Circuit City 2001 Annual Report Download - page 24

Download and view the complete annual report

Please find page 24 of the 2001 Circuit City annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 41

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41

SYSTEMAX INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999
(IN THOUSANDS)
2001 2000 1999
---- ---- ----
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net income (loss) $ 653 $(40,771) $ 36,012
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities:
Depreciation and amortization, net 15,143 13,608 11,170
Charges associated with the impairment of certain
long lived assets 1,921
Provision for deferred income taxes 7,940 230 1,160
Provision for returns and doubtful accounts 3,696 12,721 8,832
Loss on abandonment 2,003
Changes in certain assets and liabilities:
Accounts receivable 40,124 (3,263) (46,578)
Inventories 33,946 43,124 (39,506)
Prepaid expenses and other current assets 9,037 (1,245) (7,186)
Income tax receivable 19,445 (25,486)
Accounts payable and accrued expenses (36,381) 9,554 54,714
--------- --------- ---------
Net cash provided by operating activities 95,606 8,472 20,539
--------- --------- ---------
CASH FLOWS USED IN INVESTING ACTIVITIES:
Net change in short-term investments 5,050
Investments in property, plant and equipment (24,682) (40,738) (21,981)
Proceeds from disposals of property, plant and equipment 856
Acquisitions, net of cash acquired (10,176)
Deferred payments on acquisitions (249) (9,000)
--------- --------- ---------
Net cash used in investing activities (23,826) (40,987) (36,107)
--------- --------- ---------
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:
Proceeds (repayments) of short-term borrowings from banks (45,762) 39,559 9,000
Repayments of long-term borrowings (2,245) (2,767)
Purchase of treasury shares (9,830) (10,055)
--------- --------- ---------
Net cash provided by (used in) financing activities (45,762) 27,484 (3,822)
--------- --------- ---------
EFFECTS OF EXCHANGE RATES ON CASH (4,050) 2,057 (5,169)
--------- --------- ---------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 21,968 (2,974) (24,559)
--------- --------- ---------
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 14,496 17,470 42,029
--------- --------- ---------
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 36,464 $ 14,496 $ 17,470
========= ========= =========
SUPPLEMENTAL DISCLOSURES:
Interest paid $ 2,026 $ 4,176 $ 537
========= ========= =========
Income taxes paid $ 3,819 $ 5,027 $ 21,684
========= ========= =========
See notes to consolidated financial statements.