UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)
x		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended July 31, 2007
OR
o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from         to
Commission file number 1-12557

 

CASCADE CORPORATION

(Exact name of registrant as specified in its charter)

 

Registrant’s telephone number, including area code: (503) 669-6300

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x  No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o

Accelerated filer x

Non-accelerated filer o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o  No x

The number of shares outstanding of the registrant’s common stock as of August 23, 2007 was 12,105,210.

CASCADE CORPORATION

FORM 10-Q

Quarter Ended July 31, 2007

TABLE OF CONTENTS

		Page
Part I – Financial Information:
Item 1. Financial Statements (unaudited):
	Consolidated Statements of Income	4
	Consolidated Balance Sheets	5
	Consolidated Statement of Changes in Shareholders’ Equity	6
	Consolidated Statements of Cash Flows	7
	Notes to Consolidated Financial Statements	8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		18
Item 3. Quantitative and Qualitative Disclosures about Market Risk		30
Item 4. Controls and Procedures		31
Part II – Other Information		32
Signatures		34
Exhibit Index		35

 

2

Forward-Looking Statements

This Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (Item 2) contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any projections of revenue, gross profit, expenses, earnings or losses from operations, synergies or other financial items; any statements of plans, strategies, and objectives of management for future operations; any statements regarding future economic conditions or performance; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. The risks, uncertainties, and assumptions referred to above include, but are not limited to:

·                  Competitive factors in, and the cyclical nature of, the materials handling and construction equipment industries;

·                  Fluctuations in lift truck and construction equipment orders or deliveries;

·                  Availability and cost of raw materials;

·                  General business and economic conditions in North America, Europe, Asia Pacific and China;

·                  Foreign currency fluctuations;

·                  Pending litigation;

·                  Environmental matters;

·                  Levels of public and non-residential construction activity;

·                  Effectiveness of our capital expenditures and cost reduction initiatives;

·                  Fluctuations in interest rates;

·                  Actions by foreign governments;

·                  Assumptions relating to pension and other postretirement costs.

We undertake no obligation to publicly revise or update forward-looking statements to reflect events or circumstances that arise after the date of this report.

3

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

CASCADE CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited — in thousands, except per share amounts)

		Three Months Ended						Six Months Ended
		July 31						July 31
		2007			2006			2007			2006
Net sales		$	143,183		$	119,376		$	278,683		$	237,150
Cost of goods sold		97,897			81,023			190,168			162,108
Gross profit		45,286			38,353			88,515			75,042
Selling and administrative expenses		22,054			19,897			43,186			39,749
Loss (gain) on disposition of assets, net		(1,137		)	45			(1,172		)	(617		)
Amortization		844			305			1,642			607
Insurance litigation recovery, net		—			—			(15,977		)	—
Operating income		23,525			18,106			60,836			35,303
Interest expense		922			493			1,917			1,025
Interest income		(225		)	(527		)	(382		)	(882		)
Other expense (income), net		224			(287		)	302			(321		)
Income before provision for income taxes		22,604			18,427			58,999			35,481
Provision for income taxes		7,460			6,504			20,059			12,524
Net income		$	15,144		$	11,923		$	38,940		$	22,957
Basic earnings per share		$	1.27		$	0.95		$	3.26		$	1.83
Diluted earnings per share		$	1.21		$	0.91		$	3.11		$	1.75
Basic weighted average shares outstanding		11,930			12,569			11,948			12,555
Diluted weighted average shares outstanding		12,479			13,074			12,513			13,133

 

The accompanying notes are an integral part of the consolidated financial statements.

