Attached files
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| 8-K - REX AMERICAN RESOURCES Corp | c68867_8-k.htm |
Exhibit 99
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News Announcement |
For Immediate Release |
REX AMERICAN RESOURCES REPORTS
RECORD FOURTH QUARTER
DILUTED EPS OF $1.76 AND RECORD FULL YEAR DILUTED EPS OF $3.08
- Fiscal 2011 Net Income Rises to $28.3 Million –
Dayton, Ohio, (March 13, 2012) — REX American Resources Corporation (NYSE: REX) today reported financial results for its fiscal 2011 fourth quarter (“Q4 ‘11”) and twelve months ended January 31, 2012. REX management will host a conference call and webcast today at 11:00 a.m. ET:
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Conference Call: |
212/231-2931 |
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Webcast / Replay URL: |
www.rexamerican.com/Corp/Page4.aspx |
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The webcast will be available for replay for 30 days |
Net income attributable to REX shareholders in Q4 ‘11 was $14.8 million, or $1.76 per diluted share, compared with a net loss of $4.6 million, or $0.49 per diluted share, in Q4 ‘10. Q4 ‘11 income from continuing operations net of tax attributable to REX shareholders was $14.4 million, or $1.72 per diluted share, compared with a loss of $5.0 million, or $0.53 per diluted share, in Q4 ‘10. The Q4 ‘11 results reflect a one-time pre-tax benefit of $3.5 million ($2.1 million, after tax), or approximately $0.25 per diluted share (after-tax) to account for the net bargain purchase gain associated with REX’s November 1, 2011 acquisition of an additional approximate 50% equity ownership interest in NuGen Energy, LLC, (“NuGen”) which raised its equity ownership in the entity to approximately 98%. The Q4 ‘10 results were impacted by the deconsolidation of Levelland Hockley County Ethanol (“LHCE”) which resulted in a one-time pre-tax charge of $18.4 million ($11.2 million, after tax), or approximately $1.19 per diluted share (after-tax) in the quarter ended January 31, 2011. REX recorded income from discontinued operations of $0.4 million, or $0.04 per diluted share for both the Q4 ‘11 and Q4 ‘10 periods. Per share results in Q4 ‘11 and Q4 ‘10 are based on 8,398,000 and 9,438,000 diluted weighted average shares outstanding, respectively.
REX’s Q4 ‘11 results primarily reflect its alternative energy segment interests in seven operating ethanol production facilities. The operations of One Earth Energy, LLC (“One Earth”) and NuGen are consolidated while those of its five other operating plants are reported as equity in income of unconsolidated ethanol affiliates. REX’s Q4 ‘11 net sales and revenue rose 81.7% to $170.5 million, from $93.8 million in Q4 ‘10, primarily reflecting the consolidation of NuGen following REX’s acquisition of an additional 50% interest in the entity and increases in ethanol and distillers grains pricing.
REX recognizes results from its ethanol interests on a quarterly calendar basis, and as a result, REX’s Q4 includes results from ethanol operations for the period October 1, 2011 through December 31, 2011, with the exception of NuGen which is for the period October 1, 2011 through January 31, 2012.
-more-
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REX American Resources Q4/FY11 Results, 3/13/12 |
page 2 |
Gross profit from REX’s consolidated operations rose 124.8% to $20.4 million in Q4 ‘11 from $9.1 million in Q4’ 10 primarily reflecting the consolidation of NuGen’s operations in the Company’s results and the deconsolidation of LHCE operations at year-end FY 2010. In Q4 ‘11, equity in income of unconsolidated ethanol affiliates declined 17.7% to $5.7 million from $6.9 million in Q4 ‘10 primarily due to REX’s 98% interest in NuGen now being consolidated which more than offset higher overall results from the Company’s unconsolidated ethanol production interests. Principally reflecting these items, REX’s Q4 ‘11 income from continuing operations before income taxes and non controlling interests was $25.1 million compared with a loss of $6.0 million in Q4 ‘10 (which was impacted by the $18.4 million charge related to the deconsolidation of LHCE).
For the fiscal year ended January 31, 2012 net income rose to $28.3 million from $5.1 million while diluted EPS increased to $3.08 from $0.52.
