Board of Directors Increased Quarterly Cash Dividend to
$0.06 Per Share
Primoris Services Corporation (NASDAQ:PRIM)
(“Primoris” or “Company”) today announced financial results for its
third quarter ended September 30, 2017.
The Company also announced that on November 2,
2017, its Board of Directors authorized a 9% increase in the
quarterly cash dividend to $0.06 per share from $0.055 per
share. The cash dividend will be paid to stockholders of
record on December 29, 2017, payable on or about January 15,
2018.
David King, President and Chief Executive
Officer of Primoris, commented, “Primoris’ third quarter results
are a reflection of our performance serving our diverse end
markets. We experienced year over year revenue gains at
the majority of our business units, with notable gains from our
power projects, Gulf Coast based pipeline work and Utilities &
Distribution segment. Our utility businesses grew revenue not
just with current customers but also with new customers in new
geographies. As we expected last quarter, the Civil segment’s gross
margins returned to profitability, and as we work off legacy jobs,
we believe margins should continue to improve for the
segment. Our acquisition strategy is paying off, as we saw
positive contributions from all of our recent acquisitions.
“While hurricanes across the Gulf Coast had some
impact on our third quarter results, we are extremely proud of the
earnings we achieved. Our crews are not only working
profitably; they are working safely, and that is every bit as
important. Our backlog declined slightly to end the quarter
at $2.62 billion, but our sales team continues doing an outstanding
job of developing new projects. Every segment reported new
business awards contributing to the backlog results.”
Mr. King concluded, “As we look at the
year ahead, we have provided our guidance for the next four
quarters based on our expectations of the timing of major projects
and project awards, but we remain mindful that start and award
dates remain uncertain. Nevertheless, we see improving
opportunities for growth in all of our end markets, especially for
pipeline work and EPC projects and for utility work on top of our
stable base business.”
2017 THIRD QUARTER RESULTS
OVERVIEW
Revenues in the third quarter 2017 were $608.3
million, an increase of $100.5 million compared to the same period
in 2016. Gross profit for the third quarter 2017 was $70.4
million, an increase of $20.3 million compared to the same period
in 2016. Gross profit as a percentage of revenue increased to
11.6% for the third quarter 2017, compared to 9.9% for the same
period in 2016.
Selling, general, and administrative expenses in
the 2017 third quarter were $42.6 million compared to $36.0 million
in the same period of 2016. The primary reason for the
increase in SG&A is from the businesses acquired subsequent to
the third quarter of 2016. SG&A as a percentage of total
revenue was 7.0% in the 2017 third quarter compared to 7.1% in the
same period of 2016.
Included in other income in the 2017 third
quarter is $6.0 million of unrealized gain from a short-term
investment in marketable securities. We do not anticipate
that such a gain would recur with any frequency.
SEGMENT RESULTS
Through the end of the year 2016, Primoris
segregated its business into three reportable segments: the Energy
segment, the East Construction Services segment, and the West
Construction Services segment. In the first quarter 2017,
Primoris changed its reportable segments to match the changes in
the Company’s realigned internal organization and management
structure. A Form 8-K was filed on April 7, 2017 containing
historical revenue, margin, and backlog information for the new
segments.
- Power, Industrial, and Engineering (“Power”) - The Power
segment operates throughout the United States and specializes in a
range of services that include full EPC project delivery, turnkey
construction, retrofits, upgrades, repairs, outages, and
maintenance for entities in the petroleum, petrochemical, water,
and other industries.
- Pipeline and Underground (“Pipeline”) – The Pipeline segment
operates throughout the United States and specializes in a range of
services, including pipeline construction, pipeline maintenance,
pipeline facility work, compressor stations, pump stations,
metering facilities, and other pipeline-related services for
entities in the petroleum and petrochemical industries.
- Utilities and Distribution (“Utilities”) – The Utilities
segment operates primarily in California and the Midwest and
Southeast regions of the United States and specializes in a range
of services, including utility line installation and maintenance,
gas and electric distribution, streetlight construction, substation
work, and fiber optic cable installation.
