-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, I1VWXQtxK5j9WFcbeYE1FRp8Qa/ZWpTnEWs8sjHqWMrsWCMA68ld3hcHKm13icod wxoJGAJiwhQTxb10j/Pvbw== 0000950144-05-000678.txt : 20050131 0000950144-05-000678.hdr.sgml : 20050131 20050131125948 ACCESSION NUMBER: 0000950144-05-000678 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050131 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050131 DATE AS OF CHANGE: 20050131 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CRAWFORD & CO CENTRAL INDEX KEY: 0000025475 STANDARD INDUSTRIAL CLASSIFICATION: INSURANCE AGENTS BROKERS & SERVICES [6411] IRS NUMBER: 580506554 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10356 FILM NUMBER: 05560915 BUSINESS ADDRESS: STREET 1: 5620 GLENRIDGE DR NE CITY: ATLANTA STATE: GA ZIP: 30342 BUSINESS PHONE: 4042560830 MAIL ADDRESS: STREET 1: 5620 GLENRIDE DR CITY: ATLANTA STATE: GA ZIP: 30342 8-K 1 g92952e8vk.txt CRAWFORD & COMPANY UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): January 31, 2005 CRAWFORD & COMPANY ------------------------------------------------------ (Exact name of Registrant as specified in its charter) GEORGIA ---------------------------------------------- (State or other jurisdiction of incorporation) 1-10356 58-0506554 ------------------------ --------------------------------- (Commission File Number) (IRS Employer Identification No.) 5620 Glenridge Drive, N.E., Atlanta, Georgia 30342 --------------------------------------------------- (Address of principal executive offices) (Zip Code) (404) 256-0830 ---------------------------------------------------- (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 2.02. Results of Operations and Financial Condition On January 31, 2005, Crawford & Company (the "Company") issued a press release containing information about the Company's financial condition, results of operations, and cash flows for the fourth quarter of 2004 and year ended December 31, 2004. A copy of the press release is attached hereto as Exhibit 99.1. The press release contains non-GAAP financial measures and a reconciliation to the related GAAP measure is included. Operating earnings is one of the key performance measures used by the Company's senior management to evaluate the performance of its business and make resource allocation decisions. The Company believes this measure is useful to investors in that it allows them to evaluate its performance using the same criteria that management uses. ITEM 9.01. Financial Statements, Pro Forma Financial Statements and Exhibits (c) Exhibits Exhibit No. Description 99.1 Press Release dated January 31, 2005 SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CRAWFORD & COMPANY (Registrant) By: /s/ JOHN F. GIBLIN ---------------------------------------- John F. Giblin Executive Vice President and Chief Financial Officer Dated: January 31, 2005 2 EXHIBIT INDEX Number Descriptions 99.1 Press Release issued January 31, 2005 3 EX-99.1 2 g92952exv99w1.txt EX-99.1 PRESS RELEASE EXHIBIT 99.1 [CRDA LOGO] [CRDB LOGO] [CRAWFORD COMPANY LOGO] Press Release CRAWFORD & COMPANY 5620 GLENRIDGE DRIVE, N.E. P.O. BOX 5047 ATLANTA, GEORGIA 30302 (404) 256-0830 FOR IMMEDIATE RELEASE DATE: JANUARY 31, 2005 FROM: THOMAS W. CRAWFORD CHIEF EXECUTIVE OFFICER CRAWFORD REPORTS INCREASE IN FOURTH QUARTER 2004 REVENUES AND NET INCOME Crawford & Company (NYSE: CRDA and CRDB), the world's largest independent provider of claims management solutions to insurance companies and self-insured entities, today announced its financial results for the fourth quarter ended December 31, 2004. Fourth quarter 2004 revenues before reimbursements totaled $205.8 million, up 18% over the $175.1 million reported in the 2003 fourth quarter. Fourth quarter 2004 net income grew to $7.7 million from $2.1 million in the 2003 fourth quarter. Fourth quarter 2004 net income per share rose to $0.16 per share from $0.04 per share in the