Nautilus 2006 Annual Report Download - page 37
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Table of Contents
NAUTILUS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2006, 2005 AND 2004
(In Thousands)
(Continued)
35
2006
2005
2004
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
29,100
$
23,000
$
29,985
Adjustments to reconcile net income to net cash provided by (used in) operating
activities:
Depreciation and amortization
17,044
16,354
11,972
Amortization of unearned stock compensation
—
363
340
Share
-
based compensation
2,534
—
—
(Gain) loss on sale of property, plant and equipment
146
17
(1,214
)
Tax benefit from exercise of nonqualified options
—
1,788
1,285
Excess tax benefit from exercise of employee stock options
(48
)
—
—
Deferred income taxes
414
(437
)
860
Foreign currency transaction gain
(1,420
)
—
—
Decrease in allowance for notes receivable
—
—
(
594
)
Changes in assets and liabilities, net of the effect of acquisitions:
Trade receivables
(24,616
)
(16,261
)
(19,702
)
Inventories
21,128
(33,342
)
4,693
Prepaid expenses and other current assets
(12,054
)
(1,564
)
(1,036
)
Trade payables
(101
)
2,228
22,774
Accrued liabilities
2,042
2,315
(5,991
)
Income taxes payable
795
(4,600
)
2,261
Customer deposits
(1,158
)
493
1,373
Net cash provided by (used in) operating activities
33,806
(9,646
)
47,006
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment
(11,147
)
(31,771
)
(9,043
)
Proceeds from sale of property, plant and equipment, and assets held for sale
7,143
2,972
641
Purchases of intangible assets
(8,455
)
—
—
Net increase in other assets
(2,703
)
(449
)
(596
)
Acquisitions, net of cash acquired
—
(
73,689
)
—
Purchases of short
-
term investments
—
(
49,352
)
(126,143
)
Proceeds from maturities of short
-
term investments
—
134,671
92,106
Net increase in notes receivable
35
8
453
Net cash used in investing activities
(15,127
)
(17,610
)
(42,582
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid on common stock
(12,913
)
(13,351
)
(13,091
)
Proceeds from exercise of stock options
603
5,609
6,569
Excess tax benefit from exercise of employee stock options
48
—
—
Stock repurchases
(16,653
)
(15,636
)
—
Net increase of short
-
term borrowings
7,353
40,147
—
Principal payments on long
-
term debt
(1,900
)
(300
)
—
Net cash provided by (used in) financing activities
(23,462
)
16,469
(6,522
)
Net effect of foreign currency exchange rate changes
1,061
(495
)
12