2013 Q1 Form 10-Q Financial Statement

#000087532013000024 Filed on May 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $328.4M $438.7M
YoY Change -25.16% 495.61%
Cost Of Revenue $30.96M $25.92M
YoY Change 19.43%
Gross Profit $297.4M $412.8M
YoY Change -27.96% 460.42%
Gross Profit Margin 90.57% 94.09%
Selling, General & Admin $91.63M $111.1M
YoY Change -17.56% 55.4%
% of Gross Profit 30.81% 26.92%
Research & Development $210.2M $196.4M
YoY Change 7.04% 23.81%
% of Gross Profit 70.68% 47.57%
Depreciation & Amortization $10.69M $8.560M
YoY Change 24.89% -3.82%
% of Gross Profit 3.59% 2.07%
Operating Expenses $301.8M $307.5M
YoY Change -1.85% 33.62%
Operating Profit -$429.1M $91.65M
YoY Change -568.24% -157.32%
Interest Expense -$3.469M -$150.0K
YoY Change 2212.67% -101.25%
% of Operating Profit -0.16%
Other Income/Expense, Net -$1.175M -$3.741M
YoY Change -68.59%
Pretax Income -$433.8M $87.91M
YoY Change -593.45% -149.92%
Income Tax -$126.9M $32.00K
% Of Pretax Income 0.04%
Net Earnings -$308.0M $91.59M
YoY Change -436.3% -152.01%
Net Earnings / Revenue -93.8% 20.88%
Basic Earnings Per Share -$1.43 $0.44
Diluted Earnings Per Share -$1.43 $0.43
COMMON SHARES
Basic Shares Outstanding 215.4M shares 208.0M shares
Diluted Shares Outstanding 215.4M shares 219.3M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.239B $981.0M
YoY Change 26.3% 19.2%
Cash & Equivalents $379.1M $454.1M
Short-Term Investments $860.0M $713.0M
Other Short-Term Assets $111.0M $93.00M
YoY Change 19.35% 257.69%
Inventory $21.53M $130.0M
Prepaid Expenses
Receivables $194.1M $232.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.566B $1.436B
YoY Change 9.04% 64.49%
LONG-TERM ASSETS
Property, Plant & Equipment $504.2M $170.3M
YoY Change 196.03% 139.9%
Goodwill $30.99M $30.99M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.693M $10.82M
YoY Change -19.63% -78.37%
Total Long-Term Assets $826.5M $910.0M
YoY Change -9.18% 36.84%
TOTAL ASSETS
Total Short-Term Assets $1.566B $1.436B
Total Long-Term Assets $826.5M $910.0M
Total Assets $2.392B $2.346B
YoY Change 1.97% 52.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.63M $73.23M
YoY Change -18.57% 109.22%
Accrued Expenses $274.1M $241.5M
YoY Change 13.49% 88.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $8.000M
YoY Change
Total Short-Term Liabilities $407.6M $357.0M
YoY Change 14.18% -14.18%
LONG-TERM LIABILITIES
Long-Term Debt $732.0M $400.0M
YoY Change 83.0% 0.0%
Other Long-Term Liabilities $16.68M $10.89M
YoY Change 53.22% -93.6%
Total Long-Term Liabilities $16.68M $10.89M
YoY Change 53.22% -98.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $407.6M $357.0M
Total Long-Term Liabilities $16.68M $10.89M
Total Liabilities $1.415B $1.415B
YoY Change 0.03% 23.37%
SHAREHOLDERS EQUITY
Retained Earnings -$3.830B
YoY Change
Common Stock $4.577B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $746.1M $930.0M
YoY Change
Total Liabilities & Shareholders Equity $2.392B $2.346B
YoY Change 1.97% 52.54%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income -$308.0M $91.59M
YoY Change -436.3% -152.01%
Depreciation, Depletion And Amortization $10.69M $8.560M
YoY Change 24.89% -3.82%
Cash From Operating Activities -$65.78M $2.916M
YoY Change -2355.76% -101.56%
INVESTING ACTIVITIES
Capital Expenditures $16.61M $6.155M
YoY Change 169.81% -225.61%
Acquisitions
YoY Change
Other Investing Activities -$472.0K $216.0K
YoY Change -318.52% -99.95%
Cash From Investing Activities -$37.60M -$231.7M
YoY Change -83.77% -157.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.100M 21.50M
YoY Change -128.37% -231.1%
NET CHANGE
Cash From Operating Activities -$65.78M $2.916M
Cash From Investing Activities -37.60M -231.7M
Cash From Financing Activities -6.100M 21.50M
Net Change In Cash -$65.78M $2.916M
YoY Change -2355.76% -98.56%
FREE CASH FLOW
Cash From Operating Activities -$65.78M $2.916M
Capital Expenditures $16.61M $6.155M
Free Cash Flow -$82.39M -$3.239M
YoY Change 2443.53% -98.22%

Facts In Submission

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CY2013Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2012Q4 us-gaap Preferred Stock Shares Authorized
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CY2013Q1 us-gaap Preferred Stock Shares Issued
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CY2012Q4 us-gaap Preferred Stock Shares Issued
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CY2013Q1 us-gaap Preferred Stock Shares Outstanding
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CY2012Q4 us-gaap Preferred Stock Shares Outstanding
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CY2013Q1 us-gaap Preferred Stock Value
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CY2012Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2013Q1 us-gaap Prepaid Expense And Other Assets Current
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CY2013Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2012Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2013Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2012Q1 us-gaap Proceeds From Payments For Other Financing Activities
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0 USD
