<PAGE> 1
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 20, 2000
--------------
ELCOR CORPORATION
-----------------
(Exact name of Registrant as specified in its charter)
<TABLE>
<S> <C> <C>
DELAWARE 1-5341 75-1217920
- ------------------------------ -------------------------------- ---------------
(State or other jurisdiction of Commission File number (I.R.S. Employer
incorporation or organization) Identification No.)
14643 DALLAS PARKWAY
SUITE 1000, WELLINGTON CENTRE, DALLAS, TEXAS 75240-8871
- -------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (972)851-0500
-------------
</TABLE>
NOT APPLICABLE
--------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
GAF Patent Litigation
On March 8, 2000, the district court in Elk's design patent case denied GAF's
motion for attorneys fees.
Trial on Elk's trade dress claim in the design case, including GAF's
counterclaims, is unscheduled but pending. Also pending is GAF's motion for
attorneys fees in the utility patent case which was recently dismissed by
stipulation of the parties.
While management can give no assurances regarding the ultimate outcome of the
remaining litigation, even if the outcome were to be adverse to Elk, it is not
expected to have a material adverse effect on the Registrant's financial
position or liquidity.
Wedgewood Knolls Litigation
On February 25, 2000, Wedgewood Knolls Condominium Association filed a purported
class action against the Registrant and Elk Corporation in the United States
District Court in Newark, New Jersey. The purported nationwide class would
include purchasers or current owners of buildings with certain Elk asphalt
shingles installed between January 1, 1980 and present. The suit alleges, among
other things, that the shingles were uniformly defective. It seeks reformation
of the limited warranty applicable to the shingles, and unspecified damages for
breach of implied and written warranties and alleged unfair or deceptive trade
practices on behalf of the plaintiff and the purported class.
The Registrant and Elk intend to vigorously defend the suit, and believe the
claims and the purported class are totally without merit.
Press Release
On April 19, 2000, the company issued a press release containing
"forward-looking statements" about its prospects for the future. A copy of the
press release is attached hereto as Exhibit 99.1 and incorporated herein by
reference.
The above press release contains "forward-looking statements" about its
prospects for the future, and from time to time the company may make others.
Such statements are subject to certain risks and uncertainties which could cause
actual results to differ materially from those projected. Such risks and
uncertainties include, but are not limited to, the following:
1. The company's roofing products business is substantially
non-cyclical, but can be affected by weather, the availability
of financing and general economic conditions. In addition, the
asphalt roofing products manufacturing business is highly
competitive. Actions of competitors, including changes in
pricing, or
1
<PAGE> 3
slowing demand for asphalt roofing products due to general or
industry economic conditions or the amount of inclement
weather could result in decreased demand for the company's
products, lower prices received or reduced utilization of
plant facilities. Further, changes in building codes and other
standards from time to time can cause changes in demand, or
increases in costs that may not be passed through to
customers.
2. In the asphalt roofing products business, the significant raw
materials are ceramic coated granules, asphalt, glass fibers,
resins and mineral filler. Increased costs of raw materials
can result in reduced margins, as can higher trucking and rail
costs. Historically, the company has been able to pass some of
the higher raw material and transportation costs through to
the customer. Should the company be unable to recover higher
raw material and/or transportation costs from price increases
of its products, operating results could be adversely affected
and/or lower than projected.
3. The company expects to make up to $137 million in new
investments to expand capacity and improve productivity at
existing plants and to build new plants over a three-year
period beginning in fiscal 2000. Progress in achieving
anticipated operating efficiencies and financial results is
difficult to predict for new plant facilities. If such
progress is slower than anticipated, if substantial cost
overruns occur in building new plants, or if demand for
products produced at new plants does not meet current
expectations, operating results could be adversely affected.
4. Certain facilities of the company's industrial products
subsidiaries must utilize hazardous materials in their
production process. As a result, the company could incur costs
for remediation activities at its facilities or off-site, and
other related exposures from time to time in excess of
established reserves for such activities.
5. The company's litigation, including its trade dress litigation
against GAF Building Materials Corporation and certain
affiliates, and its defense of the purported class action
brought by Wedgewood Knolls Condominium Association, is
subject to inherent and case-specific uncertainty. The outcome
of such litigation depends on numerous interrelated factors,
many of which cannot be predicted.
