|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Cash Flows from Operating Activities: |
|
|
| Net (loss) income |
$ (27,326) |
$ 7,440 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Asset impairment charge, net |
64,726 |
283 |
| Provision for doubtful accounts |
1,169 |
547 |
| Amortization of deferred financing costs |
789 |
703 |
| Amortization of long-term liabilities |
25 |
41 |
| Share-based compensation expense |
3,250 |
4,164 |
| Depreciation and amortization |
15,539 |
9,145 |
| Gain on sale of rental fleet units |
(1,972) |
(1,711) |
| Loss on disposal of property, plant and equipment |
335 |
72 |
| Deferred income taxes |
(18,233) |
3,954 |
| Foreign currency loss |
|
1 |
| Changes in certain assets and liabilities, net of effect of businesses acquired: |
|
|
| Receivables |
(636) |
778 |
| Inventories |
157 |
228 |
| Deposits and prepaid expenses |
446 |
(1,276) |
| Other assets and intangibles |
9 |
(5) |
| Accounts payable |
1,033 |
3,061 |
| Accrued liabilities |
(839) |
(613) |
| Net cash provided by operating activities |
38,472 |
26,812 |
| Cash Flows from Investing Activities: |
|
|
| Cash paid for businesses acquired, net of cash acquired |
(1,200) |
(4,217) |
| Additions to rental fleet, excluding acquisitions |
(10,480) |
(4,078) |
| Proceeds from sale of rental fleet units |
4,842 |
5,627 |
| Additions to property, plant and equipment, excluding acquisitions |
(4,241) |
(2,628) |
| Proceeds from sale of property, plant and equipment |
607 |
908 |
| Net cash used in investing activities |
(10,472) |
(4,388) |
| Cash Flows from Financing Activities: |
|
|
| Net repayments under lines of credit |
(4,137) |
(16,307) |
| Deferred financing costs |
(100) |
|
| Principal payments on capital lease obligations |
(849) |
(367) |
| Issuance of common stock |
32 |
1,949 |
| Dividend payments |
(8,509) |
(7,849) |
| Purchase of treasury stock |
(15,284) |
(407) |
| Net cash used in financing activities |
(28,847) |
(22,981) |
| Effect of exchange rate changes on cash |
156 |
(132) |
| Net decrease in cash |
(691) |
(689) |
| Cash and cash equivalents at beginning of period |
3,739 |
1,256 |
| Cash and cash equivalents at end of period |
3,048 |
567 |
| Supplemental Disclosure of Cash Flow Information: |
|
|
| Equipment acquired through capital lease obligations |
2,201 |
1,983 |
| Capital expenditures accrued or payable |
$ 9,624 |
$ 1,246 |