| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net loss | ||||||||||
-19,560 | -67,476 | -11,302 | -79,809 | 1,373 | -1,187 | - | - | - | - | - |
Loss from discontinued operations, net of tax | ||||||||||
-9,085 | -23,901 | 3,749 | - | - | - | - | - | - | - | - |
Net loss from continuing operations | ||||||||||
-10,475 | -43,575 | -15,051 | - | - | - | - | - | - | - | - |
Net income (loss) | ||||||||||
- | - | - | - | - | - | 12,437 | 8,355 | 21,309 | 15,456 | 27,677 |
Adjustments to reconcile net loss from continuing operations to net cash flows from operating activities: | ||||||||||
Depreciation and amortization | ||||||||||
18,967 | 21,379 | 21,376 | 20,463 | 11,787 | 11,818 | - | - | - | - | - |
Impairment charge | ||||||||||
10,082 | 0 | - | 26,676 | 0 | 0 | - | - | - | - | - |
Depreciation | ||||||||||
- | - | - | - | - | - | 11,342 | 10,661 | 10,153 | 8,565 | 7,150 |
Charge for asbestos litigation | ||||||||||
0 | -32,910 | 0 | -5,631 | 0 | -4,487 | 16,340 | 540 | 0 | - | - |
(Credit) charge for asbestos litigation | ||||||||||
- | - | - | - | - | - | - | - | - | 19,980 | 0 |
Deferred income tax expense (benefit) | ||||||||||
559 | -1,810 | 3,177 | 23,407 | -2,302 | -4,556 | 111 | 2,545 | 5,975 | 2,345 | 7,176 |
Difference between pension and other postretirement expense and contributions | ||||||||||
-8,939 | -6,145 | -1,857 | -1,948 | 4,972 | 5,248 | 6,491 | 10,074 | 607 | 1,563 | -5,889 |
Stock-based compensation | ||||||||||
1,422 | 2,115 | 2,400 | 2,332 | 1,328 | 1,102 | 1,196 | 1,258 | 1,954 | 3,267 | 1,806 |
Non-cash provisions – net | ||||||||||
-1,488 | 1,400 | - | - | - | - | - | - | - | - | - |
Gain on sale of joint venture | ||||||||||
- | - | 1,036 | 423 | -514 | -1,061 | - | - | - | - | - |
Goodwill impairment charge | ||||||||||
- | - | - | - | - | - | - | - | - | - | 2,694 |
Equity losses in Chinese joint venture (including an impairment charge of $6,407 in 2013) | ||||||||||
- | - | - | - | - | - | -8,930 | -1,594 | -502 | -479 | -162 |
Provisions for bad debts and inventories | ||||||||||
- | - | 60 | 2,348 | 862 | 2,343 | 155 | 346 | -24 | 186 | 551 |
Provision for warranties net of settlements | ||||||||||
- | - | -654 | -1,015 | -159 | -36 | 204 | - | - | - | - |
Provision for warranties net of settlements | ||||||||||
- | - | - | - | - | - | - | 988 | 396 | 260 | -41 |
Excess tax benefits from the exercise of stock options | ||||||||||
- | - | - | - | - | 60 | 5 | 16 | 47 | 681 | 276 |
Loss on disposal of assets | ||||||||||
- | - | -401 | -21 | -378 | -496 | - | - | - | - | - |
Non-cash settlement with third party | ||||||||||
0 | 2,425 | 0 | - | - | - | - | - | - | - | - |
Gain on sale of long-term marketable securities | ||||||||||
- | - | - | 1,404 | 0 | 0 | - | - | - | - | -112 |
Loss on disposition of assets | ||||||||||
- | - | - | - | - | - | -57 | -56 | - | - | - |
Provision for environmental liabilities | ||||||||||
- | - | - | - | - | - | - | - | 303 | 871 | 475 |
Other – net | ||||||||||
152 | 221 | 1,569 | -279 | 577 | 51 | 51 | -69 | 438 | 684 | 1,722 |
Changes in assets/liabilities: | ||||||||||
Receivables | ||||||||||
15,040 | -8,918 | 13,172 | -5,697 | -9,391 | 6,863 | -4,196 | -5,188 | 12,852 | 7,476 | -15,273 |
Inventories | ||||||||||
-10,797 | 5,402 | 13,835 | -8,308 | 4,527 | -7,125 | -7,060 | 1,101 | -301 | -385 | 5,344 |
Other assets, including insurance receivable – asbestos | ||||||||||
16,652 | 21,298 | 19,952 | 20,466 | 15,300 | 18,161 | 28,179 | 10,507 | 16,544 | 11,213 | 1,619 |
Accounts payable | ||||||||||
