Circuit City 1997 Annual Report Download - page 21

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GLOBAL DIRECTMAIL CORP
STATEMENTS OF CONSOLIDATED CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995
(IN THOUSANDS)
1997 1996 1995
---- ---- ----
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net income $ 38,812 $ 43,704 $ 35,720
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization, net 5,715 3,813 2,098
Charges associated with the impairment of certain
long lived assets 9,200 - -
Benefit for deferred income taxes (5,308) (330) (1,959)
Provision for returns and doubtful accounts 3,283 2,745 4,178
Changes in certain assets and liabilities:
Accounts receivable (18,395) (29,242) (15,261)
Inventories 3,103 (20,748) (12,155)
Prepaid catalog and other prepaid expenses (1,569) 7,028 (8,500)
Accounts payable and accrued expenses (1,727) 15,760 6,921
------ ------ -----
Net cash provided by operating activities 33,114 22,730 11,042
--------- ----------- ------
CASH FLOWS USED IN INVESTING ACTIVITIES:
Net change in short term instruments 22,014 (31,031) -
Investments in property, plant and equipment (9,989) (8,805) (4,859)
Loans to affiliated entities - - (5,631)
Acquisition of net assets of businesses acquired (37,227) - (1,185)
--------- --------- ----------
Net cash used in investing activities (25,202) (39,836) (11,675)
-------- --------- ----------
CASH FLOWS (USED IN) PROVIDED BY FINANCING
ACTIVITIES:
Net cash provided by short term borrowings from banks - 478 -
Borrowings of long term debt - - 8,392
Repayment of long term debt (470) (6,442) (27,550)
Repayment from related parties - - 4,702
Proceeds from sale and issuance of common shares - 29,896 134,412
Dividends paid - - (2,000)
Payment of notes payable to shareholders - - (97,800)
------------- -------------- ----------------
Net cash (used in) provided by financing activities (470) 23,932 20,156
------------ --------------- ----------------
EFFECTS OF EXCHANGE RATES ON CASH 779 (92) 128
-------- ---------- -----------
NET INCREASE IN CASH AND CASH EQUIVALENTS 8,221 6,734 19,651
--------- ---------- -----------
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 35,211 28,477 8,826
--------- ---------- -----------
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 43,432 $ 35,211 $ 28,477
========= ========== ===========
SUPPLEMENTAL DISCLOSURES:
Interest paid $ 376 $ 1,194 $ 2,548
======== ========= ===========
Income taxes paid $ 29,497 $ 26,606 $ 14,957
======== ========= ===========
See notes to consolidated financial statements.