XML 65 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities:      
Net income $ 58,136 $ (5,926) $ (24,645)
Adjustments to reconcile net income to net cash used for operating activities:      
Depreciation and amortization 44,908 37,567 34,296
Deferred income tax provision (449) (2,080) (2,950)
Realized gain on investments (1,588) 0 0
Noncash convertible debt conversion charge 16,135 0 0
(Gain) loss on note repurchase 0 14,573 (1,398)
Noncash goodwill impairment charge 0 0 11,702
Stock-based compensation 2,392 201 0
Excess tax benefit from stock options exercised (706) 0 0
Issuance of treasury stock under 401(k) plan 536 486 418
Gain on acquisition (285) 0 0
(Increase) decrease in assets:      
Accounts receivable (105,619) (21,491) 59,018
Inventories (55,607) (8,007) 37,170
Prepaid and other current assets (2,214) 8,614 (5,615)
Other assets 1,134 91 (2,031)
Increase (decrease) in liabilities:      
Accounts payable 44,991 11,035 (41,301)
Other current liabilities 9,192 11,426 (462)
Other liabilities (6,530) 4,222 8,111
Net cash provided by operating activities 4,426 50,711 72,313
Cash flows from investing activities:      
Capital expenditures (35,744) (28,854) (39,537)
Acquisitions, net of cash acquired (99,118) 0 0
Purchases of marketable securities (30,000) 0 0
Sales of marketable securities 31,586 0 0
Acquisition of shares of Titan Europe Plc 0 0 (2,399)
Other 2,473 106 1,042
Net cash used for investing activities (130,803) (28,748) (40,894)
Cash flows from financing activities:      
Proceeds from borrowings 0 200,000 172,500
Repurchase of senior unsecured notes (1,064) (206,166) (4,726)
Payment on debt (8,856) 0 0
Term loan borrowing 25,879 0 0
Proceeds (payment) on revolving credit facility, net 0 0 (25,000)
Proceeds from exercise of stock options 524 285 1,142
Excess of tax benefit from stock options exercised 706 0 0
Payment of financing fees 0 (5,057) (7,107)
Dividends paid (809) (707) (704)
Net cash provided by (used for) financing activities 16,380 (11,645) 136,105
Effect of exchange rate changes on cash (333) 0 0
Net decrease in cash and cash equivalents (110,330) 10,318 167,524
Cash and cash equivalents at beginning of period 239,500 229,182 61,658
Cash and cash equivalents at end of period $ 129,170 $ 239,500 $ 229,182