0001437749-14-001533.txt : 20140205 0001437749-14-001533.hdr.sgml : 20140205 20140205070316 ACCESSION NUMBER: 0001437749-14-001533 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140205 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140205 DATE AS OF CHANGE: 20140205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LITTELFUSE INC /DE CENTRAL INDEX KEY: 0000889331 STANDARD INDUSTRIAL CLASSIFICATION: SWITCHGEAR & SWITCHBOARD APPARATUS [3613] IRS NUMBER: 363795742 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20388 FILM NUMBER: 14574496 BUSINESS ADDRESS: STREET 1: 8755 WEST HIGGINS ROAD CITY: CHICAGO STATE: IL ZIP: 60631 BUSINESS PHONE: 773-628-1000 MAIL ADDRESS: STREET 1: 8755 WEST HIGGINS ROAD CITY: CHICAGO STATE: IL ZIP: 60631 8-K 1 lfus20140204b_8k.htm FORM 8-K lfus20140204b_8k.htm

 

United States

Securities and Exchange Commission
Washington, D.C. 20579

 

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) – February 5, 2014

 

Littelfuse, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

0-20388

36-3795742

(State of other jurisdiction
of incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

 

8755 W. Higgins Road, Suite 500, Chicago, IL 60631

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: (773) 628-1000

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

[___]

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[___]

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[___]

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[___]

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 

 

Item 2.02     Results of Operations and Financial Condition

 

The information in this Form 8-K is not deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any Securities Act registration statements.

 

On February 5, 2014, Littelfuse, Inc. (the “Company”) issued a press release announcing the results of its operations for the quarter and fiscal year ended December 28, 2013. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and incorporated by reference to this Item 2.02 as if fully set forth herein.

 

The press release attached to this Form 8-K includes forward-looking statements that are intended to be covered by the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to comments with respect to the objectives and strategies, financial condition, results of operations and business of the Company. These forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward-looking statements will not be achieved. The Company cautions you not to place undue reliance on these forward-looking statements as a number of important factors could cause actual future results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements.

 

A copy of the press release is also posted on the Company’s website.

 

Item 9.01     Financial Statements and Exhibits

 

d) Exhibits.

 

The following exhibit is furnished with this Form 8-K:

 

 

99.1

Press Release, dated February 5, 2014

 

 
-2-
 

 

Signature

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

Littelfuse, Inc.

 

 

 

 

 

Date: February 5, 2014

By:

/s/ Philip G. Franklin

 

 

 

Philip G. Franklin

 

 

 

Sr. Vice President and Chief Financial Officer

 

 

 
-3-
 

 

Exhibit Index

 

99.1

Press release, dated February 5, 2014

 EX-99 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm

 

Exhibit 99.1

 

 

NEWS RELEASE

 

CONTACT: Phil Franklin,

Senior Vice President and CFO (773) 628-0810

 

 

LITTELFUSE REPORTS FOURTH QUARTER AND FULL YEAR RESULTS

 

CHICAGO, February 5, 2014 – Littelfuse, Inc. (NASDAQ:LFUS) today reported sales and earnings for the fourth quarter and full year of 2013.

 

Fourth Quarter Highlights

 

●

Sales were $198.1 million for the fourth quarter of 2013, a 25% increase compared to the fourth quarter of 2012. This included $22.8 million of sales from the Hamlin acquisition. Excluding Hamlin, fourth quarter sales increased 10% compared to the prior year.

 

●

On a GAAP basis, fourth quarter 2013 earnings were $1.04 per diluted share. This included foreign exchange gains, purchase accounting adjustments and certain special tax items. Excluding special items, adjusted earnings per diluted share were $1.08, a 33% increase over prior-year adjusted earnings per share.

 

●

On a GAAP basis, operating margin was 16.6% for the fourth quarter of 2013. Operating margin before special items and amortization was 17.9% for the fourth quarter of 2013 compared to 15.9% for the fourth quarter of 2012 primarily due to increased operating leverage resulting from higher automotive and electronics sales.

