United Industrial Reports Net Income of $8.4 Million on Revenue of
$119.9 Million in the Second Quarter of 2005 HUNT VALLEY, Md., July
29 /PRNewswire-FirstCall/ -- United Industrial Corporation
(NYSE:UIC) (the "Company") today reported its financial results for
the second quarter ended June 30, 2005. Net sales and income from
continuing operations include the results of the Company's Defense
and Energy segments. The Defense segment, which operates through
AAI Corporation ("AAI", a wholly-owned subsidiary of the Company),
and its subsidiaries, has four product lines consisting of Unmanned
Aerial Vehicles ("UAV Systems"), Engineering and Logistics Services
("Services"), Test and Training Systems, and Advanced Programs. The
Energy segment is conducted through the Detroit Stoker Company, a
wholly-owned subsidiary of the Company. Results from the Company's
remaining Transportation operations are reported as discontinued
operations. Financial Results for the Second Quarter of 2005 Net
sales from continuing operations for the three months ended June
30, 2005 increased 9.5% to $119.9 million from $109.6 million for
the three months ended June 30, 2004. The gross margin percentage
for continuing operations decreased to 25.3% in the second quarter
of 2005 from 25.6 % during the same period in 2004, primarily due
to product mix in the Defense segment. Selling and administrative
expense increased to $17.3 million, or 14.4 % of sales, in the
second quarter of 2005 from $12.0 million, or 10.9% of sales, in
the second quarter of 2004. The increase primarily relates to the
Company's growth and restructuring activities. Operating income
decreased to $12.6 million, or 10.5% of sales in the second quarter
of 2005 from $16.0 million, or 14.6% of sales, in second quarter of
2004. During the second quarter of 2004, the Company's UAV Systems
realized the favorable resolution of technical risks and production
efficiencies which positively impacted 2004 operating income by
approximately $4.4 million. Excluding this favorable impact,
operating income in the second quarter 2004 would have been $11.6
million, or 10.6% of sales. Pursuant to U.S. Government procurement
standards, costs accumulated under long-term development and
production contracts include costs of product and service revenue,
and general and administrative expenses. Accordingly, the Company
believes operating income provides a meaningful measure of
performance. Net interest expense increased $745,000 to $692,000
during the second quarter of 2005 from net interest income of
$53,000 for the same period in 2004 primarily as a result of the
Company's issuance of $120.0 million 3.75% Convertible Senior Notes
in September 2004. Income from continuing operations before income
taxes in the three months ended June 30, 2005 decreased to $12.2
million from $16.1 million in the three months ended June 30, 2004.
Income from continuing operations in the second quarter of 2005
decreased to $8.3 million, or $0.60 per diluted share, from $10.3
million, or $0.78 per diluted share, in the second quarter of 2004.
Net income in the second quarter of 2005 decreased to $8.4 million,
or $0.61 per diluted share, from $10.1 million, or $0.77 per
diluted share, in the second quarter of 2004. Second Quarter 2005
Results By Operating Segment - Continuing Operations Net sales for
the Defense segment in the second quarter of 2005 increased 9.9% to
$111.6 million from $101.6 million for the second quarter of 2004.
The increase was primarily due to greater logistical support
related to an increasing number of fielded Shadow(R) 200 Tactical
Unmanned Aerial Vehicle ("TUAV") Systems in 2005, increased demand
for Advanced Boresight Equipment ("ABE") Systems, the addition of
the Biological Detection Systems program awarded in the third
quarter of 2004, and the acquisition of ESL Defence Limited
("ESL"), in the second quarter of 2005. The Defense segment's gross
margin percentage decreased to 24.3 % in the second quarter of 2005
from 24.6% in the second quarter of 2004. This decrease is mainly
due to a product mix that included a higher volume of
support/services type contracts in the 2005 second quarter. Selling
and administrative expense in the Defense segment increased to
$15.2 million, or 13.6 % of sales, in the second quarter of 2005
from $9.8 million, or 9.7% of sales, in the second quarter of 2004.
