Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.3.0.814
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Aug. 31, 2015
Aug. 31, 2014
OPERATING ACTIVITIES    
Net income (loss) $ (4,351) $ 10,747
Adjustments to reconcile net income to net cash provided by operating activities:    
Share-based payment expense 1,063 1,677
Depreciation and amortization 5,760 5,851
Unrealized (gain) loss on derivatives (2,047) 1,501
Deferred income taxes 414 1,011
Bad debt expense 1,105 254
Changes in operating assets and liabilities excluding the effect of acquisitions:    
Trade and other receivables (57,738) (58,635)
Inventories 4,621 4,679
Prepaid expenses and other assets (1,281) (5,422)
Trade and other payables (370) 13,692
Accrued and other liabilities 19,087 11,598
Net cash used in operating activities (33,737) (13,047)
INVESTING ACTIVITIES    
Acquisition of businesses, net of cash acquired 0 732
Purchase of property, plant and equipment (4,775) (1,958)
Net cash used in investing activities (4,775) (1,226)
FINANCING ACTIVITIES    
Repayment of debt 0 (119,565)
Net movement in revolving debt 43,772 15,853
Payments on financing obligations (45) (150)
Proceeds from issuance of common stock 0 126,500
Common stock issuance costs 0 (9,282)
Proceeds from stock options exercises 5 0
Excess tax benefits from share-based compensation 0 213
Payment of taxes upon net stock option exercise 0 (320)
Net cash provided by financing activities 43,732 13,249
Effect of exchange rate changes on cash (154) (9)
Net increase (decrease) in cash 5,066 (1,033)
Cash at beginning of period 2,932 6,871
Cash at end of period 7,998 5,838
Cash paid during the period for:    
Interest 3,983 4,440
Income taxes 410 4,593
Non-cash investing and financing activities    
Capitalization of costs related to financing lease obligation 0 2,217
Capitalization of intangible assets $ 2,150 $ 0