Cobra 2011 Annual Report Download - page 12
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COBRA ELECTRONICS CORPORATION
Years Ended December 31
2011 2010 2009
Cash Flows From Operating Activities:
Net earnings (loss) attributable to Cobra $ 3,087 $ 1,332 $ (10,867 )
Adjustments to reconcile net earnings (loss) to net cash ows
from operating activities:
Depreciation and amortization 3,805 3,936 3,883
Tax valuation allowance — — 8,382
Deferred income taxes (696 ) (341 ) 58
Loss (gain) on cash surrender value (CSV) life insurance 152 (574 ) (743)
Stock-based compensation 203 202 229
Loss on sale of assets 10 1 36
Non-controlling interest (28 ) — 2
Changes in assets and liabilities:
Receivables (1,377 ) (83 ) (3,943 )
Inventories (6,629 ) (1,750 ) 1,613
Other current assets 82 (1,363 ) (1,881 )
Income tax refunds 9 1,251 863
Other long-term assets (1,160 ) (643 ) (520 )
Accounts payable 152 (1,253 ) 4,673
Accrued income taxes 642 — (439 )
Accrued liabilities 2,088 (1 ) (108 )
Deferred compensation 194 782 256
Deferred income 24 119 (377 )
Other long-term liabilities 31 (449 ) 188
Net cash ows provided by operating activities 589 1,166 1,305
Cash Flows From Investing Activities:
Capital expenditures (1,154 ) (1,441 ) (1,095 )
Premiums on CSV life insurance (316 ) (266 ) (274 )
Net cash ow used in investing activities (1,470 ) (1,707 ) (1,369 )
Cash Flows From Financing Activities:
Bank borrowings 614 173 198
Net cash ows provided by nancing activities 614 173 198
Eect of exchange rate changes on cash and cash equivalents 167 96 (714 )
Net decrease in cash (100 ) (272 ) (580 )
Cash at beginning of year 1,133 1,405 1,985
Cash at end of year $ 1,033 $ 1,133 $ 1,405
Supplemental Disclosure of Cash Flow Information:
Cash paid (refund) during the period for:
Interest $ 760 $ 872 $ 936
Income taxes, net of refunds 229 (1,213 ) (449 )
Consolidated Statements of Cash Flows
(In thousands)