EX-99 2 ex991.htm

EXHIBIT 99.1

 

Year Ended December 31,

2004

2003

2002

Cash Flows from Operating Activities

Net income (loss)

$ 19,053,263

$ (28,964,005)

$ (4,705,926)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation

10,853,013

12,673,660

15,070,442

Amortization

266,457

452,572

141,139

Provision for doubtful accounts

592,544

312,021

1,168,447

Provision for inventory reserves

3,426,958

5,304,370

3,104,411

Provision for warranty

8,586,480

7,599,745

8,840,731

Deferred income tax provision (benefit)

4,943,606

(5,508,648)

(610,269)

Gain on disposal of discontinued operations, net of tax

(5,406,224)

--

--

(Gain) loss on disposition of fixed assets

450,081

(1,034,489)

(162,721)

Gain on sale of equipment on operating lease

--

(534,325)

(708,046)

Gain on sale of finance receivables

--

(18,000)

(342,063)

Goodwill impairment

--

16,260,975

--

Minority interest in losses (earnings) of subsidiary

(111,260)

136,967

80,403

(Increase) decrease in:

Receivables

(3,556,365)

6,575,947

3,244,069

Inventories

(21,471,263)

6,291,914

6,527,167

Prepaid expenses

(4,648,422)

(2,752,027)

(1,378,562)

Other assets

(922,253)

(1,347,012)

(2,316,920)

Increase (decrease) in:

Accounts payable

8,928,898

(6,688,461)

6,536,815

Customer deposits

686,642

3,515,342

(1,886,474)

Accrued product warranty

(7,358,121)

(7,744,036)

(8,535,986)

Refundable income taxes

(386,591)

6,839,098

--

Income taxes payable

(1,620,135)

2,292,637

597,519

Accrued retirement benefit costs

(1,037,275)

--

--

Self insurance loss reserves

381,692

2,014,416

2,275,444

Other accrued liabilities

8,357,429

(8,763,779)

6,592,169

Foreign currency transaction (gain) loss

294,674

280,577

90,651

Net cash provided by operating activities

20,303,828

7,195,459

33,622,440

Cash Flows from Investing Activities

Proceeds from disposal of discontinued operations, net

23,496,339

--

--

Proceeds from sale of property and equipment

1,511,047

1,660,676

1,238,570

Expenditures for property and equipment

(11,167,772)

(3,588,297)

(19,273,932)

Proceeds from sale of equipment on operating lease

--

6,611,539

16,634,694

Expenditures for equipment on operating lease

--

--

(14,704,868)

Additions to finance receivables

--

(1,043,412)

(40,741,257)

Collections of finance receivables

121,310

18,190,171

20,413,550

Proceeds from sale of finance receivables

--

1,585,484

29,330,175

Additions to notes receivable

(42,663)

(300,800)

(7,228,110)

Repayments on notes receivable

120,719

7,305,714

4,554

Net cash provided (used) by investing activities

14,038,980

30,421,075

(14,326,624)

 

Year Ended December 31,

2004

2003

2002

Cash Flows from Financing Activities

Proceeds from issuance of common stock

$ 2,754,586

$ 382,014

$ 698,540

Net borrowings (repayments) under revolving credit loans

(19,479,303)

(3,905,306)

5,314,410

Proceeds from sale of minority interest stock

1,706,034

--

--

Cash paid for retirement of stock

(1,817,147)

(70,776)

(87,888)

Principal repayments of industrial bonds, loans and notes payable

(18,734,227)

(95,113,634)

(6,769,101)

Purchase of company shares by Supplemental Executive Retirement Plan

(231,711)

(674,000)

(785,000)

Proceeds from debt and notes payable

--

40,122,943

5,655,642

Net cash provided (used) by financing activities

(35,801,768)

(59,258,759)

4,026,603

Effect of exchange rates on cash

73,116

52,154

348,574

Increase (decrease) in cash and cash equivalents

(1,385,844)

(21,590,071)

23,670,993

Cash and cash equivalents, beginning of period

9,734,537

30,341,171

6,670,178

Cash and cash equivalents, end of period

$ 8,348,693

$ 8,751,100

$ 30,341,171

Supplemental Cash Flow Information

Cash paid during the year for:

Interest

$ 3,890,711

$ 9,213,232

$ 10,235,731

Income taxes (net of refunds)

$ 9,915,939

$ (6,526,586)

$ (2,955,356)

Tax benefits related to stock options:

Refundable income taxes

--

--

$ 105,809

Additional paid-in capital

$ (262,002)

$ (71,819)

(105,809)

Income tax payable

262,002

71,819

--

Restructure of note receivable:

Finance receivables

248,028

--

--

Accounts receivable

(248,028)

--

--

Repossession of rental equipment:

Inventory

$ 270,000

--

--

Fixed assets

(270,000)

--

--