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Recent Developments |
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§ |
On November 1, 2011, REX acquired an additional approximate 50% equity ownership interest in NuGen raising its equity ownership in the entity to approximately 98%. REX acquired its additional interest in NuGen, settled its remaining contingent consideration liability (related to the July 2010 purchase of its initial 48% ownership interest in NuGen) for a total of $12.7 million, and made a $7.0 million capital contribution to NuGen to reduce long-term debt. As a result, REX began consolidating the plant’s results in its financial statements effective November 1, 2011. |
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– |
In February 2012, NuGen repurchased shares which had the effect of raising REX’s equity ownership in the facility to 99%. |
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§ |
Effective December 1, 2011, reflecting its 10% interest in Big River Resources, LLC, REX received a 10% interest in Big River Resources, Boyceville which operates a 55 mgy nameplate plant built by Fagen, Inc. with ICM, Inc. technology in Boyceville, WI. |
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Effective January 1, 2012, REX acquired an additional 3% ownership interest in Patriot Renewable Fuels, LLC for $1.9 million which increased its ownership in Patriot to 26%. |
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REX CEO, Stuart Rose, commented, “The Q4 ‘11 and FY ‘11 financial results highlight the value of our return-focused, risk managed approach to investments in state-of-the-art ethanol plants in alignment with farming communities and in locations in close proximity to rail access and feedstocks. Fourth quarter operating results reflect strong contributions from One Earth, NuGen and our unconsolidated ethanol plants. The strength of our seven ethanol production interests is evident in our fourth quarter alternative energy segment operating profit which rose to $25.6 million.
“Given our balance sheet strength, REX has expanded its ownership interest in several ethanol production facilities. In addition, during FY ‘11 we allocated a total of $22.2 million to share repurchases as we bought back approximately 14% of the shares outstanding at the beginning of the fiscal year. With the strong financial results for FY ‘11 we remain well positioned to pursue further ethanol, renewable resource or industrial project investment opportunities that offer attractive risk-adjusted returns.
-more-
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REX American Resources Q4/FY11 Results, 3/13/12 |
page 3 |
“In summary, throughout fiscal 2011, we’ve increased our participation in ethanol gallon production at state-of-the-art plants in the corn belt while meaningfully reducing the company’s outstanding share base. Together, these initiatives drove significant growth and record EPS while positioning REX for future growth.”
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Balance Sheet and Share Repurchase Program |
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At January 31, 2012, REX had cash and cash equivalents of $75.0 million, $46.1 million of which was at the parent and approximately $28.9 million of which was at its consolidated ethanol production facilities. This compares with cash and cash equivalents of $91.0 million at January 31, 2011, $72.7 million of which was at the parent and $18.3 million of which was at its consolidated ethanol production facility. |
REX repurchased 55,788 shares of its common stock in open market transactions in Q4 ‘11 at an average price of $17.82 and 1,305,589 shares in FY ‘11 at an average price of $17.02. REX is presently authorized to repurchase up to 162,455 shares of its common stock.
At January 31, 2012, REX had lease agreements, as landlord for six former retail store locations. REX has 16 owned former retail stores that were vacant or had temporary seasonal leases at January 31, 2012, which it is marketing to lease or sell. In addition, one former distribution center is partially leased, partially occupied by the REX corporate office and partially vacant. The real estate segment revenue reflects rental income derived from these sites.
