Cobra 2004 Annual Report Download - page 16
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Please find page 16 of the 2004 Cobra 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.14 C O B R A E L E C T R O N I C S C O R P O R AT I O N
YearsEndedDecember31,
Inthousands 2004 2003 2002
Cashflowsfromoperatingactivities:
Netearnings $ 2,381 $ 1,841 $ 1,720
Adjustmentstoreconcilenetearningstonetcashflowsfromoperatingactivities:
Depreciationandamortization 3,369 2,732 2,738
(Gain)lossoncashsurrendervalue(CSV)oflifeinsurance (203) (306) 79
Taxbenefitfromstockoptionsexercised 78 — 43
Deferredincometaxes (574) 1,450 407
Lossonsaleoffixedassets 91 2 3
Changesinassetsandliabilities:
Receivables (4,687) 2,463 17,014
Inventories 1,176 312 1,234
Othercurrentassets (355) 77 (1,049)
Intangibleassets (2,818) (2,408) (1,514)
Accountspayable 1,693 (1,251) 1,357
Accruedincometaxes 1,739 (441) 207
Accruedliabilities (297) 173 (2,648)
Deferredcompensation 1,009 771 457
Otherlongtermliabilities 264 135 —
Netcashflowsfromoperatingactivities 2,866 5,550 20,048
Cashflowsusedininvestingactivities:
Capitalexpenditures (2,043) (1,500) (2,333)
ERPsystem (1,808) — —
PremiumsonCSVlifeinsurance (257) (292) (292)
Loanreceivable (740) (1,725) —
Netcashflowsusedininvestingactivities (4,848) (3,517) (2,625)
Cashflowsusedinfinancingactivities:
Netborrowings(repayments)undertheline-of-creditagreement — — (15,378)
Transactionsrelatedtoexerciseofstockoptions,net — — 509
Transactionsrelatedtoofficer’snotereceivable — — (400)
Netcashflowsusedinfinancingactivities — — (15,269)
Effectofexchangeratechangesoncashandcashequivalents (154) (126) —
Net(decrease)increaseincash (2,136) 1,907 2,154
Cashatbeginningofyear 4,736 2,829 675
Cashatendofyear $ 2,600 $ 4,736 $ 2,829
Supplementaldisclosureofcashflowinformation:
Cashpaidduringtheyearfor:
Interest $ 110 $ 162 $ 277
Incometaxes,netofrefunds $ 364 $ 530 $ 600
C O N S O L I D AT E D S TAT E M E N T S O F C A S H F L O W S