Plantronics 1999 Annual Report Download - page 13

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PLANTRONICS ANNUAL REPORT 1999 page 11
Consolidated statements of cash flows
FISCAL YEAR ENDED MARCH 31,
(IN THOUSANDS) 1997 199 8 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $29,671 $39,189 $ 54,204
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization of property
and equipment 2,935 3,632 4,738
Deferred income taxes 2,789 4,746 3,344
Provision for doubtful accounts (50) 455 574
Other non-cash charges, net 649 (225) —
Changes in assets and liabilities:
Accounts receivable 1,624 (5,024) (5,831)
Inventory (2,035) (9,699) 10,852
Other current assets 318 (865) (6,106)
Other assets (459) 1,113 1,313
Accounts payable 1,194 (1,251) 1,126
Accrued liabilities (251) 6,188 6,846
Income taxes payable (1,769) 986 15,863
Cash provided by operating activities 34,616 39,245 86,923
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (8,195) (5,917) (3,806)
CASH FLOWS FROM FINANCING ACTIVITIES:
Retirement of long-term debt — — (65,050)
Purchase of treasury stock (12,880) (13,162) (46,384)
Proceeds from sale of treasury stock 99 1,250 1,275
Proceeds from exercise of stock options 1,835 1,223 5,140
Cash provided by (used for) financing activities (10,946) (10,689) (105,019)
Net increase (decrease) in cash and cash equivalents 15,475 22,639 (21,902)
Cash and cash equivalents at beginning of year 26,787 42,262 64,901
Cash and cash equivalents at end of year $42,262 $64,901 $ 42,999
Supplemental disclosures:
Cash paid for:
Interest $ 6,577 $ 6,550 $ 6,525
Income taxes $14,192 $12,439 $ 7,913
Extraordinary charge on retirement of debt — — $ 1,301
Noncash operating and financing activities:
Income tax benefit associated with stock options $ 597 $ 4,279 $ 21,734
Write off of unamortized debt issuance costs — — $ 390
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.