Ethyl Corporation Announces Continued Earnings Improvement.Business Editors 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. , Va.--(BUSINESS WIRE)--Feb. 2, 2004 Ethyl Corporation Ethyl Corporation is a fuel additive company headquartered in Richmond, Virginia. The company is a manufacturer, blender and distributor of fuel additives. Among other products, Ethyl Corporation distributes tetraethyl lead (referred to as TEL to avoid the stigma associated with (NYSE NYSE See: New York Stock Exchange :EY): -- Petroleum additives and TEL TEL Telephone TEL Telegram TEL Telugu (langauge) TEL Terrorist Exclusion List TEL Technology-Enhanced Learning TEL Transporter-Erector-Launcher TEL Tetra-Ethyl Lead TEL Team Deutsche Telekom earnings improve for the year and quarter -- Petroleum additives sales increase for the year -- Debt reduced $81 million in 2003 Ethyl Corporation (NYSE:EY) -President and Chief Executive Officer, Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs E. Gottwald, released the following earnings report for the fourth quarter and year 2003 and update on the company's operations. We are pleased to report to you that 2003 was a year of continuing accomplishments. We met our goals of improving earnings, continuing to reduce debt and establishing a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. capital structure. Earnings improved in both our Petroleum Additives and TEL segments. Our debt reduction was significant and exceeded our target. The long-term borrowing structure entered into in April of 2003 provides us with our desired platform to enable us to continue to build for the future. Our results reflect these accomplishments. For the year 2003, earnings excluding discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. and certain nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. items were $20.7 million, or $1.23 per share, a significant improvement over earnings on the same basis last year of $12.0 million or 72 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. . On this same basis, earnings for the fourth quarter 2003 also showed improvement with income of $4.7 million, or 28 cents per share, compared to earnings of $1.0 million or 6 cents per share for fourth quarter 2002. For clarification Clarification The removal of small amounts of fine, particulate solids from liquids. The purpose is almost invariably to improve the quality of the liquid, and the removed solids often are discarded. , the nonrecurring items and discontinued operations are disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). individually in the summary of earnings chart at the end of this press release which total to net income under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . Earnings for this year's fourth quarter did not include any discontinued operations or significant nonrecurring items; however, fourth quarter last year, as well as the total year earnings for 2003 and 2002, included such items. On this basis, net income for 2003 amounted to $37.1 million, or $2.21 per share, compared to net income for 2002 of $9.9 million or 59 cents per share. Net income for last year's fourth quarter was $3.1 million, or 18 cents per share. Petroleum additives segment 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. before nonrecurring items improved 13 percent over last year. This represents the best earnings results from this segment since 1999. 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 were also up 15 percent reflecting higher sales in all of our major petroleum additives product lines. Margins continued to be adversely affected by rising raw material costs as only a small portion was recovered through increased pricing. Earnings also benefited from a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. foreign exchange impact as the dollar continued to weaken against the Euro and Yen. Our commitment to supplying our customers with top quality products is reflected in our increased research, development and testing costs which are part of our ongoing effort to improve our products and services to meet our customers' needs. Operating profit in our TEL segment also improved for this year and fourth quarter compared to last year's periods. While volumes shipped declined as we expected, the improved earnings reflect the benefit of improved pricing and the absence in 2003 of certain cost incurred in the 2002 periods. We continue to make excellent progress on our debt reduction program. For the year 2003, we reduced debt $81 million. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the sale of our phenolic phe·no·lic adj. Of, relating to, containing, or derived from phenol. n. Any of various synthetic thermosetting resins, obtained by the reaction of phenols with simple aldehydes and used as adhesives. antioxidant antioxidant, substance that prevents or slows the breakdown of another substance by oxygen. Synthetic and natural antioxidants are used to slow the deterioration of gasoline and rubber, and such antioxidants as vitamin C (ascorbic acid), butylated hydroxytoluene business contributed $19 million to the debt reduction. Lower interest expense also benefited our earnings. We are extremely pleased with the continuing improvement in earnings as well as our progress on debt reduction. Our debt is now at a point where it will not be a significant focus in our future communications with the investing public. As we look toward 2004, we continue to face a difficult external environment. This environment is characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by the factors we have discussed throughout 2003; namely, margin compression compression, external stress applied to an object or substance, tending to cause a decrease in volume (see pressure). Gases can be compressed easily, solids and liquids to a very small degree if at all. as raw material prices increase, continuing demand for new high performance products, and a highly competitive marketplace. Despite these challenges, Ethyl ethyl (ĕth`əl), CH3CH2, organic free radical or alkyl group derived from ethane by removing one hydrogen atom. dedicated employees around the world continue to find ways to bring increased value to our customers and shareholders. We salute their continuing commitment and the progress they have achieved. Sincerely, Thomas E. Gottwald This press release contains a brief summary of the fourth quarter and year results. Please see our Annual Report on 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. filing for a more complete discussion of our business results. Fourth quarter 2002 and earnings for both years 2003 and 2002 include significant nonrecurring items and discontinued operations as noted in the table below. The following summary of earnings totaling net income under generally accepted accounting principles is included below as part of the earnings release.
