SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 29, 2012
REX AMERICAN RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware | 001-09097 | 31-1095548 | ||
| (State or other jurisdiction | (Commission File No.) | (IRS Employer Identification No.) | ||
| of incorporation) | ||||
| 2875 Needmore Road, Dayton, Ohio | 45414 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (937) 276-3931
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
| Item 2.02. Results of Operations and Financial Condition |
On August 29, 2012, REX American Resources Corporation issued a press release announcing financial results for the three month period ended July 31, 2012. The press release is furnished as Exhibit 99 to this report.
| Item 9.01. Financial Statements and Exhibits | ||||
| (c) |
Exhibits. The following exhibits are furnished with this report:
99 Press Release dated August 29, 2012 | |||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| REX AMERICAN RESOURCES CORPORATION | |||
| Date: August 29, 2012 | |||
| By: | /s/ DOUGLAS L. BRUGGEMAN | ||
| ______________________________________________________ | |||
| Name: | Douglas L. Bruggeman | ||
| Title: | Vice President - Finance, | ||
| Chief Financial Officer | |||
| and Treasurer | |||
Exhibit 99
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News Announcement |
For Immediate Release |
REX AMERICAN RESOURCES SECOND QUARTER
REVENUE
RISES TO $153 MILLION; DILUTED EPS OF $0.10
Dayton, Ohio, (August 29, 2012) -- REX American Resources Corporation (NYSE: REX) today reported financial results for its fiscal 2012 second quarter (“Q2 ‘12”) ended July 31, 2012. REX management will host a conference call and webcast today at 11:00 a.m. ET:
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Conference Call: |
212/271-4651 |
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Webcast / Replay URL: |
www.rexamerican.com/Corp/Page4.aspx |
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The webcast will be available for replay for 30 days |
REX’s Q2 ‘12 results principally reflect its alternative energy segment interests in seven ethanol production facilities. The operations of One Earth Energy, LLC (“One Earth”) and NuGen Energy, LLC (“NuGen”) are consolidated (NuGen was not in the comparable year-ago period), while those of its five other plants are reported as equity in income of unconsolidated affiliates. REX’s Q2 ‘12 net sales and revenue rose 107.6% to $153.2 million, from $73.8 million in Q2 ‘11, primarily reflecting the consolidation of NuGen.
REX recognizes certain results from its ethanol interests on a quarterly calendar basis, and as a result, REX’s Q2 results include results from ethanol operations for the period April 1, 2012 through June 30, 2012, with the exception of NuGen, which is for the period May 1, 2012 through July 31, 2012.
Reflecting the recent industry-wide compression of ethanol margins and lower income from discontinued operations, net income attributable to REX shareholders in Q2 ‘12 was $0.8 million, or $0.10 per diluted share, compared with $2.3 million, or $0.25 per diluted share, in Q2 ‘11. Q2 ‘12 income from continuing operations net of tax attributable to REX shareholders was $0.6 million, or $0.07 per diluted share, compared with $2.0 million, or $0.21 per diluted share, in Q2 ‘11. During Q2 ‘11 REX received and recognized $2.9 million in pre-tax income (or approximately $0.18 per diluted share) from a prior investment in a synthetic fuel facility in Gillette, Wyoming. REX recorded income from discontinued operations, including gain on disposal of discontinued operations, of $0.2 million, or $0.03 per diluted share for Q2 ‘12, compared with $0.4 million, or $0.04 per diluted share in Q2 ‘11. Per share results in Q2 ‘12 and Q2 ‘11 are based on 8,385,000 and 9,550,000 diluted weighted average shares outstanding, respectively. The 12.2% reduction in the shares outstanding principally reflects the Company’s repurchase of 1,305,589 shares in open market transactions in FY ‘11 and shares repurchased in the first half of FY ‘12, partially offset by shares exercised pursuant to options.
