-----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, KWqo3i1upse4HOlL0klc3l2Au6Zti/SevYJ1X4xWlLbnQHXWZF+NLuuDZtNu4Q/S bGn7eVmRKjiPpSIIovFh1A== 0000950134-00-003524.txt : 20000421 0000950134-00-003524.hdr.sgml : 20000421 ACCESSION NUMBER: 0000950134-00-003524 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20000420 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000420 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ELCOR CORP CENTRAL INDEX KEY: 0000032017 STANDARD INDUSTRIAL CLASSIFICATION: ASPHALT PAVING & ROOFING MATERIALS [2950] IRS NUMBER: 751217920 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-05341 FILM NUMBER: 605322 BUSINESS ADDRESS: STREET 1: 14643 DALLAS PKWY STE 1000 STREET 2: WELLINGTON CTR CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 9728510500 MAIL ADDRESS: STREET 1: WELLINGTON CENTRE STE 1000 STREET 2: 14643 DALLAS PKWY CITY: DALLAS STATE: TX ZIP: 75240-8871 FORMER COMPANY: FORMER CONFORMED NAME: ELCOR CHEMICAL CORP DATE OF NAME CHANGE: 19761119 8-K 1 FORM 8-K 1 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) April 20, 2000 -------------- ELCOR CORPORATION ----------------- (Exact name of Registrant as specified in its charter) DELAWARE 1-5341 75-1217920 - ------------------------------ -------------------------------- --------------- (State or other jurisdiction of Commission File number (I.R.S. Employer incorporation or organization) Identification No.) 14643 DALLAS PARKWAY SUITE 1000, WELLINGTON CENTRE, DALLAS, TEXAS 75240-8871 - -------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (972)851-0500 -------------
NOT APPLICABLE -------------- (Former name or former address, if changed since last report) 2 Item 5. Other Events GAF Patent Litigation On March 8, 2000, the district court in Elk's design patent case denied GAF's motion for attorneys fees. Trial on Elk's trade dress claim in the design case, including GAF's counterclaims, is unscheduled but pending. Also pending is GAF's motion for attorneys fees in the utility patent case which was recently dismissed by stipulation of the parties. While management can give no assurances regarding the ultimate outcome of the remaining litigation, even if the outcome were to be adverse to Elk, it is not expected to have a material adverse effect on the Registrant's financial position or liquidity. Wedgewood Knolls Litigation On February 25, 2000, Wedgewood Knolls Condominium Association filed a purported class action against the Registrant and Elk Corporation in the United States District Court in Newark, New Jersey. The purported nationwide class would include purchasers or current owners of buildings with certain Elk asphalt shingles installed between January 1, 1980 and present. The suit alleges, among other things, that the shingles were uniformly defective. It seeks reformation of the limited warranty applicable to the shingles, and unspecified damages for breach of implied and written warranties and alleged unfair or deceptive trade practices on behalf of the plaintiff and the purported class. The Registrant and Elk intend to vigorously defend the suit, and believe the claims and the purported class are totally without merit. Press Release On April 19, 2000, the company issued a press release containing "forward-looking statements" about its prospects for the future. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. The above press release contains "forward-looking statements" about its prospects for the future, and from time to time the company may make others. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the following: 1. The company's roofing products business is substantially non-cyclical, but can be affected by weather, the availability of financing and general economic conditions. In addition, the asphalt roofing products manufacturing business is highly competitive. Actions of competitors, including changes in pricing, or 1 3 slowing demand for asphalt roofing products due to general or industry economic conditions or the amount of inclement weather could result in decreased demand for the company's products, lower prices received or reduced utilization of plant facilities. Further, changes in building codes and other standards from time to time can cause changes in demand, or increases in costs that may not be passed through to customers. 