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SYSTEMAX INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
See notes to consolidated financial statements.
46
Table of Contents
Year Ended December 31,
2013
2012
2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Income (loss) from continuing operations
$
(43.8
)
$
(8.0
)
$
54.6
Adjustments to reconcile income (loss) from continuing operations to net cash provided
by operating activities:
Depreciation and amortization
19.3
18.0
17.5
Asset impairment charges
4.1
39.9
-
Provision (benefit) for deferred income taxes
26.4
(36.6
)
0.2
Provision for returns and doubtful accounts
4.0
5.0
3.2
Compensation expense related to equity compensation plans
2.9
4.1
1.9
Return of common stock
-
special gain
-
-
(7.9
)
Excess tax benefit from exercises of stock options
(0.1
)
(0.5
)
(0.2
)
Loss on dispositions and abandonment
0.1
0.3
0.1
Changes in operating assets and liabilities:
Accounts receivable
(23.4
)
(25.4
)
(0.4
)
Inventories
46.1
5.0
(4.1
)
Prepaid expenses and other current assets
(1.4
)
3.0
(4.5
)
Income taxes payable (receivable)
(8.7
)
(8.8
)
4.8
Accounts payable, accrued expenses and other current liabilities
21.3
79.4
(46.8
)
Net cash provided by operating activities from continuing operations
46.8
75.4
18.4
Net cash used in operating activities from discontinued operations
-
(0.4
)
(0.2
)
Net cash provided by operating activities
46.8
75.0
18.2
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment
(13.7
)
(12.1
)
(12.3
)
Proceeds from disposals of property, plant and equipment
0.3
0.1
-
Net cash used in investing activities
(13.4
)
(12.0
)
(12.3
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility and short term debt
-
-
10.9
Repayments of borrowings on credit facility and short term debt
-
-
(10.9
)
Proceeds from recovery zone bond
-
-
1.5
Repayments of capital lease obligations
(2.8
)
(2.8
)
(2.5
)
Dividends paid
-
(9.1
)
-
Proceeds from issuance of common stock
0.1
0.3
0.3
Excess tax benefit from exercises of stock options
0.1
0.5
0.2
Net cash used in financing activities from continuing operations
(2.6
)
(11.1
)
(0.5
)
Net cash used in financing activities from discontinued operations
-
-
(0.2
)
Net cash used in financing activities
(2.6
)
(11.1
)
(0.7
)
EFFECTS OF EXCHANGE RATES ON CASH
(0.1
)
1.5
-
NET INCREASE IN CASH
30.7
53.4
5.2
CASH – BEGINNING OF YEAR
150.7
97.3
92.1
CASH – END OF YEAR
$
181.4
$
150.7
$
97.3
Supplemental disclosures:
Interest paid
$
1.2
$
1.4
$
1.7
Income taxes paid
$
8.1
$
11.4
$
19.2
Supplemental disclosures of non
-
cash investing and financing activities:
Acquisitions of equipment through capital leases
$
-
$
1.3
$
2.4