Total Liabilities. 23,698 -------- 388,264 -------- 26,185 -------- 315,177 -------- Shareholders' equity Common stock, par value $.01 per share Shares authorized 1996 - 75,000,000; 1995 - 50,000,000 Shares issued and outstanding 1996 - 28,925,867; 1995 - 28,695,426 . . 289 287 Additional paid-in capital. . . . . . . . . . . 89,657 86,022 Retained earnings . . . . . . . . . . . . . . . 105,238 67,729 Accumulated translation adjustment. . . . . . . 325 (3,093) -------- -------- Total shareholders' equity . . . . . . . . . . 195,509 150,945 -------- -------- See Notes to Consolidated Financial Statements. 20 IDEX CORPORATION AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED OPERATIONS (in thousands except per share amounts) For the years ended December 31, 1996 -------- 1995 -------- 1994 -------- Net sales ................................. $562,551 $487,336 $399,502 Cost of sales ............................. 346,397 299,315 246,858 Gross profit .............................. 216,154 Selling, general and administrative expenses .................. 111,507 188,021 97,486 152,644 83,980 Goodwill amortization ..................... 6,342 4,297 3,126 Income from operations .................... 98,305 86,238 65,538 Other income(expense) - net ............... (509) 753 559 -------- Income before interest expense and income taxes ............................. 97,796 -------- 86,991 -------- 66,097 Interest expense .......................... 18,942 15,948 13,581 Income before income taxes ................ 78,854 71,043 52,516 Provision for income taxes ................ 28,656 25,718 18,906 Net income ................................ $ 50,198 $ 45,325 $ 33,610 ======== ======== ======== Earnings per common share ................. $ 1.69 $ 1.53 $ 1.15 ======== ======== ======== Weighted average common shares outstanding .............................. 29,779 29,609 29,331 ======== ======== ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED SHAREHOLDERS' EQUITY (in thousands except share and per share amounts) Common Stock and Additional Paid-In Capital Retained Earnings Accumulated Translation Adjustment Total Shareholders' Equity Balance, December 31, 1993 $ 84,840 $ 2,551 $ (3,705) $ 83,686 Issuance of 39,434 shares of common stock from exercise of stock options..... 294 294 Cash dividends declared -$.09 per common share outstanding ............ (2,671) (2,671) Unrealized translation adjustment......... 1,386 1,386 Net income................................ 33,610 33,610 Balance, December 31, 1994................ 85,134 33,490 (2,319) 116,305 Issuance of 77,461 shares of common stock from exercise of stock options........... 1,175 1,175 Cash dividends declared - $.39 per common share outstanding........................ (11,086) (11,086) Unrealized translation adjustment........ (774) (774) Net income................................ 45,325 45,325 Balance, December 31, 1995................ 86,309 67,729 (3,093) 150,945 Issuance of 113,550 shares of common stock related to an acquisition................ 2,271 2,271 Issuance of 116,891 shares of common stock from exercise of stock options..... 1,366 1,366 Cash dividends declared - $.44 per common share outstanding........................ (12,689) (12,689) Unrealized translation adjustment......... 3,418 3,418 Net income................................ 50,198 50,198 Balance, December 31, 1996................ $ 89,946 ========= $105,238 ======== $ 325 ======== $195,509 ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED CASH FLOWS (in thousands) [IDEX LOGO] For the years ended December 31, 1996 1995 1994 Cash flows from operating activities Net income . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,198 $ 45,325 $ 33,610 Adjustments to reconcile net income to net cash flows from operating activities Depreciation and amortization . . . . . . . . . . . . . . 14,310 10,940 9,671 Amortization of intangibles . . . . . . . . . . . . . . . 8,258 5,558 4,025 Amortization of debt issuance expenses . . . . . . . . . . 640 624 619 Deferred income taxes . . . . . . . . . . . . . . . . . . 5,474 2,297 2,711 Increase in receivables . . . . . . . . . . . . . . . . . (4,124) (5,045) (7,611) (Increase) decrease in inventories . . . . . . . . . . . . 19,324 (10,222) 415 Increase (decrease) in trade accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . (3,136) 812 8,292 Increase (decrease) in accrued expenses . . . . . . . . . (2,564) 4,331 141 Other transactions - net . . . . . . . . . . . . . . . . . 4,084 470 654 Net cash flows from operating activities . . . . . . . . . 92,464 55,090 52,527 Cash flows from investing activities Additions to property, plant and equipment . . . . . . . . . (13,769) (13,002) (8,896) Acquisition of businesses (net of cash acquired) . . . . . . . . . . . . . . . . . . (132,584) (69,760) (91,558) Net cash flows from investing activities . . . . . . . . (146,353) (82,762) (100,454) Cash flows from financing activities Net borrowings under the credit agreements . . . . . . . . 64,586 37,968 50,000 Increase in accrued interest . . . . . . . . . . . . . . . . 939 50 702 Net cash flows from financing activities . . . . . . . . . 53,247 27,321 50,702 Net increase (decrease) in cash . . . . . . . . . . . . . . . (642) (351) 2,775 Cash and cash equivalents at beginning of year. . . . . . . . . 5,937 6,288 3,513 Cash and cash equivalents at end of year. . . . . . . . . . . . $ 5,295 $ 5,937 $ 6,288 ======== ======== ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands except share and per share amounts)
Appears in 1 contract
Samples: Annual Report
Total Liabilities. 23,698 Commitments and contingencies (Note 4) 1,455 --------- 24,544 --------- 3 -------- 388,264 3,750 -------- 26,185 Convertible preferred stock: outstanding: 25,788 and 16,253 shares at December 31, 2000 and 1999, respectively, (aggregate liquidation preference: $134,306 and $32,996 at December 31, 2000 --------- -------- 315,177 -------- Shareholders130,691 32,755 Stockholders' equity deficit: Common stock: $0.0001 par value; Authorized: 120,000 shares; Issued and outstanding: 9,622 and 5,644 shares --------- -------- at December 31, par value $.01 per share Shares authorized 1996 - 75,000,000; 1995 - 50,000,000 Shares issued 2000 and outstanding 1996 - 28,925,867; 1995 - 28,695,426 . . 289 287 1999, respectively............ 1 1 Additional paid-in capital. . . . . . . . . . . 89,657 86,022 Retained earnings . . . . . . . . . . . . . . . 105,238 67,729 .............................. 105,828 2,219 Deferred stock-based compensation....................... (80,160) (1,780) Notes receivable from stockholders...................... (1,814) -- Accumulated translation adjustment. . . . . . . 325 other comprehensive income.................. 73 -- Accumulated deficit..................................... (3,093108,602) -------- (19,854) --------- -------- Total shareholdersstockholders' equity deficit............................ (84,674) (19,414) Total liabilities, convertible preferred stock, --------- -------- The accompanying notes are an integral part of these consolidated financial statements. ALIGN TECHNOLOGY, INC. . . . . . . . . 195,509 150,945 -------- -------- See Notes to Consolidated Financial Statements. 20 IDEX CORPORATION AND SUBSIDIARIES SUBSIDIARY CONSOLIDATED STATEMENTS OF CONSOLIDATED OPERATIONS (in thousands thousands, except per share amountsdata) For the years ended Year Ended December 31, 1996 ---------------------------- 2000 1999 1998 -------- 1995 ------- Revenues: Revenue--Invisalign............................ $ 5,436 $ 98 $ -- Revenue--Ancillary products.................... 1,305 313 -- -------- 1994 -------- Net sales ................................. $562,551 $487,336 $399,502 ------- Total revenues............................... 6,741 411 -- Cost of sales revenues: Cost of revenue and manufacturing costs-- --------- -------- ------- -------- ------- Total cost of revenues....................... 20,251 1,754 -- -------- ------- Gross loss....................................... (13,510) (1,343) -- Operating expenses: Sales and marketing............................ 40,445 5,688 133 General and administrative..................... 17,991 3,474 2,344 Research and development....................... 9,169 4,200 1,474 -------- ------- Total operating expenses..................... 67,605 13,362 3,951 -------- ------- Loss from operations............................. 346,397 299,315 246,858 Gross profit (81,115) (14,705) (3,951) Interest income................................ 2,306 362 185 Interest expense............................... (9,807) (986) -- Other expense.................................. (132) (86) (9) -------- ------- Net loss......................................... (88,748) (15,415) (3,775) Dividend related to beneficial conversion feature of preferred stock.............................. 216,154 Selling, general and administrative expenses .................. 111,507 188,021 97,486 152,644 83,980 Goodwill amortization ..................... 6,342 4,297 3,126 Income from operations .................... 