 |
|
(In thousands)
| |
Years ended March 31, |
| |
2002 |
2001 |
2000 |
|
| Cash flows from operating activities: |
|
|
|
| Net (loss) income |
$ (71,781) |
$ (72,970) |
$ 6,594 |
Adjustments to reconcile (net loss) net income to net cash
provided by operating activities:
Net loss (income) from discontinued operations, including
asset impairments |
89,153 |
66,924 |
(6,035) |
| Gain on sale of discontinued businesses, net of tax |
(16,599) |
-- |
-- |
| Depreciation and amortization |
3,169 |
4,143 |
3,134 |
| Decrease in net assets of discontinued companies |
16,196 |
20,447 |
13,936 |
| Extraordinary charge for refinancing of debt |
-- |
-- |
541 |
| Gain on sale of marketable securities |
-- |
(13) |
-- |
| Non-cash interest expense |
2,528 |
1,484 |
-- |
Provision for losses on accounts and notes receivable,
and cost investments |
366 |
9,286 |
82 |
| Gain on sale or disposal of fixed assets |
(1,352) |
5 |
-- |
Changes in assets and liabilities - excluding the effects
of acquisitions and dispositions:
Increase in accounts receivable and other receivables |
(1,002) |
(8,050) |
(351) |
| (Increase) decrease in inventories |
(3,738) |
47 |
(747) |
| Increase in deferred taxes, net |
(22,041) |
(7,587) |
(3,724) |
| Increase in other assets |
(897) |
(616) |
(338) |
| Increase in accounts payable |
575 |
623 |
1,099 |
| (Decrease) increase in accrued compensation |
(490) |
1,348 |
(348) |
| (Decrease) increase in income taxes payable |
(2,745) |
(2,604) |
5,372 |
| Increase in other liabilities |
8,942 |
2,572 |
590 |
|
Net cash provided by operating activities
of continuing operations |
284 |
15,039 |
19,805 |
|
| Cash flows from investing activities: |
|
|
|
| Business acquisitions |
-- |
-- |
(187,086) |
| Capital expenditures |
(264) |
(289) |
(449) |
| Proceeds from sale of businesses |
162,200 |
-- |
-- |
| Proceeds from sale of fixed assets |
2,233 |
6 |
-- |
| Proceeds from sale of marketable securities |
-- |
56 |
3 |
| Decrease in notes and other receivables |
75 |
196 |
144 |
|
| Net cash provided by (used in) investing activities |
164,244 |
(31) |
(187,388) |
|
| Cash flows from financing activities: |
|
|
|
| Payments on long-term debt |
(38,750) |
(82,500) |
(3,750) |
| Proceeds from long-term debt borrowings and bridge loan |
-- |
75,000 |
125,000 |
| Repayments on proceeds from other debt, net |
(128,280) |
4,071 |
55,987 |
| Effect of exchange rates on debt |
183 |
(2,611) |
(2,408) |
| Debt issue costs |
-- |
(6,276) |
(5,679) |
| Exercise of stock options and other |
79 |
-- |
310 |
| Dividends paid |
-- |
(1,198) |
(1,593) |
|
Net cash (used in) provided by financing activities
of continuing operations |
(166,768) |
(13,514) |
167,867 |
|
| (Decrease) increase in cash and cash equivalents |
(2,240) |
1,494 |
284 |
| Cash and cash equivalents at beginning of year |
2,337 |
843 |
559 |
|
| Cash and cash equivalents at end of year |
$ 97 |
$ 2,337 |
$ 843 |
|
| Supplemental information: |
|
|
|
| Interest payments |
$ 24,573 |
$ 29,475 |
$ 17,959 |
| Income tax payments |
$ 919 |
$ 2,658 |
$2,218 |
Increase in senior subordinated note for paid-in-kind
interest expense |
$ 2,316 |
$ 1,332 |
$ -- |
| Warrants issued |
$ -- |
$ 214 |
$ -- |
|
See notes to consolidated financial statements.
|
|
|
|
