Invacare 2008 Annual Report Download - page 71

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CONSOLIDATED STATEMENT OF CASH FLOWS
INVACARE CORPORATION AND SUBSIDIARIES
Years Ended December 31,
2008 2007 2006
(In thousands)
Operating Activities
Net earnings (loss) ............................................. $ 38,551 $ 1,190 $(317,774)
Adjustments to reconcile net earnings (loss) to net cash provided by
operating activities:
Depreciation and amortization ................................ 43,744 43,717 39,892
Provision for losses on trade and installment receivables ........... 14,284 11,927 37,711
Provision for deferred income taxes ........................... 1,420 6,030 4,285
Provision for other deferred liabilities .......................... 2,930 3,570 3,429
Provision for stock-based compensation ........................ 3,299 2,554 1,587
Loss on disposals of property and equipment .................... 145 1,686 2,219
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 .......................................... (15,031) 1,469 (4,035)
Installment sales contracts, net ................................ (3,788) (8,348) (5,997)
Inventories ............................................... (292) 14,542 (15,932)
Other current assets ........................................ 4,754 31,377 (25,043)
Accounts payable .......................................... (20,440) (18,298) 22,857
Accrued expenses .......................................... 5,479 (15,661) 18,414
Other long-term liabilities ................................... 1,359 (10,063) 424
Net Cash Provided by Operating Activities ................ 76,414 79,100 62,454
Investing Activities
Purchases of property and equipment .......................... (19,957) (20,068) (21,789)
Proceeds from sale of property and equipment ................... 211 501 2,298
Business acquisitions, net of cash acquired ...................... (8,420) (5,496) (15,296)
(Increase) decrease in other investments ........................ (65) 155 252
(Increase) decrease in other long-term assets ..................... 4,882 1,446 (850)
Other .................................................... 864 1,404 939
Net Cash Used for Investing Activities .................... (22,485) (22,058) (34,446)
Financing Activities
Proceeds from revolving lines of credit, securitization facility and
long-term borrowings ..................................... 356,261 699,001 872,549
Payments on revolving lines of credit, securitization facility and long-
term borrowings ......................................... (417,182) (754,002) (846,100)
Proceeds from exercise of stock options ........................ 834 44 2,364
Payment of financing costs .................................. — (22,992) —
Payment of dividends ....................................... (1,599) (1,596) (1,589)
Net Cash Provided (Used) by Financing Activities .......... (61,686) (79,545) 27,224
Effect of exchange rate changes on cash ............................ (6,927) 2,500 1,347
Increase (decrease) in cash and cash equivalents ...................... (14,684) (20,003) 56,579
Cash and cash equivalents at beginning of year ....................... 62,200 82,203 25,624
Cash and cash equivalents at end of year ............................ $ 47,516 $ 62,200 $ 82,203
See notes to consolidated financial statements.
FS-5