Year Ended December 31
1996 1995 1994
($ thousands)
OPERATING ACTIVITIES
Net income (loss) $(36,603) $(32,792) $ 18,707
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization 56,389 46,627 28,087
Amortization of intangibles 4,609 5,135 3,527
Other amortization 3,740 1,044 501
Provision for losses on accounts receivable 9,489 4,185 2,070
Provision (credit) for deferred income taxes (3,735) (8,995) 3,189
Gains on asset sales (3,334) (3,194) (2,168)
Minority interest in subsidiary (1,768) 1,297 3,773
Changes in operating assets
and liabilities, net of acquisitions:
Receivables 13,540 (23,795) (15,312)
Inventories and prepaid expenses 3,165 3,529 (6,428)
Other assets 9,203 (11,751) (1,566)
Accounts payable, bank drafts payable,
taxes payable, accrued expenses and
other liabilities (24,499) (47,514) 14,373
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 30,196 (66,224) 48,753
INVESTING ACTIVITIES
Purchases of property, plant and equipment,
less capitalized leases (27,747) (49,690) (47,298)
Proceeds from asset sales 65,313 15,748 7,841
Acquisition of the Clipper Group,
net of cash acquired -- Note B - (84) (49,556)
Acquisition of WorldWay Corporation,
net of cash acquired -- Note B - (81,482) -
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES 37,566 (115,508) (89,013)
FINANCING ACTIVITIES
Deferred financing costs and expenses
incurred in borrowing activities $ (3,512) $ (4,578) $ (147)
Proceeds from receivables purchase agreement - - 56,000
Payments under receivables purchase agreement - (40,000) (16,000)
Borrowings under revolving credit facilities 272,585 238,275 34,000
Borrowings under term loan facilities - 75,000 20,000
Principal payments under revolving credit
facilities (288,285) (30,275) (39,000)
Principal payments under term loan facility (34,052) - -
Net proceeds from the issuance of common stock - 171 37
Principal payments on other long-term
debt and capital leases (24,704) (31,844) (18,616)
Dividends paid to minority shareholders of
subsidiary (440) (462) (438)
Dividends paid (4,493) (5,079) (5,069)
Net increase (decrease) in bank overdraft - (5,989) 5,989
NET CASH PROVIDED (USED) BY
FINANCING ACTIVITIES (82,901) 195,219 36,756
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS (15,139) 13,487 (3,504)
Cash and cash equivalents at beginning of year 16,945 3,458 6,962
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 1,806 $ 16,945 $ 3,458
See notes to consolidated financial statements.
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