Rayovac 2008 Annual Report Download - page 132

Table of Contents
Index to Financial Statements
SPECTRUM BRANDS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Years ended September 30, 2008, 2007 and 2006
(In thousands)
2008 2007 2006
Cash flows from operating activities:
Net loss $ (931,545) $ (596,713) $ (433,972)
Loss from discontinued operations (1,245) (40,048) (5,760)
Loss from continuing operations (930,300) (556,665) (428,212)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 55,111 42,365 46,775
Amortization of intangibles 30,707 13,846 23,473
Amortization of debt issuance costs 8,387 11,855 6,872
Amortization of unearned restricted stock compensation 5,098 21,214 15,169
Impairment of goodwill and intangibles 866,934 362,452 432,978
Gain on sale of assets — — (8,876)
Inventory valuation purchase accounting charges — — 204
Deferred income taxes (37,237) 57,145 (52,581)
Writeoff of debt issuance costs — 24,576 —
Non-cash restructuring and related charges 29,726 62,408 41,235
Changes in assets and liabilities, net of acquisitions:
Accounts receivable 5,694 (42,239) 4,604
Inventories 13,069 41,630 (11,826)
Prepaid expenses and other current assets 6,210 (16,892) (2,486)
Accounts payable and accrued liabilities (42,013) (11,736) (26,908)
Other assets and liabilities (21,252) (32,093) 2,006
Net cash (used) provided by operating activities of continuing operations (9,866) (22,134) 42,427
Net cash (used) provided by operating activities of discontinued operations (296) (10,495) 4,365
Net cash (used) provided by operating activities (10,162) (32,629) 46,792
Cash flows from investing activities:
Purchases of property, plant and equipment (21,628) (24,314) (59,924)
Proceeds from sale of property, plant and equipment 285 1,572 5,439
Proceeds from sale of assets held for sale — — 10,641
Payments for acquisitions, net of cash acquired — — (18,501)
Net cash used by investing activities of continuing operations (21,343) (22,742) (62,345)
Net cash provided (used) by investing activities of discontinued operations 15,076 (340) 82,986
Net cash (used) provided by investing activities (6,267) (23,082) 20,641
Cash flows from financing activities:
Reduction of debt (425,073) (2,037,278) (960,199)
Proceeds from debt financing 477,759 2,176,623 898,520
Debt issuance costs (152) (43,969) (5,236)
Proceeds from exercise of stock options — 655 365
Stock option income tax benefit — 37 80
Treasury stock purchases (744) (3,003) (2,263)
Net cash provided (used) by financing activities 51,790 93,065 (68,733)
Effect of exchange rate changes on cash and cash equivalents (441) 4,069 (122)
Net increase (decrease) in cash and cash equivalents 34,920 41,423 (1,422)
Cash and cash equivalents, beginning of period 69,853 28,430 29,852
Cash and cash equivalents, end of period $ 104,773 $ 69,853 $ 28,430
Supplemental disclosure of cash flow information:
Cash paid for interest $ 227,290 $ 200,635 $ 163,705
Cash paid for income taxes, net 16,999 20,596 43,231
See accompanying notes to consolidated financial statements.
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Source: Spectrum Brands, Inc, 10-K, December 10, 2008