Exhibit 99.1
[PERKINELMER LOGO]
PerkinElmer, Inc.
45 William Street
Wellesley, MA 02481-4078 USA
Phone: 781-431-4306
Fax: 781-431-4255
www.perkinelmer.com
FOR IMMEDIATE RELEASE |
| July 27, 2004 |
PERKINELMER ANNOUNCES Q2 2004 RESULTS
| • | Revenue Growth of 10% |
| • | Net Income Up More Than 90% |
| • | Total Operating Cash Flow of $57M, Up 54% |
| • | Increases FY 2004 EPS Guidance |
BOSTON – PerkinElmer, Inc. (NYSE: PKI), a global leader in health sciences and other advanced technology markets, today announced GAAP earnings per share of $.16 from continuing operations on revenue of $412.6 million for the second quarter ended June 27, 2004. The second quarter 2004 results include intangibles amortization of $7.1 million, or approximately $.04 per share. The Company reported earnings per share from continuing operations excluding intangibles amortization of $.20, which met the Thomson First CallTM consensus earnings per share estimate for the second quarter of 2004 and was at the high end of the Company’s forecasted range for the quarter. GAAP net income from continuing operations for the second quarter of 2004 was $20.9 million compared to $11.0 million for the second quarter of 2003, an increase of 91%.
Second quarter 2004 revenue of $412.6 million increased 10% over the second quarter of 2003. Revenue growth excluding the impact of foreign exchange was 8% over the prior year. Revenue growth by segment over the second quarter of 2003 was 5% in Life and Analytical Sciences, 7% in Optoelectronics and 44% in Fluid Sciences.
GAAP operating profit during the second quarter of 2004 increased 29% over the second quarter of 2003, and the operating margin increased to 9.5%, up 140 basis points from 8.1% for the second quarter of 2003. Second quarter 2004 operating margin excluding intangibles amortization was 11.2%, up 120 basis points over the second quarter of 2003, and up 230 basis points excluding one-time items in the second quarter of 2003.
The Company generated operating cash flow of $56.6 million in the second quarter of 2004, an increase of $19.8 million over operating cash flow of $36.8 million for the second quarter of 2003. Free cash flow, defined as operating cash flow of $56.6 million less capital expenditures of $5.1 million, was $51.5 million for the second quarter of 2004. During the second quarter of 2004, the Company reduced long-term debt by $15 million. Cash and cash equivalents increased $31.3 million to $196.7 million, sequentially from the end of the first quarter of 2004.
“We are pleased with the 8% organic revenue growth which, coupled with our productivity improvements, delivered a 91% increase in net income. Furthermore, the organic revenue growth for each of our businesses was up sequentially from the first quarter of 2004,” said Gregory L. Summe, Chairman and CEO of the Company. “Our continued strong cash flow has further strengthened our balance sheet and we expect will enable us to increase our investments in research and development and business development opportunities,” added Summe.
Financial overview by reporting segment:
Life and Analytical Sciences reported revenue of $257.9 million for the second quarter of 2004, up 5% from $246.0 million in the second quarter of 2003 driven by instruments revenue growth of 10% and service revenue growth of 6% during the second quarter of 2004 compared to the second quarter of 2003.
The segment’s GAAP operating profit for the second quarter of 2004 was $22.1 million versus $20.7 million for the same period of 2003. As a percentage of sales, operating profit for the second quarters of 2004 and 2003 was 8.6% and 8.4%, respectively. The operating profit for the second quarter of 2003 included restructuring reversals and a gain on disposition aggregating $3.1 million, or approximately 1% of revenue, for the period. The operating profit for the second quarters of 2004 and 2003 included intangibles amortization of $6.6 million and $6.5 million, respectively. Operating profit excluding intangibles amortization for the second quarter of 2004 was $28.7 million, or 11.1% as a percentage of revenue.
Optoelectronicsreported revenue of $94.7 million for the second quarter of 2004, an increase of 7% from revenue of $88.5 million for the second quarter of 2003, with the increase in revenue driven by strength in the Company’s medical and biotech imaging business, which included record digital imaging shipments during the quarter.
