UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 29, 2010

BARNES GROUP INC.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation)

1-04801	 	06-0247840	
(Commission  File Number)	 	(I.R.S. Employer Identification No.)	
 	
123 Main Street, Bristol, Connecticut	 	06010	
(Address of principal executive offices)	 	(Zip Code)	

(860) 583-7070
Registrant's telephone number, including area code

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:	

[  ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 	 	
[  ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 	 	
[  ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 	 	
[  ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 
-1-

 

Item 2.02	 	Results of Operations and Financial Condition.	
 	 	 	
 	 	On October 29, 2010, Barnes Group Inc. issued a press release announcing the financial results of operations for the third quarter and nine months ended September 30, 2010. A copy is attached hereto as Exhibit 99.1 and is incorporated herein by reference.	
 	 	 	
 	 	The information in this Current Report on 8-K and the exhibit attached hereto shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.	
 	 	 	
Item 9.01	 	Financial Statements and Exhibits.	
 	 	 	
 	 	Exhibit 99.1: Press Release issued October 29, 2010, announcing the financial results of operations for the third quarter and nine months ended September 30, 2010. 	

 
 SIGNATURES
 
        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.	

Dated:  October 29, 2010	BARNES GROUP INC.	 	
 	(Registrant)	 	

 	By:	/s/ Christopher J. Stephens, Jr.	 	
 	 	Christopher J. Stephens, Jr.	 	
 	 	Senior Vice President, Finance and	 	
 	 	Chief Financial Officer	 	
 
EXHIBIT INDEX
 
Exhibit No.	 	    Document Description    	 	
 	 	 	 	
99.1	 	Press Release, dated October 29, 2010	 	

 

-2-

Exhibit 99.1

	Barnes Group Inc.
123 Main Street
Bristol, CT 06010	

 
NEWS RELEASE

BARNES GROUP INC. REPORTS
THIRD QUARTER 2010 FINANCIAL RESULTS

§  	Quarterly net sales rise 11% to $289.9 million	
§  	Net income increases 39% to $15.1 million	
§  	Third quarter 2010 diluted EPS increases 35% to $0.27	

BRISTOL, Conn., October 29, 2010 — Barnes Group Inc. (NYSE: B), a diversified global manufacturer and logistical services company, today reported financial results for the third quarter 2010.  The Company reported net income of $15.1 million, or $0.27 per diluted share, compared to $10.9 million, or $0.20 per diluted share in the third quarter of 2009.  Barnes Group’s third quarter 2010 sales totaled $289.9 million, an increase of 11.4 percent from $260.3 million in the third quarter of 2009.
 
($ millions; except	Three months ended September 30,	 	 	Nine months ended September 30,	 	
per share data)	2010	 	2009	 	Change	 	 	2010	 	2009	 	Change	 	
Net Sales	$289.9	 	$260.3	 	$29.6	11.4%	 	 	$849.9	 	$777.7	 	$72.2	9.3%	 	
Operating Income	$24.8	 	$14.6	 	$10.3	70.6%	 	 	$68.2	 	$49.2	 	$19.0	38.7%	 	
% of Sales	8.6%	 	5.6%	 	-	        3.0	 pts.	 	8.0%	 	6.3%	 	-	            1.7	 pts.	
Net Income	$15.1	 	$10.9	 	$4.2	38.7%	 	 	$41.8	 	$32.8	 	$9.0	27.3%	 	
% of Sales	5.2%	 	4.2%	 	-	        1.0	 pts.	 	4.9%	 	4.2%	 	-	            0.7	 pts.	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income Per Diluted
Share	$0.27	 	$0.20	 	$0.07	35.0%	 	 	$0.75	 	$0.61	 	$0.14	23.0%	 	
 
“Continued improvements in the current economic climate, particularly within our industrial and automotive end markets, led to double-digit sales growth for the second consecutive quarter,” said Gregory F. Milzcik, President and Chief Executive Officer, Barnes Group Inc. “This increase in sales, paired with our continued focus on maintaining an efficient cost structure and productivity, contributed to a meaningful improvement to our third quarter operating profit.

“We also experienced continued growth in our backlog and strong order rates, which position us well to build upon our success as we move into the fourth quarter,” Milzcik said.  “While we are seeing strong growth in Precision Components and increased activity within our distribution and aerospace aftermarket businesses, we continue to remain cautious. Our 2010 diluted earnings per share guidance has been tightened to $0.95 to $1.00 given current and anticipated market conditions.”

