Attached files
| file | filename |
|---|---|
| 8-K - LCI INDUSTRIES | v211644_8k.htm |
EXHIBIT
99.1
|
FOR
IMMEDIATE
RELEASE
Contact:
Fred
Zinn, President and
CEO
Phone:
(914)
428-9098 Fax:
(914) 428-4581
E Mail: Drew@drewindustries.com
|
 |
DREW
INDUSTRIES REPORTS FOURTH QUARTER
AND
FULL-YEAR 2010 RESULTS
White Plains, New York – February 15,
2011 – Drew Industries Incorporated (NYSE: DW), a leading supplier of
components for recreational vehicles (RVs) and manufactured homes, today
reported net income for the fourth quarter ended December 31, 2010 of $3.1
million, or $0.14 per diluted share, compared to net income of $2.9 million, or
$0.13 per diluted share in the fourth quarter of 2009.
Net sales
in the 2010 fourth quarter exceeded $106 million, up 2 percent compared to 2009
fourth quarter net sales. Industry-wide wholesale shipments of travel trailers
and fifth-wheel RVs, Drew’s primary RV market, increased 4 percent in the
quarter, while industry-wide production of manufactured homes declined 16
percent. Drew’s RV Segment represented 81 percent of consolidated net
sales.
As
reported last year, net income for the 2009 fourth quarter was reduced by $1.5
million due to charges incurred largely as a result of unprecedented conditions
in the RV and manufactured housing industries in 2009. Results in the 2010
fourth quarter were impacted by higher raw material costs than in the fourth
quarter of 2009.
Drew’s
net sales in January 2011 reached approximately $51 million, 16 percent higher
than in January 2010. “This was a great start to the new year and builds on our
success in 2010,” said Fred Zinn, Drew’s President and CEO. “Further, recent
reports of increased sales at consumer RV shows over the last month, as well as
indications that credit availability has been improving, along with higher
consumer confidence readings in four of the last five months, are all
encouraging signs for Drew and the RV industry.”
“Drew
continuously responds to the needs of our customers for new and innovative
products,” said Jason Lippert, CEO of Drew’s subsidiaries, Lippert Components
and Kinro. “In 2010, we completed four acquisitions, through which we added a
wide array of product offerings for our customers. In addition to driving market
share gains for existing products, these acquisitions helped us expand our
product line of motorhome components, and increase our content per towable RV to
$2,171, an increase of $158 in 2010.”
“Further,
on January 28, 2011 we acquired Home-Style, the leading manufacturer of RV
furniture and mattresses in the growing Northwest RV market,” added Jason
Lippert. “We expect the acquisition of Home-Style to be immediately accretive to
earnings. The acquisition of Home-Style will allow us to quickly capture the
leading market share for RV furniture and mattresses in that region, while
capitalizing on our experience and purchasing power in that product line. With
our talented operating management team, and strong, debt-free balance sheet, we
have the capability to continue the steady growth in RV content we have
accomplished throughout the past decade.”
Page 1 of
9
“We are
also quite pleased that the improvement in the RV industry, which began over a
year ago, continued in the fourth quarter of 2010 and apparently in January
2011, as the economy continued to emerge from the recession,” said Zinn.
“Industry-wide retail sales of travel trailer and fifth-wheel RVs were
consistently higher in 2010, increasing an estimated 13 percent from 2009,
including increases of 9 percent in October and 12 percent in November, the last
month for which this data is available. In December 2010, RV dealers expressed
their confidence by boosting purchases in anticipation of strong retail demand
in the upcoming spring selling season. While RV dealer purchases and inventory
levels may continue to fluctuate, we believe continued strength in retail sales
is the key to an ongoing recovery in the RV industry.”
“In 2010
Drew also continued to grow in other markets, most notably after-market products
for both RVs and manufactured homes, net sales of which were up nearly 35
percent, to $29 million,” said Scott Mereness, President of Drew subsidiaries
Lippert Components and Kinro. “Our net sales to other industries, largely
modular housing and transit buses, increased as well, reaching $21 million in
2010, 44 percent above 2009 net sales.”
“Drew’s
success in 2010 and prior years is in large part attributable to the motivation
provided by our pay-for-performance compensation policies,” said Zinn. “These
policies encourage our management team to make business decisions which are
likely to yield high short-term and long-term returns, at an acceptable level of
risk. As a result of these policies and our improved operating results,
performance-based incentive compensation represented more than 50 percent of the
total 2010 compensation of our top executives. Further, 30 percent of the total
2010 compensation of our top executives was equity-based
compensation.”
