WeightWatchers 2002 Annual Report Download - page 93

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WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONSOLIDATING STATEMENT OF CASH FLOW
FOR THE FISCAL YEAR ENDED APRIL 29, 2000
(IN THOUSANDS)
Non-
Parent Guarantor Guarantor
Company Subsidiaries Subsidiaries Eliminations Consolidated
Operating activities:
Net income .............................. $ 37,759 $ 40,620 $ 3,821 $ (44,441) $ 37,759
Adjustments to reconcile net income to cash provided by
(used for) operating activities: Depreciation and
amortization ............................ 2,326 6,028 932 —9,286
Bond issuance costs ......................... 1,112 —— —1,112
Deferred tax provision ........................ 3,785 4,685 71 —8,541
Unrealized loss on derivative instruments ............ 499 —— —499
Allowance for doubtful accounts ................. (352) (29) (4) —(385)
Reserve for inventory obsolescence, other ........... —3,332 28 —3,360
Other items, net ........................... —(2,492) ——(2,492)
Changes in cash due to:
Receivables ............................. 5,205 (1,295) 9,514 — 13,424
Inventories ............................. — (5,453) 276 — (5,177)
Prepaid expense .......................... 108 (1,691) 782 — (801)
Due from related parties ..................... (15,149) 384 ——(14,765)
Accounts payable ......................... 807 (1,272) (1,047) —(1,512)
Accrued liabilities ......................... 4,039 (1,845) 3,087 — 5,281
Deferred revenue ......................... (1,827) 74 —(1,753)
Income taxes ............................ 90,650 (97,918) 4,776 — (2,492)
Cash provided by (used for) operating activities ...... 130,789 (58,773) 22,310 (44,441) 49,885
Investing activities:
Capital expenditures ......................... (299) (1,004) (571) —(1,874)
Acquisitions of minority interest ................. —(15,900) ——(15,900)
Other items, net ........................... (2,067) 116 84 — (1,867)
Cash used for investing activities ................ (2,366) (16,788) (487) —(19,641)
Financing activities:
Net increase (decrease) in short-term borrowings ....... — 1,235 (6,690) — (5,455)
Parent company investment in subsidiaries ........... (34,693) ——34,693 —
Proceeds from borrowings ..................... 404,260 87,000 ——491,260
Repurchase of common stock ................... (324,476) —— —(324,476)
Payment of dividends ........................ (2,797) (3,120) (4,494) 7,615 (2,796)
Payments on long-term debt .................... (3,312) (218) ——(3,530)
Deferred financing costs ...................... (15,861) —— —(15,861)
Net Parent (settlements) advances ................ (138,998) 14,552 (7,175) 591 (131,030)
Cash (used for) provided by financing activities ...... (115,877) 99,449 (18,359) 42,899 8,112
Effect of exchange rate changes on cash and cash equivalents (1,488) (13,799) (83) 1,542 (13,828)
Net increase in cash and cash equivalents ............. 11,058 10,089 3,381 —24,528
Cash and cash equivalents, beginning of fiscal year ....... (74) 12,376 7,213 —19,515
Cash and cash equivalents, end of fiscal year ........... $ 10,984 $ 22,465 $ 10,594 $ —$ 44,043
F-44