- Civil – The Civil segment operates primarily in the Southeast
and Gulf Coast regions of the United States and specializes in
highway and bridge construction, airport runway and taxiway
construction, demolition, heavy earthwork, soil stabilization, mass
excavation, and drainage projects.
Segment Revenues(in
thousands, except %)(Unaudited)
|
For the three months ended September
30, |
|
|
2017 |
|
|
|
2016 |
|
|
|
|
% of |
|
|
|
% of |
|
|
|
Total |
|
|
|
Total |
Segment |
Revenue |
|
Revenue |
|
Revenue |
|
Revenue |
|
|
|
|
|
|
Power |
$ |
154,178 |
|
25.3 |
% |
|
$ |
101,811 |
|
20.0 |
% |
Pipeline |
|
84,357 |
|
13.9 |
% |
|
|
106,042 |
|
20.9 |
% |
Utilities |
|
246,524 |
|
40.5 |
% |
|
|
186,985 |
|
36.8 |
% |
Civil |
|
123,252 |
|
20.3 |
% |
|
|
112,990 |
|
22.3 |
% |
Total |
$ |
608,311 |
|
100.0 |
% |
|
$ |
507,828 |
|
100.0 |
% |
|
For the nine months ended September
30, |
|
|
2017 |
|
|
|
2016 |
|
|
|
|
% of |
|
|
|
% of |
|
|
|
Total |
|
|
|
Total |
Segment |
Revenue |
|
Revenue |
|
Revenue |
|
Revenue |
|
|
|
|
|
|
Power |
$ |
443,191 |
|
24.6 |
% |
|
$ |
367,025 |
|
26.3 |
% |
Pipeline |
|
402,425 |
|
22.4 |
% |
|
|
217,182 |
|
15.6 |
% |
Utilities |
|
576,446 |
|
32.0 |
% |
|
|
447,858 |
|
32.1 |
% |
Civil |
|
378,916 |
|
21.0 |
% |
|
|
363,020 |
|
26.0 |
% |
Total |
$ |
1,800,978 |
|
100.0 |
% |
|
$ |
1,395,085 |
|
100.0 |
% |
Segment Gross Profit(in
thousands, except %)(Unaudited)
|
For the three months ended September
30, |
|
|
2017 |
|
|
|
2016 |
|
|
|
|
% of |
|
|
|
% of |
|
Gross |
|
Segment |
|
Gross |
|
Segment |
Segment |
Profit |
|
Revenue |
|
Profit |
|
Revenue |
|
|
|
|
|
|
Power |
$ |
18,842 |
|
12.2 |
% |
|
$ |
10,893 |
|
|
10.7 |
% |
Pipeline |
|
12,084 |
|
14.3 |
% |
|
|
32,402 |
|
|
30.6 |
% |
Utilities |
|
36,081 |
|
14.6 |
% |
|
|
33,925 |
|
|
18.1 |
% |
Civil |
|
3,414 |
|
2.8 |
% |
|
|
(27,091 |
) |
|
(24.0 |
%) |
Total |
$ |
70,421 |
|
11.6 |
% |
|
$ |
50,129 |
|
|
9.9 |
% |
|
|
|
|
|
|
|
|
|
For the nine months ended September
30, |
|
|
2017 |
|
|
|
2016 |
|
|
|
|
% of |
|
|
|
% of |
|
Gross |
|
Segment |
|
Gross |
|
Segment |
Segment |
Profit |
|
Revenue |
|
Profit |
|
Revenue |
|
|
|
|
|
|
Power |
$ |
52,498 |
|
11.8 |
% |
|
$ |
36,570 |
|
|
10.0 |
% |
Pipeline |
|
79,575 |
|
19.8 |
% |
|
|
43,870 |
|
|
20.2 |
% |
Utilities |
|
76,701 |
|
13.3 |
% |
|
|
68,651 |
|
|
15.3 |
% |
Civil |
|
1,183 |
|
0.3 |
% |
|
|
(16,400 |
) |
|
(4.5 |
%) |
Total |
$ |
209,957 |
|
11.7 |
% |
|
$ |
132,691 |
|
|
9.5 |
% |
|
|
|
|
|
|
|
|
Power, Industrial, & Engineering
Segment: Revenue in the Power segment increased by
$52.4 million in the third quarter of 2017, compared to the same
period in 2016. The increase was primarily due to increased
revenues from a joint venture power plant project in Southern
California and a power plant construction project in the
mid-Atlantic region that began late in the third quarter of
2016. Acquisitions completed subsequent to the third quarter
of 2016 contributed $6.8 million to the increase. Segment
gross profit increased by $7.9 million in the third quarter of
2017, compared to the same period in 2016. The increase is
primarily due to the increased revenues from the power plant
projects and acquisitions, slightly offset by decreased revenue
from a petrochemical plant that achieved substantial completion in
the second quarter of 2017. Gross profit as a percentage of
revenues increased to 12.2% in the third quarter of 2017, compared
to 10.7% in the same period in 2016.
