CONSHOHOCKEN, Pa., Feb. 25, 2016 /PRNewswire/ -- Quaker Chemical
Corporation (NYSE: KWR) today announced net sales of $183.3 million for the fourth quarter of 2015
compared to $194.0 million for the
fourth quarter of 2014 and full year net sales of $737.6 million for 2015 compared to $765.9 million for 2014. The decreases in
net sales for the fourth quarter and full year 2015 were both
driven by the negative impact of foreign currency translation of
$12.4 million, or approximately 7%,
and $53.6 million, or 7%,
respectively, which more than offset volume and acquisition-related
growth that the Company achieved despite challenging market
conditions.
Earnings per diluted share decreased from $0.95 in the fourth quarter of 2014 to
$0.86 for the fourth quarter of 2015,
primarily due to restructuring expenses of $6.8 million, or $0.36 per diluted share, related to a global
restructuring program that the Company initiated in the fourth
quarter of 2015. Excluding these restructuring expenses and
other uncommon items, the Company's non-GAAP earnings per diluted
share increased 16% to $1.16 for the
fourth quarter of 2015 compared to $1.00 for the fourth quarter of 2014, despite the
negative impact of foreign exchange of $0.05 per diluted share, or 5%, and lower global
steel production. The Company's adjusted EBITDA increased 6%
to $25.3 million for the fourth
quarter of 2015 from $23.8 million in
the fourth quarter of 2014. Full year 2015 earnings per
diluted share were $3.84 compared to
$4.26 for 2014, with non-GAAP
earnings per diluted share increasing 4% to $4.43 for 2015 compared to $4.26 for 2014. The Company was able to
achieve this full year non-GAAP earnings growth despite the
negative impact of foreign exchange of $0.31 per diluted share, or 7%, and a decline in
full year global steel production. As a result of this
non-GAAP earnings growth, the Company's adjusted EBITDA increased
2% to $101.6 million for 2015
compared to $99.8 million in
2014.
Michael F. Barry, Chairman, Chief
Executive Officer and President commented, "We are pleased to have
delivered another quarter of solid earnings and strong cash flow
despite a variety of market challenges. Foreign exchange
headwinds continued to have the most significant negative impact on
our sales and earnings and we were also challenged by global steel
industry production being down over 4%. In addition, we are seeing
continued weak economic conditions in several regions, especially
in South America. Our sales also continued to be impacted by
downward price adjustments due to lower raw material costs.
Despite these market challenges, we were able to increase our
non-GAAP earnings and adjusted EBITDA through additional market
share gains and margin expansion."
Mr. Barry continued, "2015 was the sixth consecutive year of
non-GAAP earnings and adjusted EBITDA growth. Looking
forward, we see various headwinds that include continued uncertain
economic conditions in South
America and China, a strong
U.S. dollar and further pricing impacts to adjust to a lower raw
material cost environment. However, we remain committed to
our strategy and believe our ability to continue to take market
share and leverage our acquisitions will help offset these market
challenges. In addition, the restructuring program we implemented
in late 2015 stands to improve our SG&A leverage and yield
meaningful savings, as early as the middle of 2016. Our 2016
plans indicate growth in both the top and bottom lines despite
currency headwinds. Overall, I continue to remain confident
in our future and expect 2016 to be another good year for Quaker,
as we expect to increase non-GAAP earnings and adjusted EBITDA for
the seventh consecutive year."
Fourth Quarter of 2015 Summary
Net sales for the fourth quarter of 2015 were $183.3 million compared to net sales of
$194.0 million for the fourth quarter
of 2014. The decrease in net sales was primarily due to the
negative impact of foreign currency translation of $12.4 million, or approximately 7%, and declines
in selling price and product mix of 3%, which collectively offset a
4% increase in product volume, including sales from
acquisitions.
Gross profit for the fourth quarter of 2015 decreased
$0.8 million from the fourth quarter
of 2014 due to the decrease in net sales noted above. This
decrease was partially offset by an expansion of gross margin to
37.5% for the fourth quarter of 2015 compared to 35.9% for the
fourth quarter of 2014, mainly due to the timing of certain raw
material cost decreases in the fourth quarter of 2015 compared to
the fourth quarter of 2014.