Because
of the seasonality of the RV and manufactured housing industries, historically,
the Company’s operating results in the first and fourth quarters have been the
weakest, while the second and third quarters are traditionally stronger.
However, because of fluctuations in RV dealer inventories since the fourth
quarter of 2009, seasonal industry trends have been different than in prior
years.
2010
Full-Year Results
For the
full year, Drew’s net income increased to $28.0 million, or $1.26 per diluted
share. For 2009 Drew reported a net loss of $24.1 million, or ($1.10) per
diluted share. As reported in 2009, excluding a goodwill impairment charge of
$29.4 million, net of taxes, or ($1.34) per diluted share, net income for 2009
was $5.2 million, or $0.24 per diluted share. During 2009, the Company also
incurred expenses totaling $5.5 million, net of taxes, or ($0.25) per diluted
share, resulting from plant closings and start-ups, staff reductions and
relocations, increased bad debts, and obsolete inventory and tooling, largely
due to the unprecedented conditions in the RV and manufactured housing
industries.
Net sales
for the year ended December 31, 2010 reached $573 million, a 44 percent increase
over net sales of $398 million in 2009, as both of the Company’s segments
achieved greater growth than the industries they serve. Net sales of the
Company’s RV Segment increased 53 percent, compared to a 44 percent increase in industry-wide wholesale
shipments of travel trailers and
fifth-wheel RVs. Net sales
of the Company’s Manufactured Housing Segment increased 12 percent, compared to a 1 percent increase in industry-wide production of
manufactured homes.
Page 2 of
9
“Raw material costs as a percent of net
sales has been volatile between quarters for the past two years,” said
Joe Giordano, Drew’s Chief Financial Officer and Treasurer. “Volatility in raw material costs
has become the norm, and in recent weeks the cost of steel and aluminum has
again increased. Over the years, we have been highly successful in implementing
sales price adjustments as the costs of raw materials change. Further, our
operating management team has proven to be highly effective in improving
operating efficiencies in all facets of our business, and we expect to continue
making progress in this area as well.”
“Clearly,
2010 marked an impressive rebound for Drew,” said Zinn. “We reported solid sales
and earnings growth in both the RV and Manufactured Housing Segments, and we
made investments that should help us continue to grow. After investing nearly
$30 million for five acquisitions in the last 13 months, and paying a $1.50 per
share special dividend aggregating $33 million, we are still debt-free, and have
more than $25 million in cash, as well as substantial available borrowing
capacity. While we still face challenges, I believe Drew and the two industries
we serve are currently well below their long-term potential. If the U.S. economy
continues to recover, as recent forecasts suggest, and credit markets continue
to improve, we expect to make progress in 2011 towards realizing the long-term
potential of our business.”
Recreational Vehicle (RV) Products Segment
Drew supplies the following components
for RVs:
|
|
•Towable steel
chassis
|
•Aluminum windows and
screens
|
|
•Towable axles and
suspension solutions
|
•Chassis
components
|
|
|
•Slide-out mechanisms and
solutions
|
•Furniture and
mattresses
|
|
|
•Thermoformed bath,
kitchen and other products
|
•Entry and baggage
doors
|
|
|
•Toy hauler ramp
doors
|
•Entry
steps
|
|
|
•Patio
doors
|
•Other
accessories
|
|
•Manual, electric and
hydraulic stabilizer
|
||
|
and
lifting systems
|
To a
lesser extent, Drew’s RV Segment also manufactures components for transit buses
and specialty trailers for hauling boats, personal watercraft, snowmobiles and
equipment.
Drew’s RV
Segment reported operating profit of $6.4 million, on net sales of $87 million
in the 2010 fourth quarter, compared to operating profit of $6.2 million, on net
sales of $84 million in the comparable period in 2009. RV Segment operating
profit in the 2009 fourth quarter was reduced by $1.3 million due to expenses
related to plant closings and start-ups, and employee relocations. “The increase
in RV Segment operating profit compared to the 2009 fourth quarter was less than
we would typically expect on the $2.1 million increase in net sales, primarily
because of higher material costs than in the fourth quarter of 2009,” said
Giordano.
