|
|
 | | | |
- close
- close
- close
- close
| |||||||||
This excerpt taken from the UFPI 10-K filed Mar 1, 2007. Liquidity and
Capital Resources
Our cash cycle will continue to be impacted in the future based
on our mix of sales by market. Sales to the site-built
construction and industrial markets require a greater investment
in working capital (inventory and accounts receivable) than our
sales to the DIY/retail and manufactured housing markets.
Management expects to spend $40 million on capital
expenditures in 2007 and incur depreciation and amortization of
intangible assets of approximately $46 million. Besides
“maintenance” capital expenditures totaling
approximately $35 million, we currently plan to spend an
additional $5 million to expand the business. On
December 30, 2006, we had outstanding purchase commitments
on capital projects of approximately $6.1 million.
We have no present intention to change our dividend policy,
which is currently $0.055 per share paid semi-annually.
Our Board of Directors has approved a share repurchase program
under which we have authorization to buy back approximately
1.5 million shares as of December 30, 2006. In the
past, we have repurchased shares in order to offset the effect
of issuances resulting from our employee benefit plans and at
times when our stock price falls to a pre-determined level.
Universal Forest
Products, Inc.
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
We are obligated to pay amounts due on long-term debt totaling
approximately $0.7 million in 2007.
On February 12, 2007, we amended and increased the size of
our unsecured revolving credit facility to $300 million,
which includes amounts reserved for letters of credit. The
facility is also used to fund seasonal working capital
requirements and growth, including acquisitions. We believe our
peak seasonal working capital requirements may consume up to
$100 million of this availability through June of 2007 and
then decrease for the balance of the year in line with
historical trends. We plan to finance our capital requirements
for the year through operating cash flows, the use of our sale
of receivables program, and use of our revolving credit facility.
On February 12, 2007, one of our subsidiaries acquired all
of the common shares of Aljoma Lumber, Inc. located in Medley,
FL, a leading manufacturer of pressure-treated wood and
industrial products that serves Southern Florida and the
Caribbean islands.
The purchase price of the common shares of Aljoma was
approximately $53.5 million.
This excerpt taken from the UFPI 10-K filed Feb 27, 2007. Liquidity and
Capital Resources
Our cash cycle will continue to be impacted in the future based
on our mix of sales by market. Sales to the site-built
construction and industrial markets require a greater investment
in working capital (inventory and accounts receivable) than our
sales to the DIY/retail and manufactured housing markets.
Management expects to spend $40 million on capital
expenditures in 2007 and incur depreciation and amortization of
intangible assets of approximately $46 million. Besides
“maintenance” capital expenditures totaling
approximately $35 million, we currently plan to spend an
additional $5 million to expand the business. On
December 30, 2006, we had outstanding purchase commitments
on capital projects of approximately $6.1 million.
We have no present intention to change our dividend policy,
which is currently $0.055 per share paid semi-annually.
Our Board of Directors has approved a share repurchase program
under which we have authorization to buy back approximately
1.5 million shares as of December 30, 2006. In the
past, we have repurchased shares in order to offset the effect
of issuances resulting from our employee benefit plans and at
times when our stock price falls to a pre-determined level.
Universal Forest
Products, Inc.
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
We are obligated to pay amounts due on long-term debt totaling
approximately $0.7 million in 2007.
On February 12, 2007, we amended and increased the size of
our unsecured revolving credit facility to $300 million,
which includes amounts reserved for letters of credit. The
facility is also used to fund seasonal working capital
requirements and growth, including acquisitions. We believe our
peak seasonal working capital requirements may consume up to
$100 million of this availability through June of 2007 and
then decrease for the balance of the year in line with
historical trends. We plan to finance our capital requirements
for the year through operating cash flows, the use of our sale
of receivables program, and use of our revolving credit facility.
On February 12, 2007, one of our subsidiaries acquired all
of the common shares of Aljoma Lumber, Inc. located in Medley,
FL, a leading manufacturer of pressure-treated wood and
industrial products that serves Southern Florida and the
Caribbean islands.
The purchase price of the common shares of Aljoma was
approximately $53.5 million.
| EXCERPTS ON THIS PAGE:
|
| |||||||