The $5.4 million increase was primarily due to $1.6 million higher
research and development expense and bid and proposal costs, $1.6
million of restructuring charges for facility closure costs and
severance related to the reorganization of the Defense segment's
fluid test systems product area, $0.9 million of increased legal
expenses, $0.7 million of general and administrative expenses
incurred by the recently acquired ESL, and other net expenses of
$0.6 million associated with the general volume increase in the
Defense segment's business. Operating income in the Defense segment
decreased to $11.7 million, or 10.5% of sales, in the second
quarter of 2005 from $15.0 million, or 14.8% of sales, in second
quarter of 2004. During the second quarter of 2004, the Company's
UAV Systems realized the favorable resolution of technical risks
and production efficiencies which positively impacted operating
income by approximately $4.4 million. Excluding this favorable
impact, operating income in the second quarter 2004 would have been
$10.6 million, or 10.5% of sales. Pre-tax income from the Defense
segment decreased $2.8 million to $12.2 million in the second
quarter of 2005 from $15.0 million in the second quarter of 2004.
Net sales for the Energy segment in the second quarter of 2005 were
$8.3 million, an increase of $0.3 million, or 3.9%, from the second
quarter of 2004. The Energy segment's gross margin percentage
decreased to 37.4% in the second quarter of 2005 from 38.1% during
the second quarter of 2004. The decrease was primarily due to
restructuring activities and higher raw material prices. The Energy
segment's pre-tax income in the second quarter of 2005 decreased to
$0.9 million from a pre-tax income of $1.1 million in the second
quarter of 2004. This decrease in the Energy segment's results for
the second quarter of 2005 was primarily due to the lower product
margins. Financial Results for the Six Months Ended June 30, 2005
Net sales from continuing operations for the six months ended June
30, 2005 increased 19.0% to $227.5 million from $191.2 million for
the six months ended June 30, 2004. The gross margin percentage for
continuing operations increased to 24.8% for the six months ended
June 30, 2005 from 23.8% for the six months ended June 30, 2004.
Selling and administrative expense increased to $31.0 million, or
13.6 % of sales, in the six months ended June 30, 2005 from $22.2
million, or 11.6% of sales, in the six months ended June 30, 2004.
The increase primarily relates to the Company's growth and
restructuring activities. Operating income increased to $25.0
million, or 10.9% of sales in the six months ended June 30, 2005,
from $23.2 million, or 12.1% of sales for the first six months of
2004. During the second quarter of 2004, the Company's UAV Systems
realized the favorable resolution of technical risks and production
efficiencies which positively impacted 2004 operating profit by
approximately $4.4 million. Excluding this favorable impact,
operating income in the first six months in 2004 would have been
$18.8 million, or 9.8% of sales. Net interest expense increased
$1.6 million to $1.5 million in the six months ended June 30, 2005
compared to net interest income of $0.1 million in the six months
ended June 30, 2004 primarily as a result of the Company's issuance
of $120.0 million 3.75% Convertible Senior Notes in September 2004.
