Columbia Sportswear 2003 Annual Report Download - page 41

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COLUMBIA SPORTSWEAR COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2003 2002 2001
Cash provided by (used in) operating activities:
Netincome ................................................ $120,121 $102,518 $ 88,824
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization ............................... 23,065 18,685 16,741
Amortization of unearned compensation ....................... — 682 682
Loss on disposal of property, plant, and equipment ............... 268 165 140
Deferred income tax provision ............................... (4,002) 2,895 (2,075)
Tax benefit from employee stock plans ........................ 7,455 2,749 7,514
Changes in operating assets and liabilities:
Accounts receivable ..................................... (30,825) 6,517 (29,379)
Inventories ............................................. (16,635) 23,001 (11,738)
Prepaid expenses and other current assets .................... 439 (2,075) 1,718
Intangibles and other assets ............................... (279) (184) 127
Accounts payable ....................................... 7,726 11,919 (9,754)
Accrued liabilities ....................................... 13,766 1,679 5,476
Net cash provided by operating activities ................. 121,099 168,551 68,276
Cash provided by (used in) investing activities:
Mountain Hardwear net assets acquired, net of cash ................ (29,865) — —
Capital expenditures ......................................... (17,118) (38,023) (39,727)
Proceeds from sale of property, plant, and equipment ............... 103 52 64
Net cash used in investing activities ..................... (46,880) (37,971) (39,663)
Cash provided by (used in) financing activities:
Proceeds from notes payable .................................. 7,858 5,125 158,442
Repaymentsonnotespayable.................................. (17,804) (22,017) (155,069)
Repayment of Mountain Hardwear debt .......................... (6,413) — —
Issuance of long-term debt .................................... — — 4,511
Repayment on long-term debt .................................. (4,504) (5,088) (663)
Proceeds from issuance of common stock ........................ 16,072 6,924 8,223
Repurchase of unvested common stock .......................... (498) — —
Net cash provided by (used in) financing activities ......... (5,289) (15,056) 15,444
Net effect of exchange rate changes on cash ......................... 985 64 (439)
Net increase in cash and cash equivalents .......................... 69,915 115,588 43,618
Cash and cash equivalents, beginning of year ....................... 194,670 79,082 35,464
Cash and cash equivalents, end of year ............................ $264,585 $194,670 $ 79,082
Supplemental disclosures of cash flow information:
Cash paid during the year for interest, net of capitalized interest ...... $ 1,658 $ 2,407 $ 3,503
Cashpaidduringtheyearforincometaxes ....................... 57,284 56,569 49,300
Supplemental disclosures of non-cash financing activities:
Assumption of Mountain Hardwear debt ......................... $ 6,413 $ — $ —
See accompanying notes to consolidated financial statements.
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