<page>
Exhibit 99.1
KAMAN CORPORATION REPORTS 2004 SECOND QUARTER,
SIX MONTH RESULTS
BLOOMFIELD, Connecticut (August 02, 2004) - Kaman Corp. (NASDAQ:
KAMNA) today reported financial results for the second quarter
and six months ended June 30, 2004.
The company reported a net loss for the 2004 second quarter of
$1.8 million, or $0.08 loss per share diluted, primarily
attributed to a $7.1 million non-cash adjustment to its Boeing
Harbour Pointe contract (discussed further in this release),
compared to net earnings of $3.3 million, or $0.15 earnings per
share diluted the previous year. Net sales for the second
quarter were $247.2 million, compared to $216.3 million in the
2003 period.
For the six-month period of 2004 the company reported a net loss
of $0.5 million, or $0.02 loss per share diluted, compared to net
earnings of $17.3 million, or $0.75 earnings per share diluted in
the period a year ago. The 2003 six-month results include an
after-tax gain of $10.1 million, or $0.45 per share, from the
sale of the company's Electromagnetics Development Center (EDC).
Six-month net sales for 2004 were $492.8 million, compared to
$432.3 million a year ago. The company continued to pay
dividends at the rate of $0.11 per share in each of the first two
quarters of the year.
"Kaman's negative year-over-year earnings comparison obscures the
fact that many of our businesses are performing better and are
more favorably positioned than they were a year ago," said Paul
R. Kuhn, chairman, president and CEO. "The Industrial
Distribution and Music segments are performing in line with
expectations in a considerably improved economic environment.
Sales and earnings for the Industrial Distribution segment were
up substantially over the previous year for both the quarter and
six-month periods. Music sales were also up over the previous
year for both the quarter and six-month periods, while earnings
were approximately the same as last year for the quarter and
slightly better for the six-month period. Various of the
Aerospace segment subsidiaries also did well or are showing signs
of improvement: Kamatics' bearing business, for instance, is
continuing to experience strong military sales while
participating in what appears to be an improving market for
commercial aviation products with good growth in sales and
earnings over the prior year periods. In addition, the Kaman
Dayron fuzing operation is beginning to move forward with initial
production of the newly qualified Joint Programmable Fuze (JPF).
The Jacksonville Aircraft Structures and Components operation,
however, continues to deal with various issues that caused the
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Page 2 of 14
"Kaman Reports 2004 Second Quarter and Six Month Results"
August 02, 2004
Aerospace segment to operate at a loss, adversely affecting
results for the company as a whole."
A Summary of Segment Information and detail reporting follow.
<table>
Summary of Segment Information
(In millions)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
-------------- --------------
<s> <c> <c> <c> <c>
2004 2003 2004 2003
- ----------------------------------------------------------------------
Net sales:
Aerospace $ 66.8 $ 62.9 $ 126.5 $ 124.6
Industrial Distribution 145.3 121.8 290.9 242.1
Music 35.1 31.6 75.4 65.6
- ----------------------------------------------------------------------
247.2 216.3 492.8 432.3
======================================================================
Operating profit (loss):
Aerospace ( 4.0) 6.5 (.4) 13.7
Industrial Distribution 5.8 3.4 10.8 6.2
Music 1.4 1.3 3.4 3.2
- ----------------------------------------------------------------------
3.2 11.2 13.8 23.1
Corporate and other
expense, net (1) (5.7) (5.2) (13.2) (10.2)
Interest expense, net (.9) (.7) (1.7) (1.5)
Net gain (loss) on sale of product
line and other assets .2 - .2 16.8
- ----------------------------------------------------------------------
Earnings (loss) before
income taxes $ (3.2) $ 5.3 $ (.9) $ 28.2
=======================================================================
<fn>
(1) "Corporate and other expense, net" increased for the three months
ended June 30, 2004 primarily due to an increase in pension expense, offset
to some degree by a reversal of stock appreciation rights expense.
The increase for the six months ended June 30, 2004 is primarily due to an
increase in pension expense.
