Nautilus 2001 Annual Report Download - page 43

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DIRECT FOCUS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 1999, 2000, AND 2001
1999 2000 2001
------------ ------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 20,342,891 $ 41,626,094 $ 66,582,664
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 1,183,412 2,874,101 3,620,954
Loss on equipment disposal 1,262 4,504 212,713
Tax benefit of exercise of nonqualified options 497,412 839,863 1,877,025
Deferred income taxes (484,448) 144,945 1,732,709
Changes in assets and liabilities, net of the
effect of acquisitions:
Trade receivables (1,519,116) (197,073) (10,107,949)
Inventories (3,448,750) (3,485,563) (14,005,616)
Prepaid expenses and other current assets (1,377,336) 1,272,498 (481,841)
Trade payables 2,001,235 6,464,407 12,013,031
Income taxes payable 1,672,461 365,731 2,145,862
Accrued liabilities and royalty payable to
Stockholders 988,414 1,881,008 4,379,916
Customer deposits 948,811 994,863 (1,092,852)
------------ ------------ ------------
Net cash provided by operating activities 20,806,248 52,785,378 66,876,616
------------ ------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment (1,929,137) (8,761,526) (5,716,348)
Proceeds from sale of property, plant and equip 159,238 97,067 3,000
Additions to other assets (167,935) (13,505) 41,976
Acquisition cost of Nautilus (16,615,012) -- --
Acquisition cost of Schwinn -- -- (69,843,214)
Purchase of short-term investments -- -- (37,132,771)
Proceeds from sales and maturities of short-term
investments -- -- 21,063,080
Issuance of notes receivable -- -- (2,671,838)
------------ ------------ ------------
Net cash used in investing activities (18,552,846) (8,677,964) (94,256,115)
------------ ------------ ------------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from public offering 17,937,691 -- --
Funds used for stock repurchase (3,698,793) (3,252,043) (16,309,486)
Proceeds from exercise of stock options 300,482 622,236 2,270,226
------------ ------------ ------------
Net cash provided by (used in) financing activities 14,539,380 (2,629,807) (14,039,260)
------------ ------------ ------------
Effect of exchange rate changes -- -- (123,361)
39
2002. EDGAR Online, Inc.