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| 1996 ANNUAL REPORT |
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| 1996 ANNUAL REPORT |
| For the Years Ended December 31, (In thousands) |
1996 | 1995 | 1994 |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $ 64,444 | $ 45,592 | $ 35,879 |
| Adjustments to reconcile net income to net cash provided by operating activities, excluding the net effects of acquisitions: | |||
| Depreciation and amortization | 31,601 | 25,540 | 21,802 |
| Minority interests | 24,833 | 15,809 | 8,838 |
| Provision for losses on receivables | 1,490 | 1,024 | 1,642 |
| Gain on disposal of property, plant and equipment | (4,100) | (4,198) | (5,675) |
| Foreign currency translation losses | 62 | 1,112 | 1,986 |
| Changes in operating assets and liabilities: | |||
| Receivables | (37,756) | (29,847) | (18,457) |
| Inventories, net | (52,991) | (19,961) | (20,180) |
| Accounts payable | 18,712 | 3,448 | 6,396 |
| Other current assets and liabilities | (945) | (72) | (21,074) |
| Other non-current assets and liabilities | (15,254) | (11,259) | 5,444 |
| Net cash provided by operating activities | 30,096 | 27,188 | 16,601 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Acquisition of businesses, net of cash acquired | (104,683) | (6,131) | (168,363) |
| Property, plant and equipment additions | (72,958) | (35,126) | (24,140) |
| Proceeds from disposal of property, plant and equipment | 11,711 | 10,042 | 10,435 |
| Net cash used in investing activities | (165,930) | (31,215) | (182,068) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from issuance of long-term debt | 124,641 | 12,238 | 92,000 |
| Repayment of long-term debt | (14,910) | (10,401) | (12,788) |
| Net increase in short-term borrowings | 34,121 | 8,038 | 3,295 |
| Proceeds from exercise of stock options and warrants | 3,873 | 3,323 | 1,023 |
| Purchase of treasury stock | (1,066) | ----- | ----- |
| Distributions to minority interests, net | ----- | (2,520) | (11,394) |
| Net cash provided by financing activities | 146,659 | 10,678 | 72,136 |
| Effect of exchange rate changes on cash | (130) | 49 | (85) |
| Increase (decrease) in cash and cash equivalents | 10,695 | 6,700 | (93,416) |
| Cash and cash equivalents at beginning of year | 14,845 | 8,145 | 101,561 |
| Cash and cash equivalents at end of year | $ 25,540 | $ 14,845 | $ 8,145 |
The accompanying notes are an integral part of these financial statements.
