XNAS:CRDN Quarterly Report 10-Q Filing - 3/31/2012

Effective Date 3/31/2012

form10-q.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549  

 
FORM 10-Q

 
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
 
For the quarterly period ended March 31, 2012
 
Or
 
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
 
For the transition period from                      to                     
 
Commission File No. 000-13059
 
(Exact name of Registrant as specified in its charter)
 
Delaware
33-0055414
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification No.)
   
3169 Red Hill Avenue, Costa Mesa, CA
92626
(Address of principal executive)
(Zip Code)
   
 
Registrant’s telephone number, including area code (714) 549-0421
 
N/A
(Former name, former address and former fiscal year, if changed since last report)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes   x   No  ¨
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
 
Yes  x    No  ¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer” and “small reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

            Large accelerated filer  x
Accelerated filer  ¨
Non-accelerated filer  ¨
Smaller reporting company  ¨
 
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).
 
Yes  ¨    No  x
 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
 
Class
 
 Outstanding as of April 20, 2012
Common Stock, $0.01 par value
 
  24,280,505 Shares
 
Exhibit Index on Page 32
 
 

 
CERADYNE, INC.
 
INDEX
 
     
PAGE NO.
 
PART I.
FINANCIAL INFORMATION
     
         
Item 1.
Unaudited Consolidated Financial Statements
    3  
           
 
Consolidated Balance Sheets – March 31, 2012 and December 31, 2011
    3  
           
 
Consolidated Statements of Income – Three Months Ended March 31, 2012 and 2011
    4  
           
 
Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2012 and 2011
    5  
           
 
Consolidated Statements of Cash Flows – Three Months Ended March 31, 2012 and 2011
    6  
           
 
Notes to Consolidated Financial Statements
    7-16  
           
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
    17-27  
           
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
    28-29  
           
Item 4.
Controls and Procedures
    29  
           
PART II.
OTHER INFORMATION
       
           
Item 1.
Legal Proceedings
    30  
           
Item 1A.
Risk Factors
    30  
           
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
    30  
           
Item 3.
Defai;ts I[pm Senior Securities     30  
           
Item 4.
Mine Safety Disclosures
    30  
           
Item 5.
Other Information
    30  
           
Item 6.
Exhibits
    30  
           
SIGNATURE
    31  

 
2

 
 
CERADYNE, INC.
FORM 10-Q
FOR THE QUARTER ENDED
March 31, 2012
 
PART I. FINANCIAL INFORMATION
 
Item 1.
Unaudited Consolidated Financial Statements
 
CERADYNE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
   
March 31, 2012
   
December 31, 2011
 
   
(Unaudited)
 
CURRENT ASSETS
           
Cash and cash equivalents
  $ 40,285     $ 50,275  
Short-term investments
    229,816       224,772  
Accounts receivable, net of allowances for doubtful accounts of $1,950
               
and $1,547 at March 31, 2012 and December 31, 2011, respectively
    61,377       73,646  
Other receivables
    8,232       6,040  
Inventories
    135,936       117,273  
Production tooling, net
    10,406       11,792  
Prepaid expenses and other
    44,355       43,860  
Deferred tax asset
    4,960       5,782  
TOTAL CURRENT ASSETS
    535,367       533,440  
PROPERTY, PLANT AND EQUIPMENT, net
    244,046       243,376  
LONG TERM INVESTMENTS
    21,834       15,026  
INTANGIBLE ASSETS, net
    99,623       100,690  
GOODWILL
    43,191       42,926  
OTHER ASSETS
    12,491       12,673  
TOTAL ASSETS
  $ 956,552     $ 948,131  
 
CURRENT LIABILITIES
           
Accounts payable
  $ 28,938     $ 29,191  
Accrued expenses
    26,713       30,470  
Income taxes payable
    6,853       5,331  
Short-term debt
    90,264       89,294  
         TOTAL CURRENT LIABILITIES
    152,768       154,286  
EMPLOYEE BENEFITS
    24,931       24,462  
OTHER LONG TERM LIABILITIES
    37,295       37,224  
DEFERRED TAX LIABILITY
    23,613       23,461  
TOTAL LIABILITIES
    238,607       239,433  
                 
COMMITMENTS AND CONTINGENCIES (Note 12)
               
