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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
May 31, 2014
May 31, 2013
May 31, 2012
Cash flows from operating activities:      
Net income (loss) $ 3,088 $ (612) $ (5,094)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 24,899 25,224 13,056
Amortization of bond discount 0 0 707
Amortization of acquired inventory basis step-up 150 3,845 431
Tax effect of exercise of stock options and issuance of performance shares (146) (1,644) (309)
Deferred income tax provision 3,169 1,011 (652)
Stock based compensation 5,411 4,609 4,090
Changes in accounts receivable allowances 465 338 118
Gain on sales of assets 0 (711) 0
Change in fair value of contingent consideration (1,718) 1,583 0
Loss on discontinuance of product offering 0 1,416 0
Other (17) 157 1,149
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable (14,856) 1,141 (2,496)
Inventories (5,447) (1,909) (1,522)
Prepaid expenses and other 3,037 2,474 (4,654)
Accounts payable and accrued liabilities 7,245 (10,039) 6,673
Net cash provided by operating activities 25,280 26,883 11,497
Cash flows from investing activities:      
Additions to property, plant and equipment (11,771) (12,120) (2,492)
Acquisition of businesses, net of cash acquired (4,169) (24,474) (237,317)
Acquisition of intangible assets, net of cash acquired (1,435) (800) (550)
Other cash flows from investing activities 0 801 (4,000)
Change in escrow receivable 0 2,500 (2,500)
Purchases of marketable securities (25) (5,134) (123,614)
Proceeds from sale or maturity of marketable securities 353 16,989 194,113
Net cash used in investing activities (17,047) (22,238) (176,360)
Cash flows from financing activities:      
Repayment of long-term debt (146,250) (7,500) (6,550)
Proceeds from borrowings on revolving credit facility 46,410 0 0
Proceeds from issuance of long-term debt 100,000 0 150,000
Proceeds from exercise of stock options and ESPP 2,444 1,214 3,356
Payment of contingent consideration previously established in purchase accounting (15,943) 0 0
Deferred financing costs on long-term debt (677) 0 (2,378)
Repurchase of common stock for treasury 0 0 (2,104)
Tax effect of the exercise of stock options and issuance of performance shares 0 0 14
Net cash (used in) provided by financing activities (14,016) (6,286) 142,338
Effect of exchange rate changes on cash and cash equivalents 86 (65) 49
Decrease in cash and cash equivalents (5,697) (1,706) (22,476)
Cash and cash equivalents      
Beginning of year 21,802 23,508 45,984
End of year 16,105 21,802 23,508
Supplemental disclosure of non-cash operating, investing and financing activities:      
Contractual obligations for acquisition of fixed assets 4,970 1,549 217
Contractual obligations for acquisition of intangibles and business 2,249 78,286 117,926
Cash paid during the period for:      
Interest 3,591 4,936 438
Income taxes $ 182 $ 200 $ 2,832