CONSHOHOCKEN, Pa., May 2, 2019 /PRNewswire/ -- Quaker Chemical
Corporation (NYSE: KWR) today announced first quarter of 2019 net
sales of $211.2 million compared to
$212.1 million in the prior year
first quarter. The Company's current quarter net sales
benefitted from higher volumes of 3% as well as increases from
selling price and product mix of 1%, but were negatively impacted
by foreign currency translation of approximately 5%. The Company
increased its gross profit quarter-over-quarter as a result of a
higher gross margin of 35.9% in the first quarter of 2019 compared
to 35.6% in the prior year.
The Company's first quarter of 2019 net income was $13.8 million or $1.03 per diluted share compared to first quarter
of 2018 net income of $12.7 million
or $0.95 per diluted share.
Both the first quarter of 2019 and 2018 results were impacted by
expenses related to the Company's pending combination with Houghton
International, Inc. ("Houghton"). Excluding Houghton costs
and all other non-core items in each period, the Company's adjusted
EBITDA decreased slightly to $29.6
million in the first quarter of 2019 compared to
$30.9 million in the prior year, due
primarily to the negative impact from foreign exchange on earnings
of approximately 4% in the current quarter. Despite the
negative foreign exchange impact, the Company's non-GAAP earnings
per diluted share was $1.41 in both
the first quarters of 2019 and 2018.
Michael F. Barry, Chairman, Chief
Executive Officer and President, commented, "I am proud of our
first quarter results given the inherent market challenges we
faced. We estimate that our underlying markets declined in
the first quarter and also currency negatively impacted our results
in a meaningful way. Despite these significant headwinds, we
were able to produce consistent top and bottom line results.
We achieved this through our market share gains, which drove 3%
volume growth in a negative market environment, as well as our
incremental gains in gross margin. Going forward, we expect
foreign exchange headwinds and underlying market challenges to
continue in the second quarter. However, we expect more
favorable comparisons in the second half of 2019 as many of the
foreign exchange and market headwinds we faced in the first quarter
of 2019 began near the end of the second quarter of 2018 and
gradually worsened throughout the year. Related to gross
margin, we expect to continue to make incremental improvement next
quarter and be in the low to mid 36% range. For the full year
2019, we expect Quaker to have top and bottom line growth despite
these various market challenges."
Mr. Barry continued, "With respect to the Houghton combination,
we are continuing to make progress and expect to close the
combination in the next couple of months. Overall, I continue to be
confident in our future given our continued ability to achieve
market share gains that will help offset the underlying challenges
in our markets, and I remain excited for the future benefits we
will achieve through our upcoming combination with Houghton."
First Quarter of 2019 Summary
Net sales were $211.2 million in
the first quarter of 2019 compared to $212.1 million in the first quarter of
2018. Net sales decreased less than 1% or approximately
$0.8 million quarter-over-quarter as
the benefit from increases in volume of 3% and selling price and
product mix of 1% were offset by the negative impact from foreign
currency translation of approximately 5% or $9.6 million.
Gross profit in the first quarter of 2019 increased $0.3 million compared to the first quarter of
2018, primarily due to a higher gross margin of 35.9% in the first
quarter of 2019 compared to 35.6% in the prior year. The
increase in the Company's current quarter gross margin was
primarily due to pricing initiatives and the mix of certain
products sold.
SG&A increased $1.4 million in
the first quarter of 2019 compared to the first quarter of 2018
primarily due to the impact of higher labor-related costs,
including annual merit increases, and professional fees, partially
offset by a positive impact from foreign currency translation.
During the first quarter of 2019, the Company incurred
$4.5 million of costs related to the
pending combination with Houghton, primarily for legal, financial
and other advisory and consultant expenses for integration planning
and regulatory approvals. Comparatively, the Company incurred
$5.2 million of similar
combination-related expenses during the first quarter of 2018.
Operating income in the first quarter of 2019 was $19.8 million compared to $20.2 million in the first quarter of 2018.
Excluding Houghton combination-related expenses, the Company's
current quarter non-GAAP operating income decreased to $24.3 million compared to $25.4 million in the prior year due primarily to
the negative impact from foreign currency translation.
Other expense, net, was $0.6
million in the first quarter of 2019 compared to
$0.4 million in the first quarter of
2018. This quarter-over-quarter increase was primarily driven
by an increase in non-service pension and postretirement benefit
costs.
