Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net earnings (loss) $ 60,868 $ 10,512 $ (67,580)
Adjustments to reconcile net earnings (loss) to net cash (used in) provided by operating activities:      
Depreciation of property, plant and equipment 42,397 41,542 33,652
Amortization of deferred financing costs 1,201 1,195 1,128
Amortization of intangible assets 912 906 1,580
Provision for bad debts, returns and allowances 2,868 1,112 5,882
Tax expense from share-based compensation (201) (78) (640)
Non-cash share-based compensation 2,388 11,527 14,320
Deferred income taxes (benefits) 11,583 (7,538) (7,863)
Inventory write-down 0 0 9,971
Loss (gain) on disposal of property, plant and equipment (447) 216 (9,632)
Impairment of property, plant and equipment 0 0 1,481
Impairment of intangible assets 0 0 1,649
(Increase) decrease in assets:      
Receivables (21,279) (36,989) 86,114
Inventories (22,589) (111,813) 160,241
Prepaid expenses and other current assets 1,205 60,266 (38,247)
Other assets (3,239) (4,955) 3,291
Increase (decrease) in liabilities:      
Accounts payable 17,596 9,958 (18,074)
Accrued expenses 5,714 20,692 (12,354)
Net cash provided by (used in) operating activities 98,977 (3,447) 164,919
Cash flows from investing activities:      
Capital expenditures (41,294) (52,452) (122,238)
Proceeds from the sale of property, plant and equipment 0 0 17,100
Intangible additions (87) 0 (10)
Net cash (used in) investing activities (41,381) (52,452) (105,148)
Cash flows from financing activities:      
Net proceeds from the issuances of stock through employee stock purchase plan and the exercise of stock options 2,947 3,425 3,321
Contribution from non-controlling interest of consolidated entity 3,635 3,501 2,115
Distributions to non-controlling interest of consolidated entity (3,175) (1,602) 0
Excess tax benefits from share-based compensation 732 528 0
Proceeds (payments) on short-term borrowings (2,382) (47,998) 31,958
Proceeds from long-term debt 0 82,143 37,326
Payments on long-term debt (11,667) (10,243) (14,287)
Net cash (used in) provided by financing activities (9,910) 29,754 60,433
Net increase (decrease) in cash and cash equivalents 47,686 (26,145) 120,204
Effect of exchange rates on cash and cash equivalents (1,501) 827 (2,618)
Cash and cash equivalents at beginning of year 325,826 351,144 233,558
Cash and cash equivalents at end of year 372,011 325,826 351,144
Cash paid (received) during the year for:      
Interest 10,624 11,812 7,692
Income taxes paid (recovered) $ 5,480 $ (48,706) $ 15,772