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CONSOLIDATED STATEMENTS OF CASH FLOWS EXHIBIT 13(a)(v)
for the years ended November 30, 1998, 1997 and 1996 (Dollars in thousands)
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1998 1997 1996
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Cash flows from operating activities:
Net earnings.............................. $ 32,079 $ 26,918 $ 25,945
Adjustments to reconcile net earnings to
net cash provided by operations:
Depreciation............................ 11,692 11,001 10,150
Amortization............................ 688 599 554
Gain on sale of marketable securities... - (1,706) (1,675)
Minority interests in earnings of
subsidiaries.......................... 6 110 145
Net gain on dispositions of
plant assets.......................... (1,310) (512) (243)
Changes in assets and liabilities,
net of business acquisitions:
Accounts receivable................... (3,460) (3,224) (1,591)
Inventories........................... 1,046 (1,058) (6,486)
Prepaid expenses...................... (912) 1,028 211
Other noncurrent assets............... (3,235) 27 (2,203)
Accounts payable and accrued
liabilities......................... 4,841 7,220 (1,788)
Pension assets and liabilities, net... (1,463) (443) 185
Income taxes.......................... 2,065 1,771 1,411
Deferred income taxes................. 230 (99) 2,060
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Net cash provided by operating
activities........................ 42,267 41,632 26,675
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Cash flows from investing activities:
Additions to plant assets................. (15,825) (11,349) (22,230)
Business acquisitions, net of
cash acquired........................... (7,984) (1,522) (1,358)
Investment in affiliate................... (523) (811) (530)
Proceeds from sale of marketable
securities.............................. - 3,322 3,067
Proceeds from note receivable............. 2,500 - -
Dispositions of plant assets.............. 2,542 2,100 2,419
Other, net................................ - 67 (302)
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Net cash used in investing
activities........................ (19,290) (8,193) (18,934)
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Cash flows from financing activities:
Borrowings under long-term debt........... - 1,123 9,870
Reduction of long-term debt............... (2,669) (13,988) (9,147)
Sales of capital stock under stock
option plan............................. 1,890 1,305 445
Purchases of treasury stock............... (8,447) - (430)
Cash dividends paid....................... (10,717) (10,290) (9,512)
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Net cash used in financing
activities........................ (19,943) (21,850) (8,774)
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Net effect of exchange rate changes on cash.. (37) (92) 69
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Net change in cash and short-term
cash investments.......................... 2,997 11,497 (964)
Cash and short-term cash investments,
beginning of year......................... 30,324 18,827 19,791
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Cash and short-term cash investments,
end of year............................... $ 33,321 $ 30,324 $ 18,827
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The accompanying notes are an integral part of the consolidated financial
statements.
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