Interest expense decreased $0.5
million during the first quarter of 2019 compared to the
first quarter of 2018, primarily due to lower average outstanding
borrowings on the Company's existing credit facility during the
current quarter. Interest income was relatively consistent
quarter-over-quarter.
The Company's effective tax rates for the first quarters of 2019
and 2018 were 26.8% and 29.8%, respectively. These effective
tax rates include the impacts of Houghton combination-related
expenses, certain of which were non-deductible. Excluding the
impact of Houghton combination-related expenses and all other
non-core items in each quarter, the Company estimates that its
first quarters of 2019 and 2018 effective tax rates would have been
approximately 24% and 26%, respectively. The Company's lower
first quarter of 2019 effective tax rate was largely driven by a
positive impact from changes in uncertain tax positions and a shift
in earnings to entities with lower effective tax rates
quarter-over-quarter, which more than offset higher current quarter
tax expense related to the Company recording earnings in one of its
subsidiaries at a statutory tax rate of 25% during the first
quarter of 2019 while it awaits recertification of a concessionary
15% tax rate. The concessionary 15% tax rate was available to
the Company's subsidiary in all periods of 2018.
Equity in net income (loss) of associated companies increased
$0.7 million in the first quarter of
2019 compared to the first quarter of 2018, primarily due to
earnings from the Company's interest in a captive insurance company
during the first quarter of 2019 compared to a loss in the prior
year.
The Company's net income attributable to noncontrolling interest
was consistent at $0.1 million in
both the first quarters of 2019 and 2018.
Foreign exchange negatively impacted the Company's first quarter
of 2019 earnings by approximately 4% or $0.06 per diluted share, primarily due to the
negative impact from foreign currency translation.
Balance Sheet and Cash Flow Items
The Company had net operating cash flow of less than
$0.1 million in the first quarter of
2019 compared to $2.7 million in the
first quarter of 2018. The approximately $2.7 million decrease in net operating cash flow
quarter-over-quarter was primarily due to higher cash tax payments
as well as an increase in cash payments, net of expenses incurred,
related to the pending Houghton combination which more than offset
a working capital improvement in the current quarter compared to
the prior year. In addition, the Company paid a $4.9 million dividend to its shareholders during
the first quarter of 2019, a 4% increase compared to the prior
year. Overall, the Company's liquidity and balance sheet
remain strong, as its cash position exceeded its debt at
March 31, 2019 by $59.6 million.
The Company adopted new guidance regarding the accounting and
disclosure for leases in the first quarter of 2019, as
required. Adoption of this lease accounting guidance did not
have a material impact on the Company's reported earnings or cash
flows, however, adoption did result in a material impact to the
Company's balance sheet to establish right of use lease assets and
associated lease liabilities. As of March 31, 2019, the Company had right of use
lease assets of $26.1 million and
associated short-term and long-term lease liabilities of
$5.3 million and $20.2 million, respectively.
Houghton Combination
In April 2017, Quaker entered into
a share purchase agreement with Gulf Houghton Lubricants, Ltd. to
purchase the entire issued and outstanding share capital of
Houghton ("the Combination"). The shares will be bought for
aggregate purchase consideration consisting of: (i) $172.5 million in cash; (ii) a number of shares
of common stock, $1.00 par value per
share, of the Company comprising 24.5% of the common stock
outstanding upon the closing of the Combination; and (iii) the
Company's assumption of Houghton's net indebtedness as of the
closing of the Combination, which was approximately $690 million at signing. At closing, the
total aggregate purchase consideration is dependent on the
Company's stock price and the level of Houghton's
indebtedness. The Company secured $1.15 billion in commitments from Bank of America
Merrill Lynch and Deutsche Bank to fund the Combination and to
provide additional liquidity at closing and has since replaced
these commitments with a syndicated bank agreement with customary
terms and conditions. Funding of the syndicated bank
agreement is contingent upon closing of the Combination and until
then the Company has and will only incur certain interest costs to
maintain the banks' capital commitment. During the first
quarter of 2019, the Company extended the bank commitment through
July 15, 2019. In addition, the
issuance of the Company's shares at closing of the Combination was
subject to approval by Quaker's shareholders under the rules of the
New York Stock Exchange, and approval was received at a meeting of
the Company's shareholders held during 2017. Also, the
Combination was subject to regulatory approvals in the United States ("U.S."), Europe, China
and Australia. The Company received regulatory approval from
China and Australia in 2017. The European
Commission ("EC") conditionally approved the Combination in
December 2018 including the remedy
proposed by Quaker and Houghton. Quaker expects to receive
final approval from the EC once certain conditions are met,
including their review and approval of the final purchase agreement
between Quaker, Houghton, and the buyer of the divested product
lines, which was finalized and signed at the end of March
2019. Quaker continues to be in productive discussions with
the U.S. Federal Trade Commission ("FTC"), although the process is
taking longer than anticipated. Given the time lapse since
Quaker's initial filing, the FTC requested updated information as
part of their approval process late in the fourth quarter of
2018. In addition, the government shutdown in the U.S. late
in the fourth quarter of 2018 and early in 2019 extended the
timeline to receive the final approval. The proposed remedy
being discussed with the FTC and conditionally approved by the EC
is consistent with Quaker's previous guidance that the total
divested product lines will be approximately 3% of the combined
company's revenue. Given current information, the Company
expects that final approval from the FTC and EC and closing of the
combination will occur in the next couple of months.
