(Mark
One)
|
|
x
|
Annual
report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of
1934
|
o
|
Transition
report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of
1934
|
Delaware
|
58-2572419
|
(State
of Incorporation)
|
(I.R.S.
Employer Identification
No.)
|
Title
of each
class
|
Name
of each exchange on which
registered
|
COMMON
STOCK, $0.10 PAR VALUE
|
NEW
YORK STOCK EXCHANGE
|
Large
accelerated filer o
|
Accelerated filer x | Non-accelerated filer o |
Product
Line
|
Number
of
Models
|
Overall
Length
|
Approximate
Retail
Price
Range
|
Description
|
||||
Chaparral
- SSi Sportboats
|
12
|
18′-28′
|
$21,000
- $154,000
|
Fiberglass
bowriders and closed deck runabouts. Encompasses affordable, entry-level
to mid-range and larger sportboats. Marketed as high value runabouts
for
family groups.
|
||||
Chaparral
- SSX
Sportdecks
|
3
|
24′-29′
|
$49,000
- $142,000
|
Fiberglass
bowrider crossover sportboats that combine the ride of a sportboat
and the
usefulness of a deckboat. Marketed as high value runabouts with
the
usefulness of a deckboat for family groups.
|
||||
|
|
|
|
|
||||
Chaparral
- Sunesta Deckboats
|
6
|
22′-28′
|
$41,000
- $82,000
|
Fiberglass
deck boats. Encompasses affordable, entry-level to mid-range deck
boats.
Marketed as high value family pleasure boats with the handling
of a
runabout, the style of a sportboat and the roominess of a cruiser.
|
||||
|
|
|
|
|
||||
Chaparral
- Signature Cruisers
|
7
|
26′-35′
|
$66,000
- $345,000
|
Fiberglass,
accommodation-focused cruisers. Marketed to experienced boat owners
through trade magazines and boat show exhibitions.
|
||||
|
|
|
|
|
||||
Robalo
- Sport Fishing Boats
|
8
|
21′-29′
|
$55,000
- $213,000
|
Sport
fishing boats for large freshwater lakes or saltwater use. Marketed
to
experienced fishermen.
|
|
2006
|
2005
|
|||||||||||
|
Boats
|
Sales
($ B)
|
Boats
|
Sales
($ B)
|
|||||||||
Sterndrive
Boats
|
55,363
|
$
|
2.9
|
58,161
|
$
|
2.9
|
|||||||
Outboard
Boats
|
58,034
|
2.1
|
62,469
|
2.3
|
|||||||||
Inboard
Boats
|
14,485
|
1.1
|
13,995
|
1.0
|
|||||||||
Jet
Boats
|
3,943
|
0.1
|
4,169
|
0.1
|
|||||||||
TOTAL
|
131,825
|
$
|
6.2
|
138,794
|
$
|
6.3
|
· |
labor-intensive
manufacturing processes that remain largely unautomated;
|
· | increasingly strict environmental standards derived from governmental regulations and customer sensitivities; |
· | a lack of focus on coordinated customer service and support by dealers and manufacturers; and |
· | a high degree of fragmentation and competition among the more than 150 sterndrive recreational boat manufacturers. |
*
|
a
subsidiary of Brunswick Corporation
|
|
|
**
|
a
subsidiary of Genmar Holdings, Inc.
|
Name
and Office with Registrant
|
Age
|
Date
First Elected
to
Present Office
|
R.
Randall Rollins (1)
|
75
|
2/28/01
|
Chairman
of the Board
|
|
|
|
|
|
Richard
A. Hubbell (2)
|
62
|
2/28/01
|
President
and Chief Executive Officer
|
|
|
|
|
|
James
A. Lane, Jr. (3)
|
64
|
2/28/01
|
Executive
Vice President and President of Chaparral Boats, Inc.
|
|
|
|
|
|
Linda
H. Graham (4)
|
70
|
2/28/01
|
Vice
President and Secretary
|
|
|
|
|
|
Ben
M. Palmer (5)
|
46
|
2/28/01
|
Vice
President, Chief Financial Officer and Treasurer
|
|
|
(1) |
R.