prior-year quarter. Operating earnings (earnings before special credit/charge, net corporate interest, and taxes) more than doubled in the 2004 fourth quarter, to $13.2 million from $4.8 million in the prior-year quarter. U.S. revenues before reimbursements were $135.8 million in the fourth quarter of 2004, increasing nearly 16% over the $117.3 million reported in the 2003 fourth quarter. Revenues from the insurance company market were $76.7 million in the 2004 fourth quarter compared with $52.1 million in the 2003 period, reflecting a $21.0 million increase in revenues generated by the Company's catastrophe adjusters in response to the hurricanes which struck the southeastern United States during the 2004 third quarter. Revenues provided by the Company's catastrophe adjusters totaled $26.3 million in the 2004 fourth quarter compared to $5.2 million in the prior-year period. Revenues from self-insured clients were $37.9 million in the 2004 fourth quarter compared with $42.1 million in the 2003 quarter, due primarily to a reduction in claim referrals from the Company's existing clients, only partially offset by new business gains. Class action services revenues, including administration and inspection services, declined 8% to $21.1 million during the 2004 fourth quarter, compared with $23.0 million in the 2003 fourth quarter. Class action services revenues can fluctuate depending on the timing of project awards. Page 1 of 9 [CRAWFORD COMPANY LOGO] Press Release CRAWFORD & COMPANY 5620 GLENRIDGE DRIVE, N.E. P.O. BOX 5047 ATLANTA, GEORGIA 30302 (404) 256-0830 Fourth quarter 2004 international revenues grew to $70.1 million from $57.9 million for the same period in 2003. This growth is partially due to foreign currency fluctuations. During the 2004 fourth quarter, the U.S. dollar weakened against the British pound and the euro, resulting in a net exchange rate benefit in the quarter. Excluding the benefit of exchange rate fluctuations, international revenues would have been $65.5 million in the 2004 fourth quarter, reflecting growth in revenues on a constant dollar basis of 13.2%. This growth is due to an increase in revenues in the Caribbean region related to Hurricanes Francis, Ivan and Jeanne and a substantial increase in case referrals from recently awarded claims management agreements in the United Kingdom. International operating expenses increased by $8.4 million in U.S. dollars, a 15.2% increase, and by 6.6% on a constant dollar basis. Mr. Thomas W. Crawford, chief executive officer of Crawford & Company, stated, "During the fourth quarter, we continued to benefit from the sharp increase in property claims referred to us due to the hurricanes that hit Florida and other southeastern states during August and September. Claim referrals from the U.S. insurance company market were up nearly 23% during the 2004 fourth quarter. This surge in claims drove the highest quarterly revenues from our insurance company clients since the third quarter of 1998 and also contributed to the first year-over-year increase in total U.S. revenues since 2001. The growth in hurricane-related revenues helped to offset the declines in our class action and self-insured market revenues during the quarter." "Our U.S. operating margin improved to 5.2% in the quarter, up from 2.1% in last year's fourth quarter, while our International operating margin surged to 8.8% from 4.1% in the 2003 fourth quarter. Hurricane-related claims in the U.S. and Caribbean region and strong case referrals, primarily as a result of recent client wins in our United Kingdom operation, contributed to the margin improvements. The substantial new business awarded to us in the United Kingdom during 2004 should help us to maintain healthy international operating margins in future quarters." Total revenues before reimbursements for the year ended December 31, 2004 grew by just over 6%, to $733.6 million from $690.9 