8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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) November 6, 2008

THE GREENBRIER COMPANIES, INC.

(Exact name of registrant as specified in its charter)

Commission File No. 1-13146

Oregon
(State of Incorporation) 93-0816972
(I.R.S. Employer Identification No.)

One Centerpointe Drive, Suite 200, Lake Oswego, OR
(Address of principal executive offices) 97035
(Zip Code)

(503) 684-7000
(Registrant’s telephone number, including area code)

Former name or former address, if changed since last report: N/A

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 (see General Instruction A.2. below):

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

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

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

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

TABLE OF CONTENTS

	Item 2.02 Results of Operations and Financial Condition
	Item 9.01 Financial Statements and Exhibits
SIGNATURES
EX-99.1

Item 2.02 Results of Operations and Financial Condition

On November 6, 2008, The Greenbrier Companies issued a press release reporting the Company’s results of operations for the year ended August 31, 2008. A copy of such release is attached as Exhibit 99.1

Item 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     99.1 Press Release dated November 6, 2008 of The Greenbrier Companies, Inc.

SIGNATURES

     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.

	THE GREENBRIER COMPANIES, INC.
Date: November 6, 2008	By:	/s/ Mark J. Rittenbaum
		Mark J. Rittenbaum
		Executive Vice President, Treasurer and Chief Financial Officer (Principal Financial Officer)

EX-99.1

Exhibit 99.1

For release: November 6, 2008, 6:00 am EST Contact: Mark Rittenbaum
503-684-7000

Greenbrier Reports Fiscal Fourth Quarter and Year-End 2008 Results

Fourth quarter EPS is $.45 on revenues of $362 million; Refurbishment & parts revenues grow to record $159 million

     Lake Oswego, Oregon, November 6, 2008 — The Greenbrier Companies [NYSE:GBX] today reported results for its fiscal fourth quarter and fiscal year ended August 31, 2008.

Financial Highlights

Fourth Quarter:

• Revenues for the quarter were $362 million, up $11 million vs. the prior year’s fourth quarter.

• Net earnings for the quarter were $7.4 million, or $.45 per diluted share vs. $13.2 million, or $.82 per share, in the prior year’s fourth quarter. The 2007 fourth quarter results include a special charge of $2.3 million, or $.14 per diluted share, with no related tax benefit, associated with closure costs of the Company’s Canadian railcar manufacturing facility. There were no special charges in the 2008 fourth quarter.

• EBITDA for the quarter was $33.7 million, or 9.3% of revenues, compared to $43.0 million, or 12.2% of revenues in the fourth quarter of 2007.

Fiscal 2008:

• Revenues for the year were up 5%, to a record $1.29 billion, driven by acquisition-related growth in refurbishment & parts.

• Net earnings for 2008 were $19.5 million, or $1.19 per diluted share, vs. prior year’s net earnings of $22.0 million, or $1.37 per diluted share. The 2008 results include special charges, of $2.3 million, or $.14 per diluted share, with no related tax benefit. The 2007 results include special charges net of related tax benefit of $13.7 million, or $.85 per diluted share. Special charges for both years were associated with closure costs of the Company’s Canadian railcar manufacturing facility.

• EBITDA before special charges for fiscal 2008 was $116 million, or 9.0% of revenues, vs. 2007 EBITDA of $130 million, or 10.6% of revenues.

Liquidity:

• The Company has approximately $175 million of committed additional borrowing capacity.

Deliveries and Backlog:

• New railcar deliveries in the fourth quarter of 2008 were 1,800 units, compared to 2,400 units in the fourth quarter of 2007.

• Total new railcar deliveries were 7,300 units in fiscal 2008, compared to 8,600 units in fiscal 2007.

• Greenbrier’s new railcar manufacturing backlog as of August 31, 2008 was 16,200 units valued at $1.44 billion, compared to 17,500 units valued at $1.55 billion as of May 31, 2008.

• Marine backlog currently is a record $200 million compared to $145 million as of August 31, 2008 and $158 million as of May 31, 2008.

