Incredimail 2010 Annual Report Download - page 90
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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,
2008
2009
2010
Cash flows from operating activities:
Net income
$
4,425
$
8,013
$
8,389
Adjustments required to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization
1,050
715
739
Stock based compensation expense
1,165
672
761
Excess tax benefit from share
-
based payment arrangements
-
-
(209
)
Impairment of goodwill and other intangible assets
169
-
-
Amortization of premium and accrued interest on marketable securities
55
105
42
Loss (gain) from marketable securities, long-term investment and short-term bank
deposits , net
(3,818
)
20
(108
)
Deferred taxes, net
(217
)
1,515
(385
)
Accrued severance pay, net
75
(144
)
216
Net changes in operating assets and liabilities:
Trade receivables
(201
)
(126
)
(475
)
Other receivables and prepaid expenses
(2,924
)
122
544
Other long
-
term assets
26
(45
)
17
Trade payables
402
(909
)
374
Deferred revenues
(465
)
(462
)
(106
)
Accrued expenses and other liabilities
1,182
1,198
(25
)
Other
-
-
9
Net cash provided by operating activities
924
10,674
9,783
Cash flows from investing activities:
Purchase of property and equipment
(640
)
(513
)
(246
)
Proceeds from sale of property and equipment
-
-
12
Proceeds from short
-
term bank deposits
1,000
1,042
-
Investment in short
-
term bank deposits
-
(974
)
-
Restricted cash
(5
)
169
-
Capitalization of content costs and domain
(109
)
(75
)
(180
)
Proceeds from sales of marketable securities
25,209
23,277
10,745
Investment in marketable securities
(22,438
)
(9,435
)
(20,534
)
Net cash provided by (used in) investing activities
3,017
13,491
(10,203
)
Cash flows from financing activities:
Exercise of share options
165
984
375
Excess tax benefit from share
-
based payment arrangements
-
-
209
Repurchase of Ordinary shares
(882
)
(120
)
-
Dividend paid
-
(8,496
)
(8,477
)
Net cash used in financing activities
(717
)
(7,632
)
(7,893
)
Increase(Decrease) in cash and cash equivalents
3,224
16,533
(8,313
)
Cash and cash equivalents at beginning of year
4,611
7,835
24,368
Cash and cash equivalents at end of year
$
7,835
$
24,368
$
16,055
Cash paid during the year for:
Income taxes
$
2,832
$
1,790
$
2,719
F
-
7