Pipeline & Underground
Segment: Revenue in the Pipeline
segment decreased by $21.7 million in the third quarter of 2017,
compared to the same period in 2016. The third quarter of
2016 results included revenues of $27.5 million and gross profit of
$26.7 million from the collection of disputed receivables; the
following discussion excludes the collection revenue and gross
profit. Revenue in the Pipeline segment increased by $5.8
million in the third quarter of 2017, compared to the same period
in 2016. The increased revenues were primarily attributable
to increased work at our Texas-based pipeline group and the Coastal
acquisition that was completed in the second quarter of 2017.
Segment gross profit in the Pipeline segment increased by $6.4
million, primarily as the result of the increased revenues.
Gross profit as a percentage of revenues increased to 14.3%
in the third quarter of 2017, compared to 7.3% in the same period
in 2016. Utilities &
Distribution Segment: Revenue in
the Utilities segment increased by $59.5 million in the third
quarter of 2017, compared to the same period in 2016.
Approximately half of the increase came from increased revenue with
California utilities, with increased revenues with Midwest utility
customers and the second quarter 2017 acquisition of Florida Gas
Contractors (now operating as Primoris Distribution Services)
accounting for the remainder. Segment gross profit increased
by $2.2 million in the third quarter of 2017, compared to the same
period in 2016, primarily as the result of the increased
revenues. Gross profit as a percentage of revenues decreased
to 14.6% in the third quarter of 2017, compared to 18.1% in the
same period in 2016. Civil
Segment: Revenue in the Civil
segment increased by $10.3 million in the third quarter 2017,
compared to the same period in 2016. The increased revenue
primarily came from Texas DOT projects and a methanol plant project
that began in 2017. Segment gross profit increased by $30.5
million in the third quarter of 2017, compared to the same period
in 2016. The third quarter of 2016 included a $37.3 million
write-down related to Belton, TX area I-35 highway projects.
Excluding the 2016 write-down, segment gross profit decreased by
$6.8 million in the third quarter of 2017, compared to the same
period in 2016. The decrease resulted from the impact of both
the hurricanes in Texas and the Gulf Coast and increased expected
cost for highway jobs in Louisiana and Arkansas. Gross profit
as a percentage of revenues decreased to 2.8% in the third quarter
of 2017, compared to 9.0% in the same period in 2016, excluding the
impact of the I-35 projects.
OUTLOOK
Based on an expected second quarter 2018 start
date for a major pipeline project in backlog, anticipated levels of
customer maintenance, MSA spending, and new project awards, and
given the continued uncertainty caused by the energy markets, the
Company estimates that for the four quarters ending September 30,
2018, net income attributable to Primoris will be between $1.05 and
$1.25 per fully diluted share.
BACKLOG
|
|
Backlog at September 30, 2017 (in millions) |
|
Segment |
|
Fixed Backlog |
|
MSA Backlog |
|
Total Backlog |
Expected Next Four Quarters Total Backlog Revenue
Recognition |
|
|
|
|
|
|
|
|
|
Power |
|
$ |
418 |
$ |
41 |
$ |
459 |
78 |
% |
Pipeline |
|
|
808 |
|
43 |
|
851 |
55 |
% |
Utilities |
|
|
66 |
|
557 |
|
623 |
100 |
% |
Civil |
|
|
683 |
|
- |
|
683 |
61 |
% |
Total |
|
$ |
1,975 |
$ |
641 |
$ |
2,616 |
71 |
% |
At September 30, 2017, Fixed Backlog was $2.0
billion, compared to $2.1 billion at December 31, 2016.