98,305 86,238 65,538 Other income(expense(53,516) - net ............... -- -- -------- ------- Net loss available to common stockholders........ $(509142,264) 753 559 -------- Income before interest expense and income taxes ............................. 97,796 -------- 86,991 -------- 66,097 Interest expense .......................... 18,942 15,948 13,581 Income before income taxes ................ 78,854 71,043 52,516 Provision for income taxes ................ 28,656 25,718 18,906 Net income ................................ $ 50,198 $ 45,325 $ 33,610 $(15,415) $(3,775) ========= ======== ======== Earnings Net loss per share available to common share stockholders, basic and diluted................. $ 1.69 (25.64) $ 1.53 (3.65) $ 1.15 (1.33) ========= ======== ======== Weighted average Shares used in computing net loss per share available to common shares outstanding .............................. 29,779 29,609 29,331 ======== ======== ======== See Notes to Consolidated Financial Statementsstockholders, basic and ALIGN TECHNOLOGY, INC. IDEX CORPORATION AND SUBSIDIARIES SUBSIDIARY CONSOLIDATED STATEMENTS OF CONSOLIDATED SHAREHOLDERSSTOCKHOLDERS' EQUITY (in thousands except share and per share amounts) DEFICIT Common Stock and Additional Deferred Receivable Other -------------- Paid-In Stock-based from Comprehensive Accumulated Shares Amount Capital Retained Earnings Accumulated Translation Adjustment Compensation Stockholders Income Deficit Total Shareholders' Equity Balance, Balance at December 31, 1993 $ 84,840 $ 2,551 $ (3,705) $ 83,686 Issuance of 39,434 shares of common stock from exercise of stock options..... 294 294 Cash dividends declared -$.09 per common share outstanding ............ (2,671) (2,671) Unrealized translation adjustment......... 1,386 1,386 Net income................................ 33,610 33,610 Balance, December 31, 1994................ 85,134 33,490 (2,319) 116,305 Issuance of 77,461 shares of common stock from exercise of stock options........... 1,175 1,175 Cash dividends declared - $.39 per common share outstanding........................ (11,086) (11,086) Unrealized translation adjustment........ (774) (774) Net income................................ 45,325 45,325 Balance, December 31, 1995................ 86,309 67,729 (3,093) 150,945 Issuance of 113,550 shares of common stock related to an acquisition................ 2,271 2,271 Issuance of 116,891 shares of common stock from exercise of stock options..... 1,366 1,366 Cash dividends declared - $.44 per common share outstanding........................ (12,689) (12,689) Unrealized translation adjustment......... 3,418 3,418 Net income................................ 50,198 50,198 Balance, December 31, 1996................ $ 89,946 ========= $105,238 ======== $ 325 ======== $195,509 ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED CASH FLOWS (in thousands) [IDEX LOGO] For the years ended December 31, 1996 1995 1994 Cash flows from operating activities Net income . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,198 $ 45,325 $ 33,610 Adjustments to reconcile net income to net cash flows from operating activities Depreciation and amortization . . . . . . . . . . . . . . 14,310 10,940 9,671 Amortization of intangibles . . . . . . . . . . . . . . . 8,258 5,558 4,025 Amortization of debt issuance expenses . . . . . . . . . . 640 624 619 Deferred income taxes . . . . . . . . . . . . . . . . . . 5,474 2,297 2,711 Increase in receivables . . . . . . . . . . . . . . . . . (4,124) (5,045) (7,611) (Increase) decrease in inventories . . . . . . . . . . . . 19,324 (10,222) 415 Increase (decrease) in trade accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . (3,136) 812 8,292 Increase (decrease) in accrued expenses . . . . . . . . . (2,564) 4,331 141 Other transactions - net . . . . . . . . . . . . . . . . . 4,084 470 654 Net cash flows from operating activities . . . . . . . . . 92,464 55,090 52,527 Cash flows from investing activities Additions to property, plant and equipment . . . . . . . . . (13,769) (13,002) (8,896) Acquisition of businesses (net of cash acquired) . . . . . . . . . . . . . . . . . . (132,584) (69,760) (91,558) Net cash flows from investing activities . . . . . . . . (146,353) (82,762) (100,454) Cash flows from financing activities Net borrowings under the credit agreements . . . . . . . . 64,586 37,968 50,000 Increase in accrued interest . . . . . . . . . . . . . . . . 939 50 702 Net cash flows from financing activities . . . . . . . . . 53,247 27,321 50,702 Net increase (decrease) in cash . . . . . . . . . . . . . . . (642) (351) 2,775 Cash and cash equivalents at beginning of year. . . . . . . . . 5,937 6,288 3,513 Cash and cash equivalents at end of year. . . . . . . . . . . . $ 5,295 $ 5,937 $ 6,288 ======== ======== ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands except share and per share amounts),
Appears in 1 contract
Samples: Annual Report
Total Liabilities. 23,698 -------- 388,264 -------- 26,185 -------- 315,177 -------- Shareholders' equity Common stock, Equity: 46,780 ----------- $ 5,290,770 ----------- 25,888 ---------- $3,609,332 ---------- Class A ordinary shares (par value $.01 per share Shares authorized 1996 - 75,000,0000.01; 1995 - 50,000,000 Shares authorized, 999,990,000 shares including Class B shares; issued and outstanding 1996 - 28,925,867; 1995 - 28,695,426 . . 289 287 Additional paid-in capital. . . . . . . . . . . 89,657 86,022 outstanding, 108,688,081 shares and 84,407,638 shares at November 30, 1998 and 1997, respectively).. 1,087 844 Net unrealized appreciation on investments............ 159,953 188,444 Deferred compensation................................. (18,104) (11,362) Retained earnings . . . . . . . . . . . . . . . 105,238 67,729 Accumulated translation adjustment. . . . . . . 325 (3,093) -------- -------- earnings..................................... 2,385,457 2,011,119 ----------- ---------- Total shareholders' equity . . . . . . . . . . 195,509 150,945 -------- -------- equity........................ $ 4,817,880 $2,479,130 ----------- ---------- See Notes accompanying notes to Consolidated Financial Statements. 20 IDEX CORPORATION AND SUBSIDIARIES Statements XL CAPITAL LTD CONSOLIDATED STATEMENTS OF INCOME 1998 1997 1996 --------- -------- Revenues: Net premiums earned............................ $ 685,200 $ 540,653 $517,892 Net investment income.......................... 279,375 216,552 198,598 Net realized gains on sales of investments..... 191,795 335,939 206,212 Equity in net income of affiliates............. 47,980 65,882 59,249 Fee and other income........................... 13,298 -- -- --------- -------- Total revenues............................... 1,217,648 1,159,026 981,951 Expenses: --------- --------- -------- Losses and loss expenses....................... 390,483 365,325 405,357 Acquisition costs.............................. 88,596 46,108 35,556 Administration expenses........................ 109,268 52,557 43,920 Interest expense............................... 11,523 7,176 -- Amortization of intangible assets.............. 23,926 5,844 -- --------- -------- Total expenses............................... 623,796 477,010 484,833 Income before minority interest and income tax --------- --------- -------- expense......................................... 593,852 682,016 497,118 Minority interest in net income of subsidiary.. 826 (30) -- Income tax expense............................. 5,363 5,085 2,805 --------- -------- Weighted average ordinary shares and ordinary Weighted average ordinary shares and ordinary Earnings per ordinary share and ordinary share Earnings per ordinary share and ordinary share See accompanying notes to Consolidated Financial Statements 36 CONSOLIDATED OPERATIONS STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME 1998 1997 1996 ---------- ---------- Ordinary Shares: Balance-beginning of year................ $ 844 $ 872 $ 473 Issue of shares.......................... 12 3 1 Issue of shares--Mid Ocean acquisition... 303 -- -- Stock dividend........................... -- -- 441 Exercise of stock options................ 3 3 4 Repurchase of treasury shares............ (44) (34) (47) ---------- ---------- Balance-end of year.................... 1,118 844 872 Contributed Surplus: ---------- ---------- ---------- Balance-beginning of year................ 290,085 282,980 295,209 Issue of shares.......................... 88,959 10,771 7,493 Issue of shares Mid Ocean acquisition.... 2,189,414 -- -- Exercise of stock options................ 9,147 6,277 6,045 Repurchase of treasury shares............ (288,149) (9,943) (25,767) ---------- ---------- Balance-end of year.................... 2,289,456 290,085 282,980 Net Unrealized Appreciation (Depreciation) on Investments: ---------- ---------- ---------- Balance-beginning of year................ 188,444 256,430 283,289 Net change in thousands except per share amountsinvestment portfolio....... (24,194) For the years ended December 31, 1996 -------- 1995 -------- 1994 -------- (82,521) (26,621) Net sales ................................. $562,551 $487,336 $399,502 Cost change in investment portfolio of sales ............................. 