Income from continuing operations before income taxes in the six
months ended June 30, 2005 increased 34.3% to $31.4 million from
$23.4 million in the six months ended June 30, 2004. Income from
continuing operations in the six months ended June 30, 2005
increased $5.9 million to $20.9 million, or $1.44 per diluted
share, from $15.0 million, or $1.13 per diluted share, in the six
months ended June 30, 2004. Net income in the six months ended June
30, 2005 increased to $21.1 million, or $1.45 per diluted share,
from $14.4 million, or $1.08 per diluted share, in the six months
ended June 30, 2004. Results by Operating Segment - Continuing
Operations for the Six Months Ended June 30, 2005 Net sales for the
Defense segment during the six months ended June 30, 2005 increased
20.1% to $211.8 million from $176.4 million during the six months
ended June 30, 2004. This increase was primarily due to higher
production and logistics support in UAV Systems, increased demand
for ABE Systems, and the Biological Detection System Program that
was awarded in the third quarter of 2004, and the acquisition of
ESL in the second quarter of 2005. The gross margin percentage for
the Defense segment increased to 24.0% in the six months ended June
30, 2005 from 22.6% in the six months ended June 30, 2004. The
increase in the gross margin percentage is primarily due to
increased efficiencies from the UAV, and Test and Training Systems
product lines as well as the ESL acquisition, during the first half
of 2005. Selling and administrative expenses in the Defense segment
in the six months ended June 30, 2005 increased to $26.6 million,
or 12.5% of sales, from $17.8 million, or 10.1 % of sales, during
the six months ended June 30, 2004. The $8.8 million increase was
primarily due to $3.2 million for higher research and development
expenses and bid and proposal costs to support the Defense
segment's growth, $1.9 million of restructuring charges to
reorganize the Defense segment's fluid test systems product area,
$0.9 million of higher legal expenses, $0.7 million of general and
administrative fees incurred by the recently acquired ESL, and
other expenses associated with the general volume increase in the
Defense segment's business. Operating income in the Defense segment
increased to $23.8 million, or 11.2% of sales, in the six months
ended June 30, 2005, from $21.7 million, or 12.3% of sales, in the
first six months of 2004. During the second quarter of 2004, the
Company's UAV Systems realized the favorable resolution of
technical risks and production efficiencies, which positively
impacted 2004 operating income by approximately $4.4 million.
Excluding this favorable impact, operating income in the first six
months of 2004 would have been $17.3 million or 9.8% of sales.
Pre-tax income from the Defense segment in the six months ended
June 30, 2005 increased 42.4% to $31.7 million from $22.2 million
in the six months ended June 30, 2004. The Defense segment's pretax
income included a $7.2 million gain from the sale of undeveloped
property recorded during the first quarter of 2005. Net sales for
the Energy segment during the six months ended June 30, 2005 were
$15.7 million, an increase of $0.9 million, or 5.8%, from the six
months ended June 30, 2004. The Energy segment's gross margin
percentage decreased to 35.6% for the six months ended June 30,
2005 from 38.5% during the six months ended June 30, 2004. The
decrease was primarily due to restructuring activities and higher
raw material prices. The Energy segment's pre-tax income for the
six months ended June 30, 2005 decreased to $1.1 million from
pre-tax income of $1.5 million for the six months ended June 30,
2004. This decrease in the Energy segment's results for the second
quarter of 2005 was primarily due to the lower product margins.
Financial Results for Discontinued Operations Income from the
Company's discontinued transportation operations in the second
quarter of 2005 was $145,000, or $0.01 per diluted share, compared
to a loss of ($190,000), or ($0.01) per diluted share for the same
period in the prior year. Income from the Company's discontinued
transportation operations for the six months ended June 30, 2005
was $193,000, or $0.01 per diluted share, as compared to a loss of
($665,000), or ($0.05) per diluted share for the same period in the
prior year. Bookings and Funded Backlog During the second quarter
of 2005, the Company received $224.6 million of new orders and/or
funding for products and services, an increase of $127.5 million,
or 131.4 %, compared to $97.1 million for the second quarter of
2004. Bookings in the second quarter 2005 included $215.3 million
in the Defense segment and $9.3 million in the Energy segment.
