-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DrW0zOfHFPjd/yzBqJnk/MBWQyWXLf1oWfAhY55Lj2u6A48L2stPt7wJMOYeHUTk E814C3IUThskvv184OuRBw== 0000950134-02-003988.txt : 20020419 0000950134-02-003988.hdr.sgml : 20020419 ACCESSION NUMBER: 0000950134-02-003988 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020419 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020419 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ELCOR CORP CENTRAL INDEX KEY: 0000032017 STANDARD INDUSTRIAL CLASSIFICATION: ASPHALT PAVING & ROOFING MATERIALS [2950] IRS NUMBER: 751217920 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05341 FILM NUMBER: 02615322 BUSINESS ADDRESS: STREET 1: 14643 DALLAS PKWY STE 1000 STREET 2: WELLINGTON CTR CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 9728510500 MAIL ADDRESS: STREET 1: WELLINGTON CENTRE STE 1000 STREET 2: 14643 DALLAS PKWY CITY: DALLAS STATE: TX ZIP: 75240-8871 FORMER COMPANY: FORMER CONFORMED NAME: ELCOR CHEMICAL CORP DATE OF NAME CHANGE: 19761119 8-K 1 d96165e8-k.txt FORM 8-K 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) April 19, 2002 --------------- ELCOR CORPORATION ------------------------------------------------------ (Exact name of Registrant as specified in its charter) DELAWARE 1-5341 75-1217920 - ------------------------------- ---------------------- ------------------- (State or other jurisdiction of Commission File Number I.R.S. Employer incorporation or organization) Identification No.) 14643 DALLAS PARKWAY SUITE 1000, WELLINGTON CENTRE, DALLAS, TEXAS 75254-8890 - -------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (972)851-0500 ------------- NOT APPLICABLE ------------------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events Purported Class Action Litigation In late March 2002, the United States District Court for the District of New Jersey issued its opinion denying the plaintiff's motion for class certification in the Wedgewood Knolls lawsuit. The ten-day period for plaintiff to file an interlocutory appeal of that decision, or a motion for reargument or reconsideration, has passed without plaintiff's filing any such appeal or motion. Since the suit is now limited to issues associated with the individual plaintiff association, the Registrant believes that the Wedgewood Knolls lawsuit no longer has the potential to have a material adverse effect on its results of operations, financial position or liquidity. The other putative class action pending against Elk, Lastih, remains on the docket of cases in the Connecticut Superior Court. To date, no party has taken any discovery in this case. Lastih recently appeared on the court's list of dormant cases scheduled for dismissal on May 3, 2002, absent a showing of good cause by the plaintiff. Plaintiff filed a request for exemption from dismissal, which the court recently denied. Plaintiff has now moved for reconsideration of the decision. The Registrant cannot predict whether the Lastih case will have a material adverse effect on its results of operations, financial position or liquidity. Patent Infringement Litigation On April 3, 2002, Certainteed Corporation filed suit for alleged patent infringement against Registrant, Elk Corporation of Dallas and Elk Corporation of Texas. The suit, in essence, claims that Elk's Capstone(R) shingle infringes three Certainteed patents, and seeks preliminary and permanent injunctive relief, damages and attorneys fees. Registrant and its Elk affiliates believe that the suit is meritless and intend to vigorously defend it. The Registrant cannot, however, predict with certainty whether the suit will have a material adverse effect on its results of operations, financial position or liquidity. Press Release On April 18, 2002, the Registrant issued a press release containing "forward-looking statements" that involve risks and uncertainties about its prospects for the future. The statements that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements usually are accompanied by words such as "outlook," "believe," "estimate," "plan," "project," "expect," "anticipate," "predict," "could," "should," "may," or similar words that convey the uncertainty of future events or outcomes. These statements are based on judgments the company believes are reasonable; however, the Registrant's actual results could differ materially from those discussed here. Such risks and uncertainties include, but are not limited to, the following: 1. The company's building products business is substantially non-cyclical, but can be affected by weather, the availability of financing and general economic conditions. In addition, the asphalt roofing products manufacturing business is highly competitive. Actions of competitors, including changes in pricing, or 1 slowing demand for asphalt roofing products due to general or industry economic conditions or the amount of inclement weather could result in decreased demand for the company's products, lower prices received or reduced utilization of plant facilities. Further, changes in building and insurance codes and other standards from time to time can cause changes in demand, or increases in costs that may not be passed through to customers. 