The segment’s GAAP operating profit was $12.9 million for the second quarter of 2004, versus $11.5 million for the comparable period of 2003. As a percentage of sales, operating profit for the second quarters of 2004 and 2003 was 13.7% and 13.0%, respectively. The operating profit for the second quarter of 2003 included restructuring reversals and a gain on disposition aggregating $.7 million, or approximately 1% of revenue for the period. The operating profit for each of the second quarters of 2004 and 2003 included intangibles amortization of $.3 million.
Fluid Sciencesreported revenue of $60.1 million for the second quarter of 2004, up 44% from revenue of $41.7 million in the second quarter of 2003, led by strong growth in the semiconductor and aerospace end markets.
The segment’s GAAP operating profit for the second quarter of 2004 was $9.2 million, versus $3.1 million in the second quarter of 2003. As a percentage of sales, operating profit for the second quarters of 2004 and 2003 was 15.3% and 7.5%, respectively. The operating profit for each of the second quarters of 2004 and 2003 included intangibles amortization of $.2 million.
“The strengthening economy and progress on our improvement initiatives give us the confidence to increase our full year 2004 GAAP EPS guidance to $.66 to $.71, which is $.81 to $.86 per share excluding $.15 per share related to intangibles amortization,” continued Summe.
For the third quarter of 2004, the Company projects GAAP EPS from continuing operations of between $.15 and $.18. Excluding the negative $.04 per share impact of intangibles amortization, the Company projects EPS from continuing operations of between $.19 and $.22 for the third quarter of 2004.
The Company will discuss its second quarter results in a conference call on Wednesday, July 28, 2004 at 10:00 a.m. Eastern Time (ET). To listen to the call live, please tune into the webcast at the “Investor Corner” section of our website, www.perkinelmer.com. A playback of this conference call will be available beginning 1:00 p.m. ET, Wednesday, July 28, 2004. The playback phone number is (719) 457-0820 and the code number is 579250.
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release also contains non-GAAP financial measures of earnings per share, operating profit and operating margin, in each case excluding amortization of acquisition-related intangible assets, and organic revenue growth, representing the rate of revenue growth excluding the effects of fluctuations in foreign exchange rates. We exclude the amortization of acquisition related intangibles and the effects of foreign exchange rates in calculating these non-GAAP measures because such amortization is outside of our normal operations and such foreign exchange effects are out of our control. We believe that the inclusion of these non-GAAP financial measures in this press release also helps investors to gain a meaningful understanding of our core operating results and future prospects, consistent with how management measures and forecasts the company’s performance, especially when comparing such results to previous periods or forecasts. PerkinElmer’s management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the company’s core operating performance and comparing such performance to that of prior periods and to the performance of our competitors. These measures are also used by management in their financial and operating decision-making.
This press release also contains a non-GAAP financial measure of free cash flow. We define free cash flow as our net cash provided by operating activities minus our capital expenditures. We use free cash flow, and ratios based on this measure, to conduct and evaluate our business and, specifically, to determine incentive compensation, to allocate resources to debt repayment and for cash investing and financing activities. Therefore, we believe that this measure may be similarly useful and informative to investors.
The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this press release may be different from, and therefore may not be comparable to, similar measures used by other companies. Reconciliations of the non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures are set forth in the text of, and the accompanying exhibits to, this press release.
Factors Affecting Future Performance
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that relate to prospective events or developments, including, without limitation, all projections of future financial results, are deemed to be forward-looking statements. Words such as “believes,” “anticipates,” “plans,” “expects,” “projects,” “forecasts,” “will” and similar expressions are intended to identify forward-looking statements. There are a number of important risk factors that could cause actual results or events to differ materially from those indicated by these forward-looking statements, including, without limitation, economic and geopolitical forces that may limit any continued or expected economic or end market strengthening or recoveries, risks related to our failure to introduce new products in a timely manner, the impact of our debt on our cash flow and investment opportunities, our ability to comply with financial covenants contained in our credit agreements and debt instruments, our international operations, cyclical downturns continuing to affect several of the industries into which we sell our products, our ability to adjust our operations to address unexpected changes, our ability to execute acquisitions and license technologies and successfully integrate acquired businesses and licensed technologies into our existing business, the loss of any of our licenses that may require us to stop selling products or lose competitive advantage, competition, regulatory compliance, regulatory changes, our failure to obtain and enforce intellectual property protection, our defense of third party claims of patent infringement and our ability to realize the full value of our intangible assets, as well as other factors which we describe under the caption “Forward-Looking Information and Factors Affecting Future Performance” in our most recent annual report on Form 10-K and in our most recent quarterly report on Form 10-Q, each on file with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
PerkinElmer, Inc. is a global technology leader focused in the following businesses—Life and Analytical Sciences, Optoelectronics and Fluid Sciences. Combining operational excellence and technology expertise with an intimate understanding of our customers’ needs, PerkinElmer provides products and services in health sciences and other advanced technology markets that require innovation, precision and reliability. The Company serves customers in more than 125 countries, and is a component of the S&P 500 Index. Additional information is available throughwww.perkinelmer.com or 1-877-PKI-NYSE.