During the six months ended June 30, 2005, the Company received
$320.4 million in new orders and funding for products and services,
an increase of $147.8 million, or 85.7%, compared to $172.6 million
for the six months ended June 30, 2004. The Bookings for the six
months ended June 30, 2005 included $300.9 million in the Defense
segment and $19.5 million in the Energy segment. Funded backlog for
the Company's continuing operations was $482.8 million at June 30,
2005, an increase of $94.9 million, or 24.4%, from $387.9 million
at December 31, 2004. During the second quarter of 2005, the
Company's bookings included the following awards: UAV Systems --
$139.0 million for 13 additional TUAV systems including additional
equipment and components, -- $ 26.9 million to provide logistics
support for all fielded Shadow TUAV systems including $6.3 million
directly related to support Shadow TUAV systems deployed to
Operation Iraqi Freedom, -- $9.8 million to retrofit TUAV Systems
for certain engineering modifications and improvements, -- $3.3
million to provide two new Replacement Ground Control Stations for
the US Marine Corps Pioneer UAV, and -- $1.4 million to develop a
NATO standard compliant Ground Control Station for UAV control.
Services -- $16.8 million of additional funding for our Biological
Detection Systems program, and -- $2.3 million for a C-17
Maintenance Training Device Support Center. Test and Training
Systems $2.2 million for four Apache Helicopter ABE Systems.
Initiatives to Enhance Shareholder Value The Company intends to
complement its growth strategy for its Defense segment through
select acquisitions that broaden its product and service offerings,
deepen its capabilities, and allow entry into new markets. In
accordance with this initiative to enhance shareholder value
through select acquisitions, on April 4, 2005 the Company acquired
ESL, an electronic warfare systems company based in the United
Kingdom for $10.5 million. In October 2003, Imperial Capital LLC
was engaged to assist the Company in exploring strategic
alternatives for Detroit Stoker, including a potential sale. This
process is ongoing and no assurance can be given regarding whether
Detroit Stoker will be sold or the timing or proceeds from any such
sale. On July 15, 2005, the Company's wholly-owned subsidiary, AAI
Corporation, entered into a $100 million four-year revolving credit
facility with a syndicate of six banks, consisting of SunTrust
Bank, as administrative agent and issuing bank, Citibank, Key Bank,
PNC Bank, Commerce Bank and Provident Bank (the "Credit Facility").
The Credit Facility consists of a $100,000,000 Senior Secured
Revolving Credit Facility with a $100,000,000 Letter of Credit
sub-facility. Pursuant to the terms of the Credit Facility, the
Company has guaranteed AAI's obligations. The proceeds of the
Credit Facility will be used to fund future acquisitions, finance
capital expenditures, provide working capital, fund letters of
credit, and for other general corporate purposes. Stock Buy-Back
Program On March 10, 2005, United Industrial's Board of Directors
authorized a new stock re-purchase plan for up to $25.0 million.
During the second quarter of 2005, the Company purchased a total of
735,345 shares for $25.0 million, at an average price of $33.97 per
share, thereby completing stock purchases under this plan.
Conference Call Webcast The Company will hold a conference call
Friday, July 29, 2005, at 10:00 a.m. (EDT), to discuss its
financial results for the second quarter of 2005. A live webcast of
the call will be accessible for all interested parties in the
Investor Relations section on the Company's website,
http://www.unitedindustrial.com/, or on
http://www.streetevents.com/. Following the call, the webcast will
be archived for a period of two weeks and available at
http://www.unitedindustrial.com/ or at
http://www.streetevents.com/. United Industrial Corporation
designs, produces, and supports defense systems. Its products and
services include unmanned aerial vehicle systems, training and
simulation systems, automated aircraft test and maintenance
equipment, armament systems, logistical and engineering services,
and other leading-edge technology solutions for defense needs. The
company also manufactures combustion equipment for biomass and
refuse fuels. Use of Non-GAAP Measures In addition to disclosing
financial results that are determined in accordance with accounting
principles generally accepted in the United States of America
("GAAP"), management believes that providing Income from Continuing
Operations Before Special Items, a non-GAAP measure, is meaningful
to investors because it provides insight with respect to ongoing
operating results of the Company. Special items include significant
charges or credits that are important to understanding the
Company's ongoing operations. The Company also discloses EBITDA
(earnings before interest, taxes, depreciation, and amortization),
which is likewise a non-GAAP measure. In addition, the Company
discloses Free Cash Flow, a non-GAAP measure, which equals net cash
provided by operating activities less net cash used in acquiring
property and equipment, net of retirements. The Company believes
Free Cash Flow is used by some investors, analysts, lenders and
other parties to measure the Company's performance over time.