Segment Income Statement Data
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($ in thousands) |
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Three Months |
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Twelve Months |
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2012 |
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2011 |
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2012 |
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2011 |
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Net sales and revenue: |
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Alternative energy (1) |
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$ |
170,078 |
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$ |
93,523 |
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$ |
408,635 |
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$ |
300,389 |
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Real estate |
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391 |
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289 |
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1,317 |
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1,018 |
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Total net sales and revenues |
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$ |
170,469 |
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$ |
93,812 |
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$ |
409,952 |
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$ |
301,407 |
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Segment gross profit (loss): |
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Alternative energy (1) |
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$ |
20,484 |
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$ |
9,199 |
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$ |
35,179 |
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$ |
31,173 |
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Real estate |
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(73 |
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(121 |
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(1,343 |
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(543 |
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Total gross profit |
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$ |
20,411 |
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$ |
9,078 |
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$ |
33,836 |
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$ |
30,630 |
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Segment profit (loss): |
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Alternative energy segment profit (loss) (1) |
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$ |
25,645 |
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$ |
(5,230 |
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$ |
48,580 |
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$ |
13,403 |
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Real estate segment loss |
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(122 |
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(168 |
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(1,539 |
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(770 |
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Corporate expense |
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(430 |
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(649 |
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(2,307 |
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(2,724 |
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Interest expense |
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(19 |
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(32 |
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(111 |
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(205 |
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Interest income |
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32 |
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88 |
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319 |
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372 |
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Income from synthetic fuel investments |
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— |
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— |
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2,883 |
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— |
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Income (loss) from continuing operations before income taxes and noncontrolling interests |
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$ |
25,106 |
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$ |
(5,991 |
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$ |
47,825 |
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$ |
10,076 |
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-more-
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REX American Resources Q4/FY11 Results, 3/13/12 |
page 4 |
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(1) |
Includes results attributable to non-controlling interests of approximately 44% for Levelland Hockley in fiscal year 2010 and 26% for One Earth in fiscal year 2010 and fiscal year 2011. Effective January 31, 2011, REX reduced its equity ownership in Levelland Hockley to 49% from 56%. Beginning November 1, 2011, the non-controlling interests of NuGen, which equal approximately 2.5% are included in the results. |
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Certain amounts differ from those previously reported as a result of certain sold real estate assets being reclassified as discontinued operations. |
Segment Assets
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January 31, 2012 |
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January 31, 2011 |
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($ in thousands) |
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Alternative energy |
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$ |
367,029 |
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$ |
257,202 |
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Real estate |
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17,458 |
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22,235 |
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Corporate |
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53,562 |
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96,285 |
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Total assets |
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$ |
438,049 |
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$ |
375,722 |
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Supplemental Data Related to REX’s Alternative Energy Interests
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REX American Resources Corporation |
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Entity |
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Trailing |
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Current REX |
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REX’s Current Effective |
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One Earth
Energy, LLC |
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104.6M |
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74 |
% |
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77.4M |
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NuGen Energy,
LLC |
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114.6M |
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99 |
% |
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113.5M |
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Patriot
Renewable Fuels, LLC |
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114.8M |
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26 |
% |
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29.8M |
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Big River
Resources West Burlington, LLC |
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105.5M |
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10 |
% |
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10.5M |
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Big River
Resources Galva, LLC |
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106.4M |
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10 |
% |
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10.6M |
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Big River United
Energy, LLC |
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118.2M |
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5 |
% |
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5.9M |
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Big River
Resources Boyceville, LLC |
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4.7M |
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10 |
% |
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0.5M |
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Total (2) |
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668.8M |
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n/a |
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248.2M |
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(1) |
REX’s current effective annual gallons sold represents one month of ownership of Big River Resources Boyceville, LLC |
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(2) |
Table excludes results related to the LHCE operations which ceased production in January 2011. |
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Three Months |
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% |
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Twelve Months |
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% |
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Average Price/Cost |
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2012 |
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2011 |
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2012 |
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2011 |
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Ethanol – gallon |
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$ |
2.45 |
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$ |
2.21 |
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+10.9 |
% |
$ |
2.49 |
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$ |
1.81 |
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+37.6 |
% |
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Dried distillers grains - ton |
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$ |
199.65 |
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$ |
148.96 |
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+34.0 |
% |
$ |
196.46 |
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$ |
126.25 |
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+55.6 |
% |
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Grain – bushel |
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$ |
6.36 |
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$ |
5.44 |
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+16.9 |
% |
$ |
6.66 |
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$ |
4.10 |
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+62.4 |
% |
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Natural gas – mmbtu |
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$ |
5.18 |
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$ |
4.43 |
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+16.9 |
% |
$ |
4.88 |
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$ |
4.80 |
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+1.7 |
% |
-more-
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REX American Resources Q4/FY11 Results, 3/13/12 |
page 5 |
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About REX American Resources Corporation |
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REX American Resources has interests in seven operating ethanol production facilities which in aggregate sold approximately 670 million gallons of ethanol over the last twelve months. REX’s current effective ownership of the trailing twelve month gallons sold by the ethanol production facilities in which it has ownership interests is approximately 248 million gallons. Further information about REX is available at www.rexamerican.com. |
This news announcement contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as “may,” “expect,” “believe,” “estimate,” “anticipate” or “continue” or the negative thereof or other variations thereon or comparable terminology. Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements. These risks and uncertainties include the risk factors set forth from time to time in the Company’s filings with the Securities and Exchange Commission and include among other things: the impact of legislative changes, the price volatility and availability of corn, dried distillers grains, ethanol, corn oil, gasoline and natural gas, ethanol plants operating efficiently and according to forecasts and projections, changes in the national or regional economies, weather, the effects of terrorism or acts of war, changes in real estate market conditions and the impact of Internal Revenue Service audits. The Company does not intend to update publicly any forward-looking statements except as required by law.
