Carlisle Companies Reports a 23% Increase in Third Quarter Earnings.Business Editors CHARLOTTE, N.C.--(BUSINESS WIRE)--Oct. 14, 2003 Carlisle Carlisle, city, England Carlisle, city (1991 pop. 72,006) and district, Cumbria, NW England, near the junction of the Caldew, Eden, and Petteril rivers. The city of Carlisle is an important rail center. Companies Incorporated (NYSE NYSE See: New York Stock Exchange :CSL (Computerese as a Second Language) Said of people who love to speak high-tech words even though they often use them erroneously. See TLA. 1. CSL - Computer Structure Language. A computer hardware description language, written in BCPL. ) reported net earnings of $24.5 million, or $0.80 per share (diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) on record third quarter sales of $550 million, a 10% increase over third quarter 2002 net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $500 million. Net earnings were 23% above the third quarter 2002 net earnings of $19.9 million or $0.65 per share (diluted). Net sales of $1.58 billion for the nine month period ended September September: see month. 30, 2003 were 5% above the first nine months 2002 net sales of $1.51 billion. Net earnings through the first nine months of 2003 of $70.2 million or $2.28 per share (diluted) were 22% above $57.5 million or $1.88 per share (diluted) realized in the first nine months of 2002, before the impact of a change in accounting principle required under SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 142. The implementation of SFAS 142 in 2002 resulted in a $43.8 million reduction (net of income tax) in the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of goodwill and a charge to net earnings of $1.43 per share (diluted). The change in accounting principle, which was effective January January: see month. 1, 2002, resulted in net earnings of $13.7 million or $0.45 per share in the first nine months of 2002. Richmond Richmond, cities, United States Richmond. 1 City (1990 pop. 87,425), Contra Costa co., W Calif., on San Pablo Bay, an inlet of San Francisco Bay; inc. 1905. McKinnish, Carlisle's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said, "We are satisfied with the progress we've we've Contraction of we have. we've have made this quarter in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the $0.10 per share of plant closure and severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when expense absorbed Absorbed 1. In a general business sense, when a cost is treated as an expense instead of being passed on to the customer in the form of higher prices. 2. In underwriting, when an issue has been completely sold to the public. 3. this period and the softness we continue to experience in some of the markets we serve. Cost reduction efforts, and the expenses related to them, will continue in the fourth quarter. However, we are comfortable tightening our previous net earnings guidance for 2003 to $2.70 - $2.80 per share." Third Quarter Highlights Industrial Components net sales in the third quarter 2003 of $151 million were 3% above the third quarter 2002 net sales of $147 million. The 3% increase in net sales was the result of increased sales at Carlisle Tire & Wheel for consumer outdoor power equipment and ATV (1) (Advanced TV) An early name for the digital TV standard proposed by the Advisory Committee on Advanced Television Service (ACATS). See ACATS. See also ATV Forum. (2) (Analog TV) Refers to the NTSC, PAL and SECAM analog TV standads. tires and wheels. These increases were partially offset by the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of Carlisle Power Transmission's European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. power transmission business in December December: see month. 2002. Third quarter 2003 earnings before interest and taxes In financial and business accounting, earnings before interest and taxes (EBIT) is a measure of a firm's profitability that excludes interest and income tax expenses.[1] EBIT = Operating Revenue – Operating Expenses + Non-operating Income ("EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). ") of $10.9 million were 9% above the $10.0 million realized in the third quarter 2002, as a result of improved margins at Carlisle Tire & Wheel Company, partially offset by severance costs of $0.3 million at Carlisle Power Transmission. Construction Materials net sales of $175 million in the third quarter 2003 were 23% above third quarter 2002 net sales of $142 million. The acquisition of MiraDri in October October: see month. 2002 accounted for 28% of the $33 million increase in net sales. The remaining increase in net sales was the result of higher sales of domestic roofing products (TPO (Twisted Pair Only) Refers to the use of twisted pair wire when other options are available. For example, a TPO suffix at the end of 3com Ethernet adapter model numbers indicates the card has only an RJ45 connector. and EPDM EPDM Ethylene-Propylene-Diene-Monomer EPDM Enterprise Product Data Management EPDM Ethylene Propylene Dimonomer (industrial/commercial piping/plumbing components) EPDM Engineering Product Data Management 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 ) and residential roofing tile tile, one of the ceramic products used in building, to which group brick and terra-cotta also belong. The term designates the finished baked clay—the material of a wide variety of units used in architecture and engineering, such as wall slabs or blocks, floor products. Third quarter 2003 EBIT of $28.8 million was 25% above the third quarter 