Michigan
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0-22684
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38-1465835
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(State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
2801 East Beltline, NE
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Grand Rapids, Michigan | 49525 | |
(Address of Principal Executive Offices) | (Zip Code) |
o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
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o
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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
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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 February 15, 2012.
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UNIVERSAL FOREST PRODUCTS, INC.
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(Registrant) | ||
Dated: February 15, 2012
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By:
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/s/ Michael R. Cole |
Michael R. Cole, Chief Financial Officer | ||
and Treasurer |
Exhibit Number | Document |
99(a) | Press Release dated February 15, 2012. |
News release |
---------------AT THE COMPANY--------------- |
Lynn Afendoulis |
Director, Corporate Communications |
(616) 365-1502 |
FOR IMMEDIATE RELEASE |
Wednesday, February 15, 2012 |
Universal Forest Products, Inc. |
Page 2 |
Universal Forest Products, Inc. |
Page 3 |
Quarter Period
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(In thousands)
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2011
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2010
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Net earnings (loss) attributable to controlling interest
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$ | (1,674 | ) | $ | 124 | |||
Noncash adjustments:
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||||||||
Impairment charges, net of tax benefit
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1,700 | 350 | ||||||
Change in deferred tax asset valuation allowance
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(2,300 | ) | ||||||
Pro forma net earnings (loss) attributable to controlling interest
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$ | 26 | $ | (1,826 | ) |
Universal Forest Products, Inc. |
Page 4 |
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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$ | 422,023 | 100 | % | $ | 378,685 | 100 | % | $ | 1,822,336 | 100 | % | $ | 1,890,851 | 100 | % | ||||||||||||||||
COST OF GOODS SOLD
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374,655 | 88.8 | 332,664 | 87.8 | 1,622,609 | 89.0 | 1,660,896 | 87.8 | ||||||||||||||||||||||||
GROSS PROFIT
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47,368 | 11.2 | 46,021 | 12.2 | 199,727 | 11.0 | 229,955 | 12.2 | ||||||||||||||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
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45,534 | 10.8 | 47,802 | 12.6 | 181,363 | 10.0 | 197,617 | 10.5 | ||||||||||||||||||||||||
NET LOSS ON DISPOSITION OF ASSETS,EARLY RETIREMENT, AND OTHER IMPAIRMENT AND EXIT CHARGES
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2,657 | 0.6 | 528 | 0.1 | 6,353 | 0.3 | 2,049 | 0.1 | ||||||||||||||||||||||||
EARNINGS (LOSS) FROM OPERATIONS
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(823 | ) | (0.2 | ) | (2,309 | ) | (0.6 | ) | 12,011 | 0.7 | 30,289 | 1.6 | ||||||||||||||||||||
INTEREST, NET
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877 | 0.2 | 872 | 0.2 | 3,166 | 0.2 | 3,248 | 0.2 | ||||||||||||||||||||||||
EARNINGS (LOSS) BEFORE INCOME TAXES
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(1,700 | ) | (0.4 | ) | (3,181 | ) | (0.8 | ) | 8,845 | 0.5 | 27,041 | 1.4 | ||||||||||||||||||||
INCOME TAXES (BENEFIT)
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(634 | ) | (0.2 | ) | (3,636 | ) | (1.0 | ) | 2,874 | 0.2 | 7,200 | 0.4 | ||||||||||||||||||||
NET EARNINGS (LOSS)
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(1,066 | ) | (0.3 | ) | 455 | 0.1 | 5,971 | 0.3 | 19,841 | 1.0 | ||||||||||||||||||||||
LESS NET (EARNINGS) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST
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(608 | ) | (0.1 | ) | (331 | ) | (0.1 | ) | (1,422 | ) | (0.1 | ) | (2,430 | ) | (0.1 | ) | ||||||||||||||||
NET EARNINGS (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST
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$ | (1,674 | ) | (0.4 | ) | $ | 124 | - | $ | 4,549 | 0.2 | $ | 17,411 | 0.9 | ||||||||||||||||||
EARNINGS (LOSS) PER SHARE - BASIC
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$ | (0.09 | ) | $ | 0.01 | $ | 0.23 | $ | 0.91 | |||||||||||||||||||||||
EARNINGS (LOSS) PER SHARE - DILUTED
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$ | (0.09 | ) | $ | 0.01 | $ | 0.23 | $ | 0.89 | |||||||||||||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING FOR BASIC EARNINGS (LOSS)
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19,472 | 19,210 | 19,409 | 19,232 | ||||||||||||||||||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING FOR DILUTED EARNINGS (LOSS)
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19,472 | 19,443 | 19,535 | 19,476 |
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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%
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2010
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%
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2011
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%
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2010
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%
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||||||||||||||||||||||||
Retail Building Materials
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$ | 165,300 | 38 | % | $ | 153,540 | 40 | % | $ | 838,994 | 45 | % | $ | 916,469 | 47 | % | ||||||||||||||||
Residential Construction
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46,619 | 11 | % | 57,718 | 15 | % | 203,217 | 11 | % | 241,314 | 13 | % | ||||||||||||||||||||
Commercial Construction and Concrete Forming
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20,874 | 5 | % | 17,878 | 5 | % | 77,503 | 4 | % | 68,183 | 4 | % | ||||||||||||||||||||
Industrial
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128,646 | 30 | % | 105,130 | 27 | % | 493,038 | 27 | % | 450,407 | 23 | % | ||||||||||||||||||||
Manufactured Housing
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67,301 | 16 | % | 49,828 | 13 | % | 244,662 | 13 | % | 245,769 | 13 | % | ||||||||||||||||||||
Total Gross Sales
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428,740 | 100 | % | 384,094 | 100 | % | 1,857,414 | 100 | % | 1,922,142 | 100 | % | ||||||||||||||||||||
Sales Allowances
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(6,717 | ) | (5,409 | ) | (35,078 | ) | (31,291 | ) | ||||||||||||||||||||||||
Total Net Sales
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$ | 422,023 | $ | 378,685 | $ | 1,822,336 | $ | 1,890,851 |