Randall Rollins began working for Rollins, Inc. (consumer services)
in
1949. At the time of the spin-off of RPC from Rollins, in 1984, Mr.
Rollins was elected Chairman of the Board and Chief Executive Officer
of
RPC. He remains Chairman of RPC and stepped down from the position
of
Chief Executive Officer effective April 22, 2003. He has served as
Chairman of the Board of Marine Products since February 2001 and
Chairman
of the Board of Rollins, Inc. since October 1991. He is also a director
of
Dover Downs Gaming and Entertainment, Inc. and Dover Motorsports,
Inc. and
until April 2004, he served as a director of SunTrust Banks, Inc.
and
SunTrust Banks of Georgia.
|
(2) |
Richard
A. Hubbell has been the President and Chief Executive Officer of
Marine
Products since it was spun off in February 2001. He has also been
the
President of RPC since 1987 and its Chief Executive Officer since
April
22, 2003. Mr. Hubbell serves on the Board of Directors for both of
these
companies.
|
(3) |
James
A. Lane, Jr., has held the position of President of Chaparral Boats
(formerly a subsidiary of RPC) since 1976. Mr. Lane has been Executive
Vice President and Director of Marine Products since it was spun
off in
2001. He is also a director of RPC and has served in that capacity
since
1987.
|
(4) |
Linda
H. Graham has been Vice President and Secretary of Marine Products
since
it was spun off in 2001, and Vice President and Secretary of RPC
since
1987. Ms. Graham serves on the Board of Directors for both of these
companies.
|
(5) |
Ben
M. Palmer has been Vice President, Chief Financial Officer and Treasurer
of Marine Products since it was spun off in 2001 and has served the
same
roles at RPC since 1996.
|
|
2006
|
2005
|
|||||||||||||||||
Quarter
|
High
|
|
Low
|
|
Dividends
|
|
High
|
|
Low
|
|
Dividends
|
||||||||
First
|
$
|
12.35
|
$
|
10.10
|
$
|
0.05
|
$
|
21.40
|
$
|
15.94
|
$
|
0.04
|
|||||||
Second
|
11.02
|
8.98
|
0.05
|
17.52
|
11.90
|
0.04
|
|||||||||||||
Third
|
9.98
|
7.65
|
0.05
|
15.10
|
10.55
|
0.04
|
|||||||||||||
Fourth
|
$
|
12.28
|
$
|
9.14
|
$
|
0.05
|
$
|
12.80
|
$
|
9.25
|
$
|
0.04
|
Years
Ended December 31,
|
||||||||||||||||
|
(In
thousands, except share, per share and employee data)
|
|||||||||||||||
|
2006
|
2005
|
2004
|
2003
|
2002
|
|||||||||||
Statement
of Income Data:
|
|
|
|
|
|
|||||||||||
Net
sales
|
$
|
261,378
|
$
|
272,057
|
$
|
252,418
|
$
|
193,980
|
$
|
162,682
|
||||||
Cost
of goods sold
|
201,971
|
202,936
|
186,832
|
143,663
|
125,282
|
|||||||||||
Gross
profit
|
59,407
|
69,121
|
65,586
|
50,317
|
37,400
|
|||||||||||
Selling,
general and administrative expenses
|
32,474
|
33,557
|
29,810
|
23,015
|
18,018
|
|||||||||||
Operating
income
|
26,933
|
35,564
|
35,776
|
27,302
|
19,382
|
|||||||||||
Interest
income
|
2,502
|
1,330
|
590
|
501
|
600
|
|||||||||||
Income
before income taxes
|
29,435
|
36,894
|
36,366
|
27,803
|
19,982
|
|||||||||||
Income
tax provision
|
9,121
|
10,671
|
12,623
|
9,731
|
7,593
|
