Second Quarter Balance Sheets and Cash Flows

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Apogee Enterprises, Inc. and Subsidiaries Second Quarter Consolidated Balance Sheets & Cash Flows
Balance Sheet 5/28/1999
consolidated balance sheets (Dollar amounts in thousands)
  August 28, 1999
(Unaudited)		 February 27, 1999
Assets    
Current Assets    
Cash and cash equivalents 7,245 1,318
Receivables, net of allowance for doubtful accounts 111,987 118,216
Inventories 69,047 68,171
Deferred tax assets 9,264 11,622
Other current assets 5,340 6,018
Total current assets $202,883 $205,345
 
Property, plant & equipment, net 199,801 180,428
Other assets    
Marketable securities available for sale 25,901 27,239
Investments 454 570
Intangible assets, at cost less accumulated amortization of $10,616 and $9,446, respectively 54,867 55,077
Other 2,420 2,532
Total assets $486,326 $471,191
 
Shareholders' Liabilities and Equity    
Current liabilities    
Accounts payable 32,712 43,166
Accrued expenses 46,261 51,738
  Billings in excess of costs and earnings on uncompleted contracts 13,187 11,622
Accrued income taxes 11,420 7,385
Current installments of long-term debt 756 1,300
Total current liabilities $104,336 $115,211
 
Long-term debt, less current installments 169,661 165,097
Other long-term liabilities 29,070 27,845
Net liabilities of discontinued operations 36,824 32,374
Shareholders' equity    
Common stock of $.33-1/3 par value; authorized 50,000,000 shares; issued and outstanding, 27,796,000 and 27,623,000, respectively 9,265 9,208
Additional paid-in capital 44,822 41,903
Retained earnings 93,905 80,194
Unearned compensation (1,317) (721)
Net unrealized (loss) gain on marketable securities (240) 80
Total shareholders' equity $146,435 $130,664
Total liabilities and shareholders' equity $486,326 $471,191


consolidated statements of cash flows (Dollar amounts in thousands)
(Unaudited)
  Six Months Ended August 28,1999 Six Months Ended August 29,1998
Operating Activities    
Net earnings 18,611 13,033
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Net earnings from discontinued operations (9,166) (1,213)
Depreciation and amortization 16,706 12,995
Provision for losses on accounts receivable 1,170 1,055
Deferred income tax expense 2,648 6,852
Equity in net loss of affiliated companies 1,321 748
Minority interest (277) (63)
Net cash flow from (to) discontinued operations 6,173 (4,477)
Other, net 154 133
Cash flow before changes in operating assets and liabilities $ 37,340 $ 29,063
 
Changes in operating assets and liabilities, net of effect of aquisitions:    
Receivables 5,675 (19,619)
Inventories (150) (3,349)
Other current assets 678 1,826
Accounts payable and accrued expenses (15,929) 5,574
Billings in excess of costs and earnings on uncompleted contracts 1,565 4,905
Refundable income taxes and accrued income taxes 9,421 12,186
Other long-term liabilities 788 265
Net cash provided by operating activities $ 39,388 $ 30,851
 
INVESTING ACTIVITIES    
Capital expenditures (34,759) (31,089)
Acquisition of businesses, net of cash acquired (1,981) (3,335)
Purchases of marketable securities (18,714) (10,242)
Sales/maturities of marketable securities 19,558 9,838
Investments in and advances to affiliated companies (1,205) (575)
Proceeds from sale of property and equipment 53 124
Net cash flow from discontinued operations 2,000 ----
Other, net (250) 32
Net cash used in investing activities $ (35,298) $ (35,247)
 
FINANCING ACTIVITIES    
Payments on long-term debt (1,380) (840)
Proceeds from issuance of long-term debt 5,400 10,497
Increase in deferred debt expenses (255) (2,098)
Proceeds from issuance of common stock 2,763 2,332
Repurchase and retirement of common stock (1,774) (830)
Dividends paid (2,917) (2,763)
Net cash provided by financing activities $ 1,837 $ 6,298
Increase in cash and cash equivalents 5,927 1,902
Cash and cash equivalents at beginning of period 1,318 7,853
Cash and cash equivalents at end of period $ 7,245 $ 9,755