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10 Cobra Electronics Corporation
Years Ended December 31,
2009 2008 2007
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(10,272 ) $ (18,839 ) $ (4,422 )
Adjustments to reconcile net loss to net cash flows
from operating activities:
Depreciation and amortization 3,883 5,296 7,925
Tax valuation allowance 8,382 – –
Goodwill impairment – 20,084 –
Impairment – product software, tooling and packaging – 266 3,031
Deferred income taxes (285 ) (1,005 ) (3,251 )
Loss (gain) on cash surrender value (CSV) life insurance (743 ) 1,558 (17 )
Stock–based compensation 229 253 223
Loss on sale of assets 36 – –
Tax benefit from stock options exercised – – 99
Non–controlling interest 2 11 (19 )
Changes in assets and liabilities:
Receivables (3,943 ) 8,329 1,629
Inventories 1,613 4,250 (3,720 )
Other current assets (1,030 ) 1,162 681
Other long–term assets (520 ) 1,888 (2,456 )
Accounts payable 4,421 (4,142 ) 1,128
Accrued income taxes (427 ) 157 (2,029 )
Accrued liabilities (108 ) (4,357 ) 843
Deferred compensation 256 195 463
Deferred income (377 ) (310 ) (749 )
Other long–term liabilities 188 212 (409 )
Net cash flows provided by (used in) operating activities 1,305 15,008 (1,050 )
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1,095 ) (1,166 ) (1,558 )
Premiums on CSV life insurance (274 ) (312 ) (295 )
Purchase of Performance Products Limited – (8,464 ) –
Net cash flow used in investing activities (1,369 ) (9,942 ) (1,853 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Bank borrowings 198 (2,314 ) 3,311
Dividends paid to shareholders – (1,035 ) (1,031 )
Transactions related to exercise of stock options, net – – 288
Other – – 29
Net cash flows provided by (used in) financing activities 198 (3,349 ) 2,597
Effect of exchange rate changes on cash and cash equivalents (714 ) (1,592 ) 288
Net (decrease) increase in cash (580 ) 125 (18 )
Cash at beginning of year 1,985 1,860 1,878
Cash at end of year $ 1,405 $ 1,985 $ 1,860
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ 936 $ 1,008 $ 1,873
Income taxes, net of refunds (449 ) (314 ) 1,533
Consolidated Statements of Cash Flows
(In thousands)