 

Barnes Group Inc. / 2

Logistics and Manufacturing Services
·  	Third quarter 2010 sales at Logistics and Manufacturing Services were $138.9 million, an increase of 5.8 percent from $131.3 million in the same period last year.  The increase in sales was driven primarily by revenue growth in the North American distribution businesses as macro-economic conditions, including industrial production, continued to improve.  The European-based distribution business experienced a slight decline in sales compared to the same period last year mainly due to the negative impact of foreign exchange. Aerospace aftermarket reported an increase in sales over the prior year period reflecting modest improvement in maintenance, repair and overhaul activity and new product introduction. Foreign exchange negatively impacted third quarter 2010 sales by $1.5 million.	

·  	Operating profit was $10.8 million, compared with $11.9 million in the third quarter of 2009.  This primarily results from increased personnel costs related to expanding the sales force and improving productivity in the distribution businesses. Operating profit was also impacted by higher product and freight costs. Higher sales helped partially offset the impact of these trends.  Operating margin was 7.8 percent compared to 9.0 percent in the prior year.	

Precision Components
·  	Order rates within Precision Components experienced an increase over the prior year and outpaced sales for the fourth consecutive quarter.  Third quarter 2010 sales were $154.0 million, up 18.4 percent from $130.0 million in the same period last year.  Year-over-year sales growth continued to be driven by improved market demand primarily from the industrial manufacturing businesses in North America and Europe and from improvements in the transportation industry, including automotive.  Sales in the aerospace original equipment manufacturing business were relatively flat compared to the third quarter of 2009.  Foreign exchange negatively affected sales by $1.2 million in the third quarter.	

·  	Operating profit for the third quarter of 2010 increased significantly to $14.0 million, as compared with $2.7 million in the third quarter of 2009.  The higher operating profit was due primarily to the increase in 2010 sales levels, as well as a lower fixed cost structure, and a focus on lean initiatives to improve operating efficiency. Sales gains helped offset higher personnel costs and expenses associated with increases in new product introductions.  Included in Precision Components third quarter 2009 results are $3.4 million (pre-tax) for restructuring charges related to moving operations in two facilities that provided a more cost effective manufacturing footprint. Operating margin was 9.1 percent compared to 2.1 percent in the prior year.	

Additional Information
·  	Other income, net of other expenses, decreased $2.0 million in the third quarter of 2010, compared to the same period of 2009 primarily as a result of a $1.5 million gain in 2009 on the repurchase of certain convertible notes.  Year-to-date, other income, net of other expenses, decreased $4.8 million, primarily as a result of a $3.8 million gain in 2009 on the repurchase of certain convertible notes.	

·  	The Company’s effective tax rate for the first nine months of 2010 was 17.7 percent compared to 5.1 percent in 2009.  Included in the 2009 year-to-date tax expense is a $1.6 million tax benefit related to the third quarter 2009 restructuring actions.  Changes to the Company’s tax rate are largely based on changes in the projected mix of income between taxing jurisdictions.	

 

 
Barnes Group Inc. / 3

·  	Barnes Group generated $47.0 million in cash from operations for the first nine months of 2010, compared to $125.7 million in 2009.  Cash flow in 2010 includes additional investments in working capital driven by increased customer demand.	

Conference Call
The Company will conduct a conference call with investors to discuss third quarter 2010 results at 8:30 a.m. ET today, October 29, 2010.  A webcast of the live call and an archived replay will be available on the Barnes Group investor relations link at www.BGInc.com.

Barnes Group Inc. (NYSE:B) is a diversified global manufacturer and logistical services company focused on providing precision component manufacturing and operating service support.  Founded in 1857, over 4,800 dedicated employees at locations on four continents worldwide are committed to achieving consistent and sustainable profitable growth.  For more information, visit www.BGInc.com .  Barnes Group, the Critical Components People.

