3Ware 1999 Annual Report Download - page 28

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Fiscal Year Ended March 31,
(in thousands) 1997 1998 1999
Operating Activities
Net income $ 6,316 $ 15,216 $ 17,133
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 5,185 5,174 7,045
Write-offs of inventories 452 600 180
Amortization of deferred compensation — 127 860
Loss on disposals of property — — 221
Adjustment for change in Cimaron year end — — (1,341)
Changes in operating assets and liabilities:
Accounts receivables 1,058 (3,761) (7,096)
Inventories (1,146) (1,255) (1,808)
Other current assets (116) (1,607) (678)
Accounts payable (1,553) 2,787 (84)
Accrued payroll and other accrued liabilities 1,562 2,418 8,704
Deferred income taxes — (3,882) (691)
Deferred revenue (25) 1,067 (434)
Net cash provided by operating activities 11,733 16,884 22,011
Investing Activities
Proceeds from sales and maturities of short-term investments 7,944 66,547 187,787
Purchase of short-term investments (11,512) (119,874) (199,394)
Repayments (advances) on notes receivable from officers and employees (608) (366) 262
Purchase of property, equipment and other assets (2,855) (11,342) (16,490)
Net cash used for investing activities (7,031) (65,035) (27,835)
Financing Activities
Proceeds from issuance of Common Stock, net 42 52,413 9,062
Repurchase of Common Stock (145) — —
Repurchase of Convertible Preferred Stock — (3,877) —
Payments on notes receivable from stockholders 18 12 46
Payments on capital lease obligations (2,824) (2,691) (2,110)
Payments on long-term debt (582) (37) (792)
Proceeds from equipment financed under capital leases — — 2,342
Issuance of long-term debt — 3,303 4,346
Net cash provided by (used for) financing activities (3,491) 49,123 12,894
Net increase in cash and cash equivalents 1,211 972 7,070
Cash and cash equivalents at beginning of year 4,277 5,488 6,460
Cash and cash equivalents at end of year $ 5,488 $ 6,460 $ 13,530
Supplemental disclosure of cash flow information:
Cash paid for interest $ 656 $ 380 $ 542
Cash paid for income taxes $ 770 $ 3,251 $ 4,274
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Capital lease obligations of approximately $1.2 million and $282,000 were incurred during fiscal years 1997 and 1998,
respectively. During the fiscal year 1998, notes were received for the exercise of stock options totaling $455,000.
See accompanying notes.
CONSOLIDATED STATEMENTS OF CASH FLOWS
26
1999
AMCC