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10 COBRA ELECTRONICS CORPORATION
Years Ended December 31
(In thousands) 2013 2012 2011
Cash Flows From Operating Activities:
Net (loss) earnings $ (1,140 ) $ 3,170 $ 3,087
Adjustments to reconcile net (loss) earnings to net cash flows from operating activities:
Depreciation and amortization 3,135 3,532 3,805
Deferred income taxes 123 (540 ) (696 )
(Gain) loss on cash surrender value (CSV) life insurance (1,397 ) (535 ) 152
Stock-based compensation 261 327 203
Changes in assets and liabilities:
Receivables 1,683 2,540 (1,377 )
Inventories 2,514 (3,571 ) (6,629 )
Other assets (1,034 ) (842 ) 64
Accounts payable 100 (1,850 ) 152
Accrued income taxes (410 ) (540 ) 651
Accrued liabilities (344 ) (197 ) 2,337
Net cash provided by operating activities 3,491 1,494 1,749
Cash Flows From Investing Activities:
Property, plant and equipment (1,427 ) (1,126 ) (1,154 )
Premiums on CSV life insurance (282 ) (317 ) (316 )
Intangible assets (1,001 ) (735 ) (1,160 )
Net cash used in investing activities (2,710 ) (2,178 ) (2,630 )
Cash Flows From Financing Activities:
Bank borrowings 389 1,629 614
Capital lease obligations (42 ) — —
Net cash provided by financing activities 347 1,629 614
Effect of exchange rate changes on cash and cash equivalents 146 (193 ) 167
Net increase (decrease) in cash 1,274 752 (100 )
Cash at beginning of year 1,785 1,033 1,133
Cash at end of year $ 3,059 $ 1,785 $ 1,033
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for:
Interest $ 590 $ 709 $ 760
Income taxes, net of refunds $ 577 $ 1,058 $ 229
Non-cash items for:
Capital lease obligations $ — $ 75 $ —
Consolidated Statements of Cash Flows