This release may contain certain forward-looking statements as defined in the Private Securities Litigation and Reform Act of 1995. Forward-looking statements are made based upon management’s good faith expectations and beliefs concerning future developments and their potential effect upon the Company and can be identified by the use of words such as “anticipated,” “believe,” “expect,” “plans,” “strategy,” “estimate,” “project,” and other words of similar meaning in connection with a discussion of future operating or financial performance.  These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed in the forward-looking statements. The risks and uncertainties, which are described in our periodic filings with the Securities and Exchange Commission, include, among others, uncertainties arising from the behavior of financial markets; future financial performance of the industries or customers that we serve; changes in market demand for our products and services; successful integration of acquired businesses; introduction of new products or transfer of work; changes in raw material prices and availability; foreign currency exposure; our dependence upon revenues and earnings from a small number of significant customers; uninsured claims; and numerous other matters of global, regional or national scale, including those of a political, economic, business, competitive, environmental, regulatory and public health nature. The Company assumes no obligation to update our forward-looking statements.

Contact:
Chris Stephens – 860.583.7070

###

 
Barnes Group Inc. / 4
 
BARNES GROUP INC.	 	
CONSOLIDATED STATEMENTS OF INCOME	 	
(Dollars in thousands, except per share data)	 	
Unaudited	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three months ended September 30,	 	 	Nine months ended September 30,	 	
 	 	2010	 	 	2009	 	 	% 
Change	 	 	2010	 	 	2009	 	 	% 
Change	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net sales	 	$	289,901	 	 	$	260,339	 	 	 	11.4	 	 	$	849,930	 	 	$	777,690	 	 	 	9.3	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cost of sales	 	 	184,989	 	 	 	170,491	 	 	 	8.5	 	 	 	540,833	 	 	 	503,369	 	 	 	7.4	 	
Selling and administrative expenses	 	 	80,079	 	 	 	75,291	 	 	 	6.4	 	 	 	240,915	 	 	 	225,161	 	 	 	7.0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	265,068	 	 	 	245,782	 	 	 	7.8	 	 	 	781,748	 	 	 	728,530	 	 	 	7.3	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	 	24,833	 	 	 	14,557	 	 	 	70.6	 	 	 	68,182	 	 	 	49,160	 	 	 	38.7	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating margin	 	 	8.6	%	 	 	5.6	%	 	 	 	 	 	 	8.0	%	 	 	6.3	%	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other income	 	 	56	 	 	 	1,545	 	 	 	(96.4	)	 	 	290	 	 	 	4,205	 	 	 	(93.1	)	
Interest expense	 	 	5,177	 	 	 	5,293	 	 	 	(2.2	)	 	 	15,273	 	 	 	17,234	 	 	 	(11.4	)	
Other expenses	 	 	829	 	 	 	293	 	 	NM	 	 	 	2,451	 	 	 	1,558	 	 	 	57.3	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	 	18,883	 	 	 	10,516	 	 	 	79.6	 	 	 	50,748	 	 	 	34,573	 	 	 	46.8	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income taxes (benefit)	 	 	3,779	 	 	 	(373	)	 	NM	 	 	 	8,992	 	 	 	1,778	 	 	NM	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	15,104	 	 	$	10,889	 	 	 	38.7	 	 	$	41,756	 	 	$	32,795	 	 	 	27.3	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common dividends	 	$	4,373	 	 	$	4,357	 	 	 	0.4	 	 	$	13,159	 	 	$	21,220	 	 	 	(38.0	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	$	0.27	 	 	$	0.20	 	 	 	35.0	 	 	$	0.75	 	 	$	0.61	 	 	 	23.0	 	
Diluted	 	 	0.27	 	 	 	0.20	 	 	 	35.0	 	 	 	0.75	 	 	 	0.61	 	 	 	23.0	 	
Dividends	 	 	0.08	 	 	 	0.08	 	 	 	-	 	 	 	0.24	 	 	 	0.40	 	 	 	(40.0	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average common shares outstanding:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	55,346,517	 	 	 	54,257,791	 	 	 	2.0	 	 	 	55,428,865	 	 	 	53,462,672	 	 	 	3.7	 	
Diluted	 	 	55,839,970	 	 	 	54,563,199	 	 	 	2.3	 	 	 	56,048,170	 	 	 	53,710,453	 	 	 	4.4	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Notes:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2009 third quarter Other income included a $1,485 gain on the purchase of certain convertible debt and income taxes included the related tax expense of $563.	 	
2009 year-to-date Other income included a $3,773 gain on the purchase of certain convertible debt and income taxes included the related tax expense of $1,431.	 	