At September 30, 2017, MSA Backlog was $641
million, compared to $672 million at December 31, 2016. MSA
Backlog represents estimated MSA revenues for the next four
quarters.
Total Backlog at September 30, 2017 was $2.6
billion, compared to $2.8 billion at December 31, 2016.
Backlog, including estimated MSA revenues, should not be
considered a comprehensive indicator of future revenues.
Revenue from certain projects, such as cost reimbursable and
time-and-materials projects, do not flow through backlog. At
any time, any project may be cancelled at the convenience of our
customers.
CONFERENCE CALL
David King, President and Chief Executive
Officer, and Peter J. Moerbeek, Executive Vice President and Chief
Financial Officer will host a conference call tomorrow, Tuesday,
November 7, 2017 at 10:00 am Eastern Time / 9:00 am Central Time to
discuss the results.
Interested parties may participate in the call
by dialing:
- (877) 407-8293 (Domestic)
- (201) 689-8349 (International)
If you are unable to participate in the live
call, a replay may be accessed by dialing (877) 660-6853,
conference ID 13672829, and will be available for approximately two
weeks. The conference call will also be broadcast live over the
Internet and can be accessed and replayed through the Investor
Relations section of Primoris' website at www.prim.com. Once at the
Investor Relations section, please click on "Events &
Presentations”.
ABOUT PRIMORIS
Founded in 1960, Primoris, through various subsidiaries, has
grown to become one of the largest construction service enterprises
in the United States. Serving diverse end markets, Primoris
provides a wide range of construction, fabrication, maintenance,
replacement, water and wastewater, and engineering services to
major public utilities, petrochemical companies, energy companies,
municipalities, and other customers. The Company's national
footprint extends from Florida, along the Gulf Coast, through
California, into the Pacific Northwest and Canada. For additional
information, please visit www.prim.com.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements,
including with regard to the Company’s future performance. Words
such as "estimated," "believes," "expects," "projects," “may,” and
"future" or similar expressions are intended to identify
forward-looking statements. Forward-looking statements
inherently involve known and unknown risks, uncertainties, and
other factors, including without limitation, those described in
this press release and those detailed in the "Risk Factors" section
and other portions of our Annual Report on Form 10-K for the period
ended December 31, 2016, and other filings with the Securities and
Exchange Commission. Given these uncertainties, you should
not place undue reliance on forward-looking statements.
Primoris does not undertake any obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
under applicable securities laws.
Company
Contact
Peter J. MoerbeekExecutive Vice President, Chief Financial
Officer(214) 740-5602 pmoerbeek@prim.com
Kate TholkingDirector of Investor Relations(214) 740-5615
ktholking@prim.com
|
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME(In Thousands, Except Per Share
Amounts)(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Revenue |
|
$ |
608,311 |
|
|
$ |
507,828 |
|
|
$ |
1,800,978 |
|
|
$ |
1,395,085 |
|
Cost of revenue |
|
|
537,890 |
|
|
|
