WeightWatchers 2002 Annual Report Download - page 91

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WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONSOLIDATING STATEMENT OF CASH FLOW
FOR THE FISCAL YEAR ENDED DECEMBER 29, 2001
(IN THOUSANDS)
Non-
Parent Guarantor Guarantor
Company Subsidiaries Subsidiaries Eliminations Consolidated
Operating activities:
Net income .............................. $147,187 $ 99,202 $10,083 $(109,285) $ 147,187
Adjustments to reconcile net income to cash provided by
(used for) operating activities:
Depreciation and amortization .................. 2,311 10,346 586 —13,243
Amortization of deferred financing costs ............ 2,097 —— —2,097
Deferred tax (benefit) provision .................. (77,663) 6,594 ——(71,069)
Unrealized loss on derivative instruments ............ 1,125 —— —1,125
Accounting for equity investment ................. 17,344 —— —17,344
Allowance for doubtful accounts ................. 6,123 207 ——6,330
Reserve for inventory obsolescence, other ........... —2,718 ——2,718
Foreign currency exchange rate (gain) loss ........... (6,501) 29 (24) —(6,496)
Extraordinary charges from early extinguisment of debt . . . 2,875 —— —2,875
Other items, net ........................... —46 145 —191
Changes in cash due to:
Receivables ............................. 4,279 (3,539) (509) — 231
Inventories ............................. —(10,531) (1,364) —(11,895)
Prepaid expense .......................... (301) (4,740) (564) —(5,605)
Intercompany receivables/payables ............... 151,062 (146,455) (4,607) ——
Accounts payable ......................... 180 5,173 (152) — 5,201
Accrued liabilities ......................... 2,546 (645) 1,242 — 3,143
Deferred revenue ......................... —6,295 995 —7,290
Income taxes ............................ (11,493) 19,057 90 — 7,654
Cash provided by (used for) operating activities ...... 241,171 (16,243) 5,921 (109,285) 121,564
Investing activities:
Capital expenditures ......................... (269) (2,724) (841) —(3,834)
Advances and interest to equity investment .......... (17,344) —— —(17,344)
Cash paid for acquisitions ..................... —(97,877) ——(97,877)
Other items, net ........................... 310 (1,276) (97) —(1,063)
Cash used for investing activities ................ (17,303) (101,877) (938) —(120,118)
Financing activities:
Net increase in short-term borrowings .............. 175 573 ——748
Proceeds from borrowings ..................... 60,042 —— —60,042
Parent company investment in subsidiaries ........... (240,936) ——240,936 —
Payment of dividends ........................ (1,500) (4,893) (3,732) 8,625 (1,500)
Payments on long-term debt .................... (28,466) (22,347) ——(50,813)
Deferred financing costs ...................... (2,406) —— —(2,406)
Net Parent advances ......................... — 142,449 995 (143,444) —
Purchase of treasury stock ..................... (27,132) —— —(27,132)
Cost of public equity offering ................... (1,017) —— —(1,017)
Proceeds from sale of common stock .............. 525 —— — 525
Proceeds from stock options exercised .............. 198 —— — 198
Cash (used for) provided by financing activities ......... (240,517) 115,782 (2,737) 106,117 (21,355)
Effect of exchange rate changes on cash and cash equivalents (3,820) (49) (553) 3,168 (1,254)
Net (decrease) increase in cash and cash equivalents ...... (20,469) (2,387) 1,693 — (21,163)
Cash and cash equivalents, beginning of fiscal year ....... 26,699 11,191 6,611 —44,501
Cash and cash equivalents, end of fiscal year ........... $ 6,230 $ 8,804 $ 8,304 $ —$ 23,338
F-42