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10 COBRA ELECTRONICS CORPORATION
Years Ended December 31,
In thousands 2008 2007 2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (18,839 ) $ (4,422 ) $ (1,630 )
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation and amortization 5,296 7,925 5,852
Goodwill impairment 20,084 – –
Impairment – product software, tooling and packaging 266 3,031 2,757
Deferred income taxes (1,005 ) (3,251 ) (2,503 )
Loss (gain) on cash surrender value (CSV) life insurance 1,558 (17 ) 12
Stock-based compensation 253 223 48
Tax benefit from stock options exercised – 99 12
Minority interest 11 (19 ) 4
Changes in assets and liabilities:
Receivables 8,329 1,629 2,550
Inventories 4,250 (3,720 ) (4,696 )
Other current assets 1,162 681 (1,516 )
Other long-term assets 1,888 (2,456 ) 1,002
Accounts payable (4,142 ) 1,128 (747 )
Accrued income taxes 157 (2,029 ) 1,004
Accrued liabilities (4,357 ) 843 1,166
Deferred compensation 195 463 796
Deferred income (310 ) (749 ) (950 )
Other long-term liabilities 212 (409 ) 195
Net cash flows provided by (used in) operating activities 15,008 (1,050 ) 3,356
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1,166 ) (1,558 ) (1,623 )
Loan receivable – – 3,374
Intangible assets – – (3,448 )
Premiums on CSV life insurance (312 ) (295 ) (308 )
Purchase of Performance Products Limited (8,464 ) – (21,898 )
Net cash flows (used in) provided by investing activities (9,942 ) (1,853 ) (23,903 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Bank borrowings (2,314 ) 3,311 16,674
Dividends paid to shareholders (1,035 ) (1,031 ) (1,041 )
Repayment of officer’s note receivable – – 400
Transactions related to exercise of stock options, net – 288 (534 )
Other – 29 –
Net cash flows (used in) provided by financing activities (3,349 ) 2,597 15,499
Effect of exchange rate changes on cash and cash equivalents (1,592 ) 288 222
Net increase (decrease) in cash 125 (18 ) (4,826 )
Cash at beginning of year 1,860 1,878 6,704
Cash at end of year $ 1,985 $ 1,860 $ 1,878
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ 1,008 $ 1,873 $ 182
Income taxes, net of refunds (314 ) 1,533 377
Consolidated Statements of Cash Flows