Fourth Quarter Balance Sheet and Cash Flows
Fourth Quarter Balance Sheet and Cash Flows
Financial Statements relating to the Annual Report, the Consolidated Balance Sheets and Cash Flows.
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| consolidated balance sheets |
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||
| February 27,1999 | February 28,1998 | |||||||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||||
| Current Assets | ||||||||||||||||||||||||||||||||
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Cash and cash equivalents | 1,318 | 7,853 | |||||||||||||||||||||||||||||
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Receivables, net of allowance for doubtful accounts | 118,216 | 100,389 | |||||||||||||||||||||||||||||
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Inventories | 68,171 | 61,001 | |||||||||||||||||||||||||||||
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Refundable income taxes | -- | 16,533 | |||||||||||||||||||||||||||||
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Deferred tax assets | 11,622 | 14,218 | |||||||||||||||||||||||||||||
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Other current assets | 6,018 | 6,864 | |||||||||||||||||||||||||||||
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Total current assets | $205,345 | $206,858 | ||||||||||||||||||||||||||||
| Property, plant & equipment, net | 180,428 | 126,729 | ||||||||||||||||||||||||||||||
| Other assets | ||||||||||||||||||||||||||||||||
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Marketable securities available for sale | 27,239 | 18,706 | |||||||||||||||||||||||||||||
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Investments | 570 | 709 | |||||||||||||||||||||||||||||
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Intangible assets, at cost less accumulated amortization of $9,446 and $10,547, respectively | 55,077 | 50,500 | |||||||||||||||||||||||||||||
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Other | 2,532 | 2,025 | |||||||||||||||||||||||||||||
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Total assets | $471,191 | $405,527 | ||||||||||||||||||||||||||||
| Shareholders' Liabilities and Equity | ||||||||||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||||||||||
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Accounts payable | 43,166 | 37,750 | |||||||||||||||||||||||||||||
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Accrued expenses | 51,738 | 51,379 | |||||||||||||||||||||||||||||
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Billings in excess of costs and earnings on uncompleted contracts | 11,622 | 6,942 | |||||||||||||||||||||||||||||
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Accrued income taxes | 7,385 | -- | |||||||||||||||||||||||||||||
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Current installments of long-term debt | 1,300 | 1,679 | |||||||||||||||||||||||||||||
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Total current liabilities | $115,211 | $97,750 | ||||||||||||||||||||||||||||
| Long-term debt, less current installments | 165,097 | 151,967 | ||||||||||||||||||||||||||||||
| Other long-term liabilities | 27,845 | 24,785 | ||||||||||||||||||||||||||||||
| Net liabilities of discontinued operations | 32,374 | 21,424 | ||||||||||||||||||||||||||||||
| Commitments and contingent liabilities
(Notes 6, 13 and 14) |
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| Shareholders' equity | ||||||||||||||||||||||||||||||||
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Common stock of $.33-1/3 par value; authorized 50,000,000 shares; issued and outstanding, 27,623,000 and 27,453,000, respectively | 9,208 | 9,151 | |||||||||||||||||||||||||||||
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Additional paid-in capital |
41,903 |
38,983 |
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Retained earnings | 80,194 | 61,899 | |||||||||||||||||||||||||||||
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Unearned compensation | (721) | (686) | |||||||||||||||||||||||||||||
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Net unrealized gain on marketable securities | 80 | 254 | |||||||||||||||||||||||||||||
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Total shareholders' equity | $130,664 | $109,601 | ||||||||||||||||||||||||||||
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Total liabilities and shareholders' equity | $471,191 | $405,527 | ||||||||||||||||||||||||||||
| consolidated statements of cash flows | (Dollar amounts in thousands) | ||||
| Year Ended February 28,1999 | Year Ended March 1, 1997 | Year Ended March 2,1996 | |||
| Operating Activities | |||||
| Net earnings (loss) | (51,055) | 26,220 | 17,835 | ||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||
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Depreciation and amortization | 23,990 | 20,458 | 16,528 | |
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Provision for losses on accounts receivable | 1,428 | 2,917 | 1,983 | |
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Deferred income tax (benefit) expense | (7,849) | 9,452 | 1,807 | |
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Gain on sale of Nanik Window Coverings | -- | -- | (4,166) | |
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Provision for restructuring and other unusual items | 61,887 | -- | -- | |
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Foreign currency translation loss | 3,422 | -- | -- | |
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Equity in net loss (earnings) of affiliated companies | 879 | 337 | (528) | |
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Minority interest | -- | (827) | (516) | |
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Other, net | 2,819 | (560) | (1,429) | |
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Cash flow before changes in operating assets and liabilities | $ 35,521 | $ 57,997 | $ 31,514 |
| Changes in operating assets and liabilities, net of effect of aquisitions: | |||||
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Receivables | 25,364 | (46,461) | 2,134 | |
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Inventories | (5,795) | 55 | (3,286) | |
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Cost and earnings in excess of billings on uncompleted contracts | 15,859 | (202) | (6,670) | |
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Other current assets | (60) | (960) | (1,220) | |
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Accounts payable and accrued expenses | (5,472) | 16,606 | 14,494 | |
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Billings in excess of costs and earnings on uncompleted contracts | (17,013) | 20,684 | 1,753 | |
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Refundable income taxes and accrued income taxes | (12,338) | (7,061) | (2,820) | |
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Other long-term liabilities | (2,061) | 959 | 4,593 | |
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Net cash provided by operating activities | $ 34,005 | $ 41,617 | $ 40,492 |
| INVESTING ACTIVITIES | |||||
| Capital expenditures | (38,214) | (35,613) | (22,615) | ||
| Acquisition of Marcon Coatings, net of cash acquired | -- | (40,161) | -- | ||
| Acquisition of businesses, net of cash acquired | (810) | (1,365) | (3,793) | ||
| Decrease (increase) in marketable securities | 1,306 | (7,555) | (12,231) | ||
| Investment in and advances to affiliated companies | (850) | (464) | (889) | ||
| Proceeds from sales of property, plant and equipment | 874 | 3,146 | 301 | ||
| Proceeds from sale of Nanik Window Coverings | -- | -- | -- | ||
| Other, net | (506) | (277) | (1,991) | ||
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Net cash used in investing activities | $ (38,200) | $ (82,289) | $ (23,668) |
| FINANCING ACTIVITIES | |||||
| Payments on notes payable | -- | (5,350) | (7,065) | ||
| Payments on long-term debt | (1,704) | (6,120) | (5,576) | ||
| Proceeds from issuance of long-term debt | 26,003 | 51,100 | 3,855 | ||
| Proceeds from issuance of common stock | 4,922 | 3,930 | 1,150 | ||
| Repurchase and retirement of common stock | (13,490) | (1,406) | (240) | ||
| Dividends paid | (5,251) | (4,806) | (4,453) | ||
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Net cash provided by (used in) financing activities | $ 10,480 | $ 37,348 | $ (12,329) |
| (Increase) decrease in cash and cash equivalents before effect of exchange rate changes on cash | 6,285 | (3,324) | 4,495 | ||
| Effect of exchange rate changes on cash | (2,497) | -- | -- | ||
| (Increase) decrease in cash and cash equivalents | 3,788 | (3,324) | 4,495 | ||
| Cash and cash equivalents at beginning of year | 4,065 | 7,389 | 2,894 | ||
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Cash and cash equivalents at end of year | $ 7,853 | $ 4,065 | $ 7,389 |
| SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||||
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Common stock issued in acquisition of business | $ --- | $ 9,100 | $ --- |