Home » Financials » 2003 Annual Report
Consolidated Statements of Cash Flows
| Year ended November 30 | ||||
| (Dollars in thousands) | 2003 | 2002 | 2001 | |
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| Operating Activities | ||||
| Net income | $ 29,900 | $ 28,059 | $ 27,741 | |
| Adjustments to reconcile net income to net cash provided by operating activities: |
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| Depreciation | 18,093 | 18,032 | 17,820 | |
| Amortization | 278 | 540 | 813 | |
| (Benefit) provision for deferred income taxes | (4,654) | 5,960 | 8,865 | |
| Net earnings and distributions from joint ventures | 609 | (132) | 306 | |
| (Gain) loss from sale of investment, property, plant and equipment | (2,385) | (71) | 56 | |
| Stock compensation expense | 678 | 1,283 | 1,480 | |
| Other, net | 401 | — | — | |
| Changes in operating assets and liabilities: | ||||
| Receivables | (16,457) | 8,194 | 3,905 | |
| Inventories | 125 | 6,249 | (10,312) | |
| Prepaid expenses and other current assets | (1,973) | 105 | (352) | |
| Other assets | (14,113) | (1,635) | (8,103) | |
| Trade payables | (1,343) | (2,147) | 5,573 | |
| Accrued liabilities and income taxes payable | 12,963 | (3,134) | (22,029) | |
| Other long-term liabilities | 21,104 | (6,669) | 1,969 | |
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| Net cash provided by operating activities | 43,226 | 54,634 | 27,732 | |
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| Investing Activities | ||||
| Proceeds from sale of property, plant and equipment | 3,224 | 504 | 867 | |
| Additions to property, plant and equipment | (17,107) | (14,514) | (19,297) | |
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| Net cash used in investing activities | (13,883) | (14,010) | (18,430) | |
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| Financing Activities | ||||
| Net change in short term borrowings | (1,752) | (3,298) | (954) | |
| Issuance of debt | 61,416 | 4,123 | 11,808 | |
| Repayment of debt | (78,456) | (38,918) | (15,492) | |
| Debt issuance costs | (1,581) | --- | --- | |
| Dividends on common stock | (6,094) | (5,016) | (4,955) | |
| Issuance of common stock | 6,486 | 1,227 | 130 | |
| Change in treasury stock | 136 | --- | 13 | |
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| Net cash used in financing activities | (19,845) | (41,882) | (9,450) | |
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| effect of exchange rate changes on cash and cash equivalents | 532 | 303 | (51) | |
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| Net change in cash and cash equivalents | 10,030 | (955) | (199) | |
| Cash and cash equivalents at beginning of year | 10,360 | 11,315 | 11,514 | |
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| Cash and cash equivalents at end of year | $20,390 | $10,360 | $ 11,315 | |
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| The accompanying notes are an integral part of these consolidated financial statements. | ||||