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For further information contact: |
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Douglas Bruggeman |
Joseph Jaffoni |
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Chief Financial Officer |
Jaffoni & Collins Incorporated |
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937/276-3931 |
212/835-8500 |
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rex@jcir.com |
-statement of operations follow-
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REX American Resources Q4/FY11 Results, 3/13/12 |
page 6 |
REX AMERICAN RESOURCES
CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Operations
(in thousands, except per share amounts)
Unaudited
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Three Months |
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Twelve Months |
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2012 |
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2011 |
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2012 |
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2011 |
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Net sales and revenue |
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$ |
170,469 |
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$ |
93,812 |
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$ |
409,952 |
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$ |
301,407 |
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Cost of sales |
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150,058 |
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84,734 |
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376,116 |
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270,777 |
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Gross profit |
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20,411 |
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9,078 |
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33,836 |
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30,630 |
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Selling, general and administrative expenses |
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(3,935 |
) |
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(2,898 |
) |
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(10,376 |
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(9,722 |
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Equity in income of unconsolidated ethanol affiliates |
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5,705 |
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6,933 |
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21,532 |
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14,558 |
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Impairment and loss on deconsolidation |
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— |
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(18,424 |
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— |
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(18,424 |
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Bargain purchase gain, net |
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3,541 |
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— |
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3,541 |
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— |
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Income from synthetic fuel investments |
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— |
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— |
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2,883 |
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— |
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Interest income |
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53 |
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|
89 |
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|
417 |
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|
447 |
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Interest expense |
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(1,329 |
) |
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(1,384 |
) |
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(3,484 |
) |
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(5,559 |
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Loss on early termination of debt |
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— |
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— |
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(1 |
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(48 |
) |
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Other income |
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618 |
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|
192 |
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|
625 |
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|
310 |
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Gains (losses) on derivative financial instruments, net |
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42 |
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423 |
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(1,148 |
) |
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(2,116 |
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Income (loss) from continuing operations before income taxes and non-controlling interests |
