SEC Filings

10-Q
RELIANCE STEEL & ALUMINUM CO filed this Form 10-Q on 11/13/2000
Entire Document
 
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                          RELIANCE STEEL & ALUMINUM CO.

                Consolidated Statements of Cash Flows (Unaudited)
                                 (In thousands)


<TABLE>
<CAPTION>
                                                                              NINE MONTHS ENDED
                                                                                 SEPTEMBER 30,
                                                                          -------------------------
                                                                            2000            1999
                                                                          ---------       ---------
<S>                                                                       <C>             <C>
OPERATING ACTIVITIES
Net income                                                                $  48,650       $  42,470
Adjustments to reconcile net income to net cash
   (used in) provided by operating activities:
     Depreciation and amortization                                           21,120          19,054
     Gain from SERP benefit                                                      --          (2,341)
     Deferred income taxes                                                      839             (13)
     Loss on sales of machinery and equipment                                   431             113
     Equity in earnings of 50%-owned company                                 (2,136)         (3,208)
     Changes in operating assets and liabilities:
         Accounts receivable                                                (37,794)         (3,829)
         Inventories                                                        (30,009)         51,743
         Prepaid expenses and other assets                                   (3,587)         (2,561)
         Accounts payable and accrued expenses                               (8,204)           (238)
                                                                          ---------       ---------
Net cash (used in) provided by operating activities                         (10,690)        101,190
                                                                          ---------       ---------
INVESTMENT ACTIVITIES
Purchases of property, plant and equipment                                  (22,111)        (15,389)
Proceeds from sales of property and equipment                                   542           1,386
Acquisitions of metals service centers and asset purchases of
   metals service centers                                                   (39,512)        (85,370)
Dividends received from 50%-owned company                                     2,622           8,622
                                                                          ---------       ---------
Net cash used in investing activities                                       (58,459)        (90,751)
                                                                          ---------       ---------

FINANCING ACTIVITIES
Proceeds from borrowings                                                    163,250          70,500
Principal payments on long-term debt and short-term
    borrowings                                                              (82,806)        (74,541)
Dividends paid                                                               (4,622)         (3,605)
Issuance of common stock                                                      1,403           1,501
Repurchase of Common Stock                                                  (12,360)             --
                                                                          ---------       ---------
Net cash provided by (used in) financing activities                          64,865          (6,145)
                                                                          ---------       ---------
(Decrease) increase in cash                                                  (4,284)          4,294

Cash and cash equivalents at beginning of period                              9,862           6,496
                                                                          ---------       ---------
Cash and cash equivalents at end of period                                $   5,578       $  10,790
                                                                          =========       =========
SUPPLEMENTAL SCHEDULE OF NONCASH FINANCING AND INVESTING ACTIVITIES:

Interest paid during the period                                           $  13,368       $  12,465
Income taxes paid during the period                                          34,850          29,568
</TABLE>


See Notes to Consolidated Financial Statements.


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