2. In the building products business, the significant raw materials are ceramic-coated granules, asphalt, glass fibers, resins and mineral filler. Increased costs of raw materials can result in reduced margins, as can higher energy, trucking and rail costs. Historically, the company has been able to pass some of the higher raw material, energy and transportation costs through to the customer. Should the company be unable to recover higher raw material, energy and/or transportation costs from price increases of its products, operating results could be adversely affected and/or lower than projected. 3. The company has been involved in a significant expansion plan over the past several years, including the construction of new facilities and the expansion of existing facilities. Progress in achieving anticipated operating efficiencies and financial results is difficult to predict for new and expanded plant facilities. If such progress is slower than anticipated, or if demand for products produced at new or expanded plants does not meet current expectations, operating results could be adversely affected. 4. Certain facilities of the company's manufacturing subsidiaries must utilize hazardous materials in their production process. As a result, the company could incur costs for remediation activities at its facilities or off-site, and other related exposures from time to time in excess of established reserves for such activities. 5. The company's litigation is subject to inherent and case-specific uncertainty. The outcome of such litigation depends on numerous interrelated factors, many of which cannot be predicted. 6. Although the company currently anticipates that most of its needs for new capital in the near future will be met with internally generated funds or borrowings under its available credit facilities, significant increases in interest rates could substantially affect its borrowing costs under its existing loan facility, or its cost of alternative sources of capital. 7. Each of the company's businesses, especially Cybershield's business, is subject to the risks of technological changes that could affect the demand for or the relative cost of the company's technology, products and services, or the method and profitability of the method of distribution or delivery of such technology, products and services. In addition, the company's businesses each could suffer significant 2 setbacks in revenues and operating income if it lost one or more of its largest customers, or if its customers' plans and/or markets should change significantly. 8. Although the company insures itself against physical loss to its manufacturing facilities, including business interruption losses, natural or other disasters and accidents, including but not limited to fire, earthquake, damaging winds, and explosions, operating results could be adversely affected if any of its manufacturing facilities became inoperable for an extended period of time due to such events. 9. Each of the company's businesses is actively involved in the development of new products, processes and services which are expected to contribute to the company's ongoing long-term growth and earnings. If such development activities are not successful, market demand is less than expected, or the company cannot provide the requisite financial and other resources to successfully commercialize such developments, the growth of future sales and earnings may be adversely affected. Parties are cautioned not to rely on any such forward-looking beliefs or judgments in making investment decisions. Reference is made to the company's Annual Report on Form 10-K for the year ended June 30, 2001, and its Quarterly Report on Form 10-Q for the quarters ended September 30, 2001 and December 31, 2001 for further information about risks and uncertainties. Other Matters The company may, from time to time, find that it has commented on non-public information, including forward-looking information, to analysts. If that should occur, the company may post disclosures at www.elcor.com that it deems appropriate under Regulation F-D. No such disclosure, or similar information filed or furnished by Form 8-K, should be deemed an admission that such information is material to investors. Item 7. Exhibits 99.1 Press release dated April 18, 2002 of Elcor Corporation. 3 SIGNATURES Pursuant to the requirement of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ELCOR CORPORATION DATE: April 19, 2002 /s/ Harold R. Beattie, Jr. ------------------------- ---------------------------------------- Harold R. Beattie, Jr. Vice President, Chief Financial Officer and Treasurer /s/ Leonard R. Harral ---------------------------------------- Leonard R. Harral Vice President and Chief Accounting Officer 4 INDEX TO EXHIBITS
EXHIBIT NUMBER DESCRIPTION - ------- ----------- 99.1 Press release dated April 18, 2002 of Elcor Corporation.