Selling, general and administrative expenses ("SG&A")
decreased $4.3 million in the fourth
quarter of 2015 as compared to the fourth quarter of 2014 due to
the net impact of several factors, including the impact of foreign
currency translation, lower labor-related costs, a decrease in
professional fees, and a fourth quarter of 2014 charge for a cost
streamlining initiative in South America. These decreases to
SG&A were partially offset by incremental costs associated with
the Company's recent acquisitions.
The Company had restructuring expenses of $6.8 million related to a global restructuring
program initiated during the fourth quarter of 2015.
Specifically, this program includes restructuring and associated
costs to reduce total headcount by approximately 65 people globally
and to close certain non-manufacturing locations. The Company
expects to substantially complete this program in 2016, and
currently projects pre-tax cost savings as a result of this program
to be approximately $3 million in
2016 and approximately $6 million
annually in subsequent years.
Other income, interest expense and interest income were
relatively flat in the fourth quarter of 2015 compared to the
fourth quarter of 2014. The Company had slightly higher
interest expense on increased average borrowings outstanding and
slightly lower third party license fees in the fourth quarter of
2015 as compared to the fourth quarter of
2014.
The Company's effective tax rates for the fourth quarters of
2015 and 2014 were 16.5% and 28.5%, respectively. The primary
contributors to the decrease in the fourth quarter of 2015
effective tax rate were accelerated recognition of certain
tax-related credits in 2015 due to changes in local tax
regulations, adjustments in the fourth quarter of 2015 related to
previous years' tax estimates, and the mix of earnings between
higher and lower tax jurisdictions.
Equity in net income of associated companies ("equity income")
was relatively consistent in the fourth quarter of 2015 compared to
the fourth quarter of 2014. The Company had lower equity
income from its Venezuela
affiliate in the fourth quarter of 2015 due to a first quarter of
2015 currency devaluation, which was partially offset by higher
equity income from the Company's interest in a captive insurance
company.
The Company had a $0.2 million
increase in net income attributable to noncontrolling interest in
the fourth quarter of 2015 compared to the fourth quarter of 2014,
primarily due to improved performance at its India affiliate.
During the fourth quarter of 2015, the Company recognized
$0.2 million of earnings, or
$0.02 per diluted share, related to
its July 2015 acquisition of Verkol
S.A. ("Verkol"), which was net of initial adjustments related to
fair value accounting and diligence-related costs.
Changes in foreign exchange rates negatively impacted the
Company's fourth quarter of 2015 net income by approximately 5%, or
$0.05 per diluted share.
Year-to-Date 2015 Summary
Net sales for 2015 were $737.6
million compared to net sales of $765.9 million for 2014. The decrease in
net sales was primarily due to the negative impact of foreign
currency translation of $53.6
million, or 7%, and declines in selling price and product
mix of 1%, which collectively offset a 4% increase in product
volume, including sales from acquisitions.
Gross profit for 2015 increased $3.8
million, or 1%, compared to 2014, driven by an expansion of
gross margin to 37.6% for 2015 compared to 35.7% for 2014,
partially offset by the negative impact of foreign currency
translation. The increase in gross margin was mainly due to
the timing of certain raw material cost decreases in 2015 compared
to 2014.
The increase in SG&A for 2015 of $3.1
million from 2014 was due to the net impact of several
factors, including higher overall labor-related costs and
incremental costs associated with the Company's recent
acquisitions, including $2.8 million
of one-time transaction-related expenses incurred with the
Company's third quarter of 2015 Verkol acquisition. These increases
to SG&A were partially offset by decreases from foreign
currency translation, a first quarter of 2014 cost related to an
amendment to the Company's pension plan in the United Kingdom ("U.K."), and lower
year-over-year charges related to cost streamlining initiatives in
South America.