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25,106 |
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(5,991 |
) |
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47,825 |
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|
10,076 |
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(Provision) benefit for income taxes |
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(7,678 |
) |
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2,566 |
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(15,902 |
) |
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(3,017 |
) |
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Income (loss) from continuing operations including noncontrolling interests |
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17,428 |
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(3,425 |
) |
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31,923 |
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7,059 |
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Income from discontinued operations, net of tax |
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351 |
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364 |
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1,336 |
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1,522 |
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Gain on disposal of discontinued operations, net of tax |
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— |
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3 |
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439 |
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161 |
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Net income (loss) including noncontrolling interests |
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17,779 |
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(3,058 |
) |
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33,698 |
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8,742 |
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Net income attributable to noncontrolling interests |
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(2,990 |
) |
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(1,545 |
) |
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(5,428 |
) |
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(3,673 |
) |
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Net income (loss) attributable to REX common shareholders |
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$ |
14,789 |
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$ |
(4,603 |
) |
$ |
28,270 |
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$ |
5,069 |
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Weighted average shares outstanding – basic |
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8,334 |
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9,438 |
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9,117 |
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9,651 |
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Basic income (loss) per share from continuing operations* |
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$ |
1.73 |
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$ |
(0.53 |
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$ |
2.90 |
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$ |
0.35 |
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Basic income per share from discontinued operations* |
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0.04 |
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0.04 |
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0.15 |
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0.16 |
|
|
Basic income per share on disposal of discontinued operations* |
|
|
— |
|
|
— |
|
|
0.05 |
|
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share attributable to REX common shareholders |
|
$ |
1.77 |
|
$ |
(0.49 |
) |
$ |
3.10 |
|
$ |
0.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding – diluted |
|
|
8,398 |
|
|
9,438 |
|
|
9,187 |
|
|
9,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss) per share from continuing operations* |
|
$ |
1.72 |
|
$ |
(0.53 |
) |
$ |
2.88 |
|
$ |
0.34 |
|
|
Diluted income per share from discontinued operations* |
|
|
0.04 |
|
|
0.04 |
|
|
0.15 |
|
|
0.16 |
|
|
Diluted income per share on disposal of discontinued operations* |
|
|
— |
|
|
— |
|
|
0.05 |
|
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per share attributable to REX common shareholders |
|
$ |
1.76 |
|
$ |
(0.49 |
) |
$ |
3.08 |
|
$ |
0.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Certain amounts differ from those previously reported as a result of certain real estate assets being reclassified as discontinued operations. |
-balance sheet follows-
|
|
|
|
REX American Resources Q4/FY11 Results, 3/13/12 |
page 7 |
REX AMERICAN RESOURCES
CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheet
(in thousands) Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
January 31, |
|
January 31, |
|
||
|
|
|
|
|
|
|
||
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
75,013 |
|
$ |
91,019 |
|
|
Accounts receivable, net |
|
|
12,784 |
|
|
9,619 |
|
|
Inventory |
|
|
30,349 |
|
|
7,819 |
|
|
Refundable income taxes |
|
|
1,816 |
|
|
8,503 |
|
|
Prepaid expenses and other |
|
|
3,987 |
|
|
3,055 |
|
|
Deferred taxes, net |
|
|
3,090 |
|
|
