Consolidated Statements of Cash
Flows |
| Years ended
April (Amounts in thousands) |
2000 |
1999 |
1998 |
 |
| Cash Flows from Operating
Activities: |
|
|
|
| Net income |
$ 83,494 |
$ 107,121 |
$ 108,545 |
| Adjustments to reconcile net income to net cash
provided by operating activities: |
|
Depreciation expense |
28,567 |
27,615 |
27,538 |
|
Amortization of intangibles and
goodwill |
6,513 |
4,226 |
261 |
|
Losses (gains) on sales of property, plant and
equipment |
(979) |
649 |
285 |
|
Changes in assets and liabilities – |
|
|
|
|
|
Increase in receivables |
(21,781) |
(32,794) |
(14,303) |
|
|
Increase in inventories |
(80,570) |
(3,124) |
(8,233) |
|
|
Increase in deferred tax benefits |
(4,489) |
(7,638) |
(3,969) |
|
|
Increase in cash value of Company-owned life
insurance |
(730) |
(1,525) |
(16,521) |
|
|
Increase in other assets |
(8,292) |
(17,195) |
(12,952) |
|
|
Increase (decrease) in accounts
payable |
(5,406) |
694 |
11,732 |
|
|
Increase (decrease) in employee compensation
and benefits |
(4,044) |
18,391 |
17,724 |
|
|
Increase (decrease) in retail flooring
liability |
(17,297) |
31,889 |
– |
|
|
Increase in other liabilities |
2,960 |
18,102 |
8,045 |
|
|
| Net cash provided by (used in) operating
activities |
(22,054) |
146,411 |
118,152 |
|
|
| |
|
|
|
| Cash Flows from Investing
Activities: |
|
|
|
| Purchases of investment securities: |
|
|
|
|
Held-to-maturity |
(3,853,988) |
(5,217,764) |
(6,785,086) |
|
Available-for-sale |
(33,441) |
(75,902) |
(68,384) |
| Proceeds from maturity of investment
securities: |
|
Held-to-maturity |
4,002,974 |
5,237,570 |
6,578,453 |
|
Available-for-sale |
3,895 |
50,459 |
15,480 |
| Proceeds from sale of available-for-sale
investment securities |
30,438 |
41,044 |
54,626 |
| Purchases of property, plant and
equipment |
(55,078) |
(49,757) |
(37,809) |
| Proceeds from sales of property, plant and
equipment |
4,412 |
10,558 |
11,107 |
| Acquisition of retail companies, net of cash
acquired |
(6,696) |
(117,975) |
– |
|
|
| Net cash provided by (used in) investing
activities |
92,516 |
(121,767) |
(231,613) |
|
|
| |
|
|
|
| Cash Flows from Financing
Activities: |
|
|
|
| Proceeds from issuance of Trust preferred
securities |
– |
– |
287,500 |
| Cost of issuance of Trust preferred
securities |
– |
– |
(8,048) |
| Proceeds from sale-leaseback
transaction |
15,207 |
– |
– |
| Increase in long-term debt |
25,000 |
– |
– |
| Dividends to Common shareholders |
(24,957) |
(24,672) |
(23,744) |
| Proceeds from exercise of stock
options |
– |
22,826 |
25,770 |
| Purchase of Common stock |
(67,668) |
(24,933) |
(177,168) |
|
|
| Net cash provided by (used in) financing
activities |
(52,418) |
(26,779) |
104,310 |
|
|
| Foreign currency translation
adjustment |
3 |
(406) |
(596) |
|
|
| Increase (decrease) in cash |
18,047 |
(2,541) |
(9,747) |
| Cash at beginning of year |
25,602 |
28,143 |
37,890 |
|
|
| Cash at end of year |
$ 43,649 |
$ 25,602 |
$ 28,143 |
|
|
| Supplementary disclosures: |
|
|
|
|
Interest paid |
$ 14,932 |
$ 9,749 |
$ 3,084 |
|
Income taxes paid |
63,807 |
84,456 |
56,813 |
|
|
| |
| The accompanying notes are an integral part
of these statements |
