HUNT VALLEY, Md., Nov. 3 /PRNewswire-FirstCall/ -- United
Industrial Corporation (NYSE:UIC) (the "Company") today reported
its financial results for the third quarter ended September 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 Three Months Ended September 30, 2005 Net
sales from continuing operations for the three months ended
September 30, 2005 increased 28.0% to $126.4 million from $98.7
million for the three months ended September 30, 2004. The gross
margin percentage for continuing operations decreased to 23.4% in
the third quarter of 2005 from 25.1% during the same period in
2004. Increased sales generated by increased Shadow 200(R) Tactical
Unmanned Aerial Vehicle ("TUAV") logistical support and Services'
business, that generate lower gross margin percentages than other
sales realized by AAI, primarily caused the decreased margin.
Selling and administrative expense increased to $14.3 million, or
11.3% of sales, in the third quarter of 2005 from $12.6 million, or
12.8% of sales, during the same period in 2004. The increase
primarily relates to the Company's growth. Operating income
increased to $15.0 million, or 11.9% of sales, in the third quarter
of 2005 from $12.0 million, or 12.2% of sales, during the same
period in 2004. The decrease in operating income as a percentage of
sales is primarily due to the decrease in the gross margin
percentage. Net interest expense was $694,000 in the third quarter
of 2005 compared to net interest expense of $103,000 during the
same period in 2004. The increased net interest expense was
primarily a result of the payment of interest to the holders of the
Company's $120.0 million 3.75% Convertible Senior Notes issued in
September 2004. Net income from continuing operations in the third
quarter of 2005 increased to $9.3 million, or $0.68 per diluted
share, from $7.7 million, or $0.57 per diluted share, during the
same period in 2004. Net income that includes results of both
continuing and discontinued operations in the third quarter of 2005
increased to $9.4 million, or $0.69 per diluted share, from $7.5
million, or $0.55 per diluted share, during the same period in
2004. Financial Results By Operating Segment for the Three Months
Ended September 30, 2005 - Continuing Operations Net sales for the
Defense segment for the three months ended September 30, 2005
increased 29.6% to $116.8 million from $90.1 million for the three
months ended September 30, 2004. The increase was primarily due to
greater logistical support related to an increasing number of
fielded Shadow 200 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. The Defense segment's gross
margin percentage decreased to 22.1 % in the third quarter of 2005
from 23.8% during the same period in 2004. Increased sales
generated by increased Shadow 200 TUAV logistical support and
Services' business, that generate lower gross margin percentages
than other sales realized by AAI, primarily caused the decreased
margin. Selling and administrative expense in the Defense segment
increased to $12.0 million, or 10.3 % of sales, in the third
quarter of 2005 from $10.5 million, or 11.6% of sales, during the
same period in 2004. The $1.5 million increase was primarily due to
$1.3 million higher research and development expense and bid and
proposal costs to support the Defense segment's growth, $1.1
million of general and administrative expenses incurred by recently
acquired ESL, and $0.6 million of increased legal expenses,
partially offset by expense reductions of $1.5 million mostly
related to the reorganization of the Defense segment's fluid test
system product area. Operating income in the Defense segment
increased to $13.7 million, or 11.8% of sales, in the third quarter
of 2005 from $10.8 million, or 12.0% of sales, during the same
period in 2004. The decrease in operating income as a percentage of
sales is primarily due to the decrease in the gross margin
percentage. Pre-tax income from the Defense segment increased 25.9%
to $13.8 million in the third quarter of 2005 from $11.0 million
during the same period in 2004. Net sales for the Energy segment in
the third quarter of 2005 increased 11.8% to $9.6 million, from
$8.6 million in the third quarter of 2004. The Energy segment's
gross margin percentage increased to 39.7% in the third quarter of
2005 from 38.5% during the same period in 2004. The Energy
segment's pre-tax income in the third quarter of 2005 increased to
$1.4 million from a pre-tax income of $1.2 million during the same
period in 2004. Financial Results for the Nine Months Ended
September 30, 2005 Net sales from continuing operations for the
nine months ended September 30, 2005 increased 22.1% to $353.9
million from $289.9 million for the nine months ended September 30,
