XML 64 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Cash flows from operating activities:    
Net income $ 11,325 $ 14,524
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 28,779 26,542
Remeasurement loss on foreign currency 47 75
Provision for losses on accounts receivable 235 132
Gain on sale of rental and lease equipment (5,845) (4,948)
Gain on bargain purchase, net of taxes   (3,382)
Stock compensation expense 639 710
Excess tax benefit for share based compensation (113) (50)
Deferred income taxes (1,885) 5,200
Change in operating assets and liabilities:    
Accounts receivable (793) (3,958)
Other assets 596 205
Accounts payable (1,091) (1,556)
Accrued expenses 1,300 156
Deferred revenue (229) 654
Net cash provided by operating activities 32,965 34,304
Cash flows from investing activities:    
Proceeds from sale of rental and lease equipment 14,185 11,152
Cash paid for acquisition   (10,625)
Payments for purchase of rental and lease equipment (35,959) (53,773)
Payments for purchase of other property (511) (475)
Net cash used in investing activities (22,285) (53,721)
Cash flows from financing activities:    
Borrowing under bank line of credit 2,000  
Payment under bank line of credit (2,000)  
Minimum tax withholdings on share based compensation (36)  
Excess tax benefit for share based compensation 113 50
Payment of dividends (9,729) (9,653)
Net cash used in financing activities (9,652) (9,603)
Effect of exchange rate changes on cash (301) 109
Net increase (decrease) in cash and cash equivalents 727 (28,911)
Cash and cash equivalents at beginning of period 9,290 41,441
Cash and cash equivalents at end of period $ 10,017 $ 12,530