5,834 |
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
127,039 |
|
|
125,849 |
|
|
Property and equipment, net |
|
|
240,084 |
|
|
169,811 |
|
|
Other assets |
|
|
7,884 |
|
|
5,907 |
|
|
Deferred taxes, net |
|
|
— |
|
|
5,206 |
|
|
Equity method investments |
|
|
61,679 |
|
|
67,349 |
|
|
Restricted investments and deposits |
|
|
1,363 |
|
|
1,600 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
438,049 |
|
$ |
375,722 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity: |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Current portion of long-term debt, alternative energy (1) |
|
$ |
14,972 |
|
$ |
9,672 |
|
|
Current portion of long-term debt, other |
|
|
250 |
|
|
342 |
|
|
Accounts payable, trade |
|
|
5,364 |
|
|
2,557 |
|
|
Deferred income |
|
|
1,864 |
|
|
3,982 |
|
|
Accrued restructuring charges |
|
|
— |
|
|
146 |
|
|
Accrued real estate taxes |
|
|
2,750 |
|
|
2,393 |
|
|
Accrued payroll and related items |
|
|
2,882 |
|
|
829 |
|
|
Derivative financial instruments |
|
|
1,694 |
|
|
1,835 |
|
|
Other current liabilities |
|
|
7,465 |
|
|
2,811 |
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
37,241 |
|
|
24,567 |
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Long-term debt, alternative energy (1) |
|
|
107,706 |
|
|
69,049 |
|
|
Long-term debt, other |
|
|
821 |
|
|
1,924 |
|
|
Deferred taxes |
|
|
4,642 |
|
|
— |
|
|
Deferred income |
|
|
552 |
|
|
2,416 |
|
|
Derivative financial instruments |
|
|
2,541 |
|
|
3,688 |
|
|
Other |
|
|
2,703 |
|
|
4,114 |
|
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities |
|
|
118,965 |
|
|
81,191 |
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
REX shareholders’ equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
299 |
|
|
299 |
|
|
Paid-in capital |
|
|
142,994 |
|
|
142,293 |
|
|
Retained earnings |
|
|
324,323 |
|
|
296,053 |
|
|
Treasury stock |
|
|
(215,105 |
) |
|
(193,713 |
) |
|
|
|
|
|
|
|
|
|
|
Total REX shareholders’ equity |
|
|
252,511 |
|
|
244,932 |
|
|
Noncontrolling interests |
|
|
29,332 |
|
|
25,032 |
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
281,843 |
|
|
269,964 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
438,049 |
|
$ |
375,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Long-term debt, alternative energy reflects non-recourse ethanol plant debt at REX’s consolidated ethanol production subsidiaries. |
-statement of cash flows follow-
|
|
|
|
REX American Resources Q4/FY11 Results, 3/13/12 |
page 8 |
REX AMERICAN RESOURCES CORPORATION AND
SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows
(in thousands) Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
|
||||
|
|
|
2012 |
|
2011 |
|
||
|
|
|
|
|
|
|
||
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net income including noncontrolling interests |
|
$ |
33,698 |
|
$ |
8,742 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
12,086 |
|
|
17,943 |
|
|
Impairment charges and loss on deconsolidation, net of cash divested of $2,304 |
|
|
— |
|
|
16,120 |
|
|
Impairment charges on real estate |
|
|
1,227 |
|
|
1,021 |
|
|
Income from equity method investments |
|
|
(21,532 |
) |
|
(14,558 |
) |
|
Dividends received from equity method investments |
|
|
4,918 |
|
|
4,965 |
|
|
Bargain purchase gain, net |
|
|
(3,541 |
) |
|
— |
|
|
Income from synthetic fuel investments |
|
|
(2,883 |
) |
|
— |
|
|
Derivative financial instruments |
|
|
(1,288 |
) |
|
(361 |
) |
|
Gain on disposal of real estate and property and equipment |
|
|
(683 |
) |
|
(293 |
) |
|
Deferred income |
|
|
(3,982 |
) |
|
(7,816 |
) |
|
Deferred income tax |
|
|
14,667 |
|
|
3,803 |
|
|
Changes in assets and liabilities, net of acquisition and deconsolidation: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
4,216 |
|
|
(2,472 |
) |
|
Inventory |
|
|
(14,039 |
) |
|
(554 |
) |
|
Prepaid expenses and other assets |
|
|
1,059 |
|
|
(2,022 |
) |
|
Income taxes refundable |
|
|
7,852 |
|
|
4,310 |
|
|
Accounts payable-trade |
|
|
(430 |
) |
|
761 |
|
|
Other liabilities |
|
|
3,551 |
|
|
(1,668 |
) |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
|
34,896 |
|
|
27,921 |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(7,342 |
) |
|
(6,033 |
) |
|
Proceeds from sale of synthetic fuel investments |
|
|
2,883 |
|
|
— |
|
|
Purchase of investments |
|
|
(1,947 |
) |
|
(9,214 |
) |
|
Acquisition of business, net of cash acquired |
|
|
12,293 |
|
|
— |
|
|
Proceeds of note receivable |
|
|
— |
|
|
965 |
|
|
Proceeds from sale of real estate and property and equipment |
|
|
4,445 |
|
|
7,986 |
|
|
Restricted investments |
|
|
237 |
|
|
500 |
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities |
|
|
10,569 |
|
|
(5,796 |
) |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Payments of long term debt |
|
|
(35,653 |
) |
|
(24,793 |
) |
|
Stock options exercised |
|
|
362 |
|
|
1,518 |
|
|
Payments for loan fees |
|
|
(627 |
) |
|
— |
|
|
Payments to noncontrolling interests holders |
|
|
(2,084 |
) |
|
— |
|
|
Repayments of contingent consideration liability |
|
|
(1,251 |
) |
|
— |
|
|
Treasury stock acquired |
|
|
(22,218 |
) |
|
(8,229 |
) |
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities |
|
|
(61,471 |
) |
|
(31,504 |
) |
|
|
|
|
|
|
|
|
|
|
NET DECREASE IN CASH AND CASH EQUIVALENTS |
|
|
(16,006 |
) |
|
(9,379 |
) |
|
CASH AND CASH EQUIVALENTS-Beginning of year |
|
|
91,019 |
|
|
100,398 |
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS-End of year |
|
$ |
75,013 |
|
$ |
91,019 |
|
|
|
|
|
|
|
|
|
|
# # #