Filed by Bowne Pure Compliance
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): April 16, 2008
Universal Forest Products,
Inc.
(Exact name of registrant as
specified in its charter)
| |
|
|
|
|
| Michigan |
|
0-22684 |
|
38-1465835 |
| (State or other Jurisdiction of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
| |
|
|
2801 East Beltline,
NE
Grand Rapids, Michigan
|
|
49525 |
| (Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s 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:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
1
| Item 2.02 |
|
Results of Operations and Financial
Condition
|
On April 16,
2008, the Registrant issued a press release announcing its financial results
for the quarter ended March 29, 2008. A copy of the Registrant’s
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
| |
|
|
|
99(a)
|
|
Press Release dated April 16, 2008. |
2
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.
UNIVERSAL FOREST
PRODUCTS, INC.
(Registrant)
Dated: April 16, 2008
By: /s/ Michael R.
Cole
Michael R. Cole, Chief Financial
Officer
and Treasurer
3
3
EXHIBIT INDEX
| |
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|
|
Exhibit Number
|
|
Document |
|
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|
|
|
99(a)
|
|
Press Release dated April 16, 2008. |
4
4
Filed by Bowne Pure Compliance
Exhibit 99(a)
news release
AT THE COMPANY
Lynn Afendoulis
Director, Corporate Communications
(616) 365-1502
FOR IMMEDIATE RELEASE
WEDNESDAY, APRIL 16, 2008
Universal Forest Products, Inc. reports 1st quarter sales and earnings decline
Results reflect weak economy, continued drop in housing starts, and lumber prices near 17-year lows
Company strongly positioned for future; continues to hold or grow share in its markets
GRAND RAPIDS, Mich., April 16, 2008 Universal Forest Products, Inc. (Nasdaq: UFPI) today
announced its first quarter results, including net sales of $489.5 million, down from $549.0
million for the first quarter of 2007. The Company lost $4.6 million in the quarter, compared to net
earnings of $3.9 million for the same period last year. The results reflect the continued decline in the
housing market, a depressed lumber market and weak consumer spending.
Certainly, were disappointed with these results, but we also recognize that our performance was
affected by challenging conditions in our economy and markets, said President and CEO Michael B.
Glenn. The results also reflect adverse weather conditions that extended into March this year.
Glenn added that, historically, extended adverse winter weather has pushed demand for the Companys
products into the second quarter.
Were focused on things we can control, such as diversification in our business, ensuring our
organization is sized to our business opportunities, growing market share, and creating positive,
lasting change through continuous improvement, Glenn said. Our balance sheet is strong, we have a
dynamic business model and, thanks to the hard work of fiercely determined employees, were
strongly positioned in our markets today and poised for growth when the strength of the economy and
our markets returns.
more
Universal Forest Products, Inc.
Page 2
Also impacting results was a lumber market that traded near 17-year lows in the quarter, with an
average composite price 15% lower than the same period of 2007 (which was 24% lower than the
previous year). Lumber prices affect the Companys selling prices.
By market, Universal posted the following gross sales results for the first quarter:
Do-It-Yourself/retail: $172.6 million, a decrease of 11.7% from the same period of 2007. Consumer
spending on home improvement remains weak. While the Company anticipates that this market will
remain soft throughout 2008, it expects to maintain strong market share driven, in part, by its
vast portfolio of consumer products and lumber products that make Universal a preferred supplier to
its nationwide customer base.
Industrial packaging/components: $140.7 million, an increase of 5.1% over 2007. This robust market
remains a bright spot as unit sales for the quarter increased 12%. Universal expects continued
growth for the year in the industrial business, as a result of market share gains. The Company also
expects to grow its concrete forming business, which it launched in the second quarter of 2007.
Site-built construction: $108.9 million, a decrease of 21.3% from the same period of 2007. These
results are in view of a 39% decline in single-family housing starts year-to-date, March 2008 from
March 2007. However, multifamily construction starts and non-residential construction grew in the
quarter, confirming the Companys strategy to focus on growth in those areas in order to further
balance its business in this market. The Company believes its efforts will drive modest share gains
in this market in 2008.
Manufactured housing: $76.3 million, a decrease of 14.2% from 2007. While HUD-code home sales saw a
slight increase, sales in modular home construction declined. For 2008, Universal expects to
maintain its leading market share in manufactured housing, and believes passage of a lending reform
package would have a positive impact on this market.
The Companys overall profitability in the quarter was affected by a decline in unit sales as well
as ongoing, intense price pressure that negatively impacted margins, particularly on sales to the
site-built construction market.