457,699 |
|
|
|
1,591,021 |
|
|
|
1,262,394 |
|
Gross
profit |
|
|
70,421 |
|
|
|
50,129 |
|
|
|
209,957 |
|
|
|
132,691 |
|
Selling, general and
administrative expenses |
|
|
42,559 |
|
|
|
35,994 |
|
|
|
128,390 |
|
|
|
101,150 |
|
Impairment of
goodwill |
|
|
— |
|
|
|
2,716 |
|
|
|
— |
|
|
|
2,716 |
|
Operating
income |
|
|
27,862 |
|
|
|
11,419 |
|
|
|
81,567 |
|
|
|
28,825 |
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
|
|
6,066 |
|
|
|
— |
|
|
|
6,066 |
|
|
|
— |
|
Foreign
exchange gain (loss) |
|
|
167 |
|
|
|
(92 |
) |
|
|
299 |
|
|
|
288 |
|
Other
expense |
|
|
(39 |
) |
|
|
(278 |
) |
|
|
(52 |
) |
|
|
(278 |
) |
Interest
income |
|
|
228 |
|
|
|
31 |
|
|
|
411 |
|
|
|
122 |
|
Interest
expense |
|
|
(2,198 |
) |
|
|
(2,246 |
) |
|
|
(6,605 |
) |
|
|
(6,754 |
) |
Income
before provision for income taxes |
|
|
32,086 |
|
|
|
8,834 |
|
|
|
81,686 |
|
|
|
22,203 |
|
Provision for income
taxes |
|
|
(9,952 |
) |
|
|
(4,078 |
) |
|
|
(28,644 |
) |
|
|
(9,244 |
) |
Net
income |
|
$ |
22,134 |
|
|
$ |
4,756 |
|
|
$ |
53,042 |
|
|
$ |
12,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less net income
attributable to noncontrolling interests |
|
|
(1,537 |
) |
|
|
(252 |
) |
|
$ |
(3,209 |
) |
|
$ |
(706 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to Primoris |
|
$ |
20,597 |
|
|
$ |
4,504 |
|
|
$ |
49,833 |
|
|
$ |
12,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common
share |
|
$ |
0.055 |
|
|
$ |
0.055 |
|
|
$ |
0.17 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.40 |
|
|
$ |
0.09 |
|
|
$ |
0.97 |
|
|
$ |
0.24 |
|
Diluted |
|
$ |
0.40 |
|
|
$ |
0.09 |
|
|
$ |
0.96 |
|
|
$ |
0.24 |
|
Weighted
average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
51,441 |
|
|
|
51,780 |
|
|
|
51,491 |
|
|
|
51,759 |
|
Diluted |
|
|
51,707 |
|
|
|
52,034 |
|
|
|
51,751 |
|
|
|
51,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS (In
Thousands)(Unaudited) |
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
2017 |
|
2016 |
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
143,235 |
|
$ |
135,823 |
Short-term investments |
|
|
19,304 |
|
|
- |
Customer
retention deposits |
|
|
926 |
|
|
481 |
Accounts
receivable, net |
|
|
356,851 |
|
|
388,000 |
Costs and
estimated earnings in excess of billings |
|
|
177,662 |
|
|
138,618 |
Inventory
and uninstalled contract materials |
|
|
39,617 |
|
|
49,201 |
Prepaid
expenses and other current assets |
|
|
14,529 |
|
|
19,258 |
Total
current assets |
|
|
752,124 |
|
|
731,381 |
Property
and equipment, net |
|
|
305,046 |
|
|
277,346 |
Intangible assets, net |
|
|
48,655 |
|
|
32,841 |
Goodwill |
|
|
151,118 |
|
|
127,226 |
Other
long-term assets |
|
|
4,749 |
|
|
2,004 |
Total
assets |
|
$ |
1,261,692 |
|
$ |
1,170,798 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts
payable |
|
$ |
153,677 |
|
$ |
168,110 |
Billings
in excess of costs and estimated earnings |
|
|
159,120 |
|
|
112,606 |
Accrued
expenses and other current liabilities |
|
|
125,626 |
|
|
108,006 |
Dividends
payable |
|
|
2,829 |
|
|
2,839 |
Current
portion of capital leases |
|
|
214 |
|
|
188 |
Current
portion of long-term debt |
|
|
62,697 |
|
|
58,189 |
Current
portion of contingent earnout liabilities |
|
|
1,252 |
|
|
— |
Total
current liabilities |
|
|
505,415 |
|
|
449,938 |
|
|
|
|
|
|
|
Long-term
capital leases, net of current portion |
|
|
245 |
|
|
15 |
Long-term
