Adaptec 2001 Annual Report Download - page 55

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55
Year Ended December 31,
2001 2000 1999
Cash f l ows from operati ng acti vi ti es:
Net income (loss) (639,054)$ 75,298$ 71,829$
Ad
j
ustments to reconcile net income (loss) to net cash
provided b
y
(used in) operatin
g
activities:
Depreciation of propert
y
and equipment 51,212 35,424 19,866
Amortization of
g
oodwill and other intan
g
ibles 46,803 38,757 3,599
Amortization of deferred stock compensation 41,184 36,264 5,121
Amortization of debt issuance costs 652 - -
Deferred income taxes (10,733) 1,268 (2,921)
Equit
y
in income of investee - (574) (792)
Gain on sale of investments (2,909) (58,491) (26,800)
Loss on disposal of propert
y
and equipment 430 - -
Acquisition of in process research and development - 38,200 -
Noncash restructurin
g
costs 16,229 - -
Impairment of
g
oodwill and purchased intan
g
ible assets 269,827 - -
Impairment of other investments 17,500 - -
Write dow n of excess inventor
y
20,660 - -
Chan
g
es in operatin
g
assets and liabilities:
Accounts receivable 77,848 (51,580) (13,435)
Inventories 7 (40,668) (9,061)
Prepaid expenses and other current assets 6,146 (18,233) (2,700)
A ccounts pa
y
able and accrued liabilities (30,034) 59,417 9,426
Accrued restructurin
g
costs 161,198 - -
Deferred income (36,378) 29,397 21,710
Income taxes pa
y
able (43,749) 38,062 11,821
Net cash provided b
y
(used in) operatin
g
activities (53,161) 182,541 87,663
Cash flows from investi ng acti viti es:
Purchases of short-term investments (305,357) (309,269) (137,556)
Proceeds from sales and maturities of short-term investments 192,386 303,102 75,697
Purchases of lon
g
-term bonds and notes (197,135) - -
Purchases of other investments (7,532) (24,834) (8,911)
Proceeds from sale of other investments 3,317 59,737 28,628
Investment in wafer fabrication deposits (5,188) (8,584) -
Proceeds from refund of wafer fabrication deposits 6,197 4,703 4,000
Purchases of propert
y
and equipment (27,840) (104,296) (34,731)
A cquisition of businesses, net of cash acquired - (15,473) -
Net cash used in investin
g
activities (341,152) (94,914) (72,873)
Cash fl ows from financing acti vi ti es:
Proceeds from notes pa
y
able and lon
g
-term debt - 2,066 2,971
Principal pa
y
ments under capital leases and lon
g
-term debt (1,746) (13,435) (11,277)
Proceeds from issuance of convertible subordinated notes 275,000 - -
Pa
y
ment of debt issuance costs (7,819) - -
Proceeds from issuance of preferred stock - - 19,479
Proceeds from issuance of common stock 24,800 78,426 25,866
Net cash provided b
y
financin
g
activities 290,235 67,057 37,039
Net increase (decrease) in cash and cash equivalents (104,078) 154,684 51,829
Cash and cash equivalents, be
g
innin
g
of the
y
ear 256,198 101,514 49,685
Cash and cash equivalents, end of the
y
ear 152,120$ 256,198$ 101,514$
Suppl emental di scl osures of cash flow information:
Cash paid for interest 211$ 698$ 1,060$
Cash paid for income taxes 41,177 61,519 33,203
Suppl emental di scl osures of non-cash investin
g
and fi nanci n
g
acti viti es:
Equit
y
securities received in exchan
g
e for other lon
g
-term investment 1,713 - -
Capital lease obli
g
ations incurred for purchase of propert
y
and equipment - 3,634 408
Notes pa
y
able issued for purchase of propert
y
and equipment - - 2,206
Conversion of PM C-Sierra special shares into common stock 1,050 631 1,389
Issuance of common stock and stock options for acquisitions under the purchase
method of accounting - 414,938 -
See notes to the consolidated financial statements.
(in thousands)
PM C-Sierra, Inc.
CONSOLI DATED STATEM ENTS OF CASH FLOWS