|||||||||||
Net
income
|
$
|
20,314
|
$
|
26,223
|
$
|
23,743
|
$
|
18,072
|
$
|
12,389
|
||||||
Earnings
per share:
|
||||||||||||||||
Basic
|
$
|
0.54
|
$
|
0.69
|
$
|
0.62
|
$
|
0.47
|
$
|
0.32
|
||||||
Diluted
|
$
|
0.52
|
$
|
0.65
|
$
|
0.58
|
$
|
0.45
|
$
|
0.31
|
||||||
Dividends
paid per share
|
$
|
0.20
|
$
|
0.16
|
$
|
0.11
|
$
|
0.07
|
$
|
0.03
|
||||||
Other
Financial and Operating Data:
|
||||||||||||||||
Gross
profit margin percent
|
22.7
|
%
|
25.4
|
%
|
26.0
|
%
|
25.9
|
%
|
23.0
|
%
|
||||||
Operating
margin percent
|
10.3
|
%
|
13.1
|
%
|
14.2
|
%
|
14.1
|
%
|
11.9
|
%
|
||||||
Net
cash provided by operating activities
|
$
|
23,997
|
$
|
19,366
|
$
|
29,405
|
$
|
17,828
|
$
|
11,696
|
||||||
Net
cash provided by (used for) investing activities
|
1,351
|
(2,023
|
)
|
(1,924
|
)
|
(4,432
|
)
|
2,860
|
||||||||
Net
cash used for financing activities
|
(8,494
|
)
|
(26,356
|
)
|
(7,110
|
)
|
(4,432
|
)
|
(2,229
|
)
|
||||||
Capital
expenditures
|
$
|
1,667
|
$
|
1,118
|
$
|
2,838
|
$
|
3,707
|
$
|
3,800
|
||||||
Employees
at end of year
|
1,089
|
1,065
|
1,187
|
975
|
867
|
|||||||||||
Factory
and administrative space at end of year (square ft.)
|
1,149
|
1,149
|
1,146
|
1,128
|
898
|
|||||||||||
Balance
Sheet Data at end of year:
|
||||||||||||||||
Cash
and cash equivalents
|
$
|
54,456
|
$
|
37,602
|
$
|
46,615
|
$
|
26,244
|
$
|
17,280
|
||||||
Marketable
securities — current
|
652
|
1,323
|
132
|
1,402
|
1,929
|
|||||||||||
Marketable
securities — non-current
|
3,715
|
5,893
|
6,202
|
5,930
|
4,865
|
|||||||||||
Inventories
|
29,556
|
26,856
|
25,869
|
21,770
|
20,685
|
|||||||||||
Working
capital
|
76,506
|
61,341
|
61,989
|
45,984
|
33,390
|
|||||||||||
Property,
plant and equipment, net
|
16,641
|
17,252
|
18,362
|
17,761
|
16,216
|
|||||||||||
Total
assets
|
124,179
|
108,805
|
109,734
|
86,314
|
71,063
|
|||||||||||
Total
stockholders’ equity
|
$
|
101,401
|
$
|
87,688
|
$
|
87,372
|
$
|
69,966
|
$
|
56,833
|
· |
Manufacturing
high-quality, stylish, and innovative powerboats for our dealers
and
retail customers,
|
· |
Providing
our independent dealer network appropriate incentives, training,
and other
support to enhance their success and their customers’ satisfaction,
thereby facilitating their continued relationship with us,
|
· |
Managing
our production and dealer order backlog to maximize profitability
and
reduce risk in the event of a downturn in sales of our
products,
|
· |
Maintaining
a flexible, variable cost structure which can be reduced quickly
when
deemed appropriate,
|
· |
Focusing
on the competitive nature of the boating business and designing our
products and strategies in order to grow and maintain profitable
market
share,
|
· |
Maximizing
shareholder return by optimizing the balance of cash invested in
the
Company’s productive assets, the payment of dividends to shareholders, and
the repurchase of its common stock on the open
market,
|
· |
Aligning
the interests of our management and
shareholders.
