Andrew Corporation Reports Second Quarter Results

Apr 19, 2001, 01:00 ET from Andrew Corporation

    ORLAND PARK, Ill., April 19 /PRNewswire/ -- Andrew Corporation
 (Nasdaq: ANDW), a global communications systems equipment supplier, reported
 results for the second fiscal quarter ended March 31, 2001.  Compared with the
 year ago second quarter, orders increased 14%, sales declined 3% and net
 income was down 53%.  Diluted net income per share was $.10, down 52% from
 last year.
     Orders for the second quarter increased 14% to $251.5 million, compared
 with last year's $220.0 million.  Net sales of $234.5 million, declined
 3% from $242.7 million last year.  Net income declined 53% to $8.2 million
 from last year's $17.3 million.  Diluted net income per share dropped 52% to
 $.10 from $.21 last year.
     Second quarter sales declined 3% to $234.5 million, compared with last
 year's very strong second quarter of $242.7 million.  Comparatively, sales in
 the U.S. declined while international sales increased.
     Cash from operations during the quarter was $33.9 million, up from
 $9.4 million last year.  For the six months ended March 31, 2001 cash from
 operations was $68.1 million compared to $6.6 million a year ago.
     Backlog grew 32% to $218.5 million.
     Orders for the six months ended March 31, 2001 were $549.9 million up 16%
 from the comparable year earlier period's $473.2 million.  Sales for the first
 six months were $515.0 million up 8% from last year.  Net income was
 $29.1 million compared with $34.1 million last year, a decline of 15%. Diluted
 net income per share was down 14% to $.36, compared to $.42 last year.
     Andrew now expects fiscal 2001 revenues of $1.05 billion to $1.10 billion
 and earnings per share to range between $.85 and $.95.
     Guy Campbell, president and chief executive officer, said, "We are
 encouraged by the 14% orders growth we achieved in a challenging economic
 environment.  All major geographical regions contributed to the increase in
 orders and particularly robust growth was achieved in Asia and Latin America.
 Orders in Asian countries were up sharply including China, Japan and several
 Southeast Asian countries.  We have increased our market share and
 participation in these countries that are seeing accelerated
 telecommunications spending.  Following a typical seasonal pattern, sequential
 orders declined from the record orders in our first quarter, but orders in the
 month of March were significantly higher than either January or February.
     During the quarter, we aggressively rolled-out several significant new
 products including a new line of multi-carrier power amplifiers for third-
 generation (3G) wireless base stations.  The PerforMax(TM) dual polarized base
 station antennas for 3G, single and dual band systems were introduced.  We
 also introduced the new PROPAGATOR(TM) PCS 1900 repeater for extending
 wireless coverage to in-building areas where RF signal penetration is poor.
 The new Cell-Max(TM) multi-band 3G-ready antennas will also enhance wireless
 coverage for in-building applications.  The wireless accessories group
 expanded the line of the new Extensis(TM) desktop unit, which allows you to
 use your mobile phone as a primary wireless telephone or as a secondary
 wireless line in your home or office.
     Order highlights during the quarter included our selection by the
 Madrid Metro to supply a distributed communications system to support improved
 public wireless communications within the airport line and metro station and
 tunnels.  We received a large contract from Globecomm Systems Inc. to supply
 3.7-meter transportable earth station antennas for a major international
 customer.  Our automotive telematics products were selected by Jaguar Cars,
 which will use our antennas on the new Jaguar X Type sedan to enhance the
 car's communications and safety features.
     We continued to expand new and existing business relationships during the
 quarter.  We announced a three-year, multi-million dollar agreement with
 DMC Stratex Networks, Inc. to supply terrestrial microwave antenna systems
 products for incorporation in their wireless transmission networks globally.
 In Brazil, we acquired the remaining 30% equity in our Brazilian subsidiary.
     We remain focused on executing our strategy of growing our market
 leadership by providing complete RF path sub-systems solutions.  We offer the
 industry's most comprehensive line of wireless infrastructure sub-systems
 solutions and are continuing to strengthen our position.  During the quarter
 we expanded our dual polarized base station antenna line, added single and
 multi-carrier high power amplifiers, and tower top amplifiers.  In addition,
 we are continually expanding our offering of system and sub-system solutions
 for the broadcast, earth station satellite, broadband, radar and terrestrial
 microwave areas.
     Mr. Campbell added, "We are confident that the telecommunications
 industry's long term fundamentals and growth drivers have not changed.  We
 expect third-generation wireless networks will be built; Asian, Latin American
 and other international markets in need of wireless infrastructure will
 continue to grow; and the expansion of our addressed markets by the
 introduction of new products all will continue to provide significant growth
 opportunities for Andrew Corporation.  This is a challenging environment, but
 we will continue to invest in product development and international expansion.
 We will maintain our focus on cost control and cash flow management, balancing
 our actions to reduce costs without limiting our ability to grow in the
 future."
     Attached to this news release are preliminary financials for the second
 fiscal quarter ended March 31, 2001.
 
