Read More About
On May 26, approximately $350 million of the $392 million in net proceeds raised in the IPO was used to retire debt. On Monday, July 31, the company retired an additional $50 million in debt, also using cash generated from operations.
"Our operational cash flow continues to be strong and has enabled us to pay down $85 million in debt during the first four months of our 2007 fiscal year," says Chief Financial Officer Ben Wells. "This reduced debt level strengthens our balance sheet and gives us greater flexibility in financial markets. Additionally, our deleveraging will increase cash flow for investment spending, which, in the long term, will benefit our shareholders and investors."