Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 15, 2009
Universal Forest Products, Inc.
(Exact name of registrant as specified in its charter)
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Michigan
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0-22684
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38-1465835 |
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.) |
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2801 East Beltline, NE
Grand Rapids, Michigan
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49525 |
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(Address of principal executive offices)
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(Zip Code) |
Registrants telephone number, including area code: (616) 364-6161
None
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition
On July 15, 2009, the Registrant issued a press release announcing its financial
results for the quarter ended June 27, 2009. A copy of the Registrants press
release is attached as Exhibit 99(a) to this Current Report.
Item 9.01 Financial Statements, Pro Forma Financial Information, and Exhibits
(c) Exhibits
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99 |
(a) |
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Press Release dated July 15, 2009. |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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UNIVERSAL FOREST PRODUCTS, INC.
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(Registrant)
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Dated: July 15, 2009 |
By: |
/s/ Michael R. Cole
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Michael R. Cole, Chief Financial Officer |
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and Treasurer |
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EXHIBIT INDEX
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Exhibit Number |
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Document |
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99 |
(a) |
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Press Release dated July 15, 2009. |
4
Exhibit 99(a)
Exhibit 99(a)
news release
AT THE COMPANY
Lynn Afendoulis
Director, Corporate Communications
(616) 365-1502
FOR IMMEDIATE RELEASE
WEDNESDAY, July 15, 2009
Universal Forest Products, Inc. reports 2nd quarter EPS of $0.83, up 36% over 2008
- Posts increase in net earnings despite drop in sales -
- - Strong cash flow allows company to reduce its debt to $55.5 million and
build available cash to nearly $33 million -
GRAND RAPIDS, Mich., July 15, 2009 Universal Forest Products, Inc. (Nasdaq: UFPI) today
announced second-quarter 2009 results, including net earnings of $16.1 million, which compares to
net earnings of $11.7 million for the same period last year. Diluted earnings per share for the
second quarter were $0.83, up from $0.61 for the same period last year. Net sales for the second
quarter were $514.9 million, down from $708.5 million for the same period of 2008, reflecting a
continued weak economy and a soft lumber market.
The Companys balance sheet reflects a significant improvement in its debt. At the end of June
2008, the Company had debt and amounts outstanding under its sale of receivables agreement
totaling $228 million. Strong cash flow, resulting from its efforts to manage its inventory and
receivables and to continuously improve operations and reduce costs, allowed the Company to report
total debt of $55.5 million and available cash of $32.6 million at the end of June 2009. Improved
purchasing practices, lower fuel costs, and improved labor and overhead costs as a result of
earlier decisions to consolidate and right-size operations are among the factors that helped to
enhance profitability.
We are pleased that our strategies coupled with the often-difficult decisions we made in recent
years to size our operations to our business are paying off, said CEO Michael B. Glenn. We
believe that our shareholders will be pleased with the state of our balance sheet and our ability
to generate strong cash flow that allowed us to nearly erase our debt. The fundamentals of our
company remain strong and we are well-positioned to take advantage of opportunities that arise in
the marketplace.
more
UNIVERSAL FOREST PRODUCTS, INC.
PAGE 2
The Companys sales in all four markets continue to be negatively affected by weak demand, as well
as depressed lumber prices. The year-to-date composite lumber price was 22% lower for the second
quarter 2009 than the same period last year. By market, Universal posted the following gross sales results
for the second quarter:
Do-It-Yourself/retail: $291.5 million, a decrease of 13.5% from the same period of 2008. The
Company picked up market share by adding new products and gaining additional customer locations.
While this market is expected to remain weak through 2009, the long-term outlook is favorable and
forecasts call for growth beginning in 2010. The Company remains a strong and critical supplier of
lumber products to big-box and independent retailers. It is confident that significant
opportunities exist for growth and profitability for its consumer products, including lawn and
garden products and wood-alternative decking and railing products.
Industrial packaging/components: $131.3 million, a decrease of 23.8% from 2008. These results
reflect a continued decline in demand for packaging, due to the weak economy. The Company believes
the opportunity remains strong as it continues to consolidate this fragmented market, add new
customers and products, and grow its reach in concrete forming. The industrial market provides
opportunities for Universal to leverage its engineering, production and logistics capabilities and
its national footprint to become the supplier of choice for industrial packaging and concrete
forming products.
Site-built construction: $60.8 million, a decrease of 54.0% from the same period of 2008. Total
housing starts declined 50% for the first five months of 2009 compared to the first five months of
2008. April 2009 starts were down 54% from April 2008; May 2009 housing starts were down 44% from
May 2008, the most recent statistics available. Price pressure continues to be an impediment to
significant market share gains. The Company remains focused on growing its status as a preferred
supplier, given its strong financial position in an arena where many suppliers are facing financial
difficulties, and on providing best-of-class products and service to its customers.
