Crompton Reports Fourth Quarter and Full Year Results; Continues to Make Progress on Restoring Margins.MIDDLEBURY Middlebury College is a liberal-arts college in Middlebury, Vermont, founded in 1800. Middlebury is the name of some places in the United States of America:
See: New York Stock Exchange : CK) reported a fourth quarter net loss of $55.9 million, or 49 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to a net loss of $58 million, or 52 cents per share, in the fourth quarter of 2003. The net loss for the fourth quarter of 2004 of $55.9 million, or 49 cents per share, included pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charges for antitrust Antitrust The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. costs of $96.9 million (including a charge of $93.1 million in connection with the expected settlement of three direct purchaser class action lawsuits class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax ), facility closures, 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 and related costs of $17.1 million, an $8 million charge related to an environmental matter, and pre-tax gains of $2.0 million related to the earlier divestment divestment to strip one's investment from an entity. of our 50% interest in the Gustafson A derivative of the name Gustav, Gustafson, Gustafsson, Gustavson, and/or Gustavsson, is a group of fairly common surnames of Swedish origin, and may refer to any of the following people: Gustafson  `bĭkŏn), Lat. Rubico, small stream that flows into the Adriatic and in Roman times marked the boundary between Cisalpine Gaul and ancient Italy. In 49 B.C. joint
venture.The net loss for the fourth quarter of 2003 of $58 million, or 52 cents per share, included pre-tax charges for antitrust costs of $51.5 million (including a charge of $45.2 million relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the settlement of U.S. and Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. antitrust fines), and facility closures, severance and related costs of $5.5 million. Fourth quarter 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 $639.3 million were 14 percent above the prior year with nine percent due to improved selling prices, three percent due to the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact of foreign currency translation, and two percent due to improved unit volume. "We have made significant strides towards meeting key objectives," said Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. L. Wood, chairman, president and chief executive officer. "We recently announced a major expected settlement of antitrust-related litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , and improved our margins by raising prices and reducing costs. However, our reported earnings continue to suffer from a number of legacy issues that we are working to put behind us. In addition, our work on pricing is far from complete as we expect further significant increases in raw material and energy costs in 2005. "We also completed our organizational redesign re·de·sign tr.v. re·de·signed, re·de·sign·ing, re·de·signs To make a revision in the appearance or function of. re , which will result in a $50 million improvement in earnings this year. Cash from operations increased in the fourth quarter compared to the prior year, and our recent refinancing Refinancing An extension and/or increase in amount of existing debt. , combined with improved earnings from operations, is providing us the flexibility to move forward in putting antitrust matters behind us so that we can, over time, focus on reducing our debt. By setting clear goals for our organization and executing well, we made considerable progress in 2004. We have plans and strategies in place to continue to improve our business platform and our earnings, all with the objective of building the world's best specialty chemicals A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. company." For the year ended December December: see month. 31, 2004, the Company reported a net loss of $34.6 million, or 30 cents per share, compared to net earnings of $19 million, or 17 cents per share, for the year ended December 31, 2003. The net loss for the year ended December 31, 2004 included an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. gain on the sale 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. of $2.1 million, or two cents per share, resulting from a purchase price adjustment settlement and other matters related to the July July: see month. 