Home » Financials » 2006 Annual Report
Consolidated Statements of Cash Flows
| Year ended November 30 | ||||
| (Dollars in thousands) | 2006 | 2005 | 2004 | |
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| Operating Activities | ||||
| Net income | $ 52,200 | $ 32,610 | $ 13,459 | |
| Adjustments to reconcile net income to net cash provided by operating activities: |
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| Depreciation | 17,270 | 18,718 | 18,673 | |
| Amortization | 170 | 206 | 224 | |
| Provision/(benefit) for deferred income taxes | (5,631) | 701 | 3,689 | |
| Net earnings and distributions from joint ventures | (276) | 1901 | (2,217) | |
| Gain from sale of investment, property, plant and equipment | (8,864) | (1,634) | (13,140) | |
| Loss from sale of discontinued operations | 157 | — | — | |
| Stock compensation expense | 3,275 | 2654 | 1,885 | |
| Changes in operating assets and liabilities: | ||||
| Receivables | (23,284) | (23,649) | (1,690) | |
| Inventories | (25,906) | (10,624) | 3,665 | |
| Prepaid expenses and other current assets | (5,890) | (884) | (1,792) | |
| Other assets | (11,990) | 1,894 | 2,789 | |
| Trade payables | 6,937 | 6,686 | 64 | |
| Accrued liabilities and income taxes payable | 22,330 | 3,660 | (2,597) | |
| Other long-term liabilities | (3,655) | 4,945 | (12,949) | |
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| Net cash provided by operating activities | 16,843 | 37,184 | 10,063 | |
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| Investing Activities | ||||
| Proceeds from sale of property, plant and equipment | 10,253 | 3,855 | 15,702 | |
| Proceeds from sale of discontinued operations | 115,000 | — | — | |
| Proceeds from sale of other investments | — | — | 7,214 | |
| Additions to investments, property, plant and equipment | (35,519) | (25,371) | (18,755) | |
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| Net cash provided by/(used in) investing activities | 89,734 | (21,516) | 4,161 | |
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| Financing Activities | ||||
| Issuance of debt | 3,279 | 59,424 | 11,033 | |
| Repayment of debt | (19,402) | (57,073) | (11,874) | |
| Debt issuance costs | — | (322) | (477) | |
| Dividends on common stock | (7,101) | (6,828) | (6,701) | |
| Issuance of common stock | 7,994 | 5,300 | 3,315 | |
| Excess tax benefits related to stock-based compensation | 2,469 | — | — | |
| Change in treasury stock | (1,202) | (501) | (251) | |
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| Net cash used in financing activities | (13,963) | — | (4,955) | |
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| effect of exchange rate changes on cash and cash equivalents | 2,194 | (1,121) | 465 | |
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| Net change in cash and cash equivalents | 94,808 | 14,547 | 9,734 | |
| Cash and cash equivalents at beginning of year | 44,671 | 30,124 | 20,390 | |
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| Cash and cash equivalents at end of year | $139,479 | $44,671 | $30,124 | |
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| The accompanying notes are an integral part of these consolidated financial statements. | ||||
