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Table of Contents
NAUTILUS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
See accompanying notes to consolidated financial statements.
27
Year Ended December 31,
2011 2010
Cash flows from operating activities:
Income (loss) from continuing operations
$
2,501
$
(9,818
)
Loss from discontinued operation
(1,081
)
(13,023
)
Net income (loss)
1,420
(22,841
)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization
3,815
6,627
Bad debt expense
156
486
Inventory lower-of-cost-or-market adjustments
210
205
Stock-based compensation expense
306
637
Loss on asset disposals
78
148
Reduction of previously estimated asset disposal loss
(947
)
(3,723
)
Deferred income taxes, net of valuation allowances
431
290
Changes in operating assets and liabilities:
Trade receivables
(4,580
)
7,247
Inventories
(1,287
)
6,343
Prepaids and other current assets
1,117
458
Income taxes
(127
)
12,372
Trade payables
4,041
(12,620
)
Accrued liabilities, including warranty obligations
(35
)
(6,288
)
Net cash provided by (used in) operating activities
4,598
(10,659
)
Cash flows from investing activities:
Proceeds from sale of discontinued operation
1,303
7,266
Proceeds from other asset sales
—
16
Purchases of software and equipment
(2,506
)
(222
)
Net decrease in restricted cash
351
4,582
Net cash (used in) provided by investing activities
(852
)
11,642
Cash flows from financing activities:
Proceeds from long-term borrowings
—
5,000
Financing costs
(35
)
(324
)
Proceeds from exercise of stock options
3
—
Net cash (used in) provided by financing activities
(32
)
4,676
Effect of exchange rate changes on cash and cash equivalents
(583
)
1,348
Net increase in cash and cash equivalents
3,131
7,007
Cash and cash equivalents, beginning of year
14,296
7,289
Cash and cash equivalents, end of year
$
17,427
$
14,296
Supplemental disclosure of cash flow information:
Cash refunded for income taxes, net of payments
$
22
$
12,455