346,397 299,315 246,858 Gross profit .............................. 216,154 Selling, general and administrative expenses .................. 111,507 188,021 97,486 152,644 83,980 Goodwill amortization ..................... 6,342 4,297 3,126 Income from operations affiliate............................... (4,297) 14,535 (238) ---------- ---------- Balance-end of year.................... 98,305 86,238 65,538 Other income(expense159,953 188,444 256,430 Deferred Compensation: ---------- ---------- ---------- Balance-beginning of year................ (11,362) - net (4,169) (1,657) Issue of restricted shares............... (50911,103) 753 559 -------- Income before interest expense and income taxes (10,387) (3,799) Amortization............................. 97,796 -------- 86,991 -------- 66,097 Interest expense .......................... 18,942 15,948 13,581 Income before income taxes 4,361 3,194 1,287 ---------- ---------- Balance-end of year.................... (18,104) (11,362) (4,169) Retained Earnings: ---------- ---------- ---------- Balance-beginning of year................ 78,854 71,043 52,516 Provision for income taxes ................ 28,656 25,718 18,906 2,011,119 1,579,925 1,428,819 Net income............................... 587,663 676,961 494,313 Cash dividends paid...................... (150,294) (115,372) (86,586) Repurchase of treasury shares............ (63,031) (130,395) (256,621) ---------- ---------- Balance-end of year.................... 2,385,457 2,011,119 1,579,925 ---------- ---------- Comprehensive Income: Net income............................... 587,663 676,961 494,313 Change in net unrealized appreciation (depreciation) of investments........... (28,491) (67,986) (26,859) ---------- ---------- See accompanying notes to Consolidated Financial Statements 37 XL CAPITAL LTD CONSOLIDATED STATEMENTS OF CASH FLOWS 1998 1997 1996 ----------- ---------- Cash flows provided by operating activities: Net income ................................ before minority interest. $ 50,198 588,489 $ 45,325 676,961 $ 33,610 494,313 Adjustments to reconcile net income before minority interest to net cash provided by operating activities: Net realized gains on sales of ----------- ----------- ---------- investments.......................... (191,795) (335,939) (206,212) Amortization of (discounts) premium on fixed maturities..................... (12,953) (2,163) 7,021 Equity in net income of affiliates net of cash received..................... (23,585) (34,395) (44,329) Amortization of deferred compensation. 4,361 3,194 1,287 Amortization of intangible assets..... 23,926 5,844 -- Unpaid losses and loss expenses....... 179,075 208,565 178,596 Reinsurance balances receivable....... (144,910) (109,581) (45,442) Unearned premiums..................... (16,751) (178,584) 140,239 Prepaid reinsurance premiums.......... 2,973 (45,449) (61,029) Premiums received in advance.......... (21,539) 16,450 19,376 Deferred acquisition costs............ (3,818) 17,292 10,571 Premiums receivable................... 21,375 154,521 (111,054) Reinsurance premiums payable.......... 761 37,958 30,524 Accrued investment income............. 10,691 10,729 (2,580) Accounts payable and accrued liabilities.......................... 15,570 2,839 11,188 ----------- ---------- Total adjustments................... (156,619) (248,719) (71,844) Net cash provided by operating ----------- ----------- ---------- activities......................... 436,870 428,242 422,469 Cash flow used in investing activities: Proceeds from sale of fixed maturities ----------- ----------- ---------- and short-term investments........... 13,709,343 10,332,277 4,283,613 Proceeds from redemption of fixed maturities and short-term investments.......................... 530,415 108,220 119,706 Proceeds from sale of equity securities........................... 850,748 1,164,483 591,366 Purchases of fixed maturities and Deferred gains on forward contracts... (12,295) 7,049 418 Investments in affiliates............. (1,126) (43,184) (19,131) Purchase of GCR Holdings Limited...... -- (660,137) -- Cash acquired in purchase of Mid Ocean Limited.............................. 137,483 -- -- Other investments..................... 1,836 154 (13,736) Other assets.......................... (8,537) (24,185) (20,208) Net cash used in investing ----------- ----------- ---------- activities......................... (69,414) (193,188) (492,332) Cash flows used in financing activities: ----------- ----------- ---------- Issuance of restricted shares......... 514 387 695 Proceeds from exercise of share Proceeds from loans................... 655,000 530,000 11,000 Repayment of loans.................... (495,000) (400,000) -- Minority interest..................... 20,066 25,888 -- Net cash used in financing ----------- ----------- ---------- activities......................... (313,401) (93,189) (350,836) Increase (decrease) in cash and cash ----------- ----------- ---------- equivalents............................ 49,055 141,865 (420,699) Cash and cash equivalents--beginning of year................................... 394,599 252,734 673,433 ----------- ---------- Interest paid........................... $ 11,443 $ 5,824 $ -- =========== ======== ======== Earnings per common share ................. $ 1.69 $ 1.53 $ 1.15 ======== ======== ======== Weighted average common shares outstanding .............................. 29,779 29,609 29,331 ======== ======== ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED SHAREHOLDERS' EQUITY (in thousands except share and per share amounts) Common Stock and Additional Paid-In Capital Retained Earnings Accumulated Translation Adjustment Total Shareholders' Equity Balance, December 31, 1993 $ 84,840 $ 2,551 $ (3,705) $ 83,686 Issuance of 39,434 shares of common stock from exercise of stock options..... 294 294 Cash dividends declared -$.09 per common share outstanding ............ (2,671) (2,671) Unrealized translation adjustment......... 1,386 1,386 Net income................................ 33,610 33,610 Balance, December 31, 1994................ 85,134 33,490 (2,319) 116,305 Issuance of 77,461 shares of common stock from exercise of stock options........... 1,175 1,175 Cash dividends declared - $.39 per common share outstanding........................ (11,086) (11,086) Unrealized translation adjustment........ (774) (774) Net income................................ 45,325 45,325 Balance, December 31, 1995................ 86,309 67,729 (3,093) 150,945 Issuance of 113,550 shares of common stock related to an acquisition................ 2,271 2,271 Issuance of 116,891 shares of common stock from exercise of stock options..... 1,366 1,366 Cash dividends declared - $.44 per common share outstanding........................ (12,689) (12,689) Unrealized translation adjustment......... 3,418 3,418 Net income................................ 50,198 50,198 Balance, December 31, 1996................ $ 89,946 ========= $105,238 ======== $ 325 ======== $195,509 ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED CASH FLOWS (in thousands) [IDEX LOGO] For the years ended December 31Years Ended November 30, 1998, 1997 and 1996 1995 1994 Cash flows from operating activities Net income . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,198 $ 45,325 $ 33,610 Adjustments to reconcile net income to net cash flows from operating activities Depreciation and amortization . . . . . . . . . . . . . . 14,310 10,940 9,671 Amortization of intangibles . . . . . . . . . . . . . . . 8,258 5,558 4,025 Amortization of debt issuance expenses . . . . . . . . . . 640 624 619 Deferred income taxes . . . . . . . . . . . . . . . . . . 5,474 2,297 2,711 Increase (Expressed in receivables . . . . . . . . . . . . . . . . . (4,124) (5,045) (7,611) (Increase) decrease in inventories . . . . . . . . . . . . 19,324 (10,222) 415 Increase (decrease) in trade accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . (3,136) 812 8,292 Increase (decrease) in accrued expenses . . . . . . . . . (2,564) 4,331 141 Other transactions - net . . . . . . . . . . . . . . . . . 4,084 470 654 Net cash flows from operating activities . . . . . . . . . 92,464 55,090 52,527 Cash flows from investing activities Additions to property, plant and equipment . . . . . . . . . (13,769) (13,002) (8,896) Acquisition of businesses (net of cash acquired) . . . . . . . . . . . . . . . . . . (132,584) (69,760) (91,558) Net cash flows from investing activities . . . . . . . . (146,353) (82,762) (100,454) Cash flows from financing activities Net borrowings under the credit agreements . . . . . . . . 64,586 37,968 50,000 Increase in accrued interest . . . . . . . . . . . . . . . . 939 50 702 Net cash flows from financing activities . . . . . . . . . 53,247 27,321 50,702 Net increase (decrease) in cash . . . . . . . . . . . . . . . (642) (351) 2,775 Cash and cash equivalents at beginning of year. . . . . . . . . 5,937 6,288 3,513 Cash and cash equivalents at end of year. . . . . . . . . . . . $ 5,295 $ 5,937 $ 6,288 ======== ======== ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands except share and per share amountsU.S. dollars)
Appears in 1 contract
