Callaway 2000 Annual Report Download - page 32

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Callaway Golf Company | 32
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands) Year ended December 31,
2000 1999 1998
Cash flows from operating activities:
Net income (loss) $ 80,999 $ 55,322 $ (26,564)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Depreciation and amortization 40,249 39,877 35,885
Non-cash compensation 2,157 1,390 2,887
Tax benefit from exercise of stock options 6,806 2,377 3,068
Net non-cash foreign currency and hedging gains (1,410)
Deferred taxes 4,906 9,971 (36,235)
Non-cash restructuring costs (8,609) 25,497
Loss on disposal of assets 342 315 1,298
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable, net (9,047) 19,690 51,575
Inventories, net (39,402) 51,092 (42,665)
Other assets (3,074) (12,966) (12,149)
Accounts payable and accrued expenses 2,638 12,225 (4,357)
Accrued employee compensation and benefits 1,623 9,875 (3,411)
Accrued warranty expense 3,258 286 7,760
Income taxes payable 4,088 (10,001) 9,652
Accrued restructuring costs (1,379) (3,476) 7,389
Deferred compensation (1,691) 3,969 (299)
Accrued restructuring costs - long-term (5,041) 11,117
Net cash provided by operating activities 91,063 166,296 30,448
Cash flows from investing activities:
Capital expenditures (28,386) (56,244) (67,859)
Acquisitions, net of cash acquired (444) (2,389) (10,672)
Proceeds from sale of assets 244 5,095 3,417
Net cash used in investing activities (28,586) (53,538) (75,114)
Cash flows from financing activities:
Net proceeds from line of credit (70,919) 70,919
Proceeds from note payable 35,761 12,971
Short-term debt retirement (10,373)
Issuance of Common Stock 28,233 9,009 10,343
Acquisition of Treasury Stock (80,469)
Retirement of Common Stock (917)
Proceeds from sale-leaseback of equipment 1,268
Dividends paid, net (19,538) (19,760) (19,485)
Net cash (used in) provided by financing activities (70,506) (45,909) 63,458
Effect of exchange rate changes on cash (1,977) 135 622
Net (decrease) increase in cash and cash equivalents (10,006) 66,984 19,414
Cash and cash equivalents at beginning of year 112,602 45,618 26,204
Cash and cash equivalents at end of year $102,596 $112,602 $ 45,618
Supplemental disclosures:
Non-cash financing (Note 4) $ 48,732
Cash paid for interest and fees $ 805 $ 3,637 $ 2,162
Cash paid for income taxes $ 29,245 $ 30,670 $ 8,165
The accompanying notes are an integral part of these financial statements.