2004. The gross margin percentage for continuing operations
increased to 24.3% for the nine months ended September 30, 2005
from 24.2% during the same period in 2004. Selling and
administrative expense increased to $45.3 million, or 12.8% of
sales, in the nine months ended September 30, 2005 from $34.8
million, or 12.0% of sales, during the same period in 2004. The
increase primarily relates to the Company's growth and
restructuring activities. Operating income increased to $39.9
million, or 11.3% of sales, in the nine months ended September 30,
2005 from $35.2 million, or 12.1% of sales, during the same period
in 2004. Net interest expense was $2.2 million in the nine months
ended September 30, 2005, an increase of $2.2 million from the same
period in 2004. The increased net interest expense was primarily a
result of the payment of interest to the holders of the Company's
$120.0 million 3.75% Convertible Senior Notes issued in September
2004. Income from continuing operations before income taxes in the
nine months ended September 30, 2005 increased 29.4% to $45.8
million from $35.4 million during the same period in 2004. The
income from continuing operations included a pre-tax gain of $7.2
million from the sale of undeveloped property recorded during the
first quarter of 2005. Net income from continuing operations in the
nine months ended September 30, 2005 increased $7.4 million to
$30.2 million, or $2.13 per diluted share, from $22.8 million, or
$1.70 per diluted share, during the same period in 2004. Net income
that includes results of both continuing and discontinued
operations in the nine months ended September 30, 2005 increased to
$30.5 million, or $2.15 per diluted share, from $21.9 million, or
$1.63 per diluted share, during the same period in 2004. Financial
Results by Operating Segment for the Nine Months Ended September
30, 2005 - Continuing Operations Net sales for the Defense segment
for the nine months ended September 30, 2005 increased 23.3% to
$328.6 million from $266.5 million for the nine months ended
September 30, 2004. This increase was primarily due to higher
production and logistical support related to an increasing number
of fielded Shadow 200 TUAV Systems, increased demand for ABE
Systems, the Biological Detection System Program that was awarded
in the third quarter of 2004, and the acquisition of ESL. The gross
margin percentage for the Defense segment increased to 23.3% for
the nine months ended September 30, 2005 from 23.0% during the same
period in 2004. Selling and administrative expenses in the Defense
segment in the nine months ended September 30, 2005 increased to
$38.6 million, or 11.7% of sales, from $28.3 million, or 10.6% of
sales, during the same period in 2004. The $10.3 million increase
was primarily due to $4.7 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,
$1.7 million of general and administrative fees incurred by the
recently acquired ESL, $1.4 million of higher legal expenses, and
other expenses of $0.6 million. Operating income in the Defense
segment increased to $37.6 million, or 11.4% of sales, in the nine
months ended September 30, 2005, from $32.6 million, or 12.2% of
sales, during the same period in 2004. Pre-tax income from the
Defense segment in the nine months ended September 30, 2005
increased 36.9% to $45.5 million from $33.2 million during the same
period in 2004. The Defense segment's pre-tax 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 nine months ended September 30, 2005 increased 8.0% to
$25.3 million, from $23.4 million for the nine months ended
September 30, 2004. The Energy segment's gross margin percentage
decreased to 37.1% for the nine months ended September 30, 2005
from 38.5% during the same period in 2004. The Energy segment's
pre-tax income for the nine months ended September 30, 2005
decreased to $2.5 million from pre-tax income of $2.6 million
during the same period in 2004. Financial Results for Discontinued
Operations Income from the Company's discontinued transportation
operations in the third quarter of 2005 was $112,000, or $0.01 per
diluted share, compared to a loss of ($274,000), or ($0.02) per
diluted share, during the same period in 2004. Income from the
Company's discontinued transportation operations for the nine
months ended September 30, 2005 was $305,000, or $0.02 per diluted
share, as compared to a loss of ($939,000), or ($0.07) per diluted
share, during the same period in 2004. Funded New Orders and Funded
Backlog During the third quarter of 2005, the Company received
$163.6 million of funded new orders for products and services, an
increase of $38.8 million, or 31.1 %, compared to $124.8 million
during the same period in 2004. Funded new orders in the third
