Redbox 2003 Annual Report Download - page 42

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COINSTAR, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2003 2002 2001
OPERATING ACTIVITIES:
Net income (loss) ....................................................... $ 19,555 $ 58,513 $ (7,386)
Loss from discontinued operations ........................................ — — 9,127
Income from continuing operations ......................................... 19,555 58,513 1,741
Adjustments to reconcile income from operations to net cash provided by operating
activities:
Depreciation and amortization ........................................... 27,144 25,851 26,475
Loss on early retirement of debt .......................................... — 6,308 —
Non-cash stock-based compensation ...................................... (65) 878 195
Deferred taxes ........................................................ 10,558 (42,555) —
Cash provided (used) by changes in operating assets and liabilities
Prepaid expenses and other current assets ................................... (542) (319) 279
Other assets .......................................................... (159) (1,196) (35)
Accounts payable ..................................................... (1,047) (2,652) 1,793
Accrued liabilities payable to retailers ..................................... (876) 7,380 11,091
Accrued liabilities ..................................................... (1,066) (1,531) 3,834
Net cash provided by discontinued operations ............................... — — 1,429
Net cash provided by operating activities ................................... 53,502 50,677 46,802
INVESTING ACTIVITIES:
Purchase of available-for-sale securities .................................... (352) — —
Purchases of fixed assets, net of proceeds ................................... (24,864) (22,112) (18,494)
Purchase of intangible assets ............................................. (783) — —
Net cash used by discontinued investing activities ............................ — — (617)
Net cash used by investing activities ....................................... (25,999) (22,112) (19,111)
FINANCING ACTIVITIES:
Principal payments on long-term debt obligations ............................ (27,519) (85,846) (1,016)
Borrowings under long-term debt obligations ............................... 7,500 58,000 —
Net cash used for early retirement of debt .................................. — (4,878) —
Proceeds from sale of common stock, net of issuance costs .....................——64
Company stock repurchased ............................................. (15,287) (7,496) —
Proceeds from exercise of stock options and issuance of shares under employee
stock purchase plan .................................................. 3,699 8,276 8,461
Net cash (used) provided by financing activities ............................. (31,607) (31,944) 7,509
Effect of exchange rate changes on cash .................................... 925 287 51
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND CASH
BEING PROCESSED .................................................... (3,179) (3,092) 35,251
CASH, CASH EQUIVALENTS AND CASH BEING PROCESSED:
Beginning of year ..................................................... 102,843 105,935 70,684
End of year .......................................................... $ 99,664 $102,843 $105,935
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for interest ...................................... $ 1,486 $ 5,013 $ 8,160
Cash paid during the period for taxes ...................................... 1,015 — —
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING
ACTIVITIES:
Purchase of vehicles financed by capital lease obligations ...................... $ 1,001 $ 1,203 $ 1,027
Stock issued in connection with purchase of minority interest of subsidiary ........ — — 1,000
Financing costs written off upon retirement of debt ........................... — 1,430 —
Cashless exercise of warrants ............................................ — — 723
See notes to consolidated financial statements
38