XML 27 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Condensed Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Operating Activities:    
Net income $ 13,273 $ 152
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 15,402 6,094
Deferred tax provision 1,081 2,286
Stock compensation 517 631
Defined benefit plan expense (207) 69
Provision of doubtful accounts (210)  
Loss (gain) on revaluation of financial derivatives (1,039) 1,269
Debt retirement expense   967
Loss on equity investment 231  
Loss on sale of property, plant and equipment 56  
Excess tax benefit from equity awards (1,068) (2,217)
Changes in operating assets and liabilities:    
Accounts receivable (11,248) (2,853)
Inventory 569 1,258
Prepaid expenses and other assets (6,891) 368
Accounts payable (46) (1,796)
Accrued liabilities 7,187 277
Net cash provided by operating activities 17,607 6,505
Investing Activities:    
Purchase of derivative financial instrument (7,787)  
Maturities of short-term investments   9,761
Fund restricted cash   (472)
Proceeds from the sale of property, plant and equipment 18  
Purchase of property and equipment (8,126) (3,247)
Loan to equity investment (350)  
Patent costs (674) (717)
Net cash used in investing activities (16,919) (108,107)
Financing Activities:    
Distribution paid to non-controlling interest (290)  
Borrowing of debt 81 137,083
Repayments of debt (15,403) (98,859)
Cash paid for financing costs   (4,031)
Proceeds from the sale of Series C Convertible Preferred Stock   61,941
Proceeds from the sale of embedded derivatives   2,610
Excess tax benefit from equity awards 1,068 2,217
Proceeds from public offering of common stock 75,547  
Cash paid to Series C Preferred Stock Holders (8,776)  
Proceeds from the exercise of Common Stock options 340 927
Net cash provided by financing activities 54,488 101,888
Foreign currency effect (1,721) 765
Net increase (decrease) in cash and cash equivalents 53,455 1,051
Cash and cash equivalents at beginning of period 23,839 26,584
Cash and cash equivalents at end of period 77,294 27,635
Supplemental disclosure of cash flow information:    
Cash paid for taxes 4,332 1,108
Cash paid for interest 2,146 1,445
Supplemental disclosure of non-cash transactions:    
Issuance of Common Stock for Series C Preferred Stock redemption 7,780  
Issuance of Common Stock for Series C Preferred Stock dividend 1,030  
Common stock issued to Board of Directors and employees 149 606
W.E.T. Automotive AG
   
Investing Activities:    
Purchase of W.E.T. Automotive AG, net of cash acquired   (113,432)
Financing Activities:    
Proceeds from sale of W.E.T. equity to non-controlling interest $ 1,921