Manufactured housing: $44.7 million, a decrease of 46.9% from 2008. These results reflect a nearly
46% decrease in HUD-code shipments for the first five months of 2009 compared to the first five
months of 2008, as well as a decrease in shipments of more than 46% in April 2009 from April 2008,
and a 45% decrease in May 2009 from May 2008, the most recent statistics available. Universal
believes improved financing opportunities and a recovering housing market will lead to improved
sales results in this market.
Our people worked hard to allow us to be profitable in the worst recession and market conditions
in our history, Glenn added. Im proud of our accomplishments. While we still have a rough road
ahead of us, I look forward to the eventual return of the economy, which will allow us to unleash
the full power of our company, people and strategies.
more
UNIVERSAL FOREST PRODUCTS, INC.
PAGE 3
OUTLOOK
The Company expects the current challenging conditions to prevail through 2009; however, its strong
financial position, solid business model and diverse business opportunities position it better than
most to endure challenging times. The Company believes that current economic conditions and
uncertainties limit its ability to provide meaningful guidance for ranges of likely financial
performance and has chosen to cease the practice of providing guidance for the foreseeable future.
CONFERENCE CALL
Universal Forest Products will conduct a conference call to discuss information included in this
news release and related matters at 8:30 a.m. ET on Thursday, July 16, 2009. The call will be
hosted by Executive Chairman William G. Currie, CEO Michael B. Glenn and CFO Michael Cole, and will
be available for analysts and institutional investors domestically at (800) 561-2693 or
internationally at (617) 614-3523. Use conference pass code 52787605. The conference call will be
available simultaneously and in its entirety to all interested investors and news media through a
webcast at http://www.ufpi.com. A replay of the call will be available through Saturday, Aug. 15,
2009, domestically at (888) 286-8010 and internationally at (617) 801-6888. Use replay pass code
36010173.
UNIVERSAL FOREST PRODUCTS, INC.
Universal Forest Products, Inc. is a holding company that provides capital, management and
administrative resources to subsidiaries that design, manufacture and market wood and
wood-alternative products for DIY/retail home centers and other retailers, structural lumber
products for the manufactured housing industry, engineered wood components for the site-built
construction market, and specialty wood packaging and components for various industries. The
Companys consumer products subsidiary offers a large portfolio of outdoor living products,
including wood composite decking, decorative balusters, post caps and plastic lattice, and its
garden group offers an array of products, such as trellises and arches, to retailers nationwide.
Universals subsidiaries also provide framing services for the site-built market and forming
products for concrete construction. The 54-year-old company is headquartered in Grand Rapids,
Mich., with facilities throughout North America. For more about Universal Forest Products, go to
www.ufpi.com.
Please be aware that: Any statements included in this press release that are not historical facts
are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended. Such forward-looking statements are based on the beliefs of the Companys
management as well as on assumptions made by, and information currently available to, the Company
at the time such statements were made. The Company does not undertake to update forward-looking
statements to reflect facts, circumstances, assumptions or events that occur after the date the
forward-looking statements are made. Actual results could differ materially from those included in
such forward-looking statements. Investors are cautioned that all forward-looking statements
involve risks and uncertainty. Among the factors that could cause actual results to differ
materially from forward-looking statements are the following: adverse lumber market trends,
competitive activity, negative economic trends, government regulations and weather. Certain of
these risk factors and additional information are included in the Companys reports on Form 10-K
and 10-Q on file with the Securities and Exchange Commission.
# # #
UNIVERSAL FOREST PRODUCTS, INC.