Summary of Earnings for the Fourth Quarter and Year:
----------------------------------------------------
Fourth Quarter Ended Year Ended
December 31 December 31
----------------- -------------------
2003 2002 2003 2002
-------- -------- -------- ---------
Net income:
Earnings excluding
discontinued operations and
nonrecurring items $ 4.7 $ 1.0 $ 20.7 $ 12.0
Discontinued operations
including 2003 gain on
sale of phenolic antioxidant
business (1) - 0.7 14.8 2.9
Nonrecurring items (1) - 1.4 1.6 (5.0)
-------- -------- -------- ---------
Net income $ 4.7 $ 3.1 $ 37.1 $ 9.9
======== ======== ======== =========
Basic earnings per share (2):
Earnings excluding
discontinued operations and
nonrecurring items $ 0.28 $ 0.06 $ 1.23 $ 0.72
Discontinued operations
including 2003 gain on sale
of phenolic antioxidant
business (1) - 0.04 0.88 0.17
Nonrecurring items (1) - 0.08 0.10 (0.30)
-------- -------- -------- ---------
Net income $ 0.28 $ 0.18 $ 2.21 $ 0.59
======== ======== ======== =========
(1) Details included in notes to accompanying
financial statements.
(2) Information on diluted earnings per share is included in the
accompanying Segment Results and Other Financial Information
Statement.
As a reminder, a conference call and Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the web cast is scheduled for 2:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. on February February: see month. 5, 2004 to review 2003 financial results. You can access the conference call live by dialing 800-404-1354 (domestic) or 706-643-0825 (international) and requesting the Ethyl conference call. To avoid delays, callers should dial in five minutes early. The call will also be broadcast via the Internet and can be accessed through the Company's website at www.Ethyl.com or www.vcall.com. A teleconference replay of the call will be available until February 8, 2004 at 11:55 p.m. EST by dialing 800-642-1687 (domestic) and 706-645-9291 (international). The replay pass code is 5110759. A web cast replay will be available for 30 days. Some of the information contained in this press release constitutes 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. 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. Although Ethyl's management believes its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from expectations. Factors that could cause actual results to differ materially from expectations include, but are not limited to: timing of sales orders The sales order, sometimes abbreviated as SO, is an order received by a business from a customer. A sales order may be for products and/or services. Given the wide variety of businesses, this means that the orders can be fulfilled in several ways. ; gain or loss of significant customers; competition from other manufacturers; a significant rise in interest rates; resolution of environmental liabilities; changes in the demand for Ethyl's products; significant changes in new product introduction; increases in product cost; the impact of fluctuations in foreign exchange rates on reported results of operations; changes in various markets; geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. risks in certain of the countries in which Ethyl conducts business; the impact of consolidation of the petroleum additives industry; and other factors detailed from time to time in the reports that Ethyl files with the Securities and Exchange Commission, including the risk factors in Item 7A, "Quantitative quantitative /quan·ti·ta·tive/ (kwahn´ti-ta?tiv) 1. denoting or expressing a quantity. 2. relating to the proportionate quantities or to the amount of the constituents of a compound. and Qualitative qualitative /qual·i·ta·tive/ (kwahl´i-ta?tiv) pertaining to quality. Cf. quantitative. qualitative pertaining to observations of a categorical nature, e.g. breed, sex. Disclosures About Market Risk" of Ethyl's 2002 Annual Report on Form 10-K, which is available to shareholders upon request. You should keep in mind that any forward-looking statement made by Ethyl in the foregoing discussion speaks only as of the date on which such forward-looking statement is made. New risks and uncertainties come up from time to time, and it is impossible for Ethyl to predict these events or how they may affect the company. Ethyl has no duty to, and does not intend to, update or revise the forward-looking statements in this discussion after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" , except as may be required by law. In light of these risks and uncertainties, you should keep in mind that the events described in any forward-looking statement made in this discussion, or elsewhere, might not occur. To the extent that this press release contains non-GAAP financial measures, it also presents both the most directly comparable financial measures calculated and presented in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). and a quantitative reconciliation of the difference between any such non-GAAP measures and such comparable GAAP financial measures. For management's statement concerning the reasons why management believes that presentation of non-GAAP measures provides useful information to investors concerning Ethyl's financial condition and results of operations, see the 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. furnished fur·nish tr.v. fur·nished, fur·nish·ing, fur·nish·es 1. To equip with what is needed, especially to provide furniture for. 2. to the Securities and Exchange Commission on February 2, 2004.
