Plantronics 1998 Annual Report Download - page 12

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Consolidated STATEMENTS OF CASH FLOWS
FISCAL YEAR ENDED MARCH ,
(IN THOUSANDS)1996 19 9 7 1998
CASH FLOWS FROM OPERATING ACTIVITIES:
Income from operations $25,470 $29,671 $39,189
Adjustments to reconcile net income to net cash provided
by operating activities
Depreciation and amortization of property and equipment 2,367 2,935 3,632
Deferred income taxes (745) 2,789 4,746
Other non-cash charges, net 758 649 (225)
Changes in assets and liabilities:
Accounts receivable (8,310) 1,624 (5,024)
Provision for doubtful accounts 575 (50) 455
Inventory (1,150) (2,035) (9,699)
Other current assets (426) 318 (865)
Other assets 471 (459) 1,113
Accounts payable 2,206 1,194 (1,251)
Accrued liabilities 2,271 (251) 6,188
Income taxes payable 3,413 (1,769) 986
Cash provided by operating activities 26,900 34,616 39,245
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (3,903) (8,195) (5,917)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of treasury stock — (12,880) (13,162)
Proceeds from sale of treasury stock —991,250
Proceeds from exercise of stock options 763 1,835 1,223
Cash provided by (used for) financing activities 763 (10,946) (10,689)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (333) — —
Net increase (decrease) in cash and cash equivalents 23,427 15,475 22,639
Cash and cash equivalents at beginning of year 3,360 26,787 42,262
Cash and cash equivalents at end of year $26,787 $42,262 $64,901
Supplemental disclosures:
Cash paid for:
Interest $ 6,608 $ 6,577 $ 6,550
Income taxes $13,557 $14,192 $12,439
Noncash operating and financing activities:
Income tax benefit associated with stock options $ — $ 597 $ 4,279
The accompanying notes are an integral part of these consolidated financial statements.
P.4
ANNUAL REPORT . 199 8
PLANTRONICS