EX-99.1 3 d96165ex99-1.txt PRESS RELEASE DATED APRIL 18, 2002 EXHIBIT 99.1 [ELCOR CORPORATION LETTERHEAD] PRESS RELEASE TRADED: NYSE FOR IMMEDIATE RELEASE SYMBOL: ELK FOR FURTHER INFORMATION: Harold R. Beattie, Jr. Vice President, Chief Financial Officer and Treasurer (972) 851-0523 ELCOR CORPORATION REPORTS SHARPLY HIGHER FISCAL 2002 THIRD QUARTER RESULTS KAROL SUCCEEDS WORK AS ELCOR CHAIRMAN OF THE BOARD NOWAK APPOINTED PRESIDENT OF ELCOR DALLAS, TEXAS, April 18, 2002 . . . . Elcor Corporation today reported sharply higher year-over-year operating results for its seasonally slower fiscal 2002 third quarter ending March 31, 2002. Net income for the quarter rose 213% to $2,929,000, or $0.15 per diluted share, compared to $937,000, or $0.05 per diluted share, in the year-ago quarter, surpassing analysts' consensus estimates of $0.11 per diluted share. Net income for the quarter included about $0.02 per share of nonrecurring net income that resulted from the net after-tax effect of Elk's favorable cash settlement of a dispute with a vendor, offset by the closure costs of Cybershield's Canton, GA manufacturing plant. Sales rose 35% to $119,175,000, from $88,458,000 in the same quarter last year. ELK BUILDING PRODUCTS: A CONTINUATION OF STRONG SALES AND PROFIT MOMENTUM Elk's building products sales rose 43%, to $111,544,000, from $78,088,000 in the year-ago quarter. Operating profit more than tripled to $14,434,000, compared to $3,908,000 in the same quarter last year. Operating profit during the quarter included $5,625,000 of nonrecurring income resulting from Elk's favorable cash settlement of a dispute with one of its vendors. Excluding nonrecurring income, operating profit rose 125% to $8,809,000. Strong sales growth was driven by a continuation of strong demand for Elk's premium laminated shingles and significant growth in external shipments of performance nonwoven fabrics. Roofing product prices during the quarter averaged about 3% higher than in the same quarter last year. PRESS RELEASE Elcor Corporation April 18, 2002 Page 2 Operating profit growth significantly exceeded sales growth during the quarter as a result of lower unit raw material costs (principally asphalt) and lower unit manufacturing costs. Asphalt costs during the quarter averaged about $19 per ton less than in the same quarter last year. Lower unit manufacturing costs resulted from the operation of Elk's roofing plants at about 85% of design capacity during the quarter, compared to an operating rate of about 69% during the year-ago quarter. Elk's new Myerstown, PA plant continues to make good progress toward achieving design capacity and efficiency and is expected to be capable of manufacturing all products at 100% of design capacity by June 2002. OTHER SEGMENT RESULTS Cybershield had sales of $4,072,000, compared to $6,820,000, and an operating loss of $6,198,000, compared to an operating profit of $556,000, in the same quarter last year. During the quarter, Cybershield completed the closure of its Canton, GA manufacturing plant and substantially completed the transfer of certain manufacturing assets to its Lufkin, TX facility. Cybershield's operating loss included $4,851,000 of nonrecurring expenses (including $1,251,000 of cash expenses) related to the closure of the Canton, GA manufacturing plant. Cybershield expects to incur approximately $200,000 of additional nonrecurring employee severance, employee relocation, and equipment moving expenses during the June 2002 quarter. The closure of the Canton plant is expected to reduce Cybershield's fixed costs by about $2,400,000 per year. Excluding plant closure expenses, Cybershield's operating loss for the quarter was $1,347,000, with about 84% of this amount occurring during the month of January 2002. Recurring operating results were adversely affected by sharply reduced orders from Cybershield's cellular handset customers. The Industrial Products segment had sales of $3,559,000, compared to $3,520,000, and operating profit of $320,000, compared to an operating loss of $171,000, in the same quarter last year. Chromium