|
Consolidated Statement of Cash Flows Statement (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2012
|
Mar. 31, 2011
|
| Cash Flows from Operating Activities: |
|
|
| Net Income |
$ 12,250 |
$ 11,750 |
| Adjustments to reconcile net income to net cash used for operating activities, net of acquisition impact: |
|
|
| Gain on disposition of property and equipment |
300 |
60 |
| Depreciation |
6,450 |
6,230 |
| Amortization of intangible assets |
4,200 |
3,500 |
| Amortization of debt issue costs |
910 |
760 |
| Deferred income taxes |
670 |
9,530 |
| Non-cash compensation expense |
1,410 |
860 |
| Excess tax benefit from stock based compensation |
(1,770) |
(1,510) |
| Increase in receivables |
(33,260) |
(41,710) |
| Increase in inventories |
(15,040) |
(2,760) |
| Increase in prepaid expenses and other assets |
(1,000) |
(3,240) |
| Decrease in accounts payable and accrued liabilities |
(15,550) |
(11,550) |
| Other, net |
1,630 |
1,200 |
| Net cash used for operating activities, net of acquisition impact |
(39,400) |
(27,000) |
| Cash Flows from Investing Activities: |
|
|
| Capital expenditures |
(11,370) |
(6,810) |
| Acquisition of businesses, net of cash acquired |
(59,190) |
0 |
| Net proceeds from disposition of assets |
320 |
500 |
| Net cash used for investing activities |
(70,240) |
(6,310) |
| Cash Flows from Financing Activities: |
|
|
| Proceeds from borrowings on term loan facilities |
36,420 |
1,530 |
| Repayments of borrowings on term loan facilities |
(31,010) |
(650) |
| Proceeds from borrowings on revolving credit facilities and accounts receivable facility |
180,000 |
135,700 |
| Repayments of borrowings on revolving credit facilities and accounts receivable facility |
(156,000) |
(135,700) |
| Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations |
(990) |
(720) |
| Proceeds from exercise of stock options |
5,490 |
180 |
| Excess tax benefits from stock based compensation |
1,770 |
1,510 |
| Net cash provided by financing activities |
35,680 |
1,850 |
| Decrease for the period |
(73,960) |
(31,460) |
| At beginning of period |
88,920 |
46,370 |
| At end of period |
14,960 |
14,910 |
| Supplemental disclosure of cash flow information: |
|
|
| Cash paid for interest |
3,080 |
4,730 |
| Cash paid for taxes |
$ 8,050 |
$ 2,600 |