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SEC Filings

10-K/A
ACETO CORP filed this Form 10-K/A on 11/09/2017
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ACETO CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED JUNE 30, 2017, 2016 AND 2015

(in thousands)

 

   2017   2016   2015 
             
Operating activities:               
Net income  $11,376   $34,766   $30,878 
Adjustments to reconcile net income to net cash provided by operating activities:               
Depreciation and amortization   23,754    12,698    11,849 
Amortization of debt issuance costs and debt discount   5,847    3,496    - 
Amortization of deferred financing costs   570    -    - 
Provision for doubtful accounts   (3)   76    484 
Non-cash stock compensation   6,956    6,719    4,537 
Deferred income taxes   (504)   (18)   (1,874)
Earnings on equity investment in joint venture   (2,336)   (2,060)   (1,761)
Contingent consideration   -    (1,074)   (3,468)
Amortization of inventory step-up   4,502    -    - 
Environmental remediation charge   903    1,313    1,618 
Changes in assets and liabilities:               
Trade accounts receivable   (17,598)   (6,149)   (40,174)
Other receivables   185    136    (7,046)
Inventory   (2,958)   (2,489)   (229)
Prepaid expenses and other current assets   1,209    (243)   304 
Other assets   (157)   (557)   1,254 
Accounts payable   (3,097)   (8,937)   8,133 
Accrued expenses and other liabilities   14,010    (7,689)   1,816 
Distributions from joint venture   1,908    1,843    2,022 
Net cash provided by operating activities   44,567    31,831    8,343 
                
Investing activities:               
Payment for net assets acquired   (270,000)   -    - 
Purchases of investments   (2,035)   (34)   (2,720)
Sales of investments   909    2,517    - 
Payments for intangible assets   (3,359)   (11,249)   (1,564)
Purchases of property and equipment, net   (1,893)   (1,128)   (617)
Net cash used in investing activities   (276,378)   (9,894)   (4,901)
                
Financing activities:               
Proceeds from exercise of stock options   551    729    1,273 
Excess income tax benefit on stock option exercises and restricted stock   546    1,219    790 
Payment of cash dividends   (7,831)   (7,084)   (6,964)
Payment of deferred consideration   -    -    (3,500)
Payment of contingent consideration   -    (1,500)   (4,500)
Proceeds from convertible senior notes   -    143,750    - 
Payment for debt issuance costs   -    (5,153)   - 
Proceeds from sold warrants   -    13,685    - 
Purchase of call option (hedge)   -    (27,174)   - 
Termination payment for interest rate swap   -    (420)   - 
Borrowings of bank loans   275,000    15,500    19,000 
Payment for deferred financing costs   (5,407)   -    - 
Repayment of bank loans   (42,697)   (122,697)   (14,344)
Net cash provided by (used in) financing activities   220,162    10,855    (8,245)
                
Effect of foreign exchange rate changes on cash   501    16    (4,074)
                
Net (decrease) increase in cash and cash equivalents   (11,148)   32,808    (8,877)
Cash and cash equivalents at beginning of period   66,828    34,020    42,897 
Cash and cash equivalents at end of period  $55,680   $66,828   $34,020 

 

See accompanying notes to consolidated financial statements

 

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