Indiana
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1-4639
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35-0225010
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(State or Other Jurisdiction of Incorporation)
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(Commission File Numbers)
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(I.R.S. Employer Identification Nos.)
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905 West Boulevard North
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Elkhart, Indiana
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46514
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(Address of Principal Executive Offices)
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(Zip Code)
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q
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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q
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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q
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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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q
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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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99.1
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Press Release dated April 23, 2013
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–
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The December 2012 D&R acquisition integration is progressing on schedule. The D&R acquisition expands CTS’ leadership position in automotive sensors for safety and vehicle chassis management.
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–
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As expected, the first quarter 2013 benefitted from approximately $0.05 per share relating to the U.S. research tax credit and a China high-technology incentive tax credit. These items were delayed from 2012. As a result, the first quarter effective tax rate was (29.4%).
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–
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During the first quarter of 2013, the Company repurchased 105,264 shares for $1.0 million, at an average price of $9.95. Approximately 363,000 shares remain in CTS’ one million share buyback authorization.
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Components and Sensors
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EMS
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Total
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First Quarter of 2013
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|||
Net sales to external customers
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$98,062
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$51,450
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$149,512
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Segment operating earnings before corporate and shared services charges
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$10,382
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$1,063
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$11,445
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Corporate and shared services charges
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(5,979)
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(1,682)
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(7,661)
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Segment operating earnings/(loss)
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$4,403
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$(619)
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$3,784
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Expenses not allocated to business segments:
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|||
- Restructuring and related charges
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(822)
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Total operating earnings
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$2,962
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Fourth Quarter of 2012
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|||
Net sales to external customers
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$75,675
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$62,623
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$138,298
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Segment operating earnings before corporate and shared services charges
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$17,378
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$5,598
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$22,976
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Corporate and shared services charges
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(4,940)
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(1,970)
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(6,910)
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Segment operating earnings (1)
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$12,438
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$3,628
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$16,066
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Expenses not allocated to business segments:
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|||
- Restructuring and related charges
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(3,827)
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Total operating earnings
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$12,239
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First Quarter of 2012
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|||
Net sales to external customers
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$76,418
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$70,551
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$146,969
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Segment operating earnings before corporate and shared services charges
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$7,344
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$455
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$7,799
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Corporate and shared services charges
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(4,324)
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(1,543)
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(5,867)
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Segment operating earnings/(loss) (2)
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$3,020
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$(1,088)
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$1,932
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CTS CORPORATION AND SUBSIDIARIES
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||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - UNAUDITED | ||||||||||||
(In thousands, except per share amounts)
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||||||||||||
Three Months Ended
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||||||||||||
March 31,
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April 1,
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|||||||||||
2013
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2012
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|||||||||||
Net sales
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$ 149,512
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$ 146,969
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||||||||||
Costs and expenses:
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||||||||||||
Cost of goods sold
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118,332
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124,920
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||||||||||
Insurance recovery for business interruption
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-
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(3,627)
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||||||||||
Selling, general and administrative expenses
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21,407
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19,404
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||||||||||
Research and development expenses
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6,252
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6,109
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||||||||||
Insurance recovery for property damage
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-
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(1,769)
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||||||||||
Restructuring charge
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559
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-
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||||||||||
Operating earnings
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2,962
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1,932
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||||||||||
Other (expense) / income:
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||||||||||||
Interest expense, net
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(502)
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(210)
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||||||||||
Other income
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298
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575
|
||||||||||
Total other income
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(204)
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365
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||||||||||
Earnings before income taxes
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2,758
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2,297
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||||||||||
Income tax (benefit)/expense
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(810)
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14
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||||||||||
Net earnings
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$ 3,568
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$ 2,283
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||||||||||
Net earnings per share:
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||||||||||||
Basic
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$ 0.11
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$ 0.07
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||||||||||
Diluted
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$ 0.10
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$ 0.07
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||||||||||
Cash dividends declared per share
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$ 0.035
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$ 0.035
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||||||||||
Average common shares outstanding:
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||||||||||||
Basic
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33,523
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34,106
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||||||||||
Diluted
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34,176
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34,718
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||||||||||
CTS CORPORATION AND SUBSIDIARIES
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||||||||
OTHER SUPPLEMENTAL INFORMATION
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||||||||
Earnings per Share
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||||||||
The following table reconciles GAAP diluted earnings per share to adjusted earnings per share for the Company:
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||||||||
Three Months Ended
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||||||||
March 31,
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April 1,
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|||||||
2013
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2012
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|||||||
GAAP diluted earnings per share
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$ 0.10
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$ 0.07
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||||||
Tax affected charges to reported diluted
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||||||||
loss per share:
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||||||||
Restructuring and related charges
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0.02
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-
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||||||
Additional CEO costs
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0.02
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|||||||
Adjusted earnings per share
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$ 0.14
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$ 0.07
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||||||
Additional Information
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||||||||
The following table includes other financial information not presented in the preceding financial statements.
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||||||||
Three Months Ended
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||||||||
$ In thousands
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March 31,
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April 1,
|
||||||
Expense
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2013
|
2012
|
||||||
Depreciation and Amortization
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$ 5,886
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$ 4,790
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||||||
Equity Based Compensation
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$ 1,318
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$ 1,214
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CTS Corporation and Subsidiaries
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||||||||
Condensed Consolidated Balance Sheets - Unaudited
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||||||||
(In thousands of dollars)
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||||||||
March 31,
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December 31,
|
|||||||
2013
|
2012
|
|||||||
Cash and cash equivalents
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$ 109,432
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$ 109,571
|
||||||
Accounts receivable, net
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93,730
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89,342
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||||||
Inventories
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82,144
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81,752
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||||||
Other current assets
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29,741
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28,633
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||||||
Total current assets
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315,047
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309,298
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||||||
Property, plant & equipment, net
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94,115
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93,725
|
||||||
Other assets
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155,388
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158,156
|
||||||
Total Assets
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$ 564,550
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$ 561,179
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||||||
Notes payable and current portion
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||||||||
of long-term debt
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$ -
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$ -
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||||||
Accounts payable
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68,328
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67,973
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||||||
Other accrued liabilities
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40,066
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47,056
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||||||
Total current liabilities
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108,394
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115,029
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||||||
Long-term debt
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164,000
|
153,500
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||||||
Other obligations
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22,434
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24,892
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||||||
Shareholders' equity
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269,722
|
267,758
|
||||||
Total Liabilities and
|
||||||||
Shareholders' Equity
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$ 564,550
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$ 561,179
|
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