Strategic Accomplishments:

• Revenues from the Company’s refurbishment & parts, leasing & services, and marine manufacturing businesses aggregated 53% of total revenues in 2008, compared to 44% of total revenues in 2007 and 26% in 2006. The balance of revenues for each year was from new railcar manufacturing in North America and Europe. This continuation of a change in mix to a more stable revenue and earnings base is principally the result of strategic diversification and acquisition efforts completed over the past several years.

Fourth Quarter Results:

     Revenues for the fourth quarter of fiscal 2008 were $362.0 million, up from $350.6 million in the prior year’s fourth quarter. Gross margin for the quarter was 11.9% compared to 17.3% in the prior comparable period. EBITDA before special charges was $33.7 million, or 9.3% of revenues for the quarter, compared to $43.0 million, or 12.3% of revenues in the prior year’s fourth quarter. Net earnings were $7.4 million, or $.45 per diluted share for the quarter, compared to net earnings of $13.2 million, or $.82 per diluted share for the same period in 2007. Prior period net earnings include a special charge of $2.3 million, or $.14 per diluted share, with no related tax benefit. This special charge is associated with severance and other closure costs of the Company’s Canadian railcar manufacturing facility.

     William A. Furman, president and chief executive officer, said, “Financial performance for the quarter was driven by solid performance in our refurbishment & parts and leasing & services segments and improved performance from our European manufacturing operations. Our strategy to diversify into less cyclical businesses — refurbishment & parts, leasing & services, and marine manufacturing, continues to pay off. Over half of our revenues and most of our gross margins this year were from other than new railcar manufacturing, with our refurbishment & parts business producing record results. We now have the largest independent shop network in North America, with 39 shops to provide our customers with seamless, high quality service, close proximity to our shop network and quick turnaround times.”

     The Company’s refurbishment & parts and leasing & services businesses benefited during the quarter from rising commodity prices through increased revenues, higher residual values and enhanced margins.

     The refurbishment & parts segment repairs and refurbishes railcars, provides wheel, axle and bearing services, and reconditions and provides replacement railcar parts. Revenue for this segment in the current quarter was $158.6 million, compared to $116.9 million in the fourth quarter of 2007. This segment generated 44% of total Company revenues for the fourth quarter, as revenue increased $41.7 million over the same period of last year. About $32 million of this growth was from American Allied Railway Equipment Company (two wheel shops and one parts location) and Roller Bearings, Inc, (one parts location), both of which were acquired in 2008. The remainder of the growth was principally due to higher wheel volumes and scrap prices.

     Gross margin for the refurbishment & parts segment grew to 22.2% of revenues, as compared to 17.7% of revenues in the prior comparable period. The gross margin growth is the result of increased volumes, favorable scrap prices, and a more favorable product mix.

     In the manufacturing segment, revenue for the fourth quarter was $180.7 million, compared to $209.1 million in the fourth quarter of 2007. Current quarter new railcar deliveries of 1,800 units were down from 2,400 units in the prior comparable period. Deliveries in the current quarter include a product mix with a higher sales price per unit.

     Manufacturing gross margin for the fourth quarter was negative 2.0%, compared to 12.9% of revenues in the fourth quarter of 2007. Manufacturing gross margin continued to be impacted by lower production rates, including a slowdown in production during the quarter, a less favorable pricing environment, and a loss contingency accrued on certain future railcar production.

     Due to increases in raw material costs on certain fixed price railcar contracts in backlog, the Company’s current estimated cost to complete some contracts is expected to exceed the contractual sale price. As previously disclosed, at the end of the Company’s third quarter, there were 1,000 cars in backlog for which a loss was not yet estimable, and a loss contingency had not yet been accrued. Subsequent to quarter end, the order for 300 of these cars was cancelled by mutual agreement with the customer. A loss contingency of $3.9 million on the remaining 700 cars and other cars currently in production was taken during the fourth quarter. The Company continues to work to mitigate these exposures.

