x
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
COMMONWEALTH
OF PENNSYLVANIA
|
25-0644320
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization)
|
Identification
No.)
|
TWO
NORTHSHORE CENTER, PITTSBURGH, PA
|
15212-5851
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant's
telephone number, including area code
|
(412)
442-8200
|
Name
of each exchange
|
||
Title
of each class
|
on
which registered
|
|
Class
A Common Stock, $1.00 par value
|
NASDAQ
National Market System
|
ITEM
1.
|
BUSINESS.
|
ITEM
1.
|
BUSINESS,
continued
|
Years
Ended September 30,
|
|||||||||||||||||||
2005
|
2004
|
2003
|
|||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
||||||||||||||
(Dollars
in Thousands)
|
|||||||||||||||||||
Sales
to unaffiliated customers:
|
|||||||||||||||||||
Memorialization:
|
|||||||||||||||||||
Bronze
|
$
|
205,675
|
32.1
|
%
|
$
|
197,377
|
38.8
|
%
|
$
|
186,950
|
40.8
|
%
|
|||||||
Casket
|
135,512
|
21.2
|
116,588
|
22.9
|
120,398
|
26.2
|
|||||||||||||
Cremation
|
21,497
|
3.4
|
22,476
|
4.4
|
20,189
|
4.4
|
|||||||||||||
362,684
|
56.7
|
336,441
|
66.1
|
327,537
|
71.4
|
||||||||||||||
Brand
Solutions:
|
|||||||||||||||||||
Graphics
Imaging
|
143,159
|
22.4
|
113,226
|
22.2
|
99,065
|
21.6
|
|||||||||||||
Marking
Products
|
45,701
|
7.1
|
37,990
|
7.5
|
32,263
|
7.0
|
|||||||||||||
Merchandising
Solutions
|
88,278
|
13.8
|
21,144
|
4.2
|
-
|
-
|
|||||||||||||
277,138
|
43.3
|
172,360
|
33.9
|
131,328
|
28.6
|
||||||||||||||
Total
|
$
|
639,822
|
100.0
|
%
|
$
|
508,801
|
100.0
|
%
|
$
|
458,865
|
100.0
|
%
|
|||||||
Operating
profit:
|
|||||||||||||||||||
Memorialization:
|
|||||||||||||||||||
Bronze
|
$
|
60,856
|
60.1
|
%
|
$
|
54,337
|
55.6
|
%
|
$
|
50,433
|
63.0
|
%
|
|||||||
Casket
|
13,131
|
13.0
|
14,585
|
14.9
|
12,740
|
15.9
|
|||||||||||||
Cremation
|
912
|
.9
|
1,475
|
1.5
|
1,242
|
1.6
|
|||||||||||||
74,899
|
74.0
|
70,397
|
72.0
|
64,415
|
80.5
|
||||||||||||||
Brand
Solutions:
|
|||||||||||||||||||
Graphics
Imaging
|
15,520
|
15.3
|
19,287
|
19.7
|
11,562
|
14.4
|
|||||||||||||
Marking
Products
|
7,587
|
7.5
|
6,539
|
6.7
|
4,107
|
5.1
|
|||||||||||||
Merchandising
Solutions
|
3,281
|
3.2
|
1,571
|
1.6
|
-
|
-
|
|||||||||||||
26,388
|
26.0
|
27,397
|
28.0
|
15,669
|
19.5
|
||||||||||||||
Total
|
$
|
101,287
|
100.0
|
%
|
$
|
97,794
|
100.0
|
%
|
$
|
80,084
|
100.0
|
%
|
ITEM
1.
|
BUSINESS,
continued
|
ITEM
1.
|
BUSINESS,
continued
|
ITEM
1.
|
BUSINESS,
continued
|
ITEM
1.
|
BUSINESS,
continued
|
ITEM
1.
|
BUSINESS,
continued
|
ITEM
1.
|
BUSINESS,
continued
|
ITEM
2.
|
PROPERTIES.
