CompUSA 2007 Annual Report Download - page 83

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40
SYSTEMAX INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2007 2006 2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $69,481 $45,147 $11,441
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 8,780 8,185 9,994
(Gain) loss on dispositions and abandonment (1,032) (7,721) 1,279
Provision (benefit) for deferred income taxes (6,106) 2,254 6,228
Provision for returns and doubtful accounts 4,575 1,503 7,620
Compensation expense related to equity compensation plans 4,159 2,330 1,004
Tax benefit of employee stock plans - - 12
Changes in operating assets and liabilities:
Accounts receivable (27,786) (3,917) (31,722)
Inventories (13,229) (36,216) (3,457)
Prepaid expenses and other current assets 9,229 (10,060) 3,989
Income taxes payable/receivable (235) (4,234) 527
Accounts payable, accrued expenses and other current liabilities 45,247 37,055 20,430
Net cash provided by operating activities 93,083 34,326 27,345
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment (7,950) (6,701) (5,896)
Proceeds from disposals of property, plant and equipment 28 18,938 103
Net cash provided by (used in) investing activities (7,922) 12,237 (5,793)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Repayments) proceeds of borrowings from banks (8,708) (16,473) 13,889
Repayments of long-term debt and capital lease obligations (328) (8,305) (9,978)
Dividends paid (36,588) - -
Proceeds from issuance of common stock, net of repurchases 972 1,602 780
Excess tax benefit from exercises of stock options 2,160 1,030 -
Net cash provided by (used in) financing activities (42,492) (22,146) 4,691
EFFECTS OF EXCHANGE RATES ON CASH (1,612) (744) 791
NET INCREASE IN CASH AND CASH EQUIVALENTS 41,057 23,673 27,034
CASH AND CASH EQUIVALENTS – BEGINNING OF YEAR 86,964 63,291 36,257
CASH AND CASH EQUIVALENTS – END OF YEAR $128,021
$86,964 $63,291
Supplemental disclosures:
Interest paid $1,182 $1,861 $2,498
Income taxes paid $30,275 $26,465 $15,522
Supplemental disclosures of non-cash investing and financing activities:
Acquisitions of equipment through capital leases $251 $776 -
See notes to consolidated financial statements.