Cash America 2001 Annual Report Download - page 24

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22
(In thousands)
Consolidated Statements of Cash Flows — Years Ended December 31
2001.. 2000.. 1999..
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $ (5,906) $ (1,730) $ 3,876
Less: Loss from discontinued operations (18,631) (2,431) (71)
Income from continuing operations 12,725 701 3,947
Adjustments to reconcile income from continuing operations to
net cash provided by continuing operating activities:
Depreciation 12,747 12,373 14,139
Amortization 3,882 3,985 4,438
Allowance for losses on cash advances 2,301 477 15
Loss from derivative valuation fluctuations 557 — —
Gain from disposal of assets —(9,729) (2,224)
Equity in loss of unconsolidated subsidiary —15,653 15,238
Gain from issuance of subsidiary’s stock —(136) (5,222)
Changes in operating assets and liabilities —
Merchandise held for disposition (4,437) 5,323 628
Finance and service charges receivable 277 513 (1,792)
Other receivables and prepaid expenses (799) 458 (1,510)
Accounts payable and accrued expenses 13,975 (5,178) 3,230
Customer deposits, net 23 (200) 29
Current income taxes 3,752 5,993 (2,125)
Deferred taxes, net (5,780) 3,163 5,540
Net cash provided by operating activities
of continuing operations 39,223 33,396 34,331
CASH FLOWS FROM INVESTING ACTIVITIES
Loans forfeited and transferred to merchandise held for disposition 138,255 135,525 145,664
Loans and advances repaid or renewed 279,343 283,314 299,694
Loans and advances made, including loans renewed (420,807) (416,711) (443,193)
Net (increase) decrease in loans and advances (3,209) 2,128 2,165
Acquisitions, net of cash acquired (1,279) — (4,322)
Purchases of property and equipment (31,829) (16,219) (14,479)
Proceeds from sales of property and equipment — — 5,831
Proceeds from property insurance claims 790 20,685 —
Cash of subsidiary at date of deconsolidation — — (4,795)
Investment in and advances to unconsolidated subsidiary — — (10,654)
Net cash (used) provided by investing activities
of continuing operations (35,527) 6,594 (26,254)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings (payments) under bank lines of credit 12,289 (25,912) 10,868
Proceeds from capital lease obligations — 2,115 3,257
Payments on notes payable, capital leases and other obligations (9,817) (5,571) (4,755)
Change in notes receivable – stockholders 240 845 (80)
Net proceeds from reissuance of treasury shares 120 3,419 1,465
Treasury shares purchased (581) (6,170) (3,876)
Dividends paid (1,228) (1,275) (1,267)
Net cash provided (used) by financing activities
of continuing operations 1,023 (32,549) 5,612
Effect of exchange rate changes on cash (18) (100) (43)
Cash provided by continuing operations 4,701 7,341 13,646
Cash used by discontinued operations (2,933) (8,901) (11,877)
Cash and cash equivalents at beginning of year 4,626 6,186 4,417
Cash and cash equivalents at end of year $ 6,394 $ 4,626 $ 6,186
SUPPLEMENTAL DISCLOSURES
Noncash investing and financing activities:
Loans to stockholders for exercise of stock options $ 24 $ 481 $ 2,336
See notes to consolidated financial statements.