|
($’s
in thousands)
|
2006
|
2005
|
2004
|
|||||||
Total
number of boats sold
|
6,245
|
7,292
|
7,310
|
|||||||
Average
gross selling price per boat
|
$
|
41.1
|
$
|
37.3
|
$
|
34.9
|
||||
Net
sales
|
$
|
261,378
|
$
|
272,057
|
$
|
252,418
|
||||
Percentage
of gross profit to net sales
|
22.7
|
%
|
25.4
|
%
|
26.0
|
%
|
||||
Percentage
of selling, general and administrative expense to net sales
|
12.4
|
%
|
12.3
|
%
|
11.8
|
%
|
||||
Operating
income
|
$
|
26,933
|
$
|
35,564
|
$
|
35,776
|
||||
Warranty
expense
|
$
|
6,714
|
$
|
4,929
|
$
|
4,789
|
(in
thousands)
|
2006
|
2005
|
2004
|
|||||||
Net
cash provided by operating activities
|
$
|
23,997
|
$
|
19,366
|
$
|
29,405
|
||||
Net
cash provided by (used for) investing activities
|
1,351
|
(2,023
|
)
|
(1,924
|
)
|
|||||
Net
(cash used) for financing activities
|
$
|
(8,494
|
)
|
$
|
(26,356
|
)
|
$
|
(7,110
|
)
|
|
Payments
due by period
|
|||||||||||||||
Contractual
Obligations
|
Total
|
Less
than
1
year
|
1-3
years
|
3-5
years
|
More
than
5 years
|
|||||||||||
Long-term
debt
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||
Capital
lease obligation
|
239,257
|
—
|
—
|
—
|
239,257
|
|||||||||||
Operating
leases (1)
|
92,124
|
37,007
|
55,117
|
—
|
—
|
|||||||||||
Purchase
obligations (2)
|
—
|
—
|
—
|
—
|
—
|
|||||||||||
Other
long-term liabilities (3)
|
250,000
|
250,000
|
—
|
—
|
—
|
|||||||||||
Total
|
$
|
581,381
|
$
|
287,007
|
$
|
55,117
|
$
|
—
|
$
|
239,257
|
(1) |
Operating
leases represent agreements for various office equipment.
|
(2) |
As
part of the normal course of business the Company enters into purchase
commitments to manage its various operating needs. However, the
Company
does not have any obligations that are non-cancelable or subject
to a
penalty if canceled.
|
(3) |
Includes
expected cash payments for long-term liabilities reflected on the
balance
sheet where the timing of the payment is known. These amounts include
primarily known pension plan funding obligations. These amounts
exclude
pension obligations with uncertain funding requirements and deferred
compensation liabilities.
|
/s/ Richard A. Hubbell | /s/ Ben M. Palmer | ||
Richard A. Hubbell
President
and Chief Executive Officer
|
Ben M. Palmer
Chief
Financial Officer and
Treasurer
|
December
31,
|
2006
|
2005
|
|||||
ASSETS
|
|||||||
Cash
and cash equivalents
|
$
|
54,456
|
$
|
37,602
|
|||
Marketable
securities
|
652
|
1,323
|
|||||
Accounts
receivable, net
|
2,980
|
3,662
|
|||||
Inventories
|
29,556
|
26,856
|
|||||
Income
taxes receivable
|
834
|
2,528
|
|||||
Deferred
income taxes
|
3,244
|
3,079
|
|||||
Prepaid
expenses and other current assets
|
1,873
|
1,343
|
|||||
Current
assets
|
93,595
|
76,393
|
|||||
Property,
plant and equipment, net
|
16,641
|
17,252
|
|||||
Goodwill
|
3,308
|
3,308
|
|||||
Other
intangibles, net
|
465
|
430
|
|||||
Marketable
securities
|
3,715
|
5,893
|
|||||
Deferred
income taxes
|
1,449
|
1,126
|
|||||
Other
assets
|
5,006
|
4,403
|
|||||
Total
assets
|
$
|
124,179
|
$
|
108,805
|
|||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
Liabilities
|
|||||||
Accounts
payable
|
$
|
3,455
|
$
|
3,461
|
|||
Accrued
expenses and other liabilities
|
13,634
|
11,591
|
|||||
Current
liabilities
|
17,089
|
15,052
|
|||||
Pension
liabilities
|
4,670
|
4,923
|
|||||
Other
long-term liabilities
|
1,019
|
1,142
|
|||||
Total
liabilities
|
22,778
|
21,117
|
|||||
Commitments
and contingencies
|
|||||||