     The leasing & services segment includes results from the Company’s owned lease fleet of approximately 9,000 railcars and from fleet management services provided for approximately 137,000 railcars. Revenue for this segment was $22.7 million, compared to $24.6 million in the same quarter last year. Leasing & services gross margin for the quarter was 50.0% of revenue, compared to 53.4% of revenue in the same quarter last year. The revenue and gross margin decrease was principally due to lower gains on sale of railcars from the lease fleet. The current quarter’s results include $1.0 million in gains on sale, compared to $2.6 million in the fourth quarter of 2007.

     William A. Furman, president and chief executive officer, said, “Fiscal 2008 was both an exciting and challenging year for Greenbrier. We realized a number of strategic accomplishments, including: 1) continued growth of our refurbishment & parts business through the acquisitions of American Allied Railway Equipment Company (AARE) and Roller Bearing Industries (RBI); 2) continued progress in the start-up of a tank car production line at our GIMSA joint venture manufacturing facility; and 3) the continued emphasis on growth in our marine operations. These initiatives improve our competitive positioning, enhance our integrated business model, and diversify our revenue and earnings base into higher margin, less cyclical businesses.”

Future Outlook

     Furman added, “We continue to be optimistic about the long term fundamentals of the railroad industry and our enhanced competitive position. In the near term, the turbulent economy and fragile credit markets continue to put pressure on new railcar demand and we continue to make changes to our new railcar production plans and rates. As we go forward with our diversified and integrated business model, we expect to see a continued shift in revenues and gross margins away from manufacturing. While we anticipate railcar manufacturing will be a difficult business in the near-term, this segment is a key component of our integrated business model and produces attractive returns during the growth phase of the economic cycle. The economy will eventually recover and we believe demand for new freight cars will return to more normalized levels.”

     Mark Rittenbaum, executive vice president and chief financial officer, said, “Our financial focus is on remaining liquid, paying down debt whenever possible, and prudently employing investment capital. Based on our financial covenants as of August 31, 2008, the Company has approximately $175 million of additional committed borrowing capacity. As we enter a challenging fiscal 2009, we will have the benefit of a new railcar backlog which includes approximately 3,900 railcars to be produced in 2009, a fully booked marine barge backlog, a full year of results from our AARE and RBI acquisitions, and a lease fleet which is performing well. Our current lease fleet utilization is 95.2%, with an average remaining lease term of 3.1 years. These factors will help mitigate the expected downturn in the new railcar marketplace in 2009.”

About Greenbrier Companies

     Greenbrier (www.gbrx.com), headquartered in Lake Oswego, Oregon, is a leading supplier of transportation equipment and services to the railroad industry. The Company builds new railroad freight cars in its three manufacturing facilities in the U.S. and Mexico and marine barges at its U.S. facility. It also repairs and refurbishes freight cars and provides wheels and railcar parts at 39 locations across North America. Greenbrier builds new railroad freight cars and refurbishes freight cars for the European market through both its operations in Poland and various subcontractor facilities throughout Europe. Greenbrier owns approximately 9,000 railcars, and performs management services for approximately 137,000 railcars.

     “SAFE HARBOR” STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This release may contain forward-looking statements. Greenbrier uses words such as “anticipate,” “believe,” “plan,” “expect,” “future,” “intend” and similar expressions to identify forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, fluctuations in demand for newly manufactured railcars or failure to obtain orders as anticipated in developing forecasts; loss of one or more significant customers; actual future costs and the availability of materials and a trained workforce; failure to design or manufacture new products or technologies or to achieve certification or market acceptance of new products or technologies; steel price fluctuations and scrap surcharges; changes in product mix and the mix between segments; labor disputes, energy shortages or operating difficulties that might disrupt manufacturing operations or the flow of cargo; production difficulties and product delivery delays as a result of, among other matters, changing technologies or non-performance of subcontractors or suppliers; ability to obtain suitable contracts for the sale of leased equipment and risks related to car hire and residual values; difficulties associated with governmental regulation, including environmental liabilities; integration of current or future acquisitions; succession planning; all as may be discussed in more detail under the headings “Risk Factors” on page 8 of Part I , Item 1a and “Forward Looking Statements” on page 25 of Part II of our Annual Report on Form 10-K for the fiscal year ended August 31, 2007. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements.