6. Although the company currently anticipates that most of its
needs for new capital in the near future will be met with
internally generated funds, significant increases in interest
rates could substantially affect its borrowing costs under its
existing loan facility, or its cost of alternative sources of
capital.
7. Each of the company's businesses, especially Cybershield's
digital wireless cellular phone business, is subject to the
risks of technological changes that could affect the demand
for or the relative cost of the company's products and
services, or the method and profitability of the method of
distribution or delivery of such
2
<PAGE> 4
products and services. In addition, the company's businesses
each could suffer significant setbacks in revenues and
operating income if it lost one or more of its largest
customers, or if its customers' plans and/or markets should
change significantly.
8. Although the company insures itself against physical loss to
its manufacturing facilities, including business interruption
losses, natural or other disasters and accidents, including
but not limited to fire, earthquake, damaging winds and
explosions, operating results could be adversely affected if
any of its manufacturing facilities became inoperable for an
extended period of time due to such events.
9. Each of the company's businesses is actively involved in the
development of new products, processes and services which are
expected to contribute to the company's ongoing long-term
growth and earnings. If such development activities are not
successful, or the company cannot provide the requisite
financial and other resources to successfully commercialize
such developments, the growth of future sales and earnings may
be adversely affected.
Parties are cautioned not to rely on any such forward-looking beliefs or
judgments in making investment decisions.
Reference is made to the company's Annual Report on Form 10-K for the year ended
June 30, 1999, for further information about risks and uncertainties.
Item 7. Exhibits
27 Financial Data Schedule (EDGAR submission only).
99.1 Press release dated April 19, 2000 of Elcor Corporation.
3
<PAGE> 5
SIGNATURES
Pursuant to the requirement of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ELCOR CORPORATION
DATE: April 20, 2000 /s/ Richard J. Rosebery
---------------------------- -----------------------
Richard J. Rosebery
Vice Chairman, Chief Financial and
Administrative Officer
/s/ Leonard R. Harral
---------------------
Leonard R. Harral
Vice President and Chief
Accounting Officer
4
<PAGE> 6
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit
Number Description
- ------ -----------
<S> <C>
27 Financial Data Schedule.
99.1 Press release dated April 19, 2000 of Elcor Corporation.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-START> JUL-01-1999
<PERIOD-END> MAR-31-2000
<CASH> 4,852
<SECURITIES> 0
<RECEIVABLES> 79,611
<ALLOWANCES> 964
<INVENTORY> 34,987
<CURRENT-ASSETS> 123,793
<PP&E> 262,520
<DEPRECIATION> 84,892
<TOTAL-ASSETS> 304,072
<CURRENT-LIABILITIES> 37,154
<BONDS> 88,700
0
0
<COMMON> 19,988
<OTHER-SE> 138,588
<TOTAL-LIABILITY-AND-EQUITY> 304,072
<SALES> 267,973
<TOTAL-REVENUES> 267,973
<CGS> 201,023
<TOTAL-COSTS> 230,375
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 760
<INCOME-PRETAX> 38,130
<INCOME-TAX> 14,439
<INCOME-CONTINUING> 23,691
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 23,691
<EPS-BASIC> 1.21
<EPS-DILUTED> 1.18
</TABLE>
<PAGE> 1
[ELCOR CORPORATION LETTERHEAD]
FOR FURTHER INFORMATION: TRADED: NYSE
SYMBOL: ELK
Richard J. Rosebery, Vice Chairman,
Chief Financial and Administrative Officer
(972) 851-0510
PRESS RELEASE
FOR IMMEDIATE RELEASE
ELCOR REPORTS FISCAL 2000 THIRD QUARTER RECORD SALES AND EARNINGS;
ANNOUNCES NEW ORDERS FOR CYBERSHIELD;
EXPECTS OVERALL CONTINUED STRONG GROWTH IN FISCAL 2000 AND BEYOND
DALLAS, TEXAS, April 19, 2000 .... Elcor Corporation announced today that net
income rose 21% on a 28% gain in sales for its third quarter ending March 31,
2000, compared to the year-ago quarter. Both sales and net income were third
quarter records.
