For the first quarter of 2017, net sales and gross sales were down 15% as reported and in constant currency versus the prior year's first quarter.
Reported operating loss was $127.0 million, and adjusted operating loss was $122.1 million. Reported loss per share was $0.33, and adjusted loss per share was $0.32.
For the quarter, net cash flows used for operating activities were approximately $310 million, an increase of approximately $221 million versus the prior year's first quarter, primarily driven by higher working capital usage and higher net loss.
Cash flows used for investing activities were approximately $45 million, a decrease of approximately $10 million versus the prior year's first quarter, primarily driven by a decrease in payments for acquisitions, partially offset by changes in foreign currency forward exchange contracts for the year.
For the quarter, cash flows used for financing activities and other were approximately $133 million, compared to approximately $149 million in the prior year's first quarter, primarily driven by lower proceeds from the exercise of stock options.
The Company's debt-to-total capital ratio as of March 31, 2017 was 51.1%.
The board of directors declared a 2017 second quarter cash dividend of $0.38 per share, which is flat compared to the second quarter of 2016. The dividend will be payable on June 9, 2017 to stockholders of record on May 19, 2017. ■
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