|
Years ended March 31, |
|
2001 |
2000 |
1999 |
|
| Cash flows from operating activities: |
| Net (loss) income |
$ (72,970 |
) |
$ 6,594 |
|
$ 13,809 |
|
Adjustments to reconcile (net loss) net income to net cash
provided by operating activities:
Extraordinary charge for refinancing of debt |
- |
|
541 |
|
781 |
|
| Gain on sale of marketable securities |
(13 |
) |
- |
|
(1,082 |
) |
| Impairment of assets |
66,052 |
|
- |
|
- |
|
| Depreciation and amortization |
19,632 |
|
17,617 |
|
10,802 |
|
| Non-cash interest expense |
1,484 |
|
- |
|
- |
|
| Write-down of assets - plant consolidation |
- |
|
1,762 |
|
- |
|
Provision for losses on accounts and notes receivable,
and cost investments |
7,479 |
|
199 |
|
803 |
|
Loss (gain) on sale or disposal affixed assets and
discontinued businesses |
64 |
|
10 |
|
(28 |
) |
Changes in assets and liabilities - excluding the effects
of acquisitions:
Decrease (increase) in accounts receivable |
1,839 |
|
(9,923 |
) |
1,073 |
|
| Decrease in inventories |
1,983 |
|
4,089 |
|
2,266 |
|
| (Increase) decrease in other assets |
(2,258 |
) |
(1,472 |
) |
1,888 |
|
| (Decrease) increase in accounts payable |
(2,094 |
) |
7,369 |
|
(2,604 |
) |
| Increase (decrease) in accrued compensation |
161 |
|
2,548 |
|
(3,603 |
) |
| (Decrease) increase in income taxes payable |
(8,165 |
) |
3,924 |
|
686 |
|
| Increase (decrease) in other liabilities |
681 |
|
(6,550 |
) |
(6,115 |
) |
|
| Net cash provided by operating activities |
13,875 |
|
26,708 |
|
18,676 |
|
|
Cash flows from investing activities:
Business acquisitions |
- |
|
(187,086 |
) |
(43,901 |
) |
| Capital expenditures |
(5,671 |
) |
(10,037 |
) |
(14,759 |
) |
| Proceeds from sale of fixed assets and discontinued businesses |
1,231 |
|
534 |
|
502 |
|
| Proceeds from sale of marketable securities |
56 |
|
3 |
|
2,024 |
|
| Decrease in notes and other receivables |
233 |
|
782 |
|
3,128 |
|
|
| Net cash used in investing activities |
(4,151 |
) |
(195,804 |
) |
(53,006 |
) |
|
Cash flows from financing activities:
Payments on long-term debt |
(82,500 |
) |
(3,750 |
) |
(60,099 |
) |
| Proceeds from long-term debt borrowings and bridge loan |
75,000 |
|
125,000 |
|
- |
|
| Issuance of other debt, net |
4,074 |
|
55,993 |
|
99,246 |
|
| Debt issue costs |
(6,276 |
) |
(5,679 |
) |
- |
|
| Exercise of stock options and other |
- |
|
310 |
|
1,157 |
|
| Treasury stock purchases |
- |
|
- |
|
(4,926 |
) |
| Dividends paid |
(1,198 |
) |
(1,593 |
) |
(1,625 |
) |
|
| Net cash (used in) provided by financing activities |
(10,900 |
) |
170,281 |
|
33,753 |
|
|
| Effect of exchange rate changes on cash |
(210 |
) |
(90 |
) |
(128 |
) |
| (Decrease) increase in cash and cash equivalents |
(1,386 |
) |
1,095 |
|
(705 |
) |
| Cash and cash equivalents at beginning of year |
3,350 |
|
2,255 |
|
2,960 |
|
|
| Cash and cash equivalents at end of year |
$1,964 |
|
$3,350 |
|
$2,255 |
|
|
Supplemental information:
Interest payments |
$ 29,475 |
|
$ 17,959 |
|
$ 7,130 |
|
| Income tax payments |
$ 2,658 |
|
$ 2,218 |
|
$ 5,177 |
|
Increase in senior subordinated note for paid-in-kind
interest expense |
$ 1,332 |
|
$ - |
|
$ - |
|
| Warrants issued |
$ 214 |
|
$ - |
|
$ - |
|
|
See notes to consolidated financial statements. |
