Plantronics 2008 Annual Report Download - page 59

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53
PLANTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
2006 2007 2008
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 81,150 $ 50,143 $ 68,395
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 23,083 29,151 28,486
Stock-based compensation 1,161 16,919 15,992
Provision for (benefit from) doubtful accounts 1,518 (288) (232)
Provision for excess and obsolete inventories 10,424 14,551 7,776
Deferred income taxes (4,595) (8,430) (9,313)
Income tax benefit associated with stock option exercises 4,141 501 1,459
Excess tax benefit from stock-based compensation - (1,208) (1,763)
Loss (gain) on disposal of property, plant, and equipment, net 69 (2,535) 253
Impairment of intangible assets - 800 517
Non-cash restructuring charges - - 1,557
Changes in assets and liabilities, net of effect of acquisitions:
Accounts receivable (15,093) 4,538 (19,196)
Inventory (26,670) (35,140) (8,273)
Other assets 1,368 (5,334) (3,100)
Accounts payable 5,349 1,382 (2,060)
Accrued liabilities (4,938) 8,712 8,731
Income taxes payable 1,381 (714) 13,671
Cash provided by operating activities 78,348 73,048 102,900
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales and maturities of short-term investments 604,510 311,439 328,285
Purchase of short-term investments (448,123) (312,560) (347,135)
Acquisitions of Altec Lansing and Octiv, net of cash acquired (165,393) - -
Proceeds from the sale of land - 2,667 -
Capital expenditures and other assets (41,860) (24,028) (23,298)
Cash used for investing activities (50,866) (22,482) (42,148)
CASH FLOWS FROM FINANCING ACTIVITIES
Purchase of treasury stock (70,395) (4,021) (1,542)
Proceeds from sale of treasury stock 4,333 4,886 5,346
Proceeds from issuance of common stock 16,916 3,266 9,762
Proceeds from line of credit 45,000 - -
Repayment of line of credit (22,957) (22,043) -
Payment of cash dividends (9,455) (9,540) (9,711)
Excess tax benefit from stock-based compensation - 1,208 1,763
Cash (used for) provided by financing activities (36,558) (26,244) 5,618
Effect of exchange rate changes on cash and cash equivalents (619) 1,106 2,590
Net (decrease) increase in cash and cash equivalents (9,695) 25,428 68,960
Cash and cash equivalents at beginning of year 78,398 68,703 94,131
Cash and cash equivalents at end of year $ 68,703 $ 94,131 $ 163,091
SUPPLEMENTAL DISCLOSURES
Cash paid for:
Interest $ 1,094 $ 632 $ 100
Income taxes $ 32,156 $ 24,836 $ 13,027
Fiscal Year Ended March 31,
The accompanying notes are an integral part of these consolidated financial statements.