</fn>
</table>
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Page 3 of 14
"Kaman Reports 2004 Second Quarter and Six Month Results"
August 02, 2004
REPORT BY SEGMENT
Aerospace Segment
- -----------------
The Aerospace segment had a second quarter operating loss of
$4.0 million, compared to an operating profit of $6.5 million a
year ago. The loss is primarily attributable to a $7.1 million
non-cash adjustment to its Boeing Harbour Pointe contract (a
program involving several commercial airliner models and a
multitude of small subassemblies and parts); and to some extent
the continuing insufficient business base at the company's
Bloomfield, Conn. and Jacksonville, Fla. aircraft manufacturing
facilities, and $1.6 million growth in workers' compensation
claims. The second quarter of 2004 included $0.8 million in
underutilized facility costs primarily associated with the
absence of new helicopter orders at the Bloomfield facility.
Costs associated with ongoing maintenance of the Moosup, Conn.
facility, which was closed last year, were previously reserved as
part of the charge taken in 2002. Sales for the second quarter
of 2004 were $66.8 million, compared to $62.9 million in the
prior year period, reflecting growth in the Advanced Technologies
Products area.
For the first half of 2004 the segment had an operating loss of
$0.4 million as a result of the issues discussed above, compared
to operating profits of $13.7 million the previous year.
Underutilized facility costs for the period were $1.6 million.
Sales for the six-month period were $126.5 million, compared to
$124.6 million in the first half of 2003.
Aircraft Structures and Components
- ----------------------------------
Second quarter aircraft structures and components sales were
$31.2 million, compared to $32.9 million in the period a year
ago. This business contributed approximately 47 percent of the
Aerospace segment's sales in the second quarter, compared to
approximately 52 percent a year ago.
Aircraft Structures and Components involves commercial and
military aircraft programs, including production of aircraft
subassemblies and other parts for Boeing commercial airliners and
the C-17 military transport, as well as helicopter subcontract
work.
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Page 4 of 14
"Kaman Reports 2004 Second Quarter and Six Month Results"
August 02, 2004
While there are signs that an improving commercial airline market
is starting to benefit certain segment operations such as the
Kamatics aircraft bearings business, the market for available
subcontract detail parts manufacturing and assembly work at the
Jacksonville operation continues to be very competitive.
Accordingly, new business awards have been difficult to achieve,
making it harder for the newly expanded plant to develop a
sufficient business base.
Manufacturing performance at the Jacksonville facility also
continues to be an area of focus. The company has been working to
improve performance metrics at the plant and reestablish levels
of customer satisfaction in the area of delivery and quality
performance. The company believes it is making meaningful
progress in this area. At the same time as the Jacksonville
facility works through these issues, operating costs have also
increased due to manpower and third-party processing costs
incurred to expedite required deliveries, and due to the standard
FAA and customer requirements to requalify manufacturing and
quality processes made necessary by the move from Connecticut to
Florida.
The lower sales level at Jacksonville, in particular, has
resulted in overhead and general and administrative expenditures
being absorbed at higher rates by active programs, and generally
lower profitability or losses for these programs. In addition
to these pressures, the company's Boeing Harbour Pointe parts and
subassemblies contract has generated a lower than expected order
flow and an unprofitable mix of work. During the quarter, it
became clear that future demand for these parts, many of which
are associated with programs that Boeing is either cutting back
or eliminating, would be lower than previously anticipated. As
a consequence, in the second quarter, the company recorded a
$7.1 million adjustment to its Boeing Harbour Pointe contract
consisting of an expected accrued contract loss of $4.3 million
and a valuation adjustment of $2.8 million associated with
portions of the program inventory.
<page>
Page 5 of 14
"Kaman Reports 2004 Second Quarter and Six Month Results"
August 02, 2004
The company continues to evaluate ways to grow in a competitive
global business environment, including reassessment of make or
buy strategies and the shift of certain production to other
locations expected to provide lower cost structures.
Helicopter subcontract work involves commercial and military
helicopter programs. Commercial programs include multi-year
contracts for production of fuselages for the MD Helicopters,
Inc. (MDHI) 500 and 600 series helicopters and composite rotor
blades for the MD Explorer helicopter. Total orders from MDHI
have run at significantly lower rates than originally anticipated
due to lower than expected demand. The company's investment in
these contracts consists principally of $4.2 million in billed
receivables and $16.2 million in recoverable costs-not billed,
including start-up costs and other program expenditures, as of
June 30, 2004. To date in 2004, the company has received only
nominal payments. The recoverability of unbilled costs will
depend to a significant extent upon MDHI's future requirements
through 2013, the year to which both contracts extend. The
company stopped production on these contracts in the second
quarter of 2003, but continues to work closely with the customer
to resolve overall payment issues and establish conditions under
which production could be resumed, including the timing thereof.
