Exhibit Number 99.1
Investor Contact: |
| W. Larry Cash |
|
| Executive Vice President |
|
| and Chief Financial Officer |
|
| (615) 373-9600 |
COMMUNITY HEALTH SYSTEMS, INC. ANNOUNCES
SECOND QUARTER 2004 RESULTS WITH
NET OPERATING REVENUES UP 23.8%, NET INCOME UP 25.6% AND
NET INCOME PER SHARE (DILUTED) UP 23.3%
BRENTWOOD, Tenn. (July 21, 2004) Community Health Systems, Inc. (NYSE: CYH) today announced financial and operating results for the second quarter ended June 30, 2004.
Net operating revenues for the second quarter ended June 30, 2004, totaled $813.7 million, a 23.8% increase compared with $657.3 million for the same period last year. Net income increased 25.6% to $38.4 million, or $0.37 per share (diluted), on 109.0 million weighted average shares outstanding for the quarter ended June 30, 2004, compared with $30.6 million, or $0.30 per share (diluted), on 107.8 million weighted average shares outstanding for the same period last year. Refer to page 3 for “Financial Highlights.”
Adjusted EBITDA for the second quarter of 2004 was $121.5 million, compared with $102.7 million for the same period last year, representing a 18.2% increase. Included in the second quarter 2004 adjusted EBITDA is approximately $0.9 million of expenses incurred in connection with the registration and offering of common stock of certain of the Company’s stockholders completed on April 19, 2004, as referenced on page 3, footnote (b). Adjusted EBITDA is EBITDA adjusted to exclude minority interest in earnings. The Company uses adjusted EBITDA as a measure of liquidity. Net cash provided by operating activities for the second quarter of 2004 was $144.3 million, compared with $142.8 million for the same period last year. Refer to page 3, Footnote (d).
The consolidated financial results for the second quarter ended June 30, 2004, reflect a 19.3% increase in total admissions compared with the second quarter of 2003. This increase is attributable to the Company’s acquisition success and strong internal growth. On a same-store basis, admissions increased 3.3% and net operating revenues increased 7.0% compared with the same period last year.
Net operating revenues for the six months ended June 30, 2004, totaled $1.6 billion, compared with $1.3 billion for the same period last year, a 24.3% increase, again demonstrating the Company’s successful integration of acquisitions over the last several years. Net income increased 23.4% to $79.2 million, or $0.77 per share (diluted), on 109.1 million weighted average shares outstanding, for the six months ended June 30, 2004, compared with $64.2 million, or $0.64 per share (diluted) on 107.8 million weighted average shares outstanding, for the same period last year.
Adjusted EBITDA for the six months ended June 30, 2004, was $246.5 million, compared with $209.3 million for the same period last year, a 17.8% increase. Net cash provided by operating activities for the six months ended June 30, 2004, was $206.0 million, compared with $151.3 million for the same period last year, an increase of 36.2%. Refer to page 3, footnote (e).
- MORE -
The consolidated financial results for the six months ended June 30, 2004, reflect an 18.5% increase in total admissions compared with the same period last year. On a same-store basis, admissions increased 2.6% and net operating revenues increased 7.6%, compared with the same period last year.
“We are pleased to once again report that Community Health Systems delivered an outstanding performance for the second quarter of 2004,” commented Wayne T. Smith, chairman, president and chief executive officer of Community Health Systems, Inc. “Our ability to continue to drive revenues and earnings and meet our operating objectives tells us we are doing the right things. Our strong top line growth reflects our capacity to improve the level and scope of services and enhance the financial and operating performance of our hospitals. We are very pleased with the momentum in our business and look forward to continued progress for the remainder of 2004.”
On July 1, 2004, the Company completed the acquisition of Galesburg Cottage Hospital (170 beds) in Galesburg, Illinois. On June 22, 2004, the Company announced the execution of a definitive agreement to acquire Phoenixville Hospital (143 beds) in Phoenixville, Pennsylvania.