     EBITDA is not a financial measure under GAAP. We define EBITDA as earnings from continuing operations before special charges, interest and foreign exchange, taxes, depreciation and amortization. We consider net cash provided by operating activities to be the most directly comparable GAAP financial measure. EBITDA is a liquidity measurement tool commonly used by rail supply companies and we use EBITDA in that fashion. You should not consider EBITDA in isolation or as a substitute for cash flow from operations or other cash flow statement data determined in accordance with GAAP. In addition, because EBITDA is not a measure of financial performance under GAAP and is susceptible to varying calculations, the EBITDA measure presented may differ from and may not be comparable to similarly titled measures used by other companies.

     The Greenbrier Companies will host a teleconference to discuss fourth quarter and fiscal year end results. Teleconference details are as follows:

Thursday, November 6, 2008
8:00 am Pacific Standard Time
Phone #: 630-395-0143, Password: “Greenbrier”
Real-time Audio Access: (“Newsroom” at http://www.gbrx.com)

Please access the site 10 minutes prior to the start time. Following the call, a replay will be available on the same website for 30 days. Telephone replay will be available through November 22, 2008 at 402-344-6819.

THE GREENBRIER COMPANIES, INC.

Condensed Consolidated Balance Sheets
Years ended August 31,

(In thousands)	2008		2007
Assets
Cash and cash equivalents	$	5,957	$	20,808
Restricted cash		1,231		2,693
Accounts receivable		181,857		157,038
Inventories		252,048		194,883
Assets held for sale		52,363		42,903
Equipment on operating leases		319,321		294,326
Investment in direct finance leases		8,468		9,040
Property, plant and equipment		136,506		112,813
Goodwill		200,148		168,987
Intangibles and other assets		99,061		69,258
	$	1,256,960	$	1,072,749
Liabilities and Stockholders’ Equity
Revolving notes	$	105,808	$	39,568
Accounts payable and accrued liabilities		274,322		244,068
Losses in excess of investment in de-consolidated subsidiary		15,313		—
Deferred income taxes		74,329		61,410
Deferred revenue		22,035		18,052
Notes payable		496,008		460,915
Minority interest		8,618		5,146
Stockholders’ equity:		260,527		243,590
	$	1,256,960	$	1,072,749

THE GREENBRIER COMPANIES, INC.

Consolidated Statements of Operations
Years ended August 31,

(In thousands, except per share amounts)	2008			2007			2006
Revenue
Manufacturing	$	665,093		$	738,424		$	748,818
Refurbishment & parts		527,466			381,670			102,471
Leasing & services		97,520			103,734			102,534
		1,290,079			1,223,828			953,823
Cost of revenue
Manufacturing		653,879			680,908			666,731
Refurbishment & parts		426,183			317,669			87,690
Leasing & services		47,774			45,818			42,023
		1,127,836			1,044,395			796,444
Margin		162,243			179,433			157,379
Other costs
Selling and administrative		85,133			83,414			70,918
Interest and foreign exchange		40,770			39,915			25,396
Special charges		2,302			21,899			—
		128,205			145,228			96,314
Earnings before income tax, minority interest and equity in unconsolidated subsidiaries		34,038			34,205			61,065
Income tax expense		(18,550	)		(13,657	)		(21,698	)
Earnings before minority interest and equity in unconsolidated subsidiaries		15,488			20,548			39,367
Minority interest		3,182			1,504			—
Equity in earnings (loss) of unconsolidated subsidiaries		872			(42	)		169
Earnings from continuing operations		19,542			22,010			39,536
Earnings from discontinued operations (net of tax)		—			—			62
Net earnings	$	19,542		$	22,010		$	39,598
Basic earnings per common share:
Continuing operations	$	1.19		$	1.37		$	2.51
Discontinued operations		—			—			—
	$	1.19		$	1.37		$	2.51
Diluted earnings per common share:
Continuing operations	$	1.19		$	1.37		$	2.48
Discontinued operations		—			—			—
	$	1.19		$	1.37		$	2.48
Weighted average common shares:
Basic		16,395			16,056			15,751
Diluted		16,417			16,094			15,937

THE GREENBRIER COMPANIES, INC.

