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)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
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¨
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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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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
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Item 2.02
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Results of Operations and Financial Condition
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Item 9.01
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Financial Statements, Pro Forma Financial Information, and Exhibits
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(c)
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Exhibits
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99(a)
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Press Release dated July 13, 2011.
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UNIVERSAL FOREST PRODUCTS, INC.
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||
(Registrant)
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||
Dated: July 13, 2011
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By:
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/s/ Michael R. Cole
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Michael R. Cole, Chief Financial Officer and Treasurer
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Exhibit Number
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Document
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Press Release dated July 13, 2011.
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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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2011
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2010
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2011
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2010
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||||||||||||||||||||||||||||
NET SALES
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$ | 544,139 | 100 | % | $ | 638,635 | 100 | % | $ | 931,372 | 100 | % | $ | 1,031,593 | 100 | % | ||||||||||||||||
COST OF GOODS SOLD
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487,552 | 89.6 | 560,749 | 87.8 | 833,371 | 89.5 | 902,073 | 87.4 | ||||||||||||||||||||||||
GROSS PROFIT
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56,587 | 10.4 | 77,886 | 12.2 | 98,001 | 10.5 | 129,520 | 12.6 | ||||||||||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
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45,328 | 8.3 | 54,041 | 8.5 | 91,816 | 9.9 | 102,530 | 9.9 | ||||||||||||||||||||||||
NET LOSS ON DISPOSITION OF ASSETS, EARLY RETIREMENT, AND OTHER IMPAIRMENT AND EXIT CHARGES
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3,482 | 0.6 | 212 | - | 3,489 | 0.4 | 384 | - | ||||||||||||||||||||||||
EARNINGS FROM OPERATIONS
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7,777 | 1.4 | 23,633 | 3.7 | 2,696 | 0.3 | 26,606 | 2.6 | ||||||||||||||||||||||||
INTEREST, NET
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797 | 0.1 | 833 | 0.1 | 1,432 | 0.2 | 1,599 | 0.2 | ||||||||||||||||||||||||
EARNINGS BEFORE INCOME TAXES
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6,980 | 1.3 | 22,800 | 3.6 | 1,264 | 0.1 | 25,007 | 2.4 | ||||||||||||||||||||||||
INCOME TAXES
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2,502 | 0.5 | 8,332 | 1.3 | 215 | - | 8,819 | 0.9 | ||||||||||||||||||||||||
NET EARNINGS
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4,478 | 0.8 | 14,468 | 2.3 | 1,049 | 0.1 | 16,188 | 1.6 | ||||||||||||||||||||||||
LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST
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(201 | ) | - | (752 | ) | (0.1 | ) | (442 | ) | - | (1,485 | ) | (0.1 | ) | ||||||||||||||||||
NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST
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$ | 4,277 | $ | 13,716 | $ | 607 | $ | 14,703 | ||||||||||||||||||||||||
EARNINGS PER SHARE - BASIC
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$ | 0.22 | $ | 0.71 | $ | 0.03 | $ | 0.76 | ||||||||||||||||||||||||
EARNINGS PER SHARE - DILUTED
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$ | 0.22 | $ | 0.70 | $ | 0.03 | $ | 0.75 | ||||||||||||||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING
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19,413 | 19,259 | 19,360 | 19,258 | ||||||||||||||||||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING WITH COMMON STOCK EQUIVALENTS
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19,546 | 19,531 | 19,513 | 19,524 | ||||||||||||||||||||||||||||
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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2011 |
%
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2010 |
%
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2011 |
%
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2010 |
%
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||||||||||||||||||||||||
Retail Building Materials
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$ | 287,528 | 51 | % | $ | 353,060 | 54 | % | $ | 462,809 | 48 | % | $ | 540,086 | 51 | % | ||||||||||||||||
Residential Construction
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56,655 | 10 | % | 67,035 | 10 | % | 104,486 | 11 | % | 120,739 | 12 | % | ||||||||||||||||||||
Commercial Construction and Concrete Forming
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20,841 | 4 | % | 16,914 | 3 | % | 35,270 | 4 | % | 31,302 | 3 | % | ||||||||||||||||||||
Industrial
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126,541 | 23 | % | 129,073 | 20 | % | 236,186 | 25 | % | 224,665 | 21 | % | ||||||||||||||||||||
Manufactured Housing and Recreation Vehicles
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64,597 | 12 | % | 82,831 | 13 | % | 111,633 | 12 | % | 131,766 | 13 | % | ||||||||||||||||||||
Total Gross Sales
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556,162 | 100 | % | 648,913 | 100 | % | 950,384 | 100 | % | 1,048,558 | 100 | % | ||||||||||||||||||||
Sales Allowances
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(12,023 | ) | (10,278 | ) | (19,012 | ) | (16,965 | ) | ||||||||||||||||||||||||
Total Net Sales
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$ | 544,139 | $ | 638,635 | $ | 931,372 | $ | 1,031,593 |
(In thousands)
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|||||||||||||||||
ASSETS
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2011
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2010
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LIABILITIES AND EQUITY
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2011
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2010
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||||||||||||
CURRENT ASSETS
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CURRENT LIABILITIES
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||||||||||||||||
Cash and cash equivalents
