Columbia Sportswear 2002 Annual Report Download - page 37

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COLUMBIA SPORTSWEAR COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2002 2001 2000
Cash provided by (used in) operating activities:
Netincome.................................................. $102,518 $ 88,824 $ 58,611
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization ................................ 18,685 16,741 13,648
Amortization of unearned compensation ......................... 682 682 682
Loss (gain) on disposal of property, plant, and equipment ........... 165 140 (227)
Deferred income tax provision ................................ 2,895 (2,075) (3,076)
Tax benefit from employee stock plans .......................... 2,749 7,514 2,586
Changes in operating assets and liabilities:
Accounts receivable ....................................... 6,517 (29,379) (13,375)
Inventories .............................................. 23,001 (11,738) (20,520)
Prepaid expenses and other current assets ...................... (2,075) 1,718 (3,231)
Intangibles and other assets ................................. (184) 127 171
Accounts payable ......................................... 11,919 (9,754) 8,848
Accrued liabilities ........................................ 1,679 5,476 8,080
Net cash provided by operating activities .................. 168,551 68,276 52,197
Cash provided by (used in) investing activities:
Capital expenditures .......................................... (38,023) (39,727) (21,233)
Proceeds from sale of property, plant, and equipment ................ 52 64 436
Purchase of trademarks ........................................ — — (7,967)
Net cash used in investing activities ...................... (37,971) (39,663) (28,764)
Cash provided by (used in) financing activities:
Net borrowings of (repayment on) notes payable .................... (16,892) 3,373 (5,953)
Issuance of long-term debt ..................................... — 4,511 —
Repayment on long-term debt ................................... (5,088) (663) (609)
Proceeds from issuance of common stock .......................... 6,924 8,223 4,885
Net cash provided by (used in) financing activities .......... (15,056) 15,444 (1,677)
Net effect of exchange rate changes on cash .......................... 64 (439) (914)
Net increase in cash and cash equivalents ............................ 115,588 43,618 20,842
Cash and cash equivalents, beginning of year ........................ 79,082 35,464 14,622
Cash and cash equivalents, end of year .............................. $194,670 $ 79,082 $ 35,464
Supplemental disclosures of cash flow information:
Cash paid during the year for interest, net of capitalized interest ........ $ 617 $ 3,503 $ 4,595
Cashpaidduringtheyearforincometaxes ........................ 56,569 49,300 37,079
See accompanying notes to consolidated financial statements.
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