1st January 2007	27,498	18,357	30,818	42,977	119,650

 

5    Earnings per share 

Basic earnings per share for each period is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period, including convertible ordinary shares which are converted at the conversion rate applicable at each period end.

For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to reflect the impact of all dilutive potential ordinary shares. The potential dilutive effects of the shares held by the Georgica Share Incentive Plan Limited are set out below. The group's incentive schemes, although based on share price movements, will all be cash settled and so are not dilutive.

  Details of the earnings and weighted average number of ordinary shares used in each calculation are set out below.

	Unaudited 26 weeks to 29th June 2008	Unaudited 26 weeks to  1st July 2007	52 weeks to 30th December 2007
	£000	£000	£000
Earnings attributable to ordinary shareholders - continuing operations	5,416	(3,595)	8,553
Earnings attributable to ordinary shareholders - discontinued operations	-	5,682	(18,975)
Earnings attributable to ordinary shareholders	5,416	2,087	(10,422)
	Number of shares
Weighted average number of ordinary shares:
For basic earnings per share	102,794,936	102,801,826	102,799,604
Effect of shares held by the Georgica Share Incentive Plan	165,382	158,492	160,714
For diluted earnings per share	102,960,318	102,960,318	102,960,318
Effective number of ordinary shares in issue at the period end, assuming maximum conversion of convertible shares	107,575,000	107,575,000	107,575,000
	Pence per share
Basic earnings per share - continuing	5.3p	(3.5)p	8.3p
Diluted earnings per share - continuing	5.3p	(3.5)p	8.3p
Basic earnings per share - discontinued	-	5.5p	(18.4)p
Diluted earnings per share - discontinued	-	5.5p	(18.4)p
Basic earnings per share	5.3p	2.0p	(10.1)p
Diluted earnings per share	5.3p	2.0p	(10.1)p

  6    Cash flows from operating activities

Reconciliation of profit/(loss) for the period to cash generated by operations:

	Unaudited 26 weeks to 29th June 2008	Unaudited 26 weeks to  1st July 2007	52 weeks to 30th December 2007
	£000	£000	£000
Profit/ (loss) for the period - continuing operations	5,416	(3,595)	8,553
Adjustments for:
Tax	(843)	(898)	(1,392)
Interest income	(118)	(134)	(252)
Interest expense and finance charges	381	5,429	16,211
Impairment of property, plant and equipment	-	-	1,412
Impairment of goodwill	-	8	1,837
Depreciation and amortisation of intangible assets	92	62	164
Depreciation	1,988	2,335	4,027
Profit on disposal	(3,446)	-	(26,260)
Changes in working capital:
Decrease/ (increase) in inventories	6	206	(20)
Decrease/ (increase) in trade and other receivables	1,161	(234)	(1,222)
(Decrease)/ increase in payables	(3,339)	(370)	433
(Decrease)/ increase in provisions	(73)	90	986
Cash generated by continuing operations	1,225	2,899	4,477
Profit/ (loss) for the period - discontinued operations	-	5,682	(18,975)
Adjustments for:
Tax	-	(1,843)	5,294
Interest expense and finance charges	-	(133)	224
Impairment of goodwill	-	130	130
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