Nautilus 2005 Annual Report Download - page 44

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Table of Contents
NAUTILUS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2005, 2004 AND 2003
(In Thousands)
(Continued)
43
2005
2004
2003
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
23,000
$
29,985
$
34,402
Adjustments to reconcile net income to net cash (used in) provided by operating
activities:
Depreciation and amortization
16,354
11,972
12,274
(Decrease) increase in allowance for notes receivable
—
(
594
)
594
Amortization of unearned stock compensation
363
340
156
(Gain) loss on disposal of property, plant and equipment
17
(1,214
)
119
Tax benefit of exercise of nonqualified options
1,788
1,285
541
Deferred income taxes
(437
)
860
(663
)
Changes in assets and liabilities, net of the effect of acquisitions:
Trade receivables
(16,261
)
(19,702
)
(23,966
)
Inventories
(33,342
)
4,693
11,650
Prepaid expenses and other assets
(1,564
)
(1,036
)
(837
)
Trade payables
2,228
22,774
(6,672
)
Income taxes payable
(4,600
)
2,261
3,178
Accrued liabilities
2,315
(5,991
)
12,214
Customer deposits
493
1,373
731
Net cash (used in) provided by operating activities
(9,646
)
47,006
43,721
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment
(31,771
)
(9,043
)
(7,017
)
Proceeds from sale of property, plant and equipment
2,972
641
54
Net increase in other assets
(449
)
(596
)
(640
)
Acquisitions, net of cash acquired
(73,689
)
—
—
Purchases of short
-
term investments
(49,352
)
(126,143
)
(99,833
)
Proceeds from maturities of short
-
term investments
134,671
92,106
66,129
Net decrease in notes receivable
8
453
474
Net cash used in investing activities
(17,610
)
(42,582
)
(40,833
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid on common stock
(13,351
)
(13,091
)
(13,030
)
Stock repurchases
(15,636
)
—
(
1,422
)
Proceeds from exercise of stock options
5,609
6,569
979
Short
-
term borrowings, net
40,147
—
—
Principal payments on long
-
term debt
(300
)
—
—
Net cash provided by (used in) financing activities
16,469
(6,522
)
(13,473
)
Effect of foreign currency exchange rate changes
(495
)
12
218