million in 2003. Operating earnings totaled $32.4 million, up 8% over the $30.0 million reported in 2003. Net income totaled $25.2 million, or $0.51 per share, compared with $7.7 million, or $0.16 per share in 2003. During the 2004 second quarter, the Company settled a tax credit refund claim with the Internal Revenue Service which increased net income by $2.8 million, or $0.06 per share. Net income in the 2004 third quarter includes a special credit of $5.2 million, net of related income taxes, or $0.11 per share, resulting from the sale of an undeveloped parcel of real estate during the quarter. Net income in the 2003 third quarter included an after-tax charge of $8.0 million, or $0.17 per share, under an agreement reached with the Department of Justice to resolve an investigation of the Company's billing practices. Page 2 of 9 [CRAWFORD COMPANY LOGO]] Press Release CRAWFORD & COMPANY 5620 GLENRIDGE DRIVE, N.E. P.O. BOX 5047 ATLANTA, GEORGIA 30302 (404) 256-0830 U.S. revenues before reimbursements for full year 2004 were $478.1 million, just over the $471.8 million reported in 2003. Class action services revenues grew 16%, to a record $86.4 million in 2004 from $74.5 million reported in 2003. International revenues before reimbursements grew nearly 17%, to $255.4 million in 2004 from $219.1 million in 2003. Excluding the benefit of exchange rate fluctuations, international revenues would have been $233.3 million in the current year, reflecting growth in revenues on a constant dollar basis of 6.5%. International operating expenses increased by $31.5 million in U.S. dollars, a 14.8% increase, and by 4.5% on a constant dollar basis. Mr. Crawford concluded, "We are very pleased with the growth in U.S. revenues during 2004, helped by the contribution of our catastrophe adjusters and record revenues in our class action services unit. But we know we have hard work in front of us to return the Company to a sustainable growth track. We have spent the last few months strengthening our leadership team and improving the quality of our service delivery. Our outlook for 2005 remains cautious, but we believe our continued focus on excellence in everything we do will ultimately pay off for us in top-line growth and improved operating margins. We've defined our critical objectives for 2005, largely focused on enhancing client satisfaction, and installed a management control program designed to improve our business planning process and management accountability throughout the Company." The Company also announced that it is continuing to cooperate with the Office of the Attorney General of the State of New York in response to the subpoena received during the fourth quarter of 2004. The subpoena seeks various documents relating to the operations of the Company. At this point, the Company does not know the full scope or subject matter of the subpoena or any related investigation. Crawford & Company's management will host a conference call with analysts on Monday, January 31, 2005 at 3:00 P.M. EST, to discuss its quarterly earnings and other developments. The call will be recorded and available for replay through February 7, 2005. You may dial 1-800-642-1687 (706-645-9291 international) to listen to the replay. The conference identification number is 3519958. Alternatively, please visit our web site at www.crawfordandcompany.com for a live audio web cast. Further information regarding the Company's financial position, operating results, and cash flows for the quarter and year ended December 31, 2004 is shown on the attached statements. Operating earnings is one of the key performance measures used by the Company's senior management to evaluate the performance of its business and make resource allocation decisions. The Company believes this measure is useful to investors in that it allows them to evaluate its performance using the same criteria that management uses. Following is a reconciliation of consolidated net income to Page 3 of 9 [CRAWFORD LOGO] Press Release CRAWFORD & COMPANY 5620 GLENRIDGE DRIVE, N.E. P.O. BOX 5047 ATLANTA, GEORGIA 30302 (404) 256-0830 operating earnings and the related margins as a percentage of revenues before reimbursements for all periods presented:
Quarter ended Year ended --------------------------------------- --------------------------------------- December % December % December % December % 31, 2004 Margin 31, 2003 Margin 31, 2004 Margin 31, 2003 Margin -------- -------- -------- ------ -------- -------- -------- ------ Net income $ 7,718 3.8% $ 2,088 1.2% $ 25,172 3.4% $ 7,662 1.1% Add/(deduct): Special credit / charge - - - - (8,573) (1.2) 8,000 1.1 Net corporate interest 1,267 0.6 1,559 0.9 3,536 0.5 5,414 0.8 Income taxes 4,205 2.0 1,195 0.7 12,251 1.7 8,964 1.3 -------- -------- -------- ------ -------- -------- -------- ------ Operating earnings $ 13,190 6.4% $ 4,842 2.8% $ 32,386 4.4% $ 30,040 4.3% ======== ======== ======== ====== ======== ======== ======== ======
Based in Atlanta, Georgia, Crawford & Company (www.crawfordandcompany.com) is the world's largest independent provider of claims management solutions to insurance companies and self-insured entities, with a global network of more than 700 offices in 63 countries. Major service lines include workers' compensation claims administration and healthcare management services, property and casualty claims management, class action services and risk management information services. The Company's shares are traded on the NYSE under the symbols CRDA and CRDB. Except for historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties. The results achieved in the quarter ended December 31, 2004 are not necessarily indicative of future prospects for the Company. Actual results in future quarters may differ materially. For a complete discussion regarding factors which could affect the Company's financial performance, see the Company's Form 10-K/A for the year ended December 31, 2003 filed with the Securities and Exchange Commission, in particular the information under the headings "Business", "Legal Proceedings" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." The Company undertakes no obligation to publicly release any revisions to any forward-looking statements contained herein to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. The Company's actual results may differ materially from those projected in forward-looking statements made by, or on behalf of, the Company. FOR FURTHER INFORMATION REGARDING THIS PRESS RELEASE, PLEASE CALL JOHN GIBLIN AT (404) 847-4571. Page 4 of 9 [CRAWFORD LOGO] Press Release CRAWFORD & COMPANY 5620 GLENRIDGE DRIVE, N.E. P.O. BOX 5047 ATLANTA, GEORGIA 30302 (404)256-0830 CRAWFORD & COMPANY COMPARATIVE STATEMENTS OF INCOME (In Thousands Except Per Share Data)
YEAR ENDED DECEMBER 31 2004 2003 % Change - ----------------------------------------------- --------- -------- -------- Revenues: Revenues Before Reimbursements $ 733,567 $690,933 6% Reimbursements 78,095 77,077 1% --------- -------- Total Revenues 811,662 768,010 6% Costs and Expenses: Cost of Services Before Reimbursements 565,863 530,362 7% Reimbursements 78,095 77,077 1% --------- -------- Cost of Services 643,958 607,439 6% Selling, General, and Administrative 135,318 130,531 4% Special (Credit)/Charge (1) (8,573) 8,000 nm Corporate Interest, Net 3,536 5,414 -35% --------- -------- Total Costs and Expenses 774,239 751,384 3% --------- -------- Income Before Income Taxes 37,423 16,626 125% Income Taxes 12,251 8,964 37% --------- -------- Net Income $ 25,172 $ 7,662 229% ========= ======== Net Income Per Share: Basic $ 0.52 $ 0.16 225% --------- -------- Diluted $ 0.51 $ 0.16 219% --------- -------- Weighted Average Shares Outstanding: Basic 48,773 48,668 --------- -------- Diluted 48,996 48,776 --------- --------