# # #
For further information:
Investor Contact:
Dan Sutherby
PerkinElmer, Inc.
(781) 431-4306
PerkinElmer, Inc. and Subsidiaries
INCOME STATEMENTS
| Three Months Ended | Six Months Ended | |||||||||||||||
(In thousands, except share and per share data) | 27-Jun-04 | 29-Jun-03 | 27-Jun-04 | 29-Jun-03 | ||||||||||||
Sales | $ | 412,614 | $ | 376,252 | $ | 805,222 | $ | 733,992 | ||||||||
Cost of Sales | 246,473 | 223,296 | 486,839 | 441,344 | ||||||||||||
Research and Development Expenses | 22,264 | 21,877 | 42,892 | 42,728 | ||||||||||||
Selling, General and Administrative Expenses | 97,650 | 97,455 | 193,464 | 190,248 | ||||||||||||
Restructuring Reversals, Net | — | (2,728 | ) | — | (3,173 | ) | ||||||||||
Gains on Dispositions, Net | — | (1,108 | ) | (363 | ) | (1,688 | ) | |||||||||
Amortization of Intangible Assets | 7,077 | 7,037 | 14,178 | 14,227 | ||||||||||||
Operating Income From Continuing Operations | 39,150 | 30,423 | 68,212 | 50,306 | ||||||||||||
Extinguishment of Debt | 366 | 619 | 1,532 | 619 | ||||||||||||
Interest Income | (355 | ) | (698 | ) | (840 | ) | (1,715 | ) | ||||||||
Interest Expense | 9,272 | 14,040 | 19,047 | 28,305 | ||||||||||||
Loss on Investments | — | 750 | — | 750 | ||||||||||||
Other Expense (Income), Net | 582 | (546 | ) | (328 | ) | 543 | ||||||||||
Income From Continuing Operations Before Income Taxes | 29,285 | 16,258 | 48,801 | 21,804 | ||||||||||||
Provision for Income Taxes | 8,361 | 5,284 | 14,153 | 7,086 | ||||||||||||
Net Income From Continuing Operations | 20,924 | 10,974 | 34,648 | 14,718 | ||||||||||||
Loss From Discontinued Operations, Net of Income Tax | (89 | ) | (883 | ) | (344 | ) | (2,285 | ) | ||||||||
Loss on Disposition of Discontinued Operations, Net of Income Tax | — | (1,693 | ) | (198 | ) | (1,673 | ) | |||||||||
Net Income | $ | 20,835 | $ | 8,398 | $ | 34,106 | $ | 10,760 | ||||||||
Diluted Earnings (Loss) Per Share: | ||||||||||||||||
Continuing Operations | $ | 0.16 | $ | 0.09 | $ | 0.27 | $ | 0.12 | ||||||||
Loss From Discontinued Operations, Net of Income Tax | — | (0.01 | ) | — | (0.02 | ) | ||||||||||
Loss on Disposition of Discontinued Operations, Net of Income Tax | — | (0.01 | ) | — | (0.01 | ) | ||||||||||
Net Income | $ | 0.16 | $ | 0.07 | $ | 0.26 | $ | 0.08 | ||||||||
Weighted Average Diluted Shares of Common Stock Outstanding | 129,362 | 126,898 | 129,148 | 126,636 | ||||||||||||
| ABOVE PREPARED IN ACCORDANCE WITH GAAP | ||||||||||||||||
Additional Supplemental Information and Reconciliation of GAAP to Non-GAAP Measures (per share, continuing operations) |
| |||||||||||||||
GAAP Diluted EPS from Continuing Operations | $ | 0.16 | $ | 0.09 | $ | 0.27 | $ | 0.12 | ||||||||
Amortization of Intangible Assets, Net of Income Tax | 0.04 | 0.04 | 0.07 | 0.07 | ||||||||||||
EPS excluding Amortization of Intangible Assets | $ | 0.20 | $ | 0.12 | $ | 0.34 | $ | 0.19 | ||||||||
Thomson First CallTM EPS | $ | 0.20 | $ | 0.34 | ||||||||||||
PerkinElmer, Inc. and Subsidiaries
Sales and Operating Profit (Loss)
| Three Months Ended | Six Months Ended | |||||||||||||||