Samples: Annual Report
Total Liabilities. 23,698 -------- 388,264 -------- 26,185 -------- 315,177 -------- ShareholdersCommitments and contingencies 67,064 ---------- 1,740,688 ---------- 77,213 ---------- 2,677,003 ---------- Minority interests.................................... 55,292 120,776 Redeemable preferred stock............................ Stockholders' equity equity: 422,923 437,891 Common stock, par value $.01 per share Shares authorized 1996 par value; 690,000,000 shares authorized: Common Stock; shares issued: December 31, 1999-- 75,000,000146,074,905 and June 30, 2000--166,199,290......... 1,461 1,662 Class A Common Stock; 1995 - 50,000,000 Shares issued shares issued: December 31, 1999--11,340,000 and outstanding 1996 - 28,925,867; 1995 - 28,695,426 . . 289 287 June 30, 2000--none........... 113 -- Additional paid-in capital. . . . . . . . . . . 89,657 86,022 Retained earnings . . . . . . . . . . . . . . . 105,238 67,729 Accumulated ........................... 1,805,053 1,952,341 Cumulative foreign currency translation adjustment... (3,013) (16,143) Accumulated deficit.................................. (185,867) (301,870) ---------- ---------- Total stockholders' equity........................ 1,617,747 1,635,990 ---------- ---------- $3,836,650 $4,871,660 ========== ========== CROWN CASTLE INTERNATIONAL CORP. . . . . . . 325 (3,093) -------- -------- Total shareholders' equity . . . . . . . . . . 195,509 150,945 -------- -------- See Notes to Consolidated Financial Statements. 20 IDEX CORPORATION AND SUBSIDIARIES STATEMENTS CONSOLIDATED STATEMENT OF CONSOLIDATED OPERATIONS AND COMPREHENSIVE LOSS (in Unaudited) (In thousands of dollars, except per share amounts) For the years ended December 31Three Months Ended Six Months Ended June 30, 1996 ------------------ 1999 2000 -------- 1995 -------- 1994 June 30, ------------------- 1999 2000 -------- --------- Net sales ................................. revenues: Site rental and broadcast transmission........................ $ 62,177 $562,551 109,503 $487,336 $399,502 Cost 107,503 $ 203,244 Network services and other........... Operating expenses: 15,350 -------- 77,527 -------- 38,856 -------- 148,359 -------- 25,133 -------- 132,636 -------- 69,359 --------- 272,603 --------- Costs of sales ............................. 346,397 299,315 246,858 Gross profit .............................. 216,154 Selling, general operations (exclusive of depreciation and administrative expenses .................. 111,507 188,021 97,486 152,644 83,980 Goodwill amortization ..................... 6,342 4,297 3,126 Income from operations .................... 98,305 86,238 65,538 amortization): Site rental and broadcast transmission....................... 26,557 48,563 45,084 88,850 Network services and other.......... 8,175 20,007 15,157 35,908 General and administrative........... 9,238 19,495 17,542 34,348 Corporate development................ 2,066 2,122 2,940 4,193 Restructuring charges................ -- -- 1,814 -- Non-cash compensation charges........ 504 350 1,171 811 Depreciation and amortization........ 29,863 56,647 49,519 101,769 -------- -------- --------- 76,403 147,184 133,227 265,879 -------- -------- --------- Operating income (loss)............... 1,124 1,175 (591) 6,724 Other income(expense) - net ............... income (509) 753 559 -------- Income before interest expense): Interest and other income (expense).. 4,539 6,665 4,879 12,369 Interest expense and income taxes ............................. 97,796 -------- 86,991 -------- 66,097 Interest expense .......................... 18,942 15,948 13,581 Income amortization of deferred financing costs............ (26,556) (66,728) (37,842) (108,489) Loss before income taxes ................ 78,854 71,043 52,516 Provision taxes, minority interests, extraordinary item and cumulative effect of change in -------- -------- -------- --------- Loss before extraordinary item and cumulative effect of change in -------- -------- -------- --------- accounting principle................. (20,850) (59,230) (34,323) (91,290) Extraordinary item--loss on early extinguishment of debt............... -- -- -- (1,495) Cumulative effect of change in accounting principle for income taxes ................ 28,656 25,718 18,906 costs of start-up activities.................. -- -- (2,414) -- -------- -------- --------- Net income ................................ $ 50,198 $ 45,325 $ 33,610 loss.............................. (20,850) (59,230) (36,737) (92,785) Dividends on preferred stock.......... (6,614) (11,725) (13,022) (23,218) Net loss after deduction of dividends -------- -------- -------- --------- on preferred stock................... $(27,464) $(70,955) $(49,759) $(116,003) ======== ======== ======== Earnings per common share ................. ========= Net loss.............................. $(20,850) $(59,230) $(36,737) $ 1.69 $ 1.53 $ 1.15 (92,785) Other comprehensive income (loss): Foreign currency translation adjustments......................... (3,577) (10,750) (8,320) (13,130) -------- -------- --------- Comprehensive loss.................... $(24,427) $(69,980) $(45,057) $(105,915) ======== ======== ======== Weighted average ========= Per common shares outstanding .............................. 29,779 29,609 29,331 share--basic and diluted: Loss before extraordinary item and cumulative effect of change in accounting principle................ $ (0.22) $ (0.43) $ (0.43) $ (0.71) Extraordinary item................... -- -- -- (0.01) Cumulative effect of change in accounting principle................ -- -- (0.02) -- -------- -------- --------- Net loss............................. $ (0.22) $ (0.43) $ (0.45) $ (0.72) ======== ======== ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED SHAREHOLDERS' EQUITY (in thousands except share and per share amounts) Common Stock and Additional Paid-In Capital Retained Earnings Accumulated Translation Adjustment Total Shareholders' Equity Balance, December 31, 1993 $ 84,840 $ 2,551 $ (3,705) $ 83,686 Issuance of 39,434 shares of common stock from exercise of stock options..... 294 294 Cash dividends declared -$.09 per common share outstanding ............ (2,671) (2,671) Unrealized translation adjustment......... 1,386 1,386 Net income................................ 33,610 33,610 Balance, December 31, 1994................ 85,134 33,490 (2,319) 116,305 Issuance of 77,461 shares of common stock from exercise of stock options........... 1,175 1,175 Cash dividends declared - $.39 per common share outstanding........................ (11,086) (11,086) Unrealized translation adjustment........ (774) (774) Net income................................ 45,325 45,325 Balance, December 31, 1995................ 86,309 67,729 (3,093) 150,945 Issuance of 113,550 shares of common stock related to an acquisition................ 2,271 2,271 Issuance of 116,891 shares of common stock from exercise of stock options..... 1,366 1,366 Cash dividends declared - $.44 per common share outstanding........................ (12,689) (12,689) Unrealized translation adjustment......... 3,418 3,418 Net income................................ 50,198 50,198 Balance, December 31, 1996................ $ 89,946 ========= $105,238 ======== $ 325 ======== $195,509 ======== See Notes to Consolidated Financial StatementsCommon shares outstanding--basic and CROWN CASTLE INTERNATIONAL CORP. IDEX CORPORATION AND SUBSIDIARIES STATEMENTS CONSOLIDATED STATEMENT OF CONSOLIDATED CASH FLOWS (in thousandsUnaudited) [IDEX LOGO] For the years ended December 31Six Months Ended June 30, 1996 1995 1994 ------------------------ 1999 2000 ----------- ----------- Cash flows from operating activities Net income . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,198 $ 45,325 $ 33,610 Adjustments to reconcile net income to net cash flows from operating activities Depreciation and amortization . . . . . . . . . . . . . . 14,310 10,940 9,671 Amortization of intangibles . . . . . . . . . . . . . . . 8,258 5,558 4,025 Amortization of debt issuance expenses . . . . . . . . . . 640 624 619 Deferred income taxes . . . . . . . . . . . . . . . . . . 5,474 2,297 2,711 Increase in receivables . . . . . . . . . . . . . . . . . (4,124) (5,045) (7,611) (Increase) decrease in inventories . . . . . . . . . . . . 19,324 (10,222) 415 Increase (decrease) in trade accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . (3,136) 812 8,292 Increase (decrease) in accrued expenses . . . . . . . . . (2,564) 4,331 141 Other transactions - net . . . . . . . . . . . . . . . . . 4,084 470 654 Net cash flows from operating activities . . . . . . . . . 92,464 55,090 52,527 Cash flows from investing activities Additions to property, plant and equipment . . . . . . . . . (13,769) (13,002) (8,896) Acquisition of businesses (net of cash acquired) . . . . . . . . . . . . . . . . . . (132,584) (69,760) (91,558) Net cash flows from investing activities . . . . . . . . (146,353) (82,762) (100,454) Cash flows from financing activities Net borrowings under the credit agreements . . . . . . . . 64,586 37,968 50,000 Increase in accrued interest . . . . . . . . . . . . . . . . 939 50 702 Net cash flows from financing activities . . . . . . . . . 53,247 27,321 50,702 Net increase (decrease) in cash . . . . . . . . . . . . . . . (642) (351) 2,775 Cash and cash equivalents at beginning of year. . . . . . . . . 5,937 6,288 3,513 Cash and cash equivalents at end of year. . . . . . . . . . . . $ 5,295 $ 5,937 $ 6,288 ======== ======== ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands except share and per share amounts)activities:
Appears in 1 contract
Samples: Quarterly Report
Total Liabilities. 23,698 Commitments and contingencies (Note 4) 1,455 --------- 24,544 --------- 3 -------- 388,264 3,750 -------- 26,185 Convertible preferred stock: outstanding: 25,788 and 16,253 shares at December 31, 2000 and 1999, respectively, (aggregate liquidation preference: $134,306 and $32,996 at December 31, 2000 --------- -------- 315,177 -------- Shareholders130,691 32,755 Stockholders' equity deficit: Common stock: $0.0001 par value; Authorized: 120,000 shares; Issued and outstanding: 9,622 and 5,644 shares --------- -------- at December 31, par value $.01 per share Shares authorized 1996 - 75,000,000; 1995 - 50,000,000 Shares issued 2000 and outstanding 1996 - 28,925,867; 1995 - 28,695,426 . . 289 287 1999, respectively............ 1 1 Additional paid-in capital. . . . . . . . . . . 89,657 86,022 Retained earnings . . . . . . . . . . . . . . . 105,238 67,729 .............................. 105,828 2,219 Deferred stock-based compensation....................... (80,160) (1,780) Notes receivable from stockholders...................... (1,814) -- Accumulated translation adjustment. . . . . . . 325 other comprehensive income.................. 73 -- Accumulated deficit..................................... (3,093108,602) -------- (19,854) --------- -------- Total shareholdersstockholders' equity . . . . . . . . . . 195,509 150,945 deficit............................ (84,674) (19,414) Total liabilities, convertible preferred stock, --------- -------- -------- See Notes to Consolidated Financial Statements. 20 IDEX CORPORATION AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED OPERATIONS (in thousands except per share amounts) For the years ended The accompanying notes are an integral part of these consolidated financial Year Ended December 31, 1996 ---------------------------- 2000 1999 1998 -------- 1995 ------- Revenues: Revenue--Invisalign............................ $ 5,436 $ 98 $ -- Revenue--Ancillary products.................... 1,305 313 -- -------- 1994 -------- Net sales ................................. $562,551 $487,336 $399,502 ------- Total revenues............................... 6,741 411 -- Cost of sales revenues: Cost of revenue and manufacturing costs-- --------- -------- ------- -------- ------- Total cost of revenues....................... 20,251 1,754 -- -------- ------- Gross loss....................................... (13,510) (1,343) -- Operating expenses: Sales and marketing............................ 40,445 5,688 133 General and administrative..................... 17,991 3,474 2,344 Research and development....................... 9,169 4,200 1,474 -------- ------- Total operating expenses..................... 67,605 13,362 3,951 -------- ------- Loss from operations............................. 346,397 299,315 246,858 Gross profit (81,115) (14,705) (3,951) Interest income................................ 2,306 362 185 Interest expense............................... (9,807) (986) -- Other expense.................................. (132) (86) (9) -------- ------- Net loss......................................... (88,748) (15,415) (3,775) Dividend related to beneficial conversion feature of preferred stock.............................. 216,154 Selling, general and administrative expenses .................. 111,507 188,021 97,486 152,644 83,980 Goodwill amortization ..................... 6,342 4,297 3,126 Income from operations .................... 98,305 86,238 65,538 Other income(expense(53,516) - net ............... -- -- -------- ------- Net loss available to common stockholders........ $(509142,264) 753 559 -------- Income before interest expense and income taxes ............................. 97,796 -------- 86,991 -------- 66,097 Interest expense .......................... 18,942 15,948 13,581 Income before income taxes ................ 78,854 71,043 52,516 Provision for income taxes ................ 28,656 25,718 18,906 Net income ................................ $ 50,198 $ 45,325 $ 33,610 $(15,415) $(3,775) ========= ======== ======== Earnings Net loss per share available to common share stockholders, basic and diluted................. $ 1.69 (25.64) $ 1.53 (3.65) $ 1.15 (1.33) ========= ======== ======== Weighted average Shares used in computing net loss per share available to common shares outstanding .............................. 29,779 29,609 29,331 ======== ======== ======== See Notes to Consolidated Financial Statementsstockholders, basic and ALIGN TECHNOLOGY, INC. IDEX CORPORATION AND SUBSIDIARIES SUBSIDIARY CONSOLIDATED STATEMENTS OF CONSOLIDATED SHAREHOLDERSSTOCKHOLDERS' EQUITY (in thousands except share and per share amounts) DEFICIT Common Stock and Additional Deferred Receivable Other -------------- Paid-In Stock-based from Comprehensive Accumulated Shares Amount Capital Retained Earnings Accumulated Translation Adjustment Compensation Stockholders Income Deficit Total Shareholders' Equity Balance, Balance at December 31, 1993 $ 84,840 $ 2,551 $ (3,705) $ 83,686 Issuance of 39,434 shares of common stock from exercise of stock options..... 294 294 Cash dividends declared -$.09 per common share outstanding ............ (2,671) (2,671) Unrealized translation adjustment......... 1,386 1,386 Net income................................ 33,610 33,610 Balance, December 31, 1994................ 85,134 33,490 (2,319) 116,305 Issuance of 77,461 shares of common stock from exercise of stock options........... 1,175 1,175 Cash dividends declared - $.39 per common share outstanding........................ (11,086) (11,086) Unrealized translation adjustment........ (774) (774) Net income................................ 45,325 45,325 Balance, December 31, 1995................ 86,309 67,729 (3,093) 150,945 Issuance of 113,550 shares of common stock related to an acquisition................ 2,271 2,271 Issuance of 116,891 shares of common stock from exercise of stock options..... 1,366 1,366 Cash dividends declared - $.44 per common share outstanding........................ (12,689) (12,689) Unrealized translation adjustment......... 3,418 3,418 Net income................................ 50,198 50,198 Balance, December 31, 1996................ $ 89,946 ========= $105,238 ======== $ 325 ======== $195,509 ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED CASH FLOWS (in thousands) [IDEX LOGO] For the years ended December 31, 1996 1995 1994 Cash flows from operating activities Net income . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,198 $ 45,325 $ 33,610 Adjustments to reconcile net income to net cash flows from operating activities Depreciation and amortization . . . . . . . . . . . . . . 14,310 10,940 9,671 Amortization of intangibles . . . . . . . . . . . . . . . 8,258 5,558 4,025 Amortization of debt issuance expenses . . . . . . . . . . 640 624 619 Deferred income taxes . . . . . . . . . . . . . . . . . . 5,474 2,297 2,711 Increase in receivables . . . . . . . . . . . . . . . . . (4,124) (5,045) (7,611) (Increase) decrease in inventories . . . . . . . . . . . . 19,324 (10,222) 415 Increase (decrease) in trade accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . (3,136) 812 8,292 Increase (decrease) in accrued expenses . . . . . . . . . (2,564) 4,331 141 Other transactions - net . . . . . . . . . . . . . . . . . 4,084 470 654 Net cash flows from operating activities . . . . . . . . . 92,464 55,090 52,527 Cash flows from investing activities Additions to property, plant and equipment . . . . . . . . . (13,769) (13,002) (8,896) Acquisition of businesses (net of cash acquired) . . . . . . . . . . . . . . . . . . (132,584) (69,760) (91,558) Net cash flows from investing activities . . . . . . . . (146,353) (82,762) (100,454) Cash flows from financing activities Net borrowings under the credit agreements . . . . . . . . 64,586 37,968 50,000 Increase in accrued interest . . . . . . . . . . . . . . . . 939 50 702 Net cash flows from financing activities . . . . . . . . . 53,247 27,321 50,702 Net increase (decrease) in cash . . . . . . . . . . . . . . . (642) (351) 2,775 Cash and cash equivalents at beginning of year. . . . . . . . . 5,937 6,288 3,513 Cash and cash equivalents at end of year. . . . . . . . . . . . $ 5,295 $ 5,937 $ 6,288 ======== ======== ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands except share and per share amounts),
Appears in 1 contract
Samples: Annual Report