Stockholders’
Equity
|
|||||||
Preferred
stock, $0.10 par value, 1,000,000 shares authorized, none
issued
|
—
|
—
|
|||||
Common
stock, $0.10 par value, 74,000,000 shares authorized,
issued and outstanding - 37,908,188 shares in 2006, 37,697,925 shares
in
2005
|
3,791
|
3,770
|
|||||
Capital
in excess of par value
|
13,453
|
16,364
|
|||||
Retained
earnings
|
84,875
|
72,192
|
|||||
Deferred
compensation
|
—
|
(3,540
|
)
|
||||
Accumulated
other comprehensive loss
|
(718
|
)
|
(1,098
|
)
|
|||
Total
stockholders’ equity
|
101,401
|
87,688
|
|||||
Total
liabilities and stockholders’ equity
|
$
|
124,179
|
$
|
108,805
|
Years
ended December 31,
|
2006
|
|
2005
|
|
2004
|
|||||
Net
sales
|
$
|
261,378
|
$
|
272,057
|
$
|
252,418
|
||||
Cost
of goods sold
|
201,971
|
202,936
|
186,832
|
|||||||
Gross
profit
|
59,407
|
69,121
|
65,586
|
|||||||
Selling,
general and administrative expenses
|
32,474
|
33,557
|
29,810
|
|||||||
Operating
income
|
26,933
|
35,564
|
35,776
|
|||||||
Interest
income
|
2,502
|
1,330
|
590
|
|||||||
Income
before income taxes
|
29,435
|
36,894
|
36,366
|
|||||||
Income
tax provision
|
9,121
|
10,671
|
12,623
|
|||||||
Net
income
|
$
|
20,314
|
$
|
26,223
|
$
|
23,743
|
||||
EARNINGS
PER SHARE
|
||||||||||
Basic
|
$
|
0.54
|
$
|
0.69
|
$
|
0.62
|
||||
Diluted
|
$
|
0.52
|
$
|
0.65
|
$
|
0.58
|
||||
Dividends
paid per share
|
$
|
0.20
|
$
|
0.16
|
$
|
0.11
|
Three
Years Ended
December
31, 2006
|
Comprehensive
Income
|
Common
Shares
|
Stock
Amount
|
Capital
in
Excess
of
Par
Value
|
Retained
Earnings
|
Deferred
Compensation
|
Accumulated
Other
Comprehensive
(Loss)
Income
|
Total
|
|||||||||||||||||
Balance,
December 31, 2003
|
38,592
|
$
|
3,859
|
$
|
34,436
|
$
|
32,409
|
$
|
(229
|
)
|
$
|
(509
|
)
|
$
|
69,966
|
||||||||||
Stock
issued for stock incentive plans, net
|
456
|
46
|
2,854
|
(1,925
|
)
|
975
|
|||||||||||||||||||
Stock
purchased and retired
|
(244
|
)
|
(24
|
)
|
(3,912
|
)
|
(3,936
|
)
|
|||||||||||||||||
Net
income
|
$
|
23,743
|
23,743
|
23,743
|
|||||||||||||||||||||
Minimum
pension liability adjustment, net of taxes
|
(301
|
)
|
(301
|
)
|
(301
|
)
|
|||||||||||||||||||
Unrealized
loss on securities, net of taxes and reclassification adjustments
|
(94
|
)
|
(94
|
)
|
(94
|
)
|
|||||||||||||||||||
Comprehensive
income
|
$
|
23,348
|
|||||||||||||||||||||||
Dividends
declared
|
(4,110
|
)
|
(4,110
|
)
|
|||||||||||||||||||||
Stock-based
compensation
|
255
|
255
|
|||||||||||||||||||||||
Excess
tax benefits for share-based payments
|
874
|
874
|
|||||||||||||||||||||||
Effect
of stock splits
|
139
|
13 | (13 | ) | — | ||||||||||||||||||||
Balance,
December 31, 2004
|
38,943
|
3,894
|
34,239
|
52,042
|
(1,899
|
)
|
(904
|
)
|
87,372
|
||||||||||||||||
Stock
issued for stock incentive plans, net
|
278
|
28
|
2,862
|
(2,391
|
)
|
499
|
|||||||||||||||||||
Stock
purchased and retired
|
(1,608
|
)
|
(161
|
)
|
(20,728
|
)
|
(20,889
|
)
|
|||||||||||||||||
Net
income
|
$
|
26,223
|
26,223
|
26,223
|
|||||||||||||||||||||
Minimum
pension liability adjustment, net of taxes
|
(178
|
)
|
(178
|
)
|
(178
|
)
|
|||||||||||||||||||
Unrealized
loss on securities, net of taxes and reclassification adjustments
|
(16
|
)
|
(16
|
)
|
(16
|
)
|
|||||||||||||||||||
Comprehensive
income
|
$
|
26,029
|
|||||||||||||||||||||||
Dividends
declared
|
(6,073
|
)
|
(6,073
|
)
|
|||||||||||||||||||||
Stock-based
compensation
|
750
|
750
|
|||||||||||||||||||||||