The Company had restructuring expenses of $6.8 million in 2015, noted above, related to a
global restructuring program initiated in the fourth quarter of
2015. There were no analogous restructuring expenses incurred
in the prior year.
Other income for 2015 decreased $0.8
million compared to 2014. The decrease was primarily
due to lower receipts of annual government-related grants in one of
the Company's regions, higher foreign exchange transaction losses,
and lower third party license fees during 2015 compared to
2014.
Interest expense was $0.2 million
higher in 2015 compared to 2014, primarily due to higher average
borrowings outstanding during 2015 due to the Company's recent
acquisition activity. Interest income was $0.9 million lower in 2015 compared to 2014,
primarily due to a decrease in the level of the Company's invested
cash in certain regions with higher returns and interest received
on certain tax-related credits in 2014.
The Company's effective tax rates for 2015 and 2014 were 25.3%
and 30.1%, respectively. The primary contributors to the
decrease in the 2015 effective tax rate were the mix of earnings
between higher and lower tax jurisdictions in 2015, accelerated
recognition of certain tax-related credits in 2015 due to changes
in local tax regulations, adjustments in 2015 related to previous
years' tax estimates, and certain one-time items that inflated the
2014 effective tax rate. Going into 2016, we expect the full
year effective tax rate will increase to between 28% and 30%.
In addition, the Company expects its quarterly effective tax rates
will be higher in the first three quarters of 2016, similar to the
2013 quarterly effective tax rate trend, as the Company will book
earnings in one of its subsidiaries at the statutory tax rate of
25% while it awaits recertification of a concessionary 15% tax
rate. We currently estimate our first quarter of 2016
effective tax rate will be between 31% and 33%.
Equity income for 2015 decreased $3.3
million compared to 2014. The decrease was primarily
due to a first quarter of 2015 currency conversion charge recorded
at the Company's Venezuela
affiliate. Due to changes in Venezuela's foreign exchange markets and
currency controls, the Company re-assessed its Venezuela affiliate's access to U.S. dollars
and its ability to import or trade under the existing foreign
exchange markets in the first quarter of 2015, which resulted in
the 2015 charge. This was partially offset by a similar
currency charge related to the conversion of Venezuelan bolivar
fuerte to the U.S. dollar recorded during the second quarter of
2014. In addition, the Company had lower equity income from
its interest in a captive insurance company during 2015 compared to
2014.
The $0.3 million decrease in net
income attributable to noncontrolling interest in 2015 compared to
2014 was primarily due to the Company's June
2014 acquisition of the noncontrolling interest in its
Australia affiliate.
Excluding the one-time transaction-related expenses mentioned
above, the Company recognized a minimal impact to net income from
its 2015 Verkol acquisition, as its operating results were offset
by normal acquisition-related costs and initial adjustments related
to fair value accounting.
Changes in foreign exchange rates, excluding the currency
conversion impacts of the Venezuelan bolivar fuerte noted above,
negatively impacted the Company's 2015 net income by approximately
7%, or $0.31 per diluted share.
Balance Sheet and Cash Flow Items
The Company's net operating cash flow of $22.6 million for the fourth quarter of 2015
increased its full year net operating cash flow to $73.4 million compared to $54.7 million for 2014. The full year
increase of $18.7 million, or 34%, in
net operating cash flow was driven by strong operating performance
and lower cash invested in the Company's working capital during
2015. Most notably, changes in accounts receivables improved
year-over-year due to the levels of sales at each year-end and
improvements in timing of cash receipts. During 2015, the
Company repurchased approximately 87,000 shares of its common stock
for $7.3 million, pursuant to the
share repurchase program announced in May of 2015. The
Company has continued these share repurchases during the first
quarter of 2016, with repurchases of approximately 84,000 shares at
an average price of $69.8 per share
for approximately $5.9 million to
date. Overall, the Company's liquidity remains strong, with
net debt of $1.0 million and a
consolidated leverage ratio of less than one times EBITDA.