 

●

Sales and order trends by business unit were as follows for the fourth quarter:

 

o

Electronics sales (excluding acquisitions) declined 7% sequentially but increased 13% year over year. The book to bill ratio for the fourth quarter was 1.01 compared to 0.98 for the prior year. The stronger electronics sales and bookings trends compared to the prior year reflect leaner channel inventories and a slightly more positive macroeconomic outlook.

 

o

Automotive sales (excluding acquisitions) increased 21% year over year due to strong growth in passenger vehicle fuses and Accel sensors and recovery in commercial vehicle products from a very weak prior-year quarter. All regions contributed to the outstanding performance in the passenger vehicle market.

 

-more-

 

 
 
 

 

Page 2

 

 

o

Electrical sales declined 10% year over year due to continued weakness in the mining segment affecting both custom products and protection relays. This was partially offset by continued growth in power fuses resulting primarily from success in the solar, HVAC and lighting markets.

 

●

Cash provided by operating activities was $31.6 million for the fourth quarter of 2013 compared to $40.1 million for the fourth quarter of 2012. The lower cash flow was due to less favorable working capital performance primarily resulting from a lower sequential sales decline in the fourth quarter of 2013 compared to 2012.

 

●

The company recently announced the acquisition of SymCom, Inc. With sales of approximately $23 million, SymCom is an important step forward in the company’s strategy to diversify and grow its protection relay platform. The purchase price of $52 million represents approximately 8 times trailing EBITDA. There may be additional consideration payable at the end of 2014 contingent on achieving certain sales and margin targets in 2014.

 

●

In conjunction with the SymCom acquisition, the company exercised an option to increase its revolving credit facility by $50 million under the existing terms and conditions of the agreement.

 

“Sales for the fourth quarter were better than expected due to continued strong performance of our automotive business and less-than-usual seasonal decline in our electronics business,” said Gordon Hunter, Chief Executive Officer. “Fuses, commercial vehicle products and sensors all contributed to the strong automotive growth. Electronics also had solid performance across all product categories.”

 

Full Year Highlights

 

●

Sales for 2013 increased 13% to a record $757.9 million compared to $667.9 million for 2012.

 

●

On a GAAP basis, operating margin was 17.1% for 2013 as compared to 16.0% for 2012. Operating margin before amortization and special items was 18.8% for 2013 compared to 18.0% for 2012.

 

●

GAAP earnings per diluted share for 2013 increased 16% to a record $3.94 compared to $3.40 for 2012. For the full year, the company booked a $6.1 million charge to income tax expense ($3.3 million of which was pushed back to the first quarter) related to the company’s investment in Shocking Technologies, Inc. which was written off in prior periods. This was determined to be a capital loss for tax purposes, instead of an ordinary loss as the company had previously determined in consultation with a third party expert.

 

●

Adjusted earnings per diluted share before special items increased 17% to $4.46 compared to $3.82 in 2012.

 

●

Cash from operating activities was $117.4 million in 2013 compared to $116.2 million in 2012.

 

-more-

 

 
 
 

 

Page 3

 

“While 2013 had its share of challenges, we executed well and had our best year ever,” said Hunter. “We set records for both sales and earnings. We are on track with most of our organic growth initiatives, and our acquisition program has been productive, as we closed our largest acquisition ever in June and followed that up with a smaller but strategically important acquisition seven months later.”

 

Outlook

 

●

Sales for the first quarter of 2014 are expected to be in the range of $195 to $205 million which, at the midpoint, represents 17% growth compared to the first quarter of 2013.

 

●

Earnings for the first quarter of 2014 are expected to be in the range of $0.98 to $1.12 per diluted share.

 

Dividend

The company will pay a cash dividend of $0.22 per common share on March 6, 2014 to shareholders of record at the close of business on February 19, 2014.

 

Conference Call and Webcast Information

Littelfuse will host a conference call today, Wednesday, February 5, 2014, at 10:00 a.m. Central / 11:00 a.m. Eastern time to discuss the fourth quarter results. The call will be broadcast live over the Internet and can be accessed through the company’s website: www.littelfuse.com. Listeners should go to the website at least 15 minutes prior to the call to download and install any necessary audio software. The call will be available for replay through March 31, 2014 on the company’s website.

