|
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Aug. 31, 2012
|
Aug. 31, 2011
|
Aug. 31, 2010
|
| Operating activities: |
|
|
|
| Net income (loss) |
$ (9,566) |
$ (5,117) |
$ 6,683 |
| Less: Net income from discontinued operations |
|
|
16,312 |
| Net loss from continuing operations |
(9,566) |
(5,117) |
(9,629) |
| Adjustments to reconcile net loss from continuing operations to net cash provided by (used in ) operations: |
|
|
|
| Depreciation and amortization |
14,127 |
14,415 |
14,791 |
| Loss on redemption of Series A Preferred Stock |
6,599 |
|
|
| Non-cash interest on Series A Preferred Stock |
|
3,859 |
1,452 |
| Stock-based compensation |
1,387 |
1,117 |
1,611 |
| Loss (gain) on sale and disposal of assets |
26 |
6 |
(2) |
| Deferred income tax expense (benefit) |
4,965 |
142 |
(4,578) |
| Gain on derivative transactions |
(176) |
(1,620) |
(3,134) |
| Foreign currency transaction gain |
|
|
(419) |
| Loss on early extinguishment of debt |
|
|
1,049 |
| Other |
20 |
|
|
| Change in operating assets and liabilities: |
|
|
|
| Trade accounts receivable |
(4,450) |
(2,769) |
5,250 |
| Inventories |
(6,460) |
(11,264) |
1,405 |
| Decrease (increase) in margin accounts |
2,285 |
1,975 |
(502) |
| Prepaid expenses |
(536) |
(754) |
(383) |
| Accounts payable and accrued liabilities |
2,105 |
2,250 |
(808) |
| Income tax receivable |
(96) |
3,557 |
(138) |
| Payment of interest on Series A Preferred Stock, net |
(5,311) |
|
|
| Other |
(2,359) |
(2,269) |
3,893 |
| Net cash flow provided by operating activities - continuing operations |
2,560 |
3,528 |
9,858 |
| Investing activities: |
|
|
|
| Acquisitions of property, plant and equipment, net |
(14,146) |
(8,295) |
(5,980) |
| Acquisition of Carolina Starches, net of cash acquired |
(8,347) |
|
|
| Net proceeds received from sale of discontinued operations and other |
75 |
42 |
20,712 |
| Net cash provided by (used in) investing activities - continuing operations |
(22,418) |
(8,253) |
14,732 |
| Financing activities: |
|
|
|
| Proceeds from revolving line of credit |
88,706 |
38,550 |
30,700 |
| Payments on revolving line of credit |
(28,200) |
(35,350) |
(58,033) |
| Proceeds from issuance of long-term debt |
|
|
2,000 |
| Payments on long-term debt |
(200) |
(200) |
(45,992) |
| Redemption of Series A preferred stock |
(40,000) |
|
|
| Proceeds from issuance of preferred stock |
|
|
40,000 |
| Issuance costs of preferred stock |
|
|
(1,995) |
| Payments on capital lease obligations |
(249) |
(253) |
(245) |
| Payment of loan fees |
(973) |
|
(1,227) |
| Proceeds from financing arrangements |
2,255 |
1,711 |
2,386 |
| Payments on financing arrangements |
(2,050) |
(2,324) |
(2,176) |
| Increase in cash overdraft |
434 |
2,518 |
4,385 |
| Other |
8 |
39 |
19 |
| Net cash provided by (used in) financing activities - continuing operations |
19,731 |
4,691 |
(30,178) |
| Cash flows from discontinued operations: |
|
|
|
| Net cash provided by operating activities |
|
|
6,329 |
| Net cash used in investing activities |
|
|
(2,848) |
| Net cash used in financing activities |
|
|
(3,399) |
| Effect of exchange rate changes on cash and cash equivalents |
|
|
(353) |
| Net cash used in discontinued operations |
|
|
(271) |
| Decrease in cash and cash equivalents |
(127) |
(34) |
(5,859) |
| Cash and cash equivalents of continuing operations , beginning of year |
281 |
315 |
5,540 |
| Cash balance of discontinued operations, beginning of year |
|
|
634 |
| Cash and cash equivalents, end of year |
154 |
281 |
315 |
| Supplemental disclosure of cash flow information Cash paid during the year for: |
|
|
|
| Interest |
12,481 |
3,815 |
4,939 |
| Income taxes paid (refunded), net |
260 |
(3,373) |
(172) |
| Noncash investing and financing activities: |
|
|
|
| Capital lease obligations incurred for certain equipment leases |
$ 152 |
$ 10 |
$ 34 |