Exhibit 99.1
FOR IMMEDIATE RELEASE | 
|
Contact: Leigh J. Abrams, President and CEO |
Phone: (914) 428-9098 Fax: (914) 428-4581 |
E Mail: Drew@drewindustries.com |
DREW INDUSTRIES RELEASES STATEMENT
OF CASH FLOW FOR 2004
White Plains, New York – February 21, 2005 – In order to provide the financial community with additional information about its operations, Drew Industries Incorporated (NYSE: DW) today released its statement of cash flows as a supplement to its previously released results for the year-ended December 31, 2004. Future quarterly earnings releases will include cash flow information.
Drew, a supplier of components for recreational vehicles (“RV”) and manufactured housing (“MH”), previously reported its third consecutive year of record net sales and net income, posting a 29 percent increase in net income on a 50 percent increase in net sales for 2004.
About Drew
Drew, through its wholly owned subsidiaries, Kinro and Lippert Components, supplies a broad array of components for RVs and manufactured homes. Drew’s products include vinyl and aluminum windows and screens, doors, chassis, chassis parts, RV slide-out mechanisms and power units, bath and shower units, electric stabilizer jacks and trailers for equipment hauling, boats, personal watercrafts and snowmobiles, as well as chassis and windows for modular homes and offices. From 50 factories located throughout the United States and one factory in Canada, Drew serves most major national manufacturers of RVs and manufactured homes in an efficient and cost-effective manner. Additional information about Drew and its products can be found at www.drewindustries.com.
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Exhibit 99.1
DREW INDUSTRIES INCORPORATED
CASH FLOWS
(unaudited)
(In thousands)
| | Year Ended December 31, | |
|---|
| |
| |
|---|
| 2004
| | 2003
| |
|---|
| Cash flows from operating activities: | | | | | | | | |
| Net income | | | $ | 25,108 | | $ | 19,423 | |
| Adjustments to reconcile net income to cash flows | | |
| provided by operating activities: | | |
| Discontinued operations, net of taxes | | | | | | | (48 | ) |
|
| |
| Income from continuing operations | | | $ | 25,108 | | | 19,375 | |
| Depreciation and amortization | | | | 9,300 | | | 7,863 | |
| Deferred taxes | | | | (1,394 | ) | | 383 | |
| Loss on disposal of fixed assets | | | | 828 | | | 92 | |
| Stock based compensation expense | | | | 1,113 | | | 411 | |
| Changes in assets and liabilities, net of business acquisitions: | | |
| Accounts receivable, net | | | | (6,127 | ) | | (1,001 | ) |
| Inventories | | | | (28,447 | ) | | 218 | |
| Prepaid expenses and other assets | | | | 2,232 | | | 2,524 | |
| Accounts payable, accrued expenses and other liabilities | | | | 6,267 | | | 926 | |
|
| |
| Net cash flows provided by continuing | | |
| operating activities | | | | 8,880 | | | 30,791 | |
| Income from discontinued operations | | | | | | | 48 | |
| Changes in discontinued operations | | | | | | | 702 | |
|
| |
| Net cash flows provided by operating activities | | | | 8,880 | | | 31,541 | |
| Cash flows from investing activities: | | |
| Capital expenditures | | | | (27,058 | ) | | (5,073 | ) |
| Acquisition of company’s business | | | | (21,388 | ) | | (7,397 | ) |
| Proceeds from sales of fixed assets | | | | 369 | | | 78 | |
| Other investments | | | | (343 | ) | | | |
|
| |
| Net cash flows used for investing activities | | | | (48,420 | ) | | (12,392 | ) |
| Cash flows from financing activities: | | |
| Proceeds from line of credit and other borrowings | | | | 221,846 | | | 31,550 | |
| Repayments under line of credit and other borrowings | | | | (190,418 | ) | | (45,949 | ) |
| Exercise of stock options | | | | 2,111 | | | 3,715 | |
| Other | | | | (356 | ) | | | |
|
| |
| Net cash flows provided by (used for) | | |
| financing activities | | | | 33,183 | | | (10,684 | ) |
|
| |
| Net (decrease) increase in cash | | | | (6,357 | ) | | 8,465 | |
| Cash and cash equivalents at beginning of year | | | | 8,781 | | | 316 | |
|
| |
| Cash and cash equivalents at end of year | | | $ | 2,424 | | $ | 8,781 | |
|
| |
| Supplemental disclosure of cash flows information: | | |
| Cash paid during the year for: | | |
| Interest on debt | | | $ | 3,228 | | $ | 3,071 | |
| Income taxes, net of refunds | | | $ | 15,053 | | $ | 9,449 | |
