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10 COBRA ELECTRONICS CORPORATION
Consolidated Statements of Cash Flows
(In thousands)
Years Ended December 31
2010 2009 2008
Cash Flows From Operating Activities:
Net earnings (loss) $ 1,577 $(10,272 ) $ (18,839 )
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation and amortization 3,936 3,883 5,296
Tax valuation allowance — 8,382 —
Goodwill impairment — — 20,084
Impairment – product software, tooling and packaging — — 266
Deferred income taxes (341 ) (285 ) (1,005 )
Loss (gain) on cash surrender value (CSV) life insurance (574 ) (743 ) 1,558
Stock-based compensation 202 229 253
Loss on sale of assets 1 36 —
Non-controlling interest — 2 11
Changes in assets and liabilities:
Receivables (83 ) (3,943 ) 8,329
Inventories (1,750 ) 1,613 4,250
Other current assets (1,363 ) (1,881 ) 67
Income tax refunds 1,251 863 1,298
Other long-term assets (643 ) (520 ) 1,888
Accounts payable (1,498 ) 4,421 (4,142 )
Accrued income taxes — (439 ) (46 )
Accrued liabilities (1 ) (108 ) (4,357 )
Deferred compensation 782 256 195
Deferred income 119 (377 ) (310 )
Other long-term liabilities (449 ) 188 212
Net cash flows provided by operating activities 1,166 1,305 15,008
Cash Flows From Investing Activities:
Capital expenditures (1,441 ) (1,095 ) (1,166 )
Premiums on CSV life insurance (266 ) (274 ) (312 )
Additional purchase price for Performance Products Limited — — (8,464 )
Net cash flow used in investing activities (1,707 ) (1,369 ) (9,942 )
Cash Flows From Financing Activities:
Bank borrowings 173 198 (2,314 )
Dividends paid to shareholders — — (1,035 )
Net cash flows provided by (used in) financing activities 173 198 (3,349 )
Effect of exchange rate changes on cash and cash equivalents 96 (714 ) (1,592 )
Net (decrease) increase in cash (272 ) (580 ) 125
Cash at beginning of year 1,405 1,985 1,860
Cash at end of year $ 1,133 $ 1,405 $ 1,985
Supplemental Disclosure of Cash Flow Information:
Cash paid (refund) during the period for:
Interest $ 872 $ 936 $ 1,008
Income taxes, net of refunds (1,213 ) (449 ) (314 )