PAGE 4
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
FOR THE SIX MONTHS ENDED
JUNE 2009/2008
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Quarter Period |
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Year to Date |
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(In thousands, except per share data) |
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2009 |
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2008 |
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2009 |
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2008 |
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NET SALES |
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$ |
514,945 |
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100 |
% |
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$ |
708,485 |
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100 |
% |
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$ |
876,667 |
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100 |
% |
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$ |
1,197,997 |
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100 |
% |
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COST OF GOODS SOLD |
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432,460 |
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84.0 |
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623,607 |
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88.0 |
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747,361 |
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85.3 |
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1,058,299 |
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88.3 |
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GROSS PROFIT |
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82,485 |
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16.0 |
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84,878 |
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12.0 |
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129,306 |
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14.7 |
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139,698 |
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11.7 |
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SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES |
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56,020 |
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10.9 |
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61,712 |
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8.7 |
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105,112 |
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12.0 |
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120,256 |
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10.0 |
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NET (GAIN) LOSS ON DISPOSITION OF ASSETS
AND OTHER IMPAIRMENT AND EXIT CHARGES |
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(716 |
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(0.1 |
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408 |
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0.1 |
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(1,852 |
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(0.2 |
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1,215 |
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0.1 |
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EARNINGS FROM OPERATIONS |
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27,181 |
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5.3 |
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22,758 |
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3.2 |
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26,046 |
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3.0 |
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18,227 |
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1.5 |
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Interest expense |
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1,429 |
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0.3 |
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3,290 |
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0.5 |
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2,503 |
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0.3 |
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6,884 |
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0.6 |
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Interest income |
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(96 |
) |
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(179 |
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(179 |
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(552 |
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1,333 |
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0.3 |
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3,111 |
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0.4 |
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2,324 |
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0.3 |
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6,332 |
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0.5 |
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EARNINGS BEFORE INCOME TAXES |
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25,848 |
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5.0 |
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19,647 |
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2.8 |
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23,722 |
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2.7 |
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11,895 |
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1.0 |
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INCOME TAXES |
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9,393 |
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1.8 |
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7,470 |
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1.1 |
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8,430 |
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1.0 |
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4,120 |
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0.3 |
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NET EARNINGS |
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16,455 |
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3.2 |
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12,177 |
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1.7 |
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15,292 |
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1.7 |
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7,775 |
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0.6 |
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LESS NET EARNINGS ATTRIBUTABLE TO
NONCONTROLLING INTEREST |
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(367 |
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(0.1 |
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(514 |
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(0.1 |
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(411 |
) |
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(688 |
) |
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(0.1 |
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NET EARNINGS ATTRIBUTABLE TO
CONTROLLING INTEREST |
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$ |
16,088 |
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3.1 |
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$ |
11,663 |
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1.6 |
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$ |
14,881 |
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1.7 |
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$ |
7,087 |
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0.6 |
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EARNINGS PER SHARE BASIC |
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$ |
0.84 |
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$ |
0.61 |
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$ |
0.77 |
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$ |
0.37 |
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EARNINGS PER SHARE DILUTED |
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$ |
0.83 |
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$ |
0.61 |
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$ |
0.77 |
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$ |
0.37 |
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WEIGHTED AVERAGE SHARES OUTSTANDING |
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19,241 |
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19,048 |
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19,213 |
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19,022 |
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WEIGHTED AVERAGE SHARES OUTSTANDING
WITH COMMON STOCK EQUIVALENTS |
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19,459 |
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19,267 |
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19,370 |
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19,224 |
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SUPPLEMENTAL SALES DATA
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Quarter Period |
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Year to Date |
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Market Classification |
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2009 |
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% |
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2008 |
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% |
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2009 |
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% |
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2008 |
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% |
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Do-It-Yourself/Retail |
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$ |
291,540 |
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55 |
% |
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$ |
337,061 |
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46 |
% |
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$ |
459,674 |
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51 |
% |
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$ |
512,520 |
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42 |
% |
Site-Built Construction |
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60,830 |
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12 |
% |
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|
132,085 |
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|
18 |
% |
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|
121,595 |
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14 |
% |
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239,093 |
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20 |
% |
Industrial |
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131,281 |
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25 |
% |
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172,285 |
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|
|
24 |
% |
|
|
234,940 |
|
|
|
26 |
% |
|
|
311,893 |
|
|
|
25 |
% |
Manufactured Housing |
|
|
44,668 |
|
|
|
8 |
% |
|
|
84,167 |
|
|
|
12 |
% |
|
|
81,218 |
|
|
|
9 |
% |
|
|
160,609 |
|
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gross Sales |
|
|
528,319 |
|
|
|
100 |
% |
|
|
725,598 |
|
|
|
100 |
% |
|
|
897,427 |
|
|
|
100 |
% |
|
|
1,224,115 |
|
|
|
100 |
% |
Sales Allowances |
|
|
(13,374 |
) |
|
|
|
|
|
|
(17,113 |
) |
|
|
|
|
|
|
(20,760 |
) |
|
|
|
|
|
|
(26,118 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales |
|
$ |
514,945 |
|
|
|
|
|
|
$ |
708,485 |
|
|
|
|
|
|
$ |
876,667 |
|
|
|
|
|
|
$ |
1,197,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNIVERSAL FOREST PRODUCTS, INC.
