Caesarstone Reports Fourth Quarter and Full Year 2012 Results

  Caesarstone Reports Fourth Quarter and Full Year 2012 Results

  *Q4 Revenue Up 13.6% to $76.2 million, Full Year Revenues up 14.2%
  *Q4 Net Income Up 190% to $10.8 million, EPS of $0.31, Adjusted EPS of
    $0.32
  *FY12 Net Income Up 36.4% to $39.6 million, EPS of $1.21, Adjusted EPS of
    $1.35
  *Company Issues FY13 Guidance, Expects Continued Growth

Business Wire

MP MENASHE, Israel -- February 6, 2013

Caesarstone Sdot-Yam Ltd. (CSTE), a manufacturer of high quality engineered
quartz surfaces, today reported financial results for its fourth quarter and
full fiscal year ended December 31, 2012.

Revenues in the fourth quarter of 2012 increased by 13.6% to $76.2 million
compared to $67.1 million in the same quarter of the prior year. Growth in
revenues was driven by continued increases in sales in the United States and
Canada, up 19.7% and 29.3% respectively, compared to the same period in the
prior year, and by 16.6% growth in Australia. Revenue growth was partially
offset by a decline in Europe and by a flat performance in Israel. On a
constant currency basis, fourth quarter revenue growth was 12.9% compared to
the same period last year.

Yosef Shiran, Chief Executive Officer, commented, “We are pleased to have
finished the year with a strong fourth quarter. Our teams in each region
executed well and we continue to position the business advantageously around
the world. We believe we have the right global strategy in place to sustain
our growth, build our operational capabilities, enhance our brand and drive
value to consumers, customers and shareholders.”

Gross margin in the fourth quarter was 41.8% compared to 39.0% in the same
period in the prior year. The Company noted that last year’s fourth quarter
included a $1.8 million non-recurring write-off of inventory held by a
third-party. The Company also noted that while changes in foreign exchange
rates impacted revenue negatively, they also reduced cost of goods sold,
offsetting some impact on gross profit.

Operating expenses in the fourth quarter were $19.7 million, or 25.8% of
revenues. This compares to the prior year’s fourth quarter level of $20.0
million, or 29.8% of revenues. The year-ago quarter contained a $1.1 million
write-down for a loan to the above-mentioned third party. Sales and marketing
expenses increased by 20.4% compared to the same quarter in the prior year
primarily to facilitate growth in the United States and Canada.

Operating income in the fourth quarter increased by 97.8% to $12.2 million,
16.0% of revenues, compared to $6.2 million, 9.2% of revenues, in the same
quarter in the prior year.

Adjusted EBITDA, which excludes share-based compensation, the excess cost of
acquired inventory and other non-recurring costs, increased by 22.4% to $16.5
million in the fourth quarter, a margin of 21.6%. This compares to adjusted
EBITDA of $13.4 million, a margin of 20.0% in the same quarter in the prior
year.

Finance income in the fourth quarter was $0.2 million compared to finance
expenses of $3.0 million during the same period in the prior year, which
included significant losses on foreign exchange hedges.

The Company’s reported GAAP net income attributable to controlling interest
for the fourth quarter was $10.8 million compared to $3.7 million in the same
quarter in the prior year. Diluted earnings per share for the fourth quarter
were $0.31 on 34.6 million shares compared to $0.14 per diluted ordinary share
on 19.6 million shares, which was prior to the Company’s initial public
offering and reflected dividends allocated to preferred shares.

Adjusted net income attributable to controlling interest for the fourth
quarter was $11.2 million, an increase of 70.3%, compared to $6.6 million in
the same quarter in the prior year. Adjusted earnings per diluted share for
this year’s fourth quarter were $0.32 compared to $0.24 per diluted ordinary
share in the prior year period.

The Company’s balance sheet as of December 31, 2012 was solid with a cash
balance of $72.7 million compared to $12.0 million as of December 31, 2011.
This increase reflects strong cash flow from operations over the course of the
year, the net proceeds from the Company’s IPO, and proceeds from the
sale-leaseback transaction completed in the third quarter. The Company
continues to believe its cash position and expected cash flows will be
sufficient to fund its need for capital expenditure and working capital for
the foreseeable future.

Full Year Results

For the full year ended December 31, 2012, revenues increased by 14.2% to
$296.6 million compared to the prior year. Growth was the result of the
successful execution of the Company’s acquisition strategy in North America as
well as organic growth in several other markets.