CY2012Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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CY2013Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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CY2012Q1 us-gaap Profit Loss
ProfitLoss
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CY2013Q1 us-gaap Profit Loss
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CY2013Q1 us-gaap Property Plant And Equipment Net
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CY2012Q4 us-gaap Property Plant And Equipment Net
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CY2012Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Fair Value
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CY2013Q1 us-gaap Redeemable Noncontrolling Interest Equity Preferred Fair Value
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38872000 USD
CY2012Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
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0 USD
CY2013Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
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10096000 USD
CY2013Q1 us-gaap Research And Development Expense
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196371000 USD
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CY2013Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2012Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2013Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2013Q1 us-gaap Restructuring Charges
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CY2012Q1 us-gaap Restructuring Charges
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360000 USD
CY2012Q1 us-gaap Restructuring Reserve
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CY2012Q4 us-gaap Restructuring Reserve
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CY2013Q1 us-gaap Restructuring Reserve Current
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CY2012Q4 us-gaap Restructuring Reserve Current
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CY2012Q4 us-gaap Restructuring Reserve Noncurrent
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CY2013Q1 us-gaap Restructuring Reserve Noncurrent
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CY2012Q1 us-gaap Restructuring Reserve Period Increase Decrease
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CY2013Q1 us-gaap Restructuring Reserve Period Increase Decrease
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CY2012Q1 us-gaap Restructuring Reserve Settled With Cash
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CY2013Q1 us-gaap Restructuring Reserve Settled With Cash
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3573000 USD
CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2012Q1 us-gaap Revenues
Revenues
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CY2013Q1 us-gaap Revenues
Revenues
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CY2013Q1 us-gaap Royalty Revenue
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CY2012Q1 us-gaap Royalty Revenue
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CY2012Q1 us-gaap Sales Revenue Goods Net
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CY2013Q1 us-gaap Selling General And Administrative Expense
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CY2012Q1 us-gaap Selling General And Administrative Expense
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CY2012Q1 us-gaap Share Based Compensation
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CY2013Q1 us-gaap Share Based Compensation
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CY2013Q1 us-gaap Stock Issued During Period Value Employee Benefit Plan
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CY2012Q1 us-gaap Stock Issued During Period Value Employee Benefit Plan
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CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2013Q1 us-gaap Stockholders Equity
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CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2013Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2012Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1068081000 USD
CY2012Q1 us-gaap Undistributed Earnings
UndistributedEarnings
-906000 USD
CY2013Q1 us-gaap Undistributed Earnings
UndistributedEarnings
0 USD
CY2013Q1 us-gaap Undistributed Earnings Diluted
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0 USD
CY2012Q1 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
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CY2012Q4 vrtx Cash Cash Equivalents And Available For Sale Securities Fair Value
CashCashEquivalentsAndAvailableForSaleSecuritiesFairValue
1321215000 USD
CY2013Q1 vrtx Cash Cash Equivalents And Available For Sale Securities Fair Value
CashCashEquivalentsAndAvailableForSaleSecuritiesFairValue
1239354000 USD
CY2013Q1 vrtx Cash Cash Equivalents Available For Sale Securities Amortized Cost
CashCashEquivalentsAvailableForSaleSecuritiesAmortizedCost
1239147000 USD
CY2012Q4 vrtx Cash Cash Equivalents Available For Sale Securities Amortized Cost
CashCashEquivalentsAvailableForSaleSecuritiesAmortizedCost
1321019000 USD
CY2013Q1 vrtx Cash Cash Equivalents Available For Sale Securities Gross Unrealized Gain
