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SEC Filings

10-Q
NN INC filed this Form 10-Q on 08/14/2017
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Table of Contents

NN, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

     Six Months Ended  
     June 30,  

(in thousands of dollars)

   2017     2016  

Cash flows from operating activities:

    

Net income (loss)

   $ (14,122   $ 760  

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

    

Depreciation and amortization

     31,468       32,484  

Amortization of debt issuance costs

     2,153       1,986  

Write-off of debt issuance costs

     8,054       —    

Share of net income from joint venture

     (2,937     (2,743

Gain on disposals of property, plant and equipment

     (268     —    

Compensation expense from issuance of share-based awards

     2,218       2,485  

Deferred income tax benefit

     —         1,839  

Other

     638       2,048  

Changes in operating assets and liabilities:

    

Accounts receivable

     (20,062     (24,048

Inventories

     (5,945     1,713  

Accounts payable

     1,339       (3,239

Income taxes payable (receivable)

     (10,841     (3,185

Other assets and liabilities

     (7,247     1,681  
  

 

 

   

 

 

 

Net cash provided by (used by) operating activities

     (15,552     11,781  
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Acquisition of property, plant and equipment

     (20,658     (18,223

Proceeds from measurement period adjustments to previous acquisition

     —         1,635  

Proceeds from disposals of property, plant and equipment

     356       215  
  

 

 

   

 

 

 

Net cash used by investing activities

     (20,302     (16,373
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Debt issue costs paid

     (6,545     —    

Dividends paid

     (3,838     (3,773

Proceeds from long-term debt

     317,000       11,000  

Repayment of long-term debt

     (266,874     (5,875

Proceeds from (repayment of) short-term debt, net

     (101     6,580  

Proceeds from issuance of stock and exercise of stock options

     2,592       1,525  

Shares withheld to satisfy income tax witholding

     (413     (157

Principal payments on capital leases

     (2,059     (2,462
  

 

 

   

 

 

 

Net cash provided by financing activities

     39,762       6,838  
  

 

 

   

 

 

 

Effect of exchange rate changes on cash flows

     853       (2,253

Net change in cash and cash equivalents

     4,761       (7

Cash and cash equivalents at beginning of period

     14,405       15,087  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 19,166     $ 15,080  
  

 

 

   

 

 

 

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

 

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