     Teleconference and Webcast
     Andrew will discuss its second quarter 2001 results and its expectations
 for the balance of fiscal 2001 in a teleconference on Thursday, April 19, 2001
 at 4:30 p.m. Central Time.  The conference call will be webcast live on the
 Internet at www.andrew.com .  A toll-free replay of the call will be available
 until midnight, Central Time, April 24, 2001 on the following numbers:
 Domestic dial at 888-350-0137 PIN # 3274 and International dial
 402-220-5110 PIN #3274.
 
     Forward Looking Statements
     Some of the statements in this news release are forward looking statements
 and we caution our stockholders and others that these statements involve
 certain risks and uncertainties.  Factors that may cause actual results to
 differ from expected results include, but are not limited to the effects of
 competitive products and pricing, economic and political conditions that may
 impact customers' ability to fund purchases of our products and services, the
 company's ability to achieve the costs savings anticipated from cost reduction
 programs, fluctuations in international exchange rates, the timing of cash
 payments and receipts, end use demands for wireless communication services,
 and other business factors.  Investors should also review other risks and
 uncertainties discussed in company documents filed with the Securities and
 Exchange Commission.
     Andrew Corporation is a global supplier of communications systems
 equipment, solutions and services.  Major markets are wireless communications
 -- which includes cellular, personal communications services, and land mobile
 radio -- broadcast, broadband wireless and fixed telecommunications networks.
 Andrew is an S&P 500 company whose common stock trades on The Nasdaq Stock
 Market(R) under the symbol: ANDW.
     For further information on Andrew products and services, including the
 text of this release, visit our Web site at http://www.andrew.com .
 
 
                            UNAUDITED - PRELIMINARY
 
                               ANDREW CORPORATION
                           CONSOLIDATED BALANCE SHEET
                                 (In Thousands)
 
                                                March 31     September 30
                                                  2001           2000
     ASSETS                                    (Unaudited)
     Current Assets
     Cash and Cash Equivalents                   $57,000        $44,865
     Accounts Receivable, less allowances
      (March - $4,135; Sep. - $2,983)            223,580        263,016
     Inventories
       Finished Products                          74,764         77,082
       Materials and Work in Process             130,704        127,086
                                                 205,468        204,168
     Miscellaneous Current Assets                  8,226         12,632
     Total Current Assets                        494,274        524,681
 
     Other Assets
     Cost in excess of net assets of
      businesses acquired, less accumulated
      amortization
      (March - $10,871; Sep. - $8,625)            36,137         37,799
     Investments in and Advances to Affiliates    41,844         51,759
     Other assets                                  6,885          7,698
 
     Property, Plant, and Equipment
     Land and land improvements                   19,612         19,291
     Building                                     92,820         95,510
     Equipment                                   404,069        370,286
     Allowances for Depreciation                (305,508)      (289,827)
                                                 210,993        195,260
     Total Assets                               $790,133       $817,197
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
     Current Liabilities
     Notes Payable                                35,625         45,771
     Accounts Payable                             45,566         58,538
     Accrued expenses and other liabilities       17,830         18,557
     Compensation and related expenses            17,270         30,303
     Income taxes                                  6,010          5,639
     Current portion of long-term debt             6,282         15,215
     Total Current Liabilities                   128,583        174,023
 
     Deferred Liabilities                         24,685         25,132
 
     LONG-TERM DEBT, less current portion         64,752         65,843
     MINORITY INTEREST                             2,205          9,254
     STOCKHOLDERS' EQUITY
     Common stock (par value, $.01 a share:
      400,000,000 shares authorized;
      102,718,210 shares issued, including
      treasury)                                    1,027          1,027
     Additional paid-in capital                   65,749         64,136
     Retained earnings                           790,223        761,131
     Accumulated other comprehensive income      (41,304)       (35,801)
     Treasury stock, at cost
      (21,323,346 shares in March;
      21,476,101 shares in Sept)                (245,787)      (247,548)
                                                 569,908        542,945
     TOTAL LIABILITIES AND EQUITY               $790,133       $817,197
 
