Circuit City 2008 Annual Report Download - page 44

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Table of Contents
SYSTEMAX INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
See notes to consolidated financial statements.
42
Year Ended December 31,
2008
2007
2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
52,843
$
69,481
$
45,147
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
10,387
8,780
8,185
Provision (benefit) for deferred income taxes
6,197
(6,106
)
2,254
Provision for returns and doubtful accounts
2,424
4,575
1,503
Compensation expense related to equity compensation plans
3,869
4,159
2,330
Excess tax benefit from exercises of stock options
(1,380
)
(2,160
)
(1,030
)
Loss (gain) on dispositions and abandonment
89
(1,032
)
(7,721
)
Changes in operating assets and liabilities:
Accounts receivable
(2,058
)
(37,849
)
(3,917
)
Inventories
(40,547
)
(13,229
)
(36,216
)
Prepaid expenses and other current assets
(16
)
15,916
(10,060
)
Income taxes payable/receivable
602
1,925
(3,204
)
Accounts payable, accrued expenses and other current liabilities
50,009
48,623
37,055
Net cash provided by operating activities
82,419
93,083
34,326
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of certain CompUSA assets
(30,649
)
—
—
Purchases of property, plant and equipment
(17,094
)
(7,950
)
(6,701
)
Proceeds from disposals of property, plant and equipment
72
28
18,938
Net cash (used in) provided by investing activities
(47,671
)
(7,922
)
12,237
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of borrowings from banks
(3,880
)
(8,708
)
(16,473
)
Proceeds (repayments) of long
-
term debt and capital lease obligations
1,481
(328
)
(8,305
)
Dividends paid
(37,126
)
(36,588
)
—
Proceeds from issuance of common stock, net of repurchases
1,133
972
1,602
Purchase of treasury stock
(5,824
)
—
—
Excess tax benefit from exercises of stock options
1,380
2,160
1,030
Net cash used in by financing activities
(42,838
)
(42,492
)
(22,146
)
EFFECTS OF EXCHANGE RATES ON CASH
(3,964
)
(1,612
)
(744
)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(12,054
)
41,057
23,673
CASH AND CASH EQUIVALENTS – BEGINNING OF YEAR
128,021
86,964
63,291
CASH AND CASH EQUIVALENTS – END OF YEAR
$
115,967
$
128,021
$
86,964
Supplemental disclosures:
Interest paid
$
291
$
1,182
$
1,861
Income taxes paid
$
29,514
$
30,275
$
26,465
Supplemental disclosures of non
-
cash investing and financing activities:
Acquisitions of equipment through capital leases
$
1,688
$
251
$
779