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REX American Resources Q2’ 12 Results, 8/29/12 |
page 2 |
Gross profit from REX’s consolidated alternative energy operations rose to $7.0 million in Q2 ‘12, from $1.0 million in Q2’ 11, primarily reflecting the consolidation of NuGen’s operations in the Company’s results and improved results at One Earth. Overall gross profit (inclusive of the Company’s real estate segment) rose to $6.8 million in Q2’ 12, from a loss of $0.2 million in Q2’ 11, which included a $1.2 million impairment charge related to a former distribution center. In Q2 ‘12, equity in loss of unconsolidated affiliates was $0.5 million, compared with income of $3.8 million in Q2 ‘11, primarily due to lower results from the Company’s unconsolidated ethanol production interests and the benefit in the prior year from the inclusion of NuGen prior to consolidation. REX’s Q2 ‘12 income from continuing operations before income taxes and non-controlling interests was $1.5 million, compared with $3.2 million in Q2 ‘11.
REX CEO, Stuart Rose, commented, “During the second quarter, the ethanol production industry’s profitability remained challenged by lower crush spread margins. We partially offset this impact as rising dried distillers grains pricing and corn oil extraction systems at our facilities allowed us to optimize the efficiency and utilization of our plants.
“Looking forward, we believe our expanded scale, state-of-the-art ethanol plants located across the Corn Belt, along with our operating disciplines at the plant and corporate level, help to position REX as one of the leading companies in the ethanol industry. These factors contributed to our ability to once again outperform the industry and remain profitable in the face of a challenging environment and will be important growth drivers when crush spreads return to more historical levels.”
Balance Sheet and Share Repurchase Program
At July 31, 2012, REX had cash and cash equivalents of $64.0 million, $48.1
million of which was at the parent and approximately $15.9 million of which was
at its consolidated ethanol production facilities. This compares with cash and
cash equivalents of $75.0 million at January 31, 2012, $46.1 million of which
was at the parent and $28.9 million of which was at its consolidated ethanol
production facilities.
REX repurchased 137,482 common shares in Q2 ‘12 at an average price of $17.97. In Q3 ‘12 to date, the Company repurchased an additional 20,912 shares at an average price of $18.24, and reflecting the August 2, 2012 authorization for the Company to repurchase 500,000 additional shares (as well as the shares remaining under the prior authorization), the Company is currently authorized to repurchase 504,061 common shares. Reflecting all share repurchases to date, REX has 8,238,886 shares outstanding.
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REX American Resources Q2’ 12 Results, 8/29/12 |
page 3 |
At July 31, 2012, REX had lease agreements, as landlord for six former retail store locations. REX has 13 owned former retail stores that were vacant at July 31, 2012, which it is marketing to lease or sell (four of which have temporary fall seasonal leases). In addition, one former distribution center is partially leased, partially occupied by the REX corporate office and partially vacant. The real estate segment revenue reflects rental income derived from these sites.
Segment Income Statement Data
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($ in thousands) |
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Three Months |
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Six Months |
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2012 |
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2011 |
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2012 |
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2011 |
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Net sales and revenue: |
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Alternative energy (1) |
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$ |
152,778 |
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$ |
73,531 |
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$ |
303,442 |
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$ |
154,413 |
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Real estate |
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386 |
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265 |
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736 |
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546 |
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Total net sales and revenues |
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$ |
153,164 |
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$ |
73,796 |
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$ |
304,178 |
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$ |
154,959 |
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Segment gross profit (loss): |
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Alternative energy (1) |
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$ |
7,027 |
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$ |
952 |
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$ |
12,537 |
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$ |
5,730 |
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Real estate |
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(233 |
) |
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(1,171 |
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(277 |
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(1,219 |
) |
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Total gross profit (loss) |
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$ |
6,794 |
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$ |
(219 |
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$ |
12,260 |
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$ |
4,511 |
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Segment profit (loss): |
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Alternative energy segment profit (1) |
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$ |
2,432 |
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$ |
2,061 |
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$ |
4,901 |
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$ |
10,459 |
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Real estate segment loss |
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(289 |
) |
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(1,218 |
) |
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(382 |
) |
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(1,331 |
) |
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Corporate expense |
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(623 |
) |
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(615 |
) |
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(1,136 |
) |
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(1,232 |
) |
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Interest expense |
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(21 |
) |
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(27 |
) |
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(45 |
) |
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(61 |
) |
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Interest income |
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19 |
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73 |
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49 |
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215 |
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Income from synthetic fuel investments |
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- |
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2,883 |
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- |
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2,883 |
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Income from continuing operations
before |
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$ |
1,518 |
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$ |
3,157 |
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$ |
