Plantronics 2000 Annual Report Download - page 24

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CO N SO LIDATED statements of cash f lows
page 22 PLANTRONI CS ANN UAL REPORT 200 0
FISCAL YEAR ENDED M ARCH 3 1 ,
(IN TH OUSANDS) 1 9 9 8 1 9 9 9 2 0 0 0
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $39,189 $54,204 $64,517
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 3,632 4,738 4,272
Deferred income taxes 4,746 3,344 (6,493)
Income tax benefit associated with stock options 4,279 21,734 15,098
Other non-cash charges, net (225) ——
Changes in assets and liabilities:
Accounts receivable, net (4,569) (5,257) (1,674)
Inventory (9,699) 10,852 (14,863)
Other current assets (865) (6,106) 6,277
Other assets 1,113 1,313 (119)
Accounts payable (1,251) 1,126 1,994
Accrued liabilities 6,188 6,846 855
Income taxes payable (3,293) (5,871) 11,273
Cash provided by operating activities 39,245 86,923 81,137
CASH FLOWS FROM INVESTING ACTI VITIES:
Proceeds from maturities of marketable securities __ __ 3,800
Purchase of marketable securities –– –– (8,800)
Capital expenditures and other assets (5,917) (3,806) (15,221)
Cash used for investing activities (5,917) (3,806) (20,221)
CASH FLOWS FROM FINANCING ACTI VITIES:
Retirement of long-term debt —(65,050) —
Purchase of treasury stock (13,162) (46,384) (72,613)
Proceeds from sale of treasury stock 1,250 1,275 2,094
Proceeds from exercise of stock options 1,223 5,140 6,875
Cash used for financing activities (10,689) (105,019) (63,644)
Net increase (decrease) in cash and cash equivalents 22,639 (21,902) (2,728)
Cash and cash equivalents at beginning of year 42,262 64,901 42,999
Cash and cash equivalents at end of year $64,901 $42,999 $40,271
Supplemental disclosures:
Cash paid for:
Interest $ 6,550 $ 6,525 $ 62
Income taxes $12,439 $ 7,913 $13,150
Extraordinary charge on retirement of debt —$ 1,301 —
Noncash financing activities:
Write off of unamortized debt issuance costs —$ 390 —
THE ACCOMPANYING NOTES ARE AN IN TEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.