XML 66 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
May 31, 2013
May 31, 2012
May 31, 2011
Cash flows from operating activities:      
Net income $ 22,754 $ 25,772 $ 23,756
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 58,109 54,960 49,127
Put option loss     952
Realized gain on redemption of trading securities     (952)
Remeasurement (gain)/loss on foreign currency (2) 267 43
Provision for losses on accounts receivable 445 233 500
Gain on sale of rental and lease equipment (13,189) (10,954) (12,083)
Gain on bargain purchase, net of deferred taxes   (3,435) (202)
Stock compensation expense 1,330 1,438 956
Excess tax benefit for share based compensation (251) (102) (37)
Deferred income taxes (4,631) 11,120 23,454
Change in operating assets and liabilities:      
Accounts receivable 1,322 (5,594) (4,819)
Other assets (931) (5,839) (8,950)
Accounts payable (467) (120) 1,184
Accrued expenses 4,068 1,516 (3,974)
Deferred revenue 373 613 (204)
Net cash provided by operating activities 68,930 69,875 68,751
Cash flows from investing activities:      
Proceeds from sales of rental and lease equipment 31,119 25,042 32,917
Cash paid for acquisition   (10,327)  
Proceeds from acquisition purchase price adjustment     260
Payments for purchase of rental and lease equipment (64,088) (96,709) (91,538)
Redemptions of investments, trading     14,275
Payments for purchase of other property (1,105) (900) (1,563)
Net cash used in investing activities (34,074) (82,894) (45,649)
Cash flows from financing activities:      
Borrowing under bank line of credit 63,500 3,250  
Payment under bank line of credit (53,500) (3,250)  
Proceeds from issuance of common stock     197
Minimum tax withholdings on share based compensation (36) (47)  
Excess tax benefit for share based compensation 251 102 37
Payment of dividends (43,765) (19,378) (14,449)
Net cash used in financing activities (33,550) (19,323) (14,215)
Net (decrease) increase in cash and cash equivalents 1,306 (32,342) 8,887
Effect of exchange rate changes on cash (194) 191 (352)
Cash and cash equivalents at beginning of year 9,290 41,441 32,906
Cash and cash equivalents at end of year $ 10,402 $ 9,290 $ 41,441