nm = not meaningful (1) Special credit is a pretax gain related to the sale of an undeveloped parcel of real estate. Special charge is an after-tax fine related to the settlement of a Department of Justice investigation. Page 5 of 9 [CRAWFORD LOGO] Press Release CRAWFORD & COMPANY 5620 GLENRIDGE DRIVE, N.E. P.O. BOX 5047 ATLANTA, GEORGIA 30302 (404)256-0830 CRAWFORD & COMPANY COMPARATIVE STATEMENTS OF INCOME (In Thousands Except Per Share Data)
QUARTER ENDED DECEMBER 31 2004 2003 % Change - ------------------------------------------------ --------- -------- -------- Revenues: Revenues Before Reimbursements $ 205,826 $175,131 18% Reimbursements 17,059 21,399 -20% --------- -------- Total Revenues 222,885 196,530 13% Costs and Expenses: Cost of Services Before Reimbursements 158,264 135,090 17% Reimbursements 17,059 21,399 -20% --------- -------- Cost of Services 175,323 156,489 12% Selling, General, and Administrative 34,372 35,199 -2% Corporate Interest, Net 1,267 1,559 -19% --------- -------- Total Costs and Expenses 210,962 193,247 9% --------- -------- Income Before Income Taxes 11,923 3,283 263% Income Taxes 4,205 1,195 252% --------- -------- Net Income $ 7,718 $ 2,088 270% ========= ======== Net Income Per Share: Basic $ 0.16 $ 0.04 300% --------- -------- Diluted $ 0.16 $ 0.04 300% --------- -------- Weighted Average Shares Outstanding: Basic 48,848 48,724 --------- -------- Diluted 49,274 48,966 --------- --------
- ---------- nm = not meaningful Page 6 of 9 [CRAWFORD LOGO] Press Release CRAWFORD & COMPANY 5620 GLENRIDGE DRIVE, N.E. P.O. BOX 5047 ATLANTA, GEORGIA 30302 (404)256-0830 CRAWFORD & COMPANY SUMMARY RESULTS BY OPERATING SEGMENT YEAR ENDED DECEMBER 31, 2004 (In Thousands Except Percentages)
U.S. International Total ---------------------- ---------------------- ---------------------- 2004 2003 2004 2003 2004 2003 -------- -------- -------- -------- -------- -------- Revenues Before Reimbursements $478,137 $471,847 $255,430 $219,086 $733,567 $690,933 Compensation & Benefits 295,152 292,357 177,159 152,950 472,311 445,307 % of Revenues 61.7% 62.0% 69.4% 69.8% 64.4% 64.5% Expenses Other than Reimbursements, Compensation & Benefits 162,185 156,201 66,685 59,385 228,870 215,586 % of Revenues 33.9% 33.1% 26.1% 27.1% 31.2% 31.2% -------- -------- -------- -------- -------- -------- Operating Earnings (1) $ 20,800 $ 23,289 $ 11,586 $ 6,751 $ 32,386 $ 30,040 % of Revenues 4.4% 4.9% 4.5% 3.1% 4.4% 4.3% ======== ======== ======== ======== ======== ========
QUARTER ENDED DECEMBER 31, 2004 (In Thousands Except Percentages)
U.S. International Total ---------------------- ---------------------- ------------------------ 2004 2003 2004 2003 2004 2003 -------- -------- ------- --------- ---------- ---------- Revenues Before Reimbursements $135,765 $117,263 $70,061 $ 57,868 $ 205,826 $ 175,131 Compensation & Benefits 85,742 70,986 47,396 40,055 133,138 111,041 % of Revenues 63.2% 60.5% 67.6% 69.2% 64.7% 63.4% Expenses Other than Reimbursements, Compensation & Benefits 42,964 43,806 16,534 15,442 59,498 59,248 % of Revenues 31.6% 37.4% 23.6% 26.7% 28.9% 33.8% -------- -------- ------- --------- ---------- ---------- Operating Earnings (1) $ 7,059 $ 2,471 $ 6,131 $ 2,371 $ 13,190 $ 4,842 % of Revenues 5.2% 2.1% 8.8% 4.1% 6.4% 2.8% ======== ======== ======= ========= ========== ==========
(1) Earnings before special credit/charge, net corporate interest, and taxes. Page 7 of 9 [CRAWFORD LOGO] Press Release CRAWFORD & COMPANY 5620 GLENRIDGE DRIVE, N.E. P.O. BOX 5047 ATLANTA, GEORGIA 30302 (404)256-0830 CRAWFORD & COMPANY CONSOLIDATED COMPARATIVE BALANCE SHEETS DECEMBER 31, 2004 AND DECEMBER 31, 2003 (In Thousands)
