Home » Financials » 2009 Annual Report
Consolidated Statements of Cash Flows
| Year ended November 30 | ||||
| (Dollars in thousands) | 2009 | 2008 | 2007 | |
|---|---|---|---|---|
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| Operating Activities | ||||
| Net income | $33,300 | $ 58,592 | $ 67,239 | |
| Adjustments to reconcile net income to net cash provided by operating activities: |
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| Depreciation | 22,072 | 20,320 | 16,993 | |
| Amortization | 36 | 89 | 41 | |
| (Benefit)/provision for deferred income taxes | 13,334 | (3,509) | 7,016 | |
| Loss/(earnings in excess of distributions) from joint ventures | 5,978 | (630) | (227) | |
| (Gain)/loss from sale of property, plant and equipment | (451) | 68 | 17 | |
| (Gain)/loss from sale of discontinued operations | (5,943) | |||
| Stock compensation expense | 3,936 | 6,113 | 3,850 | |
| Non-cash write-down of assets | 643 | |||
| Changes in operating assets and liabilities: | ||||
| Receivables, net | 34,343 | 1,381 | (21,747) | |
| Inventories | 35,910 | 3,846 | (19,200) | |
| Prepaid expenses and other current assets | (1,118) | 1,802 | 3,847 | |
| Other assets | (7,304) | (5,473) | (440) | |
| Trade payables | (10,675) | 8,688 | (1,626) | |
| Accrued liabilities and income taxes payable | (5,317) | (6,129) | 14,024 | |
| Other long-term liabilities and deferred income taxes | 1,813 | 3,272 | (1,284) | |
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| Net cash provided by operating activities | 125,857 | 88,430 | 63,203 | |
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| Investing Activities | ||||
| Proceeds from sale of property, plant and equipment | 1,951 | 1,575 | 288 | |
| Proceeds from sale of discontinued operations | 16,319 | |||
| Acquisitions | (5,977) | |||
| Additions to investments, property, plant and equipment | (46,874) | (60,697) | (47,697) | |
| Investment in joint venture | (10,000) | |||
| Loan to joint venture | (15,000) | |||
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| Net cash used in investing activities | (69,923) | (59,122) | (37,067) | |
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| Financing Activities | ||||
| Issuance of debt | 463 | 2,483 | ||
| Repayment of debt | (16,985) | (21,126) | (12,708) | |
| Debt issuance costs | (1,049) | |||
| Dividends on common stock | (11,051) | (10,549) | (8,208) | |
| Issuance of common stock | 420 | 1,562 | ||
| Excess tax benefits related to stock-based compensation | 831 | 1,330 | 1,955 | |
| Purchase of treasury stock | (992) | (2,554) | (1,612) | |
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| Net cash used in financing activities | (28,783) | (32,479) | (16,528) | |
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| Effect of exchange rate changes on cash and cash equivalents | 10,402 | (8,701) | 6,346 | |
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| Net change in cash and cash equivalents | 37,553 | (11,872) | 15,954 | |
| Cash and cash equivalents at beginning of year | 143,561 | 155,433 | 139,479 | |
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| Cash and cash equivalents at end of year | $ 181,114 | $ 143,561 | $ 155,433 | |
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| The accompanying notes are an integral part of these consolidated financial statements. | ||||