debt, net of current portion |
|
|
191,948 |
|
|
203,381 |
Deferred
tax liabilities |
|
|
9,830 |
|
|
9,830 |
Other
long-term liabilities |
|
|
13,007 |
|
|
9,064 |
Total
liabilities |
|
|
720,445 |
|
|
672,228 |
Commitments and
contingencies |
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock |
|
|
5 |
|
|
5 |
Additional paid-in capital |
|
|
160,277 |
|
|
162,128 |
Retained
earnings |
|
|
376,537 |
|
|
335,218 |
Non-controlling interest |
|
|
4,428 |
|
|
1,219 |
Total
stockholders’ equity |
|
|
541,247 |
|
|
498,570 |
Total
liabilities and stockholders’ equity |
|
$ |
1,261,692 |
|
$ |
1,170,798 |
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (In
Thousands)(Unaudited) |
|
|
|
|
|
Nine Months Ended |
|
|
September 30, |
|
|
2017 |
|
|
2016 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
Net
income |
|
$ |
53,042 |
|
|
$ |
12,959 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
Depreciation |
|
|
43,064 |
|
|
|
46,430 |
|
Amortization of intangible assets |
|
|
6,184 |
|
|
|
5,015 |
|
Goodwill
and intangible asset impairment |
|
|
477 |
|
|
|
2,716 |
|
Stock-based compensation expense |
|
|
911 |
|
|
|
1,169 |
|
Unrealized gain on short-term investments |
|
|
(5,980 |
) |
|
|
— |
|
Gain on
sale of property and equipment |
|
|
(3,880 |
) |
|
|
(3,361 |
) |
Changes
in assets and liabilities: |
|
|
|
|
|
|
Customer
retention deposits |
|
|
(445 |
) |
|
|
(451 |
) |
Accounts
receivable |
|
|
41,870 |
|
|
|
27,093 |
|
Costs and
estimated earnings in excess of billings |
|
|
(38,464 |
) |
|
|
(39,936 |
) |
Other
current assets |
|
|
17,210 |
|
|
|
13,865 |
|
Other
long-term assets |
|
|
(2,745 |
) |
|
|
(1,963 |
) |
Accounts
payable |
|
|
(17,813 |
) |
|
|
10,036 |
|
Billings
in excess of costs and estimated earnings |
|
|
46,067 |
|
|
|
(41,584 |
) |
Accrued
expenses and other current liabilities |
|
|
17,858 |
|
|
|
18,580 |
|
Other
long-term liabilities |
|
|
4,076 |
|
|
|
49 |
|
Net cash
provided by operating activities |
|
|
161,432 |
|
|
|
50,617 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchase
of property and equipment |
|
|
(57,346 |
) |
|
|
(52,137 |
) |
Proceeds
from sale of property and equipment |
|
|
7,027 |
|
|
|
7,763 |
|
Purchase
of short-term investments |
|
|
(13,588 |
) |
|
|
— |
|
Sale of
short-term investments |
|
|
350 |
|
|
|
— |
|
Cash paid
for acquisitions |
|
|
(66,205 |
) |
|
|
(4,108 |
) |
Net cash
used in investing activities |
|
|
(129,762 |
) |
|
|
(48,482 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds
from issuance of long-term debt |
|
|
30,000 |
|
|
|
30,000 |
|
Repayment
of capital leases |
|
|
(191 |
) |
|
|
(626 |
) |
Repayment
of long-term debt |
|
|
(41,088 |
) |
|
|
(36,867 |
) |
Payment
of debt issuance costs for amended and restated credit
agreement |
|
|
(631 |
) |
|
|
- |
|
Proceeds
from issuance of common stock purchased under a long-term incentive
plan |
|
|
1,148 |
|
|
|
1,439 |
|
Repurchase of common stock |
|
|
(4,999 |
) |
|
|
— |
|
Dividends
paid |
|
|
(8,497 |
) |
|
|
(8,536 |
) |
Net cash
used in financing activities |
|
|
(24,258 |
) |
|
|
(14,590 |
) |
Net change in cash and
cash equivalents |
|
|
7,412 |
|
|
|
(12,455 |
) |
Cash and cash
equivalents at beginning of the period |
|
|
135,823 |
|
|
|
161,122 |
|
Cash and cash
equivalents at end of the period |
|
$ |
143,235 |
|
|
$ |
148,667 |
|
|
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