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CONSOLIDATED BALANCE SHEETS EXHIBIT 13(a)(ii)
November 30, 1998 and 1997 (Dollars in thousands except per share data)
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ASSETS 1998 1997
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Current assets:
Cash and short-term cash investments.............$ 33,321 $ 30,324
Accounts receivable, less allowance for losses
of $2,711 for 1998 and $2,106 for 1997......... 67,557 62,387
Inventories...................................... 58,614 58,282
Prepaid expenses and other....................... 2,444 3,917
Deferred income taxes............................ 6,237 5,617
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Total current assets.................. 168,173 160,527
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Investment in affiliate, at cost.................... 2,422 1,899
Plant assets, at cost less accumulated
depreciation..................................... 86,389 82,905
Excess of cost over fair value of assets acquired,
less accumulated amortization.................... 21,665 15,777
Pension assets...................................... 15,907 13,897
Other noncurrent assets............................. 11,210 7,514
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Total assets..........................$ 305,766 $ 282,519
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LIABILITIES
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Current liabilities:
Current portion of long-term debt................$ 470 $ 1,140
Accounts payable and accrued liabilities......... 54,525 48,153
Income taxes..................................... 6,188 4,944
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Total current liabilities............. 61,183 54,237
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Long-term debt, less current portion................ 36,419 37,656
Postretirement health care benefits................. 1,821 1,941
Long-term pension liabilities....................... 8,896 7,556
Deferred income taxes............................... 9,920 9,070
Other long-term liabilities......................... 431 -
Minority interests.................................. 289 897
Contingencies
SHAREHOLDERS' EQUITY
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Capital stock:
Preferred, par value $1, authorized
1,300,000 shares, none issued................. - -
Common, par value $1, authorized 30,000,000
shares, issued 23,949,358 in 1998 and
24,243,603 in 1997............................ 23,949 16,162
Capital in excess of par value.................. 156 2,857
Foreign currency translation adjustments........ (2,993) (2,700)
Retained earnings............................... 165,695 154,843
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Total shareholders' equity........... 186,807 171,162
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Total liabilities and
shareholders' equity............... $ 305,766 $ 282,519
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The accompanying notes are an integral part of the consolidated financial
statements.
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