· Financial Highlights · Consolidated Balance Sheets · Consolidated Statements of Earnings · Consolidated Statements of Shareholders' Equity · Consolidated Statements of Cash Flows · Notes to Consolidated Financial Statements · Independent Auditors' Report · Management's Discussion and Analysis of Financial Condition and Results of Operations
		Consolidated Statements of Cash Flows In thousands Years ended December 31,
						1995			1994			1993
		Operating Activities:
		Net earnings			$	17,395			13,217			10,167
		Adjustments to reconcile net earnings to net cash provided by operating activities:
			Provision for losses on accounts receivable			710			1,322			1,583
			Depreciation and amortization			6,629			4,919			3,692
			Deferred income tax benefit			(340	)		(2,461	)		(533	)
			Amortization of cost in excess of net assets of acquired businesses			320			244			186
			Provision for insurance claims			-			-			914
			Changes in operating assets and liabilities:
				Increase in accounts receivable		(24,054	)		(15,725	)		(23,407	)
				Increase in accounts payable, accrued expenses and taxes payable		24,525			9,571			12,860
				Other		(1,641	)		107			(1,163	)
		Net cash provided by operating activities (balances carried forward)			$	23,544			11,194			4,299
		Investing Activities:
		Decrease (increase) in short-term investments				2,353			(1,325	)		(1,485	)
		Purchase of property and equipment				(9,302	)		(8,561	)		(5,687	)
		Other				(977	)		(1,147	)		(1,021	)
		Net cash used in investing activities				(7,926	)		(11,033	)		(8,193	)
		Financing Activities:
		Short-term borrowings, net				44			(4,092	)		4,328
		Principal payments on long-term debt				-			-			(902	)
		Proceeds from issuance of common stock				2,134			2,180			489
		Repurchases of common stock				(2,063	)		(2,173	)		-
		dividends paid				(1,438	)		(1,191	)		(1,182	)
		Net cash (used in) provided by financing activities				(1,323	)		(5,276	)		2,733
		Effect of exchange rate changes on cash				420			369			(516	)
		Increase (decrease) in cash and cash equivalents				14,715			(4,746	)		(1,677	)
		Cash and cash equivalents at beginning of year				21,427			26,173			27,850
		Cash and cash equivalents at end of year			$	36,142			21,427			26,173
		Interest and Taxes paid:
			Interest		$	306			158			309
			Income taxes			13,697			8,797			7,701
		See accompanying notes to consolidated financial statements.

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