(In thousands) | June 27, 2004 | June 29, 2003 | June 27, 2004 | June 29, 2003 | ||||||||||||
Life and Analytical Sciences | ||||||||||||||||
Sales | $ | 257,869 | $ | 246,032 | $ | 507,116 | $ | 478,232 | ||||||||
OP$ reported | 22,135 | 20,677 | 38,118 | 32,299 | ||||||||||||
OP% reported | 8.6 | % | 8.4 | % | 7.5 | % | 6.8 | % | ||||||||
Amortization expense | 6,551 | 6,511 | 13,125 | 12,974 | ||||||||||||
OP$ excl. amortization | 28,686 | 27,188 | 51,243 | 45,273 | ||||||||||||
OP% excl. amortization | 11.1 | % | 11.1 | % | 10.1 | % | 9.5 | % | ||||||||
Optoelectronics | ||||||||||||||||
Sales | 94,681 | 88,519 | 180,554 | 171,112 | ||||||||||||
OP$ reported | 12,937 | 11,488 | 22,748 | 20,807 | ||||||||||||
OP% reported | 13.7 | % | 13.0 | % | 12.6 | % | 12.2 | % | ||||||||
Amortization expense | 306 | 306 | 613 | 613 | ||||||||||||
OP$ excl. amortization | 13,243 | 11,794 | 23,361 | 21,420 | ||||||||||||
OP% excl. amortization | 14.0 | % | 13.3 | % | 12.9 | % | 12.5 | % | ||||||||
Fluid Sciences | ||||||||||||||||
Sales | 60,064 | 41,701 | 117,552 | 84,648 | ||||||||||||
OP$ reported | 9,181 | 3,133 | 17,490 | 5,513 | ||||||||||||
OP% reported | 15.3 | % | 7.5 | % | 14.9 | % | 6.5 | % | ||||||||
Amortization expense | 220 | 220 | 440 | 640 | ||||||||||||
OP$ excl. amortization | 9,401 | 3,353 | 17,930 | 6,153 | ||||||||||||
OP% excl. amortization | 15.7 | % | 8.0 | % | 15.3 | % | 7.3 | % | ||||||||
Other | ||||||||||||||||
OP$ reported | (5,103 | ) | (4,875 | ) | (10,144 | ) | (8,313 | ) | ||||||||
Continuing Operations | ||||||||||||||||
Sales | $ | 412,614 | $ | 376,252 | $ | 805,222 | $ | 733,992 | ||||||||
OP$ reported | $ | 39,150 | $ | 30,423 | $ | 68,212 | $ | 50,306 | ||||||||
OP% reported | 9.5 | % | 8.1 | % | 8.5 | % | 6.9 | % | ||||||||
Amortization expense | $ | 7,077 | $ | 7,037 | $ | 14,178 | $ | 14,227 | ||||||||
OP$ excl. amortization | $ | 46,227 | $ | 37,460 | $ | 82,390 | $ | 64,533 | ||||||||
OP% excl. amortization | 11.2 | % | 10.0 | % | 10.2 | % | 8.8 | % | ||||||||
SALES AND REPORTED OPERATING PROFIT PREPARED IN ACCORDANCE WITH GAAP
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| |||||||||||||||
Supplemental Information | ||||||||||||||||
Gains on Dispositions and Restructuring Reversals, net | ||||||||||||||||
Life and Analytical Sciences | $ | — | $ | 3,052 | $ | — | $ | 3,341 | ||||||||
Optoelectronics | — | 784 | 363 | 875 | ||||||||||||
Fluid Sciences | — | — | — | 645 | ||||||||||||
Total | $ | — | $ | 3,836 | $ | 363 | $ | 4,861 | ||||||||
OP% excluding amortization, gains and restructuring reversals, net | ||||||||||||||||
Life and Analytical Sciences | 11.1 | % | 9.8 | % | 10.1 | % | 8.8 | % | ||||||||
Optoelectronics | 14.0 | % | 12.4 | % | 12.7 | % | 12.0 | % | ||||||||
Fluid Sciences | 15.7 | % | 8.0 | % | 15.3 | % | 6.5 | % | ||||||||
Total | 11.2 | % | 8.9 | % | 10.2 | % | 8.1 | % | ||||||||
PERKINELMER, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| June 27, 2004 | March 28, 2004 | December 28, 2003 | June 29, 2003 | |||||||||||||
| (In thousands) | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 196,728 | $ | 165,471 | $ | 191,499 | $ | 144,623 | ||||||||
