consolidated
statements of
cash flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands
years ended
December 31, |
1997 |
|
|
|
|
|
|
|
|
|
|
1996 |
|
1995 |
| operating activities |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Net
earnings |
$ 38,411 |
|
24,263 |
|
17,395 |
|
| Adjustments
to reconcile net |
|
|
|
|
|
|
|
earnings
to net cash provided |
|
|
|
|
|
|
|
by
operating activities: |
|
|
|
|
|
|
|
Provision
for losses on |
|
|
|
|
|
|
|
|
accounts
receivable |
3,344 |
|
2,120 |
|
710 |
|
|
Depreciation
and amortization |
11,159 |
|
8,147 |
|
6,629 |
|
|
Deferred
income tax |
|
|
|
|
|
|
|
|
expense
(benefit) |
2,253 |
|
(37 |
) |
(340 |
) |
|
Amortization
of cost in |
|
|
|
|
|
|
|
|
excess
of net assets of |
|
|
|
|
|
|
|
|
acquired
businesses |
500 |
|
363 |
|
320 |
|
|
Changes
in operating assets |
|
|
|
|
|
|
|
|
and
liabilities: |
|
|
|
|
|
|
|
|
Increase
in accounts receivable |
(38,959 |
) |
(45,795 |
) |
(24,054 |
) |
|
|
Increase
in accounts payable, |
|
|
|
|
|
|
|
|
|
accrued expenses
and |
|
|
|
|
|
|
|
|
|
taxes payable |
44,551 |
|
35,669 |
|
24,525 |
|
|
|
Other |
(1,455 |
) |
(563 |
) |
(1,641 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
cash provided by |
|
|
|
|
|
|
|
operating
activities |
59,804 |
|
24,167 |
|
23,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Decrease
(increase) in |
|
|
|
|
|
|
|
short-term
investments |
(13 |
) |
87 |
|
2,353 |
|
| Purchase
of property and |
|
|
|
|
|
|
|
equipment |
(36,007 |
) |
(20,824 |
) |
(9,302 |
) |
| Acquisition,
net of cash |
(7,076 |
) |
– |
|
– |
|
| Other |
(825 |
) |
(3,058 |
) |
(977 |
) |
|
|
|
|
|
|
|
|
|
|
| Net
cash used in |
|
|
|
|
|
|
|
investing
activities |
(43,921 |
) |
(23,795 |
) |
(7,926 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-term
borrowings, net |
(2,887 |
) |
3,164 |
|
44 |
|
| Proceeds
from issuance |
|
|
|
|
|
|
|
of
common stock |
3,628 |
|
2,732 |
|
2,134 |
|
| Repurchases
of common stock |
(3,091 |
) |
(3,320 |
) |
(2,063 |
) |
| dividends
paid |
(2,444 |
) |
(1,933 |
) |
(1,438 |
) |
|
|
|
|
|
|
|
|
|
|
| Net
cash provided by (used in) |
|
|
|
|
|
|
|
financing
activities |
(4,794 |
) |
643 |
|
(1,323 |
) |
| Effect
of exchange rate |
|
|
|
|
|
|
|
changes
on cash |
(5,961 |
) |
(191 |
) |
420 |
|
|
|
|
|
|
|
|
|
|
|
| Increase
in cash |
|
|
|
|
|
|
|
and cash
equivalents |
5,128 |
|
824 |
|
14,715 |
|
| Cash
and cash equivalents |
|
|
|
|
|
|
|
at
beginning of year |
36,966 |
|
36,142 |
|
21,427 |
|
|
|
|
|
|
|
|
|
|
|
| Cash
and cash equivalents |
|
|
|
|
|
|
|
at end
of year |
$ 42,094 |
|
36,966 |
|
36,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| interest and taxes paid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest |
$ 865 |
|
282 |
|
306 |
|
| Income
taxes |
21,148 |
|
13,580 |
|
13,697 |
|
|
|
|
|
|
|
|
| non-cash investing and financing activities |
|
|
|
| During
1996 the Company purchased real estate for $5.7 million with short-term financing provided
by the seller. No principal was paid in 1996. The obligation was paid in February 1997. |
| see accompanying notes to consolidated financial statements |
|
 |