Non-GAAP Measures
Included in this public release are non-GAAP (unaudited)
financial measures of non-GAAP earnings per diluted share and
adjusted EBITDA. 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 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 following
are reconciliations between the non-GAAP (unaudited) financial
measures of non-GAAP earnings per diluted share and adjusted EBITDA
to their most directly comparable GAAP financial measures:
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
GAAP earnings per
diluted share attributable to Quaker Chemical Corporation common
shareholders
|
$ 0.86
|
|
$ 0.95
|
|
$ 3.84
|
|
$ 4.26
|
Equity income in a
captive insurance company per diluted share
|
(0.07)
|
|
(0.02)
|
|
(0.16)
|
|
(0.18)
|
Restructuring
expenses per diluted share
|
0.36
|
|
—
|
|
0.36
|
|
—
|
Verkol
transaction-related expenses per diluted share
|
—
|
|
—
|
|
0.15
|
|
—
|
U.K. pension plan
amendment per diluted share
|
—
|
|
—
|
|
—
|
|
0.05
|
Customer bankruptcy
costs per diluted share
|
0.01
|
|
0.03
|
|
0.02
|
|
0.05
|
Cost streamlining
initiatives per diluted share
|
—
|
|
0.04
|
|
0.01
|
|
0.06
|
Currency conversion
impact of the Venezuelan bolivar fuerte per diluted
share
|
—
|
|
—
|
|
0.21
|
|
0.02
|
Non-GAAP earnings per
diluted share
|
$ 1.16
|
|
$ 1.00
|
|
$ 4.43
|
|
$ 4.26
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net income
attributable to Quaker Chemical Corporation
|
$ 11,393
|
|
$ 12,639
|
|
$ 51,180
|
|
$ 56,492
|
Depreciation and
amortization
|
4,979
|
|
4,723
|
|
19,206
|
|
16,631
|
Interest
expense
|
694
|
|
624
|
|
2,585
|
|
2,371
|
Taxes on income
before equity in net income of associated companies
|
2,161
|
|
4,731
|
|
17,785
|
|
23,539
|
Equity income in a
captive insurance company
|
(857)
|
|
(270)
|
|
(2,078)
|
|
(2,412)
|
Restructuring
expenses
|
6,790
|
|
—
|
|
6,790
|
|
—
|
Verkol
transaction-related expenses
|
—
|
|
—
|
|
2,813
|
|
—
|
U.K. pension plan
amendment
|
—
|
|
—
|
|
—
|
|
902
|
Customer bankruptcy
costs
|
149
|
|
515
|
|
328
|
|
825
|
Cost streamlining
initiatives
|
—
|
|
818
|
|
173
|
|
1,166
|
Currency conversion
impact of the Venezuelan bolivar fuerte
|
—
|
|
—
|
|
2,806
|
|
321
|
Adjusted
EBITDA
|
$ 25,309
|
|
$ 23,780
|
|
$ 101,588
|
|
$ 99,835
|
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, future terrorist attacks and other acts of
violence. Other factors could also adversely affect us.
