THREE THREE
MONTHS MONTHS
ENDED ENDED
MARCH 29, MARCH 28,
1997 1998
--------- ---------
(UNAUDITED)
Cash flows from operating activities:
Net loss.................................................... $(54,986) $(10,319)
Adjustments to reconcile net loss to net cash provided by
(used in) operating activities:
Depreciation and amortization............................. 11,736 15,756
Stock compensation expense................................ -- 14,696
Loss (gain) on disposal of property, plant and
equipment............................................... (492) 1,312
Other..................................................... (215) --
Changes in assets and liabilities:
Accounts receivable..................................... (43,873) (64,909)
Accounts receivable from affiliates..................... 2,687 2,778
Inventories............................................. (6,926) (8,662)
Prepaid expenses and other assets....................... 950 (4,528)
Accounts payable........................................ 7,525 75,911
Accounts payable to affiliates.......................... 2,968 14,088
Accrued and other liabilities........................... (1,968) (2,482)
-------- --------
Total adjustments........................................... (27,608) 43,960
-------- --------
Net cash provided by (used in) operating activities......... (82,594) 33,641
-------- --------
Cash flows from investing activities:
Purchase of property, plant and equipment................. (8,789) (8,332)
Proceeds from disposals of property, plant and
equipment............................................... -- 2,972
Other assets.............................................. (2,729) 7,038
-------- --------
Net cash provided by (used in) investing activities....... (11,518) 1,678
-------- --------
Cash flows from financing activities:
Proceeds from issuance of debt, including short-term
borrowings.............................................. 120,000 29,904
Principal payments on debt, including short-term debt..... (34) (68,795)
Net payments under accounts receivable securitization..... (37,804) (48)
-------- --------
Net cash provided by (used in) financing activities....... 82,162 (38,939)
-------- --------
Net decrease in cash and cash equivalents................. (11,950) (3,620)
Cash and cash equivalents at beginning of period.......... 31,313 16,925
-------- --------
Cash and cash equivalents at end of period................ $ 19,363 $ 13,305
======== ========
Supplemental disclosures of cash flow information:
Cash paid (received) during the period for:
Interest.................................................. $ 5,512 $ 6,272
Income taxes.............................................. 153 298
Supplemental information on noncash investing and financing
activities:
Purchase of property, plant and equipment financed by
accounts payable.......................................... 17,275 8,919
Purchase of property, plant and equipment financed by
capital leases............................................ 142 13
Unrealized gain on equity securities........................ -- 9,124
Stock compensation reimbursement due from an affiliate...... -- 2,325
|