Management believes that some progress has been made in this
regard. Based upon MDHI's projected future requirements and
inventory on hand at both MDHI and the company, resumption of
production would not be expected to occur until late in 2004 at
the earliest. Although the outcome is not certain, the company
understands from MDHI management that it is close to executing
its strategy to improve current financial and operational
circumstances.
Sales and operating profits for the company's Kamatics specialty
bearing business were higher in the quarter and first half than
the year-ago periods and were an important contributor to overall
results. Kamatics' sales were bolstered by increased commercial
aircraft manufacturing activity at Boeing and Airbus. Sales for
military and commercial aftermarket applications were also good.
Advanced Technology Products
Sales of the company's advanced technology products in the second
quarter were $18.8 million, compared to $11.3 million a year ago,
largely due to increases in the company's military fuze
operations. The business accounted for approximately 28 percent
of Aerospace segment sales, compared to 18 percent a year ago.
<page>
Page 6 of 14
"Kaman Reports 2004 Second Quarter and Six Month Results"
August 02, 2004
The company manufactures products for military and commercial
markets, including safe, arm and fuzing devices for a number of
major missile and bomb programs; and precision measuring systems,
mass memory systems and electro-optic systems. In May, the Kaman
Dayron unit in Orlando, Fla., successfully completed
qualification testing and was given authority to begin production
deliveries of the advanced FMU-152A/B Joint Programmable Fuze
(JPF) to the U.S. Air Force. The JPF contract has a value of
$13.6 million covering LRIP (low rate initial production) and
production Lot 1 that extends through 2005. The contract
includes options for eight additional years of production that
would bring the total additional potential value, if fully
exercised, to $168.7 million.
Since 2001, the company's Electro-Optics Development Center
(EODC) in Tucson, Ariz., has been teamed with the University of
Arizona's Steward Observatory to build a 6.5-meter aperture
collimator that will be used for testing large optical systems in
a vacuum environment. The EODC has been working under a $12.8
million fixed-price contract to design and fabricate the
structural, electrical, mechanical and software control systems
for the collimator. The EODC has experienced significant cost
growth in its portion of the program as a result of changes in
the scope of the project, and believes that it has a valid basis
to recover these amounts. As a result, in April 2004, the
company submitted a claim in the amount of $6.3 million to the
University to recover these additional costs. The parties
disagree about the claim and are currently engaged in discussions
about the process for its resolution.
Helicopter Programs
Sales generated by the SH-2G Super Seasprite and K-MAX helicopter
programs, including spare parts and sales support, totaled $16.8
million in the second quarter, compared to $18.7 million in the
period last year. This represented approximately 25 percent of
segment sales for the quarter, compared to approximately 30
percent a year ago.
Production of the 11 SH-2G(A) aircraft for the Australia program
is essentially complete. As previously reported, the aircraft
lack the full Integrated Tactical Avionics System (ITAS) software
and progress is continuing on this element of the program. The
Royal Australian Navy has provisionally accepted five of the 11
aircraft, including one aircraft during the quarter, and that
process continues. The company expects to be able to deliver the
full capability of the ITAS weapons system software in late 2004
with a final acceptance anticipated in 2005. While the company
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Page 7 of 14
"Kaman Reports 2004 Second Quarter and Six Month Results"
August 02, 2004
believes its reserves are sufficient to cover estimated costs to
complete the program, final development of the software and its
integration are underway, and these are complex tasks.
The company continued to market K-MAX helicopter inventory that
had been written down to an estimated fair market value in 2002.
There were three new leases of K-MAX helicopters in the second
quarter. Superior Helicopter of Grants Pass, Ore., leased two
additional K-MAXs, bringing its K-MAX fleet to six aircraft, and
San Joaquin Helicopters of Delano, Calif., leased its first
K-MAX. With the July 2004 sale to Grizzly Mountain Aviation of
Prineville, Ore., of their second K-MAX, the company has now sold
or leased all remaining available K-MAX helicopters.
