Share Repurchase: Another 1.0 million shares were acquired during Q3 2007 at an average price of $46.91 per share. Since beginning the program in late 1999, 83.0 million shares have been acquired at an average purchase price of $20.08 per share. There were 130.0 million shares outstanding at September 30, 2007. Over time, the Company expects to repurchase 7.0 million more shares, but the timing and number of shares purchased, if any, will depend upon market conditions and other factors.
Cash Flow, Working Capital and Debt: Cash flow from operations for the first nine months of 2007 compared to the same period of 2006 increased by $43.4 million to $269.4 million. The purchase of 3.0 million of our shares in the first nine months of 2007 used $131.4 million of cash. Acquisitions have used another $67.6 million of cash thus far this year. Capital expenditures were $53.0 million for the first nine months of 2007, $5.8 million higher than spending during the same period of 2006.
Short-term borrowings were $359.9 million at a weighted average interest rate of 4.8% and long-term debt was $207.2 million at a weighted average interest rate of 6.4% at September 30, 2007. Our debt to capital ratio at September 30, 2007 was 26.6%.
Accounts receivable days sales outstanding at September 30, 2007 were
55 days, with the increase from the June 30, 2007 level of 51 days due
primarily to the impact of quarter end currency rates on accounts
receivable balances and a temporary increase related to the timing of
customer payments. Inventory months on hand were 7.6 months at September
30, 2007, equivalent to the level at year-end 2006. Reported inventories
increased to $658.6 million at September 30, 2007 from $596.0 million at
December 31, 2006, with the majority of the increase attributed to
intentional increases at select locations to improve service, the impact of
currency rates on inventory values an
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