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CASCADE CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited - in thousands, except per share amounts)

		July 31			January 31
		2007			2007
ASSETS
Current assets:
Cash and cash equivalents		$	22,501		$	36,593
Accounts receivable, less allowance for doubtful accounts of $1,465 and $1,515		92,065			74,992
Inventories		71,437			58,280
Deferred income taxes		3,771			4,481
Prepaid expenses and other		8,741			8,609
Total current assets		198,515			182,955
Property, plant and equipment, net		87,970			84,151
Goodwill		114,090			99,498
Deferred income taxes		8,016			11,817
Intangible assets, net		21,982			17,026
Other assets		1,920			1,985
Total assets		$	432,493		$	397,432
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Notes payable to banks		$	2,125		$	4,546
Current portion of long-term debt		12,500			12,573
Accounts payable		31,880			26,008
Accrued payroll and payroll taxes		10,157			9,391
Other accrued expenses		13,189			17,307
Total current liabilities		69,851			69,825
Long-term debt, net of current portion		36,500			34,000
Accrued environmental expenses		5,215			5,838
Deferred income taxes		3,736			2,798
Employee benefit obligations		9,717			9,719
Other liabilities		2,718			3,616
Total liabilities		127,737			125,796
Commitments and contingencies (Note 7)
Shareholders’ equity:
Common stock, $.50 par value, 20,000 authorized shares; 12,105 and 12,070 shares issued and outstanding		6,053			6,035
Retained earnings		274,230			253,307
Accumulated other comprehensive income		24,473			12,294
Total shareholders’ equity		304,756			271,636
Total liabilities and shareholders’ equity		$	432,493		$	397,432

 

The accompanying notes are an integral part of the consolidated financial statements.

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CASCADE CORPORATION

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited — in thousands, except per share amounts)

													Accumulated
							Additional						Other			Total			Year-To-Date
		Common Stock					Paid-In			Retained			Comprehensive			Shareholders’			Comprehensive
		Shares		Amount			Capital			Earnings			Income (Loss)			Equity			Income (Loss)
Balance at January 31, 2007		12,070		$	6,035		$	—		$	253,307		$	12,294		$	271,636
Net income		—		—			—			38,940			—			38,940			$	38,940
Dividends ($ 0.34 per share)		—		—			—			(4,062		)	—			(4,062		)	—
Common stock issued		424		212			3,632			—			—			3,844			—
Excess tax benefit from exercise of share-based compensation awards		—		—			2,509			—			—			2,509			—
Common stock repurchased		(389	)	(194		)	(8,069		)	(13,955		)	—			(22,218		)	—
Share-based compensation		—		—			1,928			—			—			1,928			—
Minimum pension/post-retirement adjustment		—		—			—			—			52			52			52
Translation adjustment		—		—			—			—			12,127			12,127			12,127
Balance at July 31, 2007		12,105		$	6,053		$	—		$	274,230		$	24,473		$	304,756		$	51,119

 

The accompanying notes are an integral part of the consolidated financial statements.

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CASCADE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited - in thousands)

		Six Months Ended
		July 31
		2007			2006
Cash flows from operating activities:
Net income		$	38,940		$	22,957
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		8,531			7,494
Share-based compensation		1,928			1,882
Deferred income taxes		1,543			(1,363		)
Gain on disposition of assets, net		(1,172		)	(617		)
Changes in operating assets and liabilities:
Accounts receivable		(13,035		)	(9,586		)
Inventories		(9,850		)	3,557
Prepaid expenses and other		637			(802		)
Accounts payable and accrued expenses		2,724			(4,544		)
Income taxes payable and receivable		(751		)	(2,092		)
Other assets and liabilities		(1,349		)	(491		)
Net cash provided by operating activities		28,146			16,395
Cash flows from investing activities:
Capital expenditures		(9,106		)	(6,248		)
Proceeds from disposition of assets		2,497			1,607
Sales of marketable securities		—			7,100
Purchases of marketable securities		—			(6,100		)
Business acquisitions		(11,529		)	—
Net cash used in investing activities		(18,138		)	(3,641		)
Cash flows from financing activities:
Cash dividends paid		(4,062		)	(3,769		)
Payments on long-term debt		(57,442		)	(88		)
Proceeds from long-term debt		59,500			—
Notes payable to banks, net		(3,400		)	(530		)
Common stock issued under share-based compensation plans		3,844			724
Common stock repurchased		(24,496		)	—
Excess tax benefit from exercise of share-based compensation awards		2,509			118
Net cash used in financing activities		(23,547		)	(3,545		)
Effect of exchange rate changes		(553		)	(853		)
Change in cash and cash equivalents		(14,092		)	8,356
Cash and cash equivalents at beginning of period		36,593			35,493
Cash and cash equivalents at end of period		$	22,501		$	43,849