Management is in discussions with U.S. Naval Air Systems Command
(NAVAIR) regarding the potential purchase of a portion of the
Bloomfield complex that Aerospace currently leases from NAVAIR
and has operated for several decades, for the principal purpose
of performing U.S. government contracts. Pursuant to the
federal government's policy of disposing of such government-
owned, contractor-operated facilities and the terms of the
current lease, the company must submit a formal request to enter
into negotiations for purchase of the facility by September 30,
2004, which will be followed by determination of the price and
other terms of the sale. Management believes that the facility,
which is currently utilized for flight and ground test operations
and limited parts manufacturing, is important to its ongoing
operations. As part of its decision-making process, the company
is discussing with NAVAIR and the U.S. General Services
Administration the method that would be used to calculate the
purchase price of the facility which could possibly include the
company undertaking some level of the environmental remediation
that may be legally required in the event of a sale of the
property.
Industrial Distribution Segment
- -------------------------------
Industrial Distribution's operating profit was $5.8 million in
the second quarter, compared to $3.4 million the previous year.
Sales for the quarter were $145.3 million, including $7.2 million
from Industrial Supplies, Inc. (ISI) which was acquired in the
fourth quarter of 2003, compared to $121.8 million in the 2003
quarter.
For the first half of 2004, the segment had operating profits of
$10.8 million, compared to $6.2 million in the same period last
<page>
Page 8 of 14
"Kaman Reports 2004 Second Quarter and Six Month Results"
August 02, 2004
year. Sales for the 2004 six-month period were $290.9 million
including $14.4 million from ISI, compared to $242.1 million a
year ago. Vendor incentives in the form of rebates continue to
be an important contributor to the segment's operating profits.
Kuhn said, "The Industrial Distribution segment performed as
expected in an improving market, taking advantage of better
conditions and competitive successes to produce strong results
for the quarter and six month periods. With the industrial
production and capacity utilization indexes both indicating long-
awaited vitality in the national economy, Kaman's customer base
is benefiting with the result that sales increased to both MRO
and OEM customer groups. A significant focus for the company
has been to increase penetration of the national account market.
During the quarter the company signed national account agreements
with Tyco International (US) Inc. and Cadbury Schweppes' U.S.
affiliates (Mott's, LLP, Dr Pepper/Seven Up, Inc., Snapple
Beverage Corp., and Cadbury Adams LLC).
"During the quarter, the company was also named a national
distributor for the full line of IMI Norgren, Inc.'s fluid power
products, providing Kaman a major line to sell through its entire
U.S. branch network. This addition to the catalogue meaningfully
broadens Kaman's product offerings in this important market
sector.
"Rising energy and steel prices have been a national concern, and
the company is monitoring the impact that rising prices may have
on our customer base, and our own business. To date, we have
been successful working with both customers and suppliers to
minimize the impact on our margins."
Kaman is the nation's third largest distributor of power
transmission, motion control, material handling and electrical
components and a wide range of bearings. Products and value-
added services are offered to a customer base of more than 50,000
companies representing a highly diversified cross-section of
North American industry. The company's footprint of nearly 200
branches and regional distribution centers covers 70 of the top
100 industrial markets in the U.S, providing both the opportunity
to participate in the improving economic climate and room to
expand its presence efficiently through selective acquisitions.
<page>
Page 9 of 14
"Kaman Reports 2004 Second Quarter and Six Month Results"
August 02, 2004
Music Segment
- -------------
The Music segment's operating profit was $1.4 million in the
second quarter, approximately the same as the previous year.
Sales for the quarter were $35.1 million, compared to $31.6
million the prior year.
For the six-month period the segment had operating profits of
$3.4 million, compared to $3.2 million in the first half of 2003.
Sales for the six months of 2004 were $75.4 million, compared to
$65.6 million in 2003.
Kuhn said, "The overall improvement in the national economy along
with the competitive positioning of our brand name products has
had a positive impact on our business in the three and six-month
periods, with particularly strong sales to the large national
account retail chain stores during the quarter. Business in the
quarter, however, favored a somewhat lower margin mix of products
and customers."
Kaman is the largest independent distributor of musical
instruments and accessories, offering more than 15,000 products
for amateurs and professionals. Proprietary products include
Ovation (registered trademark), Takamine (registered trademark),
and Hamer (registered trademark) guitars; and Latin Percussion
(registered trademark) and Toca (registered trademark) hand
percussion instruments, Gibraltar (registered trademark)
percussion hardware and Gretsch (registered trademark)
professional drum sets.
