|
|
Year Ended June 30, |
|
|
|
|
|
| (In millions) |
|
2000 |
|
1999 |
|
1998 |
|
|
|
|
|
| OPERATING ACTIVITIES: |
|
|
|
|
|
|
| Net income |
$ |
128.7 |
$ |
13.5 |
$ |
5.5 |
| Adjustments to reconcile net income to net cash flows: |
|
|
|
|
|
|
|
Extraordinary loss from early debt retirement, net of tax benefit |
|
4.3 |
|
19.2 |
|
— |
|
Net loss (gain) on disposal/revaluation of assets |
|
(2.2) |
|
4.7 |
|
1.3 |
|
Noncash interest expense |
|
12.6 |
|
14.0 |
|
8.5 |
|
Depreciation and amortization |
|
39.6 |
|
46.3 |
|
34.6 |
|
Deferred taxes |
|
(74.2) |
|
— |
|
— |
|
Stock option compensation expense |
|
— |
|
— |
|
1.8 |
|
Changes in operating assets and liabilities net of effects of acquisition: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
29.8 |
|
(31.5) |
|
(40.3) |
|
|
Inventories |
|
(82.3) |
|
26.4 |
|
73.7 |
|
|
Prepaid expenses and other current assets |
|
(13.3) |
|
7.8 |
|
(5.0) |
|
|
Other assets |
|
(2.0) |
|
0.4 |
|
0.2 |
|
|
Accounts payable and accrued expenses |
|
(35.5) |
|
8.5 |
|
27.6 |
|
|
Other non-current liabilities |
|
(12.6) |
|
(13.2) |
|
(10.9) |
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
(7.1) |
|
96.1 |
|
97.0 |
|
|
|
|
|
| INVESTING ACTIVITIES: |
|
|
|
|
|
|
| Capital expenditures |
|
(56.8) |
|
(55.0) |
|
(32.1) |
| Proceeds from sales of assets |
|
1.9 |
|
0.6 |
|
5.0 |
| Acquisition of plant |
|
(11.0) |
|
— |
|
— |
| Acquisition of business |
|
— |
|
(31.8) |
|
(194.9) |
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
(65.9) |
|
(86.2) |
|
(222.0) |
|
|
|
|
|
| FINANCING ACTIVITIES: |
|
|
|
|
|
|
| Short-term borrowings |
|
492.2 |
|
494.3 |
|
300.2 |
| Payment on short-term borrowings |
|
(354.4) |
|
(478.6) |
|
(382.0) |
| Proceeds from long-term borrowings |
|
— |
|
— |
|
175.6 |
| Principal payments on long-term debt |
|
(62.4) |
|
(197.3) |
|
(1.9) |
| Deferred debt issuance costs |
|
(0.8) |
|
— |
|
(6.9) |
| Prepayment penalty |
|
(3.7) |
|
(13.7) |
|
— |
| Preferred stock dividends |
|
— |
|
(10.0) |
|
— |
| Preferred stock redemption |
|
— |
|
(35.0) |
|
— |
| Proceeds from issuance of common and preferred stock |
|
— |
|
250.0 |
|
42.4 |
| Equity offering costs |
|
— |
|
(20.3) |
|
— |
| Other |
|
0.3 |
|
0.7 |
|
(0.4) |
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
|
71.2 |
|
(9.9) |
|
127.0 |
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
(1.8) |
|
— |
|
2.0 |
|
|
|
Cash and cash equivalents at beginning of period |
|
6.9 |
|
6.9 |
|
4.9 |
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
$ |
5.1 |
$ |
6.9 |
$ |
6.9 |
|
|
|
|
|
See accompanying Notes to Consolidated Financial Statements. |
