Audiovox 1997 Annual Report Download - page 19

1997 1996 1995
Cash flows from operating activities:
Net income (loss) $ 21,022 $ (26,469) $ (11,883)
Adjustment to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Debt conversion expense 12,386 25,629 –
Depreciation and amortization 1,903 3,298 4,100
Provision for bad debt expense 1,300 429 1,816
Equity in income of equity investments (1,468) (614) (154)
Minority interest 1,623 767 225
Gain on sale of equity investment (37,471) (985) (8,435)
Provision for (recovery of ) deferred income taxes (3,123) 468 (5,158)
Provision for unearned compensation 135 297 240
Expense relating to issuance of warrants 106 – 2,921
(Gain) loss on disposal of property, plant and equipment, net (9) (32) 246
Changes in:
Accounts receivable 6,853 (21,848) (4,468)
Note receivable from equity investment – 532 (5,097)
Inventory (36,823) 27,688 (16,950)
Accounts payable, accrued expenses and other current liabilities (2,855) 12,445 488
Income taxes payable 2,181 5,360 1,623
Prepaid expenses and other, net (2,659) (2,954) 250
Net cash provided by (used in) operating activities (36,899) 24,011 (40,236)
Cash flows from investing activities:
Purchase of equity investments (4,706) – –
Purchases of property, plant and equipment, net (3,986) (2,805) (2,722)
Net proceeds from sale of investment securities 45,937 1,000 17,250
Proceeds from distribution from equity investment 450 317 267
Net cash provided by (used in) investing activities 37,695 (1,488) 14,795
Cash flows from financing activities:
Net borrowings (repayments) under line of credit agreements (3,765) (14,040) 19,577
Net borrowings (repayments) under documentary acceptances 413 (3,620) 7,120
Principal payments on long-term debt – (5,029) (11)
Debt issuance costs (13) (392) (714)
Principal payments on capital lease obligation – (158) (233)
Proceeds from issuance of long-term debt – – 675
Proceeds from issuance of Class A Common Stock 2,328 – –
Repurchase of Class A Common Stock (2,421) – –
Proceeds from release of restricted cash – 5,959 600
Net cash provided by (used in) financing activities (3,458) (17,280) 27,014
Effect of exchange rate changes on cash (243) 31 8
Net increase in cash and cash equivalents (2,905) 5,274 1,581
Cash and cash equivalents at beginning of period 12,350 7,076 5,495
Cash and cash equivalents at end of period $ 9,445 $ 12,350 $ 7,076
See accompanying notes to consolidated financial statements.
AUDIOVOX CORPORATION AND SUBSIDIARIES
C o n s o l i d a t e d S t a t e m e n t s o f C a s h F l o w s
Years Ended November 30, 1997, 1996 and 1995
(In thousands)
18