|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 30,515 |
$ 4,063 |
$ 34,157 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
21,056 |
17,999 |
16,430 |
| Impairment of intangible assets |
266 |
129 |
|
| Provisions for losses on receivables |
103 |
48 |
48 |
| Share based compensation |
1,982 |
3,721 |
3,295 |
| Deferred income taxes |
3,579 |
2,272 |
4,255 |
| Changes in assets and liabilities: |
|
|
|
| Receivables |
(2,630) |
(494) |
(4,751) |
| Inventories |
(26,855) |
(1,766) |
10,181 |
| Prepaid expenses and other current assets |
(191) |
(616) |
126 |
| Other assets |
4,092 |
(6,379) |
(3,850) |
| Accounts payable |
1,644 |
(779) |
761 |
| Accrued liabilities |
(5,250) |
11,855 |
(95) |
| Pension liability, net |
(2,144) |
(735) |
(748) |
| Other long-term liabilities |
165 |
52 |
816 |
| Net cash provided by operating activities |
32,020 |
26,735 |
62,721 |
| Cash flows from investing activities: |
|
|
|
| Proceeds from disposition of assets |
470 |
6,152 |
2,339 |
| Land and building purchased in capital lease extinguishment |
(5,005) |
|
|
| Capital expenditures |
(24,796) |
(25,064) |
(23,352) |
| Net cash used in investing activities |
(56,007) |
(18,731) |
(32,211) |
| Cash flows from financing activities: |
|
|
|
| Principal payments of long-term debt |
(3,058) |
(2,994) |
(3,007) |
| Principal payments of capital lease obligation |
(309) |
(517) |
(474) |
| Debt issuance costs |
|
(389) |
|
| Proceeds from stock options exercised |
4,009 |
469 |
2,879 |
| Excess tax benefit of stock options exercised |
1,406 |
34 |
1,699 |
| Net cash provided by (used in) financing activities |
2,048 |
(3,397) |
1,097 |
| Net (decrease) increase in cash and cash equivalents |
(21,939) |
4,607 |
31,607 |
| Cash and cash equivalents at beginning of year |
55,998 |
51,391 |
19,784 |
| Cash and cash equivalents at end of year |
34,059 |
55,998 |
51,391 |
| Cash paid during the year for: |
|
|
|
| Interest |
1,865 |
1,991 |
2,205 |
| Income taxes |
8,107 |
3,836 |
12,257 |
|
Disposal of Assets and Plant Closure [Member]
|
|
|
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
| Loss (gain) on disposition of assets |
5,514 |
|
|
|
Disposal of Assets [Member]
|
|
|
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
| Loss (gain) on disposition of assets |
174 |
(2,635) |
2,096 |
|
InCon [Member]
|
|
|
|
| Cash flows from investing activities: |
|
|
|
| Acquisitions |
|
181 |
(9,028) |
|
Wisconsin Specialty Protein [Member]
|
|
|
|
| Cash flows from investing activities: |
|
|
|
| Acquisitions |
(26,676) |
|
|
|
Cyvex [Member]
|
|
|
|
| Cash flows from investing activities: |
|
|
|
| Acquisitions |
|
|
$ (2,170) |