For the
full 2010 year, the Company’s RV Segment reported net sales of $477 million, an
increase of 53 percent from 2009, compared to the 44 percent increase in
industry-wide wholesale shipments of travel trailers and fifth-wheel RVs. “Our
RV Segment continues to grow through acquisitions, new product introductions and
market share growth,” said Jason Lippert. “In 2010, more than 90 percent of the
Company’s RV Segment net sales were components for travel trailer and
fifth-wheel RVs. However, in the past year we have begun to expand our product
line of components for motorhomes, as we see growth opportunities in that
market.”
Page 3 of
9
RV Segment operating profit was
$44.4 million for the full
year 2010, an increase of more than 180 percent from the $15.7 million achieved
in 2009. As previously reported, 2009 results included $5.3 million of expenses related to
plant closings and start-ups, staff reductions and relocations, increased bad
debts, and obsolete inventory and
tooling, largely related to
the sharp decline in the RV industry. Operating profit in 2010 was impacted by
$3 million of excess production costs incurred in the second and third quarters
as a result of faster-than-anticipated increases in demand for certain products.
“We have added production capacity for these products, which enabled us to avoid
these excess production costs in the 2010 fourth quarter, and improve operating
efficiencies going forward,” added Mereness. “We will continue to invest in
plant and equipment as needed in the future, to help ensure we can maintain a
high level of production efficiencies throughout our
operations.”
Manufactured
Housing Products Segment
Drew
supplies the following components for manufactured homes:
|
•Vinyl and aluminum
windows and screens
|
•Steel
chassis
|
|
|
•Thermoformed bath and
kitchen products
|
•Steel chassis
parts
|
|
|
|
•Steel and fiberglass entry
doors
|
•Axles
|
|
•Aluminum and vinyl patio
doors
|
Drew’s
Manufactured Housing Segment reported operating profit of $1.3 million, on net
sales of nearly $20 million in the fourth quarter of 2010, compared to operating
profit of $1.4 million on net sales of more than $20 million in the comparable
period in 2009. The 2 percent decline in net sales by Drew’s Manufactured
Housing Segment was less than the 16 percent decline in industry-wide production
of manufactured homes for the quarter, as a result of growth in the Company’s
sales of manufactured housing entry doors, as well as an increase in its
after-market sales.
For the full year 2010, the Company’s Manufactured Housing Segment reported
operating profit of $9.6
million on net sales of $96 million, compared to operating profit of $3.2
million on net sales of $85 million in 2009. The 12 percent increase in segment
net sales exceeded the 1
percent increase in
industry-wide production levels in 2010, as a result of growth in the Company’s
sales of manufactured housing entry doors, as well as an increase in its
after-market sales. The $6.4 million increase in segment operating profit
resulted from cost reductions and improved efficiencies, as well as the increase
in net sales.
“While there have yet to be any significant signs of improvement in the manufactured housing industry,
we continue to achieve good
margins and return on assets in this segment,” said Zinn. “I continue to believe that once the overall housing market
begins to recover from its depressed state, the manufactured housing industry is
likely to benefit from increased consumer demand for more affordable
housing.”
Page 4 of
9
Balance
Sheet and Other
Items
Accounts receivable remain current, with
only 13 days sales outstanding at the end of the year. “Despite the $12 million
increase in inventory during 2010, we turned inventory 6.5 times in 2010,
compared to 4.8 turns in 2009,” said Giordano. “In addition to the $7.3 million
paid for the acquisition of Home-Style in January 2011, over the first few
months of 2011, we expect to use $10 million to $20 million of cash to fund
working capital growth as we head into the spring selling season. With no debt,
substantial available credit lines, solid cash flow, and anticipated cash
balances in excess of $15 million, after the Home-Style acquisition and seasonal
increases in working capital, we remain well-positioned to continue taking
advantage of growth opportunities.”
Goodwill and other intangible
assets increased by $7
million and $18 million,
respectively, in
2010, primarily as a result
of the four acquisitions
completed. The acquisition of Home-Style will add
approximately $4 million of goodwill and other intangible assets in 2011. The
$11 million increase in
other long-term liabilities in 2010 largely represents the estimated future
earn-outs related to the
2010
acquisitions.
Capital expenditures were $2.4 million
in the 2010 fourth quarter and $10.1 million for the full year. Depreciation
and amortization aggregated $4.4 million in the 2010 fourth quarter and
$17.1 million for the full
year. The Company has seven
owned facilities and vacant land, with an aggregate book value of $12 million, available for sale, of which four
facilities are currently leased to third parties. Preliminary estimates for
2011 are that capital expenditures will be $13
million to $15 million, and
that depreciation and amortization will be approximately $16
million.