Full year gross margin improved to 43.0% of revenues, up from 40.2% for the
full year of 2011. This improvement was primarily driven by economies of
scale.

Full year operating expenses were 26.1% of revenues as compared to the prior
year’s level of 25.6% of revenues. Reductions in some categories of expense
were offset by the impact of acquisitions and by investment in the Company’s
sales and marketing infrastructure in the United States in anticipation of
future growth.

Operating income for the full year increased by 32.4% to $50.0 million from
$37.7 million in the prior year. Operating margin increased to 16.8% of
revenues from 14.5% in 2011.

Adjusted EBITDA for the full year was $69.4 million, an increase of 18.2%
compared to the prior year level of $58.8 million. Adjusted EBITDA margin for
2012 improved to 23.4% of revenues from 22.6% in 2011.

Net income attributable to controlling interest for 2012 increased by 36.4% to
$39.6 million compared to the prior year level of $29.1 million. Adjusted net
income attributable to controlling interest for 2012 increased by 26.6% to
$44.0 million compared to the prior year level of $34.8 million. Per diluted
ordinary share, full year adjusted net income was $1.35 on 32.7 million
weighted shares outstanding. This compares to adjusted earnings per ordinary
share of $1.27 on shares outstanding of 19.6 million in 2011.

Capacity Expansion Plans

The Company remains on track to complete a 15% expansion of capacity in its
existing facilities by October of 2013. It also continues to make progress on
its larger project to build a new production facility in the United States,
expected to be opened in the fourth quarter of 2014.

Guidance

The Company today issued initial guidance for the full year of 2013. At
present, it expects its revenues to be in a range of $330 million to $340
million and adjusted EBITDA in the range of $76 million to $80 million.

Conference Call Details

Yosef Shiran, the Company’s Chief Executive Officer, and Yair Averbuch, the
Company’s Chief Financial Officer, will host a conference call today, February
6th, 2013, at 8:30 a.m. EST to discuss the results of the fourth quarter and
full year ended December 31, 2012, followed by a question and answer session
for the investment community. A live webcast of the call can be accessed at
ir.caesarstone.com. To access the call, dial toll-free 1-888-572-7025 or
+1-719-325-2472 (international). Israeli participants can dial in at
1-80-924-5906. The pass code is 4602616.

To listen to a telephonic replay of the conference call, dial toll-free
1-877-870-5176 or +1-858-384-5517 (international) and enter pass code 4602616.
The replay will be available beginning at 11:30 a.m. EST on February 6th, 2013
and will last through 11:59 PM EST February 20, 2013.

About Caesarstone

Caesarstone manufactures high quality engineered quartz surfaces, which are
used in both residential and commercial buildings as countertops, vanities,
wall cladding, floors and other interior surfaces. The wide variety of colors,
styles, designs and textures of Caesarstone® products , along with
Caesarstone's inherent characteristics such as hardness, non-porous, scratch
and stain resistance and durability, provide consumers with excellent surfaces
for their internal spaces which are highly competitive to granite,
manufactured solid surfaces and laminate, as well as to other engineered
quartz surfaces. Caesarstone's four collections of products – Classico,
Supremo, Motivo and Concetto – are available in over 40 countries around the
world. For more information about the Company, please visit our website
www.caesarstone.com.

Non-GAAP Financial Measures

The non-GAAP measures presented by the Company should be considered in
addition to, and not as a substitute for, comparable GAAP measures. A
reconciliation of GAAP net income to adjusted net income and adjusted EBITDA
to net income is provided below. The Company provides these non-GAAP financial
measures because it believes that they present a better measure of the
Company’s core business and management uses the non-GAAP measures internally
to evaluate the Company’s ongoing performance. Accordingly, the Company
believes that they are useful to investors in enhancing an understanding of
the Company’s operating performance.