|
Location
|
Description
of Property
|
Square
Feet
|
||
Bronze:
|
||||
Pittsburgh,
PA
|
Manufacturing
/ Division Offices
|
97,000
|
||
Kingwood,
WV
|
Manufacturing
|
121,000
|
||
Melbourne,
Australia
|
Manufacturing
|
26,000(1)
|
||
Milton,
Ontario, Canada
|
Manufacturing
|
30,000
|
||
Parma,
Italy
|
Manufacturing
/ Warehouse
|
231,000(1)
|
||
Romoland,
CA
|
Manufacturing
|
24,000
|
||
Searcy,
AR
|
Manufacturing
|
113,000
|
||
Seneca
Falls, NY
|
Manufacturing
|
21,000
|
||
Casket:
|
||||
Brooklyn,
NY
|
Distribution/Administrative
Offices
|
47,000(1)
|
||
Lynn,
IN
|
Manufacturing
|
76,000
|
||
Marshfield,
MO
|
Manufacturing
|
86,000
|
||
Monterrey,
Mexico
|
Manufacturing
|
178,000(1)
|
||
Richmond,
IN
|
Manufacturing
|
55,000(1)
|
||
Richmond,
IN
|
Manufacturing
/ Metal Stamping
|
92,000
|
||
Richmond,
IN
|
Injection
Molding
|
18,000(1)
|
||
York,
PA
|
Manufacturing
|
307,000
|
||
Cremation:
|
||||
Apopka,
FL
|
Manufacturing/Division
Offices
|
40,000
|
||
Richmond,
IN
|
Manufacturing
|
164,000(1)
|
||
Graphics
Imaging:
|
||||
Pittsburgh,
PA
|
Manufacturing
/ Division Offices
|
56,000
|
||
Julich,
Germany
|
Manufacturing
/ Division Offices
|
24,000
|
||
Atlanta,
GA
|
Manufacturing
|
16,000
|
||
Dallas,
TX
|
Manufacturing
|
15,000(1)
|
||
Denver,
CO
|
Manufacturing
|
12,000(1)
|
||
Goslar,
Germany
|
Manufacturing
|
39,000(1)
|
||
Kansas
City, MO
|
Manufacturing
|
42,000(1)
|
||
Leeds,
England
|
Manufacturing
|
64,000(1)
|
||
Munich,
Germany
|
Manufacturing
|
10,000(1)
|
||
Nuremberg,
Germany
|
Manufacturing
|
27,000(1)
|
||
Oakland,
CA
|
Manufacturing
|
40,000(1)
|
||
St.
Louis, MO
|
Manufacturing
|
25,000
|
||
Vienna,
Austria
|
Manufacturing
|
38,000(1)
|
||
Marking
Products:
|
||||
Pittsburgh,
PA
|
Manufacturing
/ Division Offices
|
85,000
|
||
Gothenburg,
Sweden
|
Manufacturing
/ Distribution
|
28,000(1)
|
||
Tualatin,
OR
|
Manufacturing
|
15,000(1)
|
||
Merchandising
Solutions:
|
||||
East
Butler, PA
|
Manufacturing
/ Division Offices
|
630,000(2)
|
||
Pittsburgh,
PA
|
Manufacturing
|
45,000(1)
|
||
Pittsburgh,
PA
|
Manufacturing
|
96,000(1)
|
||
Youngwood,
PA
|
Warehouse
|
145,000(1)
|
||
Corporate
Office:
|
||||
Pittsburgh,
PA
|
General
Offices
|
48,000
|
ITEM
2.
|
PROPERTIES,
continued
|
(1) |
These
properties are leased by the Company under operating lease arrangements.
Rent expense incurred by the Company for all leased facilities
was
approximately $8,000,000 in fiscal
2005.
|
(2) |
Approximately
one-fifth of this building is leased to unrelated
parties.
|
ITEM
3.
|
LEGAL
PROCEEDINGS.
|
ITEM
3.
|
LEGAL
PROCEEDINGS, continued
|
ITEM
4.
|
SUBMISSION
OF MATTERS TO A VOTE OF SECURITY
HOLDERS.
|
Name
|
Age
|
Positions
with Registrant
|
||
David
M. Kelly
|
63
|
Chairman
of the Board and
|
||
Chief
Executive Officer
|
||||
Joseph
C. Bartolacci
|
45
|
President
and Chief Operating Officer
|
||
David
F. Beck
|
53
|
Controller
|
||
Martin
J. Beck
|
62
|
President,
Brand Solutions
|
||
David
J. DeCarlo
|
60
|
Vice
Chairman
|
||
Brian
J. Dunn
|
48
|
President,
Marking Products Division
|
||
David
H. Hewitt
|
55
|
President,
Bronze Division
|
||
Lawrence
W. Keeley, Jr.
|
44
|
President,
Packaging Graphics Division
|
||
Ralph
W. Murray
|
72
|
Chairman
of the Board of Advisors,
The
Cloverleaf Group, Inc.
