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SEC Filings

10-Q
ACETO CORP filed this Form 10-Q on 11/03/2017
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ACETO CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

 

  

Three months Ended

September 30,

 
   2017   2016 
Operating activities:          
Net income  $454   $4,385 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization   8,301    3,168 
Amortization of debt issuance costs and debt discount   1,513    1,432 
Amortization of deferred financing costs   270    - 
Provision for doubtful accounts   (15)   (58)
Non-cash stock compensation   3,146    1,664 
Deferred income taxes   (1,099)   1,405 
Environmental charge   902    170 
Earnings on equity investment in joint venture   (231)   (325)
Changes in assets and liabilities:          
Trade accounts receivable   21,137    9,141 
Other receivables   149    464 
Inventory   2,225    (6,105)
Prepaid expenses and other current assets   (944)   (978)
Other assets   (334)   (305)
Accounts payable   7,699    3,135 
Accrued expenses and other liabilities   792    (6,543)
Net cash provided by operating activities   43,965    10,650 
           
Investing activities:          
Purchases of investments   (2,655)   (1,017)
Sales of investments   1,646    - 
Payments for intangible assets   (54)   (1,594)
Purchases of property and equipment, net   (1,506)   (541)
Net cash used in investing activities   (2,569)   (3,152)
           
Financing activities:          
Payment of cash dividends   (1,935)   (1,954)
Proceeds from exercise of stock options   73    185 
Excess tax benefit on stock option exercises and restricted stock   -    437 
Repayment of bank loans   (23,783)   (49)
Net cash used in financing activities   (25,645)   (1,381)
           
Effect of exchange rate changes on cash   669    197 
           
Net increase in cash   16,420    6,314 
Cash and cash equivalents at beginning of period   55,680    66,828 
Cash and cash equivalents at end of period  $72,100   $73,142 

 

See accompanying notes to condensed consolidated financial statements and accountants’ review report

 

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