STOCKHOLDERS’ EQUITY
               
Common stock, $0.01 par value, 100,000,000 authorized, 24,280,505 and 24,175,051 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively
    243       242  
Additional paid-in capital
    123,797       121,940  
Retained earnings
    583,573       583,420  
Accumulated other comprehensive income
    10,332       3,096  
TOTAL STOCKHOLDERS’ EQUITY
    717,945       708,698  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
  $ 956,552     $ 948,131  
 
See accompanying condensed notes to Consolidated Financial Statements
 
3

 
 
CERADYNE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share data)
 
   
Three Months Ended March 31,
 
   
2012
   
2011
 
   
(Unaudited)
 
NET SALES
  $ 106,309     $ 150,102  
COST OF GOODS SOLD
    77,165       92,014  
Gross profit
    29,144       58,088  
OPERATING EXPENSES
               
Selling, general and administrative
    17,510       18,836  
Research and development
    3,630       3,067  
Restructuring – plant closure and severance
    673       -  
Acquisition related charge
    -       584  
TOTAL OPERATING EXPENSES
    21,813       22,487  
INCOME FROM OPERATIONS
    7,331       35,601  
                 
OTHER INCOME (EXPENSE):
               
Interest income
    1,066       798  
Interest expense
    (1,743 )     (1,448 )
Miscellaneous
    (658 )     (87 )
      (1,335 )     (737 )
INCOME BEFORE PROVISION FOR INCOME TAXES
    5,996       34,864  
PROVISION FOR INCOME TAXES
    2,214       11,269  
NET INCOME
  $ 3,782     $ 23,595  
NET INCOME PER COMMON SHARE:
               
BASIC
  $ 0.16     $ 0.95  
DILUTED
  $ 0.16     $ 0.94  
SHARES USED IN COMPUTING PER COMMON SHARE AMOUNTS:
               
BASIC
    24,211       24,839  
DILUTED
    24,360       25,130  
 

See accompanying condensed notes to Consolidated Financial Statements
 
4

 
 
CERADYNE, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands)
 
   
Three Months Ended March 31,
 
   
2012
   
2011
 
   
(Unaudited)
 
NET INCOME
  $ 3,782     $ 23,595  
FOREIGN CURRENCY TRANSLATION
    5,565       10,935  
UNREALIZED GAIN ON INVESTMENTS
    1,671       121  
COMPREHENSIVE INCOME
  $ 11,018     $ 34,651  
 
 
See accompanying condensed notes to Consolidated Financial Statements
 
5

 

CERADYNE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
   
Three Months Ended March 31,
 
   
2012
   
2011
 
   
(Unaudited)
 
CASH FLOWS FROM OPERATING ACTIVITIES:
           
Net income
  $ 3,782     $ 23,595  
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
               
Depreciation and amortization
    9,143       9,749  
Amortization of bond premium
    109       375  
Non cash interest expense on convertible debt
    971       889  
Deferred income taxes
    (99 )     382  
Stock compensation
    1,225       972  
(Gain) loss on marketable securities
    (54 )     113  
Loss on equipment disposal
    22       49  
Change in operating assets and liabilities (net of effect of businesses acquired):
               
Accounts receivable, net
    12,682       (16,694 )
Other receivables
    (2,137 )     (2,984 )
Inventories
    (17,502 )     (2,502 )
Production tooling, net
    1,399       (3,424 )
Prepaid expenses and other assets         
    (298 )     477  
Accounts payable and accrued expenses
    (4,571 )     4,222  
Income taxes payable
    1,344       1,249  
Other long term liability
    73       1,086  
Employee benefits
    325       205  
NET CASH PROVIDED BY OPERATING ACTIVITIES
    6,414       17,759  
CASH FLOWS FROM INVESTING ACTIVITIES:
               
Purchases of property, plant and equipment
    (5,924 )     (7,677 )
Purchases of marketable securities
    (20,187 )     (240 )
Proceeds from sales and maturities of marketable securities
    11,019       7,000  
Proceeds from sale of equipment
    (1 )     1,339  
Acquisition of business, net of cash acquired
    -       (27,673 )
NET CASH USED IN INVESTING ACTIVITIES
    (15,093 )     (27,251 )
CASH FLOWS FROM FINANCING ACTIVITIES:
               
Proceeds from issuance of stock due to exercise of options
    85       897  
Common stock cash dividends paid
    (3,629 )     -  
Excess tax benefit due to exercise of stock options
    203       1,771  
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES
    (3,341 )     2,668  
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS
    2,030       2,473  
DECREASE IN CASH AND CASH EQUIVALENTS
    (9,990 )     (4,351 )
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
    50,275       53,436  
CASH AND CASH EQUIVALENTS, END OF PERIOD
  $ 40,285     $ 49,085  
 
 
See accompanying condensed notes to Consolidated Financial Statements
 
6

 
CERADYNE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2012
(Unaudited)
 
1.  
Basis of Presentation
 
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.
 
