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EXHIBIT 13(a)v
CONSOLIDATED STATEMENTS OF CASH FLOWS
for the years ended November 30, 1997, 1996 and 1995 (DOLLARS IN THOUSANDS)
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Restated Restated
1997 1996 1995
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Cash flows from operating activities:
Net earnings ....................................................... $ 26,918 $ 25,945 $ 23,500
Adjustments to reconcile net earnings to net
cash provided by operations:
Depreciation ................................................... 11,001 10,150 8,594
Amortization ................................................... 599 554 551
Gain on sale of marketable securities .......................... (1,706) (1,675) --
Minority interests in earnings of subsidiaries ................. 110 145 71
Net gain on dispositions of plant assets ....................... (512) (243) (177)
Changes in assets and liabilities, net of business acquisitions:
Accounts receivable ....................................... (3,224) (1,591) (9,302)
Inventories ............................................... (1,058) (6,486) (7,849)
Prepaid expenses .......................................... 1,028 211 409
Accounts payable and accrued liabilities .................. 7,247 (3,991) 5,887
Pension assets and liabilities, net ....................... (443) 185 (1,713)
Income taxes .............................................. 1,771 1,411 1,031
Deferred income taxes ..................................... (99) 2,060 90
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Net cash provided by operating activities ............. 41,632 26,675 21,092
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Cash flows from investing activities:
Additions to plant assets .......................................... (11,349) (22,230) (14,471)
Proceeds from sale of marketable securities ........................ 3,322 3,067 --
Business acquisitions, net of cash acquired ........................ (1,522) (1,358) (14,125)
Investments in affiliate ........................................... (811) (530) --
Dividends from marketable securities ............................... -- (302) (246)
Dispositions of plant assets ....................................... 2,100 2,419 173
Other, net ......................................................... 67 -- (375)
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Net cash (used in) investing activities ............... (8,193) (18,934) (29,044)
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Cash flows from financing activities:
Borrowings under long-term debt .................................... 1,123 9,870 25,206
Reduction of long-term debt ........................................ (13,988) (9,147) (9,012)
Sales of capital stock under stock option plan ..................... 1,305 445 362
Purchases of treasury stock ........................................ -- (430) --
Cash dividends paid ................................................ (10,290) (9,512) (9,330)
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Net cash provided by (used in) financing activities ... (21,850) (8,774) 7,226
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Net effect of exchange rate changes on cash ............................ (92) 69 42
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Net change in cash and short-term cash investments ..................... 11,497 (964) (684)
Cash and short-term cash investments, beginning of year ................ 18,827 19,791 20,475
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Cash and short-term cash investments, end of year ...................... $ 30,324 $ 18,827 $ 19,791
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The accompanying notes are an integral part of the consolidated financial
statements.
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