Non-GAAP Measures
The information included in this public release includes
non-GAAP (unaudited) financial information that includes EBITDA,
adjusted EBITDA, non-GAAP operating income, non-GAAP net income and
non-GAAP earnings per diluted share. The Company believes
these non-GAAP financial measures provide meaningful supplemental
information as they enhance a reader's understanding of the
financial performance of the Company, are more indicative of future
operating performance of the Company, and facilitate a better
comparison among fiscal periods, as the non-GAAP financial measures
exclude items that are not indicative of future operating
performance or not considered core to the Company's
operations. Non-GAAP results are presented for supplemental
informational purposes only and should not be considered a
substitute for the financial information presented in accordance
with GAAP.
The Company presents EBITDA which is calculated as net income
attributable to the Company before depreciation and amortization,
interest expense, net, and taxes on income before equity in net
income (loss) of associated companies. The Company also
presents adjusted EBITDA which is calculated as EBITDA plus or
minus certain items that are not indicative of future operating
performance or not considered core to the Company's
operations. In addition, the Company presents non-GAAP
operating income which is calculated as operating income plus or
minus certain items that are not indicative of future operating
performance or not considered core to the Company's
operations. Adjusted EBITDA margin and non-GAAP operating
margin are calculated as the percentage of adjusted EBITDA and
non-GAAP operating income to consolidated net sales,
respectively. The Company believes these non-GAAP measures
provide transparent and useful information and are widely used by
analysts, investors, and competitors in our industry as well as by
management in assessing the operating performance of the Company on
a consistent basis.
Additionally, the Company presents non-GAAP net income and
non-GAAP earnings per diluted share as additional performance
measures. Non-GAAP net income is calculated as adjusted
EBITDA, defined above, less depreciation and amortization, interest
expense, net - adjusted, and taxes on income before equity in net
income (loss) of associated companies - adjusted, as applicable,
for any depreciation, amortization, interest or tax impacts
resulting from the non-core items identified in the reconciliation
of net income attributable to the Company to adjusted EBITDA.
Non-GAAP earnings per diluted share is calculated as non-GAAP net
income per diluted share as accounted for under the "two-class
share method." The Company believes that non-GAAP net income
and non-GAAP earnings per diluted share provide transparent and
useful information and are widely used by analysts, investors, and
competitors in our industry as well as by management in assessing
the operating performance of the Company on a consistent basis.
During the first quarter of 2019, the Company updated its
calculation methodology to include the use of interest expense net
of interest income in the reconciliation of EBITDA and adjusted
EBITDA, compared to the historical use of only interest expense,
and also to include the non-service component of the Company's
pension and postretirement benefit costs in the reconciliation of
adjusted EBITDA, non-GAAP net income attributable to Quaker
Chemical Corporation and non-GAAP earnings per diluted share.
Prior year amounts have been recast for comparability purposes and
the change in calculation methodology does not produce materially
different results. The Company believes these updated
calculations better reflect its underlying operating performance
and better aligns the Company's calculations to those commonly used
by analysts, investors, and competitors in our industry.
