Nautilus 2002 Annual Report Download - page 42

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THE NAUTILUS GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000
(In Thousands)
-----------------------------------------------------------------------------------------------------------
2002 2001 2000
----------- ----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 97,887 $ 66,583 $ 41,626
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 6,316 3,621 2,874
Loss on sale of property, plant and equipment 126 213 4
Tax benefit of exercise of nonqualified options 3,056 1,877 840
Deferred income taxes 4,980 1,733 145
Changes in assets and liabilities, net of the effect
of acquisitions:
Trade receivables (16,392) (10,108) (197)
Inventories (11,109) (14,006) (3,486)
Prepaid expenses and other current assets (2,307) (482) 1,273
Trade payables 15,356 12,013 6,464
Income taxes payable 1,376 2,146 366
Accrued liabilities and royalty payable to
stockholders 1,724 4,380 1,881
Customer deposits (453) (1,093) 995
----------- ----------- -----------
Net cash provided by operating activities 100,560 66,877 52,785
----------- ----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment (31,542) (5,716) (8,762)
Proceeds from sale of property, plant and equipment 31 3 97
Decrease (increase) in other assets 7 42 (13)
Acquisition cost of StairMaster, net of cash acquired (24,131) -- --
Acquisition cost of Schwinn Fitness, net of cash acquired -- (69,843) --
Purchase of short-term investments (39,360) (37,133) --
Proceeds from maturities of short-term investments 37,852 21,063 --
Issuance of notes receivable (758) (2,672) --
----------- ----------- -----------
Net cash used in investing activities (57,901) (94,256) (8,678)
----------- ----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Funds used for stock repurchase (49,969) (16,310) (3,252)
Proceeds from exercise of stock options 2,727 2,270 622
----------- ----------- -----------
Net cash used in financing activities (47,242) (14,040) (2,630)
----------- ----------- -----------
EFFECT OF FOREIGN CURRENCY EXCHANGE
RATE CHANGES 663 (123) --
----------- ----------- -----------
(Continued)
-42-
2003. EDGAR Online, Inc.