Delaware
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001-34036
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91-1650317
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition.
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(d)
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Exhibits.
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Exhibit No.
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Description
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99.1
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Press release issued March 6, 2012
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John Bean Technologies Corporation
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|||
Date: March 6, 2012
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By:
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/s/ Megan J. Donnelly
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Name
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Megan J. Donnelly
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Title
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Chief Accounting Officer, and duly authorized officer
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News Release |
JBT Corporation
70 W. Madison Suite 4400
Chicago, IL 60602
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![]() |
For Release: Immediate
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||
Investors:
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Debarshi Sengupta
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+1-312-861-6933
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Media:
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Ken Jones
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+1-312-861-6791
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o
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Diluted earnings per share from continuing operations of $0.25, net of $0.23 per diluted share in restructuring charges
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o
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Pre-tax restructuring charges of $10.3 million recorded for cost reduction actions, resulting in approximately $9 million in annualized pre-tax savings by 2013
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o
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Inbound orders of $207 million and backlog of $246 million
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o
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Revenue of $956 million up 9 percent year-over-year
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o
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Diluted earnings per share from continuing operations of $1.05, net of $0.26 per diluted share in restructuring charges
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o
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Debt, net of cash, of $131 million at year end
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Three Months Ended
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Twelve Months Ended
|
|||||||||||||||
December 31,
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December 31,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Revenue
|
$ | 271.5 | $ | 286.6 | $ | 955.8 | $ | 880.4 | ||||||||
Cost of sales
|
206.4 | 210.4 | 721.2 | 645.8 | ||||||||||||
Gross profit
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65.1 | 76.2 | 234.6 | 234.6 | ||||||||||||
Selling, general and administrative expense
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39.6 | 41.2 | 152.9 | 147.8 | ||||||||||||
Research and development expense
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4.2 | 4.4 | 18.5 | 17.5 | ||||||||||||
Restructuring expense
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10.3 | 2.8 | 11.6 | 3.7 | ||||||||||||
Other income, net
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(1.2 | ) | (0.5 | ) | (1.6 | ) | (1.5 | ) | ||||||||
Operating income
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12.2 | 28.3 | 53.2 | 67.1 | ||||||||||||
Net interest expense
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(1.5 | ) | (1.9 | ) | (6.4 | ) | (7.8 | ) | ||||||||
Income from continuing operations before income taxes
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10.7 | 26.4 | 46.8 | 59.3 | ||||||||||||
Provision for income taxes
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3.3 | 10.0 | 16.0 | 21.4 | ||||||||||||
Income from continuing operations
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7.4 | 16.4 | 30.8 | 37.9 | ||||||||||||
Loss from discontinued operations, net of taxes
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(0.2 | ) | (0.6 | ) | (0.3 | ) | (0.6 | ) | ||||||||
Net income
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$ | 7.2 | $ | 15.8 | $ | 30.5 | $ | 37.3 | ||||||||
Basic earnings per share:
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||||||||||||||||
Income from continuing operations
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$ | 0.26 | $ | 0.58 | $ | 1.07 | $ | 1.34 | ||||||||
Loss from discontinued operations
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(0.01 | ) | (0.02 | ) | (0.01 | ) | (0.02 | ) | ||||||||
Net income
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$ | 0.25 | $ | 0.56 | $ | 1.06 | $ | 1.32 | ||||||||
Diluted earnings per share:
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||||||||||||||||
Income from continuing operations
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$ | 0.25 | $ | 0.56 | $ | 1.05 | $ | 1.30 | ||||||||
Loss from discontinued operations
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- | (0.02 | ) | (0.01 | ) | (0.02 | ) | |||||||||
Net income
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$ | 0.25 | $ | 0.54 | $ | 1.04 | $ | 1.28 | ||||||||
Weighted average shares outstanding
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||||||||||||||||
Basic
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28.8 | 28.3 | 28.8 | 28.3 | ||||||||||||
Diluted
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29.4 | 29.3 | 29.3 | 29.1 |
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
December 31,
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December 31,
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|||||||||||||||
2011
|
2010
|
2011
|
2010
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|||||||||||||
Revenue
|
||||||||||||||||
JBT FoodTech
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$ | 151.9 | $ | 158.9 | $ | 542.6 | $ | 520.8 | ||||||||
JBT AeroTech
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119.2 | 124.9 | 407.4 | 351.2 | ||||||||||||
Other revenue (1) and intercompany eliminations
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0.4 | 2.8 | 5.8 | 8.4 | ||||||||||||
Total revenue
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$ | 271.5 | $ | 286.6 | $ | 955.8 | $ | 880.4 | ||||||||
Income before income taxes
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||||||||||||||||
Segment operating profit
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||||||||||||||||
JBT FoodTech
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$ | 14.4 | $ | 20.2 | $ | 42.3 | $ | 55.8 | ||||||||
JBT AeroTech
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12.0 | 13.7 | 36.0 | 28.6 | ||||||||||||
Total segment operating profit
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26.4 | 33.9 | 78.3 | 84.4 | ||||||||||||
Corporate items
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||||||||||||||||
Corporate expense
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(4.7 | ) | (5.3 | ) | (16.9 | ) | (17.3 | ) | ||||||||
Other expense, net (2)
