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O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

Hines Horticulture Sees Drop in Capital Outlays

April 11, 2001|Dow Jones

Hines Horticulture Inc., an Irvine operator of commercial nurseries, expects capital expenditures this year will be about $15 million, less than half the $37.8 million the company spent in 2000, according to a regulatory report.

The company believes that cash generated by operations and borrowings available under its senior credit line will be enough to meet its anticipated working capital, capital expenditures and debt service requirements through 2002, according to its annual report filed recently with the Securities and Exchange Commission.

Capital expenditures in 2000 included $29.7 million for its Hines Nursery unit, related primarily to purchasing and developing additional nursery acreage and nursery-related structures, vehicles, machinery and equipment.

Another $8.1 million was used for capital expenditures for its Sun Gro unit, including peat bog development and buying peat bog harvesting and processing equipment.

The filing didn't indicate how the company planned to use the $15 million budgeted for capital expenditures in 2001.

Hines has $26.5 million in principal repayments due under various borrowing agreements in 2001, as well as $64.3 million in 2002 and $49.4 million in 2003, the annual report said.

The company's stock moved up 8 cents a share Tuesday to $2.99 in Nasdaq trading. The shares have lost nearly 63% of their value over the last 12 months.

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