Toro 2008 Annual Report Download - page 50

Download and view the complete annual report

Please find page 50 of the 2008 Toro annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 79

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands) Fiscal years ended October 31 2008 2007 2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 119,651 $ 142,436 $ 129,145
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for depreciation and amortization 48,194 42,105 42,564
Equity losses from investments 859 361 1,559
Gain on disposal of property, plant, and equipment (196) (194) (110)
Gain on sale of a business (113) ––
Increase in deferred income taxes (5,466) (522) (1,709)
Stock-based compensation expense 5,684 7,293 6,641
Changes in operating assets and liabilities, net of effect of acquisitions:
Receivables, net 14,770 9,033 75
Inventories, net 29,949 (1,915) (522)
Prepaid expenses and other assets 719 (977) 9,390
Accounts payable, accrued expenses, deferred revenue, and other long-term liabilities 1,671 (14,046) 3,238
Net cash provided by operating activities 215,722 183,574 190,271
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment (48,914) (42,168) (39,885)
Proceeds from asset disposals 1,021 267 1,033
Increase in investments in affiliates (250) – (371)
(Increase) decrease in other assets (35) 1,494 1,161
Proceeds from sale of a business 1,048 ––
Acquisitions, net of cash acquired (4,430) (9,881) –
Net cash used in investing activities (51,560) (50,288) (38,062)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in short-term debt, net 2,887 (10) (5)
Issuance of long-term debt, net of costs – 121,491 –
Repayments of long-term debt (1,497) (75,000) (46)
Excess tax benefits from stock-based awards 3,522 13,775 13,131
Proceeds from exercise of stock options 3,997 13,255 10,683
Purchases of Toro common stock (110,355) (182,843) (146,543)
Dividends paid on Toro common stock (22,615) (19,459) (15,421)
Net cash used in financing activities (124,061) (128,791) (138,201)
Effect of exchange rates on cash (2,789) 2,029 113
Net increase in cash and cash equivalents 37,312 6,524 14,121
Cash and cash equivalents as of the beginning of the fiscal year 62,047 55,523 41,402
Cash and cash equivalents as of the end of the fiscal year $ 99,359 $ 62,047 $ 55,523
Supplemental disclosures of cash flow information:
Cash paid during the fiscal year for:
Interest $ 19,797 $ 18,234 $ 18,365
Income taxes 55,850 61,257 56,985
Shares issued in connection with stock-based compensation plans 2,305 4,971 6,176
Long-term debt issued in connection with acquisitions 3,130 6,000 –
The financial statements should be read in conjunction with the Notes to Consolidated Financial Statements.
42