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Consolidated Statements of Cash Flows
Years ended December 31 1999 1998 1997
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(in thousands)
Cash flows from operating activities:
Net income $ 9,556 $ 7,446 $ 5,344
Adjustments to reconcile net income to net cash
(used in) provided by operating activities:
Depreciation and amortization 7,582 6,909 7,399
Deferred income taxes (645) 989 (309)
Minority interests in losses of consolidated
subsidiaries - - (639)
Provision for excess and obsolete inventory 446 851 2,130
Provision for doubtful accounts (129) 135 718
Gain on disposal of discontinued operations,
net of tax - - (4,192)
Other noncash charges (credits) 133 (258) (1,689)
Changes in operating assets and liabilities,
net of acquisitions and dispositions:
Accounts receivable 2,619 1,727 7,490
Inventory (11,277) 4,245 (7,657)
Other assets (1,704) (1,138) (775)
Accounts payable (1,997) (1,855) (7,986)
Accrued and other liabilities (6,652) (8,081) 117
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Net cash (used in) provided by operating activities (2,068) 10,970 (49)
Cash flows from investing activities:
Capital expenditures (14,443) (5,845) (5,746)
Proceeds from disposal of assets 14 380 39,586
Purchase of the net assets of acquired entities (11,642) - (14,400)
Changes in nonoperating assets and liabilities (343) (364) (911)
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Net cash (used in) provided by investing activities (26,414) (5,829) 18,529
Cash flows from financing activities:
Net proceeds (repayments) under revolving
credit agreements 28,280 720 (6,934)
Proceeds from long-term debt - - 30,650
Principal payments on long-term debt (2,463) (3,284) (37,157)
Proceeds from issuance of common stock 684 40 -
Payments for redemption of common stock
in subsidiaries, net - (66) (1,215)
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Net cash provided by (used in) financing activities 26,501 (2,590) (14,656)
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Net (decrease) increase in cash and cash equivalents (1,981) 2,551 3,824
Cash and cash equivalents at beginning of year 12,387 9,836 6,012
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Cash and cash equivalents at end of year $ 10,406 $ 12,387 $ 9,836
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The accompanying notes are an integral part of the consolidated financial statements.
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Management's Discussion and Analysis of Financial Consolidated Income Statements Consolidated Statements of Shareholders' Equity Notes to Consolidated Financial Statements 1 Notes to Consolidated Financial Statements 2 |
Financial Summary |