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EXHIBIT 13(a)v
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED NOVEMBER 30, 1999, 1998 AND 1997 (Dollars in thousands)
1999 1998 1997
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Cash flows from operating activities:
Net earnings................................................ $ 35,412 $ 32,079 $ 26,918
Adjustments to reconcile net earnings to
net cash provided by operations:
Depreciation............................................. 13,729 11,692 11,001
Amortization............................................. 1,643 688 599
Gain on sale of marketable securities.................... - - (1,706)
Minority interests in earnings of subsidiaries........... 66 6 110
Net gain on dispositions of plant assets................. (1,660) (1,310) (512)
Changes in assets and liabilities, net of
business acquisitions:
Accounts receivable................................... (6,062) (3,460) (3,224)
Inventories........................................... (4,585) 1,046 (1,058)
Prepaid expenses and other current assets............. (1,369) (912) 1,028
Other noncurrent assets............................... (18) (3,235) 27
Accounts payable and accrued liabilities.............. 4,790 4,841 7,220
Pension assets and liabilities, net................... (583) (1,463) (443)
Income taxes.......................................... (2,366) 2,065 1,771
Deferred income taxes................................. (355) 230 (99)
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Net cash provided by operating activities......... 38,642 42,267 41,632
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Cash flows from investing activities:
Additions to plant assets................................... (21,822) (15,825) (11,349)
Business acquisitions, net of cash acquired................. (142,709) (7,984) (1,522)
Proceeds from sale of marketable securities................. - - 3,322
Proceeds from note receivable............................... - 2,500 -
Dispositions of plant assets................................ 3,873 2,542 2,100
Other, net.................................................. - (523) (744)
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Net cash used in investing activities............. (160,658) (19,290) (8,193)
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Cash flows from financing activities:
Borrowings under long-term debt............................. 115,000 - 1,123
Reduction of long-term debt................................. (468) (2,669) (13,988)
Sales of capital stock under stock option plan.............. 680 1,890 1,305
Purchases of treasury stock................................. (897) (8,447) -
Cash dividends paid......................................... (10,814) (10,717) (10,290)
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Net cash provided by (used in) financing activities 103,501 (19,943) (21,850)
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Net effect of exchange rate changes on cash..................... (61) (37) (92)
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Net change in cash and short-term
cash investments........................................ (18,576) 2,997 11,497
Cash and short-term cash investments,
beginning of year....................................... 33,321 30,324 18,827
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Cash and short-term cash investments, end of year............... $ 14,745 $ 33,321 $ 30,324
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The accompanying notes are an integral part of the consolidated financial
statements.
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