| (IN THOUSANDS) |
YEARS ENDED OCTOBER 31, |
| |
2000
|
1999
|
1998
|
 |
Cash flows from operating activities:
|
|
|
|
| Net income |
$ 28,968
|
$ 25,100
|
$ 39,846
|
| Adjustments to reconcile net income to net cash provided |
|
|
|
| by operating activities: |
|
|
|
| Deferred income taxes |
10,894
|
6,790
|
(35,787)
|
| Depreciation expense |
4,521
|
4,561
|
4,678
|
| Provision for doubtful accounts |
426
|
1,273
|
1,813
|
| Amortization expense |
4,213
|
3,879
|
3,738
|
| (Gain) loss from disposal of
discontinued operations |
-
|
(2,970)
|
22,300
|
| Change in operating assets and liabilities excluding
effects |
|
|
|
| from acquisitions: |
|
|
|
| Receivables |
(4,314)
|
(3,086)
|
(3,910)
|
| Inventories |
(2,150)
|
(3,116)
|
(6,933)
|
| Other assets |
(471)
|
1,703
|
(952)
|
| Accounts payable |
1,339
|
(2,657)
|
1,130
|
| Accrued liabilities |
3,644
|
(864)
|
(5,949)
|
| Income taxes payable |
(3,042)
|
(619)
|
(5,104)
|
| Other long-term liabilities |
(3,000)
|
(2,500)
|
(3,973)
|
| Other |
-
|
204
|
471
|
|
|
Cash provided by operating activities
|
41,028
|
27,698
|
11,368
|
|
|
| Cash flows from investing activities: |
|
|
|
| Purchases of assets and businesses |
(24,444)
|
-
|
(34,298)
|
| Disposition of discontinued operations |
-
|
28,685
|
-
|
| Disposition costs paid |
(1,455)
|
(3,412)
|
-
|
| Purchases of property, plant and equipment |
(14,665)
|
(10,121)
|
(19,573)
|
| Sale of (investment in) marketable securities |
-
|
5,419
|
(5,419)
|
| Other |
-
|
(415)
|
-
|
|
|
| Cash provided (used) by investing
activities |
(40,564)
|
20,156
|
(59,290)
|
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from long-term line of credit |
$ 23,658
|
$ 8,568
|
$ 36,500
|
| Repayment of long-term line of credit |
(16,500)
|
(30,368)
|
(14,700)
|
| Principal payments on long-term obligations |
(19,881)
|
(7,145)
|
(7,603)
|
| Proceeds from long-term borrowings |
-
|
2,965
|
29,682
|
| Net borrowings under short-term agreements |
3,566
|
-
|
1,011
|
| Purchase of treasury stock |
-
|
(7,345)
|
(7,993)
|
| Exercise of warrant and options |
3,078
|
948
|
-
|
| Dividends on common stock |
(1,134)
|
(561)
|
-
|
| Short-term debt payment |
-
|
(2,142)
|
-
|
| Other |
-
|
514
|
430
|
|
|
| Cash provided (used) by financing activities |
(7,213)
|
(34,566)
|
37,327
|
|
|
Effect of exchange rate changes on cash
and cash equivalents |
435
|
301
|
(321)
|
| Net increase (decrease) in cash and cash equivalents |
(6,314)
|
13,589
|
(10,916)
|
| Cash and cash equivalents at beginning of year |
20,922
|
7,333
|
18,249
|
|
|
| Cash and cash equivalents at end of year |
$ 14,608
|
$ 20,922
|
$ 7,333
|
|
|
|
|
|
|
| Supplemental disclosures of cash flow information: |
|
|
|
| Cash paid for: |
|
|
|
| Interest (net of amounts capitalized) |
$ 4,130
|
$ 7,248
|
$ 4,536
|
|
|
| Income taxes |
$ 4,480
|
$ 2,116
|
$ 5,846
|
|
|
|
|
|
|
| Supplemental disclosure of noncash investing and financing activities: |
|
|
|
| Earn-out agreement: |
|
|
|
As part of the acquisition of Aspect Vision Care Ltd. (see Note
2), in fiscal 2000, we agreed to pay the former owners of
Aspect, in addition to the .5 million payment previously accrued,
.8.5 million ($13 million on the date of the agreement).
The total amount is included under other liabilities in our consolidated
balance sheet.
|
|
|
|
|
| Acquisitions: |
|
|
|
| Fair value of assets acquired |
$ 35,742
|
|
$ 93,406
|
| Less, liabilities assumed and acquisition costs |
(5,106)
|
|
(29,607)
|
|
$ 30,636
|
|
$ 63,799
|
| Funded by: |
|
|
|
| Cash payments |
$ 24,444
|
|
$ 34,298
|
| Issuance of stock and debt |
6,192
|
|
29,501
|
|
|
|
$ 30,636
|
|
$ 63,799
|
|
|
See accompanying notes to consolidated financial statements.
|