2002 EBIT of $23.1 million, primarily as a result of the increased sales volume. Automotive Components net sales of $47 million in the third quarter 2003 were 13% below $54 million realized in the third quarter 2002. The decline in third quarter sales is the result of lower North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. vehicle production at Carlisle Engineered Products' major automotive customers, the loss of bumper component business as a result of customer design changes, and selling price reductions. The $2.4 million EBIT loss in the third quarter is primarily the result of $2.7 million in plant closure and severance costs associated with the August closing of Carlisle Engineered Products' Bundy BUNDY But Unfortunately Not Dead Yet (Nursing) Park plant in Erie Erie, indigenous people of North America Erie (ĭr`ē), indigenous people of North America of the Iroquoian branch of the Hokan-Siouan linguistic stock (see Native American languages). , PA. The remaining decline was the result of lower sales and reduced production levels. Third quarter 2003 net sales of $31 million in the Specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. Products segment were 7% above $29 million realized in the third quarter 2002. Most of the sales improvement was in the on-highway market. The $0.6 million EBIT loss in the third quarter was favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to the $1.5 million EBIT loss sustained in the third quarter 2002. Operations in this segment continue to struggle with competitive pricing pressures, plant closure and severance expenses of $0.4 million, and the start-up Start-up The earliest stage of a new business venture. of new production facilities at Carlisle Motion Control. Transportation Products net sales of $31 million in the third quarter 2003 were 6% above third quarter 2002 net sales of $29 million. The improvement in net sales was the result of higher shipments of specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. trailers sold to the electric-generation market, live-bottom trailer In communications, a code or set of codes that make up the last part of a transmitted message. See trailer label. sales to the agricultural market, and sales of steel dump units. EBIT of $2.2 million in the third quarter 2003 was 16% above the $1.9 million recorded a year ago and reflects increased production activity and cost reduction programs. General Industry net sales of $115 million in the third quarter 2003 were 16% above the $99 million realized in the third quarter 2002. Carlisle Process Systems net sales were up 55% over the third quarter 2002 and accounted for over half of the increase in the General Industry sales. Both Carlisle Process Systems' cheese and powder powder, any mass of fine particles or dust prepared by various mechanical means, e.g., grinding of solid substances, or by chemical means, e.g., precipitation from solutions. In a special sense, the word is applied to powdered propellant explosives, e.g. businesses showed improvement in the third quarter as dairy dairy 1. a retail outlet for milk products. 2. the feeding and milking sheds on a dairy farm. 3. pertaining to or emanating from an animals or other thing concerned in the production of milk, e.g. dairy goat, dairy cleanser. and food processors increased purchases of capital equipment. Carlisle FoodService The foodservice (or food service) industry (US English; catering industry in British English) encompasses those places, institutions, and companies responsible for any meal eaten away from home. net sales in the third quarter 2003 were 21% above the third quarter 2002 due to the acquisition of Flo-Pac Corporation on May 30, 2003. Third quarter 2003 net sales at Carlisle Walker were up 7% over third quarter 2003 on increased sales at Johnson Truck Bodies for dairy and frozen food truck bodies. The continued 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. in the commercial aircraft and telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. industries resulted in a 7% decline for third quarter 2003 in net sales at Tensolite from the third quarter 2002. EBIT in the General Industry segment of $5.5 million in the third quarter 2003 is approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. the same as recorded in the third quarter 2002, despite incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. $1.2 million in plant closure and severance charges during the third quarter 2003. Cash Flow Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses of $102.6 million in the first nine months of 2003 was 36% below $159.9 million realized in the same period in 2002. Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying were $65 million higher than at year end 2002 and account for most of the increase in working capital. The increase in accounts receivable reflect the increased sales in the third quarter and the seasonality of sales at Carlisle's largest operations. Cash used in investing activities of $61.4 million was above the $29.3 million in the first nine months of 2002 and was primarily the result of the Flo-Pac acquisition. Capital expenditures of $29.4 million in the first nine months of 2003 were 7% above $27.5 million in the first nine months of 2002. Free cash flow (cash from operating activities, less dividends, capital expenditures and the effect of the Company's securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. program) was $43.3 million in the first nine months of 2003 compared to free cash flow of $76.2 million in the first nine months of 2002.
