Carlisle Companies Reports a 9% Increase in Second Quarter Income from Continuing Operations on Record Sales.CHARLOTTE, N.C. -- 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 income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $44.3 million, or $1.41 per 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. share for the quarter ended June June: see month. 30, 2005, compared to $40.7 million or $1.30 per diluted share for the quarter ended June 30, 2004. 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 $645.9 million in the second quarter of 2005 were $55.6 million, or 9%, higher than net sales of $590.3 million recognized in the second quarter of 2004. Changes in foreign currency exchange rates had a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact on net sales of $3.2 million as compared to the second quarter of 2004. Organic sales contributed $44.9 million, or 81%, to the growth over the prior year. Organic growth was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the Construction Materials and Transportation Products segments. Acquisitions contributed $7.5 million to the quarter-over-quarter increase in net sales. Net sales for the six months ended June 30, 2005 were $1.24 billion, a 13% increase over net sales of $1.09 billion during the first six months of 2004. Organic growth of $121.6 million accounted for the majority of the year-over-year improvement with increases primarily occurring in the Construction Materials, Industrial Components and Transportation Products segments. Changes in foreign exchange rates had a favorable impact of $5.7 million on net sales for the first half of 2005. Acquisitions accounted for $17.5 million of the year-over-year improvement. Income from continuing operations for the quarter ended June 30, 2005 was impacted negatively by an ongoing union labor dispute at Johnson Truck Bodies which is reported in the General Industry segment. The work stoppage stoppage - /sto'p*j/ Extreme lossage that renders something (usually something vital) completely unusable. "The recent system stoppage was caused by a fried transformer." resulted in a year-over-year reduction in quarterly net income of $0.08 per diluted share. Exchange losses on subsidiary debt denominated in foreign currencies resulted in a loss for the quarter of $0.02 per diluted share. Partially offsetting these losses was a gain of $0.08 per diluted share for proceeds received from the favorable resolution of certain legal actions initiated by the Company. Income from continuing operations for the six month period ended June 30, 2005 of $74.4 million, or $2.37 per diluted share, represented a 16% improvement over $64.0 million, or $2.05 per diluted share, recognized during the same period of 2004. The union labor dispute at Johnson Truck Bodies resulted in a year-over-year loss for the six month period of $0.10 per diluted share. Exchange losses on subsidiary debt denominated in foreign currencies resulted in a loss for the period of $0.03 per diluted share. Partially offsetting these losses was the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. gain from certain legal actions of $0.08 per diluted share. 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. commented, "Improving performance across many of our businesses was dampened by a work stoppage at Johnson Truck Bodies and a soft lawn and garden market. Despite these challenges, EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). margins on continuing operations were 10.8% for the quarter. We remain committed to further improvement. We are maintaining our guidance for 2005 at $4.10 to $4.25 per diluted share for income from continuing operations." Acquisitions On July July: see month. 15, 2005, Carlisle signed a definitive agreement to acquire 100% of the heavy-duty heav·y-dut·y adj. Made to withstand hard use or wear. heavy-duty Adjective made to withstand hard wear, bad weather, etc. Adj. 1. brake lining and brake shoe assets of Zhejiang Zhejiang (jŭ`jyäng`) or Chekiang (chĕ`kyăng`), province (1994 pop. 43,410,000), c.40,000 sq mi (103,600 sq km), SE China, on the East China Sea. The capital is Hangzhou. Kete ("Kete") for approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $36.0 million. Located in Hangzhou Hangzhou (hang`jō`) or Hangchow (hăng`chou), city (1994 est. pop. 1,184,300), capital of Zhejiang prov., E China. , China, Kete will be managed by Carlisle Motion Control which is included 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. The acquisition of Kete enhances Carlisle Motion Control's focused position in the heavy-duty truck brake lining market. Segment Results The following segment discussion excludes the impact of discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . Industrial Components: Net sales for the three months ended June 30, 2005 of $209.2 million represented a 7% improvement over $195.4 million reported for the same period of 2004. Slightly more than half of the improvement was a result of sales at Trintex Corporation, a semi-pneumatic tire