 
                            UNAUDITED - PRELIMINARY
 
                               ANDREW CORPORATION
                       CONSOLIDATED STATEMENTS OF INCOME
                    (In thousands, except per share amounts)
 
                                 Three Months Ended        Six Months Ended
                                      March 31                 March 31
                                   2001      2000           2001      2000
 
     Sales                       $234,526  $242,663       $515,048  $476,231
     Cost of Products Sold        167,627   164,688        358,364   322,211
     Gross Profit                  66,899    77,975        156,684   154,020
 
     Operating Expenses
     Research and development      12,312     8,797         23,819    18,443
     Sales and administrative      42,405    40,063         84,900    81,552
                                   54,717    48,860        108,719    99,995
 
     Operating Income              12,182    29,115         47,965    54,025
 
     Other
     Interest expense               1,733     2,332          4,137     3,710
     Interest income                 (440)     (562)        (1,053)     (947)
     Other (income) expense        (1,116)    1,904          2,098     1,166
                                      177     3,674          5,182     3,929
 
     Income Before Taxes           12,005    25,441         42,783    50,096
 
     Income taxes                   3,842     8,141         13,691    16,029
 
     Net Income                   $ 8,163  $ 17,300       $ 29,092  $ 34,067
 
     Basic and Diluted Earnings
      per Share                     $0.10     $0.21          $0.36     $0.42
 
     Average Shares Outstanding
       Basic                       81,394    80,565         81,355    80,865
 
       Diluted                     81,515    81,039         81,549    81,160
 
 
     Orders Entered               251,479   220,003        549,927   473,174
 
     Backlog                      216,899   160,881        216,899   160,881
 
     Total Backlog                218,484   165,342        218,484   165,342
 
 
 
                            UNAUDITED - PRELIMINARY
 
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In thousands)
 
                                 Three Months Ended        Six Months Ended
                                       March 31                March 31
                                     2001      2000           2001      2000
 
     Cash Flows from Operations
     Net Income                   $ 8,163  $ 17,300       $ 29,092  $ 34,067
 
     Adjustments to Net Income
       Restructuring Costs              0     3,830              0     3,398
       Depreciation and
        amortization               12,616    10,844         24,763    21,017
       Decrease (increase) in
        accounts receivable        20,664   (11,631)        36,381   (26,525)
       Decrease (increase) in
        inventories                 1,996   (23,864)        (4,645)  (48,503)
       Decrease (increase) in
        misc. current and other
        assets                      5,576      (493)         4,839     1,343
       Decrease in receivables
        from affiliates                 0         4              0        22
       (Decrease) increase in accounts
        payable and other
        liabilities               (15,057)   12,953        (22,743)   20,884
     Other                            (76)      469            376       928
     Net Cash From Operations      33,882     9,412         68,063     6,631
 
     Investing Activities
     Capital Expenditures         (21,606)  (22,413)       (41,162)  (41,158)
     Acquisition of businesses,
      net of cash acquired         (6,032)        0         (6,300)  (14,929)
     Investments in and advances
      to affiliates, net           10,184     1,606          9,876     4,252
     Proceeds from sale of
      property, plant and
      equipment                       156        89            507       158
     Net Cash Used in Investing
      Activities                  (17,298)  (20,718)       (37,079)  (51,677)
 
     Financing Activities
     Long-term (payments)
      borrowings, net                (338)   (1,475)        (8,926)   (2,447)
     Short-term (payments)
      borrowings, net              (5,448)   31,656         (9,937)   64,721
     Purchase of treasury stock         0         0              0   (24,630)
     Stock purchase and option
      plans                            25     1,558            450     3,342
     Net Cash (Used In) From
      Financing Activities         (5,761)   31,739        (18,413)   40,986
 
     Effect of exchange rates
      on cash                      (2,419)   (1,941)          (436)   (1,941)
 
     Total Increase (Decrease)
      for the Period                8,404    18,492         12,135    (6,001)
 
     Cash and equivalents at
      beginning of period          48,596    13,794         44,865    38,287
     Cash and equivalents at
      end of period              $ 57,000  $ 32,286       $ 57,000  $ 32,286
 