Effect
of stock splits
|
85
|
9
|
(9
|
)
|
—
|
||||||||||||||||||||
Balance,
December 31, 2005
|
37,698
|
3,770
|
16,364
|
72,192
|
(3,540
|
)
|
(1,098
|
)
|
87,688
|
||||||||||||||||
Stock
issued for stock incentive plans, net
|
381
|
38
|
434
|
472
|
|||||||||||||||||||||
Stock
purchased and retired
|
(171
|
)
|
(17
|
)
|
(1,615
|
)
|
(1,632
|
)
|
|||||||||||||||||
Net
income
|
$
|
20,314
|
20,314
|
20,314
|
|||||||||||||||||||||
Minimum
pension liability adjustment, net of taxes
|
344
|
344
|
344
|
||||||||||||||||||||||
Unrealized
gain on securities, net of taxes and reclassification adjustments
|
36
|
36
|
36
|
||||||||||||||||||||||
Comprehensive
income
|
$
|
20,694
|
|||||||||||||||||||||||
Dividends
declared
|
(7,631
|
)
|
(7,631
|
)
|
|||||||||||||||||||||
Stock-based
compensation
|
1,514
|
1,514
|
|||||||||||||||||||||||
Excess
tax benefits for share-based payments
|
296
|
296
|
|||||||||||||||||||||||
Adoption
of SFAS 123(R)
|
(3,540
|
)
|
3,540
|
—
|
|||||||||||||||||||||
Balance,
December 31, 2006
|
37,908
|
$
|
3,791
|
$
|
13,453
|
$
|
84,875
|
$
|
—
|
$
|
(718
|
)
|
$ |
101,401
|
Years
ended December 31,
|
2006
|
2005
|
2004
|
|||||||
OPERATING
ACTIVITIES
|
|
|
|
|||||||
Net
income
|
$
|
20,314
|
$
|
26,223
|
$
|
23,743
|
||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||||
Depreciation and amortization
|
2,130
|
2,268
|
2,277
|
|||||||
Stock-based compensation expense
|
1,514
|
750
|
255
|
|||||||
Excess tax benefit for share-based payments
|
(296
|
)
|
—
|
—
|
||||||
Deferred income tax benefit
|
(737
|
)
|
(1,970
|
)
|
(784
|
)
|
||||
(Increase)
decrease in assets:
|
||||||||||
Accounts receivable
|
682
|
(2,580
|
)
|
2,888
|
||||||
Inventories
|
(2,700
|
)
|
(987
|
)
|
(4,099
|
)
|
||||
Prepaid expenses and other current assets
|
(530
|
)
|
(467
|
)
|
(260
|
)
|
||||
Income taxes receivable
|
1,990
|
(1,476
|
)
|
787
|
||||||
Other non-current assets
|
(603
|
)
|
(1,751
|
)
|
(1,187
|
)
|
||||
Increase
(decrease) in liabilities:
|
||||||||||
Accounts payable
|
(6
|
)
|
(289
|
)
|
1,153
|
|||||
Other accrued expenses
|
2,043
|
(1,410
|
)
|
4,242
|
||||||
Other long-term liabilities
|
196
|
1,055
|
390
|
|||||||
Net
cash provided by operating activities
|
23,997
|
19,366
|
29,405
|
|||||||
INVESTING
ACTIVITIES
|
||||||||||
Capital
expenditures
|
(1,667
|
)
|
(1,118
|
)
|
(2,838
|
)
|
||||
Proceeds
from sale of assets
|
113
|
—
|
—
|
|||||||
Sale
(purchase) of marketable securities, net
|
2,905
|
(905
|
)
|
914
|
||||||
Net
cash provided by (used for) investing activities
|
1,351
|
(2,023
|
)
|
(1,924
|
)
|
|||||
FINANCING
ACTIVITIES
|
||||||||||
Payment
of dividends
|
(7,631
|
)
|
(6,073
|
)
|
(4,110
|
)
|
||||
Cash
paid for common stock purchased and retired
|
(1,337
|
)
|
(20,627
|
)
|
(3,768
|
)
|
||||
Excess
tax benefit for share-based payments
|
296
|
—
|
—
|
|||||||
Proceeds
received upon exercise of stock options
|
178
|
344
|
768
|
|||||||
Net
cash used for financing activities
|
(8,494
|
)
|
(26,356
|
)
|
(7,110
|
)
|
||||
Net
increase (decrease) in cash and cash equivalents
|
16,854
|
(9,013
|
)
|
20,371
|
||||||
Cash
and cash equivalents at beginning of year
|
37,602
|
46,615
|
26,244
|
|||||||
Cash
and cash equivalents at end of year
|
$
|
54,456
|
$
|
37,602
|
$
|
46,615
|
December
31,
|
2006
|
2005
|
|||||||||||
Type
of Securities
|
Fair
Value
|
Unrealized
Gain (Loss)
|
Fair
Value
|
Unrealized
Gain (Loss)
|
|||||||||
U.S.
