Audiovox 2010 Annual Report Download - page 55

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Audiovox Corporation and Subsidiaries
Consolidated Statements of Cash Flows
Years Ended February 28, 2010 February 28, 2009 and February 29, 2008
(Dollars in thousands)
Year Year Year
Ended Ended Ended
February 28, February 28, February 29,
2010 2009 2008
Cash flows from operating activities:
Net income (loss) $ 22,483 $ (71,029) $ 8,465
Net income from discontinued operations - - (1,719)
Net income (loss) from continuing operations 22,483 (71,029) 6,746
Adjustments to reconcile net income (loss) to net cash provided by
(used in) continuing operating activities:
Depreciation and amortization 7,694 7,294 5,750
Bad debt expense 221 1,937 297
Goodwill and intangible asset impairment - 38,709 -
Equity in income of equity investee (1,657) (975) (3,590)
Distribution of income from equity investees 2,199 - -
Deferred income tax expense (benefit), net 1,594 13,646 (1,198)
Loss on disposal of property, plant and equipment 32 4 19
Tax (benefit) expense on stock options exercised - (20) 805
Non-cash compensation adjustment 1,696 651 (790)
Non-cash stock based compensation expense 1,138 309 886
Realized gain on sale of investment - - (1,533)
Gain on bargain purchase (5,447) - -
Impairment loss on marketable securities 1,000 - -
Changes in operating assets and liabilities (net of assets and liabilities
acquired):
Accounts receivable (22,451) 768 (17,925)
Inventory 32,849 21,951 (19,210)
Receivables from vendors 1,176 16,838 (15,275)
Prepaid expenses and other (1,890) (9,214) (3,560)
Investment securities-trading (615) 1,863 3,167
Accounts payable, accrued expenses, accrued sales incentives and
other current liabilities (6,251) 11,748 (23,387)
Income taxes payable (5,549) (4,474) 4,107
Net cash provided by (used in) operating activities 28,222 30,006 (64,691)
Cash flows from investing activities:
Purchases of property, plant and equipment (5,017) (4,606) (7,326)
Proceeds from sale of property, plant and equipment - 112 94
Proceeds from distribution from an equity investee 1,304 1,080 1,720
Proceeds from a liquidating distribution from an available-for-sale
investment - - 646
Purchase of notes payable 511 - -
Purchase of short-term investments - - (33,750)
Sale of short-term investments - - 169,855
Sale of long-term investment - - 4,561
Purchase of long-term investment (7,498) (548) -
Purchase of patents 348 (650) (70)
Purchase of acquired businesses, less cash acquired (14,657) 621 (42,265)
Net cash (used in) provided by investing activities (25,009) (3,991) 93,465
Cash flows from financing activities:
Borrowings from bank obligations 114 4,654 -
Repayments on bank obligations (1,452) - (1,758)
Principal payments on capital lease obligation 22 (73) (69)
Proceeds from exercise of stock options and warrants 84 46 3,148
Repurchase of Class A common stock - - (1,425)
Reissue of treasury stock 10 8 -
Principal payments on debt - - (4,332)
Source: AUDIOVOX CORP, 10-K, May 14, 2010 Powered by Morningstar® Document Research℠