Forward-Looking Statements

Information provided in this press release may contain statements relating to
current expectations, estimates, forecasts and projections about future events
that are "forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements generally
relate to the Company's plans, objectives and expectations for future
operations, including its projected results of operations and the expected
timing of expanding its production facilities. These forward-looking
statements are based upon management's current estimates and projections of
future results or trends. Actual results may differ materially from those
projected as a result of certain risks and uncertainties. These factors
include, but are not limited to: the strength of the home renovation and
construction sectors; economic conditions within any of our key existing
markets; actions by our competitors; changes in raw material prices,
particularly polymer resins and pigments; unpredictability of seasonal
fluctuations in revenues; the outcome of silicosis claims and the claim by our
former quartz processor; fluctuations in currency exchange rates; delays in
manufacturing if our suppliers are unable to supply raw materials; and other
factors discussed under the heading "Risk Factors" in the final prospectus for
our initial public offering filed with the Securities and Exchange Commission.
These forward-looking statements are made only as of the date hereof, and the
Company undertakes no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events or
otherwise.

                                                        
Caesarstone Sdot-Yam Ltd. and its subsidiaries
Consolidated balance sheets
                                  
                                     As of
U.S. dollars in thousands            December 31, 2011       December 31, 2012
                                                             
ASSETS
                                                             
CURRENT ASSETS:
Cash and cash equivalents            $     11,950            $     29,033
Short-term bank deposits                   -                       43,700
Trade receivables                          36,798                  44,066
Other accounts receivable and              13,474                  16,238
prepaid expenses
Inventories                               48,085                 50,550
                                                             
Total current assets                      110,307                183,587
                                                             
LONG-TERM INVESTMENTS:
Severance pay fund                         2,942                   3,424
Long-term deposits and                    343                    1,198
prepayments
                                                             
Total long-term investments               3,285                  4,622
                                                             
PROPERTY, PLANT AND EQUIPMENT,            69,657                 72,987
NET
                                                             
OTHER ASSETS                              20,626                 16,898
                                                             
GOODWILL                                  42,442                 42,955
                                                             
Total assets                         $     246,317           $     321,049
                                                             
LIABILITIES AND EQUITY
                                                             
CURRENT LIABILITIES:
                                                             
Short-term bank credit               $     3,866             $     5,248
Current maturities of                      12,541                  5,500
long-term loans
Trade payables                             30,838                  36,925
Account payables to related                5,437                   2,888
parties
Accrued expenses and other                29,033                 15,314
liabilities
                                                             
Total current liabilities                 81,715                 65,875
                                                             
LONG-TERM LIABILITIES:
                                                             
Long-term loans                            5,405                   -
Long-term loan from related                1,820                   12,188
party
Capital leases                             71                      2
Accrued severance pay                      3,584                   3,987
Long-term warranty provision               1,439                   1,599
Deferred tax liabilities, net              8,248                   6,375
Share-based payment in                    1,379                  -
subsidiary
                                                             
Total long-term liabilities               21,946                 24,151
                                                             
REDEEMABLE NON-CONTROLLING                6,205                  7,106
INTEREST
                                                             
COMMITMENTS AND CONTINGENT
LIABILITIES
                                                             
EQUITY:
Share capital -
Ordinary shares                            192                     360
Cumulative preferred shares                86                      -
Additional paid-in capital                 55,338                  135,437
Accumulated other                          13,682                  8,517
comprehensive income
Retained earnings                         67,153                 79,603
                                                             
Total equity                              136,451                223,917
                                                             
Total liabilities and equity         $     246,317           $     321,049
                                                                   

                                     
Caesarstone Sdot-Yam Ltd. and its subsidiaries
Consolidated statements of income
                                                                         
                      Three months ended December 31,           Twelve months ended December 31,
U.S. dollars in       2011                 2012                 2011                 2012
thousands
                                                                                     
                                                                                     
Revenues              $ 67,081             $ 76,222             $ 259,671            $ 296,564
Cost of                40,899             44,365             155,377            169,169    
revenues
                                                                                     
Gross profit           26,182             31,857             104,294            127,395    
                                                                                     
Operating
expenses:
Research and
development,            781                  403                  2,487                2,100
net
Marketing and           10,403               12,532               34,043               46,911
selling
General and            8,836              6,732              30,018             28,423     
administrative
                                                                                     
Total operating        20,020             19,667             66,548             77,434     
expenses
                                                                                     
Operating               6,162                12,190               37,746               49,961
income
Finance
expenses               3,019              (225       )        4,775              2,773      
(income), net
                                                                                     
Income before           3,143                12,415               32,971               47,188
taxes on income
Taxes on income        (506       )        1,444              3,600              6,821      
                                                                                     
Income after            3,649                10,971               29,371               40,367
taxes on income
Equity in
losses of              -                  -                  (67        )        -          
affiliate, net
                                                                                     