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$ | - | $ | 695 |
Cash overdraft
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$ | 8,671 | $ | - | ||||||||
Accounts receivable
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204,220 | 229,199 |
Accounts payable
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76,521 | 83,467 | ||||||||||||
Inventories
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204,590 | 191,569 |
Accrued liabilities
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55,314 | 77,957 | ||||||||||||
Assets held for sale
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5,082 | - | |||||||||||||||
Other current assets
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20,333 | 18,110 |
Current portion of long-term debt and capital leases
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23,772 | 692 | ||||||||||||
TOTAL CURRENT ASSETS
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434,225 | 439,573 | |||||||||||||||
TOTAL CURRENT LIABILITIES
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164,278 | 162,116 | |||||||||||||||
OTHER ASSETS
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11,453 | 5,300 | |||||||||||||||
INTANGIBLE ASSETS, NET
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170,178 | 172,065 | |||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, NET
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216,997 | 226,426 |
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion
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52,200 | 67,932 | ||||||||||||
OTHER LIABILITIES
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35,518 | 33,468 | |||||||||||||||
EQUITY
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580,857 | 579,848 | |||||||||||||||
TOTAL ASSETS
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$ | 832,853 | $ | 843,364 |
TOTAL LIABILITIES AND EQUITY
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$ | 832,853 | $ | 843,364 |
(In thousands)
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2011
|
2010
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||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
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||||||||
Net earnings attributable to controlling interest
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$ | 607 | $ | 14,703 | ||||
Adjustments to reconcile net earnings attributable to controlling interest to net cash from operating activities:
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||||||||
Depreciation
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14,452 | 15,199 | ||||||
Amortization of intangibles
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2,873 | 3,590 | ||||||
Expense associated with share-based compensation arrangements
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1,013 | 1,078 | ||||||
Excess tax benefits from share-based compensation arrangements
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(120 | ) | (265 | ) | ||||
Expense associated with stock grant plans
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150 | 117 | ||||||
Deferred income tax credit
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(87 | ) | (195 | ) | ||||
Net earnings attributable to noncontrolling interest
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442 | 1,485 | ||||||
Net loss on sale or impairment of assets
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21 | 118 | ||||||
Changes in:
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||||||||
Accounts receivable
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(77,166 | ) | (120,961 | ) | ||||
Inventories
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(13,865 | ) | (26,175 | ) | ||||
Accounts payable
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16,927 | 33,706 | ||||||
Accrued liabilities and other
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(3,158 | ) | 21,627 | |||||
NET CASH FROM OPERATING ACTIVITIES
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(57,911 | ) | (55,973 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES:
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||||||||
Purchase of property, plant, and equipment
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(12,159 | ) | (11,551 | ) | ||||
Acquisitions, net of cash received
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- | (5,834 | ) | |||||
Proceeds from sale of property, plant and equipment
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1,197 | 382 | ||||||
Purchase of product technology
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(77 | ) | - | |||||
Advances of notes receivable
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- | (1,000 | ) | |||||
Collections of notes receivable
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294 | 103 | ||||||
Other, net
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19 | 21 | ||||||
NET CASH FROM INVESTING ACTIVITIES
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(10,726 | ) | (17,879 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
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||||||||
Net borrowings under revolving credit facilities
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20,931 | 15,000 | ||||||
Repayment of long-term debt
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(272 | ) | (255 | ) | ||||
Proceeds from issuance of common stock
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575 | 1,331 | ||||||
Purchase of additional noncontrolling interest
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(100 | ) | (1,227 | ) | ||||
Distributions to noncontrolling interest
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(835 | ) | (472 | ) | ||||
Capital contribution from noncontrolling interest
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80 | - | ||||||
Dividends paid to shareholders
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(3,905 | ) | (3,871 | ) | ||||
Repurchase of common stock
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- | (3,648 | ) | |||||
Excess tax benefits from share-based compensation arrangements
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120 | 265 | ||||||
Other, net
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9 | 14 | ||||||
NET CASH FROM FINANCING ACTIVITIES
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16,603 | 7,137 | ||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
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(52,034 | ) | (66,715 | ) | ||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
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43,363 | 67,410 | ||||||
CASH (OVERDRAFT) AND CASH EQUIVALENTS, END OF PERIOD
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$ | (8,671 | ) | $ | 695 | |||
SUPPLEMENTAL INFORMATION:
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||||||||
Cash paid during the period for:
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||||||||
Interest
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$ | 1,820 | $ | 1,777 | ||||
Income taxes
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2,964 | (8,470 | ) |