Circuit City 1999 Annual Report Download - page 22

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SYSTEMAX INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997
(IN THOUSANDS)
1999 1998 1997
---- ---- ----
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net income $ 36,012 $ 41,252 $ 38,812
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization, net 11,170 7,482 5,715
Charges associated with the impairment of certain long
lived assets 1,921 9,200
Provision for deferred income taxes 1,160 (2,728) (5,308)
Provision for returns and doubtful accounts 8,832 5,264 3,283
Changes in certain assets and liabilities:
Accounts receivable (46,578) (23,688) (18,395)
Inventories (39,506) (23,942) 3,103
Prepaid expenses and other current assets (7,186) 330 (1,569)
Accounts payable and accrued expenses 54,714 33,801 (1,727)
-------- -------- --------
Net cash provided by operating activities 20,539 37,771 33,114
-------- -------- --------
CASH FLOWS USED IN INVESTING ACTIVITIES:
Net change in short-term investments 5,050 3,967 22,014
Investments in property, plant and equipment (21,981) (11,051) (9,989)
Acquisitions, net of cash acquired (19,176) (5,942) (37,227)
-------- -------- --------
Net cash used in investing activities (36,107) (13,026) (25,202)
-------- -------- --------
CASH FLOWS USED IN FINANCING ACTIVITIES:
Proceeds from long-term borrowings 3,326
Proceeds from short-term borrowings from banks 9,000
Repayments of long-term borrowings (2,767) (168) (470)
Purchase of treasury shares (10,055) (28,604)
-------- -------- --------
Net cash used in financing activities (3,822) (25,446) (470)
-------- -------- --------
EFFECTS OF EXCHANGE RATES ON CASH (5,169) (702) 779
-------- -------- --------
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (24,559) (1,403) 8,221
-------- -------- --------
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 42,029 43,432 35,211
-------- -------- --------
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 17,470 $ 42,029 $ 43,432
======== ======== ========
SUPPLEMENTAL DISCLOSURES:
Interest paid $ 537 $ 309 $ 376
======== ======== ========
Income taxes paid $ 21,684 $ 28,577 $ 29,497
======== ======== ========
See notes to consolidated financial statements.