Logitech 2001 Annual Report Download - page 27

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LOGITECH INTERNATIONAL S.A.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year ended March 31,
2001 2000 1999
Cash flows from o
p
eratin
g
activities:
Net income................................................................................................... $ 45,068 $ 30,044 $ 7,137
Non-cash items included in net income:
De
p
reciation ............................................................................................. 19,012 15,775 13,135
Amortization of
g
oodwill............................................................................ 693 693 115
Amortization of other intan
g
ible assets..................................................... 2,335 3,547 2,528
Purchased in-
p
rocess research and develo
p
ment.................................... 3,275 — 6,200
Write-off of investments and note receivable............................................ 50 2,000 5,800
Loss
(g
ain
)
on dis
p
osal of
p
ro
p
ert
y
,
p
lant and e
q
ui
p
ment........................
(
1,922
)
117 1,081
Gain on sale of investments.....................................................................
(
1,296
)
(
1,525
)
—
E
q
uit
y
in net losses of affiliated com
p
anies ............................................. 440 4,627 254
Stock com
p
ensation ex
p
ense .................................................................. 437 422 283
Deferred income taxes............................................................................. 593
(
24
)
(
1,844
)
Chan
g
es in assets and liabilities:
Accounts receivable .................................................................................
(
6,630
)
(
31,823
)
(
31,886
)
Inventories................................................................................................
(
29,411
)
(
345
)
(
32,301
)
Other current assets.................................................................................
(
5,643
)
(
9,816
)
(
1,916
)
Accounts
p
a
y
able .....................................................................................
(
18,009
)
7,232 40,672
Accrued liabilities...................................................................................... 3,051 11,942 7,541
Net cash provided by operating activities ............................................. 12,043 32,866 16,799
Cash flows from investin
g
activities:
Purchases of
p
ro
p
ert
y
,
p
lant and e
q
ui
p
ment ...............................................
(
16,824
)
(
17,872
)
(
24,756
)
Sales of investments.................................................................................... 1,767 2,150 —
Sales of
p
ro
p
ert
y
,
p
lant and e
q
ui
p
ment ....................................................... 3,637 — —
Acquisitions and investments, net of cash acquired..................................... (47,696) (4,219) (40,048)
Net cash used in investing activities ..................................................... (59,116) (19,941) (64,804)
Cash flows from financin
g
activities:
Net borrowin
g
(
re
p
a
y
ment
)
of short-term debt ............................................. 35,000
(
18,416
)
19,063
Net borrowin
g
(
re
p
a
y
ment
)
of lon
g
-term debt .............................................. 211
(
330
)
(
172
)
Purchase of treasur
y
shares ........................................................................
(
1,065
)
—
(
4,018
)
Proceeds from sale of treasur
y
shares ........................................................ 1,553 5,413 4,192
Proceeds from issuance of registered shares.............................................. 9,496 7,512 —
Net cash provided by (used in) financing activities ............................... 45,195 (5,821) 19,065
Effect of exchange rate changes on cash and cash equivalents ..................... (3,406) (929) (185)
Net increase
(
decrease
)
in cash and cash e
q
uivalents.........................
(
5,284
)
6,175
(
29,125
)
Cash and cash equivalents at beginning of period........................................... 49,426 43,251 72,376
Cash and cash equivalents at end of period .................................................... $ 44,142 $ 49,426 $ 43,251
Su
pp
lemental cash flow information:
Interest
p
aid ................................................................................................. $ 158 $ 616 $ 1,230
Income taxes
p
aid........................................................................................ $ 863 $ 1,808 $ 1,423
Non-cash investin
g
and financin
g
activities:
Pro
p
ert
y
ac
q
uired throu
g
h ca
p
ital lease financin
g
...................................... $ 900 — $ 1
,
007
Ac
q
uisition of Labtec throu
g
h issuance of re
g
istered shares ...................... $ 25
,
436 — —
The accompanying notes are an integral part of these financial statements.