2. In the asphalt roofing products business, the significant raw materials are ceramic coated granules, asphalt, glass fibers, resins and mineral filler. Increased costs of raw materials can result in reduced margins, as can higher trucking and rail costs. Historically, the company has been able to pass some of the higher raw material and transportation costs through to the customer. Should the company be unable to recover higher raw material and/or transportation costs from price increases of its products, operating results could be adversely affected and/or lower than projected. 3. The company expects to make up to $137 million in new investments to expand capacity and improve productivity at existing plants and to build new plants over a three-year period beginning in fiscal 2000. Progress in achieving anticipated operating efficiencies and financial results is difficult to predict for new plant facilities. If such progress is slower than anticipated, if substantial cost overruns occur in building new plants, or if demand for products produced at new plants does not meet current expectations, operating results could be adversely affected. 4. Certain facilities of the company's industrial products subsidiaries must utilize hazardous materials in their production process. As a result, the company could incur costs for remediation activities at its facilities or off-site, and other related exposures from time to time in excess of established reserves for such activities. 5. The company's litigation, including its trade dress litigation against GAF Building Materials Corporation and certain affiliates, and its defense of the purported class action brought by Wedgewood Knolls Condominium Association, is subject to inherent and case-specific uncertainty. The outcome of such litigation depends on numerous interrelated factors, many of which cannot be predicted. 6. Although the company currently anticipates that most of its needs for new capital in the near future will be met with internally generated funds, significant increases in interest rates could substantially affect its borrowing costs under its existing loan facility, or its cost of alternative sources of capital. 7. Each of the company's businesses, especially Cybershield's digital wireless cellular phone business, is subject to the risks of technological changes that could affect the demand for or the relative cost of the company's products and services, or the method and profitability of the method of distribution or delivery of such 2 4 products and services. In addition, the company's businesses each could suffer significant setbacks in revenues and operating income if it lost one or more of its largest customers, or if its customers' plans and/or markets should change significantly. 8. Although the company insures itself against physical loss to its manufacturing facilities, including business interruption losses, natural or other disasters and accidents, including but not limited to fire, earthquake, damaging winds and explosions, operating results could be adversely affected if any of its manufacturing facilities became inoperable for an extended period of time due to such events. 9. Each of the company's businesses is actively involved in the development of new products, processes and services which are expected to contribute to the company's ongoing long-term growth and earnings. If such development activities are not successful, or the company cannot provide the requisite financial and other resources to successfully commercialize such developments, the growth of future sales and earnings may be adversely affected. Parties are cautioned not to rely on any such forward-looking beliefs or judgments in making investment decisions. Reference is made to the company's Annual Report on Form 10-K for the year ended June 30, 1999, for further information about risks and uncertainties. Item 7. Exhibits 27 Financial Data Schedule (EDGAR submission only). 99.1 Press release dated April 19, 2000 of Elcor Corporation. 3 5 SIGNATURES Pursuant to the requirement of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ELCOR CORPORATION DATE: April 20, 2000 /s/ Richard J. Rosebery ---------------------------- ----------------------- Richard J. Rosebery Vice Chairman, Chief Financial and Administrative Officer /s/ Leonard R. Harral --------------------- Leonard R. Harral Vice President and Chief Accounting Officer 4 6 INDEX TO EXHIBITS
Exhibit Number Description - ------ ----------- 27 Financial Data Schedule. 99.1 Press release dated April 19, 2000 of Elcor Corporation.
EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 9-MOS JUN-30-2000 JUL-01-1999 MAR-31-2000 4,852 0 79,611 964 34,987 123,793 262,520 84,892 304,072 37,154 88,700 0 0 19,988 138,588 304,072 267,973 267,973 201,023 230,375 0 0 760 38,130 14,439 23,691 0 0 0 23,691 1.21 1.18
EX-99.1 3 PRESS RELEASE DATED APRIL 19, 2000 1 [ELCOR CORPORATION LETTERHEAD] FOR FURTHER INFORMATION: TRADED: NYSE SYMBOL: ELK Richard J. Rosebery, Vice Chairman, Chief Financial and Administrative Officer (972) 851-0510 PRESS RELEASE FOR IMMEDIATE RELEASE ELCOR REPORTS FISCAL 2000 THIRD QUARTER RECORD SALES AND EARNINGS; ANNOUNCES NEW ORDERS FOR CYBERSHIELD; EXPECTS OVERALL CONTINUED STRONG GROWTH IN FISCAL 2000 AND BEYOND DALLAS, TEXAS, April 19, 2000 .... Elcor Corporation announced today that net income rose 21% on a 28% gain in sales for its third quarter ending March 31, 2000, compared to the year-ago quarter. Both sales and net income were third quarter records. Harold K. Work, Elcor's Chairman, President and Chief Executive Officer, said, "Higher third quarter results benefited from record third quarter shipments of our Elk roofing products and record third quarter sales of our Cybershield(TM) products for digital wireless cellular phones. Growing demand for both product lines is expected to drive strong sales and earnings growth in fiscal 2000 and beyond." OPERATING RESULTS For the third quarter ending March 31, 2000, net income rose 21% to $6,211,000, or $.31 per fully diluted share, from $5,115,000, or $.26 per fully diluted share, in the year-ago quarter. Sales rose 28% to $90,448,000 from $70,735,000 in the same quarter last year. For the nine months ending March 31, 2000, income before a change in accounting principle rose 37% to $23,691,000, or $1.18 per fully diluted share, from $17,319,000, or $.87 per fully diluted share, in the year-ago first nine months. Sales increased 18% to $267,973,000 from $227,802,000 in the same period last year. Fiscal 2000 third quarter operating results included $1,700,000, or $.05 per fully diluted share, of income related to the final settlement of the company's business interruption insurance claim, which was offset by about $1,650,000, or $.05 per fully diluted share, of nonrecurring expenses associated with the previously announced relocation and consolidation of Chromium Corporation's manufacturing operations from Lufkin, Texas into its Cleveland, Ohio plant. This year's third quarter results also included a $403,000, or $.01 per fully diluted share, nonrecurring gain from involuntary conversion as a result of insurance proceeds exceeding the book value of damaged equipment replaced. 2 PRESS RELEASE Elcor Corporation Quarterly Results April 19, 2000 Page 2 ROOFING PRODUCTS SEGMENT ACHIEVED RECORD SALES AND OPERATING PROFITS Elcor's Roofing Products segment achieved record sales and operating profits for any third quarter in its history as a result of continuing strong demand for its Elk Prestique(R) premium laminated fiberglass asphalt shingles and nonwoven fiberglass mats. Sales for the third quarter increased 33% to $80,479,000 from $60,335,000 in the year-ago quarter, and operating profits rose 35% to $12,621,000 from $9,365,000 in the same quarter last year. During the third quarter of fiscal 2000, asphalt costs were up about 36%, or $3,100,000 year-over-year, and glass fiber costs were up about 6%, or $600,000 year-over-year, which reduced after-tax earnings by about $.11 per fully diluted share, as compared to the year-ago quarter. Elk was not able to recover these higher costs through higher prices during the third quarter; however, it has implemented a 4% to 5% increase in its laminated shingle prices, effective March 27, 2000, and has announced a further 5% to 6% price increase, effective May 1, 2000, which should largely offset the presently expected higher costs for these raw materials during the June quarter. CONSTRUCTION OF NEW LAMINATED SHINGLE PLANT CONTINUES ON SCHEDULE Mr. Work said, "Construction of Elk's new $70 million Myerstown, Pennsylvania, premium laminated fiberglass asphalt shingle plant is progressing on plan. Most of the major manufacturing equipment is being installed at the new plant site, and manufacturing operations should be underway by the December quarter of calendar year 2000. The new plant should meet the rapidly growing demand for Elk's laminated