Total Liabilities. 23,698 7,788 -------- 388,264 171,108 -------- 26,185 9,149 -------- 315,177 183,070 -------- Shareholders8,668 -------- 50,800 -------- Commitments and contingencies Accumulated other comprehensive income...................... (1,142) 2,355 -- Owners' equity Common stock, par value investment.......................................... Total owners' net investment...................... Total liabilities and owners' net investment...... 327,642 -------- 326,500 -------- $.01 per share Shares authorized 1996 - 75,000,000; 1995 - 50,000,000 Shares issued and outstanding 1996 - 28,925,867; 1995 - 28,695,426 . . 289 287 Additional paid-in capital. . . . . . . . . . . 89,657 86,022 Retained earnings . . . . . . . . . . . . . . . 105,238 67,729 Accumulated translation adjustment. . . . . . . 325 (3,093) -------- -------- Total shareholders' equity . . . . . . . . . . 195,509 150,945 -------- -------- See Notes to Consolidated Financial Statements. 20 IDEX CORPORATION AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED OPERATIONS (in thousands except per share amounts) For the years ended December 31, 1996 -------- 1995 -------- 1994 -------- Net sales ................................. $562,551 $487,336 $399,502 Cost of sales ............................. 346,397 299,315 246,858 Gross profit .............................. 216,154 Selling, general and administrative expenses .................. 111,507 188,021 97,486 152,644 83,980 Goodwill amortization ..................... 6,342 4,297 3,126 Income from operations .................... 98,305 86,238 65,538 Other income(expense) - net ............... (509) 753 559 -------- Income before interest expense and income taxes ............................. 97,796 -------- 86,991 -------- 66,097 Interest expense .......................... 18,942 15,948 13,581 Income before income taxes ................ 78,854 71,043 52,516 Provision for income taxes ................ 28,656 25,718 18,906 Net income ................................ $ 50,198 $ 45,325 $ 33,610 497,608 ======== 296,096 -------- 298,451 -------- $481,521 ======== 359,900 -------- 359,900 -------- $410,700 ======== EL PASO FIELD SERVICES SAN XXXX GATHERING AND PROCESSING BUSINESSES TYPHOON GAS PIPELINE TYPHOON OIL PIPELINE COASTAL LIQUIDS PARTNERS NGL BUSINESS COMBINED STATEMENTS OF INCOME (IN THOUSANDS) ------------------- ------------------------------ 0000 0000 0000 2000 1999 -------- -------- -------- -------- Operating revenues Gathering and processing................ $94,683 $77,045 $308,666 $202,048 $146,088 Liquid transportation and fractionation........................ 2,259 3,236 16,330 13,784 14,021 ------- ------- -------- -------- -------- Operating expenses 96,942 ------- 80,281 ------- 324,996 -------- 215,832 -------- 160,109 -------- Cost of natural gas and oil............. 68,039 18,708 140,924 51,472 26,271 Operation and maintenance............... 13,226 12,547 57,687 57,575 57,477 Depreciation and amortization........... 6,035 5,221 22,651 24,825 18,376 Taxes other than income................. 839 ------- 88,139 ------- 840 ------- 37,316 ------- 3,485 -------- 224,747 -------- 3,587 -------- 137,459 -------- 3,133 -------- 105,257 -------- Operating income.......................... 8,803 42,965 100,249 78,373 54,852 Earnings per common share ................. (loss)from unconsolidated affiliate............................... (70) 267 2,177 1,475 700 Net gain on sale of assets................ Earnings before income taxes.............. -- ------- 8,733 -- ------- 43,232 -- -------- 102,426 759 -------- 80,607 352 -------- 55,904 Income tax expense........................ Net income................................ 92 ------- $ 1.69 $ 1.53 $ 1.15 8,641 ======= -- ------- $43,232 ======= 23 -------- $102,403 ======== -- -------- $ 80,607 ======== 21,660 -------- $ 34,244 ======== Weighted average common shares outstanding .............................. 29,779 29,609 29,331 ======== ======== ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION EL PASO FIELD SERVICES SAN XXXX GATHERING AND SUBSIDIARIES PROCESSING BUSINESSES TYPHOON GAS PIPELINE TYPHOON OIL PIPELINE COASTAL LIQUIDS PARTNERS NGL BUSINESS COMBINED STATEMENTS OF CONSOLIDATED SHAREHOLDERS' EQUITY CASH FLOWS (in thousands except share IN THOUSANDS) ------------------- ------------------------------- 0000 0000 0000 2000 1999 -------- --------- -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES Net income............................... Adjustments to reconcile net income to cash provided by operating activities Depreciation and per share amountsamortization.......... Net gain on sale of assets............. Deferred income tax (benefit) Common Stock and Additional Paid-In Capital Retained Earnings Accumulated Translation Adjustment Total Shareholders' Equity Balance, December 31, 1993 $ 84,840 $ 2,551 $ expense............................. Distributed earnings of unconsolidated affiliate (3,705Earnings) $ 83,686 Issuance of 39,434 shares of common stock loss from exercise of stock options..... 294 294 Cash dividends declared -$.09 per common share outstanding ............ unconsolidated (2,671352) -- -- -- (759) (2,671114) Unrealized translation adjustment......... 1,386 1,386 -- (114) -- 5,937 affiliate........................... 70 (267) (2,177) (1,475) (700) Distributions from unconsolidated affiliate........................... -- -- 2,500 1,000 -- Working capital changes: (Increase) decrease in accounts receivable........................ (23,314) (166) 6,155 (24,722) (3,215) (Increase) decrease in natural gas imbalance receivable.............. 7,306 3,763 (4,340) (1,063) (3,056) (Decrease) increase in accounts payable and other current liabilities....................... 964 (7,698) 19,838 11,839 2,445 (Decrease) increase in natural gas imbalance payable................. (11,210) (16,481) (8,455) 15,261 1,960 Increase in other current assets.... (433) (541) (218) -- -- Non-working capital changes: Net change in noncurrent liabilities....................... (2,857) 764 120,887 (4,693) 8,630 Net cash provided by (used in) -------- -------- --------- -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES -------- -------- --------- -------- -------- Capital expenditures..................... (7,993) (12,992) (77,523) (54,456) (26,694) Proceeds from the sale of property, plant and equipment.......................... -- -- -- 490 426 Investment in transportation agreement... -- -- (15,400) (2,000) -- Net cash used in investing -------- -------- --------- -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES Net cash (distributions to) contributions -------- -------- --------- -------- -------- from owners............................ 22,905 (14,835) (166,207) (44,854) (38,001) Net cash provided by (used in) -------- -------- --------- -------- -------- Net change in cash and cash -------- -------- --------- -------- -------- equivalents............................ -- -- -- -- -- Cash and cash equivalents Beginning of period.................... -- -- -- -- -- -------- --------- -------- -------- EL PASO FIELD SERVICES SAN XXXX GATHERING AND PROCESSING BUSINESSES TYPHOON GAS PIPELINE TYPHOON OIL PIPELINE COASTAL LIQUIDS PARTNERS NGL BUSINESS COMBINED STATEMENTS OF OWNERS' NET INVESTMENT (IN THOUSANDS) 2002 2001 2000 1999 --------- -------- -------- Owners' investment Balance at beginning of period................ $296,096 $ 359,900 $263,834 $267,591 Net income................................ 33,610 33,610 Balance, December 31, 1994.................................... 8,641 102,403 80,607 34,244 Net cash (distributions to) contributions from --------- -------- -------- Balance at end of period.............. 327,642 296,096 359,900 263,834 Accumulated other comprehensive income Balance at beginning of period................ 85,134 33,490 2,355 -- -- -- Other comprehensive income.................... (2,3193,497) 116,305 Issuance 2,355 -- -- --------- -------- -------- Balance at end of 77,461 shares of common stock from exercise of stock options........... 1,175 1,175 Cash dividends declared - $.39 per common share outstanding........................ period.............. (11,0861,142) 2,355 -- -- --------- -------- -------- EL PASO FIELD SERVICES SAN XXXX GATHERING AND PROCESSING BUSINESSES TYPHOON GAS PIPELINE TYPHOON OIL PIPELINE COASTAL LIQUIDS PARTNERS NGL BUSINESS COMBINED STATEMENTS OF COMPREHENSIVE INCOME AND CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (11,086IN THOUSANDS) Unrealized translation adjustment........ (774) (774) COMPREHENSIVE INCOME 0000 0000 0000 2000 1999 Net income................................ 45,325 45,325 Balance, December 31, 1995................ 86,309 67,729 .......................... $ 8,641 $43,232 $102,403 $80,607 $34,244 Other comprehensive income (3,093loss)... (3,497) 150,945 Issuance of 113,550 shares of common stock related to an acquisition................ 2,271 2,271 Issuance of 116,891 shares of common stock from exercise of stock options..... 1,366 1,366 Cash dividends declared - $.44 per common share outstanding........................ (12,689) (12,689) Unrealized translation adjustment......... 3,418 3,418 Net -- 2,355 -- -- Total comprehensive income................................ 50,198 50,198 Balance, December 31, 1996................ .......... $ 89,946 ==5,144 ======= $105,238 =43,232======= $104,758======== $80,607======= $34,244======= ACCUMULATED OTHER COMPREHENSIVE INCOME 0000 0000 0000 2000 1999 Beginning balance................... $ 2,355 $ -- $ -- $ -- $ -- Unrealized xxxx-to-market gains (losses) arising during the period......................... (9,360) -- 4,224 -- -- Reclassification adjustments for changes in initial value of derivative instruments to settlement date 5,863 -- (1,869) -- -- Ending balance $(1,142) ======= $ 325 ======== $195,509 ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION --======= $ 2,355======== $ --======= $ --======= EL PASO FIELD SERVICES SAN XXXX GATHERING AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED CASH FLOWS (in thousands) [IDEX LOGO] For the years ended December 31, 1996 1995 1994 Cash flows from operating activities Net income . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,198 $ 45,325 $ 33,610 Adjustments to reconcile net income to net cash flows from operating activities Depreciation and amortization . . . . . . . . . . . . . . 14,310 10,940 9,671 Amortization of intangibles . . . . . . . . . . . . . . . 8,258 5,558 4,025 Amortization of debt issuance expenses . . . . . . . . . . 640 624 619 Deferred income taxes . . . . . . . . . . . . . . . . . . 5,474 2,297 2,711 Increase in receivables . . . . . . . . . . . . . . . . . (4,124) (5,045) (7,611) (Increase) decrease in inventories . . . . . . . . . . . . 19,324 (10,222) 415 Increase (decrease) in trade accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . (3,136) 812 8,292 Increase (decrease) in accrued expenses . . . . . . . . . (2,564) 4,331 141 Other transactions - net . . . . . . . . . . . . . . . . . 4,084 470 654 Net cash flows from operating activities . . . . . . . . . 92,464 55,090 52,527 Cash flows from investing activities Additions to property, plant and equipment . . . . . . . . . (13,769) (13,002) (8,896) Acquisition of businesses (net of cash acquired) . . . . . . . . . . . . . . . . . . (132,584) (69,760) (91,558) Net cash flows from investing activities . . . . . . . . (146,353) (82,762) (100,454) Cash flows from financing activities Net borrowings under the credit agreements . . . . . . . . 64,586 37,968 50,000 Increase in accrued interest . . . . . . . . . . . . . . . . 939 50 702 Net cash flows from financing activities . . . . . . . . . 53,247 27,321 50,702 Net increase (decrease) in cash . . . . . . . . . . . . . . . (642) (351) 2,775 Cash and cash equivalents at beginning of year. . . . . . . . . 5,937 6,288 3,513 Cash and cash equivalents at end of year. . . . . . . . . . . . $ 5,295 $ 5,937 $ 6,288 ======== ======== ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION AND SUBSIDIARIES PROCESSING BUSINESSES TYPHOON GAS PIPELINE TYPHOON OIL PIPELINE COASTAL LIQUIDS PARTNERS NGL BUSINESS NOTES TO CONSOLIDATED COMBINED FINANCIAL STATEMENTS (in thousands except share and per share amounts)STATEMENTS
Appears in 1 contract
Samples: Acquisition Agreement
Total Liabilities. 23,698 Commitments and contingencies (Note 11)..................... 80,811 -------- 388,264 503,961 -------- 26,185 -- -- ---- 500 ---- -- Minority interest........................................... Stockholders equity: 61,836 -------- 315,177 -------- Shareholders' equity 4 ---- Common stock, par value $.01 per share Shares authorized 1996 - 75,000,000; 1995 - 50,000,000 Shares issued and outstanding 1996 - 28,925,867; 1995 - 28,695,426 . . 289 287 ................................................ -- -- Additional paid-in capital. . . . . . . . . . . 89,657 86,022 Retained earnings . . . . . . . . . . . . . . . 105,238 67,729 .................................. 35,000 -- Accumulated translation adjustment. . . . . . . 325 (3,093) -------- -------- deficit......................................... Total shareholders' equity . . . . . . . . . . 195,509 150,945 equity.................................. Total liabilities and shareholders' equity.................. (8,918) -------- 26,082 -------- See Notes to Consolidated Financial Statements. 20 IDEX CORPORATION AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED OPERATIONS (in thousands except per share amounts) For the years ended December 31, 1996 -------- 1995 -------- 1994 -------- Net sales ................................. $562,551 $487,336 $399,502 Cost of sales ............................. 346,397 299,315 246,858 Gross profit .............................. 216,154 Selling, general and administrative expenses .................. 111,507 188,021 97,486 152,644 83,980 Goodwill amortization ..................... 6,342 4,297 3,126 Income from operations .................... 98,305 86,238 65,538 Other income(expense) - net ............... (509) 753 559 -------- Income before interest expense and income taxes ............................. 97,796 -------- 86,991 -------- 66,097 Interest expense .......................... 18,942 15,948 13,581 Income before income taxes ................ 78,854 71,043 52,516 Provision for income taxes ................ 28,656 25,718 18,906 Net income ................................ $ 50,198 $ 45,325 $ 33,610 591,879 ======== ====-- ---- -- ---- $504 ==== ======== Earnings per common share ................. $ 1.69 $ 1.53 $ 1.15 ======== ======== ======== Weighted average common shares outstanding .............................. 29,779 29,609 29,331 ======== ======== ======== See Notes to Consolidated Financial Statements48 AVALON CABLE OF MICHIGAN HOLDINGS, INC. IDEX CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE PERIOD FROM FOR THE YEAR SEPTEMBER 4, 1997 ENDED (INCEPTION) THROUGH DECEMBER 31, 1998 DECEMBER 31, 1997 ----------------- ------------------- (DOLLARS IN THOUSANDS) REVENUE: Basic services............................................. $14,976 $ -- Premium services........................................... 1,468 -- Other...................................................... 1,743 -- ------- ------- 18,187 -- OPERATING EXPENSES: Selling, general and administrative........................ 4,207 -- Programming................................................ 4,564 -- Technical and operations................................... 1,951 -- Depreciation and amortization.............................. 8,183 -- ------- ------- Loss from operations....................................... (718) -- Interest income............................................ 173 4 Interest expense........................................... (8,223) -- Other expense, net......................................... (65) -- ------- ------- Income (loss) before income taxes.......................... (8,833) 4 (Benefit) from income taxes................................ (2,754) -- Income (loss) before minority interest and extraordinary ------- ------- ------- ------- Income (loss) before extraordinary item.................... (4,748) -- Extraordinary loss on extinguishment of debt (net of tax of $1,743).................................................. (4,170) -- ------- ------- 49 AVALON CABLE OF MICHIGAN HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE PERIOD FROM SEPTEMBER 4, 1997 (in thousands except share and per share amountsINCEPTION) Common Stock and Additional Paid-In Capital Retained Earnings Accumulated Translation Adjustment Total Shareholders' Equity Balance, December THROUGH DECEMBER 31, 1993 $ 84,840 $ 2,551 $ 1998 COMMON ADDITIONAL TOTAL SHARES COMMON PAID-IN ACCUMULATED SHAREHOLDERS' OUTSTANDING STOCK CAPITAL DEFICIT EQUITY ------ ---------- ----------- ------------- (3,705) $ 83,686 Issuance of 39,434 shares of common stock from exercise of stock options..... 294 294 Cash dividends declared -$.09 per common share outstanding ............ (2,671) (2,671) Unrealized translation adjustment......... 1,386 1,386 Net income................................ 33,610 33,610 BalanceIN THOUSANDS, December 31, 1994................ 85,134 33,490 (2,319) 116,305 Issuance of 77,461 shares of common stock from exercise of stock options........... 1,175 1,175 Cash dividends declared - $.39 per common share outstanding........................ (11,086) (11,086) Unrealized translation adjustment........ (774) (774EXCEPT SHARE AMOUNTS) Net income................................ 45,325 45,325 Balance, December 31, 1995................ 86,309 67,729 (3,093) 150,945 Issuance income from date of 113,550 shares of common stock related to an acquisition................ 2,271 2,271 Issuance of 116,891 shares of common stock from exercise of stock options..... 1,366 1,366 Cash dividends declared - $.44 per common share outstanding........................ (12,689) (12,689) Unrealized translation adjustment......... 3,418 3,418 Net income................................ 50,198 50,198 Balance, December 31, 1996................ $ 89,946 ========= $105,238 ======== $ 325 ======== $195,509 ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED CASH FLOWS (in thousands) [IDEX LOGO] For the years ended December 31, 1996 1995 1994 Cash flows from operating activities Net income . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,198 $ 45,325 $ 33,610 Adjustments to reconcile net income to net cash flows from operating activities Depreciation and amortization . . . . . . . . . . . . . . 14,310 10,940 9,671 Amortization of intangibles . . . . . . . . . . . . . . . 