 

SOURCE Andrew Corporation
    ORLAND PARK, Ill., April 19 /PRNewswire/ -- Andrew Corporation
 (Nasdaq: ANDW), a global communications systems equipment supplier, reported
 results for the second fiscal quarter ended March 31, 2001.  Compared with the
 year ago second quarter, orders increased 14%, sales declined 3% and net
 income was down 53%.  Diluted net income per share was $.10, down 52% from
 last year.
     Orders for the second quarter increased 14% to $251.5 million, compared
 with last year's $220.0 million.  Net sales of $234.5 million, declined
 3% from $242.7 million last year.  Net income declined 53% to $8.2 million
 from last year's $17.3 million.  Diluted net income per share dropped 52% to
 $.10 from $.21 last year.
     Second quarter sales declined 3% to $234.5 million, compared with last
 year's very strong second quarter of $242.7 million.  Comparatively, sales in
 the U.S. declined while international sales increased.
     Cash from operations during the quarter was $33.9 million, up from
 $9.4 million last year.  For the six months ended March 31, 2001 cash from
 operations was $68.1 million compared to $6.6 million a year ago.
     Backlog grew 32% to $218.5 million.
     Orders for the six months ended March 31, 2001 were $549.9 million up 16%
 from the comparable year earlier period's $473.2 million.  Sales for the first
 six months were $515.0 million up 8% from last year.  Net income was
 $29.1 million compared with $34.1 million last year, a decline of 15%. Diluted
 net income per share was down 14% to $.36, compared to $.42 last year.
     Andrew now expects fiscal 2001 revenues of $1.05 billion to $1.10 billion
 and earnings per share to range between $.85 and $.95.
     Guy Campbell, president and chief executive officer, said, "We are
 encouraged by the 14% orders growth we achieved in a challenging economic
 environment.  All major geographical regions contributed to the increase in
 orders and particularly robust growth was achieved in Asia and Latin America.
 Orders in Asian countries were up sharply including China, Japan and several
 Southeast Asian countries.  We have increased our market share and
 participation in these countries that are seeing accelerated
 telecommunications spending.  Following a typical seasonal pattern, sequential
 orders declined from the record orders in our first quarter, but orders in the
 month of March were significantly higher than either January or February.
     During the quarter, we aggressively rolled-out several significant new
 products including a new line of multi-carrier power amplifiers for third-
 generation (3G) wireless base stations.  The PerforMax(TM) dual polarized base
 station antennas for 3G, single and dual band systems were introduced.  We
 also introduced the new PROPAGATOR(TM) PCS 1900 repeater for extending
 wireless coverage to in-building areas where RF signal penetration is poor.
 The new Cell-Max(TM) multi-band 3G-ready antennas will also enhance wireless
 coverage for in-building applications.  The wireless accessories group
 expanded the line of the new Extensis(TM) desktop unit, which allows you to
 use your mobile phone as a primary wireless telephone or as a secondary
 wireless line in your home or office.
     Order highlights during the quarter included our selection by the
 Madrid Metro to supply a distributed communications system to support improved
 public wireless communications within the airport line and metro station and
 tunnels.  We received a large contract from Globecomm Systems Inc. to supply
 3.7-meter transportable earth station antennas for a major international
 customer.  Our automotive telematics products were selected by Jaguar Cars,
 which will use our antennas on the new Jaguar X Type sedan to enhance the
 car's communications and safety features.
     We continued to expand new and existing business relationships during the
 quarter.  We announced a three-year, multi-million dollar agreement with
 DMC Stratex Networks, Inc. to supply terrestrial microwave antenna systems
 products for incorporation in their wireless transmission networks globally.
 In Brazil, we acquired the remaining 30% equity in our Brazilian subsidiary.
     We remain focused on executing our strategy of growing our market
 leadership by providing complete RF path sub-systems solutions.  We offer the
 industry's most comprehensive line of wireless infrastructure sub-systems
 solutions and are continuing to strengthen our position.  During the quarter
 we expanded our dual polarized base station antenna line, added single and
 multi-carrier high power amplifiers, and tower top amplifiers.  In addition,
 we are continually expanding our offering of system and sub-system solutions
 for the broadcast, earth station satellite, broadband, radar and terrestrial
 microwave areas.
     Mr. Campbell added, "We are confident that the telecommunications
 industry's long term fundamentals and growth drivers have not changed.  We
 expect third-generation wireless networks will be built; Asian, Latin American
 and other international markets in need of wireless infrastructure will
 continue to grow; and the expansion of our addressed markets by the
 introduction of new products all will continue to provide significant growth
 opportunities for Andrew Corporation.  This is a challenging environment, but
 we will continue to invest in product development and international expansion.
 We will maintain our focus on cost control and cash flow management, balancing
 our actions to reduce costs without limiting our ability to grow in the
 future."
     Attached to this news release are preliminary financials for the second
 fiscal quarter ended March 31, 2001.
 
