Rayovac 2004 Annual Report Download - page 70

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RAYOVAC CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Years ended September 30, 2004, 2003 and 2002
(In thousands)
2004 2003 2002
Cash flows from operating activities:
Net income .............................................. $ 55,780 $ 15,482 $ 29,237
Adjustments to reconcile net income to net cash provided by
operating activities:
Discontinued operations .................................... 380 — —
Depreciation ............................................. 34,337 31,133 18,828
Loss on early retirement of debt .............................. — 3,072 —
Amortization of intangibles ................................. 955 438 173
Amortization of debt issuance costs ........................... 4,162 1,957 1,642
Amortization of unearned restricted stock compensation .......... 5,291 3,426 1,331
Deferred income taxes ..................................... 6,725 (9,533) 4,863
Stock option income tax benefit .............................. 8,766 123 37
Other non-cash charges .................................... 1,586 15,728 766
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable ....................................... 978 6,002 26,272
Inventories .............................................. (30,933) 6,369 3,579
Prepaid expenses and other assets ............................ (8,361) 15,105 (4,142)
Accounts payable and accrued liabilities ....................... 25,192 (13,095) (15,760)
Net cash provided by operating activities .......................... 104,858 76,207 66,826
Cash flows from investing activities:
Purchases of property, plant and equipment ..................... (26,892) (26,125) (15,641)
Proceeds from sale of property, plant and equipment and
investments ............................................ 30 132 168
Payments for acquisitions, net of cash acquired .................. (41,714) (420,403) —
Net cash used by investing activities .............................. (68,576) (446,396) (15,473)
Cash flows from financing activities:
Reduction of debt ......................................... (391,848) (560,405) (224,431)
Proceeds from debt financing ................................ 241,500 1,062,580 169,100
Debt issuance costs ........................................ (1,350) (29,933) (387)
Payments on capital lease obligations ......................... (110) (1,167) (590)
Payments from (loans to) officers/shareholders .................. — 600 (540)
Proceeds from exercise of stock options ....................... 21,127 176 134
Net cash (used) provided by financing activities ..................... (130,681) 471,851 (56,714)
Net cash used by discontinued operations .......................... (336) — —
Effect of exchange rate changes on cash and cash equivalents .......... 2,750 (3,769) 3,884
Net (decrease) increase in cash and cash equivalents ................. (91,985) 97,893 (1,477)
Cash and cash equivalents, beginning of period ..................... 107,774 9,881 11,358
Cash and cash equivalents, end of period ........................... $ 15,789 $ 107,774 $ 9,881
Supplemental disclosure of cash flow information:
Cash paid for interest ...................................... $ 49,415 $ 34,267 $ 14,671
Cash paid for income taxes, net .............................. 28,326 7,555 11,373
See accompanying notes to consolidated financial statements.
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