continued to experience lower unit volumes during the quarter as railroads deferred maintenance expenditures in a weaker economy. However, the cost reductions resulting from Chromium's consolidation last year enabled it to remain profitable during the quarter. Ortloff's sales and operating profit significantly exceeded those of the year-ago quarter, as it continued to benefit from a higher level of licensing and consulting fees generated from international gas processing projects. Corporate-level expenses increased to $2,989,000, from $1,888,000 in the same quarter last year. Higher corporate-level expenses resulted primarily from higher levels of PRESS RELEASE Elcor Corporation April 18, 2002 Page 3 incentive compensation directly related to Elcor's higher earnings, and approximately $495,000 of nonrecurring compensation and retirement expenses related to Elcor's management succession. FINANCIAL CONDITION Elcor's debt increased by $22 million during the quarter, primarily as a result of normal seasonal increases in working capital. At March 31, 2002, Elcor's total debt was $106 million, and its debt to capital ratio was 38%. MANAGEMENT SUCCESSION Elcor's Board of Directors elected Thomas D. Karol, formerly President and Chief Executive Officer of Elcor Corporation, to succeed Harold K. Work as Chairman of the Board effective with Mr. Work's retirement on March 31, 2002. Mr. Karol will continue to serve as Chief Executive Officer of Elcor Corporation and Mr. Work will continue to serve as a Director of Elcor following his retirement. Concurrently with Mr. Karol's election, Richard A. Nowak was elected President and Chief Operating Officer of Elcor Corporation. Mr. Nowak was formerly Executive Vice President of Elcor Corporation. OUTLOOK Mr. Karol said, "We are very pleased by the continuation of strong year-over-year sales and profit momentum in our core Elk building products business. General optimism regarding the calendar 2002 roofing season is the tone with most roofing contractors, and we are well positioned to take full advantage of an expected continuation of strong demand. As a result of the Middle East conflict, oil prices have recently increased to approach the levels that we last experienced during the period from March through September of 2001. During that period, our asphalt costs ranged from $10 to $20 per ton higher than our average asphalt cost during the March 2002 quarter. However, we are cautiously optimistic that the relatively tight supply and demand conditions expected to affect the roofing industry during the remainder of calendar 2002 should permit the recovery of higher asphalt costs through higher product pricing. Elk has announced 5% to 7% price increases that become effective during April and May of 2002 and believe that competitive conditions are favorable for such increase. "As a result of the continuing uncertainty in the cellular handset market, we currently have poor future sales visibility at Cybershield. However, we expect that the lower fixed costs PRESS RELEASE Elcor Corporation April 18, 2002 Page 4 resulting from the Canton, GA plant closure should enable Cybershield to return to profitability with modest increases in volume. We continue to be very optimistic about the market potential for Cybershield's exclusive EXACT(TM) precision 3D metallized plastic technology and its potential to diversify Cybershield's revenue sources among a wider variety of electronics applications. Various applications of Cybershield's EXACT technology are currently being evaluated by many leading consumer electronics manufacturers and we are encouraged by their initial responses. However, we do not expect to realize any material sales from the EXACT process during the June quarter of fiscal 2002. "We currently estimate that Elcor's earnings will likely range from $0.28 to $0.33 for the quarter ending June 30, 2002. This results in estimated earnings for the full fiscal year ending June 30, 2002 in the range of $0.93 to $0.98. Our estimate is based upon continued strong performance in our core Elk building