-5,292 | 5,217 | 1,174 | -8,819 | -3,003 | 1,588 | -183 | -3,894 | -732 | 4,204 | -1,001 |
Accrued payrolls and employee benefits | ||||||||||
3,887 | 1,458 | 941 | 1,051 | 452 | -938 | -2,045 | -1,209 | -582 | 909 | -4,716 |
Other liabilities, including asbestos liability | ||||||||||
-27,554 | -26,049 | -24,492 | -28,337 | -16,438 | -19,865 | -24,062 | -19,299 | -21,958 | -19,259 | -9,479 |
Net cash flows provided by (used in) operating activities - continuing operations | ||||||||||
-3,294 | 6,710 | -19,047 | -5,634 | 20,505 | 19,975 | 37,774 | - | - | - | - |
Cash flows from investing activities: | ||||||||||
Net cash flows used in operating activities | ||||||||||
- | - | - | - | - | - | - | 25,444 | 22,287 | 42,951 | 39,671 |
Purchases of property, plant and equipment | ||||||||||
10,964 | 9,719 | 13,011 | 10,566 | 9,407 | 13,309 | 11,805 | 9,668 | 15,780 | 35,001 | 39,245 |
Proceeds from sale of property, plant and equipment | ||||||||||
67 | 605 | 0 | - | - | - | - | - | - | - | - |
Proceeds from sale of ASW | ||||||||||
4,292 | 0 | - | - | - | - | - | - | - | - | - |
Proceeds from sale of Avonmore Plant | ||||||||||
3,700 | 0 | - | - | - | - | - | - | - | - | - |
Proceeds from sale of Vertical Seal | ||||||||||
0 | 7,200 | 0 | - | - | - | - | - | - | - | - |
Purchase of Akers AB, net of cash acquired (Note 2) | ||||||||||
- | - | - | 27,031 | 0 | 0 | - | - | - | - | - |
Purchase of ASW Steel Inc., net of cash acquired (Note 2) | ||||||||||
- | - | - | 3,265 | 0 | 0 | - | - | - | - | - |
Purchase of Alloys Unlimited & Processing, Inc. (Note 2) | ||||||||||
- | - | - | 0 | 5,000 | 0 | - | - | - | - | - |
Proceeds from sale of investment in joint venture | ||||||||||
0 | 500 | 1,500 | 0 | 0 | - | - | - | - | - | - |
Purchases of long-term marketable securities | ||||||||||
- | - | 109 | - | - | - | - | - | - | - | - |
Proceeds from sale of long-term marketable securities | ||||||||||
- | - | 327 | - | - | - | - | - | - | - | - |
Purchase of Alloys Unlimited & Processing, Inc. | ||||||||||
- | - | - | - | - | - | 0 | - | - | - | - |
Purchases of long-term marketable securities | ||||||||||
- | - | - | 4,662 | 631 | 843 | 921 | 770 | 857 | 497 | 910 |
Proceeds from sale of long-term marketable securities | ||||||||||
- | - | - | 4,646 | 728 | 748 | 782 | 694 | 776 | 454 | 819 |
Proceeds from government grant | ||||||||||
- | - | - | - | - | - | - | 373 | 484 | - | - |
Proceeds from U.K. government grant | ||||||||||
- | - | - | - | - | - | - | - | - | 226 | - |
Investment in Chinese joint venture | ||||||||||
- | - | - | - | - | - | - | - | - | - | 8,820 |
Collateral for outstanding foreign currency exchange contracts (Note 11) | ||||||||||
- | - | - | - | - | - | - | - | - | - | 4,326 |
Return of collateral for outstanding foreign currency exchange contracts | ||||||||||
- | - | - | - | - | - | - | - | - | 1,543 | 2,163 |
Other – net | ||||||||||
-243 | -194 | - | 0 | -11 | -185 | -18 | -2 | -5 | -112 | -119 |
Net cash flows used in investing activities - continuing operations | ||||||||||
-2,662 | -1,220 | -11,293 | -40,878 | -14,299 | -13,219 | -11,926 | - | - | - | - |
Cash flows from financing activities: | ||||||||||
Repayment of debt | ||||||||||
28,226 | 1,213 | - | - | - | - | - | - | - | - | - |
Repayment of debt | ||||||||||
- | - | -556 | -962 | 0 | 0 | - | - | - | - | - |
Proceeds from Revolving Credit and Security Agreement | ||||||||||
36,136 | 31,471 | 25,349 | 0 | 0 | - | - | - | - | - | - |
Payments on Revolving Credit and Security Agreement | ||||||||||
16,183 | 37,500 | 5,000 | 0 | 0 | - | - | - | - | - | - |
Proceeds from U.K. government grant | ||||||||||