shingles in the nation's Eastern and North Central markets in the second half of fiscal year ending June 30, 2001. The Myerstown plant will increase our overall laminated shingle capacity by about 38%, enabling Elk to keep up with the rapid growth in demand," he said. INDUSTRIAL PRODUCTS SEGMENT RESULTS ADVERSELY AFFECTED BY CHROMIUM CORPORATION RELOCATION IN THIRD QUARTER Industrial Products sales of $9,928,000 were 4% lower than $10,356,000 in the third quarter last year. This segment had an operating loss of $1,361,000 compared to operating profits of $961,000 in the same quarter last year, primarily as a result of nonrecurring costs related to the relocation and consolidation of its Chromium Corporation operations to the Cleveland, Ohio facility. The consolidation of Chromium's manufacturing facilities should reduce operating expenses by about $1,000,000 per year. Cybershield's sales rose 9% in the third quarter; however, its operating profits were below record year-ago levels, as a result of a temporary slowdown in production of digital wireless cellular phones during the first two months of the quarter to make engineering changes in production systems and equipment. Cybershield production volumes picked up significantly in March and are expected to be at record levels during the fourth quarter. Ortloff Engineers, the third component within the Industrial Products segment, had a small operating loss on slightly higher sales as no patent license fees were booked during the third quarter. /more 3 PRESS RELEASE Elcor Corporation Quarterly Results April 19, 2000 Page 3 CYBERSHIELD ANNOUNCES RECEIPT OF NEW ORDERS Cybershield received its first orders from the third largest manufacturer of digital wireless phones in the United States for shielding a new state-of-the-art data-capable digital wireless cellular phone. Cybershield also received orders for shielding two additional digital wireless cellular phone models from Ericsson. In addition, Cybershield received new orders from Newbridge Networks Corporation, a subsidiary of Alcatel, for shielding networking equipment; received additional orders from Nortel for telecom infrastructure equipment; and received additional orders from a leading manufacturer of bar code readers. Richard J. Rosebery, Vice Chairman of Elcor and Chairman of Cybershield, said, "With the strong pickup in orders, we continue to believe that Cybershield should have opportunities to about double year-over-year operating profits in each of the fiscal years ending June 30, 2000 and 2001. This strong growth is a result of rapidly accelerating demand for digital wireless handsets, plus a significant increase in the number of value-added products and services provided by Cybershield, the Western Hemisphere's leading supplier of advanced shielding products and related services for the digital wireless cellular phone industry. Cybershield's important telecommunications customers include Nokia, Ericsson, Motorola, Kyocera, Lucent Technologies, AT&T, Nortel, Alcatel and Denso. Cybershield has earned a leadership position in the high-growth/high-tech digital wireless cellular phone market by consistently supplying superior quality products, making deliveries on time and quickly responding to customers' needs with innovative technical solutions that frequently enhance performance of their products. "In fiscal 1999, Cybershield supplied shielding products for over 20 million digital wireless cellular phones, and expects that demand could more than double in fiscal 2000. Its shielding products reduce the emission of electromagnetic and radio frequency interference given off by microchips and electronic components to levels below those required by the FCC. Rapidly expanding technology is driving strong demand for Cybershield products because they provide superior shielding effectiveness at the higher frequencies used in digital wireless communications as well as the higher frequencies used to achieve faster microchip speeds. In order to keep pace with rapidly growing demand, Cybershield has expanded its Lufkin, Texas production facilities three times in the last three years and is currently doubling the size of its Canton, Georgia facility. Both of these facilities employ sophisticated robotic production equipment to shield millions of digital wireless cellular phones per month," he concluded. FINANCIAL