Circuit City 2011 Annual Report Download - page 41

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SYSTEMAX INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
See notes to consolidated financial statements.
Table of Contents
Year Ended December 31,
2011
2010
2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
54,408
$
42,551
$
46,185
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
17,457
14,480
12,353
Provision for deferred income taxes
1,025
4,572
5,704
Provision for returns and doubtful accounts
3,202
3,268
4,698
Compensation expense related to equity compensation plans
1,915
2,496
2,867
Return of common stock
-
special gain
(7,890
)
-
-
Excess tax benefit from exercises of stock options
(213
)
(1,072
)
(576
)
Loss on dispositions and abandonment
82
83
154
Changes in operating assets and liabilities:
Accounts receivable
(348
)
(45,121
)
(20,907
)
Inventories
(4,136
)
(5,913
)
(69,618
)
Prepaid expenses and other current assets
(4,552
)
6,403
(5,490
)
Income taxes payable (receivable)
3,884
(3,315
)
3,983
Accounts payable, accrued expenses and other current liabilities
(46,626
)
46,451
25,414
Net cash provided by operating activities
18,208
64,883
4,767
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Circuit City assets
-
-
(14,494
)
Purchase of WStore Europe SA
-
-
(4,469
)
Cash acquired WStore Europe SA
-
-
5,438
Purchases of property, plant and equipment
(12,285
)
(24,747
)
(18,855
)
Proceeds from disposals of property, plant and equipment
24
23
84
Net cash used in investing activities
(12,261
)
(24,724
)
(32,296
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility and short term debt
10,861
261,708
-
Repayments of borrowings on credit facility and short term debt
(10,861
)
(274,858
)
(3,614
)
Proceeds from recovery zone bond
1,540
7,949
-
Repayments of capital lease obligations
(2,709
)
(1,553
)
(726
)
Dividends paid
-
-
(27,611
)
Proceeds from issuance of common stock
283
1,017
1,082
Purchase of treasury stock
-
-
(1,174
)
Excess tax benefit from exercises of stock options
213
1,072
576
Net cash used in financing activities
(673
)
(4,665
)
(31,467
)
EFFECTS OF EXCHANGE RATES ON CASH
(97
)
(1,726
)
1,338
NET INCREASE (DECREASE) IN CASH
5,177
33,768
(57,658
)
CASH – BEGINNING OF YEAR
92,077
58,309
115,967
CASH – END OF YEAR
$
97,254
$
92,077
$
58,309
Supplemental disclosures:
Interest paid
$
1,669
$
1,346
$
994
Income taxes paid
$
19,219
$
21,749
$
13,909
Supplemental disclosures of non
-
cash investing and financing activities:
Acquisitions of equipment through capital leases
$
2,353
$
9,371
$
765
39