|
||
Steven
F. Nicola
|
45
|
Chief
Financial Officer, Secretary
|
||
and
Treasurer
|
||||
Harry
A. Pontone
|
75
|
President,
Casket Division
|
||
Paul
F. Rahill
|
48
|
President,
Cremation Division
|
||
Franz
J. Schwarz
|
57
|
Managing
Director, Matthews International
GmbH
|
ITEM
5.
|
MARKET
FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS.
|
High
|
Low
|
Close
|
||||||||
Fiscal
2005:
|
||||||||||
Quarter
ended: September
30, 2005
|
$
|
41.86
|
$
|
36.13
|
$
|
37.80
|
||||
June
30, 2005
|
39.50
|
31.54
|
38.96
|
|||||||
March
31, 2005
|
38.48
|
31.78
|
32.76
|
|||||||
December
31, 2004
|
38.38
|
31.36
|
36.80
|
|||||||
Fiscal
2004:
|
||||||||||
Quarter
ended: September
30, 2004
|
$
|
36.81
|
$
|
30.31
|
$
|
33.88
|
||||
June
30, 2004
|
33.09
|
28.10
|
32.94
|
|||||||
March
31, 2004
|
33.39
|
28.98
|
33.20
|
|||||||
December
31, 2003
|
30.37
|
26.00
|
29.59
|
ITEM
5.
|
MARKET
FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS,
continued
|
Period
|
Total
number of shares purchased
|
Average
price paid per share
|
Total
number of shares purchased as part of a publicly announced
plan
|
Maximum
number of shares that may yet be purchased under the plan
|
|||||||||
October
2004
|
112,300
|
$
|
32.61
|
112,300
|
2,059,032
|
||||||||
November
2004
|
66,200
|
35.90
|
66,200
|
1,992,832
|
|||||||||
December
2004
|
160,519
|
37.03
|
160,519
|
1,832,313
|
|||||||||
January
2005
|
133,509
|
36.02
|
133,509
|
1,698,804
|
|||||||||
February
2005
|
114,700
|
35.01
|
114,700
|
1,584,104
|
|||||||||
March
2005
|
204,500
|
34.66
|
204,500
|
1,379,604
|
|||||||||
April
2005
|
-
|
-
|
-
|
1,379,604
|
|||||||||
May
2005
|
-
|
-
|
-
|
1,379,604
|
|||||||||
June
2005
|
1,000
|
38.32
|
1,000
|
1,378,604
|
|||||||||
July
2005
|
-
|
-
|
-
|
1,378,604
|
|||||||||
August
2005
|
-
|
-
|
-
|
1,378,604
|
|||||||||
September
2005
|
-
|
-
|
-
|
1,378,604
|
|||||||||
Total
|
792,728
|
$
|
35.23
|
792,728
|
ITEM
6.
|
SELECTED
FINANCIAL DATA.
|
Years
Ended September 30,
|
||||||||||||||||
2005
|
2004
|
2003
(1)
|
2002(2)
|
2001(3)
|
||||||||||||
(Amounts
in thousands, except per share data)
|
||||||||||||||||
(Not
Covered by Report of Independent Registered Public Accounting
Firm)
|
||||||||||||||||
Net
sales
|
$
|
639,822
|
$
|
508,801
|
$
|
458,865
|
$
|
428,086
|
$
|
283,282
|
||||||
Gross
profit
|
223,075
|
193,754
|
170,302
|
160,364
|
119,436
|
|||||||||||
Operating
profit
|
101,287
|
97,794
|
80,084
|
68,187
|
53,357
|
|||||||||||
Interest
expense
|
2,966
|
1,998
|
2,852
|
4,171
|
1,647
|
|||||||||||
Income
before income taxes
|
||||||||||||||||
and
change in accounting
|
95,930
|
91,833
|
73,354
|
62,457
|
51,458
|
|||||||||||
Income
taxes
|
36,106
|
