Garmin 2002 Annual Report Download - page 43

Download and view the complete annual report

Please find page 43 of the 2002 Garmin annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 76

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76

Garmin Ltd. and Subsidiaries
Consolidated Statements of Cash Flows
(In Thousands)
Year Ended
December 28, 2002 December 29, 2001 December 30, 2000
Operating activities
Net income $142,797 $113,448 $105,663
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 8,279 7,341 7,104
Amortization 7,852 3,527 465
(Gain) Loss on disposal of property and equipment (7) 23 1,605
Provision for doubtful accounts 941 1,137 911
Provision for obsolete and slow-moving inventories 688 4,000 5,915
Foreign currency translation 600 (5,593) (4,831)
Deferred income taxes (573) (2,023) (4,464)
Changes in operating assets and liabilities:
Accounts receivable (10,854) (17,894) (3,250)
Inventories 3,173 22,958 (48,024)
Prepaid expenses and other current assets (1,568) (447) (373)
Accounts payable 13,604 (2,657) 7,961
Accrued expenses 9,716 (1,016) 999
Income taxes payable 760 7,187 13,812
Net cash provided by operating activities 175,408 129,991 83,493
Investing activities
Purchases of property and equipment (12,424) (14,883) (24,821)
Proceeds from sale of property and equipment 18 239 5,919
Purchases of marketable securities (869,112) (1,684,985) –
Sales of marketable securities 753,998 1,553,401 –
Purchase of assets of Sequoia Instruments, Inc. – (3,625) –
Purchases of licenses (13,525) (12,028) (4,251)
Change in restricted cash 24,239 (5,856)
Other (29) (748) 95
Net cash used in investing activities (141,072) (158,390) (28,914)
Financing activities
Dividends ––(28,954)
Proceeds from issuance of common stock,
net of offering costs ––104,414
Proceeds from issuance of common stock
through stock purchase plan 1,049 1,464 –
Proceeds from issuance of common stock
from exercise of stock options 1,026 71 –
Proceeds from issuance of Industrial Revenue Bonds – – 20,000
Principal payments on long-term debt (12,236) (14,189) –
Principal payments on notes payable – – (5)
Purchases of common stock – (9,834) –
Net cash (used in) provided by financing activities (10,161) (22,488) 95,455
Effect of exchange rate changes on cash (249) (8,002) (2,382)
Net increase (decrease) in cash and cash equivalents 23,926 (58,889) 147,652
Cash and cash equivalents at beginning of year 192,842 251,731 104,079
Cash and cash equivalents at end of year $216,768 $192,842 $251,731
42