3,387 |
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$ |
10,933 |
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(1) |
Includes results attributable to non-controlling interests of approximately 26% for One Earth in fiscal years 2012 and 2011 and approximately 1% for NuGen in fiscal year 2012. |
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Certain amounts differ from those previously reported as a result of certain sold real estate assets being reclassified as discontinued operations. |
Segment Assets
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July 31, 2012 |
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January 31, 2012 |
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($ in thousands) |
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Alternative energy |
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$ |
347,600 |
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$ |
367,029 |
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Real estate |
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14,911 |
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17,458 |
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Corporate |
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54,010 |
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53,562 |
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Total assets |
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$ |
416,521 |
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$ |
438,049 |
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REX American Resources Q2’ 12 Results, 8/29/12 |
page 4 |
Supplemental Data Related to REX’s Alternative Energy Interests
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REX American Resources Corporation |
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Entity |
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Trailing |
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Current REX |
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REX’s Current Effective |
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One Earth
Energy, LLC |
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106.6M |
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74% |
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78.9M |
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NuGen Energy,
LLC |
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112.9M |
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99% |
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111.8M |
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Patriot
Holdings, LLC |
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114.0M |
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27% |
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30.8M |
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Big River
Resources West Burlington, LLC |
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101.9M |
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10% |
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10.2M |
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Big River
Resources Galva, LLC |
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105.2M |
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10% |
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10.5M |
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Big River United
Energy, LLC |
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111.9M |
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5% |
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5.6M |
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Big River
Resources Boyceville, LLC |
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57.2M |
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10% |
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5.7M |
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Total |
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709.7M |
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n/a |
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253.5M |
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(1) |
REX’s current effective annual gallons sold represents seven months of ownership of Big River Resources Boyceville, LLC on an annualized basis. |
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Three Months |
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Six Months |
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% |
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% |
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Average Price/Cost |
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2012 |
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2011 |
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2012 |
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2011 |
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Ethanol – gallon |
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$ |
2.12 |
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$ |
2.52 |
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(15.9 |
)% |
$ |
2.13 |
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$ |
2.42 |
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(12.0 |
)% |
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Dried distillers grains - ton |
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$ |
216.95 |
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$ |
192.81 |
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12.5 |
% |
$ |
206.99 |
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$ |
189.01 |
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9.5 |
% |
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Grain – bushel |
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$ |
6.49 |
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$ |
6.57 |
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(1.2 |
)% |
$ |
6.46 |
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$ |
6.85 |
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(5.7 |
)% |
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Natural gas – mmbtu |
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$ |
3.32 |
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$ |
4.37 |
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(24.0 |
)% |
$ |
3.72 |
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$ |
4.38 |
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(15.1 |
)% |
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About REX American Resources Corporation |
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REX American Resources has interests in seven ethanol production facilities which in aggregate shipped approximately 710 million annualized gallons of ethanol over the twelve month period ended July 31, 2012. REX’s current effective ownership of the trailing twelve month annualized gallons shipped (for the period ended July 31, 2012) by the ethanol production facilities in which it has ownership interests is approximately 253 million gallons. Further information about REX is available at www.rexamerican.com. |
-more-
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REX American Resources Q2’ 12 Results, 8/29/12 |
page 5 |
This news announcement contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as “may,” “expect,” “believe,” “estimate,” “anticipate” or “continue” or the negative thereof or other variations thereon or comparable terminology. Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements. These risks and uncertainties include the risk factors set forth from time to time in the Company’s filings with the Securities and Exchange Commission and include among other things: the impact of legislative changes, the price volatility and availability of corn, dried distillers grains, ethanol, corn oil, gasoline and natural gas, ethanol plants operating efficiently and according to forecasts and projections, changes in the national or regional economies, weather, the effects of terrorism or acts of war, changes in real estate market conditions and the impact of Internal Revenue Service audits. The Company does not intend to update publicly any forward-looking statements except as required by law.
