Garmin 2001 Annual Report Download - page 38

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37
Garmin Ltd. and Subsidiaries
Consolidated Statements of Cash Flows
(In Thousands)
Year Ended
December 29, 2001 December 30, 2000 December 25, 1999
Operating activities
Net income $113,448 $105,663 $64,167
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 7,341 7,104 5,554
Amortization 3,527 465 18
Loss on disposal of property and equipment 23 1,605 136
Provision for doubtful accounts 1,137 911 825
Provision for obsolete and slow-moving inventories 4,000 5,915 1,202
Foreign currency translation (5,593) (4,831) 4,128
Deferred income taxes 4,806 (4,464) 835
Net sale of trading securities – – 2,173
Changes in operating assets and liabilities:
Accounts receivable (17,894) (3,250) (14,657)
Inventories 22,958 (48,024) (14,119)
Prepaid expenses and other current assets (447) (373) (508)
Accounts payable (2,657) 7,961 5,888
Accrued expenses (1,016) 999 1,278
Income taxes payable 358 13,812 (8,450)
Net cash provided by operating activities 129,991 83,493 48,470
Purchases of property and equipment (14,883) (24,821) (32,195)
Proceeds from sale of property and equipment 239 5,919 69
Purchases of marketable securities (1,684,985) ––
Sales of marketable securities 1,553,401 ––
Purchase of assets of Sequoia Instruments, Inc. (3,625) ––
Purchases of licenses (12,028) (4,251) –
Change in restricted cash 4,239 (5,856) –
Other (748) 95 (176)
Net cash used in investing activities (158,390) (28,914) (32,302)
Financing activities
Dividends – (28,954) (7,530)
Proceeds from issuance of common stock,
net of offering costs – 104,414 –
Proceeds from issuance of common stock through
stock purchase plan 1,464 ––
Proceeds from issuance of common stock from
exercise of stock options 71 ––
Proceeds from issuance of notes payable and
long-term debt – – 18,040
Proceeds from issuance of Industrial Revenue Bonds – 20,000 –
Principal payments on long-term debt (14,189) ––
Principal payments on notes payable – (5) (357)
Purchases of common stock (9,834) ––
Net cash (used in) provided by financing activities (22,488) 95,455 10,153
Effect of exchange rate changes on cash (8,002) (2,382) (2,602)
Net (decrease) increase in cash and cash equivalents (58,889) 147,652 23,719
Cash and cash equivalents at beginning of year 251,731 104,079 80,360
Cash and cash equivalents at end of year $192,842 $251,731 $104,079