MTS Reports Fiscal 2019 Second Quarter Financial Results

 

 

 MTS SYSTEMS CORPORATION

Condensed Consolidated Statements of Cash Flows

 (unaudited - in thousands)

               
 

Three Months Ended

 

Six Months Ended

 

March 30,
 2019

 

March 31,
 2018

 

March 30,
 2019

 

March 31,
 2018

               

Cash Flows from Operating Activities

             

Net income

$

14,160

   

$

8,438

   

$

24,661

   

$

41,589

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities

             

Stock-based compensation

2,895

   

1,668

   

4,689

   

3,290

 

Fair value adjustment to acquired inventory

539

   

   

984

   

 

Depreciation and amortization

9,508

   

8,612

   

18,468

   

17,348

 

(Gain) loss on sale or disposal of property and equipment

349

   

92

   

510

   

159

 

Amortization of financing fees

1,039

   

1,316

   

2,099

   

2,626

 

Deferred income taxes

15

   

(302)

   

(1,243)

   

(30,654)

 

Other

659

   

963

   

1,087

   

1,687

 

Changes in operating assets and liabilities

(9,126)

   

7,248

   

(20,586)

   

1,213

 

Net Cash Provided by (Used in) Operating Activities

20,038

   

28,035

   

30,669

   

37,258

 
               

Cash Flows from Investing Activities

             

Purchases of property and equipment

(5,576)

   

(2,567)

   

(9,349)

   

(5,368)

 

Proceeds from sale of property and equipment

   

   

10

   

69

 

Purchases of business, net of cash acquired

(3,794)

   

   

(81,826)

   

 

Other

   

823

   

(285)

   

823

 

Net Cash Provided by (Used in) Investing Activities

(9,370)

   

(1,744)

   

(91,450)

   

(4,476)

 
               

Cash Flows from Financing Activities

             

Proceeds from issuance of long-term debt

   

   

80,391

   

 

Payments on financing arrangements, net

(2,664)

   

(33,550)

   

(6,783)

   

(50,447)

 

Cash dividends

(5,365)

   

(5,337)

   

(10,724)

   

(10,667)

 

Proceeds from exercise of stock options and employee stock purchase plan

663

   

533

   

701

   

745

 

Payments to purchase and retire common stock

(42)

   

(13)

   

(398)

   

(757)

 

Net Cash Provided by (Used in) Financing Activities

(7,408)

   

(38,367)

   

63,187

   

(61,126)

 
               

Effect of Exchange Rate Changes on Cash and Cash Equivalents

424

   

2,383

   

(88)

   

3,989

 

Cash and Cash Equivalents

             

Increase (decrease) during the period

3,684

   

(9,693)

   

2,318

   

(24,355)

 

Balance, beginning of period

70,438

   

94,071

   

71,804

   

108,733

 

Balance, End of Period

$

74,122

   

$

84,378

   

$

74,122

   

$

84,378

 

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