 

Supplemental disclosure of cash flow information:

See Note 9 to the consolidated financial statements

The accompanying notes are an integral part of the consolidated financial statements.

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CASCADE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1—Description of Business

Cascade Corporation is an international company engaged in the manufacture of materials handling products that are widely used on industrial fork lift trucks and, to a lesser extent, products that are used on construction, mining and agricultural vehicles. Accordingly, our sales are largely dependent on sales of lift trucks and on the sales of replacement parts. Our sales are made throughout the world. We are headquartered in Fairview, Oregon, employing approximately 2,300 people and maintaining operations in 15 countries outside the United States.

Note 2—Interim Financial Information

The accompanying consolidated financial statements for the interim periods ended July 31, 2007 and 2006 are unaudited. In the opinion of management, the accompanying consolidated financial statements reflect normal recurring adjustments necessary for a fair statement of the financial position, results of operations and cash flows for those interim periods. Results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year, and these financial statements do not contain the detail or footnote disclosures concerning accounting policies and other matters that would be included in full fiscal year financial statements. Therefore, these statements should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2007.

Note 3—Segment Information

Our operating units have largely similar economic characteristics and attributes, including similar products, distribution patterns and classes of customers. As a result, we aggregate our operating units into four geographic operating segments related to the manufacturing, distribution and servicing of material handling load engagement products. We evaluate performance of each of our operating segments based on operating income, which is income before interest, miscellaneous income/expense and income taxes. The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies contained in Note 2 of our consolidated financial statements included in our Form 10-K for the fiscal year ended January 31, 2007.

Revenues and operating results are classified according to the country of origin.  Identifiable assets are attributed to the geographic location in which they are located. Net sales, operating results and identifiable assets by geographic region were as follows (in thousands):

8

 

		Three Months Ended July 31
2007		North America			Europe			Asia Pacific			China			Eliminations			Consolidation
Net sales		$	74,569		$	43,418		$	15,091		$	10,105		$	—		$	143,183
Transfers between areas		8,594			373			28			3,890			(12,885		)	—
Net sales and transfers		$	83,163		$	43,791		$	15,119		$	13,995		$	(12,885	)	$	143,183
Gross profit		$	29,041		$	7,924		$	3,582		$	4,739					$	45,286
Selling and administrative		12,402			6,523			2,144			985						22,054
Loss (gain) on disposition of assets, net		(1,120		)	—			(17		)	—						(1,137		)
Amortization		639			209			—			(4		)				844
Operating income		$	17,120		$	1,192		$	1,455		$	3,758					$	23,525
Total assets		$	231,601		$	122,083		$	36,753		$	42,056					$	432,493
Property, plant and equipment, net		$	33,752		$	35,848		$	1,953		$	16,417					$	87,970
Capital expenditures		$	1,947		$	543		$	262		$	1,105					$	3,857
Depreciation expense		$	1,740		$	1,235		$	98		$	337					$	3,410

 

