Home » Financials » 2004 Annual Report
Consolidated Statements of Cash Flows
| Year ended November 30 | ||||
| (Dollars in thousands) | 2004 | 2003 | 2002 | |
| | ||||
| Operating Activities | ||||
| Net income | $ 13,459 | $ 29,900 | $ 28,059 | |
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||
| Depreciation | 18,673 | 18,093 | 18,032 | |
| Amortization | 224 | 278 | 540 | |
| Provision/(benefit) for deferred income taxes | 3,689 | (4,654) | 5,960 | |
| Net earnings and distributions from joint ventures | (2,217) | 609 | (132) | |
| Gain from sale of investment, property, plant and equipment | (13,140) | (2,385) | (71) | |
| Stock compensation expense | 1,885 | 678 | 1,283 | |
| Other, net | — | 401 | — | |
| Changes in operating assets and liabilities: | ||||
| Receivables | (1,690) | (16,457) | 8,194 | |
| Inventories | 3,665 | 125 | 6,249 | |
| Prepaid expenses and other current assets | (1,792) | (1,973) | 105 | |
| Other assets | 2,789 | (14,113) | (1,635) | |
| Trade payables | 64 | (1,343) | (2,147) | |
| Accrued liabilities and income taxes payable | (2,597) | 12,963 | (3,134) | |
| Other long-term liabilities | (12,949) | 21,104 | (6,669) | |
| | ||||
| Net cash provided by operating activities | 10,063 | 43,226 | 54,634 | |
| |
||||
| Investing Activities | ||||
| Proceeds from sale of property, plant and equipment | 15,702 | 239 | 504 | |
| Proceeds from sale of investment in joint venture | — | (2,985) | — | |
| Proceeds from sale of other investments | 7,214 | — | — | |
| Additions to investments, property, plant and equipment | (18,755) | (17,107) | (14,514) | |
| | ||||
| Net cash used in investing activities | 4,161 | (13,883) | (14,010) | |
| | ||||
| Financing Activities | ||||
| Issuance of debt | 11,033 | 59,664 | 825 | |
| Repayment of debt | (11,874) | (78,456) | (38,918) | |
| Debt issuance costs | (477) | (1,581) | --- | |
| Dividends on common stock | (6,701) | (6,094) | (5,016) | |
| Issuance of common stock | 3,315 | 6,486 | 1,227 | |
| Change in treasury stock | (251) | 136 | --- | |
| | ||||
| Net cash used in financing activities | (4,955) | (19,845) | (41,882) | |
| | ||||
| effect of exchange rate changes on cash and cash equivalents | 465 | 532 | 303 | |
| | ||||
| Net change in cash and cash equivalents | 9,734 | 10,030 | (955) | |
| Cash and cash equivalents at beginning of year | 20,390 | 10,360 | 11,315 | |
| | ||||
| Cash and cash equivalents at end of year | $30,124 | $20,390 | $10,360 | |
| | ||||
| The accompanying notes are an integral part of these consolidated financial statements. | ||||