 

About Littelfuse

Founded in 1927, Littelfuse is the world leader in circuit protection with growing global platforms in power control and sensing. The company serves customers in the electronics, automotive and industrial markets with technologies including fuses, semiconductors, polymers, ceramics, relays and sensors. Littelfuse has over 7,000 employees in more than 35 locations throughout the Americas, Europe and Asia.  For more information, please visit the Littelfuse website: littelfuse.com.

 

 

 

-more-

 

 
 
 

 

Page 4

 

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.

The statements in this press release that are not historical facts are intended to constitute “forward-looking statements” entitled to the safe-harbor provisions of the PSLRA. These statements may involve risks and uncertainties, including, but not limited to, risks relating to product demand and market acceptance, economic conditions, the impact of competitive products and pricing, product quality problems or product recalls, capacity and supply difficulties or constraints, coal mining exposures reserves, failure of an indemnification for environmental liability, exchange rate fluctuations, commodity price fluctuations, the effect of the company’s accounting policies, labor disputes, restructuring costs in excess of expectations, pension plan asset returns less than assumed, integration of acquisitions and other risks which may be detailed in the company’s other Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated or implied in the forward-looking statements. This report should be read in conjunction with information provided in the financial statements appearing in the company’s Annual Report on Form 10-K for the year ended December 29, 2012. For a further discussion of the risk factors of the company, please see Item 1A. “Risk Factors” to the company’s Annual Report on Form 10-K for the year ended December 29, 2012.

 

 

 

# # #

 

 
 
 

 

Page 5

 

LITTELFUSE, INC.

Net Sales and Operating Income by Business Unit

(In thousands of USD, unaudited)

 

   

Fourth Quarter

    

Year-to-Date

  
   

2013

    

2012

    

% Change

    

2013

    

2012

    

% Change

  
                                                 

Net Sales

                                                

Electronics (2)

   $ 95,174     $ 75,124       27 %   $ 367,052     $ 329,466       11 %

Automotive (3)

     72,888       50,268       45 %     267,207       206,222       30 %

Electrical

     30,067       33,402       (10 %)     123,594       132,225       (7 %)
                                                 

Total net sales (1)

   $ 198,129     $ 158,794       25 %   $ 757,853     $ 667,913       13 %

 

(1) Total net sales for 2013 include $22.8M for the quarter and $51.0M for year-to-date from the Hamlin acquisition.

(2) Total Electronics net sales for 2013 include $10.6M for the quarter and $24.1M for year-to-date from the Hamlin acquisition.

(3) Total Automotive net sales for 2013 include $12.2M for the quarter and $26.9M for year-to-date from the Hamlin acquisition.

 

   

Fourth Quarter

    

Year-to-Date

  
   

2013

    

2012

    

% Change

    

2013

    

2012

    

% Change

  
                                                 

Operating Income

                                                

Electronics

   $ 17,550     $ 8,348       110 %   $ 69,559     $ 51,422       35 %

Automotive

     9,364       6,328       48 %     39,170       29,817       31 %

Electrical

     5,562       8,999       (38 %)     24,363       32,794       (26 %)

Other (4)

    347       (5,656 )     (106 %)     (3,211 )     (7,163 )     (55 %)
                                                 

Total operating income

   $ 32,823     $ 18,019       82 %   $ 129,881     $ 106,870       22 %
                                                 

Interest expense

     958       403               2,917       1,701          

Investment impairment (5)

     -       7,334               10,678       7,334          

Foreign exchange (gain) loss

     (1,374 )     1,275               (3,303 )     3,179          

Other (income) expense, net

     (1,103 )     (2,320 )             (4,646 )     (5,396 )        
                                                 

Income before taxes

   $ 34,342     $ 11,327       203 %   $ 124,235     $ 100,052       24 %

 

(4) "Other" typically includes special items such as acquisition-related costs, restructuring costs, asset impairments, and gains and losses on asset sales. For the fourth quarter of 2013, "other" included acquisition related fees and other costs related to the Hamlin acquisition ($198K all in G&A) and a favorable purchase accounting adjustment (ASC 805) also related to the Hamlin acquisition ($545K all in Cost of sales).