		Three Months Ended July 31
2006		North America			Europe			Asia Pacific			China			Eliminations			Consolidation
Net sales		$	65,847		$	33,827		$	12,319		$	7,383		$	—		$	119,376
Transfers between areas		6,510			432			76			1,704			(8,722		)	—
Net sales and transfers		$	72,357		$	34,259		$	12,395		$	9,087		$	(8,722	)	$	119,376
Gross profit		$	26,081		$	6,273		$	2,979		$	3,020					$	38,353
Selling and administrative		11,503			5,548			2,130			716						19,897
Loss (gain) on disposition of assets, net		5			45			(6		)	1						45
Amortization		89			208			—			8						305
Operating income (loss)		$	14,484		$	472		$	855		$	2,295					$	18,106
Total assets		$	208,021		$	112,687		$	32,326		$	28,140					$	381,174
Property, plant and equipment, net		$	33,951		$	35,586		$	1,501		$	5,414					$	76,452
Capital expenditures		$	1,724		$	645		$	73		$	555					$	2,997
Depreciation expense		$	2,065		$	1,162		$	108		$	70					$	3,405

 

		Six Months Ended July 31
2007		North America			Europe			Asia Pacific			China			Eliminations			Consolidation
Net sales		$	145,951		$	85,022		$	28,886		$	18,824		$	—		$	278,683
Transfers between areas		16,903			697			98			6,559			(24,257		)	—
Net sales and transfers		$	162,854		$	85,719		$	28,984		$	25,383		$	(24,257	)	$	278,683
Gross profit		$	57,197		$	15,529		$	7,179		$	8,610					$	88,515
Selling and administrative		24,541			12,749			4,101			1,795						43,186
Loss (gain) on disposition of assets, net		(1,194		)	8			(17		)	31						(1,172		)
Amortization		1,227			414			—			1						1,642
Insurance litigation recovery, net		(15,977		)	—			—			—						(15,977		)
Operating income		$	48,600		$	2,358		$	3,095		$	6,783					$	60,836
Capital expenditures		$	3,501		$	1,361		$	449		$	3,795					$	9,106
Depreciation expense		$	3,650		$	2,460		$	197		$	582					$	6,889

 

		Six Months Ended July 31
2006		North America			Europe			Asia Pacific			China			Eliminations			Consolidation
Net sales		$	132,462		$	67,048		$	23,456		$	14,184		$	—		$	237,150
Transfers between areas		12,504			837			168			3,371			(16,880		)	—
Net sales and transfers		$	144,966		$	67,885		$	23,624		$	17,555		$	(16,880	)	$	237,150
Gross profit		$	52,039		$	11,617		$	5,728		$	5,658					$	75,042
Selling and administrative		22,971			11,400			4,078			1,300						39,749
Loss (gain) on disposition of assets, net		9			(617		)	(10		)	1						(617		)
Amortization		178			415			—			14						607
Operating income		$	28,881		$	419		$	1,660		$	4,343					$	35,303
Capital expenditures		$	3,727		$	992		$	144		$	1,385					$	6,248
Depreciation expense		$	4,106		$	2,433		$	212		$	136					$	6,887

 

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Note 4—Inventories

Inventories stated at the lower of average cost or market are presented below by major class (in thousands).

		July 31			January 31
		2007			2007
Finished goods and components		$	43,806		$	36,716
Work in process		739			399
Raw materials		26,892			21,165
		$	71,437		$	58,280

 

Note 5—Goodwill

During the six months ended July 31, 2007, goodwill increased $7.6 million due to acquisitions.  The remaining difference in the amount of goodwill between July 31, 2007 and January 31, 2007 related to fluctuations in foreign currencies. We have no goodwill recorded in China. The following table provides a breakdown of goodwill by geographic region (in thousands):

		July 31			January 31
		2007			2007
North America		$	100,011		$	85,903
Europe		11,100			10,598
Asia Pacific		2,979			2,997
		$	114,090		$	99,498

 

Note 6—Share-Based Compensation Plans

We have granted three types of share-based awards, stock appreciation rights (SARS), restricted stock and stock options under our share-based compensation plans to officers, key managers and directors.  The grant prices for SARS and in the past stock options are established by our Board of Directors’ Compensation Committee at the time the awards are granted.  We issue new common shares upon the exercise of all awards.