CashCashEquivalentsAvailableForSaleSecuritiesGrossUnrealizedGain
247000 USD
CY2013Q1 us-gaap Valuation Allowances And Reserves Adjustments
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CY2012Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
75393000 USD
CY2013Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
85615000 USD
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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215421000 shares
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
219264000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
215421000 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
208018000 shares
CY2013Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates and Summary of Significant Accounting Policies</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the amounts of revenues and expenses during the reported periods. Significant estimates in these condensed consolidated financial statements have been made in connection with the calculation of revenues, inventories, research and development expenses, stock-based compensation expense, restructuring expense, the fair value of intangible assets, noncontrolling interest (Alios) and the income tax provision. The Company bases its estimates on historical experience and various other assumptions, including in certain circumstances future projections, that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known.</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's significant accounting policies are described in Note&#160;A, "Nature of Business and Accounting Policies," in the 2012 Annual Report on Form&#160;10-K.</font></div></div>
CY2012Q4 vrtx Cash Cash Equivalents Available For Sale Securities Gross Unrealized Gain
CashCashEquivalentsAvailableForSaleSecuritiesGrossUnrealizedGain
217000 USD
CY2013Q1 vrtx Cash Cash Equivalents Available For Sale Securities Unrealized Loss Gross
CashCashEquivalentsAvailableForSaleSecuritiesUnrealizedLossGross
40000 USD
CY2012Q4 vrtx Cash Cash Equivalents Available For Sale Securities Unrealized Loss Gross
CashCashEquivalentsAvailableForSaleSecuritiesUnrealizedLossGross
21000 USD
CY2012Q1 vrtx Collaborative Revenues
CollaborativeRevenues
24381000 USD
CY2013Q1 vrtx Collaborative Revenues
CollaborativeRevenues
17414000 USD
CY2012Q4 vrtx Construction Financing Obligation Noncurrent
ConstructionFinancingObligationNoncurrent
268031000 USD
CY2013Q1 vrtx Construction Financing Obligation Noncurrent
ConstructionFinancingObligationNoncurrent
316821000 USD
CY2013Q1 vrtx Deferred Revenue Royalty Purchase Agreement
DeferredRevenueRoyaltyPurchaseAgreement
77800000 USD
CY2012Q1 vrtx Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
2289000 shares
CY2013Q1 vrtx Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
0 shares
CY2013Q1 vrtx Incremental Common Shares Attributable To Unvested Restricted Stock Units And Employee Stock Purchase Plan
IncrementalCommonSharesAttributableToUnvestedRestrictedStockUnitsAndEmployeeStockPurchasePlan
0 shares
CY2012Q1 vrtx Incremental Common Shares Attributable To Unvested Restricted Stock Units And Employee Stock Purchase Plan
IncrementalCommonSharesAttributableToUnvestedRestrictedStockUnitsAndEmployeeStockPurchasePlan
66000 shares
CY2011Q2 vrtx Initial Term Of Lease Agreement
InitialTermOfLeaseAgreement
P15Y
CY2012Q1 vrtx Interest Expense And Amortization Of Debt Issuance Costs
InterestExpenseAndAmortizationOfDebtIssuanceCosts
-3749000 USD
CY2013Q1 vrtx Interest Expense And Amortization Of Debt Issuance Costs
InterestExpenseAndAmortizationOfDebtIssuanceCosts
0 USD
CY2011Q2 vrtx Lease Agreement Number Of Leases
LeaseAgreementNumberOfLeases
2 leases
CY2011Q2 vrtx Lease Agreements Number Of Buildings
LeaseAgreementsNumberOfBuildings
2 building
CY2010Q1 vrtx Lease Term
LeaseTerm
P15Y
CY2011Q2 vrtx Optional Term Of Lease Agreement
OptionalTermOfLeaseAgreement
P10Y
CY2008 vrtx Proceeds From Sale Of Royalty Rights
ProceedsFromSaleOfRoyaltyRights
160000000 USD
CY2012Q1 vrtx Restructuring Reserve Settled With Cash Receipt From Sublease
RestructuringReserveSettledWithCashReceiptFromSublease
2486000 USD
CY2013Q1 vrtx Restructuring Reserve Settled With Cash Receipt From Sublease
RestructuringReserveSettledWithCashReceiptFromSublease
2665000 USD
CY2013Q1 dei Entity Registrant Name
EntityRegistrantName
VERTEX PHARMACEUTICALS INC / MA
CY2011Q2 vrtx Square Footage Of Leased Property
SquareFootageOfLeasedProperty
1100000 squarefeet
CY2013Q1 vrtx Valuation Allowances And Reserves Provision
ValuationAllowancesAndReservesProvision
-68152000 USD
CY2013Q1 vrtx Valuation Allowances And Reserves Sales Credits Or Payments Current
ValuationAllowancesAndReservesSalesCreditsOrPaymentsCurrent
-67752000 USD
CY2013Q1 dei Amendment Flag
AmendmentFlag
false
CY2013Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2013Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013Q1 dei Document Period End Date
DocumentPeriodEndDate
2013-03-31
CY2013Q1 dei Document Type
DocumentType
10-Q
CY2013Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000875320
CY2013Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
221400864 shares

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