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35
SYSTEMAX INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2010 2009 2008
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 42,551 $ 46,185 $ 52,843
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 14,480 12,353 10,387
Provision for deferred income taxes 4,572 5,704 6,197
Provision for returns and doubtful accounts 3,268 4,698 2,424
Compensation expense related to equity compensation plans 2,496 2,867 3,869
Excess tax benefit from exercises of stock options (1,072) (576) (1,380)
Loss on dispositions and abandonment 83 154 89
Changes in operating assets and liabilities:
Accounts receivable (45,121) (20,907) 6,010
Inventories (5,913) (69,618) (48,924)
Prepaid expenses and other current assets 6,403 (5,490) (16)
Income taxes payable/receivable (3,315) 3,983 602
Accounts payable, accrued expenses and other current liabilities 46,451 25,414 50,318
Net cash provided by operating activities 64,883 4,767 82,419
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Circuit City assets - (14,494)-
Purchase of WStore Europe SA - (4,469)-
Cash acquired WStore Europe SA - 5,438 -
Purchase of certain CompUSA assets - - (30,649)
Purchases of property, plant and equipment (24,747) (18,855) (14,942)
Proceeds from disposals of property, plant and equipment 23 84 72
Net cash used in investing activities (24,724) (32,296) (45,519)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility and short term debt 261,708 - -
Repayments of borrowings on credit facility and short term debt (274,858) (3,614) (3,880)
Proceeds from recovery zone bond 7,949 - -
Repayments of capital lease obligations (1,553) (726) (673)
Dividends paid - (27,611) (37,126)
Proceeds from issuance of common stock 1,017 1,082 1,133
Purchase of treasury stock - (1,174) (5,824)
Excess tax benefit from exercises of stock options 1,072 576 1,380
Net cash used in by financing activities (4,665) (31,467) (44,990)
EFFECTS OF EXCHANGE RATES ON CASH (1,726) 1,338 (3,964)
NET (DECREASE) INCREASE IN CASH
33,768 (57,658) (12,054)
CASH – BEGINNING OF YEAR 58,309 115,967 128,021
CASH – END OF YEAR $ 92.077 $ 58,309 $ 115,967
Supplemental disclosures:
Interest paid $ 1,346 $ 994 $ 536
Income taxes paid $ 21,749 $ 13,909 $ 29,514
Supplemental disclosures of non-cash investing and financing activities:
Acquisitions of equipment through capital leases $ 9,371 $ 765 $ 2,152
See notes to consolidated financial statements.