Concluding Remark
- -----------------
Kuhn said, "During the last several years, a period of recession
that affected all of Kaman's businesses, there has been a
company-wide focus on reducing costs and leaning the organization
with the intent of posturing for a recovery. Now that the
recovery is underway, the difficult actions that were taken are
beginning to provide the anticipated payback. The Industrial
Distribution and Music businesses as well as several pieces of
the Aerospace business are gaining momentum as we enter the
second half of 2004. We are working hard to improve the
performance of the balance of the Aerospace operation. The
industrial recovery is still in its early stages and the
aerospace recovery is just now showing signs of beginning. This
should bode well for Kaman."
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Page 10 of 14
"Kaman Reports 2004 Second Quarter and Six Month Results"
August 02, 2004
Forward-Looking Statements
- --------------------------
This release contains forward-looking information relating to the
company's business and prospects, including aerostructures and
helicopter subcontract programs and components, advanced
technology products, SH-2G and K-MAX helicopter programs, the
industrial and music businesses, and other matters that involve a
number of uncertainties that may cause actual results to differ
materially from expectations. Those uncertainties include, but
are not limited to: 1) the successful conclusion of competitions
and thereafter contract negotiations with government authorities,
including foreign governments; 2) political developments in
countries where the company intends to do business; 3) standard
government contract provisions permitting renegotiation of terms
and termination for the convenience of the government; 4) economic
and competitive conditions in markets served by the company,
particularly industrial production and commercial aviation, and
global economic conditions; 5) satisfactory completion of the
Australian SH-2G(A) program, including successful completion and
integration of the full ITAS software; 6) recovery of the
company's investment in the MDHI contracts; 7) achievement of and
actual costs for recertifying products and processes in connection
with the expanded Jacksonville facility; 8) receipt and successful
execution of production orders for the JPF program; 9)
satisfactory resolution of the EODC Collimator matter; 10)
achievement of enhanced business base in the Aerospace segment in
order to better absorb overhead and general and administrative
expenses; 11) satisfactory results of negotiations with NAVAIR
concerning the company's leased facility in Bloomfield, Conn.; 12)
profitable integration of acquired businesses into the company's
operations; 13) changes in supplier sales or vendor incentive
policies; 14) the effect of price increases or decreases; 15)
pension plan assumptions and future contributions; and 16)
currency exchange rates, taxes, changes in laws and regulations,
interest rates, inflation rates, general business conditions and
other factors. Any forward-looking information should be
considered with these factors in mind.
###
Contact: Russell H. Jones
SVP, Chief Investment Officer & Treasurer
(860) 243-6307
rhj-corp@kaman.com
<page>
Page 11 of 14
"Kaman Reports 2004 Second Quarter and Six Month Results"
August 02, 2004
KAMAN CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands except per share amounts)
<table>
For the Three Months For the Six Months
Ended June 30, Ended June 30,
2004 2003 2004 2003
- ------------------------------------------------------------------------
<s> <c> <c> <c> <c>
Net sales $ 247,171 $ 216,311 $ 492,849 $ 432,321
Costs and expenses:
Cost of sales 191,894 158,161 374,917 316,031
Selling, general and
administrative expense 58,047 52,161 117,474 103,384
Other operating
(income) / expense, net (435) (341) (753) (614)
Interest expense, net 949 751 1,744 1,519
Net (gain) loss on sale of
product line and
other assets (235) 23 (235) (16,826)
Other (income) / expense, net 177 187 661 592
- ------------------------------------------------------------------------
250,397 210,942 493,808 404,086
- ------------------------------------------------------------------------
Earnings (loss) before
income taxes (3,226) 5,369 (959) 28,235
Income taxes (benefit) (1,390) 2,085 (415) 10,985
- ------------------------------------------------------------------------
Net earnings (loss) $ (1,836) $ 3,284 $ (544) $ 17,250
========================================================================
Net earnings (loss) per share:
Basic $ (.08) $ .15 $ (.02) $ .77
Diluted (1) $ (.08) $ .15 $ (.02) $ .75
========================================================================
Average shares outstanding:
Basic 22,686 22,551 22,667 22,523
Diluted (2) 22,686 23,484 22,667 23,482
Dividends declared
per share $ .11 $ .11 $ .22 $ .22
========================================================================
<fn>
(1) The calculated diluted per share amounts for the three months ended
and six months ended June 30, 2004 are anti-dilutive, therefore, amounts
shown are equal to the basic per share calculation.