8,258 5,558 4,025 Amortization of debt issuance expenses . . . . . . . . . . 640 624 619 Deferred income taxes . . . . . . . . . . . . . . . . . . 5,474 2,297 2,711 Increase in receivables . . . . . . . . . . . . . . . . . (4,124) (5,045) (7,611) (Increase) decrease in inventories . . . . . . . . . . . . 19,324 (10,222) 415 Increase (decrease) in trade accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . (3,136) 812 8,292 Increase (decrease) in accrued expenses . . . . . . . . . (2,564) 4,331 141 Other transactions - net . . . . . . . . . . . . . . . . . 4,084 470 654 Net cash flows from operating activities . . . . . . . . . 92,464 55,090 52,527 Cash flows from investing activities Additions to property, plant and equipment . . . . . . . . . (13,769) (13,002) (8,896) Acquisition of businesses (net of cash acquired) . . . . . . . . . . . . . . . . . . (132,584) (69,760) (91,558) Net cash flows from investing activities . . . . . . . . (146,353) (82,762) (100,454) Cash flows from financing activities Net borrowings under the credit agreements . . . . . . . . 64,586 37,968 50,000 Increase in accrued interest . . . . . . . . . . . . . . . . 939 50 702 Net cash flows from financing activities . . . . . . . . . 53,247 27,321 50,702 Net increase (decrease) in cash . . . . . . . . . . . . . . . (642) (351) 2,775 Cash and cash equivalents at beginning of year. . . . . . . . . 5,937 6,288 3,513 Cash and cash equivalents at end of year. . . . . . . . . . . . $ 5,295 $ 5,937 $ 6,288 ======== ======== ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands except share and per share amounts)inception
Appears in 1 contract
Samples: Annual Report
Total Liabilities. 23,698 -------- 388,264 -------- 26,185 -------- 315,177 -------- ShareholdersSTOCKHOLDERS' equity EQUITY 57,129 ------- 82,462 ------- 42,988 ------- 81,150 ------- Preferred Stockholders' Equity...................... Common Stockholders' Equity 425 ------- 425 ------- Shares exchangeable into common stock, ............. Common stock (par value $.01 1.33 1/3 per share Shares authorized 1996 - 75,000,000share; 1995 - 50,000,000 Shares issued and outstanding 1996 - 28,925,86766 66 authorized: 1,000,000,000 shares; 1995 - 28,695,426 . . 289 287 Additional paidissued: 472,660,324 shares).............................. 630 630 Paid-in capital................................... 1,427 1,001 Accumulated other comprehensive loss (net of tax). . . . . . . . . . . 89,657 86,022 (122) (47) Retained earnings . . . . . . . . . . . . . . . 105,238 67,729 Accumulated translation adjustment. . . . . . . 325 (3,093) -------- -------- earnings................................. 10,475 9,579 ------- ------- 12,476 11,229 Less: Treasury stock, at cost: 1998--116,376,259 shares; 1997--133,400,971 shares......................................... 2,101 2,677 Employee stock transactions..................... 668 438 ------- ------- Total shareholdersCommon Stockholders' equity . . . . . . . . . . 195,509 150,945 -------- -------- See Notes to Consolidated Financial Statements. 20 IDEX CORPORATION AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED OPERATIONS (in thousands except per share amounts) For the years ended December 31, 1996 -------- 1995 -------- 1994 -------- Net sales ................................. Equity................... 9,707 8,114 ------- ------- Total Stockholders' Equity.......................... 10,132 8,539 ------- ------- Total Liabilities and Stockholders' Equity.......... $562,551 92,594 $487,336 $399,502 Cost of sales ............................. 346,397 299,315 246,858 Gross profit .............................. 216,154 Selling, general and administrative expenses .................. 111,507 188,021 97,486 152,644 83,980 Goodwill amortization ..................... 6,342 4,297 3,126 Income from operations .................... 98,305 86,238 65,538 Other income(expense) - net ............... (509) 753 559 -------- Income before interest expense and income taxes ............................. 97,796 -------- 86,991 -------- 66,097 Interest expense .......................... 18,942 15,948 13,581 Income before income taxes ................ 78,854 71,043 52,516 Provision for income taxes ................ 28,656 25,718 18,906 Net income ................................ $ 50,198 $ 45,325 $ 33,610 =89,689 ======= ======== ======== Earnings per common share ................. $ 1.69 $ 1.53 $ 1.15 ======== ======== ======== Weighted average common shares outstanding .............................. 29,779 29,609 29,331 ======== ======== ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION AND SUBSIDIARIES CONDENSED STATEMENTS OF CONSOLIDATED SHAREHOLDERS' EQUITY (in thousands except share and per share amounts) Common Stock and Additional Paid-In Capital Retained Earnings Accumulated Translation Adjustment Total Shareholders' Equity Balance, December 31, 1993 $ 84,840 $ 2,551 $ (3,705) $ 83,686 Issuance of 39,434 shares of common stock from exercise of stock options..... 294 294 Cash dividends declared -$.09 per common share outstanding ............ (2,671) (2,671) Unrealized translation adjustment......... 1,386 1,386 Net income................................ 33,610 33,610 Balance, December 31, 1994................ 85,134 33,490 (2,319) 116,305 Issuance of 77,461 shares of common stock from exercise of stock options........... 1,175 1,175 Cash dividends declared - $.39 per common share outstanding........................ (11,086) (11,086) Unrealized translation adjustment........ (774) (774) Net income................................ 45,325 45,325 Balance, December 31, 1995................ 86,309 67,729 (3,093) 150,945 Issuance of 113,550 shares of common stock related to an acquisition................ 2,271 2,271 Issuance of 116,891 shares of common stock from exercise of stock options..... 1,366 1,366 Cash dividends declared - $.44 per common share outstanding........................ (12,689) (12,689) Unrealized translation adjustment......... 3,418 3,418 Net income................................ 50,198 50,198 Balance, December 31, 1996................ $ 89,946 ========= $105,238 ======== $ 325 ======== $195,509 ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED CASH FLOWS (Parent Company Only) Year Ended Last Friday in thousands) [IDEX LOGO] For the years ended December 31, ---------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES 1998 ----------- 1997 ----------- 1996 1995 1994 Cash flows from operating activities ----------- Net income . . . . . . . . . . . . . . . . . . . . . . . . . earnings........................... $ 50,198 1,259 $ 45,325 1,935 $ 33,610 Adjustments to reconcile net income to net cash flows from operating activities Depreciation and amortization . . . . . . . . . . . . . . 14,310 10,940 9,671 Amortization 1,648 Noncash items included in earnings: Equity in earnings of intangibles . . . . . . . . . . . . . . . 8,258 5,558 4,025 Amortization of debt issuance expenses . . . . . . . . . . 640 624 619 Deferred income taxes . . . . . . . . . . . . . . . . . . 5,474 2,297 2,711 Increase in receivables . . . . . . . . . . . . . . . . . affiliates..... (4,1241,727) (5,0452,222) (7,6111,878) Other................................ (183) 103 50 (Increase) decrease in inventories . . . . . . . . . . . . 19,324 operating Dividends and partnership distributions from affiliates ...................... 868 1,126 1,367 Cash Provided by Operating ----------- ----------- ----------- Activities.......................... CASH FLOWS FROM INVESTING ACTIVITIES 247 ----------- 756 ----------- 2,125 ----------- Proceeds from (10,222) 415 Increase payments for): Loans to affiliates, net of payments............................ 774 (decrease) in trade accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . (3,136) 812 8,292 Increase (decrease) in accrued expenses . . . . . . . . . (2,564) 4,331 141 Other transactions - net . . . . . . . . . . . . . . . . . 4,084 470 654 Net cash flows from operating activities . . . . . . . . . 92,464 55,090 52,527 Cash flows from investing activities Additions to property, plant and equipment . . . . . . . . . (13,76922,164) (13,00217,299) (8,896) Acquisition of businesses (Investments in affiliates, net of cash acquired) . . . . . . . . . . . . . . . . . . (132,584) (69,760) (91,558) Net cash flows from investing activities . . . . . . . . (146,353) (82,762) (100,454) Cash flows from financing activities Net borrowings under the credit agreements . . . . . . . . 64,586 37,968 50,000 Increase in accrued interest . . . . . . . . . . . . . . . . 939 50 702 Net cash flows from financing activities . . . . . . . . . 53,247 27,321 50,702 Net increase (decrease) in cash . . . . . . . . . . . . . . . (642) (351) 2,775 Cash and cash equivalents at beginning of year. . . . . . . . . 5,937 6,288 3,513 Cash and cash equivalents at end of year. . . . . . . . . . . . $ 5,295 $ 5,937 $ 6,288 ======== ======== ======== See Notes to Consolidated Financial Statements. IDEX CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands except share and per share amounts)of
Appears in 1 contract
Samples: Annual Report