“Our results to date demonstrate our ability to combine our acquisition-oriented growth strategy with solid operating metrics, delivered through our standardized and centralized approach to managing our hospitals,” added Smith. “As we continue to gain recognition in the marketplace for our proven execution, we have extended our role as an industry leader in selectively acquiring non-urban hospitals in attractive growth markets. Our proven ability to assimilate these acquired hospitals into our system and enhance the level of healthcare services provided in their respective communities has been the key differentiator for Community Health Systems. We look forward to continuing to deliver favorable results for our shareholders and the communities we serve, as we stay focused on our strategy. “
Located in the Nashville, Tennessee suburb of Brentwood, Community Health Systems is a leading operator of general acute care hospitals in non-urban communities throughout the country. Through its subsidiaries, the Company currently owns, leases or operates 73 hospitals in 22 states. Its hospitals offer a broad range of inpatient medical and surgical services, outpatient treatment and skilled nursing care. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH”.
Community Health Systems will hold a conference call to discuss this press release on Thursday, July 22, 2004, at 10:00 a.m. Central, 11:00 a.m. Eastern. Investors will have the opportunity to listen to a live Internet broadcast of the conference call by clicking on the Investor Relations link of the Company’s website at www.chs.net, or at www.fulldisclosures.com. To listen to the live call, please go to the website at least fifteen minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and continue through August 21, 2004. A copy of the Company’s Form 8-K (including this press release) and conference call slide show will also be available on the Company’s website at www.chs.net.
Statements contained in this news release regarding expected operating results, acquisition transactions and other events are forward-looking statements that involve risk and uncertainties. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by Community Health Systems, Inc. with the Securities and Exchange Commission, including the Company’s Registration Statement on Form S-3 (Registration Statement No. 333-112084), and Form 10-K for the year ended December 31, 2003 and Form 10-Q for the quarter ended March 31, 2004. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements.
2
COMMUNITY HEALTH SYSTEMS, INC.
Financial Highlights
(Unaudited)
(In thousands, except net income per share amounts)
|
| Three Months Ended |
| Six Months Ended |
| ||||||||
|
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net operating revenues |
| $ | 813,669 |
| $ | 657,293 |
| $ | 1,636,045 |
| $ | 1,316,570 |
|
Adjusted EBITDA (a) |
| $ | 121,470 | (b) | $ | 102,733 |
| $ | 246,493 | (b) | $ | 209,307 |
|
Net income |
| $ | 38,439 |
| $ | 30,616 |
| $ | 79,165 |
| $ | 64,155 |
|
Net income per share - basic |
| $ | 0.39 |
| $ | 0.31 |
| $ | 0.80 |
| $ | 0.65 |
|
Weighted average number of shares outstanding - basic |
| 98,780 |
| 98,256 |
| 98,744 |
| 98,314 |
| ||||
Net income per share - diluted |
| $ | 0.37 |
| $ | 0.30 |
| $ | 0.77 |
| $ | 0.64 |
|
Weighted average number of shares outstanding - diluted |
| 108,999 | (c) | 107,765 | (c) | 109,069 | (c) | 107,786 | (c) | ||||
Net cash provided by operating activities |
| $ | 144,254 | (d) | $ | 142,781 | (d) | $ | 205,985 | (e) | $ | 151,291 | (e) |
(a) EBITDA consists of income before interest, income taxes, and depreciation and amortization. Adjusted EBITDA is EBITDA adjusted to exclude minority interest in earnings. We have from time to time sold minority interests in certain of our subsidiaries or acquired subsidiaries with existing minority interest ownership positions. We believe that it is useful to present adjusted EBITDA because it excludes the portion of EBITDA attributable to these third party interests and clarifies for investors our Company’s portion of EBITDA generated by our operations. We use adjusted EBITDA as a measure of liquidity. We have included this measure because we believe it provides investors with additional information about our ability to incur and service debt and make capital expenditures. Adjusted EBITDA is the key component in the determination of our compliance with some of the covenants under our senior secured credit facility, as well as to determine the interest rate and commitment fee payable under the senior secured credit facility.
