Stamps.com 2005 Annual Report Download - page 46

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STAMPS.COM INC.
STATEMENTS OF CASH FLOWS
(in thousands)
The accompanying notes are an integral part of these financial statements .
F-5
2005 2004 2003
Operating activities:
Net income (loss)
$
10,429
$
(4,733
)
$
(9,327
)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Depreciation and amortization
2,936
3,154
3,763
Loss on disposal of capitalized assets
—
987
—
Compensation charge relating to the return of capital dividend
—
1,780
—
Amortization of deferred compensation
—
—
9
Changes in operating assets and liabilities:
Trade accounts receivable
(597
)
(586
)
(286
)
Other accounts receivable
(458
)
607
(464
)
Other current assets
(577
)
(30
)
(277
)
Other assets
298
433
(107
)
Accounts payable and accrued expenses
2,973
1,762
1,164
Net cash provided by (used in) operating activities
15,004
3,374
(5,525
)
Investing activities:
Sale of short
-
term investments
17,241
62,460
34,072
Purchase of short
-
term investments
(18,477
)
(33,321
)
(49,530
)
Sale of long
-
term investments
58,006
92,139
28,459
Purchase of long
-
term investments
(63,828
)
(62,830
)
(43,995
)
Sale of restricted cash investments
—
3,168
641
Purchase of restricted cash investments
—
—
(
554
)
Acquisition of property and equipment
(2,856
)
(2,296
)
(782
)
Purchase of intellectual property and intangible assets —
—
(
1,100
)
Net cash (used in) provided by investing activities
(9,914
)
59,320
(32,789
)
Financing activities:
Proceeds from exercise of stock options
6,425
1,388
601
Issuance of common stock under ESPP
381
285
137
Return of capital dividend
—
(
77,695
) —
Repurchase of common stock
(2,326
) —
(
2,673
)
Net cash provided by (used in) financing activities
4,480
(76,022
)
(1,935
)
Net increase (decrease) in cash and cash equivalents
9,570
(13,328
)
(40,249
)
Cash and cash equivalents at beginning of period
11,198
24,526
64,775
Cash and cash equivalents at end of period $
20,768
$
11,198
$
24,526