31, 2003 sale of our OrganoSilicones business unit. The net loss 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 for the year ended December 31, 2004 of $36.7 million, or 32 cents per share, included pre-tax divestment gains of $96.6 million primarily from the sale of our 50% interest in the Gustafson seed treatment joint venture, higher equity income of $4.3 million resulting from an income tax adjustment for our Rubicon joint venture, and pre-tax charges for antitrust costs of $113.7 million, facility closures, severance and related costs of $63.1 million, a loss on the early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt of $20.1 million in connection with our refinancing completed on August 16, 2004, supplemental executive retirement costs of $8.1 million and an $8 million charge related to an environmental matter. Net earnings for the year ended December 31, 2003 included an after-tax gain on the sale of discontinued operations of $111.7 million, or 99 cents per share, resulting from the sale of our OrganoSilicones business unit, after-tax earnings from discontinued operations of $26.3 million, or 23 cents per share, and a cumulative effect of accounting change of $0.4 million. The loss from continuing operations for the year ended December 31, 2003 of $118.7 million, or $1.05 per share, included pre-tax charges for antitrust costs of $77.7 million, a loss on the early extinguishment of debt of $24.7 million and facility closures, severance and related costs of $19.6 million. The tax rate for the year ended December 31, 2004 was a benefit of 56 percent compared to a benefit of 23 percent for the year ended December 31, 2003. The 2004 effective tax rate was impacted by reserve adjustments largely due to the resolution of prior years' tax audits, offset in part by the $98.1 million of antitrust settlements in 2004, which are partially deductible That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes). . The 2003 effective tax rate reflected $45.2 million of antitrust fines that were not deductible for tax purposes. Net sales for the year ended December 31, 2004 of $2.5 billion were 17 percent above the $2.2 billion in the year ended December 31, 2003. This increase was due to improved unit volume of five percent, sales attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the GE Specialty Chemicals business that the Company acquired on July 31, 2003 of five percent, improved selling prices of four percent, and favorable foreign currency translation of three percent. Fourth quarter operating results for the Company's reporting segments are summarized as follows: Polymer polymer (pŏl`əmər), chemical compound with high molecular weight consisting of a number of structural units linked together by covalent bonds (see chemical bond). Products Polymer additives sales of $366.3 million were up 13% from the prior year due to improved pricing of 11% and favorable foreign currency translation of three percent, offset in part by a one percent decline in unit volume. Plastic additives sales increased 15% due mainly to higher selling prices. Rubber and urethane urethane (yoor´ithān´), n ethyl carbamate used as an anesthetic agent for laboratory animals, formerly used as a hypnotic in humans. additives sales each rose two percent mainly as a result of higher selling prices and favorable foreign currency translation, partially offset by lower unit volume. Petroleum additives sales were up 25% due primarily to improved pricing and higher unit volume. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $20.4 million for polymer additives was up $21.3 million from the fourth quarter of 2003 primarily as a result of favorable pricing and lower operating costs operating costs npl → gastos mpl operacionales mainly attributable to cost saving programs, offset in part by higher raw material costs. Polymers sales of $87.7 million increased 21% from the prior year due to an increase in selling prices of 11%, higher unit volume of eight percent and favorable foreign currency translation of two percent. 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 sales were up 29% due mainly to favorable pricing and higher unit volume. Urethanes sales rose 13% mainly as a result of higher unit volume. Operating profit for polymers of $16.0 million was up $8.4 million from the prior year due primarily to improved pricing, savings related to cost reduction initiatives and increased unit volume, offset in part by higher raw material and energy costs. Polymer processing equipment sales of $54.7 million were up 17% from the prior year due to higher unit volume of 13%, favorable foreign currency translation of three percent and a one percent improvement in pricing. Operating profit for polymer processing equipment of $3.3 million was down 5% from the fourth quarter of 2003 as the impact of higher unit volume and favorable pricing was more than offset by higher costs, including warranty An assurance, promise, or guaranty by one party that a particular statement of fact is true and may be relied upon by the other party. Warranties are used in a variety of commercial situations. In many instances a business may voluntarily make a warranty. and product performance reserves. The 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. at the end of December of $86 million was up $24 million from the end of 2003. 