POSITION STRONG During the first nine months ending March 31, 2000, strong cash flows from operations of $24.3 million, along with $23.3 million of net cash from financing activities and $2.3 million of insurance proceeds from involuntary conversion, funded $49.8 million of additions to property, plant and equipment. At March 31, 2000, the company had $88.7 million of total debt, $158.6 million /more 4 PRESS RELEASE Elcor Corporation Quarterly Results April 19, 2000 Page 4 of shareholders equity, and $247.3 million of total capital. With the construction of Elk's new Myerstown, Pennsylvania premium laminated shingle plant well under way, total debt as a percent of total capital rose to 36% from 31% last year, and represents only 1.5 times last twelve months EBITDA (earnings before interest, taxes, depreciation and amortization). OUTLOOK Mr. Work said, "Presently, we look for growing demand for our Enhanced High Definition(R) and Raised Profile(TM) Elk Prestique premium laminated fiberglass asphalt shingles and for our Cybershield wireless digital cellular phone products to substantially boost fiscal 2000 sales and earnings. Once again, we expect these gains to be characterized by higher sales and earnings in our seasonally stronger June and September quarters. Looking ahead to the longer term, we believe that the investments we have made, and are continuing to make, provide Elcor with the potential to achieve high growth rates in both sales and earnings in the years ahead." SAFE HARBOR PROVISIONS In accordance with the safe harbor provisions of the securities law regarding forward-looking statements, except for the historical information contained herein, the above discussion contains forward-looking statements that involve risks and uncertainties. The statements that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements usually are accompanied by words such as "outlook," "believe," "estimate," "potential," "project," "expect," "anticipate," "plan," "predict," "could," "should," "may," or similar words that convey the uncertainty of future events or outcomes. These statements are based on judgments the company believes are reasonable; however, Elcor's actual results could differ materially from those discussed here. Factors that could cause or contribute to such differences could include, but are not limited to, changes in demand, prices, raw material costs, transportation costs, changes in economic conditions of the various markets the company serves, changes in the amount and severity of inclement weather, as well as the other risks detailed herein and in the company's reports filed with the Securities and Exchange Commission, including but not limited to its Form 10-K for the fiscal year ended June 30, 1999, and its subsequent Forms 10-Q and Forms 8-K. - - - - - - Elcor, through its subsidiaries, manufactures roofing products and industrial products. Each of Elcor's principal operating subsidiaries is the leader or one of the leaders within its particular market. Its common stock is listed on the New York Stock Exchange (ticker symbol: ELK). Elcor's roofing products facilities currently are located in Tuscaloosa, Alabama; Shafter, California; Dallas and Ennis, Texas; and a new facility is under construction in Myerstown, Pennsylvania. Its industrial products facilities are located in Canton, Georgia; Cleveland, Ohio; Dallas, Lufkin, and Midland, Texas. /more 5 PRESS RELEASE Elcor Corporation Quarterly Results April 19, 2000 Page 5 CONDENSED RESULTS OF OPERATIONS (Unaudited, & in thousands)
Third Quarter Trailing Three Months Ended Nine Months Ended Twelve Months Ended March 31, March 31, March 31, 2000 1999(a) 2000 1999(a) 2000 1999(a) ---------- ---------- ---------- ---------- ---------- ---------- SALES $ 90,448 $ 70,735 $ 267,973 $ 227,802 $ 358,045 $ 302,274 ---------- ---------- ---------- ---------- ---------- ---------- COSTS AND EXPENSES: Cost of sales 70,607 53,132 201,023 169,506 268,187 224,206 Selling, general & administrative 10,002 8,898 29,352 28,982 40,069 38,052 Interest expense, net 239 464 760 1,468 1,267 2,158 Gain from involuntary conversion (403) 0 (1,292) 0 (1,292) 0 ---------- ---------- ---------- ---------- ---------- ---------- Total Costs and Expenses 80,445 62,494 229,843 199,956 308,231 264,416 ---------- ---------- ---------- ---------- ---------- ---------- INCOME BEFORE