Consolidated Statements of Cash Flows
| |
Year ended November 30 |
| (Dollars in thousands) |
2007 |
2006 |
2005 |
|
| Operating Activities |
|
|
|
| Net income |
$ 67,239 |
$ 52,200 |
$ 32,610 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation |
16,993 |
17,270 |
18,718 |
| Amortization |
41 |
170 |
206 |
| Provision/(benefit) for deferred income taxes |
7,016 |
(5,631) |
701 |
| Net earnings in excess of distributions from joint ventures |
(227) |
(276) |
1901 |
| Loss/(gain) from sale of property, plant
and equipment |
17 |
(8,864) |
(1,634) |
| (Gain)/loss from sale of discontinued operations |
(5,943) |
157 |
— |
| Stock compensation expense |
3,850 |
3,275 |
2654 |
| Non-cash write-down of assets |
643 |
— |
— |
| Changes in operating assets and liabilities: |
|
|
|
| Receivables, net |
(21,747) |
(23,284) |
(23,649) |
| Inventories |
(19,200) |
(25,906) |
(10,624) |
| Prepaid expenses and other current assets |
3,847 |
(5,890) |
(884) |
| Other assets |
(440) |
6,323 |
1,894 |
| Trade payables |
(1,626) |
6,937 |
6,686 |
| Accrued liabilities and
income taxes payable |
14,024 |
22,330 |
3,660 |
| Other long-term liabilities |
(1,284) |
(21,968) |
4,945 |
| |
|
| Net cash provided by operating activities |
63,203 |
16,843 |
37,184 |
| |
|
| Investing Activities |
|
|
| Proceeds from sale of property, plant and equipment |
288 |
10,253 |
3,855 |
| Proceeds from sale of discontinued operations |
16,319 |
115,000 |
— |
| Acquisitions |
(5,977) |
(989) |
— |
| Additions to investments, property, plant and equipment |
(47,697) |
(34,530) |
(25,371) |
| |
|
| Net cash (used in)/provided by investing activities |
(37,067) |
89,734 |
(21,516) |
| |
|
| Financing Activities |
|
|
|
| Net change in short-term borrowings |
— |
(8,333) |
— |
| Issuance of debt |
2,483 |
3,279 |
59,424 |
| Repayment of debt |
(12,708) |
(11,069) |
(57,073) |
| Debt issuance costs |
— |
— |
(322) |
| Dividends on common stock |
(8,208) |
(7,101) |
(6,828) |
| Issuance of common stock |
1,562 |
7,994 |
5,300 |
| Excess tax benefits related to stock-based compensation |
1,955 |
2,469 |
— |
| Purchase of treasury stock |
(1,612) |
(1,202) |
(501) |
| |
|
| Net cash used in financing activities |
(16,528) |
(13,963) |
— |
| |
|
| |
|
|
|
| Effect of exchange rate changes on cash
and cash equivalents |
6,346 |
2,194 |
(1,121) |
| |
|
| Net change in cash and cash equivalents |
15,954 |
94,808 |
14,547 |
| Cash and cash equivalents at beginning of year |
139,479 |
44,671 |
30,124 |
| |
|
| Cash and cash equivalents at end of year |
$ 155,433 |
$139,479 |
$44,671 |
|
|
| The accompanying notes are an integral part of these consolidated financial statements. |
Return to 2007 Annual Report
|