The following tables reconcile the non-GAAP financial measures
(unaudited) to their most directly comparable GAAP (unaudited)
financial measures (dollars in thousands unless otherwise notes,
except per share amounts):
|
Three Months
Ended
March
31,
|
|
2019
|
|
2018
|
Operating
income
|
$
19,829
|
|
$
20,231
|
Houghton
combination-related expenses
|
4,483
|
|
5,209
|
Non-GAAP operating
income
|
$
24,312
|
|
$
25,440
|
Non-GAAP operating
margin (%)
|
11.5%
|
|
12.0%
|
|
|
|
|
|
Three Months
Ended
March
31,
|
|
2019
|
|
2018
|
Net income
attributable to Quaker Chemical Corporation
|
$
13,844
|
|
$
12,732
|
Depreciation and
amortization
|
4,859
|
|
5,047
|
Interest expense,
net
|
776
|
|
1,203
|
Taxes on income before
equity in net income (loss) of associated companies
|
4,929
|
|
5,556
|
EBITDA
|
$
24,408
|
|
$
24,538
|
Equity (income) loss
in a captive insurance company
|
(346)
|
|
372
|
Houghton
combination-related expenses
|
4,483
|
|
5,209
|
Pension and
postretirement benefit costs, non-service components
|
896
|
|
576
|
Currency conversion
impacts of hyper-inflationary economies
|
194
|
|
218
|
Adjusted
EBITDA
|
$
29,635
|
|
$
30,913
|
Adjusted EBITDA
margin (%)
|
14.0%
|
|
14.6%
|
|
|
|
|
Adjusted
EBITDA
|
$
29,635
|
|
$
30,913
|
Less: Depreciation and
amortization
|
4,859
|
|
5,047
|
Less: Interest
expense, net - adjusted (a)
|
(86)
|
|
339
|
Less: Taxes on income
before equity in net income (loss) of associated
|
|
|
|
companies - adjusted
(b)
|
6,040
|
|
6,659
|
Non-GAAP net
income
|
$
18,822
|
|
$
18,868
|
|
|
Three Months
Ended
March
31,
|
|
2019
|
|
2018
|
GAAP earnings per
diluted share attributable to Quaker Chemical Corporation
common shareholders
|
$
1.03
|
|
$
0.95
|
Equity (income) loss
in a captive insurance company per diluted share
|
(0.03)
|
|
0.03
|
Houghton
combination-related expenses per diluted share
|
0.35
|
|
0.38
|
Pension and
postretirement benefit costs, non-service components
per diluted share
|
0.05
|
|
0.03
|
Currency conversion
impacts of hyper-inflationary economies per diluted
share
|
0.01
|
|
0.02
|
Non-GAAP earnings per
diluted share
|
$
1.41
|
|
$
1.41
|
|
|
(a)
|
Interest expense, net
– adjusted excludes $0.9 million of interest costs the Company
incurred to maintain the bank commitment related to the pending
combination during both the three months ended March 31, 2019 and
2018.
|
|
|
(b)
|
Taxes on income
before equity in net income (loss) of associated companies –
adjusted includes the Company's tax expense adjusted for the impact
of any current and deferred income tax expense (benefit), as
applicable, of the reconciling items presented in the
reconciliation of net income attributable to Quaker Chemical
Corporation to adjusted EBITDA, above, determined utilizing the
applicable rates in the taxing jurisdictions in which these
adjustments occurred, subject to deductibility.
|
Forward-Looking Statements
This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those projected in such statements. A major risk is that
demand for the Company's products and services is largely derived
from the demand for its customers' products, which subjects the
Company to uncertainties related to downturns in a customer's
business and unanticipated customer production shutdowns.
Other major risks and uncertainties include, but are not limited
to, significant increases in raw material costs, customer financial
stability, worldwide economic and political conditions, foreign
currency fluctuations, significant changes in applicable tax rates
and regulations, future terrorist attacks and other acts of
violence. Other factors could also adversely affect us,
including those related to the previously announced pending
Houghton combination and the risk that the transaction may not
receive regulatory approval or that regulatory approval may include
conditions or other terms not acceptable to us. For more
information regarding these risks and uncertainties as well as
certain additional risks that we face, you should refer to the Risk
Factors detailed in Item 1A of our Form 10-K for the year ended
December 31, 2018, the proxy
statement the Company filed on July 31,
2017 and in our quarterly and other reports filed from time
to time with the Securities and Exchange Commission.
Therefore, we caution you not to place undue reliance on our
forward-looking statements. This discussion is provided as
permitted by the Private Securities Litigation Reform Act of
1995.
