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10 COBRA ELECTRONICS CORPORATION
Years Ended December 31,
In thousands 2007 2006 2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) earnings $ (4,422 ) $ (1,630 ) $ 11,984
 
operating activities:
Depreciation and amortization 7,925 5,852 4,844
Impairment – product software, tooling and packaging 3,031 2,757 –
Deferred income taxes (3,251 ) (2,503 ) (1,543 )
(Gain) loss on cash surrender value (CSV) life insurance (17 ) 12 (319 )
Stock-based compensation 223 48 –
     
     
      
Gain on deferred compensation payout – – (299 )
     
Minority interest (19 ) 4 –
Changes in assets and liabilities:
Receivables 1,629 2,550 (1,632 )
Inventories (3,720 ) (4,696 ) (2,407 )
Other current assets 681 (1,516 ) (4,117 )
Other long-term assets (2,456 ) 1,002 –
Accounts payable 1,128 (747 ) 543
Accrued income taxes (2,029 ) 1,004 (543 )
Accrued liabilities 843 1,166 527
Deferred compensation 463 796 (204 )
Deferred income (749 ) (950 ) –
Other long-term liabilities (409 ) 195 (13 )
Net cash (used in) provided by operating activities (1,050 ) 3,356 (3,003 )
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1,558 ) (1,623 ) (1,970 )
Implementation of ERP system – – (1,791 )
Loan receivable – 3,374 –
Intangible assets – (3,448 ) (2,273 )
Premiums on CSV life insurance (295 ) (308 ) (288 )
Purchase of Performance Products Limited – (21,898 ) –
     
Proceeds on sale of land – – 2,015
Net cash (used in) provided by investing activities (1,853 ) (23,903 ) 6,897
CASH FLOWS FROM FINANCING ACTIVITIES:
Bank borrowings 3,311 16,674 –
Dividends paid to shareholders (1,031 ) (1,041 ) –
     
Transactions related to exercise of stock options, net 288 (534 ) 306
Other 29 – –
     
Effect of exchange rate changes on cash and cash equivalents 288 222 (96 )
Net (decrease) increase in cash (18 ) (4,826 ) 4,104
Cash at beginning of year 1,878 6,704 2,600
Cash at end of year $ 1,860 $ 1,878 $ 6,704
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ 1,873 $ 182 $ 89
Income taxes, net of refunds 1,533 377 4,556
CONSOLIDATED STATEMENTS OF CASH FLOWS