SARS provide the holder the right to receive an amount, payable in our common shares, equal to the excess of the market value of our common shares on the date of exercise (“intrinsic value”) over the base price at the time the right was granted. The base price may not be less than the market price of our common shares on the date of grant.  All SARS vest ratably over a four year period and have a term of ten years.

 During the second quarter of fiscal 2008, shareholders approved a proposal to amend the SARS plan to permit the issuance of restricted shares of common stock.  Upon the granting of restricted stock, common shares are issued to the recipient, but the shares may not be sold, assigned, transferred, pledged, or disposed of by the recipient until vested.  Regardless of vesting, restricted shares have full voting rights and any dividends declared will be paid to the restricted stock recipient.  Restricted shares vest ratably over a period of three years for officers and four years for directors.  The number of restricted shares issued to directors is based on the market value of our shares on the date of grant.

The amended SARS plan provides for the issuance of a maximum of 750,000 shares of common stock upon the exercise of SARS or issuance of restricted stock.  As of July 31, 2007, a total of 217,000 shares of common stock have been issued under the SARS plan, which includes 42,000 shares of restricted stock, with a grant date fair market value of $73.73 per share.

Stock options provide the holder the right to receive our common shares at an established price.  We have reserved 1,400,000 shares of common stock under our stock option plan. As of July 31, 2007, a total of 1,083,000 shares have been issued upon the exercise of stock options.  No additional stock options can be granted under the terms of the plan.  All outstanding stock options vest ratably over a four year period and have a term of ten years.

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A summary of the plans’ status at July 31, 2007 together with changes during the six months then ended are presented in the following tables (in thousands, except per share amounts):

		Stock Options					Stock Appreciation Rights
		Outstanding Awards		Weighted Average Exercise Price Per Share			Outstanding Awards		Weighted Average Exercise Price Per Share
Balance at January 31, 2007		570		$	13.79		1,031		$	31.56
Granted		—		—			66		73.73
Exercised		(276	)	14.02			(170	)	29.87
Forfeited		(6	)	19.86			(79	)	33.93
Balance at July 31, 2007		288		$	13.43		848		$	34.96

 

We calculate share-based compensation cost for SARS and stock options using the Black-Scholes option pricing model.  The range of assumptions used to compute share-based compensation are as follows:

		Granted in			Granted Prior to
		Fiscal 2008			Fiscal 2008
Risk-free interest rate		5.1		%	2.3 - 5.0%
Expected volatility		41		%	40 - 42%
Expected dividend yield		1.0		%	1.1 - 2.8%
Expected life (in years)		7			5 - 6
Weighted average fair value at date of grant		$	33.31		$	4.16 - 17.86

 

We calculate share-based compensation cost for restricted stock by multiplying the fair market value of our common shares on the grant date by the number of restricted shares expected to vest.  The restricted stock share-based compensation is expensed ratably over the applicable vesting period.

As of July 31, 2007, there was $11.6 million of total unrecognized compensation cost related to nonvested share-based compensation awards granted under the Plans, which is expected to be recognized over a weighted average period of 2.7 years. The following table represents as of July 31, 2007 the share-based compensation costs to be recognized in future periods (in thousands) for awards granted to date:

Fiscal Year		Amount
2008*		$	2,602
2009		4,563
2010		3,057
2011		1,157
2012		198
		$	11,577

 

*Represents last six months of fiscal 2008.

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Note 7—Commitments and Contingencies

Environmental Matters

We are subject to environmental laws and regulations, which include obligations to remove or mitigate environmental effects of past disposal and release of certain wastes and substances at various sites. We record liabilities for affected sites when environmental assessments indicate probable cleanup and the costs can be reasonably estimated. Other than for costs of assessments themselves, the timing and amount of these liabilities is determined based on the estimated costs of remediation activities and our commitment to a formal plan of action, such as an approved remediation plan.  The reliability and precision of the loss estimates are affected by numerous factors, such as different stages of site evaluation and reevaluation of the degree of remediation required. We adjust our liabilities as new remediation requirements are defined, as information becomes available permitting reasonable estimates to be made and to reflect new and changing facts.

