First Quarter Balance Sheets & Cash Flows
First Quarter Balance Sheets & Cash Flows
Apogee Enterprises, Inc. and Subsidiaries First Quarter
Consolidated Balance Sheets and Cash Flows.
consolildated balance sheets |
(Dollar amounts in thousands) | |||
May 29, 1999 (Unaudited) |
February 27, 1999 |
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Assets | ||||
Current Assets | ||||
Cash and cash equivalents | 5,775 | 1,318 | ||
Receivables, net of allowance for doubtful accounts | 111,841 | 118,216 | ||
Inventories | 69,999 | 68,171 | ||
Deferred tax assets | 11,650 | 11,622 | ||
Other current assets | 5,467 | 6,018 | ||
Total current assets | $204,732 | $205,345 | ||
Property, plant & equipment, net | 198,127 | 180,428 | ||
Other assets | ||||
Marketable securities available for sale | 23,942 | 27,239 | ||
Investments | 521 | 570 | ||
Intangible assets, at cost less accumulated amortization of $10,030 and $9,446, respectively | 55,116 | 55,077 | ||
Other | 2,483 | 2,532 | ||
Total assets | $484,921 | $471,191 | ||
Shareholders' Liabilities and Equity | ||||
Current liabilities | ||||
Accounts payable | 31,601 | 43,166 | ||
Accrued expenses | 47,572 | 51,738 | ||
Billings in excess of costs and earnings on uncompleted contracts | 11,714 | 11,622 | ||
Accrued income taxes | 9,709 | 7,385 | ||
Current installments of long-term debt | 1,035 | 1,300 | ||
Total current liabilities | $101,631 | $115,211 | ||
Long-term debt, less current installments | 187,086 | 165,097 | ||
Other long-term liabilities | 29,639 | 27,845 | ||
Net liabilities of discontinued operations | 32,793 | 32,374 | ||
Shareholders' equity | ||||
Common stock of $.33-1/3 par value; authorized 50,000,000 shares; issued and outstanding, 27,761,000 and 27,623,000, respectively | 9,253 | 9,208 | ||
Additional paid-in capital |
43,879 |
41,903 |
||
Retained earnings | 82,128 | 80,194 | ||
Unearned compensation | (1,450) | (721) | ||
Net unrealized (loss) gain on marketable securities | (38) | 80 | ||
Total shareholders' equity | $133,772 | $130,664 | ||
Total liabilities and shareholders' equity | $484,921 | $471,191 |
consolidated statements of cash flows |
(Dollar amounts in thousands) |
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Quarters Ended May 29,1999 | Quarters Ended May 30,1998 | |||
Operating Activities | ||||
Net earnings |
4,570 |
3,878 |
||
Adjustments to reconcile net earnings to net cash provided by continuing operating activities: | ||||
Net (earnings) loss from discontinued operations | (55) | 310 | ||
Depreciation and amortization | 8,373 | 6,726 | ||
Provision for losses on accounts receivable | 806 | 629 | ||
Deferred income tax (benefit) expense | 634 | (5,279) | ||
Equity in net loss of affiliated companies | 440 | 300 | ||
Minority interest | (117) | -- | ||
Other, net | 49 | (7) | ||
Cash flow before changes in operating assets and liabilities | $ 14,700 | $ 6,557 | ||
Changes in operating assets and liabilities, net of effect of aquisitions: | ||||
Receivables | 6,185 | (8,134) | ||
Inventories | (1,102) | 444 | ||
Other current assets | 551 | 2,616 | ||
Accounts payable and accrued expenses | (15,730) | 8,106 | ||
Billings in excess of costs and earnings on uncompleted contracts | 92 | 1,161 | ||
Refundable income taxes and accrued income taxes | 2,324 | 16,533 | ||
Other long-term liabilities | 581 | (806) | ||
Net cash provided by operating activities | $ 7,601 | $ 26,477 | ||
INVESTING ACTIVITIES | ||||
Capital expenditures |
(25,285) |
(8,745) |
||
Acquisition of businesses, net of cash acquired | (1,981) | (4,701) | ||
Increase (decrease) in marketable securities | 3,116 | (8,120) | ||
Investment in and advances to affiliated companies | (390) | (200) | ||
Proceeds from sales of property and equipment | 42 | 68 | ||
Other, net | (168) | (43) | ||
Net cash used in investing activities | $ (24,666) | $ (21,741) | ||
FINANCING ACTIVITIES | ||||
Payments on long-term debt | (376) | (526) | ||
Proceeds from issuance of long-term debt |
22,100 |
1,997 |
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Increase in deferred debt expense |
-- |
(2,837) |
||
Proceeds from issuance of common stock |
2,140 |
2,056 |
||
Repurchase and retirement of common stock |
(852) |
(115) |
||
Dividends paid |
(1,457) |
(1,382) |
||
Net cash provided by (used in) financing activities | $ 21,555 | $ (807) | ||
NET CASH FLOW FROM DISCONTINUED OPERATIONS |
(33) |
(81) |
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Increase in cash and cash equivalents | 4,457 | 3,848 | ||
Cash and cash equivalents at beginning of year | 1,318 | 7,853 | ||
Cash and cash equivalents at end of period | $ 5,775 | $ 11,701 |