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 Crop protection sales of $69.6 million rose 14% from the prior year due to higher unit volume of nine percent, favorable foreign currency translation of three percent and a two percent improvement in selling prices. Operating profit for crop protection of $9.8 million was down $4.3 million or 31% from the prior year due to the absence of prior year Gustafson equity income of $6.4 million, offset by higher unit volume and favorable pricing. Refined products sales of $65.0 million increased 10% from the prior year due to improved pricing of 10% and favorable foreign currency translation of two percent, partially offset by a two percent decline in unit volume. The operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for refined products of $37 thousand was favorable by $2.9 million versus the fourth quarter of 2003 due primarily to improved pricing and lower operating costs mainly relating to the absence of expenses resulting from a prior year plant shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down and cost saving initiatives, offset in part by higher raw material costs. The Company will post informational slides to the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of its Web site that investors may wish to refer to during Crompton's teleconference and live audio webcast on February February: see month. 3, 2005 at 9:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy . The dial-in number for the call is (612) 332-0725. Replay of the call will be available for two weeks starting at 12:30 p.m. on February 3. To access the replay, call (320) 365-3844 and enter access code 765572. Crompton Corporation, with annual sales of $2.5 billion, is a producer and marketer of specialty chemicals and polymer products and equipment. Additional information concerning Crompton Corporation is available at www.cromptoncorp.com. 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. Certain statements made in this release are forward-looking statements that involve risks and uncertainties, including, but not limited to, general economic conditions, the outcome and timing of antitrust investigations and related civil lawsuits to which the Company is subject, the ability to obtain selling price increases, pension and other post-retirement benefit plan assumptions, energy and raw material prices and availability, production capacity, changes in interest rates and foreign currency exchange rates, changes in technology, market demand and customer requirements, the enactment of more stringent environmental laws and regulations, the ability to realize expected cost savings under the Company's cost reduction initiatives, the amount of any additional earn-out Earn-out Refers to an additional payment in a merger or acquisition that is not part of the original acquisition cost, which is based on the acquired company's future earnings relative to a level determined by the merger agreement. payments from GE, the ability to reduce the Company's debt levels, and other risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. These statements are based on the Company's estimates and assumptions and on currently available information. The forward-looking statements include information concerning our possible or assumed future results of operations, and the Company's actual results may differ significantly from the results discussed. Forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information is intended to reflect opinions as of the date this release was issued and such information will not necessarily be updated by the Company.
CROMPTON CORPORATION
Consolidated Statements of Operations
Fourth quarter and twelve months ended 2004 and 2003
(In thousands of dollars, except per share data)
Fourth Quarter Twelve months ended
------------------ ---------------------
2004 2003 2004 2003
--------- -------- ---------- ----------
Net sales $ 639,278 $560,981 $2,549,762 $2,185,043
