Callaway 2009 Annual Report Download - page 81

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CALLAWAY GOLF COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2009 2008 2007
Cash flows from operating activities:
Net income (loss) ............................................ $(15,260) $ 66,176 $ 54,587
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Depreciation and amortization ............................. 40,748 37,963 35,326
Deferred taxes .......................................... 3,424 13,977 9,047
Compensatory stock and stock options ....................... 8,756 6,375 10,851
(Gain) loss on disposal of long-lived assets ................... (594) 510 (4,731)
Non-cash change in energy derivative valuation account ......... — (19,922) —
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable, net .................................. (11,567) (18,133) 12,478
Inventories ............................................. 47,415 (14,847) 17,292
Other assets ............................................ 8,380 (13,795) (7,410)
Accounts payable and accrued expenses ...................... (19,713) 20,122 10,341
Accrued employee compensation and benefits ................. (5,179) (17,925) 25,158
Accrued warranty expense ................................. (2,165) (772) (978)
Income taxes receivable and payable ........................ (6,567) (10,234) (10,573)
Other liabilities ......................................... (4,807) (7,790) 594
Net cash provided by operating activities ......................... 42,871 41,705 151,982
Cash flows from investing activities:
Capital expenditures ......................................... (38,845) (51,005) (32,930)
Acquisitions, net of cash acquired ............................... — (9,797) —
Proceeds from sale of capital assets ............................. 255 45 11,460
Investment in golf-related ventures .............................. (89) (763) (3,698)
Net cash used in investing activities ............................. (38,679) (61,520) (25,168)
Cash flows from financing activities:
Issuance of preferred stock .................................... 140,000 — —
Equity issuance costs ......................................... (6,031) — —
Issuance of common stock ..................................... 2,562 4,708 48,035
Dividends paid, net .......................................... (11,590) (17,794) (18,755)
Acquisition of treasury stock ................................... — (23,650) (114,795)
Proceeds from (payments on) credit facilities, net .................. (90,000) 53,493 (43,493)
Other financing activities ..................................... 172 307 6,022
Net cash provided by (used in) financing activities ................. 35,113 17,064 (122,986)
Effect of exchange rate changes on cash and cash equivalents ............. 672 (8,787) (315)
Net increase (decrease) in cash and cash equivalents .................... 39,977 (11,538) 3,513
Cash and cash equivalents at beginning of year ........................ 38,337 49,875 46,362
Cash and cash equivalents at end of year ............................. $ 78,314 $ 38,337 $ 49,875
Supplemental disclosures:
Cash paid for interest and fees .................................. $ (1,563) $ (4,346) $ (5,633)
Cash received (paid) for income taxes ........................... $ 8,974 $(27,483) $ (38,292)
Dividends payable ........................................... $ 438 $ — $ —
The accompanying notes are an integral part of these consolidated financial statements.
F-5