PharmaNet Development Group Reports Financial Results for the Third Quarter 2007

PharmaNet Development Group, Inc. (the "Company”) (NASDAQ: PDGI), a leading provider of global drug development services to branded pharmaceutical, biotechnology, generic drug and medical device companies, today reported GAAP net earnings from continuing operations for its third quarter ended September 30, 2007 of $6.9 million, or $0.37 per diluted share, compared to GAAP net earnings from continuing operations of $3.0 million, or $0.16 per diluted share, in the third quarter 2006. Adjusted non-GAAP net earnings (see basis of presentation below) from continuing operations for the third quarter 2007 were $10.0 million, or $0.52 per diluted share, compared to $3.7 million, or $0.20 per diluted share, in the third quarter 2006 primarily due to higher direct revenues in the early stage and late stage segments. "We are very pleased with our operating performance this quarter,” commented Jeffrey P. McMullen, president and chief executive officer, "We recorded the highest direct revenues in the history of the Company and continued to increase backlog.” "Building on this momentum, we are raising guidance for 2007,” Mr. McMullen continued. Basis of presentation Due to the Company's decision to discontinue certain operations in 2006, all financial results for the periods presented reflect the Company's continuing operations only, unless otherwise stated. To better reflect ongoing operations to investors for the periods presented, adjusted (non-GAAP) results are used throughout this press release and the accompanying tables. For the third quarter 2007, adjusted financial results exclude $1.5 million for the settlement of the class action settlement and other related litigation, $0.7 million for the amortization of intangible assets and $0.3 million non-cash share-based compensation expense related to the adoption of Statement of Financial Accounting Standards No. 123R Share-Based Payment ("SFAS 123R”). For comparative purposes, third quarter 2006 adjusted financial results exclude $0.7 million for amortization of intangible assets and $0.1 million non-cash share-based compensation expense related to SFAS 123R. In addition, on January 1, 2007, the Company began reporting the financial results for PharmaNet Specialized Pharmaceutical Services, Inc. (SPS) in the late stage segment. Prior year financial results have been adjusted accordingly to provide for accurate comparisons. A reconciliation of GAAP results to adjusted (non-GAAP) results can be found in the unaudited financial tables included in this press release. A further explanation of the reasoning behind the use of non-GAAP financial results can be found at the end of this press release. Third Quarter 2007 Financial Summary Direct revenue in the third quarter 2007, excluding reimbursed out-of-pocket expenses, increased 31.3% to $99.8 million compared to $76.0 million in the third quarter 2006 due to growth in both the early and late stage segments. GAAP corporate selling, general and administrative ("SG&A”) expenses increased to $7.5 million in the third quarter 2007 compared to $5.0 million in third quarter 2006, primarily due to an additional $1.5 million reserve recorded in the third quarter 2007 related to the securities class action settlement and other related litigation, increasing the provision from $8.9 million to $10.4 million. Legal fees related to the SEC investigation were $0.2 million in the quarter. Adjusted corporate expenses, which exclude the settlement of the class action and other related litigation and certain non-cash share-based compensation expense related to SFAS 123R were $5.7 million in the third quarter 2007 and $4.9 million in the third quarter 2006. The $2.6 million foreign exchange transaction loss in the third quarter 2007 is the result of the weakening of the US Dollar primarily against the Canadian dollar and Swiss Franc. GAAP operating margin increased to 13.7% in the third quarter 2007 compared to 7.8% in the third quarter 2006. Adjusted operating margin for the third quarter 2007 increased to 16.2% from 8.9% in the third quarter 2006 primarily due to higher direct revenues in both segments. The Company’s backlog increased sequentially to $472.5 million at September 30, 2007 compared to $444.0 million at June 30, 2007. Backlog consists of anticipated direct revenue from written awards, letters of intent and contracts that either have not started or are anticipated to begin in the near future. Verbal awards are not included in backlog. The book to bill ratio was 1.3x at September 30, 2007 compared to 1.2x at June 30, 2007. Book-to-bill is calculated by taking the change in backlog between periods plus direct revenues divided by direct revenues.                   --   Early stage book-to-bill was 1.2x at September 30, 2007 and June 30, 2007.   -- Late stage book-to-bill was 1.4x at September 30, 2007 compared to 1.1x at June 30, 2007. Cash, cash equivalents, and investments in marketable securities were $66.5 million at September 30, 2007 compared to $50.0 million at June 30, 2007. Net cash generated by continuing operations was $20.3 million in the third quarter 2007. Capital expenditures were $4.0 million in the third quarter 2007 compared to $7.8 million in the third quarter 2006, of which $4.4 million of the $7.8 million was related to construction of the Quebec City facility. Depreciation expense was $3.2 million and amortization of intangibles was $0.7 million in the third quarter 2007 compared to depreciation expense of $2.8 million and amortization expense of $0.7 million in the third quarter 2006. Net days sales outstanding ("DSO”) was 38 days at September 30, 2007 compared to 42 days at June 30, 2007. The Company’s effective tax rate in the third quarter 2007 was 29.1% compared to 14.4% in the third quarter 2006 primarily due to a higher projected effective tax rate for the full year 2007 which results from a change in the global mix of income in the third quarter 2007, increased expenses in the US and the reconciliation of book estimates to the Company's 2006 Federal Corporate Income Tax return. For the segment financial results provided below, the Company has excluded an allocation of corporate expenses related to certain adjusted SG&A expenses. Early Stage PharmaNet Development Group, Inc.’s early stage segment primarily includes the areas of Phase I and bioequivalency clinical trials, bioanalytical services and support services. For the early stage segment, GAAP direct revenue, excluding reimbursed out-of-pocket expenses, increased approximately 49.9% to $37.6 million in the third quarter 2007 compared to $25.1 million in the third quarter 2006, primarily due to higher sample volumes and clinic revenues. Early stage segment GAAP operating margins increased to 21.4% in the third quarter 2007 compared to 15.4% in the third quarter 2006. Early stage segment adjusted operating margins increased to 21.7% in the third quarter 2007 compared to 15.9% in the third quarter 2006 primarily due to higher laboratory utilization. Backlog for the early stage segment increased sequentially to $65.8 million at September 30, 2007 compared to $59.8 million reported at June 30, 2007. Late Stage PharmaNet Development Group, Inc.’s late stage segment primarily conducts Phase II through IV clinical trials, data management and biostatistics, medical and scientific affairs, regulatory affairs and submissions, and provides software tools and services for use in clinical trials. For the late stage segment, GAAP direct revenue, excluding reimbursed out-of-pocket expenses, increased approximately 22.1% to $62.2 million in the third quarter 2007 compared to $50.9 million in the third quarter 2006. Third quarter 2007 direct revenues benefited from the recognition of revenue related to authorized change orders. Late stage segment GAAP operating margins were 21.2% in the third quarter 2007 compared to 14.0% in the third quarter 2006. Late stage segment adjusted operating margins were 22.1% in the third quarter 2007 compared to 15.1% in the third quarter 2006 primarily due to higher direct revenues. Third quarter 2007 operating margin benefited from recognition of revenue related to authorized change orders for which certain expenses had been incurred in previous quarters. Backlog for the late stage segment increased sequentially to $406.7 million at September 30, 2007 compared to $384.2 million at June 30, 2007. Guidance For continuing operations in 2007, the Company expects: Full Year 2007 Guidance Metric   Previous Guidance   Revised Guidance Direct Revenue $342 million - $352 million $361 million - $365 million Adjusted EBIT Margin (1) 9.5% - 9.8% 10.6% - 10.8% GAAP Corporate Expenses $20.5 million – $21 million $23.5 million - $24 million Adjusted Pre-tax Earnings (1) $27 million - $29 million $29 million - $31 million GAAP fully diluted EPS $0.58 - $0.64 $0.53 - $0.59 Adjusted fully diluted EPS (1) $1.12 – 1.24 $1.22 - $1.29 Capital expenditures $17 million - $19 million $17 million - $19 million Depreciation $12 million – $13 million $12 million – $13 million Amortization $2.8 million $2.8 million Adjusted non-GAAP tax rate 18% – 20% (1) 18% – 20% (1) (1) For EBIT Margin, Pre-tax Earnings, Fully Diluted EPS, and Tax Rate, Adjusted (non-GAAP) guidance excludes $10.4 million related to the securities class action settlement and other related litigation, amortization of intangible assets and non-cash share-based compensation expense related to Statement of Financial Accounting Standards No. 123R, Share-Based Payment ("SFAS 123R”). Conference Call and Webcast         The Company will host a conference call to discuss third quarter earnings on Thursday, November 1, 2007 at 8:30 a.m. eastern time   Dial-in: (866) 831-6234 for U.S. (617) 213-8854 for International   Pass code: 42666104   Dial-in Replay: (888) 286-8010 for U.S. (617) 801-6888 for International   Pass code: 56573285 The replay will be available approximately two hours after the call through Thursday, November 8, 2007   Webcast: Please visit www.pharmanet.com and select the investor tab to access the webcast or link directly at http://phx.corporate-ir.net/phoenix.zhtml?p= irol-eventDetails&c=124176&eventID=1653964. The archived webcast will be available for approximately thirty (30) days following the conference call. Non-GAAP Financial Measures This press release contains certain non-GAAP financial measures, which exclude, among other items, the charge associated with the securities class action settlement and other related litigation, amortization of intangible assets and non-cash share-based compensation expense related SFAS 123R. Share-based compensation is an important part of our employees’ compensation and impacts their performance. PDGI considers these non-GAAP financial measures to be useful metrics because management and investors can compare the Company’s recurring operating results and make more meaningful comparisons between PDGI’s recurring operating results and those of other companies. In addition, management can use this important tool for financial and operational decision-making and for evaluating recurring operating results over different periods of time. There are a number of limitations related to the use of non-GAAP operating income versus operating income calculated in accordance with GAAP. Non-GAAP operating income excludes certain costs, including, share-based compensation and amortization of intangible assets related to acquisitions that are recurring and have been and will continue to be for the foreseeable future a significant recurring expense in PDGI’s business. The components of the costs that we exclude from our calculation of non-GAAP operating income may differ from the components that our peer companies exclude when they report their results of operations. The Company compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP operating income and evaluating non-GAAP operating income together with operating income calculated in accordance with GAAP. Non-GAAP results also allow investors to compare the reported GAAP results and the non-GAAP consensus estimate and to compare the Company’s operations against the financial results of other companies in the industry. The non-GAAP financial measures included in this press release should not be considered superior to or a substitute for results of operations prepared in accordance with GAAP. Reconciliations of the non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures are set forth in the text of, and the accompanying tables to, this press release, and can also be found on the Company’s website. About PharmaNet Development Group, Inc. PharmaNet Development Group, Inc., a global drug development services company, provides a comprehensive range of services to the pharmaceutical, biotechnology, generic drug, and medical device industries. The Company offers clinical-development solutions including early and late stage consulting services, Phase I clinical studies and