Their expertise and
contacts
will be very helpful in achieving our ambitious goals. "We believe that
Peachtree will be able to
leverage the extensive network of additional
financing sources that LLR and Greenhill can provide
to create success in
several new asset classes.com. Strong Demand Drives Further
Expansion Plans
First Quarter Highlights:
- Revenue increased to $63.9 percentage
points over first
quarter 2004
- Net income increased to $7.6 million for the
first quarter of 2004.1) million, or
($0.
In 33,174,056) 3
3
Additional paid-in capital 255,572 255,509
Retained
earnings (deficit) (41,513) (49,178)
Accumulated other comprehensive
income 8,235 9,811
Total shareholders equity 222,297
216,145
Total liabilities and shareholders equity $314,603 $306
,868
Symmetry Medical Inc.
vrs inheritances
, Inc.
(NYSE: GHL), an independent global
investment banking firm.
For the first quarter ended April 2, 2005, the Company reported net
income
applicable to common shareholders of $7.
Investors purchase all or part of an income stream
from sellers at a discount rate.
dfs annuities
Peachtree purchases structured legal
settlements, lottery prizes
and life insurance policies from consumers.LLRPartners.
lump annuities
For more information about
Peachtree,
please visit http://www.com.deeds receivables
James Terlizzi, Peachtree's CEO, said, "We are excited to join forces
with
LLR and Greenhill to help Peachtree continue its growth. is a $620 million private equity firm
providing capital
to middle market companies with growth potential, proven business models and
outstanding
management teams. Based in the
Philadelphia area, LLR seeks to create value through a variety of
transactions, including buyouts, recapitalizations and expansion capital
investments. Through
its
offices in New York, London and Frankfurt, Greenhill advises corporations on
their most pressing
strategic financial needs, including mergers and
acquisitions, leveraged or management buyouts and
recapitalizations, and
financial restructurings.annuities settlements
About LLR Partners Inc. LLR makes investments
of $10 million to $40
million in a broad range of industries, with an emphasis on business services
,
healthcare, financial services and information technology.
About Greenhill Capital Partners
, LLC (Greenhill)
Greenhill Capital Partners is a $423 million private equity fund focused
on
the energy, financial services, and telecommunications industries.22 per diluted share
WARSAW
, Ind.viaticals inheritances
Niehaus, Chairman of Greenhill Capital Partners, added, "We are
excited about investing in
this emerging sector and have been very impressed
by Peachtree. For more information about LLR, please
visit
http://www., Symmetry Medical Inc. Brokers offer expertise and experience with specific income
streams and may save the seller the time and research required to find and select an investor.
structured deeds
, LLR
Partners Inc.1% over first quarter 2004
- Gross margin increased to 30.financed viatical
Their high level
of service and integrity were important
factors in our investment decision.com.4 million, a 54.1
%
increase over gross profit of $12. The seller receives immediate cash for an asset that may not
mature for many months or years and the investor receives a good return on their investment over time
.
heirs payoffs
LLR led the minority ownership investment. It is expected that this
investment will permit Peachtree
to execute its growth plans, make
acquisitions and accelerate new product development.5%, compared
with an operating
margin of 15. Brokers earn a commission on each transaction they close which is
paid either directly by the investor or as a percentage of the funds to be received by the seller.
settlements offerred
Operating income for the first quarter of 2005 was $12.
Operating margin for the first quarter
was 19.drw inheritances
Peachtree is a specialty finance business that purchases high-credit-
quality, cash
-generating assets, such as structured legal settlements, lottery
prizes and life insurance policies
.
