Cash Flow and Balance SheetCash flow provided by operating activities for the six months ended December 31, 2012, increased $5.5 million to $71.2 million, reflecting higher depreciation and amortization, share-based compensation, a lower negative impact from the change in operating assets and liabilities and tax impacts, partially offset by lower net income and other non-cash items. Total receivables, net declined to $362.4 million at December 31, 2012, from $387.8 million at September 30, 2012, and compare with $405.1 million at June 30, 2012, and reflect a $44.0 million, or 36%, decrease in long-term notes receivable during the last six months. Inventory was $55.7 million, or $13.4 million lower than at December 31, 2011, primarily reflecting operational improvements and lower finished goods inventory, and was up slightly from the $53.3 million in inventory at June 30, 2012. Total current liabilities at December 31, 2012, declined $55.2 million from June 30, 2012, due to lower accounts payables and lower accrued liabilities reflecting the timing of income tax payments.
WMS Reports Fiscal 2013 Second Quarter Results
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