EXHIBIT 13(a)(v)
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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FOR THE YEARS ENDED NOVEMBER 30, 2001, 2000 AND 1999
(Dollars in thousands)
2001 2000 1999
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Cash flows from operating activities:
Net earnings ......................................................... $ 41,893 $ 40,237 $ 35,412
Adjustments to reconcile net earnings to
net cash provided by operations:
Depreciation ...................................................... 18,187 17,537 13,729
Amortization ...................................................... 3,663 3,542 1,643
Minority interests in earnings of subsidiaries .................... 37 49 66
Net (gain) loss on dispositions of plant assets ................... 338 109 (1,660)
Impairment of plant assets ........................................ 2,422 - -
Changes in assets and liabilities, net of business acquisitions:
Accounts receivable ............................................ 5,116 (3,448) (6,062)
Inventories .................................................... 5,190 (9,636) (4,585)
Prepaid expenses and other current assets ...................... (374) 8,040 (1,369)
Other noncurrent assets ........................................ (2,523) (554) (18)
Accounts payable and accrued liabilities ....................... (8,693) (1,170) 4,790
Pension assets and liabilities, net ............................ 1,163 (7,430) (583)
Income taxes ................................................... (2,683) 4,663 (2,366)
Deferred income taxes .......................................... (446) 2,191 (355)
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Net cash provided by operating activities .................... 63,290 54,130 38,642
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Cash flows from investing activities:
Additions to plant assets ............................................ (18,204) (29,005) (21,822)
Business acquisitions, net of cash acquired .......................... (33,388) (12,735) (142,709)
Dispositions of plant assets ......................................... 539 55 3,873
Other, net ........................................................... (300) (440) -
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Net cash used in investing activities ........................ (51,353) (42,125) (160,658)
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Cash flows from financing activities:
Proceeds from multicurrency revolving credit agreement ............... 27,500 43,200 115,000
Payments on multicurrency revolving credit agreement ................. (36,500) (42,200) -
Proceeds from borrowings under long-term debt ........................ 8,000 - -
Reduction of long-term debt .......................................... (5,349) (7,034) (468)
Sales of capital stock under stock option plan ....................... 2,598 1,379 680
Purchases of treasury stock .......................................... - - (897)
Cash dividends paid .................................................. (11,575) (11,207) (10,814)
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Net cash provided by (used in) financing activities .......... (15,326) (15,862) 103,501
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Net effect of exchange rate changes on cash ............................ (57) (24) (61)
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Net change in cash and short-term cash investments ..................... (3,446) (3,881) (18,576)
Cash and short-term cash investments, beginning of year ................ 10,864 14,745 33,321
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Cash and short-term cash investments, end of year ...................... $ 7,418 $ 10,864 $ 14,745
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The accompanying notes are an integral part of the consolidated financial
statements.