Net income             3,649              10,971             29,304             40,367     
                                                                                     
Net loss
(income)
attributable to         56                   (214       )         (252       )         (735       )
non-controlling
interest
Net income
attributable to         3,705                10,757               29,052               39,632
controlling
interest
Dividends
attributable to        1,047              -                  8,376              -          
preferred
shareholders
Net income
attributable to
the Company's         $ 2,658             $ 10,757            $ 20,676            $ 39,632     
ordinary
shareholders
Diluted net
income per            $ 0.14              $ 0.31              $ 1.06              $ 1.21       
share of
ordinary shares
Weighted
average number
of ordinary
shares used in         19,565,000         34,365,250         19,565,000         32,641,701 
computing basic
income per
share
Weighted
average number
of ordinary
shares used in         19,565,000         34,561,697         19,565,000         32,699,748 
computing
diluted income
per share
                                                                                                  

                                                            
Caesarstone Sdot-Yam Ltd. and its subsidiaries
Consolidated statements of cash flows
                                                                   
                                              Twelve months ended December 31,
U.S. dollars in thousands                     2011                 2012
                                                                   
Cash flows from operating activities:
                                                                   
Net income                                    $  29,304            $ 40,367
Adjustments required to reconcile net
income to net cash provided by
operating activities:
Depreciation and amortization                    14,615              14,368
Share-based compensation expense                 -                   3,660
Decrease in share-based payment in               -                   (1,383  )
subsidiary
Accrued severance pay, net                       (33      )          (61     )
Changes in deferred tax, net                     (3,858   )          (1,927  )
Equity in loss of affiliate, net                 67                  -
Capital gains                                    (84      )          (79     )
Foreign currency translation gains               1,433               417
Impairment of long-term loan to others           1,127               -
Increase in trade receivables                    (10,460  )          (8,561  )
Increase in other accounts receivable            (2,376   )          (3,291  )
and prepaid expenses
Decrease (increase) in inventories               4,090               (3,816  )
Increase (decrease) in trade payables            (942     )          5,201
Increase (decrease) in warranty                  (126     )          297
provision
Decrease in accrued expenses and other           (4,533   )          (9,922  )
liabilities including related parties
                                                                  
Net cash provided by operating                  28,224            35,270  
activities
                                                                   
Cash flows from investing activities:
                                                                   
Acquisition of U.S. Quartz Products,             (16,213  )          -
Inc.
Acquisition of the business of                   (1,954   )          -
White-Wood Distributors Ltd.
Acquisition of the business of Prema             (576     )          (150    )
Asia Marketing PTE Ltd.
Purchase of property, plant and                  (8,785   )          (13,481 )
equipment
Investment in short-term deposits                -                   (43,700 )
Increase in long-term deposits and               (16      )          (849    )
prepayments
Repayment of loan by related party and           177                 -
other
                                                                  
Net cash used in investing activities           (27,367  )         (58,180 )
                                                                   
Cash flows from financing activities:
                                                                   
Dividend paid                                    (6,948   )          (27,182 )
Receipt from issuance of ordinary                -                   76,768
shares, net
Repayment of long-term loans                     (19,819  )          (12,670 )
Short-term bank credit and loans, net            (7,402   )          1,275
Repayment of contingent consideration
related to U.S. Quartz Products, Inc             -                   (6,242  )
acquisition.
Contribution to equity by                        458                 -
non-controlling interest
Receipt of finance loan related to               -                   10,893
Bar-Lev transaction
Receipt of long-term loan from related           1,878               -
party
Repayment of finance loan related to             -                   (362    )
Bar-Lev transaction
                                                                  
Net cash (used in) provided by                  (31,833  )         42,480  
financing activities
                                                                   
Effect of exchange rate differences on           (811     )          (2,487  )
cash and cash equivalents
                                                                  
Increase (decrease) in cash and cash            (31,787  )         17,083  
equivalents
Cash and cash equivalents at beginning           43,737              11,950
of year
                                                                   
Cash and cash equivalents at end of             11,950            29,033  
year
                                                                   
                                                                   
non - cash investing and financing
activities:
Purchase of fixed assets with credit             3,633               2,141
from suppliers
                                                                             

                                           
Caesarstone Sdot-Yam Ltd. and its subsidiaries
                                                                  
                     Three months ended December       Twelve months ended
                     31,                               December 31,
U.S. dollars         2011             2012             2011             2012
in thousands
                                                                        