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 fourth quarter and full year 2015 results is
scheduled for February 26, 2016 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
http://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 nearly 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
|
Consolidated
Statements of Income
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months
Ended December 31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Net
sales
|
$
183,275
|
|
$
194,033
|
|
$
737,555
|
|
$
765,860
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
114,509
|
|
124,457
|
|
460,515
|
|
492,654
|
|
|
|
|
|
|
|
|
Gross
profit
|
68,766
|
|
69,576
|
|
277,040
|
|
273,206
|
%
|
37.5%
|
|
35.9%
|
|
37.6%
|
|
35.7%
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
48,753
|
|
53,091
|
|
198,990
|
|
195,850
|
Restructuring and
related activities
|
6,790
|
|
-
|
|
6,790
|
|
-
|
|
|
|
|
|
|
|
|
Operating
income
|
13,223
|
|
16,485
|
|
71,260
|
|
77,356
|
%
|
7.2%
|
|
8.5%
|
|
9.7%
|
|
10.1%
|
|
|
|
|
|
|
|
|
Other income
(expense), net
|
28
|
|
209
|
|
(69)
|
|
767
|
Interest
expense
|
(694)
|
|
(624)
|
|
(2,585)
|
|
(2,371)
|
Interest
income
|
507
|
|
551
|
|
1,624
|
|
2,541
|
Income before taxes
and equity in net income of associated companies
|
13,064
|
|
16,621
|
|
70,230
|
|
78,293
|
|
|
|
|
|
|
|
|
Taxes on income
before equity in net income of associated companies
|
2,161
|
|
4,731
|
|
17,785
|
|
23,539
|
Income before equity
in net income of associated companies
|
10,903
|
|
11,890
|
|
52,445
|
|
54,754
|
|
|
|
|
|
|
|
|
Equity in net income
of associated companies
|
949
|
|
1,037
|
|
261
|
|
3,543
|
|
|
|
|
|
|
|
|
Net income
|
11,852
|
|
12,927
|
|
52,706
|
|
58,297
|
|
|
|
|
|
|
|
|
Less: Net income
attributable to noncontrolling interest
|
459
|
|
288
|
|
1,526
|
|
1,805
|
|
|
|
|
|
|
|
|
Net income
attributable to Quaker Chemical Corporation
|
$
11,393
|
|
$
12,639
|
|
$
51,180
|
|
$
56,492
|
%
|
6.2%
|
|
6.5%
|
|
6.9%
|
|
7.4%
|
|
|
|
|
|
|
|
|
Per share
data:
|
|
|
|
|
|
|
|
Net income
attributable to Quaker Chemical Corporation Common Shareholders -
basic
|
$
0.86
|
|
$
0.95
|
|
$
3.84
|
|
$
4.27
|
Net income
attributable to Quaker Chemical Corporation Common Shareholders -
diluted
|
$
0.86
|
|
$
0.95
|
|
$
3.84
|
|
$
4.26
|
|
|
|
|
|
|
|
|
Quaker Chemical
Corporation
|
Consolidated
Balance Sheets
|
(Dollars in
thousands, except par value and share amounts)
|
|
|
|
|
|
December
31,
|
|
2015
|
|
2014
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
81,053
|
|
$
64,731
|
Accounts receivable,
net
|
188,297
|
|
189,484
|
Inventories,
net
|
75,099
|
|
77,708
|
Current deferred tax
assets
|
7,822
|
|
8,367
|
Prepaid expenses and
other current assets
|
13,582
|
|
11,228
|
Total current
assets
|
365,853
|
|
351,518
|
|
|
|
|
Property, plant and
equipment, net
|
87,619
|
|
85,763
|
Goodwill
|
79,111
|
|
77,933
|
Other intangible
assets, net
|
73,287
|
|
70,408
|
Investments in
associated companies
|
20,354
|
|
21,751
|
Non-current deferred
tax assets
|
27,071
|
|
24,411
|
Other
assets
|
32,218
|
|
33,742
|
Total
assets
|
$
685,513
|
|
$
665,526
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
Short-term borrowings
and current portion of long-term debt
|
$
662
|
|
$
403
|
Accounts
payable
|
67,291
|
|
74,987
|
Dividends
payable
|
4,252
|
|
3,990
|
Accrued
compensation
|
19,166
|
|
19,853
|
Accrued
restructuring
|
6,303
|
|
-
|
Accrued pension and
postretirement benefits
|
1,144
|
|
1,239
|
Current deferred tax
liabilities
|
41
|
|
732
|
Other current
liabilities
|
25,696
|
|
23,697
|
Total current
liabilities
|
124,555
|
|
124,901
|
Long-term
debt
|
81,439
|
|