35,638
|
28,461
|
24,225
|
19,859
|
|||||||||||
Income
before change in accounting
|
59,824
|
56,195
|
44,893
|
38,232
|
31,599
|
|||||||||||
Cumulative
effect of change in
|
||||||||||||||||
accounting,
net of tax
|
-
|
-
|
-
|
(3,226
|
)
|
-
|
||||||||||
Net
income
|
$
|
59,824
|
$
|
56,195
|
$
|
44,893
|
$
|
35,006
|
$
|
31,599
|
||||||
Earnings
per common share:
|
||||||||||||||||
Diluted,
before change
|
||||||||||||||||
in
accounting
|
$
|
1.84
|
$
|
1.72
|
$
|
1.39
|
$
|
1.20
|
$
|
1.01
|
||||||
Diluted
|
1.84
|
1.72
|
1.39
|
1.10
|
1.01
|
|||||||||||
Basic
|
1.86
|
1.74
|
1.42
|
1.14
|
1.03
|
|||||||||||
Weighted-average
common
|
||||||||||||||||
shares
outstanding:
|
||||||||||||||||
Basic
|
32,116
|
32,217
|
31,686
|
30,765
|
30,560
|
|||||||||||
Diluted
|
32,525
|
32,689
|
32,315
|
31,796
|
31,320
|
|||||||||||
Cash
dividends per share
|
$
|
.185
|
$
|
.165
|
$
|
.123
|
$
|
.106
|
$
|
.101
|
||||||
Total
assets
|
$
|
662,067
|
$
|
530,542
|
$
|
440,182
|
$
|
422,601
|
$
|
288,952
|
||||||
Long-term
debt, non-current
|
118,952
|
54,389
|
57,023
|
96,487
|
40,726
|
ITEM
7.
|
MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
|
Years
Ended
|
||||||||||||||||
September
30,
|
Percentage
Change
|
|||||||||||||||
2005-
|
2004-
|
|||||||||||||||
2005
|
2004
|
2003(1)
|
2004
|
2003
|
||||||||||||
Sales
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
25.8
|
%
|
10.9
|
%
|
||||||
Gross
profit
|
34.9
|
38.1
|
37.1
|
15.1
|
13.8
|
|||||||||||
Operating
profit
|
15.8
|
19.2
|
17.5
|
3.6
|
22.1
|
|||||||||||
Income
before taxes
|
15.0
|
18.0
|
16.0
|
4.5
|
25.2
|
|||||||||||
Net
income
|
9.4
|
11.0
|
9.8
|
6.5
|
25.2
|
ITEM
7.
|
MANAGEMENT'S
DISCUSSION AND ANALYSIS, continued
|
ITEM
7.
|
MANAGEMENT'S
DISCUSSION AND ANALYSIS, continued
|
ITEM
7.
|
MANAGEMENT'S
DISCUSSION AND ANALYSIS, continued
|
ITEM
7.
|
MANAGEMENT'S
DISCUSSION AND ANALYSIS, continued
|
ITEM
7.
|
MANAGEMENT'S
DISCUSSION AND ANALYSIS, continued
|
Payments
due in fiscal year:
|
||||||||||||||||
After
|
||||||||||||||||
Total
|
2006
|
2007
to 2008
|
2009
to 2010
|
2010
|
||||||||||||
Contractual
Cash Obligations:
|
(Dollar
amounts in thousands)
|
|||||||||||||||
Revolving
credit facilities
|
$
|
132,117
|
$
|
23,332
|
$
|
46,664
|
$
|
62,121
|
$
|
-
|
||||||
Notes
payable to banks
|
10,956
|
1,257
|
2,446
|
2,422
|
4,831
|
|||||||||||
Short-term
borrowings
|
3,363
|
3,363
|
-
|
-
|
-
|
|||||||||||
Capital
lease obligations
|
1,237
|
769
|
434
|
34
|
-
|
|||||||||||
Non-cancelable
operating leases
|
35,474
|
7,830
|
12,122
|
7,285
|
8,237
|
|||||||||||
Total
contractual cash obligations
|
$
|
183,147
|
$
|
36,551
|
$
|
61,666
|
$
|
71,862
|
$
|
13,068
|
ITEM
7A.