Non-cash stock-based compensation was $1.4 million in the fourth quarter of 2010, and
$4.1 million for the full
year. Preliminary estimates are that stock-based compensation expense will be approximately $5 million to $6 million in 2011.
The effective tax rate for 2010 and the
fourth quarter was lower than in the prior year, primarily as a result of an
increase in the Federal domestic manufacturing credit, and the extension of the
R&D credit enacted late in the year. The Company expects the effective tax
rate for 2011 to be between 38 percent and 39 percent.
Conference
Call & Webcast
Drew will
provide an online, real-time webcast and rebroadcast of its fourth quarter and
year end 2010 earnings conference call on the Company’s website, www.drewindustries.com
on Tuesday, February 15, 2011 at 11:00 a.m. Eastern time. Individual investors
can also listen to the call at www.companyboardroom.com.
Institutional
investors can access the call via the password-protected event management site,
StreetEvents (www.streetevents.com).
A replay of the conference call will be available by telephone by dialing (888)
286-8010 and referencing access code 66633254. A replay will also be available
on Drew’s website.
Page 5 of
9
About
Drew
Drew,
through its wholly-owned subsidiaries, Lippert Components and Kinro, supplies a
broad array of components for RVs and manufactured homes, including windows,
doors, chassis, chassis parts, bath and shower units, axles, and upholstered
furniture. In addition, Drew manufactures slide-out mechanisms and leveling
devices for RVs, as well as trailers primarily for hauling boats. Currently,
from 26 factories located throughout the United States, Drew serves most major
national manufacturers of RVs and manufactured homes in an efficient and
cost-effective manner. Additional information about Drew and its products can be
found at www.drewindustries.com.
Forward-Looking
Statements
This
press release contains certain “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995 with respect to
financial condition, results of operations, business strategies, operating
efficiencies or synergies, competitive position, growth opportunities for
existing products, plans and objectives of management, markets for the Company’s
Common Stock and other matters. Statements in this press release that are not
historical facts are “forward-looking statements” for the purpose of the safe
harbor provided by Section 21E of the Securities Exchange Act of 1934 and
Section 27A of the Securities Act of 1933.
Forward-looking
statements, including, without limitation, those relating to our future business
prospects, revenues, expenses income (loss), cash flow, and financial condition,
whenever they occur in this press release are necessarily estimates reflecting
the best judgment of our senior management at the time such statements were
made, and involve a number of risks and uncertainties that could cause actual
results to differ materially from those suggested by forward-looking statements.
The Company does not undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the forward-looking statements
are made. You should consider forward-looking statements, therefore, in light of
various important factors, including those set forth in this press release, and
in our subsequent filings with the Securities and Exchange
Commission.
There are
a number of factors, many of which are beyond the Company’s control, which could
cause actual results and events to differ materially from those described in the
forward-looking statements. These factors include, in addition to other matters
described in this press release, pricing pressures due to domestic and foreign
competition, costs and availability of raw materials (particularly steel and
steel-based components, vinyl, aluminum, glass and ABS resin) and other
components, availability of credit for financing the retail and wholesale
purchase of manufactured homes and recreational vehicles, availability and costs
of labor, inventory levels of retail dealers and manufacturers, levels of
repossessed manufactured homes and RVs, the disposition into the market by the
Federal Emergency Management Agency (“FEMA”), by sale or otherwise, of RVs or
manufactured homes purchased by FEMA, changes in zoning regulations for
manufactured homes, sales declines in the RV or manufactured housing industries,
the financial condition of our customers, the financial condition of retail
dealers of RVs and manufactured homes, retention and concentration of
significant customers, interest rates, oil and gasoline prices, and the outcome
of litigation. In addition, national and regional economic conditions and
consumer confidence affect the retail sale of RVs and manufactured
homes.