ETHYL CORPORATION AND SUBSIDIARIES
SEGMENT RESULTS AND OTHER FINANCIAL INFORMATION
(In millions except per share amounts, unaudited)
Fourth Quarter Twelve Months
--------------------- ---------------
2003 2002 2003 2002
------------ -------- ------- -------
Net sales:
Petroleum additives $202.1 $165.4 $746.8 $648.5
Tetraethyl lead 3.1 1.1 9.5 7.9
------------ -------- ------- -------
Total $205.2 $166.5 $756.3 $656.4
============ ======== ======= =======
Segment operating profit:
Petroleum additives before
nonrecurring items $ 11.8 $ 6.9 $ 59.4 $ 52.4
Nonrecurring items (a) - - 0.1 (1.2)
------------ -------- ------- -------
Total petroleum additives 11.8 6.9 59.5 51.2
Tetraethyl lead 7.5 5.9 24.7 16.8
Nonrecurring items (a) - - 2.4 (1.6)
------------ -------- ------- -------
Total tetraethyl lead 7.5 5.9 27.1 15.2
Segment operating profit 19.3 12.8 86.6 66.4
(Deduct) add back nonrecurring
items to reconcile Segment
Reporting to Consolidated
Statements of Income (b) - - (2.5) 3.1
Corporate unallocated expense (5.2) (4.8) (18.6) (14.9)
Interest expense (4.8) (5.6) (21.2) (25.6)
Loss on impairments of
nonoperating assets (a) - - - (4.0)
Domestic pension expense (1.5) (1.1) (5.9) (4.5)
Other expense, net (2.0) (0.4) (9.1) (7.2)
------------ -------- ------- -------
Income from continuing
operations before
income taxes $ 5.8 $ 0.9 $ 29.3 $ 13.3
============ ======== ======= =======
Net income:
Earnings excluding discontinued
operations and nonrecurring
items $ 4.7 $ 1.0 $ 20.7 $ 12.0
Discontinued operations (c) - 0.7 14.8 2.9
Nonrecurring items (a) - 1.4 1.6 (5.0)
------------ -------- ------- -------
Net income: $ 4.7 $ 3.1 $ 37.1 $ 9.9
============ ======== ======= =======
Basic earnings per share:
Earnings excluding discontinued
operations and nonrecurring
items $ 0.28 $ 0.06 $ 1.23 $ 0.72
Discontinued operations (c) - 0.04 0.88 0.17
Nonrecurring items (a) - 0.08 0.10 (0.30)
------------ -------- ------- -------
Net income $ 0.28 $ 0.18 $ 2.21 $ 0.59
============ ======== ======= =======
Diluted earnings per share:
Earnings excluding discontinued
operations and nonrecurring
items $ 0.28 $ 0.06 $ 1.22 $ 0.72
Discontinued operations (c) - 0.04 0.88 0.17
Nonrecurring items (a) - 0.08 0.09 (0.30)
------------ -------- ------- -------
Net income $ 0.28 $ 0.18 $ 2.19 $ 0.59
============ ======== ======= =======
Notes to Segment Results and Other Financial Information
(a)Nonrecurring items after income taxes are shown below. The gain
on the implementation of Statement of Financial Accounting
Standards (SFAS) No. 143, as well as the impairment of
goodwill and engine oil additives rationalization, are
included in segment operating profit.
