Columbia Sportswear 2004 Annual Report Download - page 41

COLUMBIA SPORTSWEAR COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2004 2003 2002
Cash provided by (used in) operating activities:
Netincome ............................................... $138,624 $ 120,121 $ 102,518
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization .............................. 18,628 23,065 18,685
Amortization of unearned compensation ...................... — — 682
Loss on disposal of property, plant, and equipment .............. 541 268 165
Deferred income tax provision .............................. (2,584) (4,002) 2,895
Tax benefit from employee stock plans ....................... 6,828 7,455 2,749
Changes in operating assets and liabilities:
Accounts receivable .................................... (51,375) (30,825) 6,517
Inventories ........................................... (32,908) (16,635) 23,001
Prepaid expenses and other current assets ................... (4,951) 439 (2,075)
Intangibles and other assets .............................. (550) (279) (184)
Accounts payable ...................................... 9,357 7,726 11,919
Accrued liabilities ..................................... 7,783 5,194 1,772
Incometaxespayable ................................... 3,464 8,572 (93)
Other liabilities ........................................ 841 — —
Net cash provided by operating activities ............... 93,698 121,099 168,551
Cash provided by (used in) investing activities:
Mountain Hardwear net assets acquired, net of cash ............... — (29,865) —
Purchases of short-term investments ........................... (679,195) (672,415) (421,300)
Sales of short-term investments ............................... 679,440 640,465 341,600
Capital expenditures ........................................ (44,490) (17,118) (38,023)
Proceeds from sale of property, plant, and equipment .............. 40 103 52
Increase in other liabilities ................................... 570 — —
Net cash used in investing activities ................... (43,635) (78,830) (117,671)
Cash provided by (used in) financing activities:
Proceeds from notes payable ................................. 8,325 7,858 5,125
Repaymentsonnotespayable ................................ (8,325) (17,804) (22,017)
Repayment of Mountain Hardwear debt ........................ — (6,413) —
Repayment on long-term debt ................................ (4,588) (4,504) (5,088)
Proceeds from issuance of common stock ....................... 18,362 16,072 6,924
Repurchaseofcommonstock ................................ (43,061) (498) —
Net cash used in financing activities ................... (29,287) (5,289) (15,056)
Net effect of exchange rate changes on cash ....................... 5,112 985 64
Net increase in cash and cash equivalents ......................... 25,888 37,965 35,888
Cash and cash equivalents, beginning of year ...................... 104,135 66,170 30,282
Cash and cash equivalents, end of year ........................... $130,023 $ 104,135 $ 66,170
Supplemental disclosures of cash flow information:
Cash paid during the year for interest, net of capitalized interest ..... $ 592 $ 1,658 $ 2,407
Cashpaidduringtheyearforincometaxes ...................... 70,075 57,284 56,569
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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