The balance sheet at December 31, 2011 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. For further information, refer to the Consolidated Financial Statements and Notes to Financial Statements included in Ceradyne’s annual report on Form 10-K for the year ended December 31, 2011.
 
2.  
Share Based Compensation
 
Share-based compensation expense was $1.0 million for both the three months ended March 31, 2012 and 2011 and was related to restricted stock units only as the Company did not have any share-based compensation expense for stock options.
 
Share-based compensation expense is based on the value of the portion of share-based payment awards that is ultimately expected to vest. Forfeitures are estimated at the time of grant in order to estimate the amount of share-based awards that will ultimately vest. The forfeiture rate is based on historical rates. Share-based compensation expense recognized in the Company’s Consolidated Statements of Income for the three month period ended March 31, 2012 includes compensation expense for share-based payment awards based on the estimated grant-date fair value. Since share-based compensation expense recognized in the Consolidated Statements of Income for the three month period ended March 31, 2012 is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures.
 
The Company maintains the 1994 Stock Incentive Plan and 2003 Stock Incentive Plan.
 
The Company was authorized to grant options for up to 2,362,500 shares under its 1994 Stock Incentive Plan. The Company has granted options for 2,691,225 shares and has had cancellations of 397,811 shares through March 31, 2012. There are no remaining stock options available to grant under this plan. The options granted under this plan generally became exercisable over a five-year period for incentive stock options and six months for nonqualified stock options and have a maximum term of ten years.
 
The 2003 Stock Incentive Plan was amended in 2005 to allow the issuance of Restricted Stock Units (the “Units”) to eligible employees and non-employee directors. The Units are payable in shares of the Company’s common stock upon vesting. For directors, the Units typically vest annually over three years following the date of their issuance. For officers and employees, the Units typically vest annually over five years following the date of their issuance.
 
The Company may grant options and Units for up to 1,875,000 shares under the 2003 Stock Incentive Plan. The Company has granted options for 475,125 shares and Units for 961,369 shares under this plan through March 31, 2012. There have been cancellations of 134,793 shares and Units associated with this plan through March 31, 2012. The options under this plan have a life of ten years.
 
During the three months ended March 31, 2012 and 2011, the Company issued Units to certain directors, officers and employees with weighted average grant date fair values and Units issued as indicated in the table below. The Company records compensation expense for the amount of the grant date fair value on a straight line basis over the vesting period.
 
Share-based compensation expense reduced the Company’s results of operations as follows (dollars in thousands, except per share amounts):

   
Three Months Ended
March 31,
 
   
2012
   
2011
 
Share-based compensation expense recognized:
           
General and administrative, restricted stock units
  $ 981     $ 972  
Related deferred income tax benefit
    (391 )     (387 )
Decrease in net income
  $ 590     $ 585  
Decrease in basic earnings per share
  $ 0.02     $ 0.02  
Decrease in diluted earnings per share
  $ 0.02     $ 0.02  
 
7

 
 
The amounts above include the impact of recognizing compensation expense related to non-qualified stock options.
 
As of March 31, 2012, all stock options were vested, consequently there was no unrecognized compensation cost related to   them. The aggregate intrinsic value of stock options exercised was $129,000 and $3.8 million for the three months ended March 31, 2012 and 2011, respectively.
 
As of March 31, 2012, there was approximately $9.7 million of total unrecognized compensation cost related to non-vested Units granted under the 2003 Stock Incentive Plan. That cost is expected to be recognized over a weighted average period of 3.3 years.
 
