Henry Schein 2003 Annual Report Download - page 38

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HENRY SCHEIN, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Years ended
December 27, December 28, December 29,
2003 2002 2001
Cash flows from operating activities of continuing operations:
Net income $137,510 $117,987 $ 87,373
Loss on sale of discontinued operation, net of tax 2,012 –– ––
Net income from continuing operations 139,522 117,987 87,373
Adjustments to reconcile net income to net cash provided
by operating activities of continuing operations:
Depreciation and amortization 36,843 28,272 35,642
Provision for losses and allowances on trade receivables 6,548 8,962 8,850
Stock issued to ESOP trust 2,300 1,340 2,225
Provision for deferred income taxes 5,524 226 292
Undistributed earnings of affiliates (931) (659) (414)
Minority interest in net income of subsidiaries 2,807 2,591 1,462
Other 2,005 145 7,067
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable (69,543) (6,714) 2,332
Inventories (28,781) (23,075) (17,850)
Other current assets (16,957) (18,445) 8,808
Accounts payable and accruals 49,506 24,039 55,124
Net cash provided by operating activities of continuing operations 128,843 134,669 190,911
Cash flows from investing activities:
Purchases of capital expenditures (38,978) (47,543) (46,127)
Payments for business acquisitions, net of cash acquired (118,180) (36,224) (8,588)
Purchases of marketable securities (39,667) (55,211) ––
Proceeds from sales of marketable securities 40,619 –– ––
Proceeds from maturities of marketable securities 39,030 –– ––
Other, including discontinued operation (946) (3,780) (355)
Net cash used in investing activities (118,122) (142,758) (55,070)
Cash flows from financing activities:
Proceeds from issuance of long-term debt –– –– 10,166
Principal payments on long-term debt (8,667) (14,941) (13,042)
Proceeds from issuance of stock upon exercise of stock options 22,348 34,122 14,155
Net (payments on) borrowing from banks (180) 394 (10,752)
Payments for repurchases of common stock (61,754) –– ––
Other (122) (892) (156)
Net cash (used in) provided by financing activities (48,375) 18,683 371
Net change in cash and cash equivalents (37,654) 10,594 136,212
Effect of exchange rate changes on cash and cash equivalents (5,646) (3,310) (1,207)
Cash and cash equivalents, beginning of year 200,651 193,367 58,362
Cash and cash equivalents, end of year $157,351 $200,651 $193,367
See accompanying notes.
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