Reconciliation of Net Cash Used In Operating Nine Nine
Activities to Free Cash Flow Months Months
(In Millions) 2003 2002
----------------------------------------------------------------------
Net Cash Provided by Operating Activities $102.6 $159.9
Dividends (19.9) (19.3)
Capital Expenditures (29.4) (27.5)
Accounts Receivable Securitization Program (10.0) (36.9)
------ ------
Free Cash Flow $ 43.3 $ 76.2
====== ======
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. The September 30, 2003 backlog of $350 million is 30% above last year's backlog of $269 million and is 12% above the June June: see month. 30, 2003 position of $311 million. Most of the year over year increase is the result of higher backlog in the Construction Materials segment and the General Industry segment at Carlisle Process Systems and Carlisle Walker. Conference Call and Webcast The company will discuss third quarter results on a conference call for investors on Wednesday Wednesday: see week. , October 15, 2003 at 11:00 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . Interested parties may access the conference call and related charts at http://www.carlisle.com/financials/webcast.html. 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. This press release contains forward-looking statements within the meaning 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. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Actual results may differ materially from these expectations due to changes in global economic, business, competitive, market and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. factors. More detailed information about these factors is contained in the Company's filings with the Securities and Exchange Commission. The Company undertakes no duty to update forward-looking statements. Carlisle is a diversified diversified (di·verˑ·s global manufacturing company serving the transportation, construction, commercial roofing, automotive, pharmaceutical, foodservice, data transmission, and specialty tire and wheel industries.
CARLISLE COMPANIES INCORPORATED
September 30, 2003
FINANCIAL RESULTS
(In millions, except per share data)
Third Quarter 2003 2002 % Change
--------- ---------- ---------
Net sales $ 549.5 $ 500.0 10%
Net earnings $ 24.5 $ 19.9 23%
Basic earnings per share $ 0.80 $ 0.65 23%
Diluted earnings per share $ 0.80 $ 0.65 23%
Nine Months
Net sales $1,579.6 $1,507.4 5%
Earnings before accounting
change 70.2 57.5 22%
Change in accounting
principle - (43.8) 100%
-------- --------
Net earnings $ 70.2 $ 13.7 412%
======== ========
Per share amounts before
accounting change
Basic earnings per
share $ 2.29 $ 1.89 21%
Diluted earnings per
share $ 2.28 $ 1.88 21%
Per share amounts after
accounting change
Basic earnings per
share $ 2.29 $ 0.45 409%
Diluted earnings per
share $ 2.28 $ 0.45 407%
Note: Third quarter 2003 results include a $0.10 per diluted share
after-tax charge related to plant closure and severence costs
and a $0.03 favorable year-to-date tax rate adjustment.
2003 SEGMENT FINANCIAL DATA
(In millions)
Third Quarter 2003 2002
--------------------- ----------------------
Sales EBIT % Sales Sales EBIT % Sales
------- ------- ------- ------ ------ ------
Industrial Components $ 151.3 $ 10.9 7.2% $ 146.8 $ 10.0 6.8%
Construction Materials 174.7 28.8 16.5% 141.9 23.1 16.3%
Automotive Components 46.9 (2.4) -5.1% 54.0 1.9 3.5%
Specialty Products(*) 31.1 (0.6) -1.9% 29.2 (1.5) -5.1%
Transportation Products 30.8 2.2 7.1% 29.0 1.9 6.6%
General Industry(*) 114.7 5.5 4.8% 99.1 5.6 5.7%
-------- ------ -------- ------
Subtotal $ 549.5 $ 44.4 8.1% $ 500.0 $ 41.0 8.2%
Corporate - (5.4) - (7.0)
-------- ------ -------- ------
Total $ 549.5 $ 39.0 7.1% $ 500.0 $ 34.0 6.8%
======== ====== ======== ======
Nine Months 2003 2002
--------------------- ----------------------
Sales EBIT % Sales Sales EBIT % Sales
------- ------- ------- ------ ------ ------
Industrial Components $ 491.6 $ 50.3 10.2% $ 488.6 $ 46.8 9.6%
Construction Materials 427.6 57.1 13.4% 359.8 48.4 13.5%
Automotive Components 157.7 3.5 2.2% 183.8 10.7 5.8%
Specialty Products(*) 99.1 2.4 2.4% 93.8 (0.4) -0.4%
Transportation Products 92.1 4.6 5.0% 92.6 4.6 5.0%
General Industry(*) 311.5 12.1 3.9% 288.8 7.9 2.7%
-------- ------ -------- ------
Subtotal $1,579.6 $130.0 8.2% $1,507.4 $118.0 7.8%
Corporate - (14.5) - (17.4)
-------- ------ -------- ------
Total $1,579.6 $115.5 7.3% $1,507.4 $100.6 6.7%
======== ====== ======== ======
(*) A thermoset plastic molding operation, included in the General
Industry segment in 2002, is now included in the Specialty Product
segment to reflect changes in reporting responsibility and
realignment of manufacturing processes. 2002 has been revised to
reflect this change.
