American Home Shield 2004 Annual Report Download - page 41

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2004 annual report ServiceMaster 39
(In thousands)
For years ended December 31, 2004 2003 2002
Cash and Cash Equivalents at January 1 $ 228,161 $ 227,177 $ 402,642
Cash Flows from Operating Activities:
Net Income (Loss) 331,227 (224,687) 156,994
Adjustments to reconcile net income (loss) to net cash
provided from operating activities:
(Income) loss from discontinued operations (7,170) 2,712 309
Non-cash reduction in continuing operations tax expense (149,722) ——
Non-cash charge (credit) for impaired assets and other items, net of tax —383,152 (1,200)
Depreciation expense 49,596 49,861 48,866
Amortization expense 6,029 5,917 7,442
Deferred income tax expense 91,639 65,256 65,799
Change in working capital, net of acquisitions:
Receivables (20,922) (17,640) 14,408
Inventories and other current assets 6,962 5,946 (7,694)
Accounts payable (5,009) (4,168) (4,233)
Deferred revenue 15,178 22,773 49,849
Accrued liabilities 48,862 (6,884) 33,699
Other, net 9,215 1,300 9,952
Net Cash Provided from Operating Activities 375,885 283,538 374,191
Cash Flows from Investing Activities:
Property additions (53,062) (39,243) (60,113)
Sale of equipment and other assets 7, 3 9 5 11,090 4,565
Business acquisitions, net of cash acquired (40,184) (28,875) (13,003)
Proceeds from business sales —21,106 30,500
Notes receivable, financial investments and securities (45,580) (23,499) (2,117)
Net Cash Used for Investing Activities (131,431) (59,421) (40,168)
Cash Flows from Financing Activities:
Net payments of debt (37,042) (31,216) (345,142)
Shareholders’ dividends (125,476) (124,841) (123,204)
Purchase of ServiceMaster stock (63,085) (85,581) (52,058)
Other, net 16,631 16,330 19,140
Net Cash Used for Financing Activities (208,972) (225,308) (501,264)
Net Cash Provided from (Used for) Discontinued Operations (7,017) 2,175 (8,224)
Cash Increase (Decrease) During the Year 28,465 984 (175,465)
Cash and Cash Equivalents at December 31 $ 256,626 $ 228,161 $ 227,177
See accompanying Notes to the Consolidated Financial Statements.
consolidated statements of cash flows