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SYSTEMAX INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
See notes to consolidated financial statements.
Table of Contents
Year Ended December 31,
2012
2011
2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Income (loss) from continuing operations
$
(8.0
)
$
54.6
$
42.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
18.0
17.5
14.5
Asset impairment charges
39.9
-
-
Provision for deferred income taxes
(36.6
)
0.2
4.6
Provision for returns and doubtful accounts
5.0
3.2
3.3
Compensation expense related to equity compensation plans
4.1
1.9
2.5
Return of common stock
-
special gain
-
(7.9
)
-
Excess tax benefit from exercises of stock options
(0.5
)
(0.2
)
(1.1
)
Loss on dispositions and abandonment
0.3
0.1
0.1
Changes in operating assets and liabilities:
Accounts receivable
(25.4
)
(0.4
)
(45.1
)
Inventories
5.0
(4.1
)
(5.9
)
Prepaid expenses and other current assets
(18.7
)
(4.5
)
6.4
Income taxes payable (receivable)
12.9
4.8
(3.3
)
Accounts payable, accrued expenses and other current liabilities
79.4
(46.8
)
46.1
Net cash provided by operating activities from continuing operations
75.4
18.4
64.7
Net cash (used in) provided by operating activities from discontinued operations
(0.4
)
(0.2
)
0.2
Net cash provided by operating activities
75.0
18.2
64.9
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment
(12.1
)
(12.3
)
(24.7
)
Proceeds from disposals of property, plant and equipment
0.1
-
-
Net cash used in investing activities
(12.0
)
(12.3
)
(24.7
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility and short term debt
-
10.9
261.7
Repayments of borrowings on credit facility and short term debt
-
(10.9
)
(274.9
)
Proceeds from recovery zone bond
-
1.5
7.9
Repayments of capital lease obligations
(2.8
)
(2.5
)
(1.3
)
Dividends paid
(9.1
)
-
-
Proceeds from issuance of common stock
0.3
0.3
1.0
Excess tax benefit from exercises of stock options
0.5
0.2
1.1
Net cash used in financing activities from continuing operations
(11.1
)
(0.5
)
(4.5
)
Net cash used in financing activities from discontinued operations
-
(0.2
)
(0.2
)
Net cash used in financing activities
(11.1
)
(0.7
)
(4.7
)
EFFECTS OF EXCHANGE RATES ON CASH
1.5
-
(1.7
)
NET INCREASE IN CASH
53.4
5.2
33.8
CASH – BEGINNING OF YEAR
97.3
92.1
58.3
CASH – END OF YEAR
$
150.7
$
97.3
$
92.1
Supplemental disclosures:
Interest paid
$
1.4
$
1.7
$
1.3
Income taxes paid
$
11.4
$
19.2
$
21.7
Supplemental disclosures of non
-
cash investing and financing activities:
Acquisitions of equipment through capital leases
$
1.3
$
2.4
$
9.4
43