Nautilus 2004 Annual Report Download - page 39

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Table of Contents
NAUTILUS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002
(In Thousands)
(Continued)
37
2004
2003
2002
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
29,985
$
34,402
$
97,887
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
11,972
12,274
6,316
(Decrease) increase in allowance for notes receivable
(594
)
594
—
Amortization of unearned stock compensation
340
156
—
(Gain) loss on disposal of property, plant and equipment
(1,214
)
119
126
Tax benefit of exercise of nonqualified options
1,285
541
3,056
Deferred income taxes
860
(663
)
4,980
Changes in assets and liabilities, net of the effect of acquisitions:
Trade receivables
(19,702
)
(23,966
)
(16,392
)
Inventories
4,693
11,650
(11,109
)
Prepaid expenses and other current assets
(1,036
)
(837
)
(2,307
)
Trade payables
22,774
(6,672
)
15,356
Income taxes payable
2,261
3,178
1,376
Accrued liabilities and royalty payable to stockholders
(5,991
)
12,214
1,724
Customer deposits
1,373
731
(453
)
Net cash provided by operating activities
47,006
43,721
100,560
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment
(9,043
)
(7,017
)
(31,542
)
Proceeds from sale of property, plant and equipment
641
54
31
Net (increase) decrease in other assets
(596
)
(640
)
7
Acquisition cost of StairMaster, net of cash acquired
—
—
(
24,131
)
Purchases of short
-
term investments
(126,143
)
(99,833
)
(39,360
)
Proceeds from maturities of short
-
term investments
92,106
66,129
37,852
Net (increase) decrease in notes receivable
453
474
(758
)
Net cash used in investing activities
(42,582
)
(40,833
)
(57,901
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid on common stock
(13,091
)
(13,030
)
—
Stock repurchases
—
(
1,422
)
(49,969
)
Proceeds from exercise of stock options
6,569
979
2,727
Net cash used in financing activities
(6,522
)
(13,473
)
(47,242
)
Effect of foreign currency exchange rate changes
12
218
663