bioanalytical analyses, and Phase II, III and IV clinical development programs. With approximately 2,500 employees and more than 41 facilities throughout the world, PharmaNet is a recognized leader in outsourced clinical development. For more information, please visit our website at www.pharmanet.com. Forward-Looking Statements Certain statements made in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include, but are not limited to, industry trends and information; the Company's ability to determine its impairment charges and costs of discontinued operations; whether the Company will achieve its estimated value relating to discontinued operations; developments with respect to the SEC's inquiry and securities class action lawsuits and derivative lawsuits (Due to the inherent uncertainties of litigation, the reserve for the litigation is only an estimate. Management may need to adjust the reserve in the future as outcomes of the securities class action and other related litigation becomes more predictable); the Company’s ability to successfully achieve and manage the technical requirements of specialized clinical trial services, while complying with applicable rules and regulations; regulatory changes; changes affecting the clinical research industry; a reduction of outsourcing by pharmaceutical and biotechnology companies; the Company’s ability to compete internationally in attracting clients in order to develop additional business; the Company’s evaluation of its backlog and the potential cancellation of contracts; its ability to retain and recruit new employees; its clients' ability to provide the drugs and medical devices used in its clinical trials; the Company’s future stock price; the Company’s assessment of its effective tax rate and tax allowance; the Company’s financial guidance; the Company’s future effective tax rate; the Company’s anticipated capital expenditures; the Company’s costs associated with compliance of Section 404 of the Sarbanes-Oxley Act; the impact on the Company of foreign currency transaction costs and the effectiveness of any hedging strategies it implements; and the national and international economic climate as it affects drug development operations. Further information can be found in the Company’s risk factors contained in its Annual Report on Form 10-K for the year ended December 31, 2006 and its most recent Quarterly Report on Form 10-Q. The Company does not undertake to update the disclosures made herein, and you are urged to read our filings with the Securities and Exchange Commission. PharmaNet Development Group, Inc. and Subsidiaries Statements of Operations - Unaudited For the Three Months Ended September 30, 2007 and 2006               2007   % of Direct Revenues   2006   % of Direct Revenues REVENUE                 Direct revenue $ 99,809,887 100.0 % $ 76,018,774 100.0 % Reimbursed out-of-pockets     24,581,198     24.6 %     27,235,490     35.8 % TOTAL REVENUE     124,391,085     124.6 %     103,254,264     135.8 % COSTS AND EXPENSES                 Direct costs 57,074,046 57.2 % 46,542,157 61.2 % Reimbursable out-of-pocket expenses 24,581,198 24.6 % 27,235,490 35.8 % Selling, general and administrative expenses 27,535,780 27.6 % 23,565,196 31.0 % Provision for settlement of litigation     1,500,000     1.5 %     -       TOTAL COSTS AND EXPENSES     110,691,024     110.9 %     97,342,843     128.1 % EARNINGS FROM CONTINUING OPERATIONS     13,700,061     13.7 %     5,911,421     7.8 % OTHER INCOME (EXPENSE)                 Interest income 517,436 0.5 % 153,557 0.2 % Interest expense (1,414,676 ) 1.4 % (1,676,517 ) 2.2 % Foreign exchange transaction loss, net (2,608,037 ) 2.6 % (647,315 ) 0.9 % Other expense     (5,954 )   0.0 %     -       TOTAL OTHER INCOME (EXPENSE)     (3,511,231 )   3.5 %     (2,170,275 )   2.9 % EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAX     10,188,830     10.2 %     3,741,146     4.9 % Income tax expense     2,961,757     3.0 %     538,771     0.7 % EARNINGS FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST IN JOINT VENTURE     7,227,073     7.2 %     3,202,375     4.2 % Minority interest in joint venture     340,249     0.3 %     222,835     0.3 % NET EARNINGS FROM CONTINUING OPERATIONS     6,886,824     6.9 %     2,979,540     3.9 % Loss from discontinued operations, net of tax     (93,398 )   0.1 %     (3,242,289 )   4.3 % NET EARNINGS (LOSS)   $ 6,793,426     6.8 %   $ (262,749 )   0.3 %                   BASIC EARNINGS (LOSS) PER SHARE:                 Continuing operations $ 0.37 $ 0.16 Discontinued operations $ (0.01 ) $ (0.17 ) Net earnings (loss)   $ 0.36         $ (0.01 )     DILUTED EARNINGS (LOSS) PER SHARE:                 Continuing operations $ 0.37 $ 0.16 Discontinued operations $ (0.01 ) $ (0.17 ) Net earnings (loss)   $ 0.36         $ (0.01 )     SHARES USED IN COMPUTING EPS:                 Basic 18,893,596 18,348,322 Diluted     19,120,631           18,473,375       PharmaNet Development Group, Inc. and Subsidiaries Statements of Operations - Unaudited For the Nine Months Ended September 30, 2007 and 2006               2007   % of Direct Revenues   2006   % of Direct Revenues REVENUE                 Direct revenue $ 270,186,079 100.0 % $ 223,280,143 100.0 % Reimbursed out-of-pockets     70,951,385     26.3 %     80,119,231     35.9 % TOTAL REVENUE     341,137,464     126.3 %     303,399,374     135.9 % COSTS AND EXPENSES                 Direct costs 160,252,976 59.3 % 136,656,308 61.2 % Reimbursable out-of-pocket expenses 70,951,385 26.3 % 80,119,231 35.9 % Selling, general and administrative expenses 80,968,752 30.0 % 73,168,447 32.8 % Provision for settlement of litigation 10,400,000 3.8 % - Impairment of goodwill     -           7,873,000     3.5 % TOTAL COSTS AND EXPENSES     322,573,113     119.4 %     297,816,986     133.4 % EARNINGS FROM CONTINUING OPERATIONS     18,564,351     6.9 %     5,582,388     2.5 % OTHER INCOME (EXPENSE)                 Interest income 1,534,937 0.6 % 1,050,060 0.5 % Interest expense (4,947,338 ) 1.8 % (6,432,619 ) 2.9 % Foreign exchange transaction loss, net (3,340,101 ) 1.2 % (3,002,126 ) 1.3 % Other income     472,339     0.2 %     -       TOTAL OTHER INCOME (EXPENSE)     (6,280,163 )   2.3 %     (8,384,685 )   3.8 % EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX (BENEFIT)     12,284,188     4.5 %     (2,802,297 )   1.3 % Income tax expense (benefit)     3,466,382     1.3 %     (5,874,452 )   2.6 % EARNINGS FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST IN JOINT VENTURE     8,817,806     3.3 %     3,072,155     1.4 % Minority interest in joint venture     540,930     0.2 %     516,798     0.2 % NET EARNINGS FROM CONTINUING OPERATIONS     8,276,876     3.1 %     2,555,357     1.1 % Earnings (Loss) from discontinued operations, net of tax     628,878     0.2 %     (26,667,552 )   11.9 % NET EARNINGS (LOSS)   $ 8,905,754     3.3 %   $ (24,112,195 )   10.8 %                   BASIC EARNINGS (LOSS) PER SHARE:         Continuing operations $ 0.44 $ 0.14 Discontinued operations $ 0.03   $ (1.47 ) Net earnings (loss)   $ 0.47         $ (1.33 )     DILUTED EARNINGS (LOSS) PER SHARE:                 Continuing operations $ 0.44 $ 0.14 Discontinued operations $ 0.03   $ (1.45 ) Net earnings (loss)   $ 0.47         $ (1.31 )     SHARES USED IN COMPUTING EPS:                 Basic 18,743,929 18,150,182 Diluted     18,984,625           18,376,696       PHARMANET DEVELOPMENT GROUP, INC. AND SUBSIDIARIES Reconciliation of GAAP Operating Margin from Continuing Operations to Non-GAAP Operating Margins for Continuing Operations - Unaudited For the Three and Nine Months Ended September 30, 2007 and 2006           Three Months Ended Nine Months Ended   2007     2006     2007     2006                     DIRECT REVENUE   $ 99,809,887   $ 76,018,774   $ 270,186,079   $ 223,280,143                   EARNINGS FROM CONTINUING OPERATIONS GAAP     13,700,061     5,911,421     18,564,351     5,582,388                   OPERATING MARGIN GAAP     13.7%     7.8%     6.9%     2.5%                   ADD BACK:                 SFAS 123R expense 285,813 149,063 616,193 958,515 Amortization of intangible assets 688,773 703,646 2,066,320 2,274,359 Provision for settlement of litigation 1,500,000 - 10,400,000 - Impairment of goodwill     -     -     -     7,873,000 NON-GAAP OPERATING EARNINGS   $ 16,174,647   $ 6,764,130   $ 31,646,864   $ 16,688,262                   NON-GAAP OPERATING MARGIN     16.2%     8.9%     11.7%     7.5% PHARMANET DEVELOPMENT GROUP, INC. AND SUBSIDIARIES Reconciliation of GAAP Net Earnings from Continuing Operations to Non-GAAP Net Earnings for Continuing Operations - Unaudited For the Three and Nine Months Ended September 30, 