###
Page 6 of
9
|
DREW
INDUSTRIES INCORPORATED
|
||||
|
OPERATING
RESULTS
|
||||
|
(unaudited)
|
|
Year
Ended
December 31,
|
Three
Months Ended
December 31,
|
|||||||||||||||
|
(In
thousands, except per share amounts)
|
2010
|
2009
|
2010
|
2009
|
||||||||||||
|
Net
sales
|
$ | 572,755 | $ | 397,839 | $ | 106,203 | $ | 104,591 | ||||||||
|
Cost
of
sales
|
446,585 | 319,129 | 83,118 | 80,234 | ||||||||||||
|
Gross
profit
|
126,170 | 78,710 | 23,085 | 24,357 | ||||||||||||
|
Selling,
general and administrative expenses
|
80,821 | 69,489 | 18,484 | 19,158 | ||||||||||||
|
Goodwill
impairment
|
- | 45,040 | - | - | ||||||||||||
|
Other
(income)
expense
|
(79 | ) | (238 | ) | - | 22 | ||||||||||
|
Operating profit
(loss)
|
45,428 | (35,581 | ) | 4,601 | 5,177 | |||||||||||
|
Interest
expense,
net
|
218 | 789 | 50 | 175 | ||||||||||||
|
Income (loss) before income
taxes
|
45,210 | (36,370 | ) | 4,551 | 5,002 | |||||||||||
|
Provision
(benefit) for income taxes
|
17,176 | (12,317 | ) | 1,419 | 2,098 | |||||||||||
|
Net income
(loss)
|
$ | 28,034 | $ | (24,053 | ) | $ | 3,132 | $ | 2,904 | |||||||
|
Net
income (loss) per common share:
|
||||||||||||||||
|
Basic
|
$ | 1.27 | $ | (1.10 | ) | $ | 0.14 | $ | 0.13 | |||||||
|
Diluted
|
$ | 1.26 | $ | (1.10 | ) | $ | 0.14 | $ | 0.13 | |||||||
|
Weighted
average common shares outstanding:
|
||||||||||||||||
|
Basic
|
22,123 | 21,807 | 22,140 | 22,058 | ||||||||||||
|
Diluted
|
22,266 | 21,807 | 22,276 | 22,204 | ||||||||||||
|
Depreciation
and
amortization
|
$ | 17,087 | $ | 18,468 | $ | 4,361 | $ | 4,131 | ||||||||
|
Capital
expenditures
|
$ | 10,148 | $ | 3,107 | $ | 2,442 | $ | 1,192 | ||||||||
|
SEGMENT
RESULTS
|
||||
|
(unaudited)
|
|
Year
Ended
December 31,
|
Three
Months Ended
December 31,
|
|||||||||||||||
|
(In
thousands)
|
2010
|
2009
|
2010
|
2009
|
||||||||||||
|
Net
sales:
|
||||||||||||||||
|
RV
Segment
|
$ | 477,202 | $ | 312,535 | $ | 86,524 | $ | 84,421 | ||||||||
|
MH
Segment
|
95,553 | 85,304 | 19,679 | 20,170 | ||||||||||||
|
Total
net
sales
|
$ | 572,755 | $ | 397,839 | $ | 106,203 | $ | 104,591 | ||||||||
|
Operating
profit (loss):
|
||||||||||||||||
|
RV
Segment
|
$ | 44,388 | $ | 15,660 | $ | 6,391 | $ | 6,170 | ||||||||
|
MH
Segment
|
9,590 | 3,216 | 1,349 | 1,407 | ||||||||||||
|
Total
segment operating
profit
|
53,978 | 18,876 | 7,740 | 7,577 | ||||||||||||
|
Corporate
|
(7,990 | ) | (6,542 | ) | (2,176 | ) | (1,612 | ) | ||||||||
|
Goodwill
impairment
|
- | (45,040 | ) | - | - | |||||||||||
|
Other
items
|
(560 | ) | (2,875 | ) | (963 | ) | (788 | ) | ||||||||
|
Total
operating profit
(loss)
|
$ | 45,428 | $ | (35,581 | ) | $ | 4,601 | $ | 5,177 | |||||||
Page 7 of
9
|
DREW
INDUSTRIES INCORPORATED
|
||
|
BALANCE
SHEET INFORMATION
|
||
|
(unaudited)
|
|
December 31,
|
||||||||
|
(In
thousands, except ratios)
|
2010
|
2009
|
||||||
|
Current
assets
|
||||||||
|
Cash
and cash
equivalents
|
$ | 38,880 | $ | 52,365 | ||||
|
Short-term
investments
|
4,999 | 12,995 | ||||||
|
Accounts
receivable, trade, less
allowance
|
12,890 | 12,541 | ||||||
|
Inventories
|
69,328 | 57,757 | ||||||
|
Prepaid
expenses and other current
assets
|
16,768 | 13,793 | ||||||
|
Total
current
assets
|
142,865 | 149,451 | ||||||
