Incredimail 2008 Annual Report Download - page 75

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The accompanying notes are an integral part of the consolidated financial statements.
F
-
7
Cash flows from operating activities:
Net income (loss)
$
2,477
$
(2,762
)
$
4,425
Adjustments required to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization
245
510
1,050
Stock based compensation
585
769
1,165
Impairment of goodwill and other intangible assets
-
316
169
Other
-
than
-
temporary impairment on long
-
term investment and
marketable securities
-
5,147
956
Amortization of premium (accretion of discount) and accrued
interest on marketable securities
7
92
55
Gain from sale of marketable securities, net
(226
)
(386
)
(4,774
)
Deferred taxes, net
(290
)
211
(217
)
Accrued severance pay, net
185
91
75
Decrease (increase) in trade receivables
243
(165
)
(201
)
Increase in other receivables and prepaid expenses
(799
)
(1,406
)
(2,924
)
Decrease (increase) in long
-
term deposits
(258
)
(70
)
26
Increase in trade payables
350
1,082
402
Increase (decrease) in deferred revenues
1,360
159
(465
)
Increase in accrued expenses and other liabilities
1,309
226
1,182
Other
-
7
-
Net cash provided by operating activities
5,188
3,821
924
Cash flows from investing activities:
Purchase of property and equipment
(831
)
(1,355
)
(640
)
Proceeds from sale of property and equipment
-
15
-
Proceeds from short
-
term bank deposits
-
-
1,000
Investment in short
-
term bank deposits
-
(1,000
)
-
Restricted cash
(62
)
(66
)
(5
)
Capitalization of software development costs, content costs and
domain
(76
)
(84
)
(109
)
Payment for the acquisition of Bizchord (a)
(456
)
-
-
Proceeds from sales of marketable securities
5,833
54,369
25,209
Investment in marketable securities
(20,462
)
(59,749
)
(22,438
)
Net cash used in investing activities
(16,054
)
(7,870
)
3,017
Cash flows from financing activities:
Proceeds from issuance of shares upon initial public offering,
net
16,798
-
-
Tax benefit in respect of issuance expenses
-
111
-
Exercise of share options
10
124
165
Reimbursement of issuance costs
-
59
-
Short
-
term bank credit, net
(4
)
-
-
Repurchase of Ordinary shares
-
-
(882
)
Net cash provided by (used in) financing activities
16,804
294
(717
)
Increase (decrease) in cash and cash equivalents
5,938
(3,755
)
3,224
Cash and cash equivalents at beginning of year
2,428
8,366
4,611
Cash and cash equivalents at end of year
$
8,366
$
4,611
$
7,835