Gain on implementation of SFAS
No. 143 $ - $ - $ 1.6 $ -
Impairment of goodwill - - - (2.5)
Gain (loss) on impairments of
nonoperating assets - 1.4 - (2.7)
Engine oil additives
rationalization - - - 0.2
------------ -------- ------- -------
$ - $ 1.4 $ 1.6 $ (5.0)
============ ======== ======= =======
(b)For segment reporting, the 2003 gain on the implementation of
SFAS No. 143, as well as the 2002 impairment of goodwill, is
shown in operating profit as nonrecurring items. In the
Consolidated Statements of Income, these items are shown as
cumulative effect of accounting changes in both years.
(c)Discontinued operations reflect the phenolic antioxidant
business, which was sold in January 2003. The twelve months
2003 amount is the gain on the disposal of the business ($23.2
million before tax). The fourth quarter and twelve months 2002
amount represents the earnings of the business.
ETHYL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share amounts, unaudited)
Three Months Ended Twelve Months Ended
December 31 December 31
2003 2002 2003 2002
--------- --------- --------- ---------
Net sales $205,206 $166,481 $756,341 $656,350
Cost of goods sold 164,609 135,456 590,430 518,031
--------- --------- --------- ---------
Gross profit 40,597 31,025 165,911 138,319
TEL marketing agreements
services 8,959 7,269 29,603 25,756
Selling, general, and
administrative expenses 25,645 20,874 89,001 74,181
Research, development, and
testing expenses 14,450 13,360 56,954 50,504
--------- --------- --------- ---------
Operating profit 9,461 4,060 49,559 39,390
Interest and financing
expenses 4,719 5,622 21,128 25,574
Other income (expense), net
(a) 1,016 2,483 911 (547)
--------- --------- --------- ---------
Income from continuing
operations before income
taxes 5,758 921 29,342 13,269
Income tax expense
(benefit) 1,039 (1,521) 8,718 3,756
--------- --------- --------- ---------
Income from continuing
operations 4,719 2,442 20,624 9,513
Discontinued operations (b)
Gain on disposal of business
(net of tax) - - 14,805 -
Income from operations of
discontinued business
(net of tax) - 684 - 2,901
--------- --------- --------- ---------
Income before cumulative effect
of accounting changes 4,719 3,126 35,429 12,414
Cumulative effect of accounting
changes (net of tax) (c) - - 1,624 (2,505)
--------- --------- --------- ---------
Net income $ 4,719 $ 3,126 $ 37,053 $ 9,909
========= ========= ========= =========
Basic earnings per share:
Income from continuing
operations $ 0.28 $ 0.14 $ 1.23 $ 0.57
Discontinued operations
(net of tax) (b) - 0.04 0.88 0.17
Cumulative effect of
accounting changes
(net of tax) (c) - - 0.10 (0.15)
--------- --------- --------- ---------
$ 0.28 $ 0.18 $ 2.21 $ 0.59
========= ========= ========= =========
Diluted earnings per share:
Income from continuing
operations $ 0.28 $ 0.14 $ 1.22 $ 0.57
Discontinued operations
(net of tax) (b) - 0.04 0.88 0.17
Cumulative effect of
accounting changes
(net of tax) (c) - - 0.09 (0.15)
--------- --------- --------- ---------
$ 0.28 $ 0.18 $ 2.19 $ 0.59
========= ========= ========= =========
Shares used to compute basic
earnings per share 16,768 16,689 16,733 16,689
========= ========= ========= =========
Shares used to compute diluted
earnings per share 17,082 16,737 16,940 16,732
========= ========= ========= =========
Notes to Consolidated Statements of Income
(a)Other income (expense), net for fourth quarter 2002 and twelve
months 2002 includes $2.4 million ($1.6 million after tax)
interest income from a lawsuit settlement. Twelve months 2002
also includes $1.2 million ($800 thousand after tax) interest
income from a settlement with the IRS, as well as a loss on
the impairment of nonoperating assets of $4.1 million ($2.7
million after tax) and expenses related to debt refinancing
activities of $1.3 million.
(b)Discontinued operations reflect the phenolic antioxidant
business, which was sold in January 2003. The gain on the
disposal of this business was $23.2 million ($14.8 million
after tax or $.88 per share).
(c)The cumulative effect of accounting change for twelve months
2003 reflects the gain of $2.5 million ($1.6 million after tax
or $.10 per share) recognized upon the adoption of Statement
of Financial Accounting Standard (SFAS) No. 143 on January 1,
2003. The twelve months 2002 amount reflects the impairment of
goodwill of $3.1 million ($2.5 million after tax or $.15 per
share) resulting from the January 1, 2002 adoption of SFAS No. 142.