DECEMBER 31 December 31 2004 2003 ------------ ------------ ASSETS Current Assets: Cash and Cash Equivalents $ 43,571 $ 45,805 Accounts Receivable, Net 176,187 142,273 Unbilled Revenues 103,586 101,557 Prepaid Expenses and Other Current Assets 21,363 13,028 ------------ ------------ Total Current Assets 344,707 302,663 ------------ ------------ Property and Equipment, at Cost 154,922 154,786 Less Accumulated Depreciation (120,079) (117,618) ------------ ------------ Net Property and Equipment 34,843 37,168 ------------ ------------ Other Assets: Intangible Assets Arising from Acquisitions, Net 109,410 104,523 Capitalized Software Costs, Net 32,550 31,540 Deferred Income Tax Asset 32,172 28,505 Other 17,578 12,840 ------------ ------------ Total Other Assets 191,710 177,408 ------------ ------------ Total Assets $ 571,260 $ 517,239 ============ ============ LIABILITIES AND SHAREHOLDERS' INVESTMENT Current Liabilities: Short-Term Borrowings $ 37,401 $ 43,007 Accounts Payable 41,730 36,152 Accrued Liabilities 110,610 85,734 Deferred Revenues 22,682 19,172 Current Installments of Long-Term Debt 1,776 3,106 ------------ ------------ Total Current Liabilities 214,199 187,171 ------------ ------------ Noncurrent Liabilities: Long-Term Debt, Less Current Installments 50,999 50,664 Deferred Revenues 10,179 10,559 Self-Insured Risks 10,958 11,920 Postretirement Medical Benefit Obligation 5,544 6,077 Minimum Pension Liability 73,893 67,846 Other 10,655 10,408 ------------ ------------ Total Noncurrent Liabilities 162,228 157,474 ------------ ------------ Shareholders' Investment: Class A Common Stock, $1.00 Par Value 24,157 24,027 Class B Common Stock, $1.00 Par Value 24,697 24,697 Additional Paid-in Capital 1,441 840 Retained Earnings 201,213 187,747 Accumulated Other Comprehensive Loss (56,675) (64,717) ------------ ------------ Total Shareholders' Investment 194,833 172,594 ------------ ------------ Total Liabilities and Shareholders' Investment $ 571,260 $ 517,239 ============ ============
Page 8 of 9 [CRAWFORD LOGO] Press Release CRAWFORD & COMPANY 5620 GLENRIDGE DRIVE, N.E. P.O. BOX 5047 ATLANTA, GEORGIA 30302 (404)256-0830 CRAWFORD & COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS DECEMBER 31, 2004 AND DECEMBER 31, 2003 (In Thousands)
2004 2003 ------------ ------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 25,172 $ 7,662 Reconciliation of Net Income to Net Cash Provided by Operating Activities: Depreciation and Amortization 18,177 16,642 Deferred Income Taxes (2,304) 1,603 (Gain) Loss on Sales of Land, Property and Equipment (7,800) 54 Changes in Operating Assets and Liabilities, Net of Effects of Acquisitions: Accounts Receivable, Net (30,726) 18 Unbilled Revenues 3,191 1,042 Accrued or Prepaid Income Taxes 15,111 (4,640) Accounts Payable and Accrued Liabilities 13,837 1,383 Deferred Revenues 2,947 345 Prepaid and Accrued Pension Costs 1,647 5,600 Prepaid Expenses and Other Assets (3,531) 7,766 ------------ ------------ Net Cash Provided by Operating Activities 35,721 37,475 ------------ ------------ CASH FLOWS FROM INVESTING ACTIVITIES: Acquisitions of Property and Equipment, Net (10,416) (10,763) Capitalization of Computer Software Costs (7,574) (12,681) Proceeds from Sale of Undeveloped Land 2,028 - Acquisitions of Businesses, Net of Cash Acquired (617) (551) ------------ ------------ Net Cash Used in Investing Activities (16,579) (23,995) ------------ ------------ CASH FLOWS FROM FINANCING ACTIVITIES: Dividends Paid (11,708) (11,682) Proceeds from Exercise of Stock Options 731 419 (Decrease) Increase in Short-Term Borrowings (9,946) 6,696 Decrease in Long-Term Debt (1,346) (701) Capitalized Loan Costs 61 891 ------------ ------------ Net Cash Used in Financing Activities (22,208) (4,377) ------------ ------------ Effect of Exchange Rate Changes on Cash and Cash Equivalents 832 1,768 ------------ ------------ (Decrease) Increase in Cash and Cash Equivalents (2,234) 10,871 Cash and Cash Equivalents at Beginning of Period 45,805 34,934 ------------ ------------ Cash and Cash Equivalents at End of Period $ 43,571 $ 45,805 ============ ============
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