Consolidated Statements of Cash Flows
| |
Year ended November 30 |
| (Dollars in thousands) |
2008 |
2007 |
2006 |
|
| Operating Activities |
|
|
|
| Net income |
$ 58,592 |
$ 67,239 |
$ 52,200 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation |
20,320 |
16,993 |
17,270 |
| Amortization |
89 |
41 |
170 |
| (Benefit)/provision for deferred income taxes |
(3,509) |
7,016 |
(5,631) |
| Earnings in excess of distributions from joint ventures |
(630) |
(227) |
(276) |
| Loss/(gain) from sale of property, plant
and equipment |
68 |
17 |
(8,864) |
| (Gain)/loss from sale of discontinued operations |
|
(5,943) |
157 |
| Stock compensation expense |
6,113 |
3,850 |
3,275 |
| Non-cash write-down of assets |
|
643 |
— |
| Changes in operating assets and liabilities: |
|
|
|
| Receivables, net |
1,381 |
(21,747) |
(23,284) |
| Inventories |
3,846 |
(19,200) |
(25,906) |
| Prepaid expenses and other current assets |
1,802 |
3,847 |
(5,890) |
| Other assets |
(5,473) |
(440) |
6,323 |
| Trade payables |
8,688 |
(1,626) |
6,937 |
| Accrued liabilities and
income taxes payable |
(6,129) |
14,024 |
22,330 |
| Other long-term liabilities and deferred income taxes |
3,272 |
(1,284) |
(21,968) |
| |
|
| Net cash provided by operating activities |
88,430 |
63,203 |
16,843 |
| |
|
| Investing Activities |
|
|
| Proceeds from sale of property, plant and equipment |
1,575 |
288 |
10,253 |
| Proceeds from sale of discontinued operations |
|
16,319 |
115,000 |
| Acquisitions |
|
(5,977) |
(989) |
| Additions to investments, property, plant and equipment |
(60,697) |
(47,697) |
(34,530) |
| |
|
| Net cash (used in)/provided by investing activities |
(59,122) |
(37,067) |
89,734 |
| |
|
| Financing Activities |
|
|
|
| Net change in short-term borrowings |
|
— |
(8,333) |
| Issuance of debt |
|
2,483 |
3,279 |
| Repayment of debt |
(21,126) |
(12,708) |
(11,069) |
| Dividends on common stock |
(10,549) |
(8,208) |
(7,101) |
| Issuance of common stock |
420 |
1,562 |
7,994 |
| Excess tax benefits related to stock-based compensation |
1,330 |
1,955 |
2,469 |
| Purchase of treasury stock |
(2,554) |
(1,612) |
(1,202) |
| |
|
| Net cash used in financing activities |
(32,479) |
(16,528) |
(13,963) |
| |
|
| |
|
|
|
| Effect of exchange rate changes on cash
and cash equivalents |
(8,701) |
6,346 |
2,194 |
| |
|
| Net change in cash and cash equivalents |
(11,872) |
15,954 |
94,808 |
| Cash and cash equivalents at beginning of year |
155,433 |
139,479 |
44,671 |
| |
|
| Cash and cash equivalents at end of year |
$ 143,561 |
$ 155,433 |
$139,479 |
|
|
| The accompanying notes are an integral part of these consolidated financial statements. |
Return to 2008 Annual Report
|