Adjusted EBITDA is not a measurement of financial performance or liquidity under generally accepted accounting principles. It should not be considered in isolation or as a substitute for net income, operating income, cash flows from operating, investing or financing activities, or any other measure calculated in accordance with generally accepted accounting principles. The items excluded from adjusted EBITDA are significant components in understanding and evaluating financial performance and liquidity. Our calculation of adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
The following table reconciles adjusted EBITDA, as defined, to our net cash provided by operating activities as derived directly from our consolidated financial statements for the three months and six months ended June 30, 2004 and 2003 (in thousands):
|
| Three Months Ended |
| Six Months Ended |
| ||||||||
|
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| ||||
Adjusted EBITDA |
| $ | 121,470 |
| $ | 102,733 |
| $ | 246,493 |
| $ | 209,307 |
|
Interest expense, net |
| (18,488 | ) | (16,667 | ) | (37,260 | ) | (33,683 | ) | ||||
Provision for income taxes |
| (25,202 | ) | (20,412 | ) | (51,903 | ) | (42,817 | ) | ||||
Other non-cash expenses, net |
| 402 |
| 143 |
| (89 | ) | 122 |
| ||||
Net changes in operating assets and liabilities, net of effects of acquisitions |
| 66,072 |
| 76,984 |
| 48,744 |
| 18,362 |
| ||||
Net cash provided by operating activities |
| $ | 144,254 |
| $ | 142,781 |
| $ | 205,985 |
| $ | 151,291 |
|
(b) Includes approximately $0.9 million of expenses incurred in connection with the registration and offering of common stock completed on April 19, 2004. Net income was reduced by approximately $0.6 million or $0.01 per share (diluted) as a result of these expenses.
(c) Adjusted to include assumed exercise of employee stock options and assumed conversion of convertible notes. Since the income per share impact of the conversion of the convertible notes is less than the basic income per share for both periods presented, the convertible notes are dilutive and accordingly must be included in the fully diluted calculation (after tax interest savings of $2.2 million per quarter and 8.6 million shares added to the calculation of fully diluted earnings per share).
(d) The change in net cash provided by operating activities between the three months ended June 30, 2004, and the same period in 2003 is an increase of 1.0%. Net cash provided by operating activities for the three months ended June 30, 2003, included approximately $10 million due to the receipt of a cash advance from the Company’s Medicare Intermediary related to an anticipated payment delay resulting from a scheduled July system conversion. Had net cash provided by operating activities for the prior year not included this cash advance, the change between periods would have been an increase of approximately 8.6%.
(e) The change in net cash provided by operating activities between the six months ended June 30, 2004, and the same period in 2003 is an increase of 36.2%. The cash advance mentioned in footnote(d) substantially offsets the build-up of accounts receivable related to acquisitions for the six months ended June 30, 2003. Had net cash provided by operating activities for the prior year period been adjusted for both the cash advance and build-up of accounts receivable, the change between periods would have been an increase of approximately 32%.
3
COMMUNITY HEALTH SYSTEMS, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except net income per share amounts)
|
| Three Months Ended |
| Six Months Ended |
| ||||||||
|
| 2004 |
| 2003 |
| 2004 |
| 2003 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Net operating revenues |
| $ | 813,669 |
| $ | 657,293 |
| $ | 1,636,045 |
| $ | 1,316,570 |
|
|
|
|
|
|
|
|
|
|
| ||||
Operating expenses: |
|
|
|
|
|
|
|
|
| ||||
Salaries and benefits |
| 327,403 |
| 263,307 |
| 657,831 |
| 532,079 |
| ||||
Provision for bad debts |
| 81,721 |
| 62,078 |
| 167,832 |
| 124,419 |
| ||||
Supplies |
| 96,645 |
| 76,152 |
| 196,037 |
| 152,972 |
| ||||
Other operating expenses |
| 186,430 |