materials business, near break-even results in Cybershield, and a continuation of recent earnings trends in our Industrial Products segment," he concluded. CONFERENCE CALL Elcor will host a conference call tomorrow, Friday, April 19, 2002, at 11:00 a.m. Eastern time (10:00 a.m. Central time). The conference call will be broadcast live over the Internet. Interested parties can access the conference call through the Elcor Website at www.elcor.com (Investor Relations / Calls & Presentations) or by visiting www.prnewswire.com. SAFE HARBOR PROVISIONS In accordance with the safe harbor provisions of the securities law regarding forward-looking statements, in addition to the historical information contained herein, the above discussion contains forward-looking statements that involve risks and uncertainties. The statements that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements usually are accompanied by words such as "optimistic," "outlook," "believe," "estimate," "potential," "project," "expect," "anticipate," "plan," "predict," "could," "should," "may," or similar words that convey the uncertainty of future events or outcomes. These statements are based on judgments the company believes are reasonable; however, Elcor's actual results could differ materially from those discussed here. Factors that could cause or contribute to such differences could include, but are not limited to, changes in demand, prices, raw material costs, transportation costs, changes in economic conditions of the various markets the company serves, changes in the amount PRESS RELEASE Elcor Corporation April 18, 2002 Page 5 and severity of inclement weather, as well as the other risks detailed herein and in the company's reports filed with the Securities and Exchange Commission, including but not limited to its Form 10-K for the fiscal year ending June 30, 2001, and subsequent Forms 8-K and 10-Q. - - - - - - - - Elcor, through its subsidiaries, manufactures Elk brand roofing and building products, reconditions locomotive engine components, provides technology for gas processing, and metalizes plastic components for use in consumer electronic devices. Each of Elcor's principal operating subsidiaries is the leader or one of the leaders within its particular market. Its common stock is listed on the New York Stock Exchange (ticker symbol: ELK). Elcor's roofing and building products facilities are located in Tuscaloosa, Alabama; Shafter, California; Myerstown, Pennsylvania; Dallas and Ennis, Texas. Its electronics manufacturing services facilities are located in Lufkin and Dallas, Texas; its locomotive engine products facility is located in Cleveland, Ohio; and its gas processing technology operation is located in Midland, Texas. PRESS RELEASE Elcor Corporation April 18, 2002 Page 6 CONDENSED RESULTS OF OPERATIONS (Unaudited, $ in thousands)
Trailing Three Months Ended Nine Months Ended Twelve Months Ended March 31, March 31, March 31, 2002 2001 2002 2001 2002 2001 ---------- ---------- ---------- ---------- ---------- ---------- SALES $ 119,175 $ 88,458 $ 375,522 $ 270,746 $ 483,932 $ 364,752 ---------- ---------- ---------- ---------- ---------- ---------- COSTS AND EXPENSES Costs of sales 99,845 74,388 306,456 222,099 397,962 295,297 Selling, general & administrative 14,537 11,665 44,998 35,652 57,543 45,999 Plant closure costs 4,851 0 4,854 0 4,851 0 Settlement with vendor (5,625) 0 (5,625) 0 (5,625) 0 Interest expense and other, net 856 903 4,473 2,031 5,833 2,433 ---------- ---------- ---------- ---------- ---------- ---------- Total Costs and Expenses 114,464 86,956 355,153 259,782 460,564 343,729 ---------- ---------- ---------- ---------- ---------- ---------- INCOME BEFORE INCOME TAXES 4,711 1,502 20,369 10,964 23,368 21,023 Provision for income taxes 1,782 565 7,717 4,078 8,840 7,896 ---------- ---------- ---------- ---------- ---------- ---------- NET INCOME $ 2,929 $ 937 $ 12,652 $ 6,886 $ 14,528 $ 13,127 ========== ========== ========== ========== ========== ========== INCOME PER COMMON SHARE-BASIC $ 0.15 $ 0.05 $ 0.66 $ 0.36 $ 0.75 $ 0.67 ========== ========== ========== ========== ========== ========== INCOME PER COMMON SHARE-DILUTED $ 0.15 $ 0.05 $ 0.65 $ 0.35 $ 0.74 $ 0.66 ========== ========== ========== ========== ========== ========== AVERAGE COMMON SHARES OUTSTANDING Basic 19,358 19,220 19,278 19,353 19,266 19,514 ========== ========== ========== ========== ========== ========== Diluted 19,705 19,389 19,606 19,527 19,552 19,871 ========== ========== ========== ========== ========== ==========