quarter of 2005 included $153.1 million in the Defense segment and
$10.5 million in the Energy segment. During the nine months ended
September 30, 2005, the Company received $484.0 million in funded
new orders for products and services, an increase of $186.6
million, or 62.7%, compared to $297.4 million during the same
period in 2004. The funded new orders for the nine months ended
September 30, 2005 included $454.0 million in the Defense segment
and $30.0 million in the Energy segment. Funded backlog for the
Company's continuing operations was $519.9 million at September 30,
2005, an increase of $132.0 million, or 34.0%, from $387.9 million
at December 31, 2004. During the third quarter of 2005, the
Company's funded new orders included the following awards in excess
of $5.0 million: UAV Systems -- $55.7 million for the continuation
and expansion of our Shadow 200 TUAV logistical support activities
for deployment of additional Shadow 200 TUAV systems assisting
Operation Iraqi Freedom and the global war on terrorism -- $8.3
million for development and production of various improvements to
the Army's Shadow 200 TUAV System -- $7.1 million to upgrade and
field new Shadow 200 TUAV RQ-7B model air vehicles and related
systems modifications to six U.S. Army TUAV units -- $5.1 million
to provide Brigade Integration Team support to new U.S. Army units
receiving Shadow 200 TUAV systems Test and Training Systems --
$13.8 million to provide an Advanced Moving Target Simulator System
to the Royal Netherlands Army Initiatives to Enhance Shareholder
Value The Company intends to enhance shareholder value and
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 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 a possible sale
of Detroit Stoker. 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 and
AAI Corporation entered into a $100 million four-year revolving
credit agreement (the "Credit Agreement") 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 Agreement provides for a credit facility
(the "Credit Facility") consisting of a $100,000,000 Senior Secured
Revolving Credit Facility with a $5,000,000 Swing Line and a
$100,000,000 Letter of Credit sub- 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
September 7, 2005, the Board of Directors authorized a stock
purchase plan for up to $15,000,000. The Company repurchased a
total of 262,578 shares at an average price of $35.22 during the
three months ended September 30, 2005. As of September 30, 2005,
there remained $5,744,000 available under the subject authorization
for future purchases. During October 2005, an additional 163,049
shares were purchased with an average purchase price of $35.16,
utilizing the remaining funds under the plan. Conference Call
Webcast The Company will hold a simultaneous conference call and
audio Web-cast on Thursday, November 3, 2005, at 10:00 a.m. (EST),
to discuss its financial results for the quarter ended September
30, 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 approximately three months 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, and allows investors,
analysts, lenders and other parties to better evaluate the
Company's financial performance and prospects in the same manner as
management if they so choose. 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) Basic earnings per
share for all periods presented was computed by dividing net
earnings for the respective period by the weighted-average number
of shares of the Company's par value $1.00 per share common stock
("Common Stock") outstanding during the period. Diluted earnings
per share was computed by dividing (i) net earnings during the
period, adjusted to add back the after-tax interest charges
incurred on the Company's $120,000,000 aggregate principal amount
of 3.75% convertible senior notes due September 15, 2024, by (ii)
the weighted-average number of shares of Common Stock outstanding
during the period, adjusted to add the weighted-average number of
potential dilutive common shares that would have been outstanding
upon the assumed exercise of stock options and conversion of the
3.75% Convertible Senior Notes for Common Stock. Basic and diluted
earnings per share amounts were computed as follows: Three Months
Ended September 30, 2005 2004 (Dollars in thousands, except per
share data) Per Per Earnings Shares Share Earnings Shares Share
Basic Earnings Per Share Income from continuing operations $9,314
11,652,025 $0.80 $7,744 12,810,916 $0.60 Effect of Dilutive
Securities Stock Options -- 286,421 -- 487,288 3.75% Convertible
Senior Notes 855 3,058,356 148 498,645 Diluted Earnings Per Share
Income from continuing operations $10,169 14,996,802 $0.68 $7,892
13,796,849 $0.57 Nine Months Ended September 30, 2005 2004 (Dollars