manufacturer acquired in June of 2004. The tire and wheel business recorded higher sales in the replacement 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. markets, offsetting lower sales in the high speed, styled wheels and lawn and garden markets. Sales in the power transmission belt business were 5% lower than last year due primarily to lower international sales. Earnings before interest and income taxes ("EBIT") of $19.8 million were 10% lower than $21.9 million recorded in the second quarter of 2004. Positive earnings at Trintex Corporation were offset by lower demand for high speed, styled wheel and lawn and garden products as well as increased freight The price or compensation paid for the transportation of goods by a carrier. Freight is also applied to the goods transported by such carriers. The liability of a carrier for freight damaged, lost, or destroyed during shipment is determined by contract, statute, or , plant closure costs associated with a union belt facility in Red Wing, MN and start-up Start-up The earliest stage of a new business venture. costs for increased production at the belt operations in Fort Scott General Winfield Scott, former General-in-Chief of the U.S. Army, was the namesake for four places named Fort Scott:
adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by $3.6 million of proceeds related to certain legal actions. Construction Materials: Net sales of $227.9 million for the quarter ended June 30, 2005, were 22% higher than net sales of $187.5 million recorded in the same period last year resulting from increased demand and higher selling prices across most product lines. EBIT of $38.8 million for the current three month period was 39% higher than last year's EBIT of $28.0 million reflecting an increase in sales volume and selling prices, which offset higher raw material costs, and unfavorable product mix. Also contributing to the improvement over last year was a $1.3 million gain on the sale of property. The Company's equity share of earnings at its European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. roofing joint venture, Icopal, was $0.6 million in the second quarter of 2005, compared to $1.2 million recognized in the same 2004 period. Transportation Products: Net sales of $51.3 million recorded for the second quarter of 2005, were 28% above second quarter 2004 net sales of $40.0 million, reflecting growth in all product lines. Sales were higher on a combination of higher sales volumes, increased selling prices as well as favorable product mix. Growth in the large construction and material hauling product lines accounted for more than half of the growth in this segment. EBIT of $6.7 million in the current year quarter was significantly higher than $2.5 million recorded in the second quarter of 2004, reflecting selling price increases, strong demand and favorable product mix. Specialty Products: Net sales in the three months ended June 30, 2005, were $38.7 million, a modest improvement over net sales of $37.7 million recognized in the second quarter of 2004. Sales of off-highway braking systems grew 12% over the same quarter last year, offsetting lower sales of on-highway heavy friction and relined brake shoes shoe n. 1. A durable covering for the human foot, made of leather or similar material with a rigid sole and heel, usually extending no higher than the ankle. 2. A horseshoe. 3. . EBIT for the current year quarter was $3.5 million, a 15% decline as compared to $4.1 million recorded in the same quarter 2004. The decrease in earnings was the result of production inefficiencies and increased freight costs. General Industry: Net sales in the second quarter of this year were $118.8 million, or 8% lower than net sales of $129.7 million in the 2004 period. Net sales at 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. Products improved during the second quarter of 2005, but were offset by lower sales at Carlisle Systems and Equipment, and more significantly at Johnson Truck Bodies due to the labor stoppage which began in April of this year. EBIT of $9.0 million for the second three month period of 2005 was down 26% from $12.2 million recorded in the second quarter of 2004, reflecting the aforementioned labor dispute at Johnson Truck Bodies. Discontinued Operations Losses from discontinued operations, net of tax, in the second quarter of 2005 were $9.6 million as compared to $3.3 million recorded in the second quarter last year. 2005 results reflect the second quarter pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge of $13.0 million associated with the automotive components business. The impairment represents management's assessment of the current fair value of this business at June 30, 2005. A discounted cash flow analysis of the existing automotive components business was utilized to assist management in its fair value assessment. The Company is actively engaged in the disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of this business and expects to complete the sale in 2005. Upon sale or other