Nutrisystem 2003 Annual Report Download - page 33

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31
NUTRISYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31
----------------------------------------------------
2003 2002 2001
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 812 $ 2,411 $ 1,249
Adjustments to reconcile net income to net cash provided by
(used in) operating activities-
Discontinued operation net (income) loss (200) (813)
Net cash from discontinued operation 45 541
Equity in losses of affiliate 157 143
Depreciation and amortization 223 336 418
Deferred tax benefit (3,397)
Loss on disposal of fixed assets 152 16
Stockbased costs 220 37 61
Changes in operating assets and liabilities-
Restricted cash 75 203 (3)
Trade receivables (47) (129) 62
Inventories (1,639) (127) (1,323)
Other assets 198 (140) (42)
Accounts payable 1,946 (761) 454
Accrued payroll and related benefits 47 29 (18)
Deferred revenue (493) 506
Other liabilities (174) 560 (260)
Net cash provided by (used in) operating activities (1,920) 2,913 342
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital additions, net of proceeds from dispositions (528) (84) (139)
Investment in affiliate (93) (155)
Net cash used in investing activities (621) (239) (139)
CASH FLOWS FROM FINANCING ACTIVITIES:
Exercise of stock options 25 8
Repayment of non-current liabilities (100)
Sale of common stock 2,300
Treasury stock purchases, at cost (105) (695) (723)
Net cash provided by (used in) financing activities 2,220 (787) (723)
NET CHANGE IN CASH AND CASH EQUIVALENTS (321) 1,887 (520)
CASH AND CASH EQUIVALENTS,
beginning of year 3,005 1,118 1,638
CASH AND CASH EQUIVALENTS,
end of year $ 2,684 $ 3,005 $ 1,118
The accompanying notes are an integral part of these consolidated financial statements.