|
|
| FISCAL YEARS ENDED APRIL |
 |
|
 |
| (AMOUNTS IN THOUSANDS) |
|
|
2004 |
|
|
|
2003 |
|
|
2002 |
|
 |
|
|
 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(22,261 |
) |
|
$ |
(70,739 |
) |
$ |
(161,928 |
) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
| Depreciation expense |
|
|
23,774 |
|
|
|
26,505 |
|
|
29,761 |
|
| Amortization of financing costs |
|
|
5,617 |
|
|
|
4,793 |
|
|
3,812 |
|
| Impairment of goodwill |
|
|
— |
|
|
|
— |
|
|
80,635 |
|
| Other asset impairment charges |
|
|
— |
|
|
|
1,242 |
|
|
12,505 |
|
| Gains on sales of property, plant and equipment |
|
|
(4,607 |
) |
|
|
(5,777 |
) |
|
(140 |
) |
| Non-cash charge for options and warrants issued to outside parties |
|
|
— |
|
|
|
— |
|
|
1,469 |
|
| Non-cash charge for interest on conversion of trust preferred securities |
|
|
671 |
|
|
|
— |
|
|
— |
|
| Issuance of stock in lieu of cash for interest on trust preferred securities |
|
|
— |
|
|
|
4,464 |
|
|
2,765 |
|
| Changes in assets and liabilities — |
|
|
|
|
|
|
|
|
|
|
|
| (Increase) decrease in receivables |
|
|
(41,235 |
) |
|
|
2,444 |
|
|
(22,952 |
) |
| (Increase) decrease in inventories |
|
|
(22,289 |
) |
|
|
(22,516 |
) |
|
55,380 |
|
| Decrease in income tax receivable |
|
|
535 |
|
|
|
21,853 |
|
|
7,873 |
|
| Decrease in deferred taxes |
|
|
15,000 |
|
|
|
11,120 |
|
|
5,475 |
|
| (Increase) decrease in cash value of Company-owned life insurance |
|
|
6,195 |
|
|
|
6,292 |
|
|
(167 |
) |
| (Increase) decrease in other assets |
|
|
(8,620 |
) |
|
|
(3,769 |
) |
|
4,080 |
|
| Increase in accounts payable |
|
|
19,914 |
|
|
|
444 |
|
|
3,052 |
|
| Increase (decrease) in employee compensation and benefits |
|
|
(8,507 |
) |
|
|
330 |
|
|
(13,022 |
) |
| Increase (decrease) in product warranty reserve |
|
|
(8,216 |
) |
|
|
(5,909 |
) |
|
8,228 |
|
| Increase in other liabilities |
|
|
13,514 |
|
|
|
16,930 |
|
|
17,771 |
|
|
| Net cash provided by (used in) operating activities |
|
|
(30,515 |
) |
|
|
(12,293 |
) |
|
34,597 |
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
| Purchases of investment securities available-for-sale |
|
|
(839,379 |
) |
|
|
(709,432 |
) |
|
(1,163,341 |
) |
| Proceeds from sale of investment securities available-for-sale |
|
|
767,951 |
|
|
|
756,198 |
|
|
1,114,710 |
|
| Purchases of property, plant and equipment |
|
|
(27,727 |
) |
|
|
(19,857 |
) |
|
(20,473 |
) |
| Proceeds from sales of property, plant and equipment |
|
|
9,826 |
|
|
|
11,264 |
|
|
6,253 |
|
| Issuance of finance loans receivable |
|
|
(29,998 |
) |
|
|
(13,178 |
) |
|
(115 |
) |
|
| Net cash provided by (used in) investing activities |
|
|
(119,327 |
) |
|
|
24,995 |
|
|
(62,966 |
) |
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
| Dividends to common shareholders |
|
|
— |
|
|
|
— |
|
|
(2,621 |
) |
| Common stock issued — private placement |
|
|
24,930 |
|
|
|
— |
|
|
19,864 |
|
| Proceeds from issuance of trust preferred securities, net |
|
|
— |
|
|
|
— |
|
|
138,574 |
|
| Motor home chassis inventory financing |
|
|
— |
|
|
|
— |
|
|
(11,135 |
) |
| Increase (decrease) in retail flooring |
|
|
6,511 |
|
|
|
(8,884 |
) |
|
(61,620 |
) |
| Increase (decrease) in short-term borrowings |
|
|
(5,603 |
) |
|
|
5,642 |
|
|
10,412 |
|
| Increase (decrease) in long-term debt |
|
|
99,802 |
|
|
|
(6,384 |
) |
|
5,065 |
|
| Repayment of senior unsecured notes payable |
|
|
— |
|
|
|
— |
|
|
(80,000 |
) |
| Proceeds from exercise of stock options |
|
|
5,317 |
|
|
|
192 |
|
|
294 |
|
|
| Net cash provided by (used in) financing activities |
|
|
130,957 |
|
|
|
(9,434 |
) |
|
18,833 |
|
|
| Foreign currency translation adjustment |
|
|
1,460 |
|
|
|
2,164 |
|
|
(983 |
) |
|
| Increase (decrease) in cash |
|
|
(17,425 |
) |
|
|
5,432 |
|
|
(10,519 |
) |
| Cash at beginning of year |
|
|
31,515 |
|
|
|
26,083 |
|
|
36,602 |
|
|
| Cash at end of year |
|
$ |
14,090 |
|
|
$ |
31,515 |
|
$ |
26,083 |
|
|
|
 |
|
 |
See accompanying notes to consolidated financial statements. |
|
|
|