|
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
|
Description
|
Pages
|
|
Management’s
Report to Shareholders
|
33
|
|
Report
of Independent Registered Public Accounting Firm
|
34-35
|
|
Consolidated
Balance Sheets
|
36-37
|
|
Consolidated
Statements of Income
|
38
|
|
Consolidated
Statements of Shareholders' Equity
|
39
|
|
Consolidated
Statements of Cash Flows
|
40
|
|
Notes
to Consolidated Financial Statements
|
41-61
|
|
Supplementary
Financial Information
|
62
|
|
Report
of Independent Registered Public Accounting Firm
|
||
on
Financial Statement Schedule
|
63
|
|
Financial
Statement Schedule
|
64
|
ASSETS
|
2005
|
2004
|
|||||
Current
assets:
|
|||||||
Cash
and cash equivalents
|
$
|
39,555
|
$
|
65,830
|
|||
Short-term
investments
|
67
|
858
|
|||||
Accounts
receivable, net of allowance for doubtful
accounts
of $10,547 and $7,717, respectively
|
115,362
|
87,490
|
|||||
Inventories
|
71,333
|
42,536
|
|||||
Deferred
income taxes
|
1,506
|
1,462
|
|||||
Other
current assets
|
4,310
|
4,302
|
|||||
Total
current assets
|
232,133
|
202,478
|
|||||
Investments
|
11,072
|
7,694
|
|||||
Property,
plant and equipment, net
|
88,867
|
72,714
|
|||||
Deferred
income taxes
|
17,027
|
9,615
|
|||||
Other
assets
|
5,899
|
16,745
|
|||||
Goodwill
|
260,672
|
189,016
|
|||||
Other
intangible assets, net of accumulated
amortization
of $2,918 and $1,135, respectively
|
46,397
|
32,280
|
|||||
Total
assets
|
$
|
662,067
|
$
|
530,542
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
2005
|
2004
|
|||||
Current
liabilities:
|
|||||||
Long-term
debt, current maturities
|
$
|
28,721
|
$
|
17,003
|
|||
Trade
accounts payable
|
43,524
|
26,130
|
|||||
Accrued
compensation
|
32,858
|
31,274
|
|||||
Accrued
income taxes
|
11,640
|
13,018
|
|||||
Other
current liabilities
|
28,834
|
24,147
|
|||||
Total
current liabilities
|
145,577
|
111,572
|
|||||
Long-term
debt
|
118,952
|
54,389
|
|||||
Estimated
finishing costs
|
4,733
|
4,730
|
|||||
Postretirement
benefits other than pensions
|
17,435
|
17,407
|
|||||
Deferred
income taxes
|
7,589
|
4,225
|
|||||
Environmental
reserve
|
9,607
|
10,604
|
|||||
Other
liabilities and deferred revenue
|
23,813
|
15,365
|
|||||
Commitments
and contingent liabilities
|
|||||||
Shareholders'
equity:
|
|||||||
Class
A common stock, $1.00 par value; authorized
70,000,000
shares; 36,333,992 shares issued
|
36,334
|
36,334
|
|||||
Preferred
stock, $100 par value, authorized 10,000 shares, none
issued
|
-
|
-
|
|||||
Additional
paid-in capital
|
14,113
|
11,699
|
|||||
Retained
earnings
|
362,334
|
308,435
|
|||||
Accumulated
other comprehensive income
|
(1,359
|
)
|
11,538
|
||||
Treasury
stock, 4,307,300 and 3,923,418 shares, respectively, at
cost
|
(77,061
|
)
|
(55,756
|
)
|
|||
Total
shareholders' equity
|
334,361
|
312,250
|
|||||
Total
liabilities and shareholders' equity
|
$
|
662,067
|
$
|
530,542
|
2005
|
2004
|
2003
|
||||||||
Sales
|
$
|
639,822
|
$
|
508,801
|
$
|
458,865
|
||||
Cost
of sales
|
(416,747
|
)
|
(315,047
|
)
|
(288,563
|
)
|
||||
Gross