Management believes that providing this additional information is
useful to understanding the Company's ability to meet capital
expenditures and working capital requirements and to better assess
and understand operating performance. Because the Company's methods
for calculating such non-GAAP measures may differ from other
companies' methods, such non-GAAP measures presented may not be
comparable to similarly titled measures reported by other
companies. Such measures are not recognized in accordance with
GAAP, and the Company does not intend for this information to be
considered in isolation or as a substitute for GAAP measures.
Reconciliations from non-GAAP reported measures described in this
press release to GAAP reported results are provided in the
financial tables attached to this document. Forward-Looking
Information Except for the historical information contained herein,
information set forth in this news release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Words such as "expects," "anticipates,"
"intends," "plans," "believes," "estimates," and variations of such
words and similar expressions that indicate future events and
trends are intended to identify such forward-looking statements
which include, but are not limited to, projections of revenues,
earnings, segment performance, cash flows and contract awards.
These forward-looking statements are subject to risks and
uncertainties, which could cause the Company's actual results or
performance to differ materially from those expressed or implied in
such statements. The Company makes no commitment to update any
forward- looking statement or to disclose any facts, events, or
circumstances after the date hereof that may affect the accuracy of
any forward-looking statement. For additional information about the
Company and its various risk factors, please see the Company's most
recent Annual Report on Form 10-K and other documents as filed with
the Securities and Exchange Commission. United Industrial
Corporation & Subsidiaries Consolidated Earnings Per Share
(Unaudited) Three Months Ended Six Months Ended June 30, June 30,
2005 2004 2005 2004 Basic earnings (loss) per share: Income from
continuing operations before special items $0.78 $0.80 $1.45 $1.15
Special items: Restructuring charges (0.09) - (0.11) - Gain on sale
of property - - 0.38 - Income from continuing operations 0.69 0.80
1.72 1.15 Income (loss) from discontinued operations 0.01 (0.01)
0.01 (0.05) Net income $0.70 $0.79 $1.73 $1.10 Weighted average
number of basic shares outstanding 12,077,612 12,929,104 12,196,224
13,032,784 Diluted earnings (loss) per share: Income from
continuing operations before special items $0.67 $0.78 $1.23 $1.13
Special items: Restructuring charges (0.07) - (0.09) - Gain on sale
of property - - 0.30 - Income from continuing operations 0.60 0.78
1.44 1.13 Income (loss) from discontinued operations 0.01 (0.01)
0.01 (0.05) Net income $0.61 $0.77 $1.45 $1.08 Weighted average
number of diluted shares outstanding 15,546,235 13,261,679
15,680,908 13,334,224 United Industrial Corporation &
Subsidiaries Consolidated Statements of Operations (Dollars in
Thousands) (Unaudited) Three Months Ended Six Months Ended June 30,
June 30, 2005 2004 2005 2004 Net sales $119,928 $109,560 $227,476
$191,208 Cost of sales 89,643 81,510 171,148 145,671 Gross profit
30,285 28,050 56,328 45,537 Selling and administrative expenses
17,315 11,970 30,950 22,198 Other operating expense, net 354 90 524
186 Total operating income 12,616 15,990 24,854 23,153
Non-operating income and (expense) Interest income 698 66 1,749 130
Interest expense (1,390) (13) (3,218) (26) Gain on sale of property