Harold K. Work, Elcor's Chairman, President and Chief Executive Officer, said,
"Higher third quarter results benefited from record third quarter shipments of
our Elk roofing products and record third quarter sales of our Cybershield(TM)
products for digital wireless cellular phones. Growing demand for both product
lines is expected to drive strong sales and earnings growth in fiscal 2000 and
beyond."
OPERATING RESULTS
For the third quarter ending March 31, 2000, net income rose 21% to $6,211,000,
or $.31 per fully diluted share, from $5,115,000, or $.26 per fully diluted
share, in the year-ago quarter. Sales rose 28% to $90,448,000 from $70,735,000
in the same quarter last year.
For the nine months ending March 31, 2000, income before a change in accounting
principle rose 37% to $23,691,000, or $1.18 per fully diluted share, from
$17,319,000, or $.87 per fully diluted share, in the year-ago first nine months.
Sales increased 18% to $267,973,000 from $227,802,000 in the same period last
year.
Fiscal 2000 third quarter operating results included $1,700,000, or $.05 per
fully diluted share, of income related to the final settlement of the company's
business interruption insurance claim, which was offset by about $1,650,000, or
$.05 per fully diluted share, of nonrecurring expenses associated with the
previously announced relocation and consolidation of Chromium Corporation's
manufacturing operations from Lufkin, Texas into its Cleveland, Ohio plant. This
year's third quarter results also included a $403,000, or $.01 per fully diluted
share, nonrecurring gain from involuntary conversion as a result of insurance
proceeds exceeding the book value of damaged equipment replaced.
<PAGE> 2
PRESS RELEASE
Elcor Corporation Quarterly Results
April 19, 2000
Page 2
ROOFING PRODUCTS SEGMENT ACHIEVED RECORD SALES AND OPERATING PROFITS
Elcor's Roofing Products segment achieved record sales and operating profits for
any third quarter in its history as a result of continuing strong demand for its
Elk Prestique(R) premium laminated fiberglass asphalt shingles and nonwoven
fiberglass mats. Sales for the third quarter increased 33% to $80,479,000 from
$60,335,000 in the year-ago quarter, and operating profits rose 35% to
$12,621,000 from $9,365,000 in the same quarter last year.
During the third quarter of fiscal 2000, asphalt costs were up about 36%, or
$3,100,000 year-over-year, and glass fiber costs were up about 6%, or $600,000
year-over-year, which reduced after-tax earnings by about $.11 per fully diluted
share, as compared to the year-ago quarter. Elk was not able to recover these
higher costs through higher prices during the third quarter; however, it has
implemented a 4% to 5% increase in its laminated shingle prices, effective March
27, 2000, and has announced a further 5% to 6% price increase, effective May 1,
2000, which should largely offset the presently expected higher costs for these
raw materials during the June quarter.
CONSTRUCTION OF NEW LAMINATED SHINGLE PLANT CONTINUES ON SCHEDULE
Mr. Work said, "Construction of Elk's new $70 million Myerstown, Pennsylvania,
premium laminated fiberglass asphalt shingle plant is progressing on plan. Most
of the major manufacturing equipment is being installed at the new plant site,
and manufacturing operations should be underway by the December quarter of
calendar year 2000. The new plant should meet the rapidly growing demand for
Elk's laminated shingles in the nation's Eastern and North Central markets in
the second half of fiscal year ending June 30, 2001. The Myerstown plant will
increase our overall laminated shingle capacity by about 38%, enabling Elk to
keep up with the rapid growth in demand," he said.
