Wisconsin
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1-7283
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39-0875718
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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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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[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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(a)
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Not Applicable
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(b)
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Not Applicable
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(c)
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Not Applicable
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(d)
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Exhibits. The following exhibits are being furnished herewith:
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99.1
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News Release of Regal Beloit Corporation, dated August 4, 2011.
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99.2
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Regal Beloit Corporation Presentation of August 5, 2011
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Exhibit Number
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Exhibit Description
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99.1
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News Release of Regal Beloit Corporation, dated August 4, 2011.
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99.2
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Regal Beloit Corporation presentation of August 5, 2011.
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NEWS RELEASE
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FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
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John M. Perino
Vice President,
Investor Relations
608-361-7501
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NET SALES
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(In millions)
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|||||||||||||||||||||||
Three Months Ended
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Six Months Ended
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|||||||||||||||||||||||
July 2, 2011
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July 3, 2010
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% Change
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July 2, 2011
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July 3, 2010
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% Change
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|||||||||||||||||||
Net Sales
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$ | 681.8 | $ | 584.2 | 16.7 | % | $ | 1,344.4 | $ | 1,091.5 | 23.2 | % | ||||||||||||
Net Sales by Segment:
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||||||||||||||||||||||||
Electrical segment
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$ | 611.3 | $ | 522.8 | 16.9 | % | $ | 1,205.6 | $ | 980.0 | 23.0 | % | ||||||||||||
Mechanical segment
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$ | 70.5 | $ | 61.4 | 14.8 | % | $ | 138.8 | $ | 111.5 | 24.6 | % |
GROSS PROFIT
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(In thousands)
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|||||||||||||||
Three Months Ended
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Six Months Ended
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|||||||||||||||
July 2, 2011
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July 3, 2010
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July 2, 2011
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July 3, 2010
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|||||||||||||
Gross Profit
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$ | 150,669 | $ | 143,504 | $ | 315,480 | $ | 274,419 | ||||||||
As a percentage of net sales
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22.1 | % | 24.6 | % | 23.5 | % | 25.1 | % | ||||||||
Gross Profit
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||||||||||||||||
Electrical segment
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$ | 130,298 | $ | 125,748 | $ | 275,903 | $ | 242,798 | ||||||||
As a percentage of net sales
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21.3 | % | 24.1 | % | 22.9 | % | 24.8 | % | ||||||||
Mechanical segment
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$ | 20,371 | $ | 17,756 | $ | 39,577 | $ | 31,621 | ||||||||
As a percentage of net sales
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28.9 | % | 28.9 | % | 28.5 | % | 28.4 | % |
OPERATING EXPENSES
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(In thousands)
|
|||||||||||||||
Three Months Ended
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Six Months Ended
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|||||||||||||||
July 2, 2011
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July 3, 2010
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July 2, 2011
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July 3, 2010
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|||||||||||||
Operating Expenses
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$ | 95,860 | $ | 76,705 | $ | 196,551 | $ | 144,855 | ||||||||
As a percentage of net sales
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14.1 | % | 13.1 | % | 14.6 | % | 13.3 | % | ||||||||
Operating Expenses by Segment:
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||||||||||||||||
Electrical segment
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$ | 85,374 | $ | 66,913 | $ | 175,466 | $ | 127,618 | ||||||||
As a percentage of net sales
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14.0 | % | 12.8 | % | 14.6 | % | 13.0 | % | ||||||||
