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B/E Aerospace Reports Fourth Quarter And Full Year 2012 Financial Results; Fourth Quarter 2012 EPS Up 30%; Full Year 2012 EPS Up 26% Excluding Debt Prepayment Costs; Raises 2013 Guidance

B/E AEROSPACE, INC.  

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In Millions)

 
YEARS ENDED
December 31,
2012   2011  
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 233.7 $ 227.8
Adjustments to reconcile net earnings to net cash flows provided by
operating activities, net of effects from acquisitions:
Depreciation and amortization 75.0 62.1
Deferred income taxes 37.3 58.4
Non-cash compensation 24.5 26.0
Debt prepayment costs 82.1 -
Provision for doubtful accounts 4.8 1.9
Loss on disposal of property and equipment 2.4 1.1
Tax benefits realized from prior exercises of employee stock options
and restricted stock (7.0 ) (30.8 )
Changes in operating assets and liabilities:
Accounts receivable (32.0 ) (49.4 )
Inventories (169.7 ) (116.3 )
Other current and non-current assets (18.2 ) 12.5
Accounts payable and accrued liabilities   122.2     123.6  
Net cash provided by operating activities   355.1     316.9  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (125.4 ) (76.0 )
Acquisitions, net of cash acquired (649.7 ) (60.4 )
Proceeds from sales of businesses and other   2.6     18.7  
Net cash used in investing activities   (772.5 )   (117.7 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from common stock issued 5.8 4.0
Purchase of treasury stock (2.6 ) (6.0 )
Tax benefits realized from prior exercises of employee stock options
and restricted stock 7.0 30.8
Borrowings on line of credit 215.0 30.0
Repayments on line of credit (215.0 ) (30.0 )
Proceeds from long-term debt, inclusive of original issue premium 1,316.0 -
Debt prepayment costs (71.7 ) -
Debt origination costs (30.3 ) -
Principal payments on long-term debt   (600.5 )   (0.5 )
Net cash provided by financing activities   623.7     28.3  
 
Effect of exchange rate changes on cash and cash equivalents   3.9     (2.7 )
 
Net increase in cash and cash equivalents 210.2 224.8
Cash and cash equivalents, beginning of period   303.5     78.7  
Cash and cash equivalents, end of period $ 513.7   $ 303.5  




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