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(9.5 | ) | (0.3 | ) | (8.2 | ) | - | |||||||||
Net interest expense
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(1.5 | ) | (1.9 | ) | (6.4 | ) | (7.8 | ) | ||||||||
Total corporate items
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(15.7 | ) | (7.5 | ) | (31.5 | ) | (25.1 | ) | ||||||||
Income from continuing operations before income taxes
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$ | 10.7 | $ | 26.4 | $ | 46.8 | $ | 59.3 |
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
December 31,
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December 31,
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|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
JBT FoodTech
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$ | 10.3 | $ | - | $ | 11.6 | $ | 0.8 | ||||||||
JBT AeroTech
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- | 2.8 | - | 2.9 | ||||||||||||
Total
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$ | 10.3 | $ | 2.8 | $ | 11.6 | $ | 3.7 |
Three Months Ended
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Twelve Months Ended
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|||||||||||||||
December 31,
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December 31,
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|||||||||||||||
2011
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2010
|
2011
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2010
|
|||||||||||||
Inbound Orders
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||||||||||||||||
JBT FoodTech
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$ | 122.8 | $ | 145.4 | $ | 537.7 | $ | 527.5 | ||||||||
JBT AeroTech
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83.7 | 82.9 | 371.5 | 419.9 | ||||||||||||
Other and intercompany eliminations
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0.4 | 2.8 | 5.8 | 8.6 | ||||||||||||
Total inbound orders
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$ | 206.9 | $ | 231.1 | $ | 915.0 | $ | 956.0 | ||||||||
December 31,
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||||||||||||||||
2011 | 2010 | |||||||||||||||
Order Backlog
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||||||||||||||||
JBT FoodTech
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$ | 98.5 | $ | 103.4 | ||||||||||||
JBT AeroTech
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147.5 | 183.4 | ||||||||||||||
Total order backlog
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$ | 246.0 | $ | 286.8 |
December 31,
|
December 31,
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|||||||
2011
|
2010
|
|||||||
(Unaudited)
|
||||||||
Cash and cash equivalents
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$ | 9.0 | $ | 13.7 | ||||
Trade receivables, net
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189.4 | 192.7 | ||||||
Inventories
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122.3 | 106.7 | ||||||
Other current assets
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38.4 | 43.3 | ||||||
Total current assets
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359.1 | 356.4 | ||||||
Property, plant and equipment, net
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124.7 | 128.7 | ||||||
Other assets
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108.4 | 97.1 | ||||||
Total assets
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$ | 592.2 | $ | 582.2 | ||||
Accounts payable, trade and other
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$ | 82.5 | $ | 86.3 | ||||
Advance payments and progress billings
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57.4 | 52.4 | ||||||
Other current liabilities
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99.8 | 103.3 | ||||||
Total current liabilities
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239.7 | 242.0 | ||||||
Long-term debt, less current portion
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135.7 | 145.4 | ||||||
Accrued pension and other postretirement benefits, less current portion
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109.2 | 73.0 | ||||||
Other liabilities
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27.8 | 28.8 | ||||||
Common stock, paid-in capital and retained earnings
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156.5 | 132.3 | ||||||
Accumulated other comprehensive loss
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(76.7 | ) | (39.3 | ) | ||||
Total stockholders' equity
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79.8 | 93.0 | ||||||
Total liabilities and stockholders' equity
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$ | 592.2 | $ | 582.2 |
Twelve Months Ended
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||||||||
December 31,
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||||||||
2011
|
2010
|
|||||||
Cash Flows From Operating Activities:
|
||||||||
Income from continuing operations
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$ | 30.8 | $ | 37.9 | ||||
Adjustments to reconcile income to cash provided by operating activities:
|
||||||||
Depreciation and amortization
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24.1 | 22.9 | ||||||
Other
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10.0 | 9.3 | ||||||
Changes in operating assets and liabilities:
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||||||||
Trade accounts receivable, net
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0.2 | (54.6 | ) | |||||
Inventories
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(19.8 | ) | 3.3 | |||||
Accounts payable, trade and other
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(2.0 | ) | 19.1 | |||||
Advance payments and progress billings
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7.4 | (4.8 | ) | |||||
Other - assets and liabilities
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(13.7 | ) | (15.5 | ) | ||||
Cash provided by continuing operating activities
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37.0 | 17.6 | ||||||
Cash required by discontinued operating activities
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(0.6 | ) | (0.1 | ) | ||||
Cash Flows From Investing Activities:
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||||||||
Acquisitions
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- | (0.4 | ) | |||||
Capital expenditures
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(20.8 | ) | (24.3 | ) | ||||
Other
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(0.6 | ) | 1.0 | |||||
Cash required by continuing investing activities
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(21.4 | ) | (23.7 | ) | ||||
Cash Flows From Financing Activities:
|
||||||||
Net (payments) proceeds on credit facilities
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(6.8 | ) | 14.7 | |||||
Dividends paid
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(8.4 | ) | (8.1 | ) | ||||
Purchase of stock held in treasury
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(0.3 | ) | - | |||||
Other
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(3.0 | ) | (1.7 | ) | ||||
Cash (required) provided by financing activities
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(18.5 | ) | 4.9 | |||||
Effect of foreign exchange rate changes on cash and cash equivalents
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(1.2 | ) | 0.6 | |||||
Decrease in cash and cash equivalents
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(4.7 | ) | (0.7 | ) | ||||
Cash and cash equivalents, beginning of period
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13.7 | 14.4 | ||||||
Cash and cash equivalents, end of period
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$ | 9.0 | $ | 13.7 |