 

 
Barnes Group Inc. / 5
 
BARNES GROUP INC.	 	
OPERATIONS BY REPORTABLE BUSINESS SEGMENT	 	
(Dollars in thousands)	 	
Unaudited	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three months ended September 30,	 	 	Nine months ended September 30,	 	
 	 	2010	 	 	2009	 	 	% 
Change	 	 	2010	 	 	2009	 	 	% 
Change	 	
Net Sales	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Logistics and Manufacturing Services	 	$	138,937	 	 	$	131,309	 	 	 	5.8	 	 	$	412,679	 	 	$	410,546	 	 	 	0.5	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Precision Components	 	 	154,012	 	 	 	130,041	 	 	 	18.4	 	 	 	446,397	 	 	 	371,560	 	 	 	20.1	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Intersegment sales	 	 	(3,048	)	 	 	(1,011	)	 	NM	 	 	 	(9,146	)	 	 	(4,416	)	 	NM	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total net sales	 	$	289,901	 	 	$	260,339	 	 	 	11.4	 	 	$	849,930	 	 	$	777,690	 	 	 	9.3	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Logistics and Manufacturing Services	 	$	10,799	 	 	$	11,871	 	 	 	(9.0	)	 	$	29,296	 	 	$	38,777	 	 	 	(24.5	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Precision Components	 	 	14,034	 	 	 	2,686	 	 	NM	 	 	 	38,886	 	 	 	10,383	 	 	NM	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating profit	 	 	24,833	 	 	 	14,557	 	 	 	70.6	 	 	 	68,182	 	 	 	49,160	 	 	 	38.7	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest income	 	 	56	 	 	 	54	 	 	 	2.7	 	 	 	211	 	 	 	371	 	 	 	(43.2	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(5,177	)	 	 	(5,293	)	 	 	(2.2	)	 	 	(15,273	)	 	 	(17,234	)	 	 	(11.4	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other income (expense), net	 	 	(829	)	 	 	1,198	 	 	NM	 	 	 	(2,372	)	 	 	2,276	 	 	NM	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	18,883	 	 	$	10,516	 	 	 	79.6	 	 	$	50,748	 	 	$	34,573	 	 	 	46.8	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Notes:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2009 third quarter Other income (expense), net included a $1,485 gain on the purchase of certain convertible debt.	 	
2009 year-to-date Other income (expense), net included a $3,773 gain on the purchase of certain convertible debt.	 	

 

 
Barnes Group Inc. / 6
 
BARNES GROUP INC.	 	
CONSOLIDATED BALANCE SHEETS	 	
(Dollars in thousands)	 	
Unaudited	 	

 	 	September 30,
2010	 	 	December 31,
2009	 	
Assets	 	 	 	 	 	 	
Current assets	 	 	 	 	 	 	
Cash and cash equivalents	 	$	23,724	 	 	$	17,427	 	
Accounts receivable	 	 	189,693	 	 	 	160,269	 	
Inventories	 	 	211,902	 	 	 	190,792	 	
Deferred income taxes	 	 	9,040	 	 	 	23,630	 	
Prepaid expenses and other current assets	 	 	14,577	 	 	 	10,562	 	
 	 	 	 	 	 	 	 	 	
Total current assets	 	 	448,936	 	 	 	402,680	 	

Deferred income taxes	 	 	40,344	 	 	 	30,650	 	
Property, plant and equipment, net	 	 	219,755	 	 	 	224,963	 	
Goodwill	 	 	381,421	 	 	 	373,564	 	
Other intangible assets, net	 	 	294,193	 	 	 	303,689	 	
Other assets	 	 	18,964	 	 	 	16,444	 	
 	 	 	 	 	 	 	 	 	
Total assets	 	$	1,403,613	 	 	$	1,351,990	 	
 	 	 	 	 	 	 	 	 	
Liabilities and Stockholders' Equity	 	 	 	 	 	 	 	 	
Current liabilities	 	 	 	 	 	 	 	 	
Notes and overdrafts payable	 	$	8,012	 	 	$	4,595	 	
Accounts payable	 	 	97,014	 	 	 	85,588	 	
Accrued liabilities	 	 	80,189	 	 	 	73,538	 	
Long-term debt - current	 	 	107,322	 	 	 	25,567	 	
 	 	 	 	 	 	 	 	 	