Mechanical segment
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$ | 10,486 | $ | 9,792 | $ | 21,085 | $ | 17,237 | ||||||||
As a percentage of net sales
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14.9 | % | 16.0 | % | 15.2 | % | 15.5 | % |
INCOME FROM OPERATIONS
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(In thousands)
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|||||||||||||||
Three Months Ended
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Six Months Ended
|
|||||||||||||||
July 2, 2011
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July 3, 2010
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July 2, 2011
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July 3, 2010
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|||||||||||||
Income from Operations
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$ | 54,809 | $ | 66,799 | $ | 118,929 | $ | 129,564 | ||||||||
As a percentage of net sales
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8.0 | % | 11.4 | % | 8.9 | % | 11.9 | % | ||||||||
Income from Operations by Segment:
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||||||||||||||||
Electrical segment
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$ | 44,924 | $ | 58,835 | $ | 100,437 | $ | 115,180 | ||||||||
As a percentage of net sales
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7.4 | % | 11.3 | % | 8.3 | % | 11.8 | % | ||||||||
Mechanical segment
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$ | 9,885 | $ | 7,964 | $ | 18,492 | $ | 14,384 | ||||||||
As a percentage of net sales
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14.0 | % | 13.0 | % | 13.3 | % | 12.9 | % |
Three Months Ended
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Six Months Ended
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|||||||||||||||
July 2, 2011
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July 3, 2010
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July 2, 2011
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July 3, 2010
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|||||||||||||
Net Sales
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$ | 681,785 | $ | 584,181 | $ | 1,344,440 | $ | 1,091,499 | ||||||||
Cost of Sales
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531,116 | 440,677 | 1,028,960 | 817,080 | ||||||||||||
Gross Profit
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150,669 | 143,504 | 315,480 | 274,419 | ||||||||||||
Operating Expenses
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95,860 | 76,705 | 196,551 | 144,855 | ||||||||||||
Income From Operations
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54,809 | 66,799 | 118,929 | 129,564 | ||||||||||||
Interest Expense
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4,814 | 4,480 | 9,905 | 9,541 | ||||||||||||
Interest Income
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419 | 514 | 736 | 1,155 | ||||||||||||
Income Before Taxes & Noncontrolling Interests
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50,414 | 62,833 | 109,760 | 121,178 | ||||||||||||
Provision For Income Taxes
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14,429 | 20,058 | 32,952 | 38,535 | ||||||||||||
Net Income
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35,985 | 42,775 | 76,808 | 82,643 | ||||||||||||
Less: Net Income Attributable to Noncontrolling
Interests, net of tax
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1,655 | 1,055 | 3,641 | 3,161 | ||||||||||||
Net Income Attributable to Regal Beloit Corporation
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$ | 34,330 | $ | 41,720 | $ | 73,167 | $ | 79,482 | ||||||||
Earnings Per Share of Common Stock:
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Basic
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$ | 0.89 | $ | 1.09 | $ | 1.89 | $ | 2.10 | ||||||||
Assuming Dilution
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$ | 0.88 | $ | 1.07 | $ | 1.87 | $ | 2.05 | ||||||||
Cash Dividends Declared
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$ | 0.18 | $ | 0.17 | $ | 0.35 | $ | 0.33 | ||||||||
Weighted Average Number of Shares Outstanding:
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Basic
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38,667,034 | 38,310,371 | 38,646,873 | 37,878,189 | ||||||||||||
Assuming Dilution
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39,212,535 | 38,954,418 | 39,182,215 | 38,796,187 |
Mechanical Segment
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Electrical Segment
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|||||||||||||||
Three Months Ended
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Three Months Ended
|
|||||||||||||||
July 2, 2011
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July 3, 2010
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July 2, 2011
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July 3, 2010
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|||||||||||||
Net Sales
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$ | 70,471 | $ | 61,391 | $ | 611,314 | $ | 522,790 | ||||||||
Income from Operations
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9,885 | 7,964 | 44,924 | 58,835 | ||||||||||||
Mechanical Segment
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Electrical Segment
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|||||||||||||||
Six Months Ended
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Six Months Ended
|
|||||||||||||||
July 2, 2011
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July 3, 2010
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July 2, 2011
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July 3, 2010
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|||||||||||||
Net Sales
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$ | 138,836 | $ | 111,464 | $ | 1,205,604 | $ | 980,035 | ||||||||