|
Fixed
assets,
net
|
79,848 | 80,276 | ||||||
|
Goodwill
|
7,497 | - | ||||||
|
Other
intangible assets,
net
|
57,419 | 39,171 | ||||||
|
Deferred
taxes
|
15,770 | 16,532 | ||||||
|
Other
assets
|
3,382 | 2,635 | ||||||
|
Total
assets
|
$ | 306,781 | $ | 288,065 | ||||
|
|
||||||||
|
Current
liabilities:
|
||||||||
|
Accounts
payable, trade, accrued expenses and other current
liabilities
|
45,074 | 35,707 | ||||||
|
Total
current
liabilities
|
45,074 | 35,707 | ||||||
|
Other
long-term
liabilities
|
18,248 | 8,243 | ||||||
|
Total
liabilities
|
63,322 | 43,950 | ||||||
|
Total
stockholders’
equity
|
243,459 | 244,115 | ||||||
|
Total
liabilities and stockholders’
equity
|
$ | 306,781 | $ | 288,065 | ||||
|
Current
ratio
|
3.2 | 4.2 | ||||||
|
Total
indebtedness to stockholders’
equity
|
- | - | ||||||
Page 8 of
9
|
DREW
INDUSTRIES INCORPORATED
|
||
|
SUMMARY
OF CASH FLOWS
|
||
|
(unaudited)
|
|
Year
Ended
December 31,
|
||||||||
|
(In
thousands)
|
2010
|
2009
|
||||||
|
Cash
flows from operating activities:
|
||||||||
|
Net
income (loss)
|
$ | 28,034 | $ | (24,053 | ) | |||
|
Adjustments
to reconcile net income (loss) to cash flows provided by
operating
activities:
|
||||||||
|
Depreciation
and amortization
|
17,087 | 18,468 |
|
|||||
|
Deferred
taxes
|
(1,438 | ) | (16,685 | ) | ||||
|
(Gain)
loss on disposal of fixed assets and other non-cash items
|
(613 | ) | 2,836 | |||||
|
Stock-based
compensation
expense
|
4,176 | 3,494 | ||||||
|
Goodwill
impairment
|
- | 45,040 | ||||||
|
Changes
in assets and liabilities, net of business acquisitions:
|
||||||||
|
Accounts
receivable, net
|
(341 | ) | (4,628 | ) | ||||
|
Inventories
|
(11,757 | ) | 37,505 | |||||
|
Prepaid
expenses and other assets
|
(951 | ) | 3,226 | |||||
|
Accounts
payable, accrued expenses and other liabilities
|
7,866 | (1,947 | ) | |||||
|
Net
cash flows provided by operating activities
|
42,063 | 63,256 | ||||||
|
Cash
flows from investing activities:
|
||||||||
|
Capital
expenditures
|
(10,148 | ) | (3,107 | ) | ||||
|
Acquisitions
of businesses
|
(21,900 | ) | (1,679 | ) | ||||
|
Proceeds
from sales of fixed assets
|
1,788 | 1,367 | ||||||
|
Purchases
of short-term investments
|
(20,985 | ) | (14,992 | ) | ||||
|
Proceeds
from maturities of short-term investments
|
29,000 | 2,000 | ||||||
|
Other
investing activities
|
(303 | ) | (34 | ) | ||||
|
Net cash flows used for
investing activities
|
(22,548 | ) | (16,445 | ) | ||||
|
Cash
flows from financing activities:
|
||||||||
|
Proceeds
from line of credit and other borrowings
|
- | 5,775 | ||||||
|
Repayments
under line of credit and other borrowings
|
- | (14,458 | ) | |||||
|
Exercise
of stock options and deferred stock units
|
1,082 | 5,562 | ||||||
|
Purchase
of treasury stock
|
(1,041 | ) | - | |||||
|
Payment
of special dividend
|
(33,032 | ) | - | |||||
|
Other
financing activities
|
(9 | ) | (17 | ) | ||||
|
Net cash flows used for
financing activities
|
(33,000 | ) | (3,138 | ) | ||||
|
Net
(decrease) increase in cash
|
(13,485 | ) | 43,673 | |||||
|
Cash
and cash equivalents at beginning of year
|
52,365 | 8,692 | ||||||
|
Cash
and cash equivalents at end of year
|
$ | 38,880 | $ | 52,365 | ||||
Page 9 of
9