ETHYL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31
2003 December 31
(unaudited) 2002
---------------- ---------------
ASSETS
Current assets:
Cash and cash equivalents $ 29,052 $ 15,478
Restricted cash 1,903 683
Trade and other accounts
receivable, less allowance
for doubtful accounts
($2,382 - 2003; $911 - 2002) 132,542 124,430
Receivable - TEL marketing
agreements services 2,456 7,418
Inventories 124,428 104,046
Prepaid expenses 3,810 2,232
Deferred income taxes 11,296 14,339
Assets of discontinued operations(a) - 4,323
---------------- ---------------
Total current assets 305,487 272,949
---------------- ---------------
Property, plant and equipment, at cost 751,919 746,237
Less accumulated depreciation and
amortization 577,686 547,518
---------------- ---------------
Net property, plant and
equipment 174,233 198,719
---------------- ---------------
Prepaid pension cost 21,829 24,995
Deferred income taxes 5,471 9,494
Other assets and deferred charges 75,564 80,756
Intangibles, net of amortization 62,849 69,338
---------------- ---------------
Total assets $ 645,433 $ 656,251
================ ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 53,589 $ 44,130
Accrued expenses 50,691 38,778
Long-term debt, current
portion 6,978 40,537
Income taxes payable 10,055 6,288
---------------- ---------------
Total current liabilities 121,313 129,733
---------------- ---------------
Long-term debt 201,839 249,530
Other noncurrent liabilities 122,598 123,910
Shareholders' equity
Common stock ($1 par value)
Issued - 16,786,009 in 2003
and 16,689,009 in 2002 16,786 16,689
Additional paid in capital 67,091 66,766
Accumulated other comprehensive loss (20,164) (29,294)
Retained earnings 135,970 98,917
---------------- ---------------
199,683 153,078
---------------- ---------------
Total liabilities and shareholders'
equity $ 645,433 $ 656,251
================ ===============
Notes to the Consolidated Balance Sheets
(a)Assets of discontinued operations reflect the accounts of the
phenolic antioxidant business sold in January 2003.
ETHYL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
Twelve Months Ended
December 31
------------------------------
2003 2002
-------------- -------------
Cash and cash equivalents at beginning
of year $ 15,478 $ 12,382
-------------- -------------
Cash flows from operating activities:
Net income 37,053 9,909
Adjustments to reconcile net income
to cash flows from operating
activities:
Depreciation and amortization 46,256 47,054
Amortization of deferred financing
costs 4,135 5,368
Gain on sale of phenolic
antioxidant business (23,196) -
Cumulative effect of accounting
changes (2,549) 3,120
Noncash pension expense 9,389 6,490
TEL working capital advance 1,693 1,006
Deferred income tax expense(benefit) 3,057 (3,434)
Net loss on impairments - 4,033
Working capital changes 7,654 4,012
Proceeds from legal settlement 4,825 -
Cash pension contributions (8,888) (3,004)
Proceeds from contract settlement - 2,700
Other, net 2,297 5,419
-------------- -------------
Cash provided from operating
activities 81,726 82,673
-------------- -------------
Cash flows from investing activities:
Capital expenditures (11,617) (12,671)
Proceeds from sale of phenolic
antioxidant business 27,770 -
Proceeds from sale of certain assets 12,576 -
Prepayment for TEL marketing
agreements services (3,200) (19,200)
Other, net 446 166
-------------- -------------
Cash provided from (used in)
investing activities 25,975 (31,705)
-------------- -------------
Cash flows from financing activities:
Repayment of debt - old agreements (284,519) (77,426)
Net borrowings-old agreements - 32,040
Issuance of senior notes and term
loan 265,000 -
Repayments on term loan (61,193) -
Debt issuance costs (13,299) (1,982)
Other, net (116) (504)
-------------- -------------
Cash used in financing activities (94,127) (47,872)
-------------- -------------
-------------- -------------
Increase in cash and cash equivalents 13,574 3,096
-------------- -------------
Cash and cash equivalents at end of
period $ 29,052 $ 15,478
============== =============
Notes to the Condensed Consolidated Statements of Cash Flows
Prior periods have been reclassified to conform to the current
presentation.
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