<page>
Page 12 of 14
"Kaman Reports 2004 Second Quarter and Six Month Results"
August 02, 2004
(2) Additional potentially diluted average shares outstanding of 936 for
the three months ended June 30, 2004 and 974 for the six months ended
June 30, 2004 have been excluded from the average diluted shares outstanding
due to the loss from operations in that time period.
</fn>
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Page 13 of 14
"Kaman Reports 2004 Second Quarter and Six Month Results"
August 02, 2004
KAMAN CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
<table>
June 30, December 31,
2004 2003
- ---------------------------------------------------------------
<s> <c> <c>
Assets
Current assets:
Cash and cash equivalents $ 10,645 $ 7,130
Accounts receivable, net 216,438 193,243
Inventories 185,127 178,952
Income taxes receivable 2,595 1,043
Deferred income taxes 26,026 26,026
Other current assets 11,979 12,457
- ---------------------------------------------------------------
Total current assets 452,810 418,851
- ---------------------------------------------------------------
Property, plant and equipment, net 50,285 51,049
Goodwill and other intangible
assets, net 53,375 53,347
Other assets 5,996 5,064
- ---------------------------------------------------------------
$ 562,466 $ 528,311
===============================================================
Liabilities and shareholders' equity
Current liabilities:
Notes payable $ 7,241 $ 7,673
Accounts payable 57,634 59,600
Accrued contract loss 28,434 23,611
Accrued restructuring costs 4,590 6,109
Other accrued liabilities 32,945 26,123
Advances on contracts 19,525 19,693
Other current liabilities 17,672 17,746
- ---------------------------------------------------------------
Total current liabilities 168,041 160,555
- ---------------------------------------------------------------
Long-term debt, excluding
current portion 66,765 36,624
Other long-term liabilities 28,576 27,949
Shareholders' equity 299,084 303,183
- --------------------------------------------------------------
$ 562,466 $ 528,311
===============================================================
</table>
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"Kaman Reports 2004 Second Quarter and Six Month Results"
August 02, 2004
KAMAN CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
<table> (In thousands)
For the Six Months
Ended June 30,
- --------------------------------------------------------------------------
2004 2003
<s> <c> <c>
Cash flows from operating activities:
Net earnings (loss) $ (544) $ 17,250
Depreciation and amortization 4,634 5,131
Net gain on sale of product line and other assets (235) (16,826)
Other, net 1,815 905
Changes in current assets and liabilities,
excluding effects of divestiture:
Accounts receivable (23,171) (15,664)
Inventory (6,135) (16,651)
Income taxes receivable (1,552) 5,192
Accounts payable (1,972) 3,757
Accrued contract loss 4,823 2,214
Accrued restructuring costs (1,519) (371)
Advances on contracts (168) 740
Income taxes payable 6 1,015
Changes in other current assets and liabilities 7,214 2,375
- ----------------------------------------------------------------------------
Cash provided by (used in) operating activities (16,804) (10,933)
- ----------------------------------------------------------------------------
Cash flows from investing activities:
Proceeds from sale of product line and other assets 348 28,025
Expenditures for property, plant & equipment (3,834) (4,175)
Acquisition of business, less cash acquired (399) -
Other, net (1,129) (574)
- ---------------------------------------------------------------------------
Cash provided by (used in) investing activities (5,014) 23,276
- ---------------------------------------------------------------------------
Cash flows from financing activities:
Changes to notes payable (451) (819)
Additions/(reductions) to long-term debt 30,141 (4,395)
Proceeds from exercise of employee stock plans 629 650
Purchases of treasury stock (4) (205)
Dividends paid (4,982) (4,948)
- ---------------------------------------------------------------------------
Cash provided by (used in) financing activities 25,333 (9,717)
- ---------------------------------------------------------------------------
Net increase (decrease) in cash and cash equivalents 3,515 2,626
Cash and cash equivalents at beginning of period 7,130 5,571
- ----------------------------------------------------------------------------
Cash and cash equivalents at end of period $ 10,645 $ 8,197
===========================================================================
</table
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