75,328
|
Non-current deferred
tax liabilities
|
15,003
|
|
8,584
|
Non-current accrued
pension and postretirement benefits
|
40,689
|
|
46,088
|
Other non-current
liabilities
|
42,584
|
|
45,490
|
Total
liabilities
|
304,270
|
|
300,391
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
Common stock, $1 par
value; authorized 30,000,000 shares; issued and outstanding 2015 -
13,288,113 shares; 2014 - 13,300,891 shares
|
13,288
|
|
13,301
|
Capital in excess of
par value
|
106,333
|
|
99,056
|
Retained
earnings
|
326,740
|
|
299,524
|
Accumulated other
comprehensive loss
|
(73,316)
|
|
(54,406)
|
Total Quaker
shareholders' equity
|
373,045
|
|
357,475
|
Noncontrolling
interest
|
8,198
|
|
7,660
|
Total
equity
|
381,243
|
|
365,135
|
Total liabilities and
equity
|
$
685,513
|
|
$
665,526
|
|
|
|
|
Quaker Chemical
Corporation
|
Consolidated
Statements of Cash Flows
|
(Dollars in
thousands)
|
|
|
|
|
|
Twelve Months
Ended December 31,
|
|
2015
|
|
2014
|
Cash flows from
operating activities
|
|
|
|
Net income
|
$
52,706
|
|
$
58,297
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation
|
12,395
|
|
12,306
|
Amortization
|
6,811
|
|
4,325
|
Equity in
undistributed earnings of associated companies, net of
dividends
|
578
|
|
(3,180)
|
Deferred income
taxes
|
(2,401)
|
|
1,007
|
Uncertain tax
positions (non-deferred portion)
|
(1,122)
|
|
(1,256)
|
Deferred compensation
and other, net
|
14
|
|
3,174
|
Stock-based
compensation
|
5,919
|
|
5,309
|
Restructuring and
related activities
|
6,790
|
|
-
|
Gain on disposal of
property, plant and equipment and other assets
|
(12)
|
|
(86)
|
Insurance settlement
realized
|
(760)
|
|
(1,907)
|
Pension and other
postretirement benefits
|
2,591
|
|
1,265
|
(Decrease) increase
in cash from changes in current assets and current liabilities, net
of acquisitions:
|
|
|
|
Accounts
receivable
|
(188)
|
|
(24,944)
|
Inventories
|
1,292
|
|
(5,484)
|
Prepaid expenses and
other current assets
|
(721)
|
|
2,003
|
Accounts payable and
accrued liabilities
|
(9,040)
|
|
2,999
|
Change in
restructuring liabilities
|
(490)
|
|
-
|
Estimated taxes on
income
|
(930)
|
|
862
|
Net cash provided by
operating activities
|
73,432
|
|
54,690
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Investments in
property, plant and equipment
|
(11,033)
|
|
(13,052)
|
Payments related to
acquisitions, net of cash acquired
|
(24,058)
|
|
(73,527)
|
Proceeds from
disposition of assets
|
135
|
|
201
|
Insurance settlement
interest earned
|
35
|
|
44
|
Change in restricted
cash, net
|
725
|
|
1,863
|
Net cash used in
investing activities
|
(34,196)
|
|
(84,471)
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Proceeds from
long-term debt
|
6,163
|
|
58,771
|
Repayment of
long-term debt
|
(477)
|
|
(1,368)
|
Dividends
paid
|
(16,513)
|
|
(14,562)
|
Stock options
exercised, other
|
1,048
|
|
804
|
Payments for
repurchase of common stock
|
(7,276)
|
|
-
|
Excess tax benefit
related to stock option exercises
|
384
|
|
453
|
Purchase of
noncontrolling interest in affiliates, net
|
-
|
|
(7,422)
|
Payment of
acquisition-related liabilities
|
(226)
|
|
(4,709)
|
Distributions to
noncontrolling affiliate shareholders
|
-
|
|
(1,806)
|
Net cash (used in)
provided by financing activities
|
(16,897)
|
|
30,161
|
|
|
|
|
Effect of exchange
rate changes on cash
|
(6,017)
|
|
(4,141)
|
Net increase
(decrease) in cash and cash equivalents
|
16,322
|
|
(3,761)
|
Cash and cash
equivalents at the beginning of the period
|
64,731
|
|
68,492
|
Cash and cash
equivalents at the end of the period
|
$
81,053
|
|
$
64,731
|
|
|
|
|
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SOURCE Quaker Chemical Corporation