14th Consecutive Year of Double-Digit Earnings Growth for Donaldson Company.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Aug. 27, 2003 EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. up 11 percent to $2.11 on record $1.2 billion sales; focused on delivering "Year 15" in fiscal 2004 Donaldson People People whose family name is or was Donaldson include:
See: New York Stock Exchange :DCI (Display Control Interface) An Intel/Microsoft programming interface for full-motion video and games in Windows. It allowed applications to take advantage of video accelerator features built into the display adapter. ), today reported record diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.60 for the fourth fiscal quarter ended July July: see month. 31, 2003, up 9.1 percent from $0.55 last year. Net income was a record $27.1 million, up 8.9 percent from $24.9 million last year. Sales were a record $330.3 million, up 8.7 percent from $303.9 million last year. For the year, diluted earnings per share were a record $2.11, up 11.1 percent from $1.90 last year. Net income totaled a record $95.3 million, up 9.7 percent from $86.9 million last year. Sales were a record $1.218 billion, up 8.2 percent from $1.126 billion last year. "Through their dedication and determination, the Donaldson people delivered another year of record results -- our 14th consecutive double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. earnings growth year," said Bill Van Dyke Bill Van Dyke (born December 15, 1863 in Paris, Illinois; died May 5, 1933 in El Paso, Texas) was an outfielder in Major League Baseball in the 19th century. Teams
The L. S. Donaldson Co., Minneapolis, Minnesota, was founded in 1883 by Scottish Immigrants. chairman, president and chief executive officer. "We began the year facing a significant contraction contraction, in physics contraction, in physics: see expansion. contraction, in grammar contraction, in writing: see abbreviation. contraction - reduction in our gas turbine turbine, rotary engine that uses a continuous stream of fluid (gas or liquid) to turn a shaft that can drive machinery. A water, or hydraulic, turbine is used to drive electric generators in hydroelectric power stations. business, but the power of our diversified diversified (di·verˑ·s portfolio and the proven ability of our people to execute under adverse conditions gave us another year of record results. The numbers speak volumes about the capabilities of the people who make up Donaldson." Improvements that helped deliver "Year 14" include: -- Strong worldwide Engine Products results. Our new small diesel filtration filtration: see sewerage; water supply. Filtration The separation of solid particles from a fluidsolids suspension of which they are a part by passage of most of the fluid through a septum or membrane that retains most of the solids offering, featuring our innovative PowerCore(TM) technology, led the growth in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . In Asia, our Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and business experienced strong export demand for off-road off-road adj. Existing, taking place, or designed for use off paved or public roads or in rugged terrain: off-road sports such as snowmobiling. equipment and a spike A burst of extra voltage in a power line that lasts only a few nanoseconds. See power surge, power swell, sag and surge suppression. (jargon) spike - To defeat a selection mechanism by introducing a (sometimes temporary) device that forces a specific result. in demand of emission control The selective and controlled use of electromagnetic, acoustic, or other emitters to optimize command and control capabilities while minimizing, for operations security: a. detection by enemy sensors; b. mutual interference among friendly systems; and/or c. products for the truck market. -- The successful integration of ultrafilter ultrafilter the filter used in ultrafiltration. . Ultrafilter improved both its top and bottom lines by growing sales while focusing on manufacturing and operating infrastructure improvements. Ultrafilter's operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: is approaching Donaldson-like levels from what was essentially breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations prior to the acquisition. -- Our gas turbine business remained profitable. Gas turbine maintained its gross margin percentage and remained profitable on the operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. line despite a $101 million, or 44 percent, sales drop from last year by effectively managing its capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. . "Where we saw business conditions improving, we capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. on those sales growth opportunities," Van Dyke Van Dyke (or van/Van Dijk or Dyk etc) is a surname of Dutch origin. It refers to:
