Consolidated Statements of Cash Flows
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For the Years Ended December 31, |
| (In thousands) (Note 1) |
2001 |
2000 |
1999 |
|
| OPERATING ACTIVITIES: |
|
Net (loss) income |
$ (14,602) |
$ 8,175 |
$ 40,947 |
|
Adjustments to reconcile net (loss) income to net cash provided |
|
|
|
|
|
by operating activities: |
|
|
|
|
|
Extraordinary loss from early extinguishment of debt |
4,305 |
-- |
-- |
|
|
Depreciation and amortization |
63,323 |
60,858 |
52,741 |
|
|
Equity in loss (income) of unconsolidated affiliates, |
|
|
|
|
|
|
net of distributions |
3,610 |
6,967 |
(8,224) |
|
|
Deferred income taxes |
15,811 |
(239) |
9,072 |
|
|
Provision for deferred compensation |
226 |
227 |
292 |
|
|
Minority interest |
(180) |
169 |
356 |
|
|
Restructuring costs |
3,987 |
12,734 |
-- |
|
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
Receivables |
6,848 |
19,508 |
(11,665) |
|
|
|
Inventories |
9,737 |
(10,518) |
3,027 |
|
|
|
Other current assets |
(7,531) |
(1,485) |
2,303 |
|
|
|
Accounts payable and accrued liabilities |
(14,970) |
(12,089) |
3,696 |
|
|
|
Income taxes |
(13,628) |
(1,854) |
(743) |
|
|
|
|
|
Total adjustments |
71,538 |
74,278 |
50,855 |
|
|
|
|
|
Net cash provided by operating activities |
56,936 |
82,453 |
91,802 |
|
| INVESTING ACTIVITIES: |
|
Purchases of property, plant and equipment |
(28,059) |
(58,306) |
(35,696) |
|
Acquisition of businesses, net of cash acquired |
(34) |
(4,306) |
(177,881) |
|
Investment in unconsolidated affiliates |
-- |
(50,709) |
(80) |
|
Cash acquired in stock acquisition |
-- |
1,100 |
499 |
|
Other |
|
|
2,042 |
2,986 |
(416) |
|
|
|
|
|
Net cash used in investing activities |
(26,051) |
(109,235) |
(213,574) |
|
| FINANCING ACTIVITIES: |
|
Proceeds from note issuance |
291,200 |
-- |
196,733 |
|
Proceeds from senior credit facility |
18,000 |
192,000 |
158,000 |
|
Repayments of senior credit facility |
(212,000) |
(138,000) |
(165,000) |
|
Repayments of other long and short-term debt |
(67,110) |
(18,196) |
(33,750) |
|
Swap agreement unwind proceeds |
9,093 |
-- |
-- |
|
7.74% senior notes prepayment penalty |
(3,565) |
-- |
-- |
|
Dividends paid |
(8,870) |
(18,531) |
(17,995) |
|
Proceeds from issuances of stock |
-- |
460 |
761 |
|
Other |
|
|
(2,289) |
(822) |
(816) |
|
|
|
|
|
Net cash provided by financing activities |
24,459 |
16,911 |
137,933 |
|
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
55,344 |
(9,871) |
16,161 |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
8,900 |
18,771 |
2,610 |
|
| CASH AND CASH EQUIVALENTS AT END OF YEAR |
$ 64,244 |
$ 8,900 |
$ 18,771 |
|
| SUPPLEMENTAL DISCLOSURES: |
|
Cash payments for interest |
$ 35,352 |
$ 35,136 |
$ 25,480 |
|
|
Cash payments for income taxes |
$ 1,967 |
$ 9,575 |
$ 16,849 |
|
|
Stock issued for acquisitions |
$ 18,799 |
$ 10,723 |
$ 17,963 |
|
| The accompanying notes are an integral part of these consolidated statements of cash flows. |
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27
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Caraustar Industries, Inc.
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