Reconciliation
of Net Income
to Adjusted
EBITDA:
Net income           $ 3,649          $ 10,971         $ 29,304         $ 40,367
Finance                3,019            (225   )         4,775            2,773
expenses, net
Taxes on               (506   )         1,444            3,600            6,821
income
Depreciation
and                    4,048            3,553            14,615           14,368
amortization
Equity in
losses of              -                -                67               -
affiliate, net
(a)
Excess cost of
acquired               220              103              4,021            885
inventory (b)
Share-based
compensation           100              615              1,259            3,007
expense (c)
IPO bonus (d)          -                -                -                1,970
USQ purchase
price                  -                -                -                255
adjustment (e)
Litigation             -                -                (1,783 )         (1,001 )
credit (f)
Microgil loan
and inventory         2,916          -              2,916          -      
write down (g)
Adjusted             $ 13,446        $ 16,461        $ 58,774        $ 69,445 
EBITDA
                                                                                 

(a)  Consists of the Company's portion of the results of operations of
      Caesarstone USA prior to its acquisition by the Company in May 2011.
      Consists of the difference between the standard cost of the Company's
      inventory and the higher carrying cost in two of the Company's
      subsidiaries: Caesarstone USA’s inventory at the time of its acquisition
(b)   and Caesarstone Australia's ("CSA") inventory that was purchased from
      its distributer. These differences adversely impact our gross margins
      until such inventory is sold. The majority of the acquired inventory in
      Caesarstone USA was sold in 2011, while the majority of the acquired
      inventory in Caesarstone Australia was sold in 2012.
      In 2011, share-based compensation consists of changes in the value of
      share-based rights granted in January 2009 to the Company's Chief
(c)   Executive Officer. In 2012, share-based compensation consists primarily
      of expenses related to the stock options granted to employees of the
      Company, as well as changes in the value of share-based rights granted
      to the Company's Chief Executive Officer in January 2009.
      Consists of the payment of $1.7 million to certain employees of the
(d)   Company and $0.25 million to the Company's Chairman for their
      contribution to the completion of the Company's IPO.
      In May 2011, the Company acquired the remaining 75% equity interest in
      its U.S. distributor, Caesarstone USA, in which it acquired a 25%
(e)   interest in January 2007. The acquisition price was $26.5 million and
      the majority of the amount was paid in 2011, while the balance of the
      purchase price was payable following the closing of the Company's IPO.
      In 2011, litigation credit consists of a mediation award in our favor
      pursuant to two trademark infringement cases brought by Caesarstone
      Australia Pty Limited. In 2012, the litigation credit relates to the
      settlement agreement with the former CEO of CSA. The Company has been
      engaged in litigation with the former CEO of CSA since mid-2010, which
      included, among other things, his claim seeking an order requiring the
      Company to purchase his shares in CSA in accordance with his agreement
(f)   with the Company and CSA or at a fair and reasonable price. In May 2012,
      the Company entered into a settlement agreement with the former CEO of
      CSA pursuant to which he transferred the ownership in any shares in CSA
      he received in connection with his employment with CSA. The Company made
      no payment in consideration for such transferor any other payment in
      favor of the former CEO. As a result of this settlement, the Company has
      reversed the liability connected to this litigation and theadjustment is
      presented net of the related litigation expenses incurred for the
      settlement process.
      Relates to our writing down to zero the cost of inventory provided to
(g)   Microgil, our former third-party quartz processor in Israel, in 2011 in
      the amount of $1.8 million and our writing down to zero our $1.1 million
      loan to Microgil, in each case, in connection with a dispute.
      

                                                       
Caesarstone Sdot-Yam Ltd. and its subsidiaries
                                                                    
                      Three months ended           Twelve months ended
                      December 31,                 December 31,
U.S. dollars in       2011          2012           2011             2012
thousands
                                                                    
Reconciliation
of Net Income
Attributable to
Controlling
Interest to
Adjusted Net
Income:
Net income
attributable to       $ 3,705       $ 10,757       $ 29,052         $ 39,632
controlling
interest
Excess cost of
acquired                220           103            4,021            885
inventory (a)
Share-based
compensation            100           615            1,259            3,007
expense (b)
IPO bonus (c)           -             -              -                1,970
USQ Purchase
Price                   -             -              -                255
adjustment (d)
Litigation              -             -              (1,783 )         (1,001 )
credit (e)
Microgil loan
and inventory          2,916        -             2,916          -      
write down (g)
Total
adjustments             3,236         718            6,413            5,116
before tax
Less tax on
above                  354          260           700            740    
adjustments (f)
Total
adjustments             2,882         458            5,713            4,376
after tax
                                                                    