Cash held in escrow | — | — | — | 154,865 | ||||||||||||
Accounts receivable | 273,921 | 282,294 | 288,027 | 269,160 | ||||||||||||
Inventories | 189,605 | 197,553 | 190,346 | 196,480 | ||||||||||||
Other current assets | 98,782 | 98,364 | 95,213 | 157,660 | ||||||||||||
Current assets of discontinued operations | 950 | 962 | 1,214 | 13,531 | ||||||||||||
Total current assets | 759,986 | 744,644 | 766,299 | 936,319 | ||||||||||||
Property, plant and equipment: | ||||||||||||||||
At cost | 619,712 | 618,181 | 619,201 | 614,897 | ||||||||||||
Accumulated depreciation | (372,634 | ) | (362,821 | ) | (352,530 | ) | (324,989 | ) | ||||||||
Net property, plant and equipment | 247,078 | 255,360 | 266,671 | 289,908 | ||||||||||||
Marketable securities and investments | 10,073 | 10,590 | 10,874 | 11,927 | ||||||||||||
Intangible assets | 410,571 | 418,019 | 424,703 | 438,444 | ||||||||||||
Goodwill, net | 1,026,959 | 1,032,073 | 1,034,911 | 1,017,083 | ||||||||||||
Other assets | 98,817 | 99,958 | 102,652 | 97,863 | ||||||||||||
Long-term assets of discontinued operations | 359 | 527 | 1,609 | 4,104 | ||||||||||||
Total assets | $ | 2,553,843 | $ | 2,561,171 | $ | 2,607,719 | $ | 2,795,648 | ||||||||
Current liabilities: | ||||||||||||||||
Short-term debt | $ | 4,945 | $ | 4,979 | $ | 5,167 | $ | 4,791 | ||||||||
Convertible debt | — | — | — | 156,813 | ||||||||||||
Accounts payable | 129,925 | 142,787 | 154,426 | 130,790 | ||||||||||||
Accrued restructuring and integration costs | 5,152 | 5,716 | 8,055 | 25,046 | ||||||||||||
Accrued expenses | 301,272 | 291,105 | 283,868 | 303,110 | ||||||||||||
Current liabilities of discontinued operations | 540 | 872 | 499 | 1,019 | ||||||||||||
Total current liabilities | 441,834 | 445,459 | 452,015 | 621,569 | ||||||||||||
Long-term debt | 484,431 | 499,369 | 544,307 | 584,483 | ||||||||||||
Long-term liabilities | 260,388 | 261,667 | 262,347 | 292,921 | ||||||||||||
Long-term liabilities of discontinued operations | — | — | — | 3,196 | ||||||||||||
Total liabilities | 1,186,653 | 1,206,495 | 1,258,669 | 1,502,169 | ||||||||||||
Commitments and contingencies | ||||||||||||||||
Total stockholders’ equity | 1,367,190 | 1,354,676 | 1,349,050 | 1,293,479 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 2,553,843 | $ | 2,561,171 | $ | 2,607,719 | $ | 2,795,648 | ||||||||
PREPARED IN ACCORDANCE WITH GAAP
PerkinElmer, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 27, 2004 | June 29, 2003 | June 27, 2004 | June 29, 2003 | |||||||||||||
| (In thousands) | ||||||||||||||||
Operating Activities: | ||||||||||||||||
Net income | $ | 20,835 | $ | 8,398 | $ | 34,106 | $ | 10,760 | ||||||||
Add loss from discontinued operations, net of income taxes | 89 | 883 | 344 | 2,285 | ||||||||||||
Add net loss on disposition of discontinued operations | — | 1,693 | 198 | 1,673 | ||||||||||||
Net income from continuing operations | 20,924 | 10,974 | 34,648 | 14,718 | ||||||||||||
Adjustments to reconcile net income from continuing operations to net cash provided by continuing operations: | ||||||||||||||||
