Audiovox 2006 Annual Report Download - page 105

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Audiovox Specialized Applications, LLC and Subsidiary
(A Limited Liability Company)
Consolidated Statements of Cash Flows
Years Ended November 30, 2006, 2005 and 2004
2006 2005 2004
Cash Flows From Operating Activities
Net income......................................... $ 5,795,107 $ 4,716,396 $ 7,303,965
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation ..................................... 669,795 555,143 582,523
Loss on sale of equipment ......................... 25,203 28,967 227,471
Impairment loss on goodwill........................ — — 300,000
Change in assets and liabilities:
Decrease (increase) in:
Trade receivables ............................. (914,946) 872,117 884,592
Inventories ................................... (5,905,969) 835,546 1,318,763
Prepaid expenses.............................. (5,415) 29,417 (41,580)
Increase (decrease) in:
Accounts payable ............................. 556,328 (53,693) (279,063)
Accrued expenses ............................. 436,482 82,514 338,359
Net Cash Provided by Operating Activities............... 656,585 7,066,407 10,635,030
Cash Flows From Investing Activities Proceeds on sale of
equipment ......................................... 3,813 12,111 59,257
Purchase of leasehold improvements and equipment..... (838,513) (529,177) (1,147,137)
Proceeds from note receivable ........................ — — 1,000,000
Proceeds from sale of available-for-sale securities ......... 19,529,850 5,435,000 2,013,779
Purchase of available-for-sale securities .................. (12,849,850) (10,250,000) (5,435,000)
Net Cash Provided by (used in) Investing Activities ....... 5,845,300 (5,332,066) (3,509,101)
Cash Flows From Financing Activities
Member distributions ................................ (6,603,808) (2,294,258) (8,262,148)
(Decrease) in Cash and Cash Equivalents ................ (101,923) (559,917) (1,136,219)
Cash and cash equivalents, beginning .................... 1,119,463 1,679,380 2,815,599
Cash and cash equivalents, ending....................... $ 1,017,540 $ 1,119,463 $ 1,679,380
See Notes to Financial Statements.
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