     Teleconference and Webcast
     Andrew will discuss its second quarter 2001 results and its expectations
 for the balance of fiscal 2001 in a teleconference on Thursday, April 19, 2001
 at 4:30 p.m. Central Time.  The conference call will be webcast live on the
 Internet at www.andrew.com .  A toll-free replay of the call will be available
 until midnight, Central Time, April 24, 2001 on the following numbers:
 Domestic dial at 888-350-0137 PIN # 3274 and International dial
 402-220-5110 PIN #3274.
 
     Forward Looking Statements
     Some of the statements in this news release are forward looking statements
 and we caution our stockholders and others that these statements involve
 certain risks and uncertainties.  Factors that may cause actual results to
 differ from expected results include, but are not limited to the effects of
 competitive products and pricing, economic and political conditions that may
 impact customers' ability to fund purchases of our products and services, the
 company's ability to achieve the costs savings anticipated from cost reduction
 programs, fluctuations in international exchange rates, the timing of cash
 payments and receipts, end use demands for wireless communication services,
 and other business factors.  Investors should also review other risks and
 uncertainties discussed in company documents filed with the Securities and
 Exchange Commission.
     Andrew Corporation is a global supplier of communications systems
 equipment, solutions and services.  Major markets are wireless communications
 -- which includes cellular, personal communications services, and land mobile
 radio -- broadcast, broadband wireless and fixed telecommunications networks.
 Andrew is an S&P 500 company whose common stock trades on The Nasdaq Stock
 Market(R) under the symbol: ANDW.
     For further information on Andrew products and services, including the
 text of this release, visit our Web site at http://www.andrew.com .
 
 
                            UNAUDITED - PRELIMINARY
 
                               ANDREW CORPORATION
                           CONSOLIDATED BALANCE SHEET
                                 (In Thousands)
 
                                                March 31     September 30
                                                  2001           2000
     ASSETS                                    (Unaudited)
     Current Assets
     Cash and Cash Equivalents                   $57,000        $44,865
     Accounts Receivable, less allowances
      (March - $4,135; Sep. - $2,983)            223,580        263,016
     Inventories
       Finished Products                          74,764         77,082
       Materials and Work in Process             130,704        127,086
                                                 205,468        204,168
     Miscellaneous Current Assets                  8,226         12,632
     Total Current Assets                        494,274        524,681
 
     Other Assets
     Cost in excess of net assets of
      businesses acquired, less accumulated
      amortization
      (March - $10,871; Sep. - $8,625)            36,137         37,799
     Investments in and Advances to Affiliates    41,844         51,759
     Other assets                                  6,885          7,698
 
     Property, Plant, and Equipment
     Land and land improvements                   19,612         19,291
     Building                                     92,820         95,510
     Equipment                                   404,069        370,286
     Allowances for Depreciation                (305,508)      (289,827)
                                                 210,993        195,260
     Total Assets                               $790,133       $817,197
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
     Current Liabilities
     Notes Payable                                35,625         45,771
     Accounts Payable                             45,566         58,538
     Accrued expenses and other liabilities       17,830         18,557
     Compensation and related expenses            17,270         30,303
     Income taxes                                  6,010          5,639
     Current portion of long-term debt             6,282         15,215
     Total Current Liabilities                   128,583        174,023
 
     Deferred Liabilities                         24,685         25,132
 
     LONG-TERM DEBT, less current portion         64,752         65,843
     MINORITY INTEREST                             2,205          9,254
     STOCKHOLDERS' EQUITY
     Common stock (par value, $.01 a share:
      400,000,000 shares authorized;
      102,718,210 shares issued, including
      treasury)                                    1,027          1,027
     Additional paid-in capital                   65,749         64,136
     Retained earnings                           790,223        761,131
     Accumulated other comprehensive income      (41,304)       (35,801)
     Treasury stock, at cost
      (21,323,346 shares in March;
      21,476,101 shares in Sept)                (245,787)      (247,548)
                                                 569,908        542,945
     TOTAL LIABILITIES AND EQUITY               $790,133       $817,197
 