| 153,023 |
| 367,852 |
| 297,793 |
| ||||
Depreciation and amortization |
| 38,706 |
| 34,358 |
| 77,157 |
| 67,600 |
| ||||
Minority interests in earnings |
| 635 |
| 680 |
| 1,008 |
| 1,052 |
| ||||
Total expenses |
| 731,540 |
| 589,598 |
| 1,467,717 |
| 1,175,915 |
| ||||
Income from operations |
| 82,129 |
| 67,695 |
| 168,328 |
| 140,655 |
| ||||
Interest expense, net |
| 18,488 |
| 16,667 |
| 37,260 |
| 33,683 |
| ||||
Income before income taxes |
| 63,641 |
| 51,028 |
| 131,068 |
| 106,972 |
| ||||
Provision for income taxes |
| 25,202 |
| 20,412 |
| 51,903 |
| 42,817 |
| ||||
Net income |
| $ | 38,439 |
| $ | 30,616 |
| $ | 79,165 |
| $ | 64,155 |
|
Net income per share - basic |
| $ | 0.39 |
| $ | 0.31 |
| $ | 0.80 |
| $ | 0.65 |
|
Net income per share - diluted |
| $ | 0.37 |
| $ | 0.30 |
| $ | 0.77 |
| $ | 0.64 |
|
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
|
| ||||
Basic |
| 98,780 |
| 98,256 |
| 98,744 |
| 98,314 |
| ||||
Diluted |
| 108,999 |
| 107,765 |
| 109,069 |
| 107,786 |
| ||||
Net income per share calculation: |
|
|
|
|
|
|
|
|
| ||||
Net income |
| $ | 38,439 |
| $ | 30,616 |
| $ | 79,165 |
| $ | 64,155 |
|
Add - Convertible notes interest, net of taxes |
| 2,189 |
| 2,189 |
| 4,378 |
| 4,378 |
| ||||
Adjusted net income |
| $ | 40,628 |
| $ | 32,805 |
| $ | 83,543 |
| $ | 68,533 |
|
Weighted average number of shares outstanding - basic |
| 98,780 |
| 98,256 |
| 98,744 |
| 98,314 |
| ||||
Add effect of dilutive securities: |
|
|
|
|
|
|
|
|
| ||||
Unvested common shares |
| 31 |
| 117 |
| 31 |
| 117 |
| ||||
Employee stock options |
| 1,606 |
| 810 |
| 1,712 |
| 773 |
| ||||
Convertible notes |
| 8,582 |
| 8,582 |
| 8,582 |
| 8,582 |
| ||||
Weighted average number of shares outstanding - diluted |
| 108,999 |
| 107,765 |
| 109,069 |
| 107,786 |
| ||||
Net income per share - diluted |
| $ | 0.37 |
| $ | 0.30 |
| $ | 0.77 |
| $ | 0.64 |
|
4
COMMUNITY HEALTH SYSTEMS, INC.
Selected Operating Data
(Unaudited)
($ in thousands)
|
| For the Three Months Ended June 30, |
| ||||||||||||||
|
| Consolidated |
| Same-Store |
| ||||||||||||
|
| 2004 |
| 2003 |
| % Change |
| 2004 |
| 2003 |
| % Change |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Number of hospitals |
| 72 |
| 70 |
|
|
| 69 |
| 69 |
|
|
| ||||
Licensed beds |
| 7,810 |
| 6,962 |
|
|
| 6,854 |
| 6,899 |
|
|
| ||||
Beds in service |
| 6,241 |
| 5,390 |
|
|
| 5,417 |
| 5,355 |
|
|
| ||||
Admissions |
| 69,145 |
| 57,979 |
| 19.3 | % | 59,634 |
| 57,744 |
| 3.3 | % | ||||
Adjusted admissions |
| 128,265 |
| 107,096 |
| 19.8 | % | 110,501 |
| 106,692 |
| 3.6 | % | ||||
Patient days |
| 279,830 |
| 221,735 |
| 26.2 | % | 234,899 |
| 220,904 |
| 6.3 | % | ||||
Average length of stay (days) |
| 4.0 |
| 3.8 |
| 5.3 | % | 3.9 |
| 3.8 |
|
|
| ||||
Occupancy rate (average beds in service) |
| 49.4 | % | 45.2 | % |
|
| 47.7 | % | 45.3 | % |
|
| ||||
Net operating revenues |
| $ | 813,669 |
| $ | 657,293 |
| 23.8 | % | $ | 699,998 |
| $ | 654,099 |
| 7.0 | % |
Net inpatient revenue as a % of total net operating revenues |
| 50.4 | % | 50.2 | % |
|
| 49.8 | % | 50.2 | % |
|
| ||||
Net outpatient revenue as a % of total net operating revenues |
| 48.4 | % | 48.5 | % |
|
| 49.1 | % | 48.5 | % |
|
| ||||
Income from operations |
| $ | 82,129 |
| $ | 67,695 |
| 21.3 | % | $ | 76,538 |
| $ | 67,937 |
| 12.7 | % |
Income from operations as a % of net operating revenues |
| 10.1 | % | 10.3 | % |
|
| 10.9 | % | 10.3 | % |
|
| ||||
Depreciation and amortization |
| $ | 38,706 |
| $ | 34,358 |
|
|
| $ | 33,821 |
| $ | 34,153 |
|
|
|
Minority interest in earnings |
| $ | 635 |
| $ | 680 |
|
|
| $ | 635 |
| $ | 680 |
|
|
|
Liquidity Data: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Adjusted EBITDA |
| $ | 121,470 |
| $ | 102,733 |
| 18.2 | % |
|
|
|
|
|
| ||
Adjusted EBITDA as a % of net operating revenues |
| 14.9 | % | 15.6 | % |
|
|
|
|
|
|
|
| ||||
Net cash provided by operating activities |
| $ | 144,254 |
| $ | 142,781 |
|
|
|
|
|
|
|
|
| ||
Net cash provided by operating activities as a % of net operating revenue |
| 17.7 | % | 21.7 | % |
|
|
|
|
|
|
|
| ||||
5
COMMUNITY HEALTH SYSTEMS, INC.
