Fiscal Years
(Dollars in thousands) 2000 1999 1998
Operating activities
Net cash provided/(used) by operating activities $ 83,839 $ (33,557) $ 127,753
Investing activities
Proceeds from sale of property, plant and equipment 1,786 54,260 2,321
Purchase of property, plant and equipment (19,234) (39,402) (46,954)
Purchase of businesses net of cash acquired - (5,849) (105,470)
Other, net (4,124) 3,851 7,035
Net cash (used)/provided by investing activities (21,572) 12,860 (143,068)
Financing activities
Net (repayments)/borrowings on short-term obligations (34,971) 11,253 27,624
Proceeds from long-term borrowings - - 38,000
Principal payments on long-term debt - (12,138) (96)
Proceeds from common stock issued to employees 23,730 15,667 19,732
Purchase of common stock - - (54,276)
Dividends paid - (2,991) (14,348)
Cash distributed in spin-off of businesses - (119,273) -
Other, net - 2,792 2,692
Net cash (used)/provided by financing activities (11,241) (104,690) 19,328
Effects of exchange rate changes on cash 7,169 846 3,356
Net increase (decrease) in cash and cash equivalents 58,195 (124,541) 7,369
Cash and cash equivalents at beginning of fiscal year 25,126 149,667 142,298
Cash and cash equivalents at end of fiscal year $ 83,321 $ 25,126 $ 149,667
Detail of net cash provided/(used) by operating
activities
Net earnings/(loss) $ 53,049 $ (24,238) $ 73,840
Adjustments to reconcile net earnings/(loss) to net
cash provided/(used) by operating activities:
Depreciation 17,794 30,879 42,663
Allowances for doubtful accounts 1,142 2,704 3,020
Loss/(gain) from sale of assets 73 (30,565) 62
Amortization of intangibles 4,162 6,519 4,993
Deferred taxes (1,062) (20,850) (5,166)
Non-cash stock-based compensation 190 - -
Changes in assets and liabilities:
Accounts receivable (8,802) (32,600) 30,770
Inventories (14,158) 3,295 (18,098)
Other current assets 1,811 (14,098) (2,458)
Accounts payable-trade 3,121 6,558 (16,728)
Accrued expenses 12,192 23,097 (3,671)
Product warranty 2,000 (2,961) 2,061
Advance payments from customers 5,938 13,319 186
Long-term accrued expenses (2,095) (3,056) 9,019
Tax benefits from employee stock option plan 7,970 5,338 5,321
Other 514 3,102 1,939
Net cash provided/(used) by operating activities $ 83,839 $ (33,557) $ 127,753
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