The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. controls." Income Statement Discussion The impact of foreign currency translation during the fourth quarter, led by the Euro, increased sales by $21.2 million and net earnings by $2.0 million. For the year, foreign currency translation increased sales by $60.0 million and net earnings by $4.5 million, the first positive translation effect in seven years. Worldwide revenues, excluding the impact of foreign currency translation, increased 1.7 percent during the quarter and 2.9 percent for the year. Excluding the impact of foreign currency translation, fourth quarter sales outside the U.S. increased 28.9 percent, primarily reflecting the impact of ultrafilter. For the year, sales outside the U.S. increased 26.3 percent, or 4.3 percent not including ultrafilter. Gross margin of 32.5 percent for the quarter and 32.1 percent for the year compares to prior year margins of 31.2 percent and 31.0 percent, respectively. Ultrafilter was the main driver for the increases. Ultrafilter's positive impact was partially offset by our ongoing costs for continuing plant rationalization rationalization, in psychology: see defense mechanism. , which came to $.05 per share in the quarter compared to $.02 per share a year ago. For the year, plant rationalization costs were $.10 per share versus $.05 per share last year. Fourth quarter operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were 21.2 percent of sales, up from 19.2 percent last year. For the year, operating expenses as a percent of sales were 21.3 percent, up from 20.0 percent last year. The increase over last year is attributable to the addition of ultrafilter, where operating expenses, as a percentage of sales, are currently higher than Donaldson's existing businesses. Operating expense management has remained one of our key initiatives across the company. Excluding ultrafilter, and on a constant currency basis, operating expenses were down $8.6 million, or 14.7 percent, from last year's fourth quarter and were down $22.9 million, or 10.2 percent, for the year. Fourth quarter interest expense was $1.3 million, down from $1.5 million last year, reflecting lower interest rates and debt levels from last year. For the year, interest expense was $5.9 million versus $6.5 million last year. Other income totaled $1.3 million compared to an expense of $0.8 million last year. For the year, other income was $4.7 million, up from $1.7 million in the prior year. Last year's other income included an expense for a discretionary $2.5 million contribution for funding the Donaldson Foundation. The income tax rate remained at 27 percent. During the quarter, the company repurchased 89,000 shares for $4.0 million as part of its ongoing share repurchase plan share repurchase plan A corporation's plan for buying back a predetermined number of its own shares in the open market. Institution of a share repurchase plan derives from management's view that the company has limited outside investment opportunities and . For the year, 710,300 shares, or 1.6 percent of outstanding shares, were repurchased for a total of $24.9 million. Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. Total backlog of $313 million was down 1 percent from the prior-quarter end but up 2 percent from the same period last year; the continuing decline in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. gas turbine market is offsetting improvement in the rest of the business. In Engine Products, total backlog increased 1 percent from the prior-quarter end and 7 percent from the same period last year. In Industrial Products, total backlog decreased 4 percent from the prior-quarter end and 5 percent from the same period last year, again reflecting the North American gas turbine downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. . Excluding ultrafilter and North American gas turbine, the company's total backlog rose 7 percent from last year, continuing the improvement in general business levels seen for several quarters. The 90-day backlog was $183 million, up 2 percent from the prior-quarter end and up 3 percent from the same period last year. In Engine Products, the 90-day backlog increased 2 percent from the prior-quarter end and 10 percent from the same period last year. In Industrial Products, the 90-day backlog increased 1 percent from the prior-quarter end but decreased 6 percent from the same period last year, reflecting the North American gas turbine downturn. Excluding ultrafilter and North American gas turbine, the company's 90-day backlog increased 8 percent from last year. Engine Products Segment Engine Products sales for the fourth quarter were $188.3 million, an increase of 15.2 percent from $163.4 million last year. For the year, sales totaled $683.3 million, an increase of 11.7 percent from $611.6 million last year. Transportation sales for the fourth quarter totaled $35.4 million, up 39.2 percent from $25.5 million last year. North American truck sales increased 16.6 percent from last year as light-duty adj. 1. not designed for heavy or demanding work; as, a light-duty detergent s>. Opposite of heavy-duty nt>. Adj. 1. light-duty - not designed for heavy work; "a light-duty detergent" diesel sales more than doubled over last year, reflecting additional sales from new PowerCore programs. International truck sales increased 116.9 percent, including the continued high demand for emission control products in Japan. For the year, worldwide sales totaled $116.3 million, an increase of 29.9 percent from $89.5 million last year. Worldwide sales of off-road products in the quarter were $49.5 million, up 8.3 percent from $45.7 