CARLISLE COMPANIES INCORPORATED
Consolidated Statement of Earnings
-------------------------------------
For the periods ended September 30
(In thousands except per share data)
Third Quarter
2003 2002 % Change
------------------------------------- ---------- -------------------
Net sales $ 549,524 $ 499,972 9.9%
------------------------------------- ---------- -------------------
Cost and expenses:
Cost of goods sold 453,451 408,023 11.1%
Selling and administrative expenses 54,576 53,844 1.4%
Research and development expenses 4,861 4,803 1.2%
Other (income) & expense, net (2,325) (672) 246.0%
------------------------------------- ---------- -------------------
Earnings before interest & income
taxes 38,961 33,974 14.7%
Interest expense, net 3,635 3,532 2.9%
------------------------------------- ---------- -------------------
Earnings before income taxes 35,326 30,442 16.0%
Income taxes 10,795 10,502 2.8%
------------------------------------- ---------- -------------------
Income before cumulative effect of
change in accounting principle 24,531 19,940 23.0%
------------------------------------- ---------- -------------------
% of Net Sales 4.5% 4.0%
Cumulative effect of change in
accounting principle, net of taxes of
$12,072 - - -
------------------------------------- ---------- -------------------
Net income 24,531 19,940 23.0%
===================================== ========== ===================
Basic earnings per share
-------------------------------------
Income before cumulative effect of
change in accounting principle $ 0.80 $ 0.65 23.1%
Cumulative effect of change in acct
principle - - -
------------------------------------- ---------- -------------------
Net income $ 0.80 $ 0.65 23.1%
===================================== ========== ===================
Diluted earnings per share
-------------------------------------
Income before cumulative effect of
change in accounting principle $ 0.80 $ 0.65 23.1%
Cumulative effect of change in acct
principle - - -
------------------------------------- ---------- -------------------
Net income $ 0.80 $ 0.65 23.1%
===================================== ========== ===================
Average shares outstanding (000's) -
basic 30,680 30,495
------------------------------------- ---------- -------------------
Average shares outstanding (000's) -
diluted 30,798 30,630
------------------------------------- ---------- -------------------
Dividends $ 6,749 $ 6,568
------------------------------------- ---------- -------------------
Per share $ 0.220 $ 0.215 2.3%
------------------------------------- ---------- -------------------
Nine Months
2003 2002 % Change
--------------------------------------- ---------- -------------------
Net sales $1,579,625 $1,507,355 4.8%
--------------------------------------- ---------- -------------------
Cost and expenses:
Cost of goods sold 1,292,323 1,230,754 5.0%
Selling and administrative expenses 160,203 159,264 0.6%
Research and development expenses 14,485 15,252 -5.0%
Other (income) & expense, net (2,868) 1,503 290.8%
--------------------------------------- ---------- -------------------
Earnings before interest & income taxes 115,482 100,582 14.8%
Interest expense, net 11,505 12,776 -9.9%
--------------------------------------- ---------- -------------------
Earnings before income taxes 103,977 87,806 18.4%
Income taxes 33,793 30,293 11.6%
--------------------------------------- ---------- -------------------
Income before cumulative effect of
change in accounting principle 70,184 57,513 22.0%
--------------------------------------- ---------- -------------------
% of Net Sales 4.4% 3.8%
Cumulative effect of change in
accounting principle, net of taxes of
$12,072 - (43,753) -
--------------------------------------- ---------- -------------------
Net income 70,184 13,760 410.1%
======================================= ========== ===================
Basic earnings per share
---------------------------------------
Income before cumulative effect of
change in accounting principle $ 2.29 $ 1.89 21.2%
Cumulative effect of change in acct
principle - (1.44) -
--------------------------------------- ---------- -------------------
Net income $ 2.29 $ 0.45 408.9%
======================================= ========== ===================
Diluted earnings per share
