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EXHIBIT 13(a)(v)
CONSOLIDATED STATEMENTS OF CASH FLOWS
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FOR THE YEARS ENDED NOVEMBER 30, 2000, 1999 AND 1998
(Dollars in thousands)
2000 1999 1998
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Cash flows from operating activities:
Net earnings ................................................... $ 40,237 $ 35,412 $ 32,079
Adjustments to reconcile net earnings to
net cash provided by operations:
Depreciation ................................................ 17,537 13,729 11,692
Amortization ................................................ 3,542 1,643 688
Minority interests in earnings of subsidiaries .............. 49 66 6
Net (gain) loss on dispositions of plant assets ............. 109 (1,660) (1,310)
Changes in assets and liabilities, net of
business acquisitions:
Accounts receivable ...................................... (3,448) (6,062) (3,460)
Inventories .............................................. (9,636) (4,585) 1,046
Prepaid expenses and other current assets ................ 8,040 (1,369) (912)
Other noncurrent assets .................................. (554) (18) (3,235)
Accounts payable and accrued liabilities ................. (1,170) 4,790 4,841
Pension assets and liabilities, net ...................... (7,430) (583) (1,463)
Income taxes ............................................. 4,663 (2,366) 2,065
Deferred income taxes .................................... 2,191 (355) 230
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Net cash provided by operating activities ............. 54,130 38,642 42,267
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Cash flows from investing activities:
Additions to plant assets ...................................... (29,005) (21,822) (15,825)
Business acquisitions, net of cash acquired .................... (12,735) (142,709) (7,984)
Proceeds from note receivable .................................. -- -- 2,500
Dispositions of plant assets ................................... 55 3,873 2,542
Other, net ..................................................... (440) -- (523)
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Net cash used in investing activities ................. (42,125) (160,658) (19,290)
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Cash flows from financing activities:
Proceeds from multicurrency revolving credit agreement ......... 43,200 115,000 --
Payments on multicurrency revolving credit agreement ........... (42,200) -- --
Reduction of long-term debt .................................... (7,034) (468) (2,669)
Sales of capital stock under stock option plan ................. 1,379 680 1,890
Purchases of treasury stock .................................... -- (897) (8,447)
Cash dividends paid ............................................ (11,207) (10,814) (10,717)
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Net cash provided by (used in) financing activities .... (15,862) 103,501 (19,943)
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Net effect of exchange rate changes on cash ....................... (24) (61) (37)
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Net change in cash and short-term
cash investments ............................................... (3,881) (18,576) 2,997
Cash and short-term cash investments,
beginning of year .............................................. 14,745 33,321 30,324
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Cash and short-term cash investments, end of year ................. $ 10,864 $ 14,745 $ 33,321
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The accompanying notes are an integral part of the consolidated financial
statements.
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