disposition of the automotive components business, the ultimate realized gain Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. or loss may differ from the business' current 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. . Net Income Net income for the three months ended June 30, 2005 was $34.7 million, or $1.11 per diluted share, compared to $37.4 million, or $1.19 per diluted share, for the three months ended June 30, 2004. Net income for the six months ended June 30, 2005 was $62.9 million, or $2.01 per diluted share, compared to $61.1 million, or $1.95 per diluted share for the same period last year. The current year three and six month periods included the previously discussed impairment charge for discontinued operations. Cash Flow Cash flow provided by continuing operations of $20.0 million in the first six months of 2005 compares with cash provided of $53.6 million for the same period in 2004. During the six months ended June 30, 2004, the Company's receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed 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 contributed $38.0 million to cash provided by operating activities. For the same period in 2005, the receivables securitization program made no contribution to operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. . Increased working capital needs were due primarily to higher inventory levels for the Construction Materials segment to support increased sales demand. Cash used in investing activities was $47.2 million in 2005 compared to $52.9 million in 2004. Capital expenditures of $52.2 million were 50% above $34.8 million in 2004. The increase in capital expenditures was due to new production plants for the Construction Materials segment and a new distribution center for Carlisle FoodService Products in the General Industry segment. Cash used in investing activities in 2004 included the acquisition of Trintex Corporation for $30.0 million. Proceeds from the sale of investments, property and equipment in 2004 included the sale of properties acquired with the 2003 acquisition of Flo-Pac Corporation. Cash flow provided by financing activities of $39.9 million for the six months ended June 30, 2005 compared with a use of cash of $12.1 million in 2004. Short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. borrowings in the first six months 2005 were required to fund organic growth. The Company also used $16.4 million to finance the purchase of 0.2 million shares of its common stock which was partially offset from proceeds for the exercise of stock options. 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. Backlog from continuing operations at June 30, 2005 of $347.9 million was 5% lower than $366.2 million one year ago and 7% lower than backlog as of March 31, 2005. The decline as compared to last year reflects a lower backlog in the General Industry segment as a large project for Carlisle Systems and Equipment in the southwestern south·west n. 1. Abbr. SW The direction or point on the mariner's compass halfway between due south and due west, or 135° west of due north. 2. An area or region lying in the southwest. 3. U.S. nears completion. This decline is partially offset by higher backlog in the Transportation Products segment. Conference Call and Webcast The Company will discuss second quarter 2005 results on a conference call for investors on Tuesday Tuesday: see week. , July 19, 2005 at 11:00 a.m. Eastern. The call may be accessed live at http://www.carlisle.com/investors/conference_call.html, or the taped call may be listened to shortly following the live call at the same website location until August 2, 2005. A slide presentation will also be available for viewing and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. printing at the same website location. 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 construction materials, commercial roofing, specialty tire and wheel, power transmission, heavy-duty brake and friction, foodservice, data transmission, and process systems industries.
CARLISLE COMPANIES INCORPORATED
Financial Results
For the periods ended June 30
(In millions, except per share data)
Second Quarter Six Months
----------------------- ---------------------------
2005 2004* % Change 2005 2004* % Change
----------------------- ---------------------------
Net sales $645.9 $590.3 9% $1,238.3 $1,093.5 13%
Income from
continuing
operations, net of
tax $44.3 $40.7 9% $74.4 $64.0 16%
Loss from
discontinued
operations,
net of tax (9.6) (3.3) NM (11.5) (2.9) NM
-------------- ------------------
Net income $34.7 $37.4 -7% $62.9 $61.1 3%
============== ==================
Basic earnings per
share
Continuing
operations $1.43 $1.31 9% $2.40 $2.06 17%
Discontinued
operations (0.31) (0.11) NM (0.37) (0.09) NM
-------------- ------------------
Net income $1.12 $1.20 -7% $2.03 $1.97 3%
============== ==================
Diluted earnings
per share
Continuing
operations $1.41 $1.30 9% $2.37 $2.05 16%
Discontinued
operations (0.30) (0.11) NM (0.36) (0.10) NM
-------------- ------------------