PRESS RELEASE Elcor Corporation April 18, 2002 Page 7 FINANCIAL INFORMATION BY COMPANY SEGMENTS (Unaudited, $ in thousands)
Trailing Three Months Ended Nine Months Ended Twelve Months Ended March 31, March 31, March 31, 2002 2001 2002 2001 2002 2001 --------- --------- --------- --------- --------- --------- SALES Roofing Products $ 111,544 $ 78,088 $ 339,533 $ 237,396 $ 438,108 $ 322,248 Electronics Manufacturing Services 4,072 6,820 25,284 23,556 31,256 29,830 Industrial Products 3,559 3,520 10,705 9,705 14,561 12,555 Corporate & Eliminations 0 30 0 89 7 119 --------- --------- --------- --------- --------- --------- $ 119,175 $ 88,458 $ 375,522 $ 270,746 $ 483,932 $ 364,752 ========= ========= ========= ========= ========= ========= OPERATING PROFIT (LOSS) Roofing Products $ 14,434 $ 3,908 $ 38,731 $ 18,270 $ 46,000 $ 30,428 Electronics Manufacturing Services (6,198) 556 (6,143) 2,172 (6,923) 2,395 Industrial Products 320 (171) 1,431 (1,119) 1,815 (2,665) Corporate & Eliminations (2,989) (1,888) (9,177) (6,328) (11,691) (6,702) --------- --------- --------- --------- --------- --------- $ 5,567 $ 2,405 $ 24,842 $ 12,995 $ 29,201 $ 23,456 ========= ========= ========= ========= ========= =========
PRESS RELEASE Elcor Corporation April 18, 2002 Page 8 CONDENSED BALANCE SHEET (Unaudited, $ in thousands)
March 31, ASSETS 2002 2001 --------- --------- Cash and cash equivalents $ 35 $ 1,444 Receivables, net 93,065 63,333 Inventories 42,101 60,754 Deferred income taxes 4,283 3,032 Prepaid expenses and other 9,423 8,191 --------- --------- Total Current Assets 148,907 136,754 Property, plant and equipment, net 207,935 217,398 Other assets 5,660 2,838 --------- --------- Total Assets $ 362,502 $ 356,990 ========= =========
March 31, LIABILITIES AND SHAREHOLDERS' EQUITY 2002 2001 --------- --------- Accounts payable and accrued liabilities $ 50,800 $ 42,011 Current maturities on long-term debt 0 0 --------- --------- Total Current Liabilities 50,800 42,011 Long-term debt, net 106,000 103,700 Deferred income taxes 32,002 23,259 Shareholders' equity 173,700 161,020 --------- --------- Total Liabilities and Shareholders' Equity $ 362,502 $ 356,990 ========= =========
PRESS RELEASE Elcor Corporation April 18, 2002 Page 9 CONDENSED STATEMENT OF CASH FLOWS (Unaudited, $ in thousands)
For the Nine Months Ended March 31, 2002 2001 ---------- ---------- CASH FLOWS FROM: OPERATING ACTIVITIES Net income $ 12,652 $ 6,886 Adjustments to net income Depreciation and amortization 13,461 10,283 Deferred income taxes 5,084 1,966 Impairment of property, plant and equipment 2,743 -- Impairment of goodwill 803 -- Changes in assets and liabilities: Trade receivables (19,405) 8,379 Inventories 8,915 (19,789) Prepaid expenses and other (936) (3,879) Accounts payable and accrued liabilities 2,766 (6,276) ---------- ---------- Net cash from operations 26,083 (2,430) ---------- ---------- INVESTING ACTIVITIES Additions to property, plant and equipment (8,250) (32,555) Other 530 97 ---------- ---------- Net cash from investing activities (7,720) (32,458) ---------- ---------- FINANCING ACTIVITIES Long-term borrowings, net (17,300) 39,400 Dividends on common stock (2,900) (2,897) Treasury stock transactions and other, net 1,744 (4,873) ---------- ---------- Net cash from financing activities (18,456) 31,630 ---------- ---------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (93) (3,258) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 128 4,702 ---------- ---------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 35 $ 1,444 ========== ==========
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