Audiovox 2004 Annual Report Download - page 61

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AUDIOVOX CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Years Ended November 30, 2002, 2003 and 2004
(In thousands)
2002 2003 2004
−−−−−−−−−−− −−−−−−−−−−− −−−−−−−−−−−
Cash flows from operating activities:
Net income (loss) $ (14,040) $ 11,239 $ 77,200
Net (income) loss from discontinued operations 15,176 (3,247) (77,191)
Cumulative effect of a change in accounting for negative
goodwill (240) −− −−
−−−−−−−−−−− −−−−−−−−−−− −−−−−−−−−−−
Net income (loss) from continuing operations 896 7,992 9
Adjustments to reconcile net income to net cash provided by (used in)
continuing operating activities:
Depreciation and amortization 3,666 3,525 2,723
Provision for bad debt expense 1,402 577 141
Equity in income of equity investees (1,820) (3,274) (4,234)
Other−than−temporary decline in market value of investment
security 1,158 21 −−
Minority interest (314) (676) 648
Deferred income tax expense (benefit), net (2,725) (1,859) 1,669
Loss (gain) on disposal of property, plant and equipment, net (69) 255 −−
Tax benefit on stock options exercised −− 216 227
Non−cash stock compensation −− 685 371
Changes in operating assets and liabilities, net of assets and liabilities
acquired:
Accounts receivable (8,045) (48,147) 23,236
Inventory (53,612) (23,269) 11,823
Receivables from vendors 466 (3,859) (2,565)
Prepaid expenses and other (8,068) (1,517) 4,878
Investment securities−trading (125) (1,312) 393
Accounts payable, accrued expenses and other current
liabilities and accrued sales incentives 19,348 28,431 (12,392)
Income taxes payable 400 6,672 29,676
Change in assets and liabilities of discontinued operations 70,512 64,338 30,103
−−−−−−−−−−− −−−−−−−−−−− −−−−−−−−−−−
Net cash provided by operating activities 23,070 28,799 86,706
−−−−−−−−−−− −−−−−−−−−−− −−−−−−−−−−−
Cash flows from investing activities:
Purchases of property, plant and equipment (2,159) (5,257) (4,782)
Proceeds from sale of property, plant and equipment 7,250 265 212
Proceeds from distribution from an equity investee 947 1,316 4,131
Net proceeds from issuance (repurchase) of subsidiary shares 22,158 −− (6,893)
Proceeds from sale of assets to equity investee −− 3,600 −−
Net proceeds from sale of Cellular business −− −− 127,317
Purchase of short−term investments −− −− (124,237)
(Purchase) proceeds of acquired business, net of acquired cash (7,106) (40,046) 513
−−−−−−−−−−− −−−−−−−−−−− −−−−−−−−−−−
Net cash provided by (used in) investing activities 21,090 (40,122) (3,739)
−−−−−−−−−−− −−−−−−−−−−− −−−−−−−−−−−
Cash flows from financing activities:
Borrowings from bank obligations 403,043 277,983 1,229,068
Repayments on bank obligations (454,300) (278,544) (1,261,865)
Proceeds of convertible subordinated debentures 8,107 −− −−
Principal payments on capital lease obligation (55) (61) (65)
Proceeds from exercise of stock options and warrants 132 674 1,524
Repurchase of Class A common stock (1,125) −− −−
58