Nautilus 2009 Annual Report Download - page 40

Table of Contents
NAUTILUS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
See accompanying notes to consolidated financial statements.
36
2009 2008
Cash flows from operating activities:
Loss from continuing operations
$
(18,610
)
$
(52,597
)
Loss from discontinued operations
(34,687
)
(37,991
)
Net loss
(53,297
)
(90,588
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
10,739
16,832
Allowance for doubtful accounts
1,315
4,761
Inventory lower
-
of
-
cost
-
or
-
market adjustments
1,562
5,952
Stock
-
based compensation expense
1,207
4,792
Loss on asset disposals
10,250
755
Asset impairments
9,067
30,855
Writeoff of abandoned leasehold improvements and other assets
9,922
—
Deferred income taxes, net of valuation allowances
1,025
14,106
Other
—
816
Changes in operating assets and liabilities:
Trade receivables
23,458
22,475
Inventories
11,003
10,917
Prepaids and other current assets
2,299
4,971
Income taxes
(1,018
)
(2,137
)
Trade payables
(1,252
)
(10,277
)
Accrued liabilities, including warranty obligations
(11,498
)
(8,660
)
Net cash provided by operating activities
14,782
5,570
Cash flows from investing activities:
Proceeds from sale of discontinued operations
7,397
58,435
Proceeds from other asset sales
211
1,379
Refunds of escrow deposits
4,024
5,000
Purchases of equipment and intangible assets
(2,000
)
(4,824
)
Net increase in restricted cash
(4,933
)
—
Payments received on note receivable
—
2,364
Net cash provided by investing activities
4,699
62,354
Cash flows from financing activities:
Decrease in short
-
term borrowings
(17,944
)
(61,230
)
Debt issuance costs
(75
)
(1,954
)
Stock repurchases
—
(
5,320
)
Proceeds from exercises of stock options
—
563
Other
—
(
1,174
)
Net cash used in financing activities
(18,019
)
(69,115
)
Net effect of currency exchange rate changes
280
(1,173
)
Net increase (decrease) in cash and cash equivalents
1,742
(2,364
)
Cash and cash equivalents, beginning of year
5,547
7,911
Cash and cash equivalents, end of year
$
7,289
$
5,547
Supplemental disclosure of cash flow information:
Cash refunded for income taxes
$
11,105
$
9,025
Cash paid for interest
$
227
$
2,677