Selected Operating Data
(Unaudited)
($ in thousands)
|
| For the Six Months Ended June 30, |
| ||||||||||||||
|
| Consolidated |
| Same-Store |
| ||||||||||||
|
| 2004 |
| 2003 |
| % Change |
| 2004 |
| 2003 |
| % Change |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Number of hospitals |
| 72 |
| 70 |
|
|
| 69 |
| 69 |
|
|
| ||||
Licensed beds |
| 7,810 |
| 6,962 |
|
|
| 6,854 |
| 6,899 |
|
|
| ||||
Beds in service |
| 6,241 |
| 5,390 |
|
|
| 5,438 |
| 5,351 |
|
|
| ||||
Admissions |
| 141,778 |
| 119,627 |
| 18.5 | % | 122,236 |
| 119,173 |
| 2.6 | % | ||||
Adjusted admissions |
| 259,280 |
| 217,916 |
| 19.0 | % | 223,218 |
| 217,112 |
| 2.8 | % | ||||
Patient days |
| 580,487 |
| 466,987 |
| 24.3 | % | 487,533 |
| 465,292 |
| 4.8 | % | ||||
Average length of stay (days) |
| 4.1 |
| 3.9 |
|
|
| 4.0 |
| 3.9 |
|
|
| ||||
Occupancy rate (average beds in service) |
| 51.4 | % | 47.9 | % |
|
| 49.6 | % | 48.0 | % |
|
| ||||
Net operating revenues |
| $ | 1,636,045 |
| $ | 1,316,570 |
| 24.3 | % | $ | 1,408,906 |
| $ | 1,309,372 |
| 7.6 | % |
Net inpatient revenue as a % of total net operating revenues |
| 50.8 | % | 51.6 | % |
|
| 50.8 | % | 51.6 | % |
|
| ||||
Net outpatient revenue as a % of total net operating revenues |
| 47.8 | % | 47.1 | % |
|
| 48.0 | % | 47.2 | % |
|
| ||||
Income from operations |
| $ | 168,328 |
| $ | 140,655 |
| 19.7 | % | $ | 155,283 |
| $ | 140,543 |
| 10.5 | % |
Income from operations as a % of net operating revenues |
| 10.3 | % | 10.7 | % |
|
| 11.0 | % | 10.7 | % |
|
| ||||
Depreciation and amortization |
| $ | 77,157 |
| $ | 67,600 |
|
|
| $ | 67,794 |
| $ | 67,194 |
|
|
|
Minority interest in earnings |
| $ | 1,008 |
| $ | 1,052 |
|
|
| $ | 1,008 |
| $ | 1,052 |
|
|
|
Liquidity Data: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Adjusted EBITDA |
| $ | 246,493 |
| $ | 209,307 |
| 17.8 | % |
|
|
|
|
|
| ||
Adjusted EBITDA as a % of net operating revenues |
| 15.1 | % | 15.9 | % |
|
|
|
|
|
|
|
| ||||
Net cash provided by operating activities |
| $ | 205,985 |
| $ | 151,291 |
|
|
|
|
|
|
|
|
| ||
Net cash provided by operating activities as a % of net operating revenue |
| 12.6 | % | 11.5 | % |
|
|
|
|
|
|
|
| ||||
6
COMMUNITY HEALTH SYSTEMS, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
($ in thousands)
|
| June 30, |
| December 31, |
| ||
ASSETS |
|
|
|
|
| ||
Current assets: |
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 18,605 |
| $ | 16,331 |
|
Patient accounts receivable, net |
| 552,378 |
| 559,097 |
| ||
Other current assets |
| 131,189 |
| 120,652 |
| ||
Total current assets |
| 702,172 |
| 696,080 |
| ||
|
|
|
|
|
| ||
Property and equipment |
| 1,840,099 |
| 1,772,461 |
| ||
