Invacare 2007 Annual Report Download - page 69

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CONSOLIDATED STATEMENT OF CASH FLOWS
INVACARE CORPORATION AND SUBSIDIARIES
Years Ended December 31,
2007 2006 2005
(In thousands)
Operating Activities
Net earnings (loss) ............................................. $ 1,190 $(317,774) $ 48,852
Adjustments to reconcile net earnings (loss) to net cash provided by
operating activities:
Depreciation and amortization ................................ 43,717 39,892 40,524
Provision for losses on trade and installment receivables ........... 11,927 37,711 14,168
Provision for deferred income taxes ........................... 6,030 4,285 (100)
Provision for other deferred liabilities .......................... 3,570 3,429 3,571
Provision for stock-based compensation ........................ 2,554 1,587 881
Loss on disposals of property and equipment .................... 1,686 2,219 297
Debt finance charges, interest and fees associated with debt
refinancing ............................................. 13,408 — —
Write down of goodwill and intangibles ........................ — 300,417 —
Changes in operating assets and liabilities:
Trade receivables .......................................... 1,469 (4,035) (10,075)
Installment sales contracts, net ................................ (8,348) (5,997) (4,402)
Inventories ............................................... 14,542 (15,932) (12,919)
Other current assets ........................................ 31,377 (25,043) (7,046)
Accounts payable .......................................... (18,298) 22,857 (6,923)
Accrued expenses .......................................... (15,661) 18,414 9,185
Other long-term liabilities ................................... (10,063) 424 2,112
Net Cash Provided by Operating Activities ................ 79,100 62,454 78,125
Investing Activities
Purchases of property and equipment .......................... (20,068) (21,789) (30,924)
Proceeds from sale of property and equipment ................... 501 2,298 5,365
Business acquisitions, net of cash acquired ...................... (5,496) (15,296) (58,216)
(Increase) decrease in other investments ........................ 155 252 (44)
(Increase) decrease in other long-term assets ..................... 1,446 (850) (1,013)
Other .................................................... 1,404 939 (1,902)
Net Cash Used for Investing Activities .................... (22,058) (34,446) (86,734)
Financing Activities
Proceeds from revolving lines of credit, securitization facility and
long-term borrowings ..................................... 699,001 872,549 796,073
Payments on revolving lines of credit, securitization facility and long-
term borrowings ......................................... (754,002) (846,100) (796,619)
Proceeds from exercise of stock options ........................ 44 2,364 3,742
Payment of financing costs .................................. (22,992) — —
Payment of dividends ....................................... (1,596) (1,589) (1,580)
Net Cash Provided (Used) by Financing Activities .......... (79,545) 27,224 1,616
Effect of exchange rate changes on cash ............................ 2,500 1,347 50
Increase (decrease) in cash and cash equivalents ...................... (20,003) 56,579 (6,943)
Cash and cash equivalents at beginning of year ....................... 82,203 25,624 32,567
Cash and cash equivalents at end of year ............................ $ 62,200 $ 82,203 $ 25,624
See notes to consolidated financial statements.
FS-5