Condensed Consolidated Statements of Cash Flows
Years ended August 31,

(In thousands)	2008			2007			2006
Cash flows from operating activities:
Net earnings	$	19,542		$	22,010		$	39,598
Adjustments to reconcile net earnings to net cash provided by operating activities:
Earnings from discontinued operations		—			—			(62	)
Deferred income taxes		12,919			10,643			5,893
Depreciation and amortization		35,086			32,826			25,253
Gain on sales of equipment		(8,010	)		(13,400	)		(10,948	)
Special charges		2,302			21,899			—
Minority interest		(3,128	)		(1,604	)		—
Other		336			205			278
Decrease (increase) in assets excluding acquisitions:
Accounts receivable		(7,621	)		(17,883	)		8,948
Inventories		(29,692	)		14,260			(37,517	)
Assets held for sale		(10,621	)		4,378			156
Other		(2,700	)		(411	)		2,577
Increase (decrease) in liabilities excluding acquisitions:
Accounts payable and accrued liabilities		21,801			(24,600	)		(4,960	)
Deferred revenue		1,904			(1,996	)		10,326
Net cash provided by operating activities		32,118			46,327			39,542
Cash flows from investing activities:
Principal payments received under direct finance leases		375			511			2,048
Proceeds from sales of equipment		14,598			119,695			28,863
Investment in and net advances to unconsolidated subsidiaries		858			(849	)		550
Acquisitions, net of cash acquired		(91,166	)		(268,184	)		—
De-consolidation of subsidiary		(1,217	)		—			—
Decrease (increase) in restricted cash		2,046			(454	)		(1,958	)
Capital expenditures		(77,644	)		(137,294	)		(140,569	)
Net cash used in investing activities		(152,150	)		(286,575	)		(111,066	)
Cash flows from financing activities:
Changes in revolving notes		55,514			15,007			8,965
Proceeds from issuance of notes payable		49,613			99,441			154,567
Repayments of notes payable		(6,919	)		(5,388	)		(13,191	)
Repayment of subordinated debt		—			(2,091	)		(6,526	)
Investment by joint venture partner		6,600			6,750			—
Dividends paid		(5,261	)		(5,144	)		(5,042	)
Stock options and restricted stock awards exercised		4,007			3,489			5,757
Excess tax benefit of stock options exercised		(76	)		3,719			2,600
Purchase of subsidiary’s shares subject to mandatory redemption		—			—			(4,636	)
Net cash provided by financing activities		103,478			115,783			142,494
Effect of exchange rate changes		1,703			2,379			(1,280	)
Increase (decrease) in cash and cash equivalents		(14,851	)		(122,086	)		69,690
Cash and cash equivalents
Beginning of period		20,808			142,894			73,204
End of period	$	5,957		$	20,808		$	142,894

Supplemental Information
Quarterly Results of Operations (Unaudited)

Operating results by quarter for 2008 and 2007 are as follows:

(In thousands, except per share amounts)

	First			Second			Third			Fourth			Total
2008
Revenue
Manufacturing	$	159,194		$	123,394		$	201,825		$	180,680		$	665,093
Refurbishment & parts		103,889			112,576			152,367			158,634			527,466
Leasing & services		23,295			23,603			27,914			22,708			97,520
		286,378			259,573			382,106			362,022			1,290,079
Cost of revenue
Manufacturing		150,565			118,225			200,813			184,276			653,879
Refurbishment & parts		87,951			94,396			120,442			123,394			426,183
Leasing & services		11,925			12,279			12,218			11,352			47,774
		250,441			224,900			333,473			319,022			1,127,836
Margin		35,937			34,673			48,633			43,000			162,243
Other costs
Selling and administrative		20,184			21,000			23,407			20,542			85,133
Interest and foreign exchange		10,419			9,854			9,990			10,507			40,770
Special charges		189			2,112			—			1			2,302
		30,792			32,966			33,397			31,050			128,205
Earnings before income tax, minority interest and equity in unconsolidated subsidiary		5,145			1,707			15,236			11,950			34,038
Income tax expense		(2,956	)		(1,904	)		(7,573	)		(6,117	)		(18,550	)
Minority interest		375			1,367			272			1,168			3,182
Equity in earnings of unconsolidated subsidiary		78			253			191			350			872
Net earnings	$	2,642		$	1,423		$	8,126		$	7,351		$	19,542
Basic earnings per common share:	$	0.16		$	0.09		$	0.49		$	0.45		$	1.19
Diluted earnings per common share:	$	0.16		$	0.09		$	0.49		$	0.45		$	1.19