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Contact: |
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Douglas Bruggeman |
Joseph Jaffoni, Norberto Aja |
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Chief Financial Officer |
JCIR |
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937/276-3931 |
212/835-8500 |
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rex@jcir.com |
-statement of operations follow-
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REX American Resources Q2’ 12 Results, 8/29/12 |
page 6 |
REX AMERICAN RESOURCES CORPORATION AND
SUBSIDIARIES
Consolidated Condensed Statements of Operations
(in thousands, except per share amounts)
Unaudited
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Three Months |
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Six Months |
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2012 |
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2011 |
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2012 |
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2011 |
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Net sales and revenue |
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$153,164 |
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$ |
73,796 |
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$ |
304,178 |
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$ |
154,959 |
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Cost of sales |
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146,370 |
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|
74,015 |
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|
291,918 |
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|
150,448 |
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Gross profit (loss) |
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6,794 |
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|
(219 |
) |
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|
12,260 |
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|
|
4,511 |
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Selling, general and administrative expenses |
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(3,584 |
) |
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|
(1,974 |
) |
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(6,171 |
) |
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(4,285 |
) |
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Equity in (loss) income of unconsolidated affiliates |
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(481 |
) |
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|
3,761 |
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|
(39 |
) |
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|
9,543 |
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Income from synthetic fuel investments |
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- |
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|
2,883 |
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|
- |
|
|
|
2,883 |
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Interest income |
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|
41 |
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|
|
101 |
|
|
|
90 |
|
|
|
271 |
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Interest expense |
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|
(1,173 |
) |
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|
(638 |
) |
|
|
(2,527 |
) |
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|
(1,301 |
) |
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Losses on derivative financial instruments, net |
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|
(79 |
) |
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|
(757 |
) |
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|
(226 |
) |
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|
(689 |
) |
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Income from continuing operations before income taxes |
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|
1,518 |
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|
|
3,157 |
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|
|
3,387 |
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|
|
10,933 |
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Provision for income taxes |
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|
(460 |
) |
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|
(1,499 |