million last year. North American sales decreased 6.4 percent on continued weak equipment demand and a strong quarter last year for defense. Asian and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. sales were up 45.0 and 32.1 percent, respectively. Sales in Japan were strong on the continued export demand for off-road equipment in China. For the year, worldwide sales were $194.8 million, an increase of 10.1 percent from $177.0 million last year. Aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. sales comprised 54.9 percent of total Engine Products sales in the quarter at $103.3 million, an increase of 12.0 percent from $92.3 million last year. North American sales increased 7.9 percent as equipment utilization rates improved. International sales were strong, with European and Asian sales up 19.1 percent and 7.4 percent, respectively. For the year, aftermarket sales were $372.1 million, an increase of 7.8 percent from $345.1 million last year. (Please note that certain fiscal 2002 product sales amounts have been reclassified within the Engine Products segment to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" the current presentation. There is no impact to the total Engine Products segment for fiscal 2002.) Industrial Products Segment Industrial Products sales for the fourth quarter were $142.0 million, an increase of 1.1 percent from $140.4 million last year. Excluding the acquisition of ultrafilter, sales decreased 26.3 percent to $103.5 million, reflecting the gas turbine contraction. For the year, Industrial Products sales were $535.0 million, up 4.0 percent from $514.4 million last year. Excluding ultrafilter, sales decreased 19.5 percent to $414.1 million. Gas turbine product sales in the fourth quarter were $26.3 million, a decrease of 61.6 percent from a record $68.6 million last year. Sales in North America declined 77.5 percent. International sales declined 26.7 percent in the quarter as Europe had orders pulled ahead by customers into the third quarter and Asia had orders delayed into fiscal 2004. For the year, gas turbine sales were $129.6 million, down 43.9 percent from a record $230.9 million last year. Industrial air filtration sales in the fourth quarter were $46.7 million, an increase of 2.1 percent from $45.8 million last year. North American sales decreased 14.1 percent though fourth quarter orders showed the first year-over-year increase in almost three years, suggesting the beginning of a turn. International sales were up 21.2 percent, primarily due to currency translation. For the year, industrial air filtration sales were $174.3 million, down 0.8 percent from $175.7 million last year. Sales of special application products in the fourth quarter were $30.4 million, an increase of 16.7 percent from $26.0 million last year. Disk drive filter sales were flat year-over-year as the computer industry begins to pick up following several difficult quarters. Membrane membrane, structure composed mostly of lipid and protein that forms the external boundary of cells and of major structures within cells. Membrane organization is based on a sheet two molecules thick—a double layer of lipids aligned with their long hydrocarbon sales increased 67.9 percent on improvement in its core industrial filtration markets, growing acceptance of its performance fabrics, and success in technical product markets. For the year, special application sales were $110.2 million, an increase of 2.2 percent from $107.8 million last year. Sales of ultrafilter products totaled $38.6 million in the fourth quarter and $120.9 million for the year. The fourth quarter of fiscal 2003 had a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact from conforming the quarter end of ultrafilter, which resulted in $11.5 million additional sales in the fourth quarter. Outlook Engine Products: Overall, Donaldson expects low double-digit sales growth for engine products in fiscal 2004. -- The company expects North American heavy-duty truck build rates to continue improving this quarter, and to accelerate toward the end of the calendar year and into next year. PowerCore systems for light-duty diesel truck programs have ramped up quickly and should continue to lift total truck results in coming quarters. Order trends and ending backlogs indicate continued strength in Europe and Asia-Pacific. -- Off-road sales are expected to remain strong in Asia and steady in North America on a lackluster lack·lus·ter adj. Lacking brightness, luster, or vitality; dull. See Synonyms at dull. Adj. 1. lackluster - lacking brilliance or vitality; "a dull lackluster life"; "a lusterless performance" outlook for construction. -- North American engine aftermarket sales are expected to continue growing as increasing economic activity improves equipment utilization and spurs replacement filter sales. Both North American and international aftermarket order rates have continued to improve. Diesel emission retrofit ret·ro·fit v. ret·ro·fit·ted or ret·ro·fit, ret·ro·fit·ting, ret·ro·fits v.tr. 1. To provide (a jet, automobile, computer, or factory, for example) with parts, devices, or equipment not in sales in North America are anticipated to grow as the company's technology solution gains acceptance. Industrial Products: Excluding gas turbine, the company