Conference Call
As previously announced, Quaker Chemical's investor conference
call to discuss the first quarter of 2019 results is scheduled for
May 3, 2019 at 8:30 a.m. (ET). A live webcast of the
conference call, together with supplemental information, can be
accessed through the Company's Investor Relations website at
https://www.quakerchem.com. You can also access the
conference call by dialing 877-269-7756.
About Quaker
Quaker Chemical is a leading global provider of
process fluids, chemical specialties, and technical expertise
to a wide range of industries, including steel, aluminum,
automotive, mining, aerospace, tube and pipe, cans, and
others. For over 100 years, Quaker has helped customers
around the world achieve production efficiency, improve product
quality, and lower costs through a combination of innovative
technology, process knowledge, and customized services.
Headquartered in Conshohocken,
Pennsylvania USA, Quaker serves businesses worldwide with
a network of dedicated and experienced professionals
whose mission is to make a difference.
Quaker Chemical
Corporation
|
Condensed
Consolidated Statements of Income
|
(Dollars in
thousands, except share and per share data)
|
|
|
|
|
|
(Unaudited)
|
|
Three Months Ended
March 31,
|
|
2019
|
|
2018
|
|
|
|
|
Net
sales
|
$
211,210
|
|
$
212,055
|
|
|
|
|
Cost of goods
sold
|
135,443
|
|
136,608
|
|
|
|
|
Gross
profit
|
75,767
|
|
75,447
|
%
|
35.9%
|
|
35.6%
|
|
|
|
|
Selling, general and
administrative expenses
|
51,455
|
|
50,007
|
Combination-related
expenses
|
4,483
|
|
5,209
|
|
|
|
|
Operating
income
|
19,829
|
|
20,231
|
%
|
9.4%
|
|
9.5%
|
|
|
|
|
Other expense,
net
|
(635)
|
|
(369)
|
Interest
expense
|
(1,214)
|
|
(1,692)
|
Interest
income
|
438
|
|
489
|
Income before taxes
and equity in net income (loss) of associated companies
|
18,418
|
|
18,659
|
|
|
|
|
Taxes on income
before equity in net income (loss) of associated
companies
|
4,929
|
|
5,556
|
Income before equity
in net income (loss) of associated companies
|
13,489
|
|
13,103
|
|
|
|
|
Equity in net income
(loss) of associated companies
|
411
|
|
(316)
|
|
|
|
|
Net income
|
13,900
|
|
12,787
|
|
|
|
|
Less: Net income
attributable to noncontrolling interest
|
56
|
|
55
|
|
|
|
|
Net income
attributable to Quaker Chemical Corporation
|
$
13,844
|
|
$
12,732
|
%
|
6.6%
|
|
6.0%
|
|
|
|
|
Share and per
share data:
|
|
|
|
Basic weighted
average common shares outstanding
|
13,291,589
|
|
13,245,026
|
Diluted weighted
average common shares outstanding
|
13,338,490
|
|
13,278,606
|
|
|
|
|
Net income
attributable to Quaker Chemical Corporation Common
Shareholders - basic
|
$
1.04
|
|
$
0.96
|
Net income
attributable to Quaker Chemical Corporation Common
Shareholders - diluted
|
$
1.03
|
|
$
0.95
|
Quaker Chemical
Corporation
|
Condensed
Consolidated Balance Sheets
|
(Dollars in
thousands, except par value and share amounts)
|
|
|
|
|
|
(Unaudited)
|
|
March
31,
|
|
December
31,
|
|
2019
|
|
2018
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
71,960
|
|
$
104,147
|
Accounts receivable,
net
|
208,003
|
|
202,139
|
Inventories,
net
|
92,947
|
|
94,090
|
Prepaid expenses and
other current assets
|
18,403
|
|
18,134
|
Total current
assets
|
391,313
|
|
418,510
|
|
|
|
|
Property, plant and
equipment, net
|
82,316
|
|
83,923
|
Right of use lease
assets
|
26,069
|
|
-
|
Goodwill
|
83,204
|
|
83,333
|
Other intangible
assets, net
|
61,421
|
|
63,582
|
Investments in
associated companies
|
22,726
|
|
21,316
|
Non-current deferred
tax assets
|
9,333
|
|
6,946
|
Other
assets
|
32,141
