Radio Shack 2008 Annual Report Download - page 57

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RADIOSHACK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Year Ended December 31,
(In millions) 2008 2007 2006
Cash flows from operating activities:
Net income $ 192.4 $ 236.8 $ 73.4
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 99.3 112.7 128.2
Impairment of long-lived assets and other charges 2.8 2.7 44.3
Stock option compensation 10.2 10.7 12.0
Net change in liability for unrecognized tax benefits 4.6 (11.9) --
Deferred income taxes 13.6 16.5 (32.7)
Other non-cash items 16.0 (9.0) 5.1
Provision for credit losses and bad debts 0.6 0.4 0.4
Changes in operating assets and liabilities:
Accounts and notes receivable 15.2 (0.7) 61.8
Inventories 93.6 46.8 212.8
Other current assets (8.7) 5.3 2.5
Accounts payable, accrued expenses, income taxes
payable and other
(165.0)
(31.3)
(193.0)
Net cash provided by operating activities 274.6 379.0 314.8
Cash flows from investing activities:
Additions to property, plant and equipment (85.6) (45.3) (91.0)
Proceeds from sale of property, plant and equipment 0.9 1.5 11.1
Acquisition of Mexican subsidiary, net of cash acquired (42.0) -- --
Other investing activities 2.4 1.8 0.6
Net cash used in investing activities (124.3) (42.0) (79.3)
Cash flows from financing activities:
Purchases of treasury stock (111.3) (208.5) --
Issuance of convertible notes 375.0 -- --
Convertible notes issuance costs (9.4) -- --
Purchase of convertible notes hedges (86.3) -- --
Sale of common stock warrants 39.9 -- --
Sale of treasury stock to employee benefit plans -- -- 10.5
Proceeds from exercise of stock options -- 81.3 1.7
Payments of dividends (31.3) (32.8) (33.9)
Changes in short-term borrowings and outstanding
checks in excess of cash balances, net
(16.8)
10.7
42.2
Repayments of borrowings (5.0) (150.0) (8.0)
Net cash provided by (used in) financing activities 154.8 (299.3) 12.5
Net increase in cash and cash equivalents 305.1 37.7 248.0
Cash and cash equivalents, beginning of period 509.7 472.0 224.0
Cash and cash equivalents, end of period $ 814.8 $ 509.7 $ 472.0
Supplemental cash flow information:
Interest paid $ 26.5 $ 42.6 $ 44.0
Income taxes paid 123.2 112.2 52.9
The accompanying notes are an integral part of these consolidated financial statements.
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