expects improving conditions for its industrial businesses to generate low double-digit sales growth in fiscal 2004. -- The company expects North American industrial air filtration markets to continue their slow improvement near-term as ending backlogs and order trends are slightly stronger than last year's levels. Internationally, the company anticipates market share gains driving sales growth in Europe; business conditions in Asia are improving rapidly. -- Special applications products showed continued strength in orders and backlogs for both disk drive filters and membranes membranes Obstetrics A popular term for the amniotic sac, see there with disk drive backlog at an all-time high. -- Ultrafilter is expecting continued sales growth, driven by additional market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" . -- Gas turbine volume will likely continue to decline by an additional 30 to 35 percent from fiscal 2003's $130 million. In July 2003, the company closed on the sale of its Ome City, Japan facility. The company has received full payment of the purchase price and expects to report a gain on the sale of $.08 to $.10 per share in the first half of fiscal 2004, upon completing all conditions of the sale. Most of the costs related to the plant closing were recorded as they were incurred in fiscal 2003. Donaldson's diversified portfolio of filtration businesses enter fiscal 2004 at various levels of economic activity; some businesses are just beginning to recover, others are more fully entrenched en·trench also in·trench v. en·trenched, en·trench·ing, en·trench·es v.tr. 1. To provide with a trench, especially for the purpose of fortifying or defending. 2. in recovery, while gas turbine faces another difficult year. The company remains committed to sustaining much of the operating efficiencies gleaned from its businesses during the past several years, while targeting investment to allow the company to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. improving economic conditions. The company is focused on delivering its 15th consecutive year of double-digit earnings growth in 2004. About Donaldson Company, Inc. Donaldson Company, Inc., headquartered in Minneapolis, Minn., is a leading worldwide provider of filtration systems and replacement parts. Founded in 1915, Donaldson is a technology-driven company committed to satisfying customer needs for filtration solutions through innovative research and development. Donaldson serves customers in the industrial and engine markets including dust collection, power generation, specialty filtration, compressed air compressed air, air whose volume has been decreased by the application of pressure. Air is compressed by various devices, including the simple hand pump and the reciprocating, rotary, centrifugal, and axial-flow compressors. purification purification, in religion, the ceremonial removal of what the religion deems unclean. The usual agents of purification are water (as in baptism), bodily alteration (as in circumcision), and fire. , off-road equipment, industrial compressors and trucks. Our 9,000 employees contribute to the company's success at 35 manufacturing locations around the world. In fiscal year 2003, Donaldson reported The Donaldson Report (formally titled the "Interim Report on the Crash of TWA Flight 800 and the Actions of the NTSB and the FBI") was the result of an independent investigation into the crash of TWA Flight 800 in 1996. sales of more than $1.2 billion and achieved its 14th consecutive year of double-digit earnings growth. Donaldson is a member of the S&P MidCap mid·cap adj. 1. Or or relating to corporations whose retained earnings and outstanding shares of common stock have a value between those of small cap companies and large cap corporations. 2. 400 Index and Donaldson shares are traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol DCI. Additional company information is available at www.donaldson.com. SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. STATEMENT UNDER THE SECURITIES REFORM ACT OF 1995 The company desires to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 (the "Act") and is making this cautionary statement in connection with such safe harbor legislation. This earnings release, the Annual Report to Shareholders, any Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , 10-Q or Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. of the company or any other written or oral statements made by or on behalf of the company may include forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , forecasts and projections which reflect the company's current views with respect to future events and financial performance, but involve uncertainties that could significantly impact results. The words "believe," "expect," "anticipate," "intends," "estimate," "forecast," "outlook," "plan," "promises," "project," "should" and similar expressions are intended to identify "forward-looking statements" within the meaning of the Act. The company wishes to caution investors that any forward-looking statements subject to uncertainties and other risk factors that could cause actual results to differ materially from such statements, including but not limited to: risks associated with currency fluctuations, commodity prices, world economic factors, political factors, the company's substantial international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. including key disk drive filter production facilities in China, highly competitive markets, changes in capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. levels by customers, changes in product demand and changes in the geographic and product mix of sales, acquisition opportunities and integration of recent acquisitions, including the acquisition of ultrafilter, facility and product line rationalization, research and development expenditures, including ongoing information technology improvements, and governmental laws and regulations, including diesel emissions controls Emissions control may refer to:
CONDENSED STATEMENTS OF CONSOLIDATED EARNINGS
DONALDSON COMPANY, INC. AND SUBSIDIARIES
(Thousands of Dollars, except per share amounts)
(Unaudited)
Three Months End Year Ended
July 31 July 31
------------------------------------------------
2003 2002 2003 2002
----------- ----------- ----------- -----------
Net sales $ 330,294 $ 303,872 $ 1,218,252 $ 1,126,005
Cost of sales 223,020 208,948 827,101 776,513
----------- ----------- ----------- -----------
Gross margin 107,274 94,924 391,151 349,492
Operating expenses 70,174 58,443 259,386 225,642
----------- ----------- ----------- -----------
Operating income 37,100 36,481 131,765 123,850
Other (income) expense (1,343) 797 (4,691) (1,699)
Interest expense 1,261 1,540 5,889 6,531
----------- ----------- ----------- -----------
Earnings before income
taxes 37,182 34,144 130,567 119,018
Income taxes 10,039 9,219 35,253 32,135
----------- ----------- ----------- -----------
Net earnings $ 27,143 $ 24,925 $ 95,314 $ 86,883
=========== =========== =========== ===========
Weighted average
shares
outstanding 43,366,220 44,060,632 43,495,338 44,158,074
Diluted shares
outstanding 45,059,159 45,671,462 45,234,983 45,714,409
Net earnings per
share $ .62 $ .57 $ 2.19 $ 1.97
Net earnings per share
assuming dilution $ .60 $ .55 $ 2.11 $ 1.90
Dividends paid per
share $ .090 $ .080 $ .350 $ .310
DONALDSON COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands of Dollars)
(Unaudited)
July 31 July 31
2003 2002
-------- --------
ASSETS
Cash and cash equivalents $ 67,070 $ 45,586
Accounts receivable - net 226,815 251,417
Inventories - net 114,890 117,691
Prepaid expenses and other current assets 45,930 41,790
-------- --------
Total current assets 454,705 456,484
Other assets and deferred taxes 171,856 152,734
Property, plant and equipment - net 255,436 240,913
-------- --------
Total assets $881,997 $850,131
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Trade accounts payable $122,759 $115,299
Employee compensation and other liabilities 68,906 77,274
Notes payable 14,152 60,337
Income taxes payable 7,613 19,823
Current maturity long-term debt 646 57
-------- --------
Total current liabilities 214,076 272,790
Long-term debt 105,156 105,019
Other long-term liabilities 115,372 89,701
-------- --------
Total liabilities 434,604 467,510
Equity 447,393 382,621
-------- --------
Total liabilities and equity $881,997 $850,131
======== ========
DONALDSON COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of Dollars)
(Unaudited)
Year Ended
July 31
------------------------
2003 2002
---------- ----------
OPERATING ACTIVITIES
Net earnings $ 95,314 $ 86,883
Adjustments to reconcile net earnings to net
cash
provided by operating activities:
Depreciation and amortization 37,557 31,751
Changes in operating assets and
liabilities 26,129 43,836
Other (1,449) (9,435)
---------- ----------
Net cash provided by operating
activities 157,551 153,035
INVESTING ACTIVITIES
Net expenditures on property and equipment (44,126) (40,529)
Acquisitions and investments in
unconsolidated
affiliates, net of cash acquired (1,577) (68,349)
---------- ----------
Net cash used in investing activities (45,703) (108,878)
FINANCING ACTIVITIES
Purchase of treasury stock (24,874) (21,271)
Net change in debt (53,189) 3,045
Dividends paid (15,263) (13,713)
Other 1,083 1,426
---------- ----------
Net cash used in financing activities (92,243) (30,513)
Effect of exchange rate changes on cash 1,879 (4,194)
---------- ----------
Increase in cash and cash equivalents 21,484 9,450
Cash and cash equivalents-beginning of year 45,586 36,136
---------- ----------
Cash and cash equivalents-end of period $ 67,070 $ 45,586
========== ==========
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Thousands of Dollars)
(Unaudited)
Three Months Ended Year Ended
July 31 July 31
------------------ -------------------
2003 2002 2003 2002
-------- ------- -------- --------
Free cash flow $ 45,428 $41,829 $113,425 $112,506
Capital expenditures 8,861 4,755 44,126 40,529
-------- ------- -------- --------
Net cash provided by
operating activities $ 54,289 $46,584 $157,551 $153,035
======== ======= ======== ========
EBITDA $ 48,241 $43,279 $172,817 $156,381
Income taxes (10,039) (9,219) (35,253) (32,135)
Interest expense (net) (1,086) (1,246) (4,693) (5,612)
Depreciation and
amortization (9,973) (7,889) (37,557) (31,751)
-------- ------- -------- --------
Net earnings $ 27,143 $24,925 $ 95,314 $ 86,883
======== ======= ======== ========
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