in thousands, except per share data) Per Per Earnings Shares Share
Earnings Shares Share Basic Earnings Per Share Income from
continuing operations $30,239 12,012,831 $2.52 $22,789 12,958,288
$1.76 Effect of Dilutive Securities Stock Options -- 272,127 --
363,841 3.75% Convertible Senior Notes 2,449 3,058,356 148 167,428
Diluted Earnings Per Share Income from continuing operations
$32,688 15,343,314 $2.13 $22,937 13,489,557 $1.70 United Industrial
Corporation & Subsidiaries Consolidated Earnings Per Share
(Unaudited) Three Months Ended Nine Months Ended September 30,
September 30, 2005 2004 2005 2004 Basic earnings (loss) per share:
Income from continuing operations before special items $0.81 $0.60
$2.25 $1.76 Special items: Restructuring charges (0.01) - (0.12) -
Gain on sale of property - - 0.39 - Income from continuing
operations 0.80 0.60 2.52 1.76 Income (loss) from discontinued
operations 0.01 (0.02) 0.02 (0.07) Net income 0.81 $0.58 $2.54
$1.69 Weighted average number of basic shares outstanding
11,652,025 12,810,916 12,012,831 12,958,288 Diluted earnings (loss)
per share: Income from continuing operations before special items
$0.68 $0.57 $1.92 $1.70 Special items: Restructuring charges 0.0 -
(0.09) - Gain on sale of property - - 0.30 - Income from continuing
operations 0.68 0.57 2.13 1.70 Income (loss) from discontinued
operations 0.01 (0.02) 0.02 (0.07) Net income $0.69 $0.55 $2.15
$1.63 Weighted average number of diluted shares outstanding
14,996,802 13,796,849 15,343,314 13,489,557 United Industrial
Corporation & Subsidiaries Consolidated Statements of
Operations (Dollars in Thousands) (Unaudited) Three Months Ended
Nine Months Ended September 30, September 30, 2005 2004 2005 2004
Net sales $126,402 $98,719 $353,878 $289,927 Cost of sales 96,768
73,958 267,916 219,629 Gross profit 29,634 24,761 85,962 70,298
Selling and administrative expenses 14,318 12,648 45,268 34,846
Other operating expense, net 280 87 804 273 Total operating income
15,036 12,026 39,890 35,179 Non-operating income and (expense)
Interest income 730 151 2,479 281 Interest expense (1,424) (254)
(4,642) (280) Gain on sale of property - - 7,152 - Income from
equity investment in joint venture 114 15 166 75 Other income, net
(41) 72 796 160 (621) (16) 5,951 236 Income from continuing
operations before income taxes 14,415 12,010 45,841 35,415
Provision for income taxes 5,101 4,266 15,602 12,626 Income from
continuing operations 9,314 7,744 30,239 22,789 Income (loss) from
discontinued operations, net of income taxes 112 (274) 305 (939)
Net income 9,426 7,470 30,544 21,850 Add (deduct) special items,
net of tax: Restructuring charges 68 - 1,405 - Gain on sale of
property - - (4,649) - (Income) loss from discontinued operations
(112) 274 (305) 939 Net income before special items and
discontinued operations $9,382 $7,744 $26,995 $22,789 United
Industrial Corporation & Subsidiaries Results By Operating
Segment (Dollars in Thousands) (Unaudited) Three Months Ended Nine
Months Ended September 30, September 30, 2005 2004 2005 2004 Net
sales Defense $116,815 $90,143 $328,586 $266,510 Energy 9,587 8,576
25,292 23,417 $126,402 $98,719 $353,878 $289,927 Pretax income
(loss) from continuing operations: Defense $13,794 $10,957 $ 45,453
$ 33,192 Energy 1,388 1,185 2,478 2,648 Other (767) (132) (2,090)
(425) $14,415 $12,010 $ 45,841 $ 35,415 Funded New Orders Defense
$153,128 $115,454 $453,977 $271,087 Energy 10,490 9,352 30,032
26,273 $163,618 $124,806 $484,009 $297,360 September 30, December
31, 2005 2004 Funded backlog Defense $508,633 $380,622 Energy
11,230 7,296 $519,863 $387,918 United Industrial Corporation &
Subsidiaries Non-GAAP Results By Operating Segment (Dollars in
Thousands) (Unaudited) Three Months Ended Nine Months Ended
September 30, September 30, 2005 2004 2005 2004 Non-GAAP income
from continuing operations before tax excluding special items
Defense $13,833 $10,957 $40,229 $33,192 Energy 1,453 1,185 2,711
2,648 Other (767) (132) (2,090) (425) 14,519 12,010 40,850 35,415
Add (deduct) special items Defense Restructuring charges (39) -
(1,928) - Gain on sale of property - - 7,152 - Energy Restructuring
charges (65) - (233) - GAAP income from continuing operations
before tax $14,415 $12,010 $45,841 $35,415 EBITDA (continuing
operations): Defense $15,875 $12,207 $51,278 $36,956 Energy 1,398
1,268 2,551 2,860 Other 94 25 443 (253) 17,367 13,500 54,272 39,563
Add (deduct): Depreciation and amortization (2,258) (1,387) (6,268)
(4,149) Interest (expense) income, net (694) (103) (2,163) 1
Provision for income taxes (5,101) (4,266) (15,602) (12,626) Income
from continuing operations $9,314 $7,744 $30,239 $22,789 Three
Months Ended Nine Months Ended September 30 September 30 2005 2004
2005 2004 Free cash flow: Cash provided by operating activities of