OUTLOOK
In February, the Company announced the following 2008 targets based on a number of assumptions
about markets and economic conditions: net sales of between $2.45 billion and $2.55 billion, and
net earnings of between $22 million and $27 million. The Company considers and re-evaluates its
targets and assumptions following the end of each quarter in relation to the current business climate,
prevailing market conditions, and other relevant factors. Following such a review in the first
quarter, the Company did not change its annual targets.
more
Universal Forest Products, Inc.
Page 3
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, April 17, 2008. The call will be
hosted by Executive Chairman William G. Currie, President and CEO Michael B. Glenn, and CFO Michael
Cole, and will be available for analysts and institutional investors domestically at (800) 901-5218 or
internationally at (617) 786-4511. Use conference pass code #13564307. The conference call will be
available simultaneously and in its entirety to all interested investors and news media through a
Web cast at http://www.ufpi.com. A replay of the call will be available through Friday, May 16,
2008, domestically at (888) 286-8010 and internationally at (617) 801-6888. Use replay pass code number 84550711.
UNIVERSAL FOREST PRODUCTS
Headquartered in Grand Rapids, MI, with approximately 100 facilities throughout North America,
Universal Forest Products engineers, manufactures and markets wood and wood-alternative products
for DIY/ retail home centers, 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 Company also provides framing services for the
site-built market, and wood forms for concrete construction. For 2007, the Company reported sales
of more than $2.5 billion. For information about Universal Forest Products, visit 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 THREE MONTHS ENDED
MARCH 2008/2007
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| |
|
Quarter Period |
|
|
Year to Date |
|
| (In thousands, except per share data) |
|
2008 |
|
|
|
|
|
|
2007 |
|
|
|
|
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|
2008 |
|
|
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|
2007 |
|
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NET SALES |
|
$ |
489,512 |
|
|
|
100 |
% |
|
$ |
549,038 |
|
|
|
100 |
% |
|
$ |
489,512 |
|
|
|
100 |
% |
|
$ |
549,038 |
|
|
|
100 |
% |
|
|
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|
|
|
|
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|
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|
|
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|
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|
|
|
|
|
|
|
COST OF GOODS SOLD |
|
|
434,692 |
|
|
|
88.8 |
|
|
|
475,518 |
|
|
|
86.6 |
|
|
|
434,692 |
|
|
|
88.8 |
|
|
|
475,518 |
|
|
|
86.6 |
|
|
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|
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|
|
|
|
|
|
GROSS PROFIT |
|
|
54,820 |
|
|
|
11.2 |
|
|
|
73,520 |
|
|
|
13.4 |
|
|
|
54,820 |
|
|
|
11.2 |
|
|
|
73,520 |
|
|
|
13.4 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
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|
|
|
|
|
|
|
|
|
|
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES |
|
|
59,351 |
|
|
|
12.1 |
|
|
|
63,458 |
|
|
|
11.6 |
|
|
|
59,351 |
|
|
|
12.1 |
|
|
|
63,458 |
|
|
|
11.6 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
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|
|
|
|
|
|
|
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|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS (LOSS) FROM OPERATIONS |