) |
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|
(1,003 |
) |
|
|
(4,232 |
) |
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Income from continuing operations |
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|
1,058 |
|
|
|
1,658 |
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|
|
2,384 |
|
|
|
6,701 |
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|
Income from discontinued operations, net of tax |
|
|
175 |
|
|
|
335 |
|
|
|
348 |
|
|
|
714 |
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Gain on disposal of discontinued operations, net of tax |
|
|
56 |
|
|
|
40 |
|
|
|
49 |
|
|
|
174 |
|
|
|
|
|
|
|
|
|
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Net income |
|
|
1,289 |
|
|
|
2,033 |
|
|
|
2,781 |
|
|
|
7,589 |
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|
Net (income) loss attributable to
noncontrolling |
|
|
(483 |
) |
|
|
314 |
|
|
|
(1,042 |
) |
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|
(590 |
) |
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Net income attributable to REX common shareholders |
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|
$ |
806 |
|
|
$ |
2,347 |
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|
$ |
1,739 |
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|
$ |
6,999 |
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Weighted average shares outstanding – basic |
|
|
|
8,347 |
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|
|
9,513 |
|
|
|
8,354 |
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|
9,473 |
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Basic income per share from
continuing operations |
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|
|
$0.07 |
|
|
|
$0.21 |
|
|
|
$0.16 |
|
|
|
$0.64 |
|
|
Basic income per share from
discontinued operations |
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|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.04 |
|
|
|
0.08 |
|
|
Basic income per share on
disposal of discontinued |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
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|
0.02 |
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Basic net income per share
attributable to REX common |
|
|
|
$0.10 |
|
|
|
$0.25 |
|
|
|
$0.21 |
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|
|
$0.74 |
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|
|
|
|
Weighted average shares outstanding – diluted |
|
|
|
8,385 |
|
|
|
9,550 |
|
|
|
8,414 |
|
|
|
9,557 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per share from
continuing operations |
|
|
|
$0.07 |
|
|
|
$0.21 |
|
|
|
$0.16 |
|
|
|
$0.64 |
|
|
Diluted income per share from
discontinued operations |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.04 |
|
|
|
0.07 |
|
|
Diluted income per share on
disposal of discontinued |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Diluted net income per share
attributable to REX |
|
|
|
$0.10 |
|
|
|
$0.25 |
|
|
|
$0.21 |
|
|
|
$0.73 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to REX common shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of tax |
|
|
$ |
575 |
|
|
|
$1,972 |
|
|
|
$1,342 |
|
|
|
$6,111 |
|
|
Income from discontinued operations, net of tax |
|
|
|
231 |
|
|
|
375 |
|
|
|
397 |
|
|
|
888 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income |
|
|
$ |
806 |
|
|
|
$2,347 |
|
|
|
$1,739 |
|
|
|
$6,999 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
* |
Certain amounts differ from those previously reported as a result of certain real estate assets being reclassified as discontinued operations. |
-balance sheet follows-
|
|
|
|
REX American Resources Q2’ 12 Results, 8/29/12 |
page 7 |
REX AMERICAN RESOURCES CORPORATION AND
SUBSIDIARIES
Consolidated Condensed Balance Sheet
(in thousands) Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
July 31, |
|
January 31, |
|
||
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
63,962 |
|
$ |
75,013 |
|
|
Accounts receivable |
|
|
14,879 |
|
|
12,784 |
|
|
Inventories |
|
|
29,354 |
|
|
30,349 |
|
|
Refundable income taxes |
|
|
1,513 |
|
|
1,816 |
|
|
Prepaid expenses and other |
|
|
4,576 |
|
|
3,987 |
|
|
Deferred taxes, net |
|
|
2,530 |
|
|
3,090 |
|
|
|
|
|
|
||||
|
Total current assets |
|
|
116,814 |
|
|
127,039 |
|
|
Property and equipment, net |
|
|
232,245 |
|
|
240,084 |
|
|
Other assets |
|
|
7,215 |
|
|
7,884 |
|
|
Equity method investments |
|
|
59,564 |
|
|
61,679 |
|
|
Restricted investments and deposits |
|
|
683 |
|
|
1,363 |
|
|