- - 7,152 - Income from equity investment in joint venture 38 45 52
60 Other income, net 215 (31) 837 88 (439) 67 6,572 252 Income from
continuing operations before income 12,177 16,057 31,426 23,405
taxes Provision for income taxes 3,876 5,734 10,501 8,360 Income
from continuing operations 8,301 10,323 20,925 15,045 Income (loss)
from discontinued operations, net of 145 (190) 193 (665) income
taxes Net income 8,446 10,133 21,118 14,380 Add (deduct) special
items, net of tax: Restructuring charges 1,069 - 1,337 - Gain on
sale of property - - (4,649) - (Income) loss from discontinued
operations (145) 190 (193) 665 Net income before special items and
discontinued operations $9,370 $10,323 $17,613 $15,045 United
Industrial Corporation & Subsidiaries Results By Operating
Segment (Dollars in Thousands) (Unaudited) Three Months Ended Six
Months Ended June 30, June 30, 2005 2004 2005 2004 Net sales
Defense $111,614 $101,561 $211,771 $176,367 Energy 8,314 7,999
15,705 14,841 $119,928 $109,560 $227,476 $191,208 Pretax income
(loss) from continuing operations: Defense $12,212 $15,046 $31,659
$22,235 Energy 915 1,059 1,090 1,463 Other (950) (48) (1,323) (293)
$12,177 $16,057 $31,426 $23,405 Bookings Defense $215,286 $88,489
$300,851 $155,633 Energy 9,273 8,562 19,542 16,921 $224,559 $97,051
$320,393 $172,554 June 30 December 31 2005 2004 Funded backlog
Defense $472,389 $380,622 Energy 10,404 7,296 $482,793 $387,918
United Industrial Corporation & Subsidiaries Non-GAAP Results
By Operating Segment (Dollars in Thousands) (Unaudited) Three
Months Six Months Ended Ended June 30, June 30, 2005 2004 2005 2004
Non-GAAP income from continuing operations before tax excluding
special items Defense $13,771 $15,046 $26,396 $22,235 Energy 1,002
1,059 1,258 1,463 Other (950) (48) (1,323) (293) 13,823 16,057
26,331 23,405 Add (deduct) special items, net of tax Defense
Restructuring charges (1,559) - (1,889) - Gain on sale of property
- - 7,152 - Energy Restructuring charges (87) - (168) - GAAP income
from continuing operations before tax $12,177 $16,057 $31,426
$23,405 EBITDA (continuing operations): Defense $14,094 $16,358
$35,403 $24,749 Energy 942 1,141 1,153 1,616 Other (101) (57) 349
(302) 14,935 17,442 36,905 26,063 Add (deduct): Depreciation and
amortization (2,066) (1,438) (4,010) (2,762) Interest (expense)
income, net (692) 53 (1,469) 104 Provision for income taxes (3,876)
(5,734) (10,501) (8,360) Income from continuing operations $8,301
$10,323 $20,925 $15,045 Three Months Six Months Ended Ended June 30
June 30 2005 2004 2005 2004 Free cash flow: Cash provided by
operating activities of continuing operations $4,726 $7,267 $21,252
$15,608 Purchases of property and equipment (4,597) (2,821)
(12,591) (3,482) Proceeds from sale of property - - 7,555 - Cash
used in discontinued operations 142 (1,803) (2,596) (1,219) Free
cash flow $271 $2,643 $13,620 $10,907 United Industrial Corporation
& Subsidiaries Consolidated Balance Sheets (Dollars in
Thousands) (Unaudited) June 30, December 31, 2005 2004 ASSETS
Current assets: Cash and cash equivalents $73,912 $80,679
Marketable equitable securities 12,835 - Securities pledged to
creditors - 124,626 Deposits and restricted cash 4,799 33,845 Trade
receivables, net 61,700 46,658 Inventories 22,958 34,639 Prepaid
expenses and other current assets 8,799 12,465 Assets of
discontinued operations 12,261 13,545 Total current assets 197,264
346,457 Deferred income taxes 11,529 13,930 Goodwill 5,478 - Other
assets 13,496 11,953 Insurance receivable - asbestos litigation
20,343 20,343 Property and equipment, net 36,719 27,645 Total
assets $284,829 $420,328 LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities: Current portion of long-term debt $970 $958