2007 and 2006         Three Months Ended Nine Months Ended 2007   2006   2007   2006     Net earnings from continuing operations GAAP $ 6,886,824 $ 2,979,540 $ 8,276,876 $ 2,555,357     Add: Non-cash SFAS 123R expense 285,813 149,063 616,193 958,515   Add: Provision for settlement of litigation 1,500,000 - 10,400,000 -   Add: Non-cash intangible assets amortization 688,773 703,646 2,066,320 2,274,359   Add: Non-cash goodwill Impairment - - - 7,873,000   Add: Non-recurring charge related to financing   -       -   -     1,214,306   Subtotal $ 9,361,410 $ 3,832,249 $ 21,359,389 $ 14,875,537   Less: Tax effect of non-GAAP adjustments   (642,783 )     122,790   985,855     4,207,249     Non-GAAP net earnings from continuing operations $ 10,004,193     $ 3,709,459 $ 20,373,534   $ 10,668,288   Diluted non-GAAP net earnings per share $ 0.52 $ 0.20 $ 1.07 $ 0.58   Number of shares used in computing diluted non-GAAP earnings per share 19,120,631 18,473,375 18,984,625 18,376,696 PHARMANET DEVELOPMENT GROUP, INC. AND SUBSIDIARIES Summary of Operations of Early and Late Stage Clinical Development Segments - Unaudited For the Three and Nine Months Ended September 30, 2007 and 2006             Three Months Ended Nine Months Ended EARLY STAGE DEVELOPMENT   2007     2006   % variation     2007     2006   % variation                             Direct revenue $ 37,645,724 $ 25,111,121 49.9% $ 98,060,357 $ 73,318,297 33.7%   GAAP operating earnings 8,039,677 3,873,882 107.5% 17,490,962 6,422,882 172.3%   Amortization of intangibles 133,717 128,846 3.8% 401,149 549,959 (27.1%)   Non-GAAP operating earnings $ 8,173,394 $ 4,002,728 104.2% $ 17,892,111 $ 6,972,841 156.6%   GAAP operating Margin 21.4% 15.4% 17.8% 8.8%   Non-GAAP operating margin 21.7% 15.9% 18.2% 9.5%     LATE STAGE DEVELOPMENT 2007 2006 % variation 2007 2006 % variation                             Direct revenue $ 62,164,163 $ 50,907,653 22.1% $ 172,125,722 $ 149,961,846 14.8%   GAAP operating earnings 13,192,947 7,102,061 85.8% 28,032,735 15,618,432 79.5%   Amortization of intangibles 555,056 574,800 (3.4%) 1,665,171 1,724,400 (3.4%)   Impairment of goodwill(1) - - - - 7,873,000 -   Non-GAAP operating earnings $ 13,748,003 $ 7,676,861 79.1% $ 29,697,906 $ 25,215,832 17.8%   GAAP operating Margin 21.2% 14.0% 16.3% 10.4%   Non-GAAP operating margin 22.1% 15.1% 17.3% 16.8%   (1) Represents impairment of goodwill at SPS PHARMANET DEVELOPMENT GROUP, INC. AND SUBSIDIARIES   Selected Consolidated Balance Sheet Information - Unaudited September 30, 2007 and December 31, 2006   The allocation of assets and liabilities between continuing and discontinued operations, in this selected balance sheet information is preliminary and may change upon the company's filing of its form 10-Q for the period ended September 30, 2007   September 30, December 31, 2007 2006 (1)           ASSETS           Cash, equivalents, and investments in marketable securities $ 66,512,255 $ 53,754,183     Accounts receivable from continuing operations 135,066,018 109,187,958 Accounts receivable from discontinued operations   2,156,711   3,572,556 Accounts receivable 137,222,729 112,760,514   Current assets from continuing operations 220,628,113 192,823,747 Current assets from discontinued operations   2,474,042   3,889,887 Total current assets 223,102,155 196,713,634     Fixed assets from continuing operations 64,375,367 52,234,890 Land held for sale from discontinued operations   3,046,619   3,286,619 Total fixed assets and land 67,421,986 55,521,509     Total assets from continuing operations 586,830,886 549,599,584 Total assets from discontinued operations   5,520,661   7,176,506 Total assets $ 592,351,547 $ 556,776,090             LIABILITIES AND STOCKHOLDERS' EQUITY         Current liabilities from continuing operations $ 138,791,532 $ 123,483,815 Current liabilities from discontinued operations   2,523,656   4,195,262 Total current liabilities 141,315,188 127,679,077     Total liabilities from continuing operations 307,307,614 294,501,721 Total liabilities from discontinued operations   2,523,656   4,195,262 Total liabilities 309,831,270 298,696,983     Stockholders' equity 282,520,277 258,079,107         Total liabilities and stockholders' equity $ 592,351,547   $ 556,776,090   (1) Certain prior year balances have been reclassified to conform to current year presentation.