PAGE 5
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
JUNE 2009/2008
|
|
|
|
|
|
|
|
|
(In thousands) |
|
2009 |
|
|
2008 |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
32,633 |
|
|
$ |
32,483 |
|
Accounts receivable |
|
|
197,901 |
|
|
|
227,963 |
|
Inventories |
|
|
165,490 |
|
|
|
222,937 |
|
Assets held for sale |
|
|
3,057 |
|
|
|
10,334 |
|
Other current assets |
|
|
19,728 |
|
|
|
34,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
|
|
418,809 |
|
|
|
528,545 |
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS |
|
|
3,456 |
|
|
|
7,657 |
|
INTANGIBLE ASSETS, NET |
|
|
177,703 |
|
|
|
186,664 |
|
PROPERTY, PLANT
AND EQUIPMENT, NET |
|
|
235,509 |
|
|
|
263,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
835,477 |
|
|
$ |
986,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
98,805 |
|
|
$ |
122,345 |
|
Accrued liabilities |
|
|
85,459 |
|
|
|
89,093 |
|
Current portion of long-term
debt and capital leases |
|
|
396 |
|
|
|
945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES |
|
|
184,660 |
|
|
|
212,383 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM DEBT AND
CAPITAL LEASE OBLIGATIONS,
less current portion |
|
|
55,108 |
|
|
|
177,063 |
|
OTHER LIABILITIES |
|
|
32,512 |
|
|
|
42,237 |
|
EQUITY |
|
|
563,197 |
|
|
|
554,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
835,477 |
|
|
$ |
986,501 |
|
|
|
|
|
|
|
|
UNIVERSAL FOREST PRODUCTS, INC.
PAGE 6
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED
JUNE 2009/2008
|
|
|
|
|
|
|
|
|
(In thousands) |
|
2009 |
|
|
2008 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net earnings attributable to controlling interest |
|
$ |
14,881 |
|
|
$ |
7,087 |
|
Adjustments to reconcile net earnings to net cash
from operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
16,510 |
|
|
|
19,331 |
|
Amortization of intangibles |
|
|
4,520 |
|
|
|
4,778 |
|
Expense associated with share-based compensation arrangements |
|
|
1,089 |
|
|
|
564 |
|
Expense associated with stock grant plans |
|
|
89 |
|
|
|
85 |
|
Deferred income taxes |
|
|
195 |
|
|
|
(212 |
) |
Net earnings attributable to noncontrolling interest |
|
|
411 |
|
|
|
687 |
|
Net (gain) loss on sale or impairment of property, plant and equipment |
|
|
(2,457 |
) |
|
|
573 |
|
Changes in: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(59,701 |
) |
|
|
(83,169 |
) |
Inventories |
|
|
27,980 |
|
|
|
16,043 |
|
Accounts payable |
|
|
35,576 |
|
|
|
37,659 |
|
Accrued liabilities and other |
|
|
23,798 |
|
|
|
22,171 |
|
Excess tax benefits from share-based compensation arrangements |
|
|
(211 |
) |
|
|
(42 |
) |
|
|
|
|
|
|
|
NET CASH FROM OPERATING ACTIVITIES |
|
|
62,680 |
|
|
|
25,555 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchase of property, plant, and equipment |
|
|
(7,279 |
) |
|
|
(10,469 |
) |
Acquisitions, net of cash received |
|
|
|
|
|
|
(23,338 |
) |
Proceeds from sale of property, plant and equipment |
|
|
10,241 |
|
|
|
26,827 |
|
Collection of notes receivable |
|
|
68 |
|
|
|
448 |
|
Advances of notes receivable |
|
|
(14 |
) |
|
|
(997 |
) |
Insurance proceeds |
|
|
1,023 |
|
|
|
|
|
Other, net |
|
|
11 |
|
|
|
(97 |
) |
|
|
|
|
|
|
|
NET CASH FROM INVESTING ACTIVITIES |
|
|
4,050 |
|
|
|
(7,626 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net repayments under revolving credit facilities |
|
|
(30,257 |
) |
|
|
(28,295 |
) |
Repayment of long-term debt |
|
|
(16,213 |
) |
|
|
(492 |
) |
Borrowings of long-term debt |
|
|
800 |
|
|
|
|
|
Proceeds from issuance of common stock |
|
|
1,178 |
|
|
|
805 |
|
Additional 5% purchase of Shawnlee |
|
|
(1,770 |
) |
|
|
|
|
Distributions to noncontrolling interest |
|
|
(170 |
) |
|
|
(378 |
) |
Investment received from minority shareholder |
|
|
|
|
|
|
419 |
|
Dividends paid to shareholders |
|
|
(1,158 |
) |
|
|
(1,139 |
) |
Excess tax benefits from share-based compensation arrangements |
|
|
211 |
|
|
|
42 |
|
Other, net |
|
|
(55 |
) |
|
|
(13 |
) |
|
|
|
|
|
|
|
NET CASH FROM FINANCING ACTIVITIES |
|
|
(47,434 |
) |
|
|
(29,051 |
) |
|
|
|
|
|
|
|
|
|
NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
|
19,296 |
|
|
|
(11,122 |
) |
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
|
13,337 |
|
|
|
43,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
32,633 |
|
|
$ |
32,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION: |
|
|
|
|
|
|
|
|
Interest paid |
|
|
2,790 |
|
|
|
6,977 |
|
Income taxes refunded |
|
|
(6,050 |
) |
|
|
(10,330 |
) |