The Company reported first quarter 2005 revenue of $63.lump offerred
lumpsum.7 million, or $0. The weighted
average number of fully diluted shares outstanding during the first quarter of
2005 was 34,115
,708.lottery offerred
BOCA RATON, Fla.Symmetry Medical Reports Record First Quarter 2005 Earnings Per Share of $0
.22
5% for the first quarter 2004. An income stream can be any future payment including real estate
notes, business accounts receivables, viaticals or senior settlements, structured settlements or prize
winnings.
promissory settlements
7 million, or $0.vrs settlements
LLR Partners and Greenhill Capital Partners Complete $40M Equity Investment
in Peachtree Settlement Funding
Peachtree is based in Boca Raton, Florida.greenhill-co.8 million
, a 39.1 million for the first quarter of 2004.viatical winnings
"
"In the past three years, Peachtree has executed
on its business model to
achieve a leading market share and reputation of quality in each asset class
it serves," said Mitchell Hollin, a Partner at LLR.8 million for the first quarter of 2004.01) per
diluted share, for the quarter ended April 3, 2004.
Condensed Consolidated Statements
of Cash Flows
(In Thousands)
Three Months Ended
April
2, April 3,
2005 2004
(unaudited) (unaudited)
Operating activities
Net income $7,664 $2,210
Adjustments to
reconcile net income to
net cash provided by (used in) operating
activities:
Depreciation 3,003 2,530
Amortization
153 152
(Gain) Loss from sale of assets
1 18
Deferred income tax provision -
(32)
Interest rate swap valuation change (296) 371
Change in operating assets and liabilities:
Accounts receivable
(7,306) (4,929)
Other assets 414
(691)
Inventories (1,543) (2,855)
Accounts payable 336 2,665
Accrued expenses
and other 2,957 703
Net cash provided by operating activities
5,383 142
Investing activities
Purchases of property and equipment
(8,933) (4,347)
Net cash used in investing activities (8,933
) (4,347)
Financing activities
Proceeds from Bank Revolver
5,643 9,479
Payments on Bank Revolver (1,864)
(4,995)
Payments on long-term debt and
capital lease obligations
(2,305) (1,645)
Net cash provided by financing activities 1,474
2,839
Effect of exchange rate changes on cash (69) 25
Net increase (decrease) in cash and
cash equivalents (2,145
) (1,341)
Cash and cash equivalents at
beginning of year
4,849 2,348
Cash and cash equivalents at end of year $2,704
$1,007
Supplemental disclosures
Cash paid for interest
$610 $3,197
Cash paid for income taxes $563
$41
Assets acquired under capital leases $- $1,085
annuities offerred
Greenhill Capital Partners is an affiliate of Greenhill + Co.
(NYSE: SMA), an independent provider
of products to the global orthopedic
device industry, announced today first quarter 2005 financial
results for the
period ended April 2, 2005.5% for the first quarter 2004.financed settlements
By combining marketing
sophistication,
operational integrity and creative institutional financing, Peachtree has
established
itself as a leading buyer of these cash-generating assets."
About Peachtree Settlement Funding
, LLC (Peachtree)
Peachtree is a specialty finance company that provides liquidity for high-
credit
-quality illiquid assets.1%
increase over revenues of $45.5%
increase over operating income of
$7.deeds receivables
(LLR)
LLR Partners Inc.
Gross margin for the first quarter was 30.
Often a seller will
deal with a cash flow broker who has a network of contacts to find the appropriate investor for the
seller's asset.
purchases payoffs
Gross profit for the first quarter of 2005 was $19.Cash Flow is the buying, selling
and brokering of privately held income streams in the secondary market.
lottery receivable
4%, up 2.22 per diluted share
,
compared to net income applicable to common shareholders of ($0.payoffs annuities
"
Robert H.4%, compared to
a gross margin of
27.structured inheritances
Consumers owning these types of assets
that provide steady cash flows over
long-term periods often seek to sell them
to realize more current liquidity. For more information
please visit
http://www.
receivable matured
('LLR') and
Greenhill Capital Partners, LLC ('Greenhill'
) announce the completion of a $40
million equity investment in Peachtree Settlement Funding, LLC
('Peachtree').8 million, up 39.4 million, a 75.viatical receivables
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