Income from Operations
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18,492 | 14,384 | 100,437 | 115,180 |
(Unaudited)
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ASSETS
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July 2, 2011
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January 1, 2011
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Current Assets:
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Cash and Investments
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$ | 275,348 | $ | 230,858 | ||||
Trade Receivables, less Allowances
of $10,646 in 2011 and $10,637 in 2010
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410,565 | 331,017 | ||||||
Inventories
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436,375 | 390,587 | ||||||
Prepaid Expenses and Other Current Assets
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117,426 | 135,589 | ||||||
Total Current Assets
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1,239,714 | 1,088,051 | ||||||
Property, Plant, Equipment and Noncurrent Assets
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1,406,829 | 1,361,085 | ||||||
Total Assets
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$ | 2,646,543 | $ | 2,449,136 | ||||
LIABILITIES AND EQUITY
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Current Liabilities:
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||||||||
Accounts Payable
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$ | 279,311 | $ | 231,705 | ||||
Other Accrued Expenses
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196,884 | 159,000 | ||||||
Current Maturities of Debt
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14,282 | 8,637 | ||||||
Total Current Liabilities
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490,477 | 399,342 | ||||||
Long-Term Debt
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428,044 | 428,256 | ||||||
Other Noncurrent Liabilities
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247,457 | 224,376 | ||||||
Equity:
|
||||||||
Total Regal Beloit Corporation Shareholders' Equity
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1,442,037 | 1,361,960 | ||||||
Noncontrolling Interests
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38,528 | 35,202 | ||||||
Total Equity
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1,480,565 | 1,397,162 | ||||||
Total Liabilities and Equity
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$ | 2,646,543 | $ | 2,449,136 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
July 2, 2011
|
July 3, 2010
|
July 2, 2011
|
July 3, 2010
|
|||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||||||
Net income
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$ | 35,985 | $ | 42,775 | $ | 76,808 | $ | 82,643 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities (net of acquisitions):
|
||||||||||||||||
Depreciation and amortization
|
22,027 | 18,874 | 43,626 | 35,899 | ||||||||||||
Excess tax benefits from stock-based compensation
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(593 | ) | (741 | ) | (1,003 | ) | (1,411 | ) | ||||||||
Loss on disposition of property, net
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301 | 1,368 | 488 | 1,368 | ||||||||||||
Stock-based compensation expense
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4,480 | 1,708 | 6,235 | 3,065 | ||||||||||||
Change in assets and liabilities
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(8,825 | ) | (8,622 | ) | (16,578 | ) | (21,837 | ) | ||||||||
Net cash provided by operating activities
|
53,375 | 55,362 | 109,576 | 99,727 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||
Additions to property, plant and equipment
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(10,796 | ) | (6,991 | ) | (38,525 | ) | (18,232 | ) | ||||||||
Purchases of investment securities
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- | (89,744 | ) | - | (187,877 | ) | ||||||||||
Sales of investment securities
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- | 62,460 | 55,998 | 131,529 | ||||||||||||
Business acquisitions, net of cash acquired
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(13,456 | ) | (75,863 | ) | (22,053 | ) | (75,863 | ) | ||||||||
Sale of property, plant and equipment
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193 | 67 | 209 | 67 | ||||||||||||
Net cash used in investing activities
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(24,059 | ) | (110,071 | ) | (4,371 | ) | (150,376 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||||||
Repayments of convertible debt
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- | (38,728 | ) | - | (38,728 | ) | ||||||||||
Net (repayments of) proceeds from short-term borrowings
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(4,904 | ) | (7,072 | ) | 5,118 | (8,733 | ) | |||||||||
Payments of long-term debt
|
(39 | ) | (57 | ) | (88 | ) | (103 | ) | ||||||||
Net repayments under revolving credit facility
|
(2,845 | ) | - | - | (2,863 | ) | ||||||||||
Dividends paid to shareholders
|
(6,569 | ) | (5,997 | ) | (13,130 | ) | (11,978 | ) | ||||||||
Proceeds from the exercise of stock options
|
1,190 | 1,766 | 1,756 | 2,989 | ||||||||||||
Excess tax benefits from stock-based compensation
|
593 | 741 | 1,003 | 1,411 | ||||||||||||
Financing fees paid
|
(1,874 | ) | - | (1,874 | ) | - | ||||||||||
Net cash used in financing activities
|
(14,448 | ) | (49,347 | ) | (7,215 | ) | (58,005 | ) | ||||||||
EFFECT OF EXCHANGE RATES ON CASH
|
1,023 | (1,584 | ) | 2,827 | (1,266 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents
|
15,891 | (105,640 | ) | 100,817 | (109,920 | ) | ||||||||||
Cash and cash equivalents at beginning of period
|
259,457 | 258,142 | 174,531 | 262,422 | ||||||||||||
Cash and cash equivalents at end of period
|
$ | 275,348 | $ | 152,502 | $ | 275,348 | $ | 152,502 |
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