INDUSTRIAL PRODUCTS SEGMENT RESULTS ADVERSELY AFFECTED BY CHROMIUM CORPORATION
RELOCATION IN THIRD QUARTER
Industrial Products sales of $9,928,000 were 4% lower than $10,356,000 in the
third quarter last year. This segment had an operating loss of $1,361,000
compared to operating profits of $961,000 in the same quarter last year,
primarily as a result of nonrecurring costs related to the relocation and
consolidation of its Chromium Corporation operations to the Cleveland, Ohio
facility. The consolidation of Chromium's manufacturing facilities should reduce
operating expenses by about $1,000,000 per year. Cybershield's sales rose 9% in
the third quarter; however, its operating profits were below record year-ago
levels, as a result of a temporary slowdown in production of digital wireless
cellular phones during the first two months of the quarter to make engineering
changes in production systems and equipment. Cybershield production volumes
picked up significantly in March and are expected to be at record levels during
the fourth quarter. Ortloff Engineers, the third component within the Industrial
Products segment, had a small operating loss on slightly higher sales as no
patent license fees were booked during the third quarter.
/more
<PAGE> 3
PRESS RELEASE
Elcor Corporation Quarterly Results
April 19, 2000
Page 3
CYBERSHIELD ANNOUNCES RECEIPT OF NEW ORDERS
Cybershield received its first orders from the third largest manufacturer of
digital wireless phones in the United States for shielding a new
state-of-the-art data-capable digital wireless cellular phone. Cybershield also
received orders for shielding two additional digital wireless cellular phone
models from Ericsson. In addition, Cybershield received new orders from
Newbridge Networks Corporation, a subsidiary of Alcatel, for shielding
networking equipment; received additional orders from Nortel for telecom
infrastructure equipment; and received additional orders from a leading
manufacturer of bar code readers.
Richard J. Rosebery, Vice Chairman of Elcor and Chairman of Cybershield, said,
"With the strong pickup in orders, we continue to believe that Cybershield
should have opportunities to about double year-over-year operating profits in
each of the fiscal years ending June 30, 2000 and 2001. This strong growth is a
result of rapidly accelerating demand for digital wireless handsets, plus a
significant increase in the number of value-added products and services provided
by Cybershield, the Western Hemisphere's leading supplier of advanced shielding
products and related services for the digital wireless cellular phone industry.
Cybershield's important telecommunications customers include Nokia, Ericsson,
Motorola, Kyocera, Lucent Technologies, AT&T, Nortel, Alcatel and Denso.
Cybershield has earned a leadership position in the high-growth/high-tech
digital wireless cellular phone market by consistently supplying superior
quality products, making deliveries on time and quickly responding to customers'
needs with innovative technical solutions that frequently enhance performance of
their products.
"In fiscal 1999, Cybershield supplied shielding products for over 20 million
digital wireless cellular phones, and expects that demand could more than double
in fiscal 2000. Its shielding products reduce the emission of electromagnetic
and radio frequency interference given off by microchips and electronic
components to levels below those required by the FCC. Rapidly expanding
technology is driving strong demand for Cybershield products because they
provide superior shielding effectiveness at the higher frequencies used in
digital wireless communications as well as the higher frequencies used to
achieve faster microchip speeds. In order to keep pace with rapidly growing
demand, Cybershield has expanded its Lufkin, Texas production facilities three
times in the last three years and is currently doubling the size of its Canton,
Georgia facility. Both of these facilities employ sophisticated robotic
production equipment to shield millions of digital wireless cellular phones per
month," he concluded.
FINANCIAL POSITION STRONG
During the first nine months ending March 31, 2000, strong cash flows from
operations of $24.3 million, along with $23.3 million of net cash from financing
activities and $2.3 million of insurance proceeds from involuntary conversion,
funded $49.8 million of additions to property, plant and equipment. At March 31,
2000, the company had $88.7 million of total debt, $158.6 million
/more
<PAGE> 4
PRESS RELEASE
Elcor Corporation Quarterly Results
April 19, 2000
Page 4
of shareholders equity, and $247.3 million of total capital. With the
construction of Elk's new Myerstown, Pennsylvania premium laminated shingle
plant well under way, total debt as a percent of total capital rose to 36% from
31% last year, and represents only 1.5 times last twelve months EBITDA (earnings
before interest, taxes, depreciation and amortization).
OUTLOOK
Mr. Work said, "Presently, we look for growing demand for our Enhanced High
Definition(R) and Raised Profile(TM) Elk Prestique premium laminated fiberglass
asphalt shingles and for our Cybershield wireless digital cellular phone
products to substantially boost fiscal 2000 sales and earnings. Once again, we
expect these gains to be characterized by higher sales and earnings in our
seasonally stronger June and September quarters. Looking ahead to the longer
term, we believe that the investments we have made, and are continuing to make,
provide Elcor with the potential to achieve high growth rates in both sales and
earnings in the years ahead."