Cost of products sold 485,669 426,243 1,907,226 1,616,092
Selling, general and admin. 82,678 89,422 364,062 353,026
Depreciation and
amortization 33,030 30,553 126,086 115,369
Research and development 12,122 13,914 49,577 51,467
Equity income (4,271) (6,400) (14,109) (13,169)
Facility closures, severance
and related costs 17,050 5,489 63,115 19,560
Antitrust costs 96,907 51,456 113,736 77,716
--------- -------- ---------- ----------
Operating loss (83,907) (49,696) (59,931) (35,018)
Interest expense 22,775 16,715 78,441 89,653
Loss on early extinguishment
of debt - - 20,063 24,699
Other (income) expense, net 7,577 (2,071) (75,036) 5,383
--------- -------- ---------- ----------
Loss from continuing
operations before income
taxes and cumulative effect
of accounting change (114,259) (64,340) (83,399) (154,753)
Income tax benefit (58,342) (6,311) (46,667) (36,102)
--------- -------- ---------- ----------
Loss from continuing
operations before
cumulative effect of
accounting change (55,917) (58,029) (36,732) (118,651)
Earnings from discontinued
operations - - - 26,314
Gain on sale of discontinued
operations - - 2,142 111,692
Cumulative effect of
accounting change - - - (401)
--------- -------- ---------- ----------
Net earnings (loss) $ (55,917)$(58,029)$ (34,590)$ 18,954
========= ======== ========== ==========
Basic and diluted earnings
(loss) per common share:
Loss from continuing
operations before
cumulative effect of
accounting change $ (0.49)$ (0.52)$ (0.32)$ (1.05)
Earnings from discontinued
operations - - - 0.23
Gain on sale of
discontinued operations - - 0.02 0.99
Cumulative effect of
accounting change - - - -
--------- -------- ---------- ----------
Net earnings (loss) $ (0.49)$ (0.52)$ (0.30)$ 0.17
========= ======== ========== ==========
Weighted average shares
outstanding 115,121 112,166 114,736 112,531
========= ======== ========== ==========
CROMPTON CORPORATION
Consolidated Balance Sheets
December 31, 2004 and 2003
(In thousands of dollars)
December December
31, 31,
2004 2003
---------- ----------
ASSETS
CURRENT ASSETS
Cash $ 158,700 $ 39,213
Accounts receivable 242,435 210,190
Inventories 427,933 390,199
Other current assets 167,270 170,852
---------- ----------
Total current assets 996,338 810,454
---------- ----------
NON-CURRENT ASSETS
Property, plant and equipment 734,529 774,612
Cost in excess of acquired net assets 407,975 418,607
Other assets 539,867 525,509
---------- ----------
$2,678,709 $2,529,182
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term borrowings $ 4,294 $ 60,695
Accounts payable 231,473 232,127
Accrued expenses 342,161 267,472
Income taxes payable 107,686 130,284
Other current liabilities 23,555 10,667
---------- ----------
Total current liabilities 709,169 701,245
---------- ----------
NON-CURRENT LIABILITIES
Long-term debt 862,251 754,018
Pension and post-retirement health care
liabilities 566,759 566,966
Other liabilities 211,550 204,244
STOCKHOLDERS' EQUITY
Common stock 1,192 1,192
Additional paid-in capital 1,032,282 1,034,027
Accumulated deficit (647,678) (590,157)
Accumulated other comprehensive loss (22,372) (96,463)
Treasury stock at cost (34,444) (45,890)
---------- ----------
Total stockholders' equity 328,980 302,709
---------- ----------
$2,678,709 $2,529,182
========== ==========
CROMPTON CORPORATION
Consolidated Statements of Cash Flows
Twelve months ended 2004 and 2003
(In thousands of dollars)
Twelve Months Ended
-------------------
Increase (decrease) in cash 2004 2003
---------------------------------------------- --------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss) $ (34,590)$ 18,954
Adjustments to reconcile net earnings (loss)
to net cash provided by (used in) operations:
Gain on sale of Gustafson joint venture (92,938) -
Cumulative effect of accounting change - 401
Gain on sale of discontinued operations (2,142) (111,692)
Loss on early extinguishment of debt 20,063 24,699
Depreciation and amortization 126,086 136,087
Equity income (14,109) (13,169)
Changes in assets and liabilities, net:
Accounts receivable 5,090 75,407
Accounts receivable - securitization (9,530) (38,051)
Inventories (17,127) 39,421
Accounts payable (7,040) (82,220)
Other 62,513 (64,667)
--------- ---------
Net cash provided by (used in) operations 36,276 (14,830)
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Net proceeds from divestments 151,219 633,427
Capital expenditures (65,231) (87,591)
Other investing activities 253 1,707
--------- ---------
Net cash provided by investing activities 86,241 547,543
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES
(Payments to) proceeds from domestic credit
facility (57,000) 32,000
