|
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
In Thousands, unless otherwise specified
|
6 Months Ended |
|
Jun. 30, 2014
|
Jun. 30, 2013
|
| Cash flows from operating activities: |
|
|
| Net income |
$ 5,464 |
$ 9,403 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Gain on sale of businesses and purchase of other assets |
(2,039) |
(146) |
| Impairment of goodwill |
1,180 |
100 |
| Loss on early extinguishment of debt |
1,042 |
0 |
| Depreciation and amortization |
5,801 |
5,953 |
| Amortization of deferred financing costs |
456 |
(36) |
| Accretion of discount on convertible subordinated notes |
865 |
0 |
| Provision for losses on accounts receivable |
1,338 |
782 |
| Stock-based compensation expense |
2,782 |
1,624 |
| Deferred income tax expense (benefit) |
(1,884) |
1,894 |
| Loss on redemption of convertible junior subordinated debentures |
3,779 |
0 |
| Gain (Loss) On Repurchase Of Convertible Junior Subordinated Debentures Less Premium Paid |
(2,932) |
|
| Other |
(8) |
210 |
| Changes in operating assets and liabilities that provided (required) cash: |
|
|
| Accounts and preneed receivables |
(1,783) |
(2,070) |
| Inventories and other current assets |
818 |
1,211 |
| Deferred charges and other |
(174) |
24 |
| Preneed funeral and cemetery trust investments |
(10,057) |
(1,363) |
| Accounts payable |
(871) |
(160) |
| Accrued and other liabilities |
(2,117) |
1,265 |
| Deferred preneed funeral and cemetery revenue |
345 |
(9,755) |
| Deferred preneed funeral and cemetery receipts held in trust |
9,229 |
13,879 |
| Net cash provided by operating activities |
13,319 |
22,815 |
| Cash flows from investing activities: |
|
|
| Acquisitions and land for new construction |
(54,850) |
(6,051) |
| Net proceeds from the sale of businesses and other assets |
200 |
2,736 |
| Capital expenditures |
(9,693) |
(4,468) |
| Net cash used in investing activities |
(64,343) |
(7,783) |
| Cash flows from financing activities: |
|
|
| Net (payments) borrowings on the revolving credit facility |
5,500 |
(10,100) |
| Net (payments) borrowings on the term loan |
8,000 |
(5,000) |
| Proceeds from the issuance of convertible subordinated notes |
143,750 |
0 |
| Payment of debt issuance costs related to the convertible subordinated notes |
(4,650) |
0 |
| Payments on other long-term debt and obligations under capital leases |
(542) |
(307) |
| Redemption of convertible junior subordinated debentures |
(89,748) |
0 |
| Payments for performance-based stock awards |
(16,150) |
0 |
| Proceeds from the exercise of stock options and employee stock purchase plan contributions |
863 |
492 |
| Dividends on common stock |
(917) |
(906) |
| Dividend on redeemable preferred stock |
0 |
(4) |
| Payment of loan origination costs related to the credit facility |
(797) |
(565) |
| Excess tax benefit of equity compensation |
5,069 |
1,178 |
| Net cash provided by (used in) financing activities |
50,378 |
(15,212) |
| Net decrease in cash and cash equivalents |
(646) |
(180) |
| Cash and cash equivalents at beginning of period |
1,377 |
|
| Cash and cash equivalents at end of period |
$ 731 |
|