Payable under securities loan agreements - 124,619 Accounts payable
21,493 21,664 Accrued employee compensation and taxes 16,769 13,706
Other current liabilities 9,886 14,942 Liabilities of discontinued
operations 14,493 18,566 Total current liabilities 63,611 194,455
Long-term debt 121,362 122,000 Postretirement benefit obligation,
other than pension 21,618 22,942 Minimum pension liability 20,028
17,513 Reserve for asbestos litigation 31,852 31,852 Total
liabilities 258,471 388,762 Shareholders' Equity: Preferred stock,
par value $1.00 per share; 1,000,000 shares authorized; none issued
and outstanding - - Common stock, par value $1.00 per share;
30,000,000 shares authorized; 11,666,306 and 12,291,951 shares
outstanding at June 30, 2005 and December 31, 2004, respectively
(net of shares held in treasury) 14,374 14,374 Additional capital
83,321 84,296 Retained earnings 22,148 3,499 Treasury stock, at
cost, 2,707,842 and 2,082,197 shares at (62,814) (40,019) June 30,
2005 and December 31, 2004, respectively Accumulated other
comprehensive loss, net of tax (30,671) (30,584) Total
Shareholders' Equity 26,358 31,566 Total liabilities and
shareholders' equity $284,829 $420,328 United Industrial
Corporation & Subsidiaries Statements of Consolidated Cash
Flows (Dollars in thousands) (Unaudited) Six Months ended June 30,
2005 2004 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 21,118
$14,380 Adjustments to reconcile net income to net cash provided by
operating activities: (Income) loss from discontinued operations,
net of taxes (193) 665 Depreciation and amortization 4,010 2,762
Pension expense 2,515 1,923 Gain on Sale of Property (7,152) -
Deferred income taxes 2,816 934 Income from equity investment in
joint venture (52) (60) Other, net 857 39 Changes in operating
assets and liabilities: (Increase) decrease in trade receivables
(12,670) (7,260) Decrease (Increase) in inventories 12,362 (14,001)
Decrease (Increase) in prepaid expenses and other current assets
2,846 (1,776) (Decrease) Increase in accounts payable, accruals,
and other current liabilities (5,205) 18,002 Net cash provided by
operating activities from continuing operations 21,252 15,608 Net
cash (used in) provided by discontinued operations (2,596) (1,219)
Net cash provided by operating activities 18,656 14,389 CASH FLOWS
FROM INVESTING ACTIVITIES: Purchase of property and equipment
(12,591) (3,482) Proceeds from sale of available-for-sale
securities 124,626 - Purchase of marketable equitable securities
(12,684) - Business acquisition, net of cash acquired (9,883) -
Proceeds from sale of property 7,555 - Net cash provided by (used
in) investing activities 97,023 (3,482) CASH FLOWS FROM FINANCING
ACTIVITIES: Repayment of long-term debt (638) - Repayment of
Collateral received in securities lending transaction (124,619) -
Proceeds from exercise of stock options 1,208 2,862 Decrease in
deposits and restricted cash 29,046 - Purchases of treasury shares
(24,978) (10,486) Dividends paid (2,465) (2,609) Net cash used in
financing activities (122,446) (10,233) (Decrease) increase in cash
and cash equivalents (6,767) 674 Cash and cash equivalents at
beginning of period 80,679 24,138 Cash and cash equivalents at end
of period $73,912 $24,812 DATASOURCE: United Industrial Corporation
CONTACT: Stuart F. Gray, Treasurer, United Industrial Corporation,
+1-410-628-8686 Web site: http://www.unitedindustrial.com/ Company
News On-Call: http://www.prnewswire.com/comp/113559.html
Copyright
United Industrial (NYSE:UIC)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
United Industrial (NYSE:UIC)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024