 
                            UNAUDITED - PRELIMINARY
 
                               ANDREW CORPORATION
                       CONSOLIDATED STATEMENTS OF INCOME
                    (In thousands, except per share amounts)
 
                                 Three Months Ended        Six Months Ended
                                      March 31                 March 31
                                   2001      2000           2001      2000
 
     Sales                       $234,526  $242,663       $515,048  $476,231
     Cost of Products Sold        167,627   164,688        358,364   322,211
     Gross Profit                  66,899    77,975        156,684   154,020
 
     Operating Expenses
     Research and development      12,312     8,797         23,819    18,443
     Sales and administrative      42,405    40,063         84,900    81,552
                                   54,717    48,860        108,719    99,995
 
     Operating Income              12,182    29,115         47,965    54,025
 
     Other
     Interest expense               1,733     2,332          4,137     3,710
     Interest income                 (440)     (562)        (1,053)     (947)
     Other (income) expense        (1,116)    1,904          2,098     1,166
                                      177     3,674          5,182     3,929
 
     Income Before Taxes           12,005    25,441         42,783    50,096
 
     Income taxes                   3,842     8,141         13,691    16,029
 
     Net Income                   $ 8,163  $ 17,300       $ 29,092  $ 34,067
 
     Basic and Diluted Earnings
      per Share                     $0.10     $0.21          $0.36     $0.42
 
     Average Shares Outstanding
       Basic                       81,394    80,565         81,355    80,865
 
       Diluted                     81,515    81,039         81,549    81,160
 
 
     Orders Entered               251,479   220,003        549,927   473,174
 
     Backlog                      216,899   160,881        216,899   160,881
 
     Total Backlog                218,484   165,342        218,484   165,342
 
 
 
                            UNAUDITED - PRELIMINARY
 
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In thousands)
 
                                 Three Months Ended        Six Months Ended
                                       March 31                March 31
                                     2001      2000           2001      2000
 
     Cash Flows from Operations
     Net Income                   $ 8,163  $ 17,300       $ 29,092  $ 34,067
 
     Adjustments to Net Income
       Restructuring Costs              0     3,830              0     3,398
       Depreciation and
        amortization               12,616    10,844         24,763    21,017
       Decrease (increase) in
        accounts receivable        20,664   (11,631)        36,381   (26,525)
       Decrease (increase) in
        inventories                 1,996   (23,864)        (4,645)  (48,503)
       Decrease (increase) in
        misc. current and other
        assets                      5,576      (493)         4,839     1,343
       Decrease in receivables
        from affiliates                 0         4              0        22
       (Decrease) increase in accounts
        payable and other
        liabilities               (15,057)   12,953        (22,743)   20,884
     Other                            (76)      469            376       928
     Net Cash From Operations      33,882     9,412         68,063     6,631
 
     Investing Activities
     Capital Expenditures         (21,606)  (22,413)       (41,162)  (41,158)
     Acquisition of businesses,
      net of cash acquired         (6,032)        0         (6,300)  (14,929)
     Investments in and advances
      to affiliates, net           10,184     1,606          9,876     4,252
     Proceeds from sale of
      property, plant and
      equipment                       156        89            507       158
     Net Cash Used in Investing
      Activities                  (17,298)  (20,718)       (37,079)  (51,677)
 
     Financing Activities
     Long-term (payments)
      borrowings, net                (338)   (1,475)        (8,926)   (2,447)
     Short-term (payments)
      borrowings, net              (5,448)   31,656         (9,937)   64,721
     Purchase of treasury stock         0         0              0   (24,630)
     Stock purchase and option
      plans                            25     1,558            450     3,342
     Net Cash (Used In) From
      Financing Activities         (5,761)   31,739        (18,413)   40,986
 
     Effect of exchange rates
      on cash                      (2,419)   (1,941)          (436)   (1,941)
 
     Total Increase (Decrease)
      for the Period                8,404    18,492         12,135    (6,001)
 
     Cash and equivalents at
      beginning of period          48,596    13,794         44,865    38,287
     Cash and equivalents at
      end of period              $ 57,000  $ 32,286       $ 57,000  $ 32,286
 
 SOURCE  Andrew Corporation