Payments on short-term borrowings (349,956) (1,824)
Payments on long-term borrowings (140,006) (478,380)
Proceeds from long-term borrowings 597,499 -
Premium paid on early extinguishment of debt (19,044) (23,804)
Payments for debt issuance costs (23,113) -
Dividends paid (22,931) (22,556)
Treasury stock acquired - (22,080)
Other financing activities 8,606 2,323
--------- ---------
Net cash used in financing activities (5,945) (514,321)
--------- ---------
CASH
Effect of exchange rates on cash 2,915 3,880
--------- ---------
Change in cash 119,487 22,272
Cash at beginning of period 39,213 16,941
--------- ---------
Cash at end of period $ 158,700 $ 39,213
========= =========
CROMPTON CORPORATION
Segment Sales and Operating Loss
Fourth quarter and twelve months ended 2004 and 2003
(In thousands of dollars)
Fourth Quarter Twelve Months Ended
----------------- ---------------------
2004 2003 2004 2003
-------- -------- ---------- ----------
NET SALES
Polymer Products
Polymer Additives $366,288 $324,682 $1,465,610 $1,232,022
Polymers 87,705 72,519 333,986 285,669
Polymer Processing
Equipment 54,694 46,611 180,009 166,539
Eliminations (4,004) (2,810) (14,968) (13,302)
-------- -------- ---------- ----------
504,683 441,002 1,964,637 1,670,928
-------- -------- ---------- ----------
Specialty Products
Crop Protection 69,603 61,048 320,594 270,870
Refined Products 64,992 58,931 264,531 243,245
-------- -------- ---------- ----------
134,595 119,979 585,125 514,115
-------- -------- ---------- ----------
Total net sales $639,278 $560,981 $2,549,762 $2,185,043
======== ======== ========== ==========
OPERATING PROFIT
Polymer Products
Polymer Additives $ 20,350 $ (907)$ 50,206 $ 24,392
Polymers 15,955 7,515 51,290 28,018
Polymer Processing
Equipment 3,259 3,427 3,360 5,164
-------- -------- ---------- ----------
39,564 10,035 104,856 57,574
-------- -------- ---------- ----------
Specialty Products
Crop Protection 9,785 14,130 85,695 64,963
Refined Products (37) (2,915) 126 (3,283)
-------- -------- ---------- ----------
9,748 11,215 85,821 61,680
-------- -------- ---------- ----------
General corporate expense (19,262) (14,001) (73,757) (48,551)
Unabsorbed overhead expense
from discontinued operations - - - (8,445)
Facility closures, severance
and related costs (17,050) (5,489) (63,115) (19,560)
Antitrust costs (96,907) (51,456) (113,736) (77,716)
-------- -------- ---------- ----------
Total operating loss $(83,907)$(49,696)$ (59,931)$ (35,018)
======== ======== ========== ==========
CROMPTON CORPORATION SUPPLEMENTARY SCHEDULE I
Major Factors Affecting Operating Results ------------------------
Fourth quarter and twelve months ended 2004 versus 2003
(In millions of dollars)
The following table summarizes the major factors contributing to the
changes in fourth quarter and twelve months operating results
versus the prior year:
Fourth Quarter Twelve Months Ended
---------------- ----------------------
Pre-tax Pre-tax
Net Earnings Net Earnings
Sales (Loss) Sales (Loss)
------- -------- --------- ------------
2003 $561.0 $(64.3)* $ 2,185.0 $(154.8)*
2003 Facility closures,
severance and related costs - 5.5 - 19.6
2003 Antitrust costs - 51.5 - 77.7
2003 Loss on early
extinguishment of debt - - - 24.7
------- -------- --------- ------------
561.0 (7.3) 2,185.0 (32.8)
GE Specialty Chemicals
business acquired 7/31/03 - - 103.6 6.3
Improved unit volume/mix 12.4 7.4 107.1 37.4
Higher selling prices 51.7 51.7 93.5 93.5
Foreign currency translation
impact 14.2 (1.5) 60.6 (2.4)
Cost savings - 15.0 - 55.8
Higher raw materials/energy
costs - (42.7) - (102.8)
Interest expense impact - (6.1) - 11.2
Lower Gustafson equity
income - (6.4) - (3.2)
Higher Rubicon equity income - 4.3 - 4.3
Gustafson product liability
claim - - - (3.0)
Higher management incentive
plan expense (1.3) (8.4)
Higher legal and
environmental expense (6.4) (5.3)
Unfavorable foreign exchange - (7.6) - (6.3)
Sarbanes-Oxley compliance
and audit fees (3.3) (4.5)
Manufacturing absorption
variance impact - 4.3 - (2.2)
Other - (2.0) - (12.6)
------- -------- --------- ------------
639.3 (1.9) 2,549.8 25.0
2004 Facility closures,
severance and related costs - (17.0) - (63.1)
2004 Antitrust costs - (96.9) - (113.7)
2004 Loss on early
extinguishment of debt - - - (20.1)
2004 Supplemental executive
retirement costs - (0.5) - (8.1)
2004 Divestment gains,
primarily Gustafson - 2.0 - 96.6
------- -------- --------- ------------
2004 $639.3 $(114.3)* $2,549.8 $(83.4)*
======= ======== ========= ============
* Represents the loss from continuing operations before income taxes
and cumulative effect of accounting change.