Universal Forest Products, Inc. |
Page 5 |
(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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$ | 11,305 | $ | 43,363 |
Accounts payable
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$ | 49,433 | $ | 59,481 | ||||||||
Accounts receivable
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131,292 | 126,780 |
Accrued liabilities
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43,092 | 59,044 | ||||||||||||
Inventories
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194,697 | 190,390 | |||||||||||||||
Assets held for sale
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- | 2,446 |
Current portion of long-term debt and capital leases
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40,270 | 712 | ||||||||||||
Other current assets
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20,899 | 19,836 | |||||||||||||||
TOTAL CURRENT ASSETS
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358,193 | 382,815 |
TOTAL CURRENT LIABILITIES
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132,795 | 119,237 | ||||||||||||
OTHER ASSETS
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15,380 | 11,455 |
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS, less current portion
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12,200 | 54,579 | ||||||||||||
INTANGIBLE ASSETS, NET
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167,966 | 172,975 | |||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, NET
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222,468 | 222,151 |
OTHER LIABILITIES
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36,413 | 34,404 | ||||||||||||
EQUITY
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582,599 | 581,176 | |||||||||||||||
TOTAL ASSETS
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$ | 764,007 | $ | 789,396 |
TOTAL LIABILITIES AND EQUITY
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$ | 764,007 | $ | 789,396 |
Universal Forest Products, Inc. |
Page 6 |
2011
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2010
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net earnings attributable to controlling interest
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$ | 4,549 | $ | 17,411 | ||||
Adjustments to reconcile net earnings attributable to controlling interest to net cash from operating activities:
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Depreciation
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30,804 | 30,429 | ||||||
Amortization of intangibles
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5,183 | 6,919 | ||||||
Expense associated with share-based compensation arrangements
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1,361 | 2,418 | ||||||
Excess tax benefits from share-based compensation arrangements
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(36 | ) | (430 | ) | ||||
Expense associated with stock grant plans
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167 | 214 | ||||||
Deferred income tax (credit)
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(1,939 | ) | (2,708 | ) | ||||
Net earnings attributable to noncontrolling interest
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1,422 | 2,430 | ||||||
Net (gain) loss on sale or impairment of assets
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2,490 | 1,239 | ||||||
Changes in:
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Accounts receivable
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(7,043 | ) | (18,428 | ) | ||||
Inventories
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(4,496 | ) | (24,946 | ) | ||||
Accounts payable
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(9,964 | ) | 9,646 | |||||
Accrued liabilities and other
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(11,242 | ) | 5,143 | |||||
NET CASH FROM OPERATING ACTIVITIES
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11,256 | 29,337 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
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Purchase of property, plant, and equipment
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(32,932 | ) | (26,950 | ) | ||||
Acquisitions, net of cash received
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- | (6,529 | ) | |||||
Proceeds from sale of property, plant and equipment
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1,814 | 835 | ||||||
Purchase of patents
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(175 | ) | (4,589 | ) | ||||
Advances of notes receivable
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(2,468 | ) | (5,780 | ) | ||||
Collections of notes receivable
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472 | 227 | ||||||
Other, net
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289 | 13 | ||||||
NET CASH FROM INVESTING ACTIVITIES
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(33,000 | ) | (42,773 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
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Net (repayments) borrowings under revolving credit facilities
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(2,109 | ) | 2,109 | |||||
Repayment of long-term debt
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(745 | ) | (744 | ) | ||||
Debt issuance costs
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(946 | ) | - | |||||
Proceeds from issuance of common stock
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2,971 | 2,333 | ||||||
Purchase of additional noncontrolling interest
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(402 | ) | (1,227 | ) | ||||
Distributions to noncontrolling interest
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(1,413 | ) | (1,244 | ) | ||||
Capital contribution from noncontrolling interest
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80 | 450 | ||||||
Dividends paid to shareholders
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(7,818 | ) | (7,727 | ) | ||||
Repurchase of common stock
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- | (4,999 | ) | |||||
Excess tax benefits from share-based compensation arrangements
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36 | 430 | ||||||
Other, net
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32 | 8 | ||||||
NET CASH FROM FINANCING ACTIVITIES
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(10,314 | ) | (10,611 | ) | ||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
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(32,058 | ) | (24,047 | ) | ||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
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43,363 | 67,410 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
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$ | 11,305 | $ | 43,363 | ||||
SUPPLEMENTAL INFORMATION:
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Cash paid (refunded) during the period for:
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Interest
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3,654 | 3,554 | ||||||
Income taxes
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6,163 | (1,698 | ) |