Circuit City 2004 Annual Report Download - page 41

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------ ---- -------- ----- ------ --------- -----
Total comprehensive income
as restated, see Note 2 $7,270
======
Balances, December 31, 2003 34,288 382 175,343 77,298 1,933 (46,330)
Change in cumulative
translation adjustment 1,987 $1,987
Exercise of stock options 145 (631) 1,700
Tax benefit of employee
stock plans 188
Grant of restricted stock
units 5,740 $(5,740)
Amortization of unearned
restricted stock
compensation 574
Net income, as restated,
see Note 2 10,188 10,188
------ ---- -------- ------ ------ --------- -------- ------
Total comprehensive income
as restated, see Note 2 $12,175
=======
Balances, December 31,
2004, as restated, see
Note 2 34,433 $382 $180,640 $87,486 $3,920 $(44,630) $(5,166)
====== ==== ======== ======= ====== ========= ========
See notes to consolidated financial statements.
44
SYSTEMAX INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002
(IN THOUSANDS)
2004 2003 2002
---- ---- ----
(As restated, see Note 2)
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Net income (loss) $10,188 $3,207 $(58,410)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Cumulative effect of change in accounting principle, net of tax 50,971
Goodwill impairment 2,560
Loss on dispositions and abandonment 1,444 595 14,843
Depreciation and amortization, net 11,314 13,938 13,652
Provision for deferred income taxes (2,377) (2,816) (3,248)
Tax benefit of employee stock plans 188 340
Provision for returns and doubtful accounts 5,079 3,906 4,581
Compensation expense related to equity compensation plans 1,374
Changes in operating assets and liabilities:
Accounts receivable (1,982) 8,226 (6,341)
Inventories (40,872) (31,996) (2,981)
Prepaid expenses and other current assets 5,300 7,972 (8,422)
Income taxes payable/receivable 6,335 (3,915) 7,755
Accounts payable, accrued expenses and other current liabilities 16,767 (8,624) (7,532)
------------- ------------- --------------
Net cash provided by (used in) operating activities 12,758 (6,607) 4,868
------------- ------------- --------------
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES:
Investments in property, plant and equipment (8,583) (7,123) (15,367)
Proceeds from disposals of property, plant and equipment 247 11 635
Purchase of minority interest (2,560)
------------- ------------- --------------
Net cash used in investing activities (8,336) (9,672) (14,732)
------------- ------------- --------------
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:
Issuance of long-term borrowings and capital lease obligations 18,879
Proceeds (repayments) of borrowings from banks (5,254) (2,951) 15,253
Repayments of long-term debt and capital lease obligations (1,768) (1,299) (348)
Issuance of common stock 269 419
------------- ------------- --------------