CompUSA 2009 Annual Report Download - page 95

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35
SYSTEMAX INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2009 2008 2007
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 46,185 $ 52,843 $ 69,481
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 12,353 10,387 8,780
Provision (benefit) for deferred income taxes 5,704 6,197 (6,106)
Provision for returns and doubtful accounts 4,698 2,424 4,575
Compensation expense related to equity compensation plans 2,867 3,869 4,159
Excess tax benefit from exercises of stock options (576) (1,380) (2,160)
Loss (gain) on dispositions and abandonment 154 89 (1,032)
Changes in operating assets and liabilities:
Accounts receivable (20,907) 6,010 29,450)
Inventories (69,618) (48,924) (21,628)
Prepaid expenses and other current assets (5,490) (16) 15,916
Income taxes payable/receivable 3,983 602 1,925
Accounts payable, accrued expenses and other current liabilities 25,414 50,318 48,623
Net cash provided by operating activities 4,767 82,419 93,083
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Circuit City assets (14,494)
—
—
Purchase of WStore Europe SA (4,469)
—
—
Cash acquired WStore Europe SA 5,438
—
—
Purchase of certain CompUSA assets
—
(30,649)
—
Purchases of property, plant and equipment (18,855) (14,942) (7,699)
Proceeds from disposals of property, plant and equipment 84 72 28
Net cash used in investing activities (32,296) (45,519) (7,671)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of borrowings from banks (3,614) (3,880) (8,708)
Repayments of capital lease obligations (726) (673) (579)
Dividends paid (27,611) (37,126) (36,588)
Proceeds from issuance of common stock 1,082 1,133 2,830
Repurchase of common stock
—
—
(1,858)
Purchase of treasury stock (1,174) (5,824)
—
Excess tax benefit from exercises of stock options 576 1,380 2,160
Net cash used in by financing activities (31,467) (44,990) (42,743)
EFFECTS OF EXCHANGE RATES ON CASH 1,338 (3,964) (1,612)
NET (DECREASE) INCREASE IN CASH (57,658) (12,054) 41,057
CASH – BEGINNING OF YEAR 115,967 128,021 86,964
CASH – END OF YEAR $ 58,309 $ 115,967 $ 128,021
Supplemental disclosures:
Interest paid $ 756 $ 291 $ 1,182
Income taxes paid $ 13,909 $ 29,514 $ 30,275
Supplemental disclosures of non-cash investing and financing activities:
Acquisitions of equipment through capital leases $ 765 $ 2,152 $ 251
See notes to consolidated financial statements.