The following is a summary of stock option activity:
 
   
Three Months Ended
March 31, 2012
 
   
Number of
Options
   
Weighted Average
Exercise
Price
 
Outstanding, December 31, 2011
    259,150     $ 15.80  
Options exercised
    (6,875 )   $ 12.17  
Outstanding, March 31, 2012
    252,275     $ 15.89  
Exercisable, March 31, 2012
    252,275     $ 15.89  

The following is a summary of Unit activity:

   
Three Months Ended
March 31, 2012
 
   
Number of
Units
   
Weighted Average
Grant Fair Value
 
Non-vested Units at December 31, 2011
    362,727     $ 31.43  
Granted
    91,504       31.10  
Forfeited
    (12,384 )     31.71  
Vested
    (80,483 )     30.71  
Non-vested Units at March 31, 2012
    361,364     $ 31.49  

The following table summarizes information regarding options outstanding and options exercisable at March 31, 2012:

     
Outstanding and Exercisable
 
Range of Grant Prices
   
Number of
Options
   
Average Remaining
Contractual Life (Years)
   
Weighted Average
Exercise Price
   
Aggregate Intrinsic
Value (000s)
 
  $2.98 - $4.58       51,975       0.44     $ 3.43     $ 1,514  
  $16.89 - $18.80       113,950       1.59     $ 17.06     $ 1,766  
  $21.46 - $22.67       86,350       2.37     $ 21.86     $ 924  
          252,275       1.62     $ 15.89     $ 4,204  
 
8

 
 
The following table summarizes information regarding Units outstanding at March 31, 2012:

     
Outstanding
 
Range of Grant Prices
   
Number of
Units
   
Average
Remaining
Contractual
Life (Years)
   
Weighted
Average
Grant
Fair Value
 
  $16.53 - $28.10       149,069       2.02     $ 21.02  
  $30.99 - $39.43       128,075       3.79     $ 33.98  
  $40.73 - $45.70       79,000       2.94     $ 44.66  
  $66.35 - $81.18       5,220       0.22     $ 70.42  
          361,364       2.82     $ 31.49  
 
3.  
Net Income Per Share
 
Basic net income per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding. Diluted net income per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding plus the effect of any dilutive stock options and restricted stock units using the treasury stock method and the net share settlement method for the convertible debt. During the three months ended March 31, 2012 and 2011, the average trading price of the Company’s stock did not exceed the conversion price of the convertible debt, therefore there was no impact to the calculation of diluted shares.
 
The following is a summary of the number of shares entering into the computation of net income per common and potential common shares:

   
Three Months Ended
March 31,
 
   
2012
   
2011
 
Weighted average basic number of shares outstanding
    24,210,913       24,839,424  
Dilutive stock options
    117,413       219,839  
Dilutive restricted stock units
    32,124       70,661  
Dilutive contingent convertible debt common shares
    -       -  
Number of shares used in fully diluted computations
    24,360,450       25,129,924  
 
Not included in the number of shares used in the fully diluted computation for the three months ended March 31, 2012 and 2011 are 209,795 and 93,062 shares, respectively, pertaining to restricted stock units as their impact would be anti-dilutive.
 
9

 
 
4.  
Composition of Certain Financial Statement Captions
 
Inventories are valued at the lower of cost (first in, first out) or market. Inventory costs include the cost of material, labor and manufacturing overhead. The following is a summary of the inventory components as of March 31, 2012 and December 31, 2011 (in thousands):
 
   
March 31, 2012
   
December 31, 2011
 
Raw materials
  $ 8,994     $ 8,533  
Work-in-process
    82,606       65,645  
Finished goods
    44,336       43,095  
    $ 135,936     $ 117,273  
 
Property, plant and equipment are recorded at cost and consist of the following (in thousands):
 
   
March 31, 2012
   
December 31, 2011
 
Land
  $ 18,811     $ 18,550  
Buildings and improvements
    119,519       117,961  
Machinery and equipment
    237,957       233,702  
Leasehold improvements
    8,514       8,482  
Office equipment
    38,762       37,906  
Construction in progress
    14,134       11,961  
      437,697       428,562  
Less accumulated depreciation and amortization
    (193,651 )     (185,186 )
    $ 244,046     $ 243,376  
 
The components of intangible assets are as follows (in thousands):

