ROCK-TENN COMPANY

 

ROCK-TENN COMPANY

 

2002 Annual Report and Form 10-K

TABLE OF CONTENTS:  




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Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Consolidated Statements of Cash Flows

Year Ended September 30,
 

 

2002

 

2001

 

2000
  (In thousands)
Operating Activities:
   Net income (loss) $ 26,626   $ 30,523   $ (15,916)  
   Items in income (loss) not affecting cash:
      Depreciation and amortization 72,521   77,593   77,061  
      Deferred income taxes 5,617   6,609   316  
      Income tax benefit of employee stock options 1,283   60   ---  
      Deferred compensation expense 858   154   ---  
      Gain on disposal of plant and equipment and other, net (16)   (432)   (517)  
      Minority interest in income of consolidated subsidiary 2,971   2,439   4,980  
      Equity in loss from joint venture 318   2,004   ---  
      Pension funding more than expense (7,365)   ---   ---  
      Impairment loss and other non-cash charges 19,513   6,443   49,700  
   Change in operating assets and liabilities:
      Accounts receivable 4,329   (2,218)   (17,374)  
      Inventories (7,726)   (3,565)   (5,362)  
      Other assets 7,056   2,971   (2,151)  
      Accounts payable (4,542)   1,976   11,690  
      Accrued liabilities (3,885)   21,470   17  




          Cash provided by operating activities 117,558   146,027   102,444  
Investing activities:
      Capital expenditures (77,640)   (72,561)   (94,640)  
      Purchase of businesses (25,351)   ---   ---  
      Cash contributed to joint venture (1,720)   (9,627)   (7,133)  
      Proceeds from sale of property, plant and equipment 11,538   1,034   2,209  
      (Increase) decrease in unexpended industrial revenue bond
        proceeds
(1,944)   1,264   (1,779)  




          Cash used for investing activities (95,117)   (79,890)   (101,343)  
Financing activities:
      Proceeds from issuance of public debt ---   250,000   ---  
      Net (repayments) additions to revolving credit facilities (5,600)   (385,000)   32,147  
      Additions to debt 18,417   120,540   5,454  
      Repayments of debt (45,216)   (34,720)   (1,626)  
      Proceeds from monetizing swap contracts 17,096   ---   ---  
      Debt issuance costs (155)   (2,936)   (1,811)  
      Issuances of common stock 7,335   2,377   3,748  
      Purchases of common stock ---   (2,324)   (22,245)  
      Cash dividends paid to shareholders (10,183)   (10,007)   (10,384)  
      Distribution to minority interest (3,675)   (4,480)   (5,425)  




          Cash used for financing activities (21,981)   (66,550)   (142)  
Effect of exchange rate changes on cash 909   155   (48)  




Increase (decrease) in cash and cash equivalents 1,369   (258)   911  
Cash and cash equivalents at beginning of year 5,191   5,449   4,538  




Cash and cash equivalents at end of year $ 6,560   $ 5,191   $ 5,449  












 
Supplemental disclosure of cash flow information:
   Cash paid during the period for:
      Income taxes, net of refunds $ 21,908   $ 7,138   $ 16,655  
      Interest, net of amounts capitalized 26,066   31,676   36,228  

See accompanying notes.





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