Circuit City 2002 Annual Report Download - page 30

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Change in cumulative translation (1,376) $(1,376)
adjustment
Net income 653 653
------- ------ -------- -------- ------- ---------- --------
Total comprehensive loss $ (723)
=========
Balances, December 31, 2001 34,104 382 176,743 134,350 (8,038) (48,489)
Change in cumulative translation5,908 $5,908
adjustment
Net loss(58,939)(58,939)
------- ------ -------- -------- ------- ---------- --------
Total comprehensive loss$(53,031)
=========
Balances, December 31, 200234,104 $382 $176,743 $75,411 $(2,130) $(48,489)
====== ==== ======== ======= ======== =========
See notes to consolidated financial statements.
SYSTEMAX INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000
(IN THOUSANDS)
2002 2001 2000
---- ---- ----
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Net income (loss)$(58,939) $653 $(40,771)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Cumulative effect of accounting change, net50,971
Loss on dispositions and abandonment14,843 2,003
Depreciation and amortization, net13,652 15,143 13,608
Provision for deferred income taxes(3,475) 7,940 230
Provision for returns and doubtful accounts4,581 3,696 12,721
Changes in certain assets and liabilities:
Accounts receivable(5,922) 40,124 (3,263)
Inventories(2,644) 33,946 43,124
Prepaid expenses and other current assets(8,422) 9,037 (1,245)
Income taxes receivable7,755 19,445 (25,486)
Accounts payable and accrued expenses(7,532) (36,381) 9,554
--------- -------- ---------
Net cash provided by operating activities4,868 95,606 8,472
--------- -------- ---------
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES:
Investments in property, plant and equipment(15,367) (24,682) (40,738)
Proceeds from disposals of property, plant and equipment635 856
Deferred payments on acquisitions (249)
--------- -------- ---------
Net cash used in investing activities(14,732) (23,826) (40,987)
--------- -------- ---------
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:
Proceeds of mortgage borrowings18,879
Proceeds (repayments) of borrowings from banks15,253 (45,762) 39,559
Repayments of long-term debt(348) (2,245)
Purchase of treasury shares (9,830)
--------- -------- --------
Net cash provided by (used in) financing activities33,784 (45,762) 27,484
--------- -------- --------
EFFECTS OF EXCHANGE RATES ON CASH2,611 (4,050) 2,057
--------- -------- --------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS26,531 21,968 (2,974)
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR36,464 14,496 17,470
--------- -------- --------
CASH AND CASH EQUIVALENTS - END OF YEAR$62,995 $36,464 $14,496
========= ======== ========
SUPPLEMENTAL DISCLOSURES:
Interest paid$1,375 $2,026 $4,176