SAFE HARBOR PROVISIONS
In accordance with the safe harbor provisions of the securities law regarding
forward-looking statements, except for the historical information contained
herein, the above discussion contains forward-looking statements that involve
risks and uncertainties. The statements that are not historical facts are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements usually are accompanied by words
such as "outlook," "believe," "estimate," "potential," "project," "expect,"
"anticipate," "plan," "predict," "could," "should," "may," or similar words that
convey the uncertainty of future events or outcomes. These statements are based
on judgments the company believes are reasonable; however, Elcor's actual
results could differ materially from those discussed here. Factors that could
cause or contribute to such differences could include, but are not limited to,
changes in demand, prices, raw material costs, transportation costs, changes in
economic conditions of the various markets the company serves, changes in the
amount and severity of inclement weather, as well as the other risks detailed
herein and in the company's reports filed with the Securities and Exchange
Commission, including but not limited to its Form 10-K for the fiscal year ended
June 30, 1999, and its subsequent Forms 10-Q and Forms 8-K.
- - - - - -
Elcor, through its subsidiaries, manufactures roofing products and industrial
products. Each of Elcor's principal operating subsidiaries is the leader or one
of the leaders within its particular market. Its common stock is listed on the
New York Stock Exchange (ticker symbol: ELK).
Elcor's roofing products facilities currently are located in Tuscaloosa,
Alabama; Shafter, California; Dallas and Ennis, Texas; and a new facility is
under construction in Myerstown, Pennsylvania. Its industrial products
facilities are located in Canton, Georgia; Cleveland, Ohio; Dallas, Lufkin, and
Midland, Texas.
/more
<PAGE> 5
PRESS RELEASE
Elcor Corporation Quarterly Results
April 19, 2000
Page 5
CONDENSED RESULTS OF OPERATIONS
(Unaudited, & in thousands)
<TABLE>
<CAPTION>
Third Quarter Trailing
Three Months Ended Nine Months Ended Twelve Months Ended
March 31, March 31, March 31,
2000 1999(a) 2000 1999(a) 2000 1999(a)
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
SALES $ 90,448 $ 70,735 $ 267,973 $ 227,802 $ 358,045 $ 302,274
---------- ---------- ---------- ---------- ---------- ----------
COSTS AND EXPENSES:
Cost of sales 70,607 53,132 201,023 169,506 268,187 224,206
Selling, general & administrative 10,002 8,898 29,352 28,982 40,069 38,052
Interest expense, net 239 464 760 1,468 1,267 2,158
Gain from involuntary conversion (403) 0 (1,292) 0 (1,292) 0
---------- ---------- ---------- ---------- ---------- ----------
Total Costs and Expenses 80,445 62,494 229,843 199,956 308,231 264,416
---------- ---------- ---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAXES 10,003 8,241 38,130 27,846 49,814 37,858
Provision for income taxes 3,792 3,126 14,439 10,527 18,159 13,926
---------- ---------- ---------- ---------- ---------- ----------
INCOME BEFORE CHANGE IN
ACCOUNTING PRINCIPLE 6,211 5,115 23,691 17,319 31,655 23,932
Cumulative effect of change in
accounting principle (b) 0 0 0 (4,340) 0 (4,340)
---------- ---------- ---------- ---------- ---------- ----------
NET INCOME $ 6,211 $ 5,115 $ 23,691 $ 12,979 $ 31,655 $ 19,592
========== ========== ========== ========== ========== ==========
INCOME PER COMMON SHARE-BASIC:
Before change in accounting principle $ 0.32 $ 0.26 $ 1.21 $ 0.89 $ 1.62 $ 1.22
Cumulative effect of change in
accounting principle 0.00 0.00 0.00 (0.22) 0.00 (0.22)
---------- ---------- ---------- ---------- ---------- ----------
Net Income Per Share-Basic $ 0.32 $ 0.26 $ 1.21 $ 0.67 $ 1.62 $ 1.00
========== ========== ========== ========== ========== ==========
INCOME PER COMMON SHARE-DILUTED:
Before change in accounting principle $ 0.31 $ 0.26 $ 1.18 $ 0.87 $ 1.58 $ 1.19
Cumulative effect of change in
accounting principle 0.00 0.00 0.00 (0.22) 0.00 (0.22)
---------- ---------- ---------- ---------- ---------- ----------
Net Income Per Share-Diluted $ 0.31 $ 0.26 $ 1.18 $ 0.65 $ 1.58 $ 0.97
========== ========== ========== ========== ========== ==========
AVERAGE COMMON SHARE OUTSTANDING
Basic 19,603 19,494 19,565 19,557 19,552 19,649
========== ========== ========== ========== ========== ==========
Diluted 20,202 19,953 20,085 19,941 20,073 20,039
========== ========== ========== ========== ========== ==========
</TABLE>
(a) Adjusted for a three-for-two stock split paid in August 1999.