Net income $1.11 $1.19 -7% $2.01 $1.95 3%
============== ==================
SEGMENT FINANCIAL DATA
(In millions)
Second Quarter 2005 2004*
---------------------- ----------------------
% %
Sales EBIT Sales Sales EBIT Sales
---------------------- ----------------------
Industrial Components $209.2 $19.8 9.5% $195.4 $21.9 11.2%
Construction Materials 227.9 38.8 17.0% 187.5 28.0 14.9%
Transportation Products 51.3 6.7 13.1% 40.0 2.5 6.3%
Specialty Products 38.7 3.5 9.0% 37.7 4.1 10.9%
General Industry 118.8 9.0 7.6% 129.7 12.2 9.4%
---------------- ----------------
Subtotal 645.9 77.8 12.0% 590.3 68.7 11.6%
Corporate - (8.0) - (4.4)
---------------- ----------------
Total $645.9 $69.8 10.8% $590.3 $64.3 10.9%
================ ================
Six Months 2005 2004*
---------------------- ----------------------
% %
Sales EBIT Sales Sales EBIT Sales
---------------------- ----------------------
Industrial Components $431.3 $44.6 10.3% $387.6 $44.6 11.5%
Construction Materials 399.4 53.4 13.4% 310.3 34.6 11.2%
Transportation Products 91.4 10.6 11.6% 72.7 3.5 4.8%
Specialty Products 76.4 7.3 9.6% 69.4 6.5 9.4%
General Industry 239.8 17.6 7.3% 253.5 21.9 8.6%
---------------- ----------------
Subtotal 1,238.3 133.5 10.8% 1,093.5 111.1 10.2%
Corporate - (15.1) - (8.6)
---------------- ----------------
Total $1,238.3 $118.4 9.6% $1,093.5 $102.5 9.4%
================ ================
* 2004 figures have been revised to reflect discontinued operations.
NM = Not Meaningful
CARLISLE COMPANIES INCORPORATED
Consolidated Statement of Earnings
For the periods ended June 30
(In thousands except per share data)
Second Quarter
-------------------------------
2005 2004* % Change
-------------------------------
Net sales $645,946 $590,319 9.4%
-------------------------------
Cost and expenses:
Cost of goods sold 516,267 468,641 10.2%
Selling and administrative expenses 60,496 55,699 8.6%
Research and development expenses 4,166 4,110 1.4%
Other (income) expense, net (4,794) (2,480) 93.3%
-------------------------------
Earnings before interest & income taxes 69,811 64,349 8.5%
Interest expense, net 4,397 4,244 3.6%
-------------------------------
Earnings before income taxes 65,414 60,105 8.8%
Income taxes 21,097 19,426 8.6%
-------------------------------
Income from continuing operations 44,317 40,679 8.9%
-------------------------------
% of Net Sales 6.9% 6.9%
Loss from discontinued operations, net
of tax (9,638) (3,320) NM
-------------------------------
Net Income $34,679 $37,359 -7.2%
===============================
Basic earnings per share
------------------------
Continuing operations $1.43 $1.31 9.2%
Discontinued operations (0.31) (0.11) NM
-------------------------------
Basic earnings per share $1.12 $1.20 -6.7%
===============================
Diluted earnings per share
--------------------------
Continuing operations $1.41 $1.30 8.5%
Discontinued operations (0.30) (0.11) NM
-------------------------------
Diluted earnings per share $1.11 $1.19 -6.7%
===============================
Average shares outstanding (000's) -
basic 30,977 31,020
----------------------
Average shares outstanding (000's) -
diluted 31,335 31,336
----------------------
Per share
Dividends $7,163 $6,842
-------------------------------
$0.230 $0.220 4.5%
-------------------------------
Six Months
-------------------------------
2005 2004* % Change
-------------------------------
Net sales $1,238,274 $1,093,525 13.2%
-------------------------------
Cost and expenses:
Cost of goods sold 990,872 871,380 13.7%
Selling and administrative expenses 120,319 110,340 9.0%
Research and development expenses 8,368 8,244 1.5%
Other (income) expense, net 312 1,036 -69.9%
-------------------------------
Earnings before interest & income taxes 118,403 102,525 15.5%
Interest expense, net 8,601 7,845 9.6%
-------------------------------
Earnings before income taxes 109,802 94,680 16.0%
Income taxes 35,413 30,677 15.4%
-------------------------------
Income from continuing operations 74,389 64,003 16.2%
-------------------------------
% of Net Sales 6.0% 5.9%
Loss from discontinued operations, net
of tax (11,455) (2,919) NM
-------------------------------
Net Income $62,934 $61,084 3.0%
===============================
Basic earnings per share
------------------------
Continuing operations $2.40 $2.06 16.5%
Discontinued operations (0.37) (0.09) NM
-------------------------------
Basic earnings per share $2.03 $1.97 3.0%
===============================
Diluted earnings per share
--------------------------
Continuing operations $2.37 $2.05 15.6%
Discontinued operations (0.36) (0.10) NM
-------------------------------
Diluted earnings per share $2.01 $1.95 3.1%
===============================
Average shares outstanding (000's) -
basic 30,960 30,996
----------------------
Average shares outstanding (000's) -
diluted 31,340 31,309
----------------------
Per share
Dividends $14,304 $13,669
-------------------------------
$0.460 $0.440 4.6%
-------------------------------
* 2004 figures have been revised to reflect discontinued operations.