	First			Second			Third			Fourth			Total
2007
Revenue
Manufacturing	$	168,692		$	119,201		$	241,399		$	209,132		$	738,424
Refurbishment & parts		51,236			95,311			118,213			116,910			381,670
Leasing & services		26,695			25,466			26,994			24,579			103,734
		246,623			239,978			386,606			350,621			1,223,828
Cost of revenue
Manufacturing		161,688			115,822			221,203			182,195			680,908
Refurbishment & parts		45,007			80,114			96,288			96,260			317,669
Leasing & services		10,811			12,220			11,339			11,448			45,818
		217,506			208,156			328,830			289,903			1,044,395
Margin		29,117			31,822			57,776			60,718			179,433
Other costs
Selling and administrative		17,124			18,800			20,092			27,398			83,414
Interest and foreign exchange		9,641			10,416			10,930			8,928			39,915
Special charges		—			16,485			3,091			2,323			21,899
		26,765			45,701			34,113			38,649			145,228
Earnings (loss) before income tax, minority interest and equity in unconsolidated subsidiary		2,352			(13,879	)		23,663			22,069			34,205
Income tax benefit (expense)		(580	)		8,229			(11,047	)		(10,259	)		(13,657	)
Minority interest		(2	)		42			178			1,286			1,504
Equity in earnings (loss) of unconsolidated subsidiary		100			(463	)		223			98			(42	)
Net earnings (loss)	$	1,870		$	(6,071	)	$	13,017		$	13,194		$	22,010
Basic earnings (loss) per common share:	$	0.12		$	(0.38	)	$	0.81		$	0.82		$	1.37
Diluted earnings (loss) per common share:	$	0.12		$	(0.38	)	$	0.81		$	0.82		$	1.37

THE GREENBRIER COMPANIES, INC.

Supplemental Disclosure
Reconciliation of Net Cash Provided by Operating Activities to EBITDA¹
(In thousands, unaudited)

	Year ended August 31,
	2008			2007
Net cash provided by operating activities	$	32,118		$	46,327
Earnings from discontinued operations		—			—
Changes in working capital		29,231			48,151
Special charges		(2,302	)		(21,899	)
Deferred income taxes		(12,919	)		(10,643	)
Gain on sales of equipment		8,010			13,400
Other		(336	)		(205	)
Minority interest		3,128			1,604
Income tax expense		18,550			13,657
Interest and foreign currency		40,770			39,915
Adjusted EBITDA from operations before special charges	$	116,250		$	130,307

	Three months ended
	August 31,			August 31,
	2008			2007
Net cash provided by operating activities	$	12,158		$	16,517
Changes in working capital		6,938			13,738
Special charges		—			(2,323	)
Deferred income taxes		(3,737	)		(7,955	)
Gain on sales of equipment		1,012			2,619
Other		(439	)		(35	)
Minority interest		1,171			1,286
Income tax expense		6,118			10,259
Interest and foreign currency		10,507			8,929
Adjusted EBITDA from operations before special charges	$	33,728		$	43,035

¹ “EBITDA” (earnings from continuing operations before special charges, interest and foreign exchange, taxes, depreciation and amortization) is a useful liquidity measurement tool commonly used by rail supply companies and Greenbrier. It should not be considered in isolation or as a substitute for cash flows from operating activities or cash flow statement data prepared in accordance with generally accepted accounting principles.