(5) Impairment and loan losses from investment in Shocking Technologies.

 

 
 
 

 

Page 6

 

LITTELFUSE, INC.

Supplemental Financial Information

(in millions of USD except share amounts)

 

GAAP EPS Reconciliation
   

Q1-13

    

Q2-13

    

Q3-13

    

Q4-13

    

FY 2013

    

Q1-12

    

Q2-12

    

Q3-12

    

Q4-12

    

FY 2012

  

GAAP diluted EPS

   $ 0.51     $ 1.18     $ 1.19     $ 1.04     $ 3.94     $ 0.81     $ 1.07     $ 1.08     $ 0.44     $ 3.40  

EPS impact of special items (below)

     0.44       (0.03 )     0.07       0.04       0.52       -       -       0.05       0.37       0.42  

Adjusted diluted EPS

   $ 0.95     $ 1.15     $ 1.26     $ 1.08     $ 4.46     $ 0.81     $ 1.07     $ 1.13     $ 0.81     $ 3.82  
                                                                                 

Year-over-year adjusted EPS growth

     17 %     7 %     12 %     33 %     17 %                                        
                                                                                 

Special Items (income)/expense

                                                          

Acquisition expenses

   $ -     $ 1.2     $ 0.3     $ 0.2     $ 1.7     $ -     $ -     $ 0.6     $ 0.3     $ 0.9  

Purchase accounting adjustment

     -       1.7       0.3       (0.5 )     1.5       -       -       0.4       -       0.4  

Pension valuation adjustment

     -       -       -       -       -       -       -       -       5.4       5.4  

Asset write-down

     -       -       -       -       -       -       -       0.5       -       0.5  

Adjustment to Operating income

     -       2.9       0.6       (0.3 )     3.2       -       -       1.5       5.7       7.2  

Impairment charges

     10.7       -       -       -       10.7       -       -       -       7.3       7.3  

Foreign exchange (gain)/loss

     -       (3.7 )     1.5       (1.4 )     (3.6 )     -       -       -       -       -  

Adjustment to pre-tax income

   $ 10.7     $ (0.8 )   $ 2.1     $ (1.7 )   $ 10.3     $ -     $ -     $ 1.5     $ 13.0     $ 14.5  
                                                                                 

EPS impact of above special items

   $ 0.29     $ (0.03 )   $ 0.07     $ (0.06 )   $ 0.27       -       -     $ 0.05     $ 0.37     $ 0.42  

EPS impact of Shocking tax adjustment

     0.15       -       -       0.12       0.27   (1)                                      

EPS impact of other special tax items

     -       -       -       (0.02 )     (0.02 ) (2)    -       -       -       -       -  

Total EPS impact

   $ 0.44     $ (0.03 )   $ 0.07     $ 0.04     $ 0.52     $ -     $ -     $ 0.05     $ 0.37     $ 0.42  

 

(1) $2.8 million of the Shocking tax adjustment was booked in Q4-13 and $3.3 million was pushed back to Q1-13.

(2) This results from a $450k reduction of a deferred tax liability due to a decrease in the UK statutory tax rate.

 

Operating margin reconciliation

                           

Q4-13

    

FY 2013

                            

Q4-12

    

FY 2012

  
                                                                                 

Net sales

                           $ 198.1     $ 757.9                             $ 158.8       667.9  
                                                                                 

GAAP Operating income

                           $ 32.8     $ 129.9                             $ 18.0     $ 106.9  

Add back amortization

                             3.0       9.3                               1.6       6.1  

Add back special items

                             (0.3 )     3.2                               5.7       7.2  

Operating income before amortization and special items

             $ 35.5     $ 142.4                             $ 25.3     $ 120.2  
                                                                                 

Operating margin before amortization and special items

               17.9 %     18.8 %                             15.9 %     18.0 %

-more-

 

 
 
 

 

Page 7

 

LITTELFUSE, INC.