|
|
|
|
||||
|
Total assets |
|
$ |
416,521 |
|
$ |
438,049 |
|
|
|
|
|
|
||||
|
Liabilities and equity: |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Current portion of long-term debt, alternative energy |
|
$ |
12,454 |
|
$ |
14,972 |
|
|
Current portion of long-term debt, other |
|
|
261 |
|
|
250 |
|
|
Accounts payable, trade |
|
|
3,204 |
|
|
6,985 |
|
|
Deferred income |
|
|
1,315 |
|
|
1,864 |
|
|
Accrued real estate taxes |
|
|
2,100 |
|
|
2,750 |
|
|
Accrued payroll and related items |
|
|
660 |
|
|
2,882 |
|
|
Derivative financial instruments |
|
|
1,766 |
|
|
1,694 |
|
|
Other current liabilities |
|
|
4,658 |
|
|
5,844 |
|
|
|
|
|
|
||||
|
Total current liabilities |
|
|
26,418 |
|
|
37,241 |
|
|
|
|
|
|
||||
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Long-term debt, alternative energy |
|
|
99,362 |
|
|
107,706 |
|
|
Long-term debt, other |
|
|
687 |
|
|
821 |
|
|
Deferred taxes |
|
|
4,642 |
|
|
4,642 |
|
|
Deferred income |
|
|
143 |
|
|
552 |
|
|
Derivative financial instruments |
|
|
1,766 |
|
|
2,541 |
|
|
Other long-term liabilities |
|
|
2,731 |
|
|
2,703 |
|
|
|
|
|
|
||||
|
Total long-term liabilities |
|
|
109,331 |
|
|
118,965 |
|
|
|
|
|
|
||||
|
Equity: |
|
|
|
|
|
|
|
|
REX shareholders’ equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
299 |
|
|
299 |
|
|
Paid-in capital |
|
|
143,667 |
|
|
142,994 |
|
|
Retained earnings |
|
|
326,062 |
|
|
324,323 |
|
|
Treasury stock |
|
|
(217,647 |
) |
|
(215,105 |
) |
|
|
|
|
|
||||
|
Total REX shareholders’ equity |
|
|
252,381 |
|
|
252,511 |
|
|
Noncontrolling interests |
|
|
28,391 |
|
|
29,332 |
|
|
|
|
|
|
||||
|
Total equity |
|
|
280,772 |
|
|
281,843 |
|
|
|
|
|
|
||||
|
Total liabilities and equity |
|
$ |
416,521 |
|
$ |
438,049 |
|
|
|
|
|
|
||||
|
|
|
|
(1) |
Long-term debt, alternative energy reflects non-recourse ethanol plant debt at REX’s consolidated ethanol production subsidiaries. |
-statement of cash flows follow-
|
|
|
|
REX American Resources Q2’ 12 Results, 8/29/12 |
page 8 |
REX AMERICAN RESOURCES CORPORATION AND
SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows
(in thousands) Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
||||
|
|
|
2012 |
|
2011 |
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income including noncontrolling interests |
|
$ |
2,781 |
|
$ |
7,589 |
|
|
Adjustments to reconcile net income to net cash provided
by |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
8,241 |
|
|
5,519 |
|
|
Impairment charges and other |
|
|
143 |
|
|
1,153 |
|
|
Loss (income) from equity method investments |
|
|
39 |
|
|
(9,543 |
) |
|
Income from synthetic fuel investments |
|
|
- |
|
|
(2,883 |
) |
|
Gain on disposal of real estate and property and equipment |
|
|
(83 |
) |
|
(271 |
) |
|
Dividends received from equity method investees |
|
|
2,005 |
|
|
2,316 |
|
|
Deferred income |
|
|
(958 |
) |
|
(2,367 |
) |
|
Derivative financial instruments |
|
|
(703 |
) |
|
(608 |
) |
|
Deferred income tax |
|
|
553 |
|
|
2,859 |
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(2,095 |
) |
|
1,738 |
|
|
Inventories |
|
|
995 |
|
|
(2,551 |
) |
|
Other assets |
|
|
367 |
|
|
9,890 |
|
|
Accounts payable, trade |
|
|
(3,781 |
) |
|
(1,652 |
) |
|
Other liabilities |
|
|
(4,030 |
) |
|
1,665 |
|
|
|
|
|
|
||||
|
Net cash provided by operating activities |
|
|
3,474 |
|
|
12,854 |
|
|
|
|
|
|
||||
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(2,320 |
) |
|
(637 |
) |
|
Proceeds from sale of synthetic fuel investment |
|
|
- |
|
|
2,883 |
|
|
Restricted investments |
|
|
680 |
|
|
- |
|
|
Proceeds from sale of real estate and property and equipment |
|
|
2,195 |
|
|
1,603 |
|
|
|
|
|
|
||||
|
Net cash provided by investing activities |
|
|
555 |
|
|
3,849 |
|
|
|
|
|
|
||||
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Payments of long-term debt |
|
|
(10,985 |
) |
|
(5,136 |
) |
|
Repayments of contingent consideration |
|
|
- |
|
|
(1,313 |
) |
|
Stock options exercised |
|
|
358 |
|
|
312 |
|
|
Noncontrolling interests distribution and other |
|
|
(1,983 |
) |
|
(1,988 |
) |
|
Treasury stock acquired |
|
|
(2,470 |
) |
|
(3,162 |
) |
|
|
|
|
|
||||
|
Net cash used in financing activities |
|
|
(15,080 |
) |
|
(11,287 |
) |
|
|
|
|
|
||||
|
Net (decrease) increase in cash and cash equivalents |
|
|
(11,051 |
) |
|
5,416 |
|
|
Cash and cash equivalents, beginning of period |
|
|
75,013 |
|
|
91,019 |
|
|
|
|
|
|
||||
|
Cash and cash equivalents, end of period |
|
$ |
63,962 |
|
$ |
96,435 |
|
|
|
|
|
|
||||
# # #