|
 |
| (In Thousands) |
For the years Ended December 31, |
|
|
|
|
|
2000 |
1999 |
1998 |
 |
| OPERATING ACTIVITIES: |
|
|
|
|
Net income |
$ 8,142 |
$ 41,069 |
$ 51,818 |
|
|
Adjustments to reconcile net income to net cash
provided |
|
|
|
|
|
by operating activities: |
|
|
|
|
|
Depreciation and amortization |
60,858 |
52,741 |
38,705 |
|
|
Equity in income of unconsolidated affiliates, net
of distributions |
6,967 |
(8,224) |
(4,308) |
|
|
Deferred income taxes |
(239) |
9,072 |
8,076 |
|
|
Provision for deferred compensation |
227 |
292 |
519 |
|
|
Minority interest |
169 |
356 |
730 |
|
|
Restructuring costs |
12,734 |
– |
– |
|
|
Changes in operating assets and liabilities, net
of acquisitions: |
|
|
|
|
|
|
Receivables |
19,508 |
(11,665) |
1,531 |
|
|
|
Inventories |
(10,467) |
2,831 |
740 |
|
|
|
Other current assets |
(1,485) |
2,303 |
(1,111) |
|
|
|
Accounts payable and accrued liabilities |
(12,089) |
3,696 |
(2,866) |
|
|
|
Income taxes |
(1,872) |
(669) |
833 |
|
|
|
|
|
Total adjustments |
74,311 |
50,733 |
42,849 |
|
|
|
|
|
Net cash provided by operating activities |
82,453 |
91,802 |
94,667 |
|
| INVESTING ACTIVITIES: |
|
|
|
|
Purchases of property, plant and equipment |
(58,306) |
(35,696) |
(40,716) |
|
Acquisition of businesses, net of cash acquired |
(4,306) |
(177,881) |
(14,488) |
|
Investment in unconsolidated affiliates |
(50,709) |
(80) |
(1,476) |
|
Cash acquired in stock acquisition |
1,100 |
499 |
81 |
|
Other |
|
|
2,986 |
(416) |
1,738 |
|
|
|
|
|
Net cash used in investing activities |
(109,235) |
(213,574) |
(54,861) |
|
| FINANCING ACTIVITIES: |
|
|
|
|
Distributions to CPI partner |
– |
– |
(3,100) |
|
Proceeds from note issuance |
– |
196,733 |
– |
|
Proceeds from senior credit facility |
192,000 |
158,000 |
80,000 |
|
Repayments of senior credit facility |
(138,000) |
(165,000) |
(62,000) |
|
Repayments of other long and short-term debt |
(18,196) |
(33,750) |
(11,918) |
|
Dividends paid |
(18,531) |
(17,995) |
(16,227) |
|
Proceeds from issuances of stock |
460 |
761 |
755 |
|
Purchases of stock |
– |
– |
(25,275) |
|
Other |
|
|
(822) |
(816) |
(822) |
|
|
|
|
|
Net cash provided by (used in) financing activities |
16,911 |
137,933 |
(38,587) |
|
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |
(9,871) |
16,161 |
1,219 |
|
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
18,771 |
2,610 |
1,391 |
|
| CASH AND CASH EQUIVALENTS AT END OF YEAR |
8,900 |
18,771 |
2,610 |
|
| SUPPLEMENTAL DISCLOSURES: |
|
|
|
|
Cash payments for interest |
$ 35,136 |
$ 25,480 |
$ 15,048 |
|
|
Cash payments for income taxes |
$ 9,575 |
$ 16,849 |
$ 23,844 |
|
|
Stock issued for acquisitions |
$ 10,723 |
$ 17,963 |
$ 10,131 |
|
|
Note payable issued for acquisition |
$ – |
$ – |
$ 26,000 |
|
 |
|
|
|
|
|
|
|
| The accompanying notes
are an integral part of these consolidated statements. |
|
28
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|
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