profit
|
223,075
|
193,754
|
170,302
|
|||||||
Selling
expense
|
(59,484
|
)
|
(46,999
|
)
|
(43,334
|
)
|
||||
Administrative
expense
|
(62,304
|
)
|
(48,961
|
)
|
(45,840
|
)
|
||||
Special
items
|
-
|
-
|
(1,044
|
)
|
||||||
Operating
profit
|
101,287
|
97,794
|
80,084
|
|||||||
Investment
income
|
1,726
|
1,612
|
1,283
|
|||||||
Interest
expense
|
(2,966
|
)
|
(1,998
|
)
|
(2,852
|
)
|
||||
Other
income (deductions), net
|
1,658
|
(57
|
)
|
(381
|
)
|
|||||
Minority
interest
|
(5,775
|
)
|
(5,518
|
)
|
(4,780
|
)
|
||||
Income
before income taxes
|
95,930
|
91,833
|
73,354
|
|||||||
Income
taxes
|
(36,106
|
)
|
(35,638
|
)
|
(28,461
|
)
|
||||
Net
income
|
$
|
59,824
|
$
|
56,195
|
$
|
44,893
|
||||
Earnings
per share:
|
||||||||||
Basic
|
$
|
1.86
|
$
|
1.74
|
$
|
1.42
|
||||
Diluted
|
$
|
1.84
|
$
|
1.72
|
$
|
1.39
|
Accumulated
|
|||||||||||||||||||
Other
|
|||||||||||||||||||
Additional
|
Comprehensive
|
||||||||||||||||||
Common
|
Paid-in
|
Retained
|
Income
(Loss)
|
Treasury
|
|||||||||||||||
Stock
|
Capital
|
Earnings
|
(net
of tax)
|
Stock
|
Total
|
||||||||||||||
Balance,
September 30, 2002
|
$
|
36,334
|
$
|
2,119
|
$
|
216,569
|
$
|
(15,216
|
)
|
$
|
(58,431
|
)
|
$
|
181,375
|
|||||
Net
income
|
-
|
-
|
44,893
|
-
|
-
|
44,893
|
|||||||||||||
Unrealized
gains (losses)
|
-
|
-
|
-
|
(17
|
)
|
-
|
(17
|
)
|
|||||||||||
Minimum
pension liability
|
-
|
-
|
-
|
10,011
|
-
|
10,011
|
|||||||||||||
Translation
adjustment
|
-
|
-
|
-
|
11,865
|
-
|
11,865
|
|||||||||||||
Total
comprehensive income
|
66,752
|
||||||||||||||||||
Treasury
stock transactions:
|
|||||||||||||||||||
Purchase
of 256,468 shares
|
-
|
-
|
-
|
-
|
(6,623
|
)
|
(6,623
|
)
|
|||||||||||
Issuance
of 1,251,111 shares under stock plans
|
-
|
4,357
|
-
|
-
|
14,270
|
18,627
|
|||||||||||||
Dividends,
$.123 per share
|
-
|
-
|
(3,903
|
)
|
-
|
-
|
(3,903
|
)
|
|||||||||||
Balance,
September 30, 2003
|
36,334
|
6,476
|
257,559
|
6,643
|
(50,784
|
)
|
256,228
|
||||||||||||
Net
income
|
-
|
-
|
56,195
|
-
|
-
|
56,195
|
|||||||||||||
Unrealized
gains (losses)
|
-
|
-
|
-
|
(37
|
)
|
-
|
(37
|
)
|
|||||||||||
Minimum
pension liability
|
-
|
-
|
-
|
(737
|
)
|
-
|
(737
|
)
|
|||||||||||
Translation
adjustment
|
-
|
-
|
-
|
5,360
|
-
|
5,360
|
|||||||||||||
Fair
value of derivative
|
-
|
-
|
-
|
309
|
-
|
309
|
|||||||||||||
Total
comprehensive income
|
61,090
|
||||||||||||||||||
Treasury
stock transactions:
|
|||||||||||||||||||
Purchase
of 497,736 shares
|
-
|
-
|
-
|
-
|
(14,894
|
)
|
(14,894
|
)
|
|||||||||||
Issuance
of 746,261 shares under stock plans
|
-
|
5,223
|
-
|
-
|
9,922
|
15,145
|
|||||||||||||
Dividends,
$.165 per share
|
-
|
-
|
(5,319
|
)
|
-
|
-
|
(5,319
|
)
|
|||||||||||
Balance,
September 30, 2004
|
36,334
|
11,699
|
308,435
|
11,538
|
(55,756
|
)
|
312,250
|
||||||||||||
Net
income
|
-
|
-
|
59,824
|
-
|
-
|
59,824
|
|||||||||||||
Unrealized
gains (losses)
|
-
|
-
|
-
|
(28
|
)
|
-
|
(28
|
)
|
|||||||||||
Minimum
pension liability
|
-
|
-
|
-
|
(9,833
|
)
|
-
|
(9,833
|
)
|
|||||||||||
Translation