- | - | - | - | - | - | - | - | - | - | 0 |
Net cash flows used in investing activities | ||||||||||
- | - | - | - | - | - | - | -9,369 | -15,372 | -33,163 | -50,200 |
Proceeds from sale and leaseback financing transaction | ||||||||||
0 | 19,000 | 0 | - | - | - | - | - | - | - | - |
Other | ||||||||||
-7 | -512 | - | - | - | - | - | - | - | - | - |
Dividends paid | ||||||||||
- | - | 2,236 | 5,206 | 7,512 | 7,489 | 7,455 | 7,442 | 7,429 | 7,378 | 7,341 |
Deferred financing costs | ||||||||||
- | - | 0 | 1,247 | 0 | 0 | - | - | - | - | - |
Funding of discontinued operations | ||||||||||
-1,663 | 14,667 | 8,632 | - | - | - | - | - | - | - | - |
Proceeds from credit facility | ||||||||||
- | - | - | 9,756 | 0 | 0 | - | - | - | - | - |
Payments on credit facility | ||||||||||
- | - | - | 11,217 | 0 | 0 | - | - | - | - | - |
Proceeds from the issuance of common stock | ||||||||||
- | - | - | - | - | 581 | 214 | 123 | 167 | 790 | 912 |
Excess tax benefits from the exercise of stock options | ||||||||||
- | - | - | - | - | 60 | 5 | 16 | 47 | 681 | 276 |
Net cash flows used in financing activities - continuing operations | ||||||||||
-6,617 | -3,421 | 8,925 | -8,876 | -7,512 | -6,848 | -7,236 | - | - | - | - |
Effect of exchange rate changes on cash and cash equivalents | ||||||||||
-180 | -1,012 | - | - | - | - | - | - | - | - | - |
Net cash flows provided by financing activities | ||||||||||
- | - | - | - | - | - | - | -7,303 | -7,215 | -5,907 | -6,153 |
Effect of exchange rate changes on cash and cash equivalents | ||||||||||
- | - | 1,492 | - | - | - | - | - | - | - | - |
Cash flows from discontinued operations: | ||||||||||
Net cash flows provided by operating activities - discontinued operations | ||||||||||
-3,803 | -13,434 | 3,208 | - | - | - | - | - | - | - | - |
Net cash flows used in investing activities - discontinued operations | ||||||||||
-158 | -2,153 | -1,888 | - | - | - | - | - | - | - | - |
Net cash flows used in financing activities - discontinued operations | ||||||||||
2,837 | 14,667 | 724 | - | - | - | - | - | - | - | - |
Net cash flows used in discontinued operations | ||||||||||
-1,124 | -920 | 2,044 | - | - | - | - | - | - | - | - |
Net increase (decrease) in cash and cash equivalents | ||||||||||
-13,877 | 137 | - | - | - | - | - | - | - | - | - |
Effect of exchange rate changes on cash and cash equivalents | ||||||||||
- | - | - | -1,155 | -670 | -720 | 409 | 229 | 167 | -301 | 1,516 |
Net (decrease) increase in cash and cash equivalents | ||||||||||
- | - | -17,879 | -56,543 | -1,976 | -812 | 19,021 | 9,001 | -133 | 3,580 | -15,166 |
Supplemental information: | ||||||||||
Income tax payments | ||||||||||
1,761 | 1,419 | 844 | 4,404 | 3,247 | 3,418 | 2,905 | 4,462 | 5,711 | -8,362 | 11,433 |
Interest payments | ||||||||||
4,247 | 1,953 | 1,283 | 957 | 225 | 237 | 246 | 246 | 316 | -324 | 326 |
Non-cash investing and financing activities: | ||||||||||
Purchases of property, plant and equipment included in accounts payable | ||||||||||
772 | 774 | 1,068 | 996 | 329 | 387 | 884 | 710 | 2,418 | 2,201 | 1,145 |
Finance lease right-of-use assets exchanged for lease liabilities | ||||||||||
429 | 0 | - | - | - | - | - | - | - | - | - |
Operating lease right-of-use assets exchanged for lease liabilities | ||||||||||
278 | 0 | - | - | - | - | - | - | - | - | - |
Conversion of minority shareholder loan to equity | ||||||||||
0 | 872 | 0 | - | - | - | - | - | - | - | - |
Issuance of debt to acquire net assets of Akers (Note 2) | ||||||||||
- | - | - | 22,619 | 0 | 0 | - | - | - | - | - |