Restructuring reversals, net of expense | — | (2,728 | ) | — | (3,173 | ) | ||||||||||
Stock based compensation | 4,289 | 4,566 | 5,095 | 5,266 | ||||||||||||
Amortization of debt discount and issuance costs | 1,350 | �� | 3,293 | 3,561 | 6,179 | |||||||||||
Depreciation and amortization | 19,019 | 19,743 | 38,502 | 38,544 | ||||||||||||
Gains on dispositions | — | (358 | ) | (363 | ) | (938 | ) | |||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||
Accounts receivable | 5,355 | 14,232 | 10,689 | 51,574 | ||||||||||||
Inventories | 6,423 | 14,556 | (607 | ) | 15,962 | |||||||||||
Accounts payable | (11,914 | ) | (5,086 | ) | (23,881 | ) | (19,796 | ) | ||||||||
Accrued restructuring and integration costs | (564 | ) | (6,626 | ) | (2,903 | ) | (11,183 | ) | ||||||||
Accrued expenses and other | 11,847 | (16,048 | ) | 18,090 | (36,551 | ) | ||||||||||
Net Cash Provided by Continuing Operations | 56,729 | 36,518 | 82,831 | 60,602 | ||||||||||||
Net Cash (Used in) Provided by Discontinued Operations | (92 | ) | 324 | 362 | 309 | |||||||||||
Net Cash Provided by Operating Activities | 56,637 | 36,842 | 83,193 | 60,911 | ||||||||||||
Investing Activities: | ||||||||||||||||
Cash withdrawn from escrow to repay debt | — | — | — | 32,509 | ||||||||||||
Capital expenditures | (5,073 | ) | (4,818 | ) | (8,370 | ) | (8,279 | ) | ||||||||
Proceeds from disposition of businesses, PP&E, net | — | 3,295 | 2,056 | 3,295 | ||||||||||||
Settlement of the disposition of business, net | — | (291 | ) | — | (866 | ) | ||||||||||
Proceeds related to acquisitions, net of cash acquired | 2,765 | (1,592 | ) | 2,765 | 534 | |||||||||||
Net Cash (Used in) Provided by Continuing Operations | (2,308 | ) | (3,406 | ) | (3,549 | ) | 27,193 | |||||||||
Net Cash Provided by Discontinued Operations | 306 | 250 | 306 | 250 | ||||||||||||
Net Cash (Used in) Provided by Investing Activities | (2,002 | ) | (3,156 | ) | (3,243 | ) | 27,443 | |||||||||
Financing Activities: | ||||||||||||||||
Payment of debt issuance costs | — | (369 | ) | — | (1,725 | ) | ||||||||||
Prepayment of zero coupon convertible notes | — | — | — | (32,509 | ) | |||||||||||
Prepayment of term loan debt | (15,000 | ) | (15,000 | ) | (60,000 | ) | (30,000 | ) | ||||||||
Increase (decrease) in other credit facilities | 8 | (1,237 | ) | (456 | ) | (1,026 | ) | |||||||||
Proceeds from issuance of common stock for employee benefit plans | 1,703 | 617 | 5,361 | 617 | ||||||||||||
Cash dividends | (8,942 | ) | (8,827 | ) | (17,846 | ) | (17,660 | ) | ||||||||
Net Cash Used in Financing Activities | (22,231 | ) | (24,816 | ) | (72,941 | ) | (82,303 | ) | ||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (1,147 | ) | 5,976 | (1,780 | ) | 7,957 | ||||||||||
Net Increase in Cash and Cash Equivalents | 31,257 | 14,846 | 5,229 | 14,008 | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | 165,471 | 129,777 | 191,499 | 130,615 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 196,728 | $ | 144,623 | $ | 196,728 | $ | 144,623 | ||||||||
PREPARED IN ACCORDANCE WITH GAAP