adjustment
|
-
|
-
|
-
|
(3,676
|
)
|
-
|
(3,676
|
)
|
|||||||||||
Fair
value of derivatives
|
-
|
-
|
-
|
640
|
-
|
640
|
|||||||||||||
Total
comprehensive income
|
46,927
|
||||||||||||||||||
Treasury
stock transactions:
|
|||||||||||||||||||
Purchase
of 792,728 shares
|
-
|
-
|
-
|
-
|
(27,933
|
)
|
(27,933
|
)
|
|||||||||||
Issuance
of 408,846 shares under stock plans
|
-
|
2,414
|
-
|
-
|
6,628
|
9,042
|
|||||||||||||
Dividends,
$.185 per share
|
-
|
-
|
(5,925
|
)
|
-
|
-
|
(5,925
|
)
|
|||||||||||
Balance,
September 30, 2005
|
$
|
36,334
|
$
|
14,113
|
$
|
362,334
|
$
|
(1,359
|
)
|
$
|
(77,061
|
)
|
$
|
334,361
|
2005
|
2004
|
2003
|
||||||||
Cash
flows from operating activities:
|
||||||||||
Net
income
|
$
|
59,824
|
$
|
56,195
|
$
|
44,893
|
||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||||
Depreciation
and amortization
|
19,893
|
15,628
|
14,872
|
|||||||
Minority
interest
|
5,775
|
5,518
|
4,780
|
|||||||
Change
in deferred taxes
|
1,802
|
1,015
|
5,128
|
|||||||
Impairment
charges
|
-
|
1,028
|
3,840
|
|||||||
Net
(gain) loss on dispositions of assets
|
(200
|
)
|
35
|
(2,504
|
)
|
|||||
Net
loss on investments
|
-
|
-
|
55
|
|||||||
Changes
in working capital items
|
(19,673
|
)
|
1,936
|
(12,460
|
)
|
|||||
(Increase)
decrease in other assets
|
(3,644
|
)
|
3,724
|
5,594
|
||||||
Increase
(decrease) in estimated finishing costs
|
3
|
(133
|
)
|
(1,948
|
)
|
|||||
Increase
(decrease) in other liabilities
|
6,422
|
(2,464
|
)
|
(5,877
|
)
|
|||||
Increase
(decrease) in postretirement benefits
|
76
|
(203
|
)
|
(263
|
)
|
|||||
Tax
benefit on exercised stock options
|
3,148
|
4,517
|
5,832
|
|||||||
Net
cash provided by operating activities
|
73,426
|
86,796
|
61,942
|
|||||||
Cash
flows from investing activities:
|
||||||||||
Capital
expenditures
|
(28,066
|
)
|
(10,403
|
)
|
(9,280
|
)
|
||||
Proceeds
from dispositions of assets
|
1,099
|
1,484
|
5,572
|
|||||||
Acquisitions,
net of cash acquired
|
(109,352
|
)
|
(74,487
|
)
|
(9,455
|
)
|
||||
Purchases
of investment securities
|
(11,758
|
)
|
(15,260
|
)
|
(185
|
)
|
||||
Proceeds
from dispositions of investments
|
9,119
|
15,829
|
21
|
|||||||
Net
cash used in investing activities
|
(138,958
|
)
|
(82,837
|
)
|
(13,327
|
)
|
||||
Cash
flows from financing activities:
|
||||||||||
Proceeds
from long-term debt
|
103,587
|
55,478
|
-
|
|||||||
Payments
on long-term debt
|
(27,851
|
)
|
(49,050
|
)
|
(43,993
|
)
|
||||
Proceeds
from the sale of treasury stock
|
5,894
|
10,629
|
12,795
|
|||||||
Purchases
of treasury stock
|
(27,933
|
)
|
(14,894
|
)
|
(6,623
|
)
|
||||
Dividends
|
(5,925
|
)
|
(5,319
|
)
|
(3,903
|
)
|
||||
Dividends
to minority interests
|
(5,507
|
)
|
(3,524
|
)
|
(3,456
|
)
|
||||
Net
cash provided by (used in) financing activities
|
42,265
|
(6,680
|
)
|
(45,180
|
)
|
|||||
Effect
of exchange rate changes on cash
|
(3,008
|
)
|
1,597
|
6,418
|
||||||
Net
change in cash and cash equivalents
|
(26,275
|
)
|
(1,124
|
)
|
9,853
|
|||||
Cash
and cash equivalents at beginning of year
|
65,830
|
66,954
|