Condensed Consolidated Balance Sheets

(In thousands of USD, except share amounts)

 

   

December 28, 2013

    

December 29, 2012

  
   

(Unaudited)

          

ASSETS

                

Current assets:

                

Cash and cash equivalents

   $ 305,192     $ 235,404  

Short-term investments

     6,886       -  

Accounts receivable, less allowances

     127,887       100,559  

Inventories

     92,591       75,580  

Deferred income taxes

     10,350       11,890  

Prepaid expenses and other current assets

     17,080       16,532  

Total net sales

     5,500       5,500  

Total current assets

     565,486       445,465  

Property, plant and equipment:

                

Land

     4,382       6,243  

Buildings

     59,699       54,559  

Equipment

     354,475       304,954  
      418,556       365,756  

Accumulated depreciation

     (268,383 )     (244,845 )

Net property, plant and equipment

     150,173       120,911  

Intangible assets, net of amortization:

                

Patents, licenses and software

     25,166       11,144  

Distribution network

     51,875       18,964  

Customer lists, trademarks and tradenames

     21,316       18,704  

Goodwill

     186,464       133,592  
      284,821       182,404  

Investment in unconsolidated entity

     -       8,666  

Investments

     12,286       10,327  

Deferred income taxes

     -       8,090  

Other assets

     6,402       1,865  

Total assets

   $ 1,019,168     $ 777,728  
                 

LIABILITIES AND EQUITY

                

Current liabilities:

                

Accounts payable

   $ 33,872     $ 27,226  

Accrued payroll

     29,437       20,540  

Accrued expenses

     13,087       11,062  

Accrued severance

     182       1,033  

Accrued income taxes

     5,931       11,559  

Current portion of long-term debt

     126,000       84,000  

Total current liabilities

     208,509       155,420  

Long-term debt, less current portion

     93,750       -  

Deferred income taxes

     6,609       -  

Accrued post-retirement benefits

     8,528       22,338  

Other long-term liabilities

     14,856       12,412  

Total equity

     686,916       587,558  

Total liabilities and equity

   $ 1,019,168     $ 777,728  
                 

Common shares issued and outstanding of 22,467,491 and 22,029,446 at December 28, 2013 and December 29, 2012, respectively.

                

 

 
 
 

 

Page 8

 

LITTELFUSE, INC.

Consolidated Statements of Comprehensive Income

(In thousands of USD, except per share data, unaudited)

 

   

For the Three Months Ended

    

For the Twelve Months Ended

  
                                 
   

December 28, 2013

    

December 29, 2012

    

December 28, 2013

    

December 29, 2012

  
                                 

Net sales

   $ 198,129     $ 158,794     $ 757,853     $ 667,913  
                                 

Cost of sales

     121,020       99,387       461,621       409,446  
                                 

Gross profit

     77,109       59,407       296,232       258,467  
                                 

Selling, general and administrative

    34,566       34,078       132,657       124,277  

Research and development expenses

     6,690       5,678       24,415       21,231  

Amortization of intangibles

     3,030       1,632       9,279       6,089  
      44,286       41,388       166,351       151,597  
                                 

Operating income

    32,823       18,019       129,881       106,870  
                                 

Interest expense

     958       403       2,917       1,701  

Impairment and loan loss in unconsolidated affiliate

     -       7,334       10,678       7,334  

Foreign exchange (gain) loss

     (1,374 )     1,275       (3,303 )     3,179  

Other (income) expense, net

     (1,103 )     (2,320 )     (4,646 )     (5,396 )
                                 

Income before income taxes

     34,342       11,327       124,235       100,052  

Income taxes

     10,684       1,486       35,451       24,720  
                                 

Net income

   $ 23,658     $ 9,841     $ 88,784     $ 75,332  
                                 

Net income per share:

                                