continuing operations $9,386 $(10,691) $30,638 $4,917 Purchases of
property and equipment (5,687) 618 (18,278) (2,864) Proceeds from
sale of property -- -- 7,555 Cash used in discontinued operations
(822) (2,832) (3,418) (4,051) Free cash flow $2,877 $(12,905)
16,497 $(1,998) United Industrial Corporation & Subsidiaries
Consolidated Balance Sheets (Dollars in Thousands) September 30,
December 31, 2005 2004 ASSETS (Unaudited) Current assets: Cash and
cash equivalents $66,150 $80,679 Marketable equitable securities
13,109 - Securities pledged to creditors - 124,626 Deposits and
restricted cash 4,812 33,845 Trade receivables, net 60,960 46,658
Inventories 33,073 34,639 Prepaid expenses and other current assets
10,095 12,465 Assets of discontinued operations 11,878 13,545 Total
current assets 200,077 346,457 Deferred income taxes 11,455 13,930
Goodwill 4,833 - Other assets 14,021 11,953 Insurance receivable -
asbestos litigation 20,343 20,343 Property and equipment, net
40,204 27,645 Total assets $290,933 $420,328 LIABILITIES AND
SHAREHOLDERS' EQUITY Current liabilities: Current portion of
long-term debt $964 $958 Payable under securities loan agreements -
124,619 Accounts payable 22,390 21,664 Accrued employee
compensation and taxes 18,163 13,706 Other current liabilities
15,387 14,942 Liabilities of discontinued operations 13,177 18,566
Total current liabilities 70,081 194,455 Long-term debt 121,053
122,000 Post-retirement benefit obligation, other than pension, and
other long-term liabilities 21,192 22,942 Minimum pension liability
21,193 17,513 Asbestos litigation liability 31,852 31,852 Total
liabilities 265,371 388,762 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; 11,423,728 and 12,291,951 shares
outstanding at September 30, 2005 and December 31, 2004,
respectively (net of shares held in treasury) 14,374 14,374
Additional capital 83,123 84,296 Retained earnings 30,331 3,499
Treasury stock, at cost, 2,950,420 and 2,082,197 shares at
September 30, 2005 and December 31, 2004, respectively (71,598)
(40,019) Accumulated other comprehensive loss, net of tax (30,668)
(30,584) Total shareholders' equity 25,562 31,566 Total liabilities
and shareholders' equity $290,933 $420,328 United Industrial
Corporation & Subsidiaries Statements of Consolidated Cash
Flows (Dollars in thousands) (Unaudited) Nine Months ended
September 30, 2005 2004 CASH FLOWS FROM OPERATING ACTIVITIES: Net
income $30,544 $21,850 Adjustments to reconcile net income to net
cash provided by operating activities: (Income) loss from
discontinued operations, net of taxes (305) 939 Depreciation and
amortization 6,268 4,149 Pension expense 3,680 3,318 Gain on Sale
of Property (7,152) -- Deferred income taxes 2,664 407 Income from
equity investment in joint venture (166) (75) Other, net 859 138
Changes in operating assets and liabilities: Increase in trade
receivables (11,930) (22,030) Decrease (increase) in inventories
2,247 (19,501) Decrease (increase) in prepaid expenses and other
current assets 1,779 (754) Increase in accounts payable, accruals,
and other current liabilities 2,150 16,476 Net cash provided by
operating activities from continuing operations 30,638 4,917 Net
cash used in discontinued operations (3,418) (4,051) Net cash
provided by operating activities 27,220 866 CASH FLOWS FROM
INVESTING ACTIVITIES: Purchase of property and equipment (18,278)
(2,864) Proceeds from sale of available-for-sale securities 124,626
-- Purchase of marketable equitable securities (12,780) -- Business
acquisition, net of cash acquired (9,883) -- Proceeds from sale of
property 7,555 -- Net cash provided by (used in) investing
activities 91,240 (2,864) CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt -- 120,000 Debt issuance
fees paid -- (3,600) Repayment of long-term debt (947) (668)
Repayment of Collateral received in securities lending transaction
(124,619) -- Proceeds from exercise of stock options 1,474 3,352
Decrease in deposits and restricted cash 29,033 -- Purchases of
treasury shares (34,225) (34,842) Dividends paid (3,705) (3,881)
Net cash (used in) provided by financing activities (132,989)
80,361 (Decrease) increase in cash and cash equivalents (14,529)
78,363 Cash and cash equivalents at beginning of period 80,679
24,138 Cash and cash equivalents at end of period $66,150 $102,501
DATASOURCE: United Industrial Corporation CONTACT: Stuart F. Gray,
Treasurer of United Industrial, +1-410-628-8686 Web site:
http://www.unitedindustrial.com/ Company News On-Call:
http://www.prnewswire.com/comp/113559.html
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United Industrial (NYSE:UIC)
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United Industrial (NYSE:UIC)
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