|
1998
Annual Report
|
Year Ended
|
(dollars in thousands)
|
August 29, 1998
|
August 30, 1997
|
August 31, 1996
|
Cash flows from operating activities:
|
|
|
|
Net income
|
$ 24,384
|
$ 23,048
|
$ 12,385
|
Adjustments to reconcile net income to net cash
from operating activities:
|
|
|
|
Depreciation and amortization
|
5,582
|
6,468
|
9,700
|
(Gain) loss on disposal of property, leases
and other assets
|
(45)
|
577
|
503
|
Provision (credit) for doubtful receivables
|
692
|
1,238
|
(637)
|
Pre-tax gain on sale of Cycle-Sat subsidiary
|
---
|
(29,811)
|
---
|
Realized and unrealized (gains) and losses
on trading securities, net
|
---
|
(137)
|
350
|
Purchases of trading securities
|
---
|
---
|
(10,789)
|
Proceeds from sale of trading securities
|
---
|
4,453
|
8,267
|
Provision for loss on disposal of electronic
component assembly segment
|
---
|
(4,074)
|
4,074
|
Other
|
400
|
---
|
---
|
Change in assets and liabilities:
|
|
|
|
Decrease (increase) in receivables and other
assets
|
10,585
|
(4,027)
|
1,462
|
(Increase) decrease in inventories
|
(1,849)
|
9,519
|
(10,023)
|
Increase (decrease) in accounts payable and
accrued expenses
|
9,448
|
(2,349)
|
459
|
Increase in income taxes payable
|
12,623
|
---
|
---
|
(Decrease) increase in deferred income taxes
|
(3,160)
|
1,074
|
(560)
|
Increase in postretirement benefits
|
3,302
|
1,430
|
1,845
|
Other
|
---
|
(2,194)
|
222
|
Net cash provided by operating activities
|
61,962
|
5,215
|
17,258
|
Cash flows from investing activities:
|
|
|
|
Purchases of property and equipment
|
(5,567)
|
(4,438)
|
(10,463)
|
Proceeds from sale of property and equipment
|
313
|
4,498
|
591
|
Investments in dealer receivables
|
(54,268)
|
(38,228)
|
(41,003)
|
Collections of dealer receivables
|
54,828
|
36,543
|
38,915
|
Investments in long-term notes receivable
and other assets
|
(5,708)
|
(4,131)
|
(3,883)
|
Proceeds from long-term notes receivable and
other assets
|
2,607
|
2,889
|
893
|
Proceeds from sale of Cycle-Sat subsidiary
|
---
|
57,000
|
---
|
Payments to minority shareholder from sale
of Cycle-Sat
|
---
|
(7,160)
|
---
|
Other
|
---
|
(295)
|
---
|
Net cash (used) provided by investing activities
|
(7,795)
|
46,678
|
(14,950)
|
Cash flows from financing activities and capital
transactions:
|
|
|
|
Payments for purchase of common stock
|
(28,358)
|
---
|
---
|
Payment of long-term debt of discontinued
operations
|
(695)
|
(13,220)
|
---
|
Net proceeds from notes payable
|
---
|
---
|
215
|
Payments of cash dividends
|
(4,898)
|
(5,090)
|
(7,604)
|
Payments of long-term debt and capital leases
|
---
|
(2,863)
|
(4,596)
|
Proceeds from issuance of long-term debt
|
---
|
---
|
1,884
|
Proceeds from issuance of common and treasury
stock
|
1,513
|
613
|
82
|
Net cash used by financing activities and capital
transactions
|
(32,438)
|
(20,560)
|
(10,019)
|
Net increase (decrease) in cash and cash equivalents
|
21,729
|
31,333
|
(7,711)
|
Cash and cash equivalents at beginning of year
|
32,130
|
797
|
8,508
|
Cash and cash equivalents at end of year
|
$ 53,859
|
$ 32,130
|
$ 797
|
See notes to consolidated financial statements.
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Copyright © 1998
Winnebago Industries, Inc.
Last modified:
May 19, 2006
|