Circuit City 1998 Annual Report Download - page 26

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GLOBAL DIRECTMAIL CORP
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996
(IN THOUSANDS)
1998 1997 1996
---- ---- ----
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net income $ 41,252 $ 38,812 $ 43,704
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization, net 7,482 5,715 3,813
Charges associated with the impairment of certain long lived
assets 9,200
Provision for deferred income taxes (2,728) (5,308) (330)
Provision for returns and doubtful accounts 5,264 3,283 2,745
Changes in certain assets and liabilities:
Accounts receivable (23,688) (18,395) (29,242)
Inventories (23,942) 3,103 (20,748)
Prepaid catalog and other prepaid expenses 330 (1,569) 7,028
Accounts payable and accrued expenses 33,801 (1,727) 15,760
------ ------ ------
Net cash provided by operating activities 37,771 33,114 22,730
------ ----- ------
CASH FLOWS USED IN INVESTING ACTIVITIES:
Net change in short-term investments 3,967 22,014 (31,031)
Investments in property, plant and equipment (11,051) (9,989) (8,805)
Acquisitions, net of cash acquired (5,942) (37,227)
------ ------- -------
Net cash used in investing activities (13,026) (25,202) (39,836)
------- ------- -------
CASH FLOWS (USED IN) PROVIDED BY FINANCING ACTIVITIES:
Proceeds from long-term borrowings 3,326
Proceeds from short-term borrowings from banks 478
Repayments of long-term borrowings (168) (470) (6,442)
Proceeds from issuance of common shares 29,896
Purchase of treasury shares (28,604)
------- ------- -------
Net cash (used in) provided by financing activities (25,446) (470) 23,932
------- ---- ------
EFFECTS OF EXCHANGE RATES ON CASH (702) 779 (92)
---- --- ----
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (1,403) 8,221 6,734
------ ----- -----
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 43,432 35,211 28,477
------ ------ ------
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 42,029 $ 43,432 $ 35,211
========= ======== ========
SUPPLEMENTAL DISCLOSURES:
Interest paid $ 309 $ 376 $ 1,194
======== ======== ========
Income taxes paid $ 28,577 $ 29,497 $ 26,606
======== ========= =========
See notes to consolidated financial statements.