NM = Not Meaningful
CARLISLE COMPANIES INCORPORATED
Comparative Condensed Consolidated Balance Sheet
(In thousands)
June 30, December 31,
2005 2004
------------------------
Assets
Current Assets
Cash and cash equivalents $36,897 $25,018
Receivables 232,235 227,423
Inventories 368,971 315,528
Prepaid expenses and other 67,597 67,845
Current assets held for sale 58,217 16,455
------------------------
Total current assets 763,917 652,269
------------------------
Property, plant and equipment, net 431,175 409,704
Other assets 370,184 388,734
Non-current assets held for sale 39,627 50,534
------------------------
$1,604,903 $1,501,241
========================
Liabilities and Shareholders' Equity
Current Liabilities
Short-term debt, including current maturities $100,200 $59,990
Accounts payable 169,973 167,950
Accrued expenses 146,434 130,373
Current liabilities associated with assets
held for sale 22,785 25,709
------------------------
Total current liabilities 439,392 384,022
------------------------
Long-term debt 283,383 259,554
Other liabilities 161,211 157,208
Non-current liabilities associated with assets
held for sale 2,064 1,970
Shareholders' equity 718,853 698,487
------------------------
$1,604,903 $1,501,241
========================
CARLISLE COMPANIES INCORPORATED
Comparative Condensed Consolidated Statement of Cash Flows
For the Six months ended June 30
(In thousands)
2005 2004*
------------------
Operating activities
Net income $62,934 $61,084
Reconciliation of net earnings to cash flows:
Loss from discontinued operations, net of tax 11,455 2,919
Depreciation and amortization 28,309 26,530
Loss on equity investments 3,141 2,780
Foreign exchange loss 418 -
Deferred taxes (1,143) 1,654
Gain on investments, property and equipment, net (2,031) (1,741)
Receivables under securitization program - 38,000
Working capital (83,685) (78,337)
Other 614 736
------------------
Net cash provided by operating activities 20,012 53,625
------------------
Investing activities
Capital expenditures (52,205) (34,788)
Acquisitions, net of cash - (32,230)
Proceeds from investments, property and equipment 4,215 13,912
Other 769 245
------------------
Net cash used in investing activities (47,221) (52,861)
------------------
Financing activities
Net change in short-term debt and revolving
credit lines 66,345 171
Reductions of long-term debt (390) (1,965)
Dividends (14,304) (13,669)
Treasury shares and stock options, net (11,729) 3,358
------------------
Net cash provided by (used in) financing
activities 39,922 (12,105)
------------------
Net cash used in discontinued operations (656) (335)
------------------
Effect of exchange rate changes on cash (178) (99)
------------------
Change in cash and cash equivalents 11,879 (11,775)
Cash and cash equivalents
Beginning of period 25,018 23,361
------------------
End of period $36,897 $11,586
------------------
* Reflects reclassification of cash flows from discontinued operations
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