|
|
(4,531 |
) |
|
|
(0.9 |
) |
|
|
10,062 |
|
|
|
1.8 |
|
|
|
(4,531 |
) |
|
|
(0.9 |
) |
|
|
10,062 |
|
|
|
1.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
3,594 |
|
|
|
0.7 |
|
|
|
4,324 |
|
|
|
0.8 |
|
|
|
3,594 |
|
|
|
0.7 |
|
|
|
4,324 |
|
|
|
0.8 |
|
Interest income |
|
|
(373 |
) |
|
|
(0.1 |
) |
|
|
(582 |
) |
|
|
(0.1 |
) |
|
|
(373 |
) |
|
|
(0.1 |
) |
|
|
(582 |
) |
|
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,221 |
|
|
|
0.7 |
|
|
|
3,742 |
|
|
|
0.7 |
|
|
|
3,221 |
|
|
|
0.7 |
|
|
|
3,742 |
|
|
|
0.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
EARNINGS (LOSS) BEFORE INCOME TAXES
AND MINORITY INTEREST |
|
|
(7,752 |
) |
|
|
(1.6 |
) |
|
|
6,320 |
|
|
|
1.2 |
|
|
|
(7,752 |
) |
|
|
(1.6 |
) |
|
|
6,320 |
|
|
|
1.2 |
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
|
|
|
|
|
INCOME TAXES |
|
|
(3,350 |
) |
|
|
(0.7 |
) |
|
|
2,068 |
|
|
|
0.4 |
|
|
|
(3,350 |
) |
|
|
(0.7 |
) |
|
|
2,068 |
|
|
|
0.4 |
|
|
|
|
|
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|
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|
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|
|
EARNINGS (LOSS) BEFORE
MINORITY INTEREST |
|
|
(4,402 |
) |
|
|
(0.9 |
) |
|
|
4,252 |
|
|
|
0.8 |
|
|
|
(4,402 |
) |
|
|
(0.9 |
) |
|
|
4,252 |
|
|
|
0.8 |
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
MINORITY INTEREST |
|
|
(174 |
) |
|
|
|
|
|
|
(366 |
) |
|
|
(0.1 |
) |
|
|
(174 |
) |
|
|
|
|
|
|
(366 |
) |
|
|
(0.1 |
) |
|
|
|
|
|
|
|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS (LOSS) |
|
$ |
(4,576 |
) |
|
|
(0.9 |
) |
|
$ |
3,886 |
|
|
|
0.7 |
|
|
$ |
(4,576 |
) |
|
|
(0.9 |
) |
|
$ |
3,886 |
|
|
|
0.7 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
EARNINGS (LOSS) PER SHARE BASIC |
|
$ |
(0.24 |
) |
|
|
|
|
|
$ |
0.20 |
|
|
|
|
|
|
$ |
(0.24 |
) |
|
|
|
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS (LOSS) PER SHARE DILUTED |
|
$ |
(0.24 |
) |
|
|
|
|
|
$ |
0.20 |
|
|
|
|
|
|
$ |
(0.24 |
) |
|
|
|
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
OUTSTANDING FOR BASIC EARNINGS
(LOSS) |
|
|
18,996 |
|
|
|
|
|
|
|
18,985 |
|
|
|
|
|
|
|
18,996 |
|
|
|
|
|
|
|
18,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
OUTSTANDING FOR DILUTED
EARNINGS (LOSS) |
|
|
18,996 |
|
|
|
|
|
|
|
19,409 |
|
|
|
|
|
|
|
18,996 |
|
|
|
|
|
|
|
19,409 |
|
|
|
|
|
SUPPLEMENTAL SALES DATA
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Quarter Period |
|
|
Year to Date |
|
| Market Classification |
|
2008 |
|
|
% |
|
|
2007 |
|
|
% |
|
|
2008 |
|
|
% |
|
|
2007 |
|
|
% |
|
Do-It-Yourself/Retail |
|
$ |
172,646 |
|
|
|
35 |
% |
|
$ |
195,601 |
|
|
|
35 |
% |
|
$ |
172,646 |
|
|
|
35 |
% |
|
$ |
195,601 |
|
|
|
35 |
% |
Site-Built Construction |
|
|
108,899 |
|
|
|
22 |
% |
|
|
138,419 |
|
|
|
25 |
% |
|
|
108,899 |
|
|
|
22 |
% |
|
|
138,419 |
|
|
|
25 |
% |
Industrial |
|
|
140,657 |
|
|
|
28 |
% |
|
|
133,790 |
|
|
|
24 |
% |
|
|
140,657 |
|
|
|
28 |
% |
|
|
133,790 |
|
|
|
24 |
% |
Manufactured Housing |
|
|
76,315 |
|
|
|
15 |
% |
|
|
88,898 |
|
|
|
16 |
% |
|
|
76,315 |
|
|
|
15 |
% |
|
|
88,898 |
|
|
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gross Sales |
|
|
498,517 |
|
|
|
100 |
% |
|
|
556,708 |
|
|
|
100 |
% |
|
|
498,517 |
|
|
|
100 |
% |
|
|
556,708 |
|
|
|
100 |
% |
Sales Allowances |
|
|
(9,005 |
) |
|
|
|
|
|
|
(7,670 |
) |
|
|
|
|
|
|
(9,005 |
) |
|
|
|
|
|
|
(7,670 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Sales |
|
$ |
489,512 |
|
|
|
|
|
|
$ |
549,038 |
|
|
|
|
|
|
$ |
489,512 |
|
|
|
|
|
|
$ |
549,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNIVERSAL FOREST PRODUCTS, INC.
