Home » Financials » 2005 Annual Report
Consolidated Statements of Cash Flows
| Year ended November 30 | ||||
| (Dollars in thousands) | 2005 | 2004 | 2003 | |
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| Operating Activities | ||||
| Net income | $ 32,610 | $ 13,459 | $ 29,900 | |
| Adjustments to reconcile net income to net cash provided by operating activities: |
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| Depreciation | 18,718 | 18,673 | 18,093 | |
| Amortization | 206 | 224 | 278 | |
| Provision/(benefit) for deferred income taxes | 701 | 3,689 | (4,654) | |
| Net earnings and distributions from joint ventures | 1901 | (2,217) | 609 | |
| Gain from sale of investment, property, plant and equipment | (1,634) | (13,140) | (2,385) | |
| Stock compensation expense | 2654 | 1,885 | 678 | |
| Other, net | — | — | 401 | |
| Changes in operating assets and liabilities: | ||||
| Receivables | (23,649) | (1,690) | (16,457) | |
| Inventories | (10,624) | 3,665 | 125 | |
| Prepaid expenses and other current assets | (884) | (1,792) | (1,973) | |
| Other assets | 1,894 | 2,789 | (14,113) | |
| Trade payables | 6,686 | 64 | (1,343) | |
| Accrued liabilities and income taxes payable | 3,660 | (2,597) | 12,963 | |
| Other long-term liabilities | 4,945 | (12,949) | 21,104 | |
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| Net cash provided by operating activities | 37,184 | 10,063 | 43,226 | |
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| Investing Activities | ||||
| Proceeds from sale of property, plant and equipment | 3,855 | 15,702 | 239 | |
| 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 | (25,371) | (18,755) | (17,107) | |
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| Net cash used in investing activities | (21,516) | 4,161 | (13,883) | |
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| Financing Activities | ||||
| Issuance of debt | 59,424 | 11,033 | 59,664 | |
| Repayment of debt | (57,073) | (11,874) | (78,456) | |
| Debt issuance costs | (322) | (477) | (1,581) | |
| Dividends on common stock | (6,828) | (6,701) | (6,094) | |
| Issuance of common stock | 5,300 | 3,315 | 6,486 | |
| Change in treasury stock | (501) | (251) | 136 | |
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| Net cash used in financing activities | — | (4,955) | (19,845) | |
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| effect of exchange rate changes on cash and cash equivalents | (1,121) | 465 | 532 | |
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| Net change in cash and cash equivalents | 14,547 | 9,734 | 10,030 | |
| Cash and cash equivalents at beginning of year | 30,124 | 20,390 | 10,360 | |
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| Cash and cash equivalents at end of year | $44,671 | $30,124 | $20,390 | |
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| The accompanying notes are an integral part of these consolidated financial statements. | ||||
