Circuit City 2006 Annual Report Download - page 33

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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* 10,188 10,188
-------- ---- -------- ------- ------ --------- -------- ------
Total comprehensive
income* 12,175
Balances, December 31,
2004* 34,433 382 180,640 87,486 3,920 (44,630) (5,166)
Change in cumulative
translation (3,027) (3,027)
adjustment
Exercise of stock options 328 (3,078) 3,858
Tax benefit of employee
stock plans 12
Amortization of unearned
restricted stock
compensation 1,004
Net income 11,441 11,441
-------- ---- -------- ------- ------ --------- -------- ------
Total comprehensive
income $8,414
Balances, December 31,
2005 34,761 382 177,574 98,927 893 (40,772) (4,162)
Reversal of unamortized
unearned restricted
stock compensation
- Note 2 (4,162) 4,162
Stock-based compensation
expense 2,330
Issuance of restricted 100 1
stock
Exercise of stock options 480 (4,039) 5,641
Income tax benefit on
stock-based
compensation 1,280
Change in cumulative
translation adjustment
6,288 6,288
Net income 45,147 45,147
-------- ---- -------- ------- ------ --------- -------- ------
Total comprehensive
income $51,435
--------
Balances, December 31,
2006 35,341 $383 $172,983 $144,074 $7,181 ($35,131) $-
======== ==== ======== ======= ====== ========= ========
* As previously restated - see Note 2.
See notes to consolidated financial statements.
SYSTEMAX INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2006, 2005 AND 2004
(IN THOUSANDS)
2006 2005 2004*
---- ---- ----
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net income $45,147 $11,441 $10,188
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization, net 8,185 9,994 11,314
(Gain) loss on dispositions and abandonment (7,721) 1,279 1,444
Provision (benefit) for deferred income taxes 2,254 6,228 (2,377)
Provision for returns and doubtful accounts 1,503 7,620 5,079
Compensation expense related to equity compensation plans 2,330 1,004 1,374
Tax benefit of employee stock plans - 12 188
Changes in operating assets and liabilities:
Accounts receivable (3,917) (31,722) (1,982)
Inventories (36,216) (3,457) (40,872)
Prepaid expenses and other current assets (10,060) 3,989 5,300
Income taxes payable/receivable (4,234) 527 6,335