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| 1996 ANNUAL REPORT |
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| 1996 ANNUAL REPORT |
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| December 31, (In thousands) |
1996 | 1995 |
| CURRENT ASSETS | ||
| Cash and cash equivalents | $ 25,540 | $ 14,845 |
| Receivables, less allowance for doubtful accounts of $6,424 and $6,838 in 1996 and 1995, respectively | 309,062 | 230,590 |
| Inventories | 295,041 | 221,952 |
| Deferred tax assets, net | 8,979 | 3,925 |
| Prepaid expenses and other | 26,655 | 13,979 |
| Total current assets | 665,277 | 485,291 |
| PROPERTY, PLANT AND EQUIPMENT | ||
| Land | 17,880 | 16,997 |
| Buildings | 40,170 | 31,199 |
| Machinery and equipment | 305,491 | 250,221 |
| 363,541 | 298,417 | |
| Less - accumulated depreciation | 158,290 | 165,918 |
| Net property, plant and equipment | 205,251 | 132,499 |
| OTHER ASSETS | ||
| Other assets, including assets held for sale of $3,173 and $6,175 in 1996 and 1995, respectively | 43,257 | 41,129 |
| GOODWILL | ||
| Goodwill, net of accumulated amortization of $6,043 and $3,275 in 1996 and 1995, respectively | 160,797 | 43,925 |
| TOTAL ASSETS | ||
| $1,074,582 | $ 702,844 | |
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| December 31, (In thousands, except par value data) |
1996 | 1995 |
| CURRENT LIABILITIES | ||
| Short-term borrowings | $49,178 | $ 14,438 |
| Current portion of long-term debt | 25,805 | 10,709 |
| Accounts payable | 106,962 | 71,439 |
| Accrued payroll costs | 42,836 | 30,922 |
| Income taxes payable | 19,706 | 11,977 |
| Other | 56,014 | 45,804 |
|
300,501 | 185,289 |
| LONG-TERM DEBT | ||
| 228,443 | 117,238 | |
| OTHER LONG-TERM LIABILITIES | ||
| 22,361 | 15,754 | |
| MINORITY INTERESTS | ||
| 154,741 | 83,677 | |
| COMMITMENTS AND CONTINGENCIES (Note 12) | ||
| ----- | ----- | |
| SHAREHOLDERS' EQUITY | ||
| Preferred Stock, $1 par value; 5,000 shares authorized; no shares issued or outstanding in 1996 or 1995 | ----- | ----- |
| Common stock, $1 par value; 60,000 shares authorized; 40,157 shares issued and outstanding in 1996 (39,807 in 1995) | 40,157 | 39,807 |
| Common stock warrants - Class C; no warrants outstanding in 1996 (451 in 1995) | ----- | 7,278 |
| Additional paid-in capital | 278,955 | 275,432 |
| Retained earnings (accumulated deficit) | 62,482 | (1,962) |
| Cumulative translation adjustments | (5,356) | (5,755) |
| Less - treasury securities, at cost; 656 common shares in 1996 (629 common shares and 451 Class C warrants in 1995) | (7,702) | (13,914) |
| Total shareholders' equity | 368,536 | 300,886 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| $1,074,582 | $ 702,844 | |
The accompanying notes are an integral part of these financial statements.