Less accumulated depreciation and amortization |
| (432,043 | ) | (377,116 | ) | ||
Property and equipment, net |
| 1,408,056 |
| 1,395,345 |
| ||
Goodwill, net |
| 1,158,551 |
| 1,155,797 |
| ||
Other assets, net |
| 112,485 |
| 102,989 |
| ||
|
|
|
|
|
| ||
Total assets |
| $ | 3,381,264 |
| $ | 3,350,211 |
|
|
|
|
|
|
| ||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
| ||
Current liabilities: |
|
|
|
|
| ||
Current maturities of long-term debt |
| $ | 20,132 |
| $ | 29,677 |
|
Accounts payable and accrued liabilities |
| 386,712 |
| 368,387 |
| ||
Total current liabilities |
| 406,844 |
| 398,064 |
| ||
|
|
|
|
|
| ||
Long-term debt |
| 1,353,782 |
| 1,444,981 |
| ||
Other long-term liabilities |
| 175,537 |
| 156,577 |
| ||
Stockholders’ equity |
| 1,445,101 |
| 1,350,589 |
| ||
|
|
|
|
|
| ||
Total liabilities and stockholders’ equity |
| $ | 3,381,264 |
| $ | 3,350,211 |
|
7
COMMUNITY HEALTH SYSTEMS, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
($ in thousands)
|
| Six Months Ended |
| ||||
|
| 2004 |
| 2003 |
| ||
Cash flows from operating activities |
|
|
|
|
| ||
Net Income |
| $ | 79,165 |
| $ | 64,155 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
| ||
Depreciation and amortization |
| 77,157 |
| 67,600 |
| ||
Minority interest in earnings |
| 1,008 |
| 1,052 |
| ||
Other non-cash expenses, net |
| (89 | ) | 122 |
| ||
Net changes in operating assets and liabilities, net of effects of acquisitions |
| 48,744 |
| 18,362 |
| ||
Net cash provided by operating activities |
| 205,985 |
| 151,291 |
| ||
|
|
|
|
|
| ||
Cash flows from investing activities |
|
|
|
|
| ||
Acquisitions of facilities and other related equipment |
| (5,290 | ) | (157,176 | ) | ||
Purchases of property and equipment, net |
| (82,167 | ) | (66,101 | ) | ||
Increase in other assets |
| (14,852 | ) | (13,640 | ) | ||
Net cash used in investing activities |
| (102,309 | ) | (236,917 | ) | ||
|
|
|
|
|
| ||
Cash flows from financing activities |
|
|
|
|
| ||
Proceeds from exercise of stock options |
| 1,902 |
| 768 |
| ||
Stock buy-back |
| — |
| (12,533 | ) | ||
Redemption of minority investments in joint ventures |
| (1,945 | ) | (115 | ) | ||
Distribution to minority investors in joint ventures |
| (616 | ) | (1,539 | ) | ||
Borrowing under credit agreement |
| 45,640 |
| 80,000 |
| ||
Repayments of long-term indebtedness |
| (146,383 | ) | (88,493 | ) | ||
Net cash used in financing activities |
| (101,402 | ) | (21,912 | ) | ||
|
|
|
|
|
| ||
Net change in cash and cash equivalents |
| 2,274 |
| (107,538 | ) | ||
Cash and cash equivalents at beginning of period |
| 16,331 |
| 132,844 |
| ||
Cash and cash equivalents at end of period |
| $ | 18,605 |
| $ | 25,306 |
|
- END -
8