Callaway 1998 Annual Report Download - page 23

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CALLAWAY GOLF COMPANY
21
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands) Year ended December 31,
1998 1997 1996
Cash flows from operating activities:
Net (loss) income $ (26,564) $132,704 $122,337
Adjustments to reconcile net (loss) income to net cash provided
by operating activities:
Depreciation and amortization 35,885 19,408 12,691
Non-cash compensation 2,887 2,041 1,919
Tax benefit from exercise of stock options 3,068 29,786 14,244
Deferred taxes (36,235) 1,030 (4,420)
Non-cash restructuring costs 25,497
Loss (gain) on disposal of assets 1,298 2 (17)
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable, net 51,575 (36,936) 3,510
Inventories, net (42,665) 6,271 (44,383)
Other assets (12,149) (6,818) (12,872)
Accounts payable and accrued expenses (4,357) 13,529 (15,395)
Accrued employee compensation and benefits (3,411) (2,437) 2,031
Accrued warranty expense 7,760 756 3,534
Income taxes payable 9,652 (2,636) 626
Accrued restructuring costs 7,389
Other liabilities (299) 2,796 2,902
Accrued restructuring costs – long-term 11,117
Net cash provided by operating activities 30,448 159,496 86,707
Cash flows from investing activities:
Capital expenditures (67,859) (67,938) (35,352)
Acquisitions, net of cash acquired (10,672) (129,256) (610)
Proceeds from sale of assets 3,417 72 72
Net cash used in investing activities (75,114) (197,122) (35,890)
Cash flows from financing activities:
Net proceeds from line of credit 70,919
Proceeds from note payable 12,971
Short-term debt retirement (10,373)
Issuance of Common Stock 10,343 27,530 14,533
Retirement of Common Stock (917) (52,985)
Dividends paid, net (19,485) (19,123) (16,025)
Net cash provided by (used in) financing activities 63,458 (44,578) (1,492)
Effect of exchange rate changes on cash 622 (49) (25)
Net increase (decrease) in cash and cash equivalents 19,414 (82,253) 49,300
Cash and cash equivalents at beginning of year 26,204 108,457 59,157
Cash and cash equivalents at end of year $ 45,618 $ 26,204 $108,457
Supplemental disclosures:
Cash paid for interest $ 2,162 $ 10 $ 37
Cash paid for income taxes $ 8,165 $ 54,358 $ 62,938
See accompanying notes to consolidated financial statements.