EXHIBIT 99.1
Year Ended December 31, | |||
2004 | 2003 | 2002 | |
Cash Flows from Operating Activities | |||
Net income (loss) | $ 19,053,263 | $ (28,964,005) | $ (4,705,926) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation | 10,853,013 | 12,673,660 | 15,070,442 |
Amortization | 266,457 | 452,572 | 141,139 |
Provision for doubtful accounts | 592,544 | 312,021 | 1,168,447 |
Provision for inventory reserves | 3,426,958 | 5,304,370 | 3,104,411 |
Provision for warranty | 8,586,480 | 7,599,745 | 8,840,731 |
Deferred income tax provision (benefit) | 4,943,606 | (5,508,648) | (610,269) |
Gain on disposal of discontinued operations, net of tax | (5,406,224) | -- | -- |
(Gain) loss on disposition of fixed assets | 450,081 | (1,034,489) | (162,721) |
Gain on sale of equipment on operating lease | -- | (534,325) | (708,046) |
Gain on sale of finance receivables | -- | (18,000) | (342,063) |
Goodwill impairment | -- | 16,260,975 | -- |
Minority interest in losses (earnings) of subsidiary | (111,260) | 136,967 | 80,403 |
(Increase) decrease in: | |||
Receivables | (3,556,365) | 6,575,947 | 3,244,069 |
Inventories | (21,471,263) | 6,291,914 | 6,527,167 |
Prepaid expenses | (4,648,422) | (2,752,027) | (1,378,562) |
Other assets | (922,253) | (1,347,012) | (2,316,920) |
Increase (decrease) in: | |||
Accounts payable | 8,928,898 | (6,688,461) | 6,536,815 |
Customer deposits | 686,642 | 3,515,342 | (1,886,474) |
Accrued product warranty | (7,358,121) | (7,744,036) | (8,535,986) |
Refundable income taxes | (386,591) | 6,839,098 | -- |
Income taxes payable | (1,620,135) | 2,292,637 | 597,519 |
Accrued retirement benefit costs | (1,037,275) | -- | -- |
Self insurance loss reserves | 381,692 | 2,014,416 | 2,275,444 |
Other accrued liabilities | 8,357,429 | (8,763,779) | 6,592,169 |
Foreign currency transaction (gain) loss | 294,674 | 280,577 | 90,651 |
Net cash provided by operating activities | 20,303,828 | 7,195,459 | 33,622,440 |
Cash Flows from Investing Activities | |||
Proceeds from disposal of discontinued operations, net | 23,496,339 | -- | -- |
Proceeds from sale of property and equipment | 1,511,047 | 1,660,676 | 1,238,570 |
Expenditures for property and equipment | (11,167,772) | (3,588,297) | (19,273,932) |
Proceeds from sale of equipment on operating lease | -- | 6,611,539 | 16,634,694 |
Expenditures for equipment on operating lease | -- | -- | (14,704,868) |
Additions to finance receivables | -- | (1,043,412) | (40,741,257) |
Collections of finance receivables | 121,310 | 18,190,171 | 20,413,550 |
Proceeds from sale of finance receivables | -- | 1,585,484 | 29,330,175 |
Additions to notes receivable | (42,663) | (300,800) | (7,228,110) |
Repayments on notes receivable | 120,719 | 7,305,714 | 4,554 |
Net cash provided (used) by investing activities | 14,038,980 | 30,421,075 | (14,326,624) |
Year Ended December 31, | |||
2004 | 2003 | 2002 | |
Cash Flows from Financing Activities | |||
Proceeds from issuance of common stock | $ 2,754,586 | $ 382,014 | $ 698,540 |
Net borrowings (repayments) under revolving credit loans | (19,479,303) | (3,905,306) | 5,314,410 |
Proceeds from sale of minority interest stock | 1,706,034 | -- | -- |
Cash paid for retirement of stock | (1,817,147) | (70,776) | (87,888) |
Principal repayments of industrial bonds, loans and notes payable | (18,734,227) | (95,113,634) | (6,769,101) |
Purchase of company shares by Supplemental Executive Retirement Plan | (231,711) | (674,000) | (785,000) |
Proceeds from debt and notes payable | -- | 40,122,943 | 5,655,642 |
Net cash provided (used) by financing activities | (35,801,768) | (59,258,759) | 4,026,603 |
Effect of exchange rates on cash | 73,116 | 52,154 | 348,574 |
Increase (decrease) in cash and cash equivalents | (1,385,844) | (21,590,071) | 23,670,993 |
Cash and cash equivalents, beginning of period | 9,734,537 | 30,341,171 | 6,670,178 |
Cash and cash equivalents, end of period | $ 8,348,693 | $ 8,751,100 | $ 30,341,171 |
Supplemental Cash Flow Information | |||
Cash paid during the year for: | |||
Interest | $ 3,890,711 | $ 9,213,232 | $ 10,235,731 |
Income taxes (net of refunds) | $ 9,915,939 | $ (6,526,586) | $ (2,955,356) |
Tax benefits related to stock options: | |||
Refundable income taxes | -- | -- | $ 105,809 |
Additional paid-in capital | $ (262,002) | $ (71,819) | (105,809) |
Income tax payable | 262,002 | 71,819 | -- |
Restructure of note receivable: | |||
Finance receivables | 248,028 | -- | -- |
Accounts receivable | (248,028) | -- | -- |
Repossession of rental equipment: | |||
Inventory | $ 270,000 | -- | -- |
Fixed assets | (270,000) | -- | -- |