INCOME TAXES 10,003 8,241 38,130 27,846 49,814 37,858 Provision for income taxes 3,792 3,126 14,439 10,527 18,159 13,926 ---------- ---------- ---------- ---------- ---------- ---------- INCOME BEFORE CHANGE IN ACCOUNTING PRINCIPLE 6,211 5,115 23,691 17,319 31,655 23,932 Cumulative effect of change in accounting principle (b) 0 0 0 (4,340) 0 (4,340) ---------- ---------- ---------- ---------- ---------- ---------- NET INCOME $ 6,211 $ 5,115 $ 23,691 $ 12,979 $ 31,655 $ 19,592 ========== ========== ========== ========== ========== ========== INCOME PER COMMON SHARE-BASIC: Before change in accounting principle $ 0.32 $ 0.26 $ 1.21 $ 0.89 $ 1.62 $ 1.22 Cumulative effect of change in accounting principle 0.00 0.00 0.00 (0.22) 0.00 (0.22) ---------- ---------- ---------- ---------- ---------- ---------- Net Income Per Share-Basic $ 0.32 $ 0.26 $ 1.21 $ 0.67 $ 1.62 $ 1.00 ========== ========== ========== ========== ========== ========== INCOME PER COMMON SHARE-DILUTED: Before change in accounting principle $ 0.31 $ 0.26 $ 1.18 $ 0.87 $ 1.58 $ 1.19 Cumulative effect of change in accounting principle 0.00 0.00 0.00 (0.22) 0.00 (0.22) ---------- ---------- ---------- ---------- ---------- ---------- Net Income Per Share-Diluted $ 0.31 $ 0.26 $ 1.18 $ 0.65 $ 1.58 $ 0.97 ========== ========== ========== ========== ========== ========== AVERAGE COMMON SHARE OUTSTANDING Basic 19,603 19,494 19,565 19,557 19,552 19,649 ========== ========== ========== ========== ========== ========== Diluted 20,202 19,953 20,085 19,941 20,073 20,039 ========== ========== ========== ========== ========== ==========
(a) Adjusted for a three-for-two stock split paid in August 1999. (b) Represents cumulative effect of applying AICPA AcSec Statement of Position 98-5, "Reporting on the Costs of Start-Up Activities." 6 PRESS RELEASE Elcor Corporation Quarterly Results April 19, 2000 Page 6 CONDENSED BALANCE SHEET (Unaudited, $ in thousands)
March 31, ASSETS 2000 1999 - ------ ---------- ---------- Cash and cash equivalents $ 4,852 $ 1,444 Receivables, net 78,647 60,547 Inventories 34,987 30,500 Deferred income taxes 2,371 847 Prepaid expenses and other 2,936 8,931 ---------- ---------- Total Current Assets 123,793 102,269 Property, plant and equipment, net 177,628 131,781 Other assets 2,651 2,082 ---------- ---------- Total Assets $ 304,072 $ 236,132 ========== ==========
March 31, LIABILITIES AND SHAREHOLDERS' EQUITY 2000 1999 - ------------------------------------ ---------- ---------- Accounts payable and accrued liabilities $ 37,154 $ 31,899 Current maturities on long-term debt 0 0 ---------- ---------- Total Current Liabilities 37,154 31,899 Long-term debt, net 88,700 57,500 Deferred income taxes 19,642 16,498 Shareholders' equity 158,576 130,235 ---------- ---------- Total Liabilities and Shareholders' Equity $ 304,072 $ 236,132 ========== ==========
7 PRESS RELEASE Elcor Corporation Quarterly Results April 19, 2000 Page 7 CONDENSED STATEMENT OF CASH FLOWS (Unaudited, $ in thousands)
For the Nine Months Ended March 31, 2000 1999 -------- -------- CASH FLOWS FROM: OPERATING ACTIVITIES Net income $ 23,691 $ 12,979 Adjustments to net income Depreciation and amortization 7,930 6,825 Deferred income taxes 1,335 4,340 Gain from involuntary conversion (1,292) 0 Cumulative effect of accounting change 0 4,340 Changes in assets and liabilities Trade receivables (5,781) (3,101) Inventories (9,217) (1,355) Prepaid expenses and other 4,398 (7,131) Accounts payable and accrued liabilities 3,270 3,157 -------- -------- Net cash from operations 24,334 20,054 -------- -------- INVESTING ACTIVITIES Additions to property, plant & equipment (49,816) (22,236) Acquisitions of business, net of cash 0 (5,298) Insurance proceeds from involuntary conversion 2,310 3,187 Other 504 (304) -------- -------- Net cash from investing activities (47,002) (24,651) -------- -------- FINANCING ACTIVITIES Long-term borrowings, net 25,700 9,500 Dividends on common stock (2,936) (2,729) Treasury stock transactions and other, net 570 (5,970) -------- -------- Net cash from financing activities 23,334 801 -------- -------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 666 (3,796) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 4,186 5,240 -------- -------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 4,852 $ 1,444 ======== ========
-----END PRIVACY-ENHANCED MESSAGE-----