CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
Click to go to the Excel version of Statements of Cash Flows
| Years Ended April | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2007 | 2006 | 2005 | |||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: Loss from continuing operations |
$ | (87,650 | ) | $ | (6,065 | ) | $ | (72,577 | ) | ||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation expense |
22,583 | 23,206 | 22,158 | ||||||||
| Amortization of financing costs | 3,549 | 1,476 | 1,418 | ||||||||
| Stock based compensation expense | 3,438 | — | — | ||||||||
| Asset impairment charges | 2,800 | 1,550 | 1,900 | ||||||||
| Gain on investment securities transactions | (33 | ) | (12 | ) | (33 | ) | |||||
| Gains on sale of property, plant and equipment | (4,310 | ) | (471 | ) | (2,512 | ) | |||||
| Gain on redemption of convertible trust preferred securities | (18,530 | ) | — | — | |||||||
| Non-cash charge on conversion of trust preferred securities | — | — | 1,134 | ||||||||
| Deferred taxes | 14,721 | 5,707 | — | ||||||||
| Changes in assets and liabilities— Receivables |
30,958 | 10,116 | 20,078 | ||||||||
| Inventories | 2,922 | 55,759 | (43,629 | ) | |||||||
| Income tax receivable | — | 4,021 | (2,743 | ) | |||||||
| Federal and state income taxes payable | 744 | 2,217 | — | ||||||||
| Cash value of company-owned life insurance | 6,982 | 7,008 | 11,863 | ||||||||
| Other assets | 3,781 | 4,107 | (5,880 | ) | |||||||
| Accounts payable | (13,107 | ) | (10,218 | ) | (23,253 | ) | |||||
| Accrued interest | 329 | (45,249 | ) | 13,578 | |||||||
| Employee compensation and benefits | (9,727 | ) | (10,931 | ) | (3,000 | ) | |||||
| Product warranty reserve | 2,056 | 1,980 | 11,222 | ||||||||
| Other liabilities | 1,427 | (12,718 | ) | 10,367 | |||||||
| Net cash provided by (used in) operating activities | (37,067 | ) | 31,483 | (59,909 | ) | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of investment securities available-for-sale |
(21,391 | ) | (10,876 | ) | (8,039 | ) | |||||
| Proceeds from sale of investment securities available-for-sale | 20,306 | 5,763 | 7,694 | ||||||||
| Purchases of property, plant and equipment | (8,259 | ) | (15,842 | ) | (33,724 | ) | |||||
| Proceeds from sales of property, plant and equipment | 12,415 | 4,036 | 9,691 | ||||||||
| Net cash provided by (used in) investing activities | 3,071 | (16,919 | ) | (24,378 | ) | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of common stock, net |
— | 66,048 | — | ||||||||
| Repayment of borrowings | (5,853 | ) | (34,932 | ) | 57,710 | ||||||
| Redemption of convertible subordinated debentures | (30,385 | ) | — | (20,767 | ) | ||||||
| Proceeds from exercise of stock options | 1,063 | 5,911 | 3,967 | ||||||||
| Net cash provided by (used in) financing activities | (35,175 | ) | 37,027 | 40,910 | |||||||
| CASH FLOWS FROM DISCONTINUED OPERATIONS: Net cash used in operating activities |
(2,311 | ) | (25,067 | ) | (36,458 | ) | |||||
| Net cash provided by (used in) investing activities | — | 144,917 | (879 | ) | |||||||
| Net cash used in financing activities | — | (78,100 | ) | — | |||||||
| Net cash provided by (used in) discontinued operations | (2,311 | ) | 41,750 | (37,337 | ) | ||||||
| Foreign currency translation adjustment | 469 | 1,951 | 1,994 | ||||||||
| Increase (decrease) in cash | (71,013 | ) | 95,292 | (78,720 | ) | ||||||
| Cash at beginning of year | 123,141 | 27,849 | 106,569 | ||||||||
| Cash at end of year | $ | 52,128 | $ | 123,141 | $ | 27,849 | |||||
See accompanying notes to consolidated financial statements.