Cobra 2005 Annual Report Download - page 16

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14
Years Ended December 31,
In thousands 2005 2004 2003
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 11,984 $ 2,381 $ 1,841
Adjustments to reconcile net earnings to net cash flows from
operating activities:
Depreciation and amortization 4,844 3,369 2,732
Gain on cash surrender value (CSV) of life insurance (319 ) (203 ) (306 )
Tax benefit from stock options exercised 69 78 –
Deferred income taxes (1,543 ) (574 ) 1,450
(Gain) loss on sale of fixed assets (1,925 ) 91 2
Gain on ex-officer’s life insurance (7,244 ) – –
Net benefit of Horizon agreement (724 ) – –
Gain on deferred compensation payout (299 ) – –
Changes in assets and liabilities:
Receivables (1,632 ) (4,687 ) 2,463
Inventories (2,407 ) 1,176 312
Other current assets (4,117 ) (355 ) 77
Intangible assets (2,273 ) (2,818 ) (2,408 )
Accounts payable 543 1,693 (1,251 )
Accrued income taxes (543 ) 1,739 (441 )
Accrued liabilities 527 (297 ) 173
Deferred compensation (204 ) 1,009 771
Other long term liabilities (13 ) 264 135
Net cash flows (used in) provided by operating activities (5,276 ) 2,866 5,550
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1,970 ) (2,043 ) (1,500 )
Proceeds on sale of land 2,015 – –
Implementation of ERP system (1,791 ) (1,808 ) –
Premiums on CSV life insurance (288 ) (257 ) (292 )
Proceeds on ex-officer’s life insurance 11,204 – –
Loan receivable – (740 ) (1,725 )
Net cash flows provided by (used in) investing activities 9,170 (4,848 ) (3,517 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Transactions related to exercise of stock options, net 306 – –
Net cash flows provided by financing activities 306 – –
Effect of exchange rate changes on cash and cash equivalents (96 ) (154 ) (126 )
Net increase (decrease) in cash 4,104 (2,136 ) 1,907
Cash at beginning of year 2,600 4,736 2,829
Cash at end of year $ 6,704 $ 2,600 $ 4,736
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for:
Interest $ 89 $ 110 $ 162
Income taxes, net of refunds $ 4,556 $ 364 $ 530
CONSOLIDATED STATEMENTS OF CASH FLOWS