XML 34 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities:    
Net income $ 30,821 $ 39,823
Loss from discontinued operations 6,456 880
Income from continuing operations 37,277 40,703
Adjustments to reconcile to net cash provided by operating activities:    
Depreciation and amortization 29,126 28,743
Gain on sale of fixed assets (815) (246)
Equity-based compensation expense 5,090 5,246
Deferred income taxes (1,523) (1,800)
Equity in earnings of affiliated companies (3,903) [1] (4,389)
Debt Issuance Cost 1,964 0
Earnout reversal (2,844) (6,892)
Gain on sale of interests in German joint venture (11,771) 0
Loss on foreign currency transactions 1,700 138
Other (159) (913)
Changes in operating assets and liabilities (net of acquisitions):    
Restricted cash (142) (359)
Return on equity of affiliated companies 4,027 5,002
Receivables net, retainage and costs and estimated earnings in excess of billings (11,144) 3,760
Inventories (3,416) (6,333)
Prepaid expenses and other assets (5,044) (2,624)
Accounts payable and accrued expenses 2,932 (3,980)
Other operating 198 1,773
Net cash provided by operating activities of continuing operations 41,553 57,829
Net cash provided by (used in) operating activities of discontinued operations (10,179) 863
Net cash provided by operating activities 31,374 58,692
Cash flows from investing activities:    
Capital expenditures (20,079) (33,710)
Proceeds from sale of fixed assets 1,856 3,399
Patent expenditures (469) (420)
Sale of interests in German joint venture 18,300 0
Net cash used in investing activities of continuing operations (144,155) (72,678)
Net cash provided by (used in) investing activities of discontinued operations 774 (1,002)
Net cash used in investing activities (143,381) (73,680)
Cash flows from financing activities:    
Proceeds from issuance of common stock upon stock option exercises, including tax effects 903 840
Repurchase of common stock (19,017) (6,354)
Investments from noncontrolling interests 0 4,939
Payment of earnout related to acquistion of CRTS, Inc. (2,112) 0
Credit facility financing fees (5,013) 0
Proceeds on notes payable 1,541 5,608
Principal payments on notes payable 0 (890)
Proceeds from line of credit 0 26,000
Proceeds from long-term debt 385,500 983
Principal payments on long-term debt (249,125) (18,750)
Net cash provided by financing activities 112,677 12,376
Effect of exchange rate changes on cash (7,659) (2,203)
Net decrease in cash and cash equivalents for the period (6,989) (4,815)
Cash and cash equivalents, beginning of period 133,676 106,129
Cash and cash equivalents, end of period 126,687 101,314
Brinderson LP [Member]
   
Cash flows from investing activities:    
Purchase of business, net of cash acquired (143,763) 0
Fyfe LA [Member]
   
Cash flows from investing activities:    
Purchase of business, net of cash acquired 0 (3,048)
Fyfe Asia [Member]
   
Cash flows from investing activities:    
Purchase of business, net of cash acquired 0 (39,415)
Hockway [Member]
   
Cash flows from investing activities:    
Purchase of business, net of cash acquired 0 1,048
Fyfe NA [Member]
   
Cash flows from investing activities:    
Purchase of business, net of cash acquired $ 0 $ (532)
[1] Includes the financial data of Insituform-Germany through the date of its sale in June 2013.