Sunbeam 2001 Annual Report Download - page 14

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Consolidated Statements of Cash Flows
(in thousands)
Year ended December 31,
2001 2000 1999
Cash flows from operating activities
Net income (loss) ....................................... $(85,429) $ 4,922 $ 29,192
Reconciliation of net income (loss) to net cash provided by
operating activities:
Depreciation.......................................... 13,427 14,533 12,030
Amortization ......................................... 5,370 6,778 5,667
Loss (gain) on divestitures of assets and product lines .... 122,887 — (19,678)
Loss on disposal of fixed assets ......................... 402 338 152
Special charges (credits) and reorganization expenses .... 680 (1,600) 2,314
Write-off of debt issuance and amendment costs......... 1,507 — —
Deferred taxes on income.............................. (27,804) 3,892 (4,215)
Deferred employee benefits ............................ 378 (40) 1,297
Minority interest...................................... 153 (259) —
Other, net ............................................ 310 450 (459)
Changes in working capital components, net of effects
from acquisitions and divestitures:
Accounts receivable ................................... 4,351 6,678 1,760
Inventories ........................................... 11,219 5,952 (7,023)
Accounts payable ..................................... 794 (12,613) (1,086)
Accrued salaries, wages and employee benefits........... 2,212 (2,589) 510
Other current assets and liabilities ...................... (10,600) (7,298) 1,863
Net cash provided by operating activities ............. 39,857 19,144 22,324
Cash flows from financing activities
Proceeds from revolving credit borrowings ................ 41,050 57,332 37,260
Payments on revolving credit borrowings ................. (47,650) (41,940) (36,652)
Proceeds from issuance of long-term debt ................. — — 150,995
Payments on long-term debt ............................. (45,585) (19,094) (37,076)
Debt issue cost.......................................... — — (2,262)
Debt modification cost .................................. (867) — —
Proceeds from issuance of common stock ................. 815 1,219 1,672
Purchase of treasury stock ............................... — (10,485) (3,146)
Net cash provided (used) by financing activities ......... (52,237) (12,968) 110,791
Cash flows from investing activities
Capital expenditures .................................... (9,707) (13,637) (16,628)
Insurance proceeds from property casualty ................ 1,535 — —
Proceeds from sale of property, plant and equipment....... 70 105 1,658
Acquisitions of businesses, net of cash acquired............ — (6,930) (151,278)
Proceeds from divestitures of assets and product lines ...... 21,001 220 29,305
Proceeds from the surrender of insurance contracts ........ 6,706 — —
Proceeds from insurance contracts loaned to former
officers ............................................... (4,059) — —
Investments in insurance contracts ....................... — — (274)
Other, net .............................................. (93) (25) 42
Net cash provided (used) by investing activities.......... 15,453 (20,267) (137,175)
Net increase (decrease) in cash ......................... 3,073 (14,091) (4,060)
Cash and cash equivalents, beginning of year ............... 3,303 17,394 21,454
Cash and cash equivalents, end of year ................ $ 6,376 $ 3,303 $ 17,394
The accompanying notes are an integral part of the consolidated financial statements.
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