---------------------------------------
Income before cumulative effect of
change in accounting principle $ 2.28 $ 1.88 21.3%
Cumulative effect of change in acct
principle - (1.43) -
--------------------------------------- ---------- -------------------
Net income $ 2.28 $ 0.45 406.7%
======================================= ========== ===================
Average shares outstanding (000's) -
basic 30,646 30,390
--------------------------------------- ---------- -------------------
Average shares outstanding (000's) -
diluted 30,755 30,552
--------------------------------------- ---------- -------------------
Dividends $ 19,899 $ 19,309
--------------------------------------- ---------- -------------------
Per share $ 0.650 $ 0.635 2.4%
--------------------------------------- ---------- -------------------
CARLISLE COMPANIES INCORPORATED
Comparative Balance Sheet
---------------------------------------------
(In thousands)
September 30, December 31,
2003 2002
--------------------------------------------- ---------- ----------
Assets
Current Assets
Cash and cash equivalents $ 28,991 $ 34,768
Receivables 207,964 142,622
Inventories 265,191 248,801
Prepaid expenses and other 91,362 67,044
--------------------------------------------- ---------- ----------
Total current assets 593,508 493,235
--------------------------------------------- ---------- ----------
Property, plant and equipment, net 457,113 447,986
Other assets 389,006 386,406
--------------------------------------------- ---------- ----------
$1,439,627 $1,327,627
========== ==========
Liabilities and Shareholders' Equity
Current Liabilities
Short-term debt, including current maturities $ 25,774 $ 53,038
Accounts payable 198,071 148,607
Accrued expenses 167,995 134,344
--------------------------------------------- ---------- ----------
Total current liabilities 391,840 335,989
--------------------------------------------- ---------- ----------
Long-term debt 290,095 293,124
Other liabilities 145,723 145,438
Shareholders' equity 611,969 553,076
--------------------------------------------- ---------- ----------
$1,439,627 $1,327,627
========== ==========
CARLISLE COMPANIES INCORPORATED
Comparative Consolidated Statement of Cash Flows
---------------------------------------------------
For the nine months ended September 30
(In thousands)
2003 2002
--------------------------------------------------- -------- ---------
Operating activities
Net income $ 70,184 $ 13,760
Reconciliation of net earnings to cash flows:
Goodwill impairment, net of tax - 43,753
Receivables under securitization program 10,000 36,902
Loss on property, equipment and
business, net 1,424 1,813
Depreciation and amortization 46,911 46,447
Earnings on equity investments (946) (2,578)
Working capital (23,751) 14,382
Other (1,214) 5,418
--------------------------------------------------- -------- ---------
Net cash provided by operating activities 102,608 159,897
--------------------------------------------------- -------- ---------
Investing activities
Capital expenditures (29,445) (27,499)
Acquisitions, net of cash (32,934) (781)
Proceeds from sale of property, equipment and
business 1,047 395
Other (111) (1,460)
--------------------------------------------------- -------- ---------
Net cash used in investing activities (61,443) (29,345)
--------------------------------------------------- -------- ---------
Financing activities
Net change in short-term debt and revolving
credit lines (27,336) (117,880)
Reductions of long-term debt (3,809) (1,343)
Dividends (19,899) (19,309)
Treasury shares and stock options, net 4,560 7,154
Other (878) -
--------------------------------------------------- -------- ---------
Net cash used in financing activities (47,362) (131,378)
--------------------------------------------------- -------- ---------
Effect of exchange rate changes on cash 420 781
--------------------------------------------------- -------- ---------
Change in cash and cash equivalents (5,777) (45)
Cash and cash equivalents
Beginning of period 34,768 32,978
--------------------------------------------------- -------- ---------
End of period $ 28,991 $ 32,933
--------------------------------------------------- -------- ---------
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