Basic

   $ 1.05     $ 0.45     $ 3.98     $ 3.45  

Diluted

   $ 1.04     $ 0.44     $ 3.94     $ 3.40  
                                 

Weighted average shares and equivalent shares outstanding:

                                

Basic

     22,440       21,979       22,315       21,822  

Diluted

     22,657       22,228       22,537       22,098  
                                 

Diluted Net Income Per Share

                                

Net income as reported

   $ 23,658     $ 9,841     $ 88,784     $ 75,332  

Less: income allocated to participating securities

     (6 )     (14 )     (51 )     (128 )

Net income available to common shareholders

   $ 23,652     $ 9,827     $ 88,733     $ 75,204  
                                 

Weighted average shares adjusted for securities

     22,657       22,228       22,537       22,098  
                                 

Diluted net income per share

   $ 1.04     $ 0.44     $ 3.94     $ 3.40  
                                 

Comprehensive income

   $ 27,022     $ 6,575     $ 92,653     $ 83,249  

 

 
 
 

 

Page 9

 

LITTELFUSE, INC.

Consolidated Statements of Cash Flows

(In thousands of USD, unaudited)

 

   

For the Twelve Months Ended

  
   

December 28, 2013

    

December 29, 2012

  
   

(Unaudited)

          

OPERATING ACTIVITIES:

                

Net income

  $ 88,784     $ 75,332  

Adjustments to reconcile net income to net cash provided by operating activities:

                

Depreciation

     25,201       25,344  

Amortization of intangibles

     9,279       6,089  

Impairment of assets held for sale

     -       549  

Provision for bad debts

     289       242  

Non-cash inventory charge (1)

     1,525       567  

Pension settlement losses

     -       5,348  

Stock-based compensation

     8,609       7,348  

Excess tax benefit on stock-based compensation

     (4,054 )     (2,728 )

Loss (gain) on sale of assets

     92       (1,443 )

Impairment and equity in net loss of unconsolidated affiliate

     10,678       7,334  

Deferred income taxes

     6,640       (2,661 )

Changes in operating assets and liabilities:

                

Accounts receivable

     (16,683 )     (1,587 )

Inventories

     (5,486 )     5,439  

Accounts payable

    2,000       5,353  

Accrued expenses (including post retirement)

     (8,906 )     (9,570 )

Accrued payroll and severance

     8,032       (4,387 )

Accrued taxes

     (10,773 )     (357 )

Prepaid expenses and other

     2,140       (42 )

Net cash provided by operating activities

     117,367       116,170  
                 

INVESTING ACTIVITIES:

                

Purchases of property, plant and equipment

     (34,953 )     (22,529 )

Acquisition of businesses, net of cash acquired

     (144,382 )     (34,016 )

Purchase of investment

     -       (10,000 )

Purchase of short-term investments

     (8,478 )     (4,616 )

Loan to unconsolidated affiliate

     -       (2,000 )

Proceeds from maturities of short-term investments

     2,044       17,805  

Proceeds from sale of assets

     176       3,664  

Net cash used in investing activities

     (185,593 )     (51,692 )
                 

FINANCING ACTIVITIES:

                

Proceeds from term loan

    100,000       23,251  

Proceeds of revolving credit facility

     160,500       -  

Payments of term loan

     (1,250 )     -  

Payments of revolving credit facility

     (123,500 )     (25,032 )

Debt issuance costs

     (809 )     -  

Cash dividends paid

     (18,722 )     (16,564 )

Proceeds from exercise of stock options

     21,959       16,367  

Excess tax benefit on stock-based compensation

     4,054       2,728  

Net cash provided by financing activities

     142,232       750  
                 

Effect of exchange rate changes on cash and cash equivalents

     (4,218 )     6,160  
                 

Increase in cash and cash equivalents

     69,788       71,388  

Cash and cash equivalents at beginning of period

     235,404       164,016  

Cash and cash equivalents at end of period

   $ 305,192     $ 235,404  

 

(1) Purchase accounting adjustment related to acquisitions.

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