|
|
32,055
|
Total
assets
|
$
708,523
|
|
$
709,665
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
Short-term borrowings
and current portion of long-term debt
|
$
661
|
|
$
670
|
Accounts and other
payables
|
91,145
|
|
92,754
|
Accrued
compensation
|
15,959
|
|
25,727
|
Other current
liabilities
|
39,743
|
|
32,319
|
Total current
liabilities
|
147,508
|
|
151,470
|
|
|
|
|
Long-term
debt
|
11,720
|
|
35,934
|
Long-term lease
liabilities
|
20,231
|
|
-
|
Non-current deferred
tax liabilities
|
9,194
|
|
10,003
|
Other non-current
liabilities
|
73,507
|
|
75,889
|
Total
liabilities
|
262,160
|
|
273,296
|
|
|
|
|
Equity
|
|
|
|
Common stock, $1 par
value; authorized 30,000,000 shares; issued and
outstanding 2019 - 13,333,668 shares; 2018 - 13,338,026
shares
|
13,334
|
|
13,338
|
Capital in excess of
par value
|
96,832
|
|
97,304
|
Retained
earnings
|
413,992
|
|
405,125
|
Accumulated other
comprehensive loss
|
(79,167)
|
|
(80,715)
|
Total Quaker
shareholders' equity
|
444,991
|
|
435,052
|
Noncontrolling
interest
|
1,372
|
|
1,317
|
Total
equity
|
446,363
|
|
436,369
|
Total liabilities and
equity
|
$
708,523
|
|
$
709,665
|
Quaker Chemical
Corporation
|
Condensed
Consolidated Statements of Cash Flows
|
(Dollars in
thousands)
|
|
|
|
|
|
(Unaudited)
|
|
Three Months Ended
March 31,
|
|
2019
|
|
2018
|
Cash flows from
operating activities
|
|
|
|
Net income
|
$
13,900
|
|
$
12,787
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation
|
3,047
|
|
3,194
|
Amortization
|
1,812
|
|
1,853
|
Equity in
undistributed earnings of associated companies, net of
dividends
|
(186)
|
|
511
|
Deferred
compensation, deferred taxes and other, net
|
(6,842)
|
|
428
|
Share-based
compensation
|
1,012
|
|
1,083
|
Gain on disposal of
property, plant, equipment and other assets
|
(9)
|
|
(52)
|
Insurance settlement
realized
|
(190)
|
|
(85)
|
Combination-related
expenses, net of payments
|
(1,012)
|
|
2,161
|
Pension and other
postretirement benefits
|
(1,346)
|
|
(2,632)
|
(Decrease) increase
in cash from changes in current assets and current
liabilities, net of acquisitions:
|
|
|
|
Accounts
receivable
|
(5,470)
|
|
(5,827)
|
Inventories
|
946
|
|
(7,758)
|
Prepaid expenses and
other current assets
|
366
|
|
(1,055)
|
Accounts payable and
accrued liabilities
|
(6,008)
|
|
(1,862)
|
Net cash provided by
operating activities
|
20
|
|
2,746
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Investments in
property, plant and equipment
|
(2,537)
|
|
(3,449)
|
Payments related to
acquisitions, net of cash acquired
|
(500)
|
|
(500)
|
Proceeds from
disposition of assets
|
8
|
|
29
|
Insurance settlement
interest earned
|
65
|
|
19
|
Net cash used in
investing activities
|
(2,964)
|
|
(3,901)
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Proceeds from
long-term debt
|
-
|
|
8,166
|
Repayments of
long-term debt
|
(23,948)
|
|
(197)
|
Dividends
paid
|
(4,935)
|
|
(4,724)
|
Stock options
exercised, other
|
(1,489)
|
|
(866)
|
Distributions to
noncontrolling affiliate shareholders
|
-
|
|
(834)
|
Net cash (used in)
provided by financing activities
|
(30,372)
|
|
1,545
|
|
|
|
|
Effect of foreign
exchange rate changes on cash
|
1,004
|
|
2,246
|
|
|
|
|
Net (decrease)
increase in cash, cash equivalents and restricted cash
|
(32,312)
|
|
2,636
|
Cash, cash
equivalents and restricted cash at the beginning of the
period
|
124,425
|
|
111,050
|
Cash, cash
equivalents and restricted cash at the end of the
period
|
$
92,113
|
|
$
113,686
|
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SOURCE Quaker Chemical Corporation