It is reasonably possible that changes in estimates will occur in the near term and the related adjustments to environmental liabilities may have a material impact on our net income. Unasserted claims are not currently reflected in our environmental remediation liabilities. It is also reasonably possible that these claims may also have a material impact on our net income if asserted. We cannot estimate at this time the amount of any additional loss or range of loss that is reasonably possible.

Our specific environmental matters consist of the following:

Fairview, Oregon

In 1996, the Oregon Department of Environmental Quality issued two Records of Decision affecting our Fairview, Oregon manufacturing facility. The Records of Decision required us to initiate remedial activities related to the cleanup of groundwater contamination at and near the facility. Remediation activities have been conducted since 1996 and current estimates provide for some level of activity to continue through 2019. Costs of certain remediation activities at the facility are shared with The Boeing Company, with Cascade paying 70% of these costs. The recorded liability for ongoing remediation activities at our Fairview facility was $5.3 million and $5.9 million at July 31, 2007 and January 31, 2007, respectively.

Springfield, Ohio

In 1994, we entered into a consent order with the Ohio Environmental Protection Agency, which required the installation of remediation systems for the cleanup of groundwater contamination at our Springfield, Ohio facility. The current estimate is that the remediation activities will continue through 2013. The recorded liability for ongoing remediation activities in Springfield was $909,000 at July 31, 2007 and $1.0 million at January 31, 2007.

Insurance Litigation

On April 9, 2007, we entered into a settlement agreement with Employers Reinsurance Corporation with respect to litigation to recover various expenses incurred in connection with environmental and related proceedings.  The recovery from the settlement, recorded during the three months ended April 30, 2007, was $16.0 million, net of expenses.  In connection with the settlement, we released all rights we might have under insurance policies issued by Employers Reinsurance Corporation and certain related entities.  This concluded all litigation against our insurance companies with regard to environmental matters.

Legal Proceedings

We are subject to legal proceedings, claims and litigation, in addition to the environmental matters previously discussed, arising in the ordinary course of business. While the outcome of these matters is currently not determinable, management does not expect the ultimate costs to be material to our consolidated financial position, result of operations, or cash flows.

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Note 8—Earnings Per Share

The following table presents the calculation of basic and diluted earnings per share (in thousands, except per share amounts):

 

Basic earnings per share is based on the weighted average number of common shares outstanding for the period. Diluted weighted average common shares includes the incremental shares that would be issued upon the assumed exercise of stock options and stock appreciation rights and the amount of unvested restricted stock.  Unexercised SARs totaling 66,000 awards were excluded from the fiscal 2008 three months and six months calculations of diluted earnings per share because they were antidilutive.  Unvested restricted stock totaling 42,000 shares was excluded from the fiscal 2008 six months calculation of diluted earnings per share because they were antidilutive.  All stock options are included in our calculation of incremental shares because they are dilutive.

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Note 9—Supplemental Cash Flow Information

The following table presents information that supplements the consolidated statements of cash flow (in thousands):

		For the Six Months Ended July 31
		2007			2006
Cash paid during the period for:
Interest		$	1,915		$	1,016
Income taxes		$	16,664		$	15,862
Supplemental disclosure of investing activities:
Business acquisitions:
Accounts receivable and other assets		$	871		$	—
Inventories		818			—
Property, plant and equipment		296			—
Intangible asset - customer relationships		5,400			—
Intangible asset - intellectual property and other		1,900			—
Goodwill		6,478			—
Accounts payable and other liabilities assumed		(708		)	—
Notes payable assumed		(931		)	—
Deferred income tax liability		(2,659		)	—
Net cash paid for acquisitions		$	11,465		$	—

 

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