Memorex 2013 Annual Report Download - page 40

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Cash flows from operating activities can fluctuate from period to period as many items can impact cash flows. Cash
provided by operating activities in 2013 was driven primarily by cash from working capital. Operating cash outflows included
restructuring payments of $19.4 million, $8.0 million and $16.9 million in 2013, 2012 and 2011, respectively, and litigation
settlement payments of $18.5 million and $10.9 million in 2012 and 2011, respectively. Also, we contributed $1.5 million,
$5.1 million and $14.2 million in 2013, 2012 and 2011, respectively, to our pension plans worldwide.
During 2012 we recorded a non-cash goodwill impairment charge of $23.3 million and intangible asset impairment
charges of $260.5 million.
Cash Flows Provided by (Used in) Investing Activities:
Years Ended December 31,
2013 2012 2011
(In millions)
Capital expenditures .......................................................... $(7.0) $ (10.2) $ (7.3)
Proceeds from sale of assets and business ......................................... 11.0 1.4 —
Recovery of investments ....................................................... 0.2 0.9 —
Acquisitions, net of cash acquired ................................................ 1.6 (103.8) (47.0)
Purchase of tradename ........................................................ — (4.0) —
Net cash provided by (used in) investing activities .................................. $ 5.8 $(115.7) $(54.3)
In 2013, we received $10.1 million for land classified as held for sale and $0.9 million related to the sale of our Memorex
consumer electronics business. Cash provided by investing activities also included $7.0 million of capital expenditures.
In 2012, we paid $104.6 million related to the acquisition of Nexsan. Cash used in investing activities also included
$10.2 million of capital expenditures and $4.0 million for the acquisition of the IronKey tradename.
In 2011, we paid $47.0 million related to the acquisitions of certain assets of MXI Security for $24.5 million, IronKey for
$19.0 million, Nine Technology for $2.0 million, Encryptx for $1.0 million and ProStor Systems for $0.5 million. Cash used in
investing activities also included $7.3 million of capital expenditures.
See Note 4 — Acquisitions in our Notes to Consolidated Financial Statements for further information regarding our
acquisitions.
Cash Flows (Used in) Provided by Financing Activities:
Years Ended December 31,
2013 2012 2011
(In millions)
Purchase of treasury stock ........................................................ $(2.5) $ (6.5) $(9.7)
Debt issuance costs ............................................................. (0.4) (2.4) —
Debt borrowings ................................................................ 4.9 25.0 —
Debt repayments ............................................................... (4.9) (5.0) —
Contingent consideration payments ................................................. (0.5) (1.2) —
Exercise of stock options ......................................................... — — 0.6
Net cash (used in) provided by financing activities ................................... $(3.4) $ 9.9 $(9.1)
On May, 2, 2012 our Board of Directors authorized a share repurchase program that allowed for the repurchase of
5.0 million shares of common stock. The Company’s previous authorization, which had 1.2 million shares remaining for
purchase, was canceled with the new authorization. Since the inception of this authorization, we have repurchased 1.8 million
shares of common stock at an average price of $4.82 per share and as of December 31, 2013 we had remaining authorization
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