Total current liabilities	 	 	292,537	 	 	 	189,288	 	
 	 	 	 	 	 	 	 	 	
Long-term debt	 	 	241,679	 	 	 	321,306	 	
Accrued retirement benefits	 	 	106,100	 	 	 	118,693	 	
Other liabilities	 	 	36,894	 	 	 	37,990	 	
 	 	 	 	 	 	 	 	 	
Stockholders' equity	 	 	726,403	 	 	 	684,713	 	
 	 	 	 	 	 	 	 	 	
Total liabilities and stockholders' equity	 	$	1,403,613	 	 	$	1,351,990	 	

 

 
Barnes Group Inc. / 7
 
BARNES GROUP INC.	 	
CONSOLIDATED STATEMENTS OF CASH FLOWS	 	
(Dollars in thousands)	 	
Unaudited	 	

 	 	Nine months ended September 30,	 	
 	 	2010	 	 	2009	 	
Operating activities:	 	 	 	 	 	 	
Net income	 	$	41,756	 	 	$	32,795	 	
Adjustments to reconcile net income to net cash from operating activities:	 	
Depreciation and amortization	 	 	38,988	 	 	 	38,558	 	
Amortization of convertible debt discount	 	 	4,251	 	 	 	4,558	 	
Loss on disposition of property, plant and equipment	 	 	253	 	 	 	813	 	
Gain on repurchase of convertible notes	 	 	--	 	 	 	(3,773	)	
Stock compensation expense	 	 	5,619	 	 	 	3,279	 	
Withholding taxes paid on stock issuances	 	 	(287	)	 	 	(610	)	
Changes in assets and liabilities:	 	 	 	 	 	 	 	 	
Accounts receivable	 	 	(27,671	)	 	 	14,694	 	
Inventories	 	 	(19,492	)	 	 	50,757	 	
Prepaid expenses and other current assets	 	 	(5,420	)	 	 	4,378	 	
Accounts payable	 	 	11,359	 	 	 	4,615	 	
Accrued liabilities	 	 	5,906	 	 	 	(3,054	)	
Deferred income taxes	 	 	4,469	 	 	 	(2,741	)	
Long-term retirement benefits	 	 	(12,155	)	 	 	(16,503	)	
Other	 	 	(579	)	 	 	(2,030	)	
 	 	 	 	 	 	 	 	 	
Net cash provided by operating activities	 	 	46,997	 	 	 	125,736	 	
 	 	 	 	 	 	 	 	 	
Investing activities:	 	 	 	 	 	 	 	 	
Proceeds from disposition of property, plant and equipment	 	 	1,384	 	 	 	981	 	
Capital expenditures	 	 	(22,463	)	 	 	(24,847	)	
Other	 	 	(2,393	)	 	 	(1,737	)	
 	 	 	 	 	 	 	 	 	
Net cash used by investing activities	 	 	(23,472	)	 	 	(25,603	)	
 	 	 	 	 	 	 	 	 	
Financing activities:	 	 	 	 	 	 	 	 	
Net change in other borrowings	 	 	3,384	 	 	 	(4,861	)	
Payments on long-term debt	 	 	(243,658	)	 	 	(181,242	)	
Proceeds from the issuance of long-term debt	 	 	241,667	 	 	 	94,900	 	
Proceeds from the issuance of common stock	 	 	3,871	 	 	 	5,621	 	
Common stock repurchases	 	 	(9,014	)	 	 	(314	)	
Dividends paid	 	 	(13,159	)	 	 	(21,220	)	
Other	 	 	(160	)	 	 	(797	)	
 	 	 	 	 	 	 	 	 	
Net cash used by financing activities	 	 	(17,069	)	 	 	(107,913	)	
 	 	 	 	 	 	 	 	 	
Effect of exchange rate changes on cash flows	 	 	(159	)	 	 	1,043	 	
 	 	 	 	 	 	 	 	 	
Increase (decrease) in cash and cash equivalents	 	 	6,297	 	 	 	(6,737	)	
 	 	 	 	 	 	 	 	 	
Cash and cash equivalents at beginning of period	 	 	17,427	 	 	 	20,958	 	
 	 	 	 	 	 	 	 	 	
Cash and cash equivalents at end of period	 	$	23,724	 	 	$	14,221