Treasury Notes
|
$
|
—
|
$
|
—
|
$
|
1,630,000
|
$
|
(14,000
|
)
|
||||
Federal
Agency Obligations
|
471,000
|
(2,000
|
)
|
1,081,000
|
(15,000
|
)
|
|||||||
Corporate
Backed Obligations
|
2,349,000
|
(18,000
|
)
|
1,654,000
|
(24,000
|
)
|
|||||||
Asset
Backed Securities
|
1,547,000
|
(15,000
|
)
|
1,797,000
|
(39,000
|
)
|
|||||||
Municipal
Obligations
|
—
|
—
|
1,054,000
|
—
|
(in
thousands)
|
2006
|
2005
|
|||||
Balance
at beginning of year
|
$
|
4,272
|
$
|
3,796
|
|||
Less:
Payments made during the year
|
(5,649
|
)
|
(4,453
|
)
|
|||
Add:
Warranty provision for the current year
|
4,729
|
4,435
|
|||||
Changes
to warranty provision for prior years
|
1,985
|
494
|
|||||
Balance
at end of year
|
$
|
5,337
|
$
|
4,272
|
2006
|
2005
|
2004
|
||||||||
Basic
|
37,338,724
|
38,015,899
|
38,452,704
|
|||||||
Dilutive
effect of stock options and restricted shares
|
1,639,582
|
2,101,028
|
2,318,547
|
|||||||
Diluted
|
38,978,306
|
40,116,927
|
40,771,251
|
December
31,
|
2006
|
2005
|
|||||
(in
thousands)
|
|
|
|||||
Trade
receivables
|
$
|
2,661
|
$
|
3,249
|
|||
Other
|
371
|
471
|
|||||
Total
|
3,032
|
3,720
|
|||||
Less:
Allowance for doubtful accounts
|
(52
|
)
|
(58
|
)
|
|||
Net
accounts receivable
|
$
|
2,980
|
$
|
3,662
|
December
31,
|
2006
|
2005
|
|||||
(in
thousands)
|
|
|
|||||
Raw
materials
|
$
|
13,319
|
$
|
13,212
|
|||
Work
in process
|
9,383
|
7,727
|
|||||
Finished
goods
|
6,854
|
5,917
|
|||||
Total
inventories
|
$
|
29,556
|
$
|
26,856
|
December
31,
|
Estimated
Useful
Lives
|
2006
|
2005
|
|||||||
(in
thousands)
|
|
|
|
|||||||
Land
|
N/A
|
$
|
495
|
$
|
495
|
|||||
Buildings
|
20-39
|
16,403
|
16,120
|
|||||||
Operating
equipment and property
|
3-15
|
8,861
|
8,453
|
|||||||
Furniture
and fixtures
|
5-7
|
1,594
|
1,224
|
|||||||
Vehicles
|
3-5
|
6,048
|
5,831
|
|||||||
Gross
property, plant and equipment
|
33,401
|
32,123
|
||||||||
Less:
accumulated depreciation
|
(16,760
|
)
|
(14,871
|
)
|
||||||
Net
property, plant and equipment
|
$
|
16,641
|