Adjusted net
income
attributable to         6,587         11,215         34,765           44,008
controlling
interest
Dividends
attributable to        1,861        -             9,990          -      
preferred
shareholders
Net income
attributable to
the Company's         $ 4,726       $ 11,215       $ 24,775        $ 44,008 
ordinary
shareholders
Adjusted               0.24         0.32          1.27           1.35   
diluted EPS
                                                                    

      Consists of the difference between the standard cost of the Company's
      inventory and the higher carrying cost in two of the Company's
      subsidiaries: Caesarstone USA’s inventory at the time of its acquisition
(a)  and Caesarstone Australia's ("CSA") inventory that was purchased from
      its distributer. These differences adversely impact our gross margins
      until such inventory is sold. The majority of the acquired inventory in
      Caesarstone USA was sold in 2011, while the majority of the acquired
      inventory in Caesarstone Australia was sold in 2012.
      In 2011, share-based compensation consists of changes in the value of
      share-based rights granted in January 2009 to the Company's Chief
(b)   Executive Officer. In 2012, share-based compensation consists primarily
      of expenses related to the stock options granted to employees of the
      Company, as well as changes in the value of share-based rights granted
      in January 2009 to the Company's Chief Executive Officer.
      Consists of the payment of $1.7 million to certain employees of the
(c)   Company and $0.25 million to the Company's Chairman for their
      contribution to the completion of the Company's IPO.
      In May 2011, the Company acquired the remaining 75% equity interest in
      its U.S distributer, Caesarstone USA, in which it acquired a 25%
(d)   interest in January 2007. The acquisition price was $26.5 million and
      the majority of the amount was paid in 2011, while the balance of the
      purchase price was payable following the closing of the Company's IPO.
      In 2011, litigation credit consists of a mediation award in our favor
      pursuant to two trademark infringement cases brought by Caesarstone
      Australia Pty Limited. In 2012, the litigation credit relates to the
      settlement agreement with the former CEO of CSA. The Company has been
      engaged in litigation with the former CEO of CSA since mid-2010, which
      included, among other things, his claim seeking an order requiring the
      Company to purchase his shares in CSA in accordance with his agreement
(e)   with the Company and CSA or at a fair and reasonable price. In May 2012,
      the Company entered into a settlement agreement with the former CEO of
      CSA pursuant to which he transferred the ownership in any shares in CSA
      he received in connection with his employment with CSA. The Company made
      no payment in consideration for such transferor any other payment in
      favor of the former CEO. As a result of this settlement, the Company has
      reversed the liability connected to this litigation and the adjustment
      is presented net of the related litigation expenses incurred for the
      settlement process.
      The tax adjustments for 2011 and for the first three quarters of 2012
      were based on effective tax rate for 2011. For the twelve months ended
(f)   December 2012, the 2012 annual effective tax rate was used. The Company
      recognized the cumulative effect of the change in effective tax rate in
      the fourth quarter.
      Relates to our writing down to zero the cost of inventory provided to
(g)   Microgil, our former third-party quartz processor in Israel, in 2011 in
      the amount of $1.8 million and our writing down to zero our $1.1 million
      loan to Microgil, in each case, in connection with a dispute.
      


Caesarstone Sdot-Yam Ltd. and its subsidiaries
Geographic breakdown of revenues by region
                                                        
                 Three months ended December         Twelve months ended
                 31,                                 December 31,
U.S.
dollars in       2011                2012            2011            2012
thousands
                                                                     
                                                                     
Australia           21,710              25,315         88,230          88,935
USA                 18,188              21,772         59,735          86,759
Canada              8,448               10,926         29,695          40,322
Israel              8,751               8,699          38,592          36,373
Europe              5,120               4,397          22,880          20,749
Rest of            4,864              5,113         20,539         23,426
World
                 $  67,081           $  76,222       $ 259,671       $ 296,564
                                                                       

Contact:

Investor Relations
ICR, Inc.
James Palczynski, +1-203-682-8229
jp@icrinc.com
 
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