CROMPTON CORPORATION SUPPLEMENTARY SCHEDULE II
Consolidated Statements of Cash Flows -------------------------
Fourth quarter and third quarter ended 2004 and 2003
(In thousands of dollars)
Fourth Quarter Ended Third Quarter Ended
-------------------- --------------------
Increase (decrease) in cash 2004 2003 2004 2003
---------------------------- -------- -------- --------- ----------
CASH FLOWS FROM OPERATING
ACTIVITIES
Net earnings (loss) $(55,917)$(58,029)$ (40,710)$ 80,247
Adjustments to reconcile
net earnings (loss) to
net cash provided by
(used in) operations:
Gain on sale of
Gustafson joint
venture (2,000) - - -
Gain on sale of
discontinued
operations - - (2,142) (111,692)
Loss on early
extinguishment of debt - - 20,063 24,699
Depreciation and
amortization 33,030 30,553 31,216 33,127
Equity income (4,271) (6,400) (145) 1,073
Changes in assets and
liabilities, net:
Accounts receivable 12,252 24,997 51,928 46,722
Accounts receivable
- securitization (11,389) (19,284) (9,246) (33,408)
Inventories (7,216) 29,374 (7,660) 14,879
Accounts payable 21,684 (11,473) (12,800) (44,652)
Other 43,746 13,460 (330) (60,168)
-------- -------- --------- -------------
Net cash provided by
(used in) operations 29,919 3,198 30,174 (49,173)
-------- -------- --------- -------------
CASH FLOWS FROM INVESTING
ACTIVITIES
Net proceeds from
divestments 8,949 (9,688) 4,574 643,115
Capital expenditures (21,248) (32,487) (14,488) (22,383)
Other investing
activities (28) 1,957 (28) (96)
-------- -------- --------- -------------
Net cash (used in)
provided by investing
activities (12,327) (40,218) (9,942) 620,636
-------- -------- --------- -------------
CASH FLOWS FROM FINANCING
ACTIVITIES
(Payments to) proceeds
from domestic credit
facility - 32,000 - (192,800)
(Payments to) proceeds
from short-term
borrowings 485 (2,785) (351,015) (4,894)
Payments on long-term
borrowings - (753) (140,006) (312,940)
Proceeds from long-term
borrowings - - 597,499 -
Payments for debt
issuance costs (1,007) (22,106) -
Premium paid on early
extinguishment of debt - - (19,044) (23,804)
Dividends paid (5,739) (5,563) (5,737) (5,560)
Treasury stock acquired - - - -
Other financing
activities 7,330 1,186 1,356 101
-------- -------- --------- -------------
Net cash provided by
(used in) financing
activities 1,069 24,085 60,947 (539,897)
-------- -------- --------- -------------
CASH
Effect of exchange rates
on cash 3,106 2,364 576 (148)
-------- -------- --------- -------------
Change in cash 21,767 (10,571) 81,755 31,418
Cash at beginning of
period 136,933 49,784 55,178 18,366
-------- -------- --------- -------------
Cash at end of period $158,700 $ 39,213 $ 136,933 $ 49,784
======== ======== ========= =============
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