Nautilus 2003 Annual Report Download - page 46

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Table of Contents
THE NAUTILUS GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001
(In Thousands)
(Continued)
-
45
-
2003
2002
2001
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
34,402
$
97,887
$
66,583
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
12,274
6,316
3,621
Allowance for notes receivable
594
—
—
Amortization of unearned compensation
156
—
—
Loss on sale of property, plant and equipment
119
126
213
Tax benefit of exercise of nonqualified options
541
3,056
1,877
Deferred income taxes
(663
)
4,980
1,733
Changes in assets and liabilities, net of the effect of acquisitions:
Trade receivables
(23,966
)
(16,392
)
(10,108
)
Inventories
11,650
(11,109
)
(14,006
)
Prepaid expenses and other current assets
(837
)
(2,307
)
(482
)
Trade payables
(6,672
)
15,356
12,013
Income taxes payable
3,178
1,376
2,146
Accrued liabilities and royalty payable to stockholders
12,214
1,724
4,380
Customer deposits
731
(453
)
(1,093
)
Net cash provided by operating activities
43,721
100,560
66,877
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment
(7,017
)
(31,542
)
(5,716
)
Proceeds from sale of property, plant and equipment
54
31
3
Net (increase) decrease in other assets
(640
)
7
42
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
17,578
37,852
21,063
Net (increase) decrease in notes receivable
474
(758
)
(2,672
)
Net cash provided by (used in) investing activities
10,449
(57,901
)
(94,256
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid on common stock
(13,030
)
—
—
Stock repurchases
(1,422
)
(49,969
)
(16,310
)
Proceeds from exercise of stock options
979
2,727
2,270
Net cash used in financing activities
(13,473
)
(47,242
)
(14,040
)
Effect of foreign currency exchange rate changes
218
663
(123
)