Lumber Liquidators 2008 Annual Report Download - page 58

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Lumber Liquidators, Inc.
Consolidated Statements of Cash Flows
(in thousands)
Year Ended December 31,
2008 2007 2006
Cash Flows from Operating Activities:
Net Income .................................................. $22,149 $ 11,326 $ 12,898
Adjustments to Reconcile Net Income to Net Cash Provided by Operating
Activities:
Depreciation and Amortization .............................. 4,350 3,627 2,908
Deferred Income Taxes .................................... 486 377 (697)
Stock-Based Compensation Expense .......................... 9 6,211 1,449
Excess Tax Benefits on Stock Option Exercises ................. (40) — —
Accretion of Redeemable Preferred Stock ...................... — 43 51
Changes in Operating Assets and Liabilities:
Merchandise Inventories ............................... (16,707) (20,266) (21,749)
Accounts Payable ..................................... (281) (642) 7,884
Customer Deposits and Store Credits ..................... 809 2,805 (556)
Prepaid Expenses and Other Current Assets ................ (1,476) 1,264 (2,590)
Other Assets and Liabilities ............................. 62 3,767 1,812
Net Cash Provided by Operating Activities ................... 9,361 8,512 1,410
Cash Flows from Investing Activities:
Purchases of Property and Equipment ............................. (6,560) (5,977) (2,719)
Purchase of Intangible Asset .................................... (800) — —
Net Cash Used in Investing Activities ........................ (7,360) (5,977) (2,719)
Cash Flows from Financing Activities:
Proceeds from Exercise of Stock Options .......................... 203 — —
Excess Tax Benefits on Stock Option Exercises ..................... 40 — —
Repayments of Long-Term Debt and Capital Lease Obligations ........ (121) (15,908) (2,221)
Common Stock Purchased Pursuant to Equity Compensation Plans ...... (152) — —
Net Proceeds from Sale of Common Stock ......................... — 36,150 —
Proceeds from Long-Term Borrowings and Revolving Line ........... — 6,426 1,464
Net Cash (Used In) Provided by Financing Activities .......... (30) 26,668 (757)
Net Increase (Decrease) in Cash and Cash Equivalents ................. 1,971 29,203 (2,066)
Cash and Cash Equivalents, Beginning of Year ....................... 33,168 3,965 6,031
Cash and Cash Equivalents, End of Year ............................ $ 35,139 $ 33,168 $ 3,965
See accompanying notes to consolidated financial statements
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