Rayovac 2002 Annual Report Download - page 41

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CONSOLIDATED STATEMENTS OF CASH FLOWS
Rayovac Corporation and Subsidiaries
Years Ended September 30,
(In thousands) 2000 2001 2002
Cash flows from operating activities:
Net income $ 38,350 $ 11,534 $ 29,237
Adjustments to reconcile net income to net cash provided by operating activities:
Extraordinary item, loss on early retirement of debt — 8,587 —
Amortization 6,309 5,608 1,894
Depreciation 16,024 17,667 18,828
Deferred income taxes 2,905 (3,751) 4,257
Non-cash restructuring charges — 9,958 542
Stock option income tax benefit 625 4,348 37
Amortization of unearned restricted stock compensation — 1,582 1,331
(Gain) loss on disposal of fixed assets (1,297) 187 224
Changes in assets and liabilities:
Accounts receivable (16,140) (35,844) 26,272
Inventories (20,344) 5,168 3,579
Prepaid expenses and other assets (5,416) (1,657) (4,221)
Accounts payable and accrued liabilities 16,973 (10,223) (11,310)
Accrued special charges (5,147) 4,883 (3,844)
Net cash provided by operating activities 32,842 18,047 66,826
Cash flows from investing activities:
Purchases of property, plant and equipment (18,996) (19,693) (15,641)
Investments in available for sale securities — (797) —
Proceeds from sale of property, plant and equipment 1,051 863 168
Proceeds from sale of investments — 1,354 —
Net cash used by investing activities (17,945) (18,273) (15,473)
Cash flows from financing activities:
Reduction of debt (215,394) (416,699) (224,192)
Proceeds from debt financing 203,189 421,914 169,100
Debt issuance costs ——(387)
Loans to officers/shareholders (2,300) (475) (540)
Issuance of stock — 64,179 —
Acquisition of treasury stock (886) (88) —
Exercise of stock options 621 3,327 134
Extinguishment of debt — (69,652) (239)
Payments on capital lease obligation (1,233) (837) (590)
Net cash (used) provided by financing activities (16,003) 1,669 (56,714)
Effect of exchange rate changes on cash and cash equivalents (202) 158 3,884
Net (decrease) increase in cash and cash equivalents (1,308) 1,601 (1,477)
Cash and cash equivalents, beginning of period 11,065 9,757 11,358
Cash and cash equivalents, end of period $ 9,757 $ 11,358 $ 9,881
Supplemental disclosure of cash flow information:
Cash paid for interest $ 27,691 $ 28,938 $ 14,671
Cash paid for income taxes 14,318 8,166 11,373
See accompanying notes to consolidated financial statements.