PAGE 5
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
MARCH 2008/2007
| |
|
|
|
|
|
|
|
|
| (In thousands) |
|
|
|
|
|
|
| ASSETS |
|
2008 |
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
33,584 |
|
|
$ |
44,024 |
|
Accounts receivable |
|
|
161,896 |
|
|
|
195,617 |
|
Inventories |
|
|
260,292 |
|
|
|
285,753 |
|
Assets held for sale |
|
|
10,412 |
|
|
|
17,115 |
|
Other current assets |
|
|
38,003 |
|
|
|
22,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
|
|
504,187 |
|
|
|
564,701 |
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS |
|
|
7,747 |
|
|
|
7,881 |
|
INTANGIBLE ASSETS, NET |
|
|
182,460 |
|
|
|
186,358 |
|
PROPERTY, PLANT
AND EQUIPMENT, NET |
|
|
267,048 |
|
|
|
287,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
961,442 |
|
|
$ |
1,046,430 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
2008 |
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
103,198 |
|
|
$ |
119,006 |
|
Accrued liabilities |
|
|
77,276 |
|
|
|
72,462 |
|
Current portion of long-term
debt and capital leases |
|
|
1,012 |
|
|
|
1,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES |
|
|
181,486 |
|
|
|
192,691 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM DEBT AND
CAPITAL LEASE OBLIGATIONS,
less current portion |
|
|
194,277 |
|
|
|
278,198 |
|
OTHER LIABILITIES |
|
|
52,682 |
|
|
|
51,199 |
|
SHAREHOLDERS EQUITY |
|
|
532,997 |
|
|
|
524,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS EQUITY |
|
$ |
961,442 |
|
|
$ |
1,046,430 |
|
|
|
|
|
|
|
|
UNIVERSAL FOREST PRODUCTS, INC.
PAGE 6
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED
MARCH 2008/2007
| |
|
|
|
|
|
|
|
|
| (In thousands) |
|
2008 |
|
|
2007 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
(4,576 |
) |
|
$ |
3,886 |
|
Adjustments to reconcile net earnings to net cash
from operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
9,601 |
|
|
|
9,146 |
|
Amortization of intangibles |
|
|
2,280 |
|
|
|
2,367 |
|
Expense associated with share-based compensation
arrangements |
|
|
250 |
|
|
|
127 |
|
Expense associated with stock grant plans |
|
|
67 |
|
|
|
122 |
|
Deferred income taxes |
|
|
(85 |
) |
|
|
(50 |
) |
Minority interest |
|
|
174 |
|
|
|
366 |
|
Net loss on sale or impairment of property, plant and
equipment |
|
|
262 |
|
|
|
23 |
|
Changes in: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(17,053 |
) |
|
|
(33,439 |
) |
Inventories |
|
|
(21,954 |
) |
|
|
(23,321 |
) |
Accounts payable |
|
|
18,600 |
|
|
|
24,891 |
|
Accrued liabilities and other |
|
|
7,077 |
|
|
|
(11,249 |
) |
Excess tax benefits from share-based compensation
arrangements |
|
|
(26 |
) |
|
|
(437 |
) |
|
|
|
|
|
|
|
NET CASH FROM OPERATING ACTIVITIES |
|
|
(5,383 |
) |
|
|
(27,568 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchase of property, plant, and equipment |
|
|
(5,612 |
) |
|
|
(8,638 |
) |
Acquisitions, net of cash received |
|
|
(14,100 |
) |
|
|
(54,770 |
) |
Proceeds from sale of property, plant and equipment |
|
|
26,660 |
|
|
|
267 |
|
Advances on notes receivable |
|
|
(815 |
) |
|
|
|
|
Collection of notes receivable |
|
|
332 |
|
|
|
109 |
|
Other, net |
|
|
16 |
|
|
|
103 |
|
|
|
|
|
|
|
|
NET CASH FROM INVESTING ACTIVITIES |
|
|
6,481 |
|
|
|
(62,929 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net (repayments) borrowings under revolving credit facilities |
|
|
(11,271 |
) |
|
|
106,488 |
|
Repayment of long-term debt |
|
|
(104 |
) |
|
|
(24,525 |
) |
Proceeds from issuance of common stock |
|
|
389 |
|
|
|
1,649 |
|
Distributions to minority shareholder |
|
|
(146 |
) |
|
|
(371 |
) |
Excess tax benefits from share-based compensation arrangements |
|
|
26 |
|
|
|
437 |
|
Other, net |
|
|
(13 |
) |
|
|
(265 |
) |
|
|
|
|
|
|
|
NET CASH FROM FINANCING ACTIVITIES |
|
|
(11,119 |
) |
|
|
83,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
|
(10,021 |
) |
|
|
(7,084 |
) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
|
43,605 |
|
|
|
51,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
33,584 |
|
|
$ |
44,024 |
|
|
|
|
|
|
|
|