   
March 31, 2012
   
December 31, 2011
 
   
Gross
Amount
   
Accumulated
Amortization
   
Net
Amount
   
Gross
Amount
   
Accumulated
Amortization
   
Net
Amount
 
Amortizing Intangible Assets
                                   
Backlog
  $ 1,824     $ 1,824     $ -     $ 1,808     $ 1,808     $ -  
Developed technology
    70,739       7,758       62,981       70,590       7,233       63,357  
Tradename
    4,110       722       3,388       4,110       698       3,412  
Customer relationships
    47,604       16,944       30,660       47,604       16,212       31,392  
Non-compete agreement
    1,100       775       325       1,100       775       325  
    Non-amortizing tradename
    2,269       -       2,269       2,204       -       2,204  
Total
  $ 127,646     $ 28,023     $ 99,623     $ 127,416     $ 26,726     $ 100,690  
 
The estimated useful lives for intangible assets are:

Identified Intangible Asset
 
Estimated Useful Life in Years or Months
Developed technology
 
10 years – 20 years
Tradename
 
10 years
Customer relationships
 
10 years – 12.5 years
Backlog
 
1 month – 3 months
Non-compete agreement
 
15 months

Amortization of definite-lived intangible assets will be approximately (in thousands): $7,479 in fiscal year 2012, $6,381 in fiscal year 2013, $8,412 in fiscal year 2014, $10,745 in fiscal year 2015 and $13,209 in fiscal year 2016.
 
10

 
 
The roll forward of the goodwill balance by segment during the three months ended March 31, 2012 is as follows (in thousands):

   
ACO
   
Thermo
   
ESK
   
Boron
   
Total
 
Balance at December 31, 2011
                             
Goodwill
  $ 13,108     $ 10,331     $ 9,033     $ 22,083     $ 54,555  
Accumulated impairment losses
    (7,797     -       -       (3,832 )     (11,629 )
                     5,311       10,331       9,033       18,251       42,926  
Translation and other                     265               265  
Balance at March 31, 2012
                                       
Goodwill
  $ 13,108       10,331     $ 9,298       22,083       54,820  
Accumulated impairment losses
    (7,797     -       -       (3,832 )     (11,629 )
      5,311     $ 10,331       9,298     $ 18,251     $ 43,191  
 
The Company is required to test annually whether the estimated fair value of its reporting units is sufficient to support the goodwill assigned to those reporting units; the Company performs the annual test in the fourth quarter. The Company is also required to test goodwill for impairment before the annual test if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount, such as a significant adverse change in the business climate. The Company determined that a test of goodwill for impairment was not required as of March 31, 2012.

5.  
Fair Value Measurements
 
The Company measures fair value and provides required disclosures about fair value measurements as it relates to financial and nonfinancial assets and liabilities in accordance with a framework specified by GAAP. This framework addresses how companies should measure fair value when they are required to use a fair value measure for recognition or disclosure purposes under GAAP. The framework also includes additional guidance to provide greater clarity about the credit and noncredit component of an other-than-temporary impairment event.
 
The fair value framework requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:
 
Level 1:  quoted market prices in active markets for identical assets and liabilities
 
Level 2:  observable market based inputs or unobservable inputs that are corroborated by market data
 
Level 3:  unobservable inputs that are not corroborated by market data
 
The carrying value of cash and cash equivalents, accounts receivable and trade payables approximates the fair value due to their short-term maturities.
 
For recognition purposes, on a recurring basis, the Company measures available for sale short-term and long-term investments at fair value. Approximately $1.7 million of the unrealized losses in short term investments as of March 31, 2012 have been in a loss position for more than 12 months. The fair value of the following investments is determined using quoted prices in active markets (Level 1):
 
   
Level 1 Investments
    at March 31, 2012   
 
(In thousands)
 
Amortized Cost
   
Unrealized Gains
   
Unrealized Losses
   
Fair Value
 
Short term investments:
                               
  Investment funds – debt securities
 
$
  222,794
   
$
        122
   
$
      (2,704
 
$
     220,212
 
  Corporate bonds
   
      9,598
     
              9
     
             (3
   
         9,604
 
    Total short term investments
 
$
  232,392
   
$
          131
   
$
      (2,707
 
$
     229,816
 
Long term investments:
                               
  Corporate bonds
 
$
  6,351
   
$
          14
   
$
      (10
 

XNAS:CRDN Quarterly Report 10-Q Filling

XNAS:CRDN Stock - Get Quarterly Report SEC Filing of XNAS:CRDN stocks, including company profile, shares outstanding, strategy, business segments, operations, officers, consolidated financial statements, financial notes and ownership information.

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XNAS:CRDN Quarterly Report 10-Q Filing - 3/31/2012
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