|
MTS SYSTEMS CORPORATION |
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|
Condensed Consolidated Statements of Cash Flows |
|||||||||||||||
|
(unaudited - in thousands) |
|||||||||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||||||
|
March 30,
|
March 31,
|
March 30,
|
March 31,
|
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|
Cash Flows from Operating Activities |
|||||||||||||||
|
Net income |
$ |
14,160 |
$ |
8,438 |
$ |
24,661 |
$ |
41,589 |
|||||||
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities |
|||||||||||||||
|
Stock-based compensation |
2,895 |
1,668 |
4,689 |
3,290 |
|||||||||||
|
Fair value adjustment to acquired inventory |
539 |
— |
984 |
— |
|||||||||||
|
Depreciation and amortization |
9,508 |
8,612 |
18,468 |
17,348 |
|||||||||||
|
(Gain) loss on sale or disposal of property and equipment |
349 |
92 |
510 |
159 |
|||||||||||
|
Amortization of financing fees |
1,039 |
1,316 |
2,099 |
2,626 |
|||||||||||
|
Deferred income taxes |
15 |
(302) |
(1,243) |
(30,654) |
|||||||||||
|
Other |
659 |
963 |
1,087 |
1,687 |
|||||||||||
|
Changes in operating assets and liabilities |
(9,126) |
7,248 |
(20,586) |
1,213 |
|||||||||||
|
Net Cash Provided by (Used in) Operating Activities |
20,038 |
28,035 |
30,669 |
37,258 |
|||||||||||
|
Cash Flows from Investing Activities |
|||||||||||||||
|
Purchases of property and equipment |
(5,576) |
(2,567) |
(9,349) |
(5,368) |
|||||||||||
|
Proceeds from sale of property and equipment |
— |
— |
10 |
69 |
|||||||||||
|
Purchases of business, net of cash acquired |
(3,794) |
— |
(81,826) |
— |
|||||||||||
|
Other |
— |
823 |
(285) |
823 |
|||||||||||
|
Net Cash Provided by (Used in) Investing Activities |
(9,370) |
(1,744) |
(91,450) |
(4,476) |
|||||||||||
|
Cash Flows from Financing Activities |
|||||||||||||||
|
Proceeds from issuance of long-term debt |
— |
— |
80,391 |
— |
|||||||||||
|
Payments on financing arrangements, net |
(2,664) |
(33,550) |
(6,783) |
(50,447) |
|||||||||||
|
Cash dividends |
(5,365) |
(5,337) |
(10,724) |
(10,667) |
|||||||||||
|
Proceeds from exercise of stock options and employee stock purchase plan |
663 |
533 |
701 |
745 |
|||||||||||
|
Payments to purchase and retire common stock |
(42) |
(13) |
(398) |
(757) |
|||||||||||
|
Net Cash Provided by (Used in) Financing Activities |
(7,408) |
(38,367) |
63,187 |
(61,126) |
|||||||||||
|
Effect of Exchange Rate Changes on Cash and Cash Equivalents |
424 |
2,383 |
(88) |
3,989 |
|||||||||||
|
Cash and Cash Equivalents |
|||||||||||||||
|
Increase (decrease) during the period |
3,684 |
(9,693) |
2,318 |
(24,355) |
|||||||||||
|
Balance, beginning of period |
70,438 |
94,071 |
71,804 |
108,733 |
|||||||||||
|
Balance, End of Period |
$ |
74,122 |
$ |
84,378 |
$ |
74,122 |
$ |
84,378 |
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