Incredimail 2009 Annual Report Download - page 88

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INCREDIMAIL LTD .
AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
U .S. dollars in thousands
The accompanying notes are an integral part of the consolidated financial statements.
Year ended December 31,
2007
2008
2009
Cash flows from operating activities:
Net income (loss)
$
(2,762
)
$
4,425
$
8,013
Adjustments required to reconcile net income (loss) to net cash provided by operating
activities:
Depreciation and amortization
510
1,050
715
Stock based compensation expense
769
1,165
672
Impairment of goodwill and other intangible assets
316
169
-
Amortization of premium and accrued interest on marketable securities
92
55
105
Loss (gain) from marketable securities, ,long-term investment and short-term bank
deposits , net
4,761
(3,818
)
20
Deferred taxes, net
211
(217
)
1,515
Accrued severance pay, net
91
75
(144
)
Net changes in operating assets and liabilities:
Trade receivables
(165
)
(201
)
(126
)
Other receivables and prepaid expenses
(1,406
)
(2,924
)
122
Other long
-
term assets
(70
)
26
(45
)
Trade payables
1,082
402
(909
)
Deferred revenues
159
(465
)
(462
)
Accrued expenses and other liabilities
226
1,182
1,198
Other
7
-
-
Net cash provided by operating activities
3,821
924
10,674
Cash flows from investing activities:
Purchase of property and equipment
(1,355
)
(640
)
(513
)
Proceeds from sale of property and equipment
15
-
-
Proceeds from short
-
term bank deposits
-
1,000
1,042
Investment in short
-
term bank deposits
(1,000
)
-
(974
)
Restricted cash
(66
)
(5
)
169
Capitalization of software development costs, content costs and domain
(84
)
(109
)
(75
)
Proceeds from sales of marketable securities
54,369
25,209
23,277
Investment in marketable securities
(59,749
)
(22,438
)
(9,435
)
Net cash provided by (used in) investing activities
(7,870
)
3,017
13,491
Cash flows from financing activities:
Tax benefit in respect of issuance expenses
111
-
-
Exercise of share options
124
165
984
Reimbursement of issuance costs
59
-
-
Repurchase of Ordinary shares
-
(882
)
(120
)
Dividend paid
-
-
(8,496
)
Net cash provided by (used in) financing activities
294
(717
)
(7,632
)
Increase (decrease) in cash and cash equivalents
(3,755
)
3,224
16,533
Cash and cash equivalents at beginning of year
8,366
4,611
7,835
Cash and cash equivalents at end of year
$
4,611
$
7,835
$
24,368
Cash paid during the year for:
Income taxes
$
2,019
$
2,832
$
3,594
F-7