(b) Represents cumulative effect of applying AICPA AcSec Statement of Position
98-5, "Reporting on the Costs of Start-Up Activities."
<PAGE> 6
PRESS RELEASE
Elcor Corporation Quarterly Results
April 19, 2000
Page 6
CONDENSED BALANCE SHEET
(Unaudited, $ in thousands)
<TABLE>
<CAPTION>
March 31,
ASSETS 2000 1999
- ------ ---------- ----------
<S> <C> <C>
Cash and cash equivalents $ 4,852 $ 1,444
Receivables, net 78,647 60,547
Inventories 34,987 30,500
Deferred income taxes 2,371 847
Prepaid expenses and other 2,936 8,931
---------- ----------
Total Current Assets 123,793 102,269
Property, plant and equipment, net 177,628 131,781
Other assets 2,651 2,082
---------- ----------
Total Assets $ 304,072 $ 236,132
========== ==========
</TABLE>
<TABLE>
<CAPTION>
March 31,
LIABILITIES AND SHAREHOLDERS' EQUITY 2000 1999
- ------------------------------------ ---------- ----------
<S> <C> <C>
Accounts payable and accrued liabilities $ 37,154 $ 31,899
Current maturities on long-term debt 0 0
---------- ----------
Total Current Liabilities 37,154 31,899
Long-term debt, net 88,700 57,500
Deferred income taxes 19,642 16,498
Shareholders' equity 158,576 130,235
---------- ----------
Total Liabilities and Shareholders' Equity $ 304,072 $ 236,132
========== ==========
</TABLE>
<PAGE> 7
PRESS RELEASE
Elcor Corporation Quarterly Results
April 19, 2000
Page 7
CONDENSED STATEMENT OF CASH FLOWS
(Unaudited, $ in thousands)
<TABLE>
<CAPTION>
For the Nine Months Ended
March 31,
2000 1999
-------- --------
<S> <C> <C>
CASH FLOWS FROM:
OPERATING ACTIVITIES
Net income $ 23,691 $ 12,979
Adjustments to net income
Depreciation and amortization 7,930 6,825
Deferred income taxes 1,335 4,340
Gain from involuntary conversion (1,292) 0
Cumulative effect of accounting change 0 4,340
Changes in assets and liabilities
Trade receivables (5,781) (3,101)
Inventories (9,217) (1,355)
Prepaid expenses and other 4,398 (7,131)
Accounts payable and accrued liabilities 3,270 3,157
-------- --------
Net cash from operations 24,334 20,054
-------- --------
INVESTING ACTIVITIES
Additions to property, plant & equipment (49,816) (22,236)
Acquisitions of business, net of cash 0 (5,298)
Insurance proceeds from involuntary conversion 2,310 3,187
Other 504 (304)
-------- --------
Net cash from investing activities (47,002) (24,651)
-------- --------
FINANCING ACTIVITIES
Long-term borrowings, net 25,700 9,500
Dividends on common stock (2,936) (2,729)
Treasury stock transactions and other, net 570 (5,970)
-------- --------
Net cash from financing activities 23,334 801
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 666 (3,796)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 4,186 5,240
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 4,852 $ 1,444
======== ========
</TABLE>
