Rayovac 2003 Annual Report Download - page 36

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Years Ended September 30,
(In thousands) 2001 2002 2003
Cash flows from operating activities:
Net income $ 11,534 $ 29,237 $ 15,482
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 17,667 18,828 31,133
Non-cash restructuring charges 9,958 542 14,135
Loss on early retirement of debt 8,587 —3,072
Amortization of debt issuance costs 2,055 1,642 1,957
Amortization 3,473 173 438
Amortization of unearned restricted stock compensation 1,582 1,331 3,426
Deferred income taxes (3,751) 4,257 (9,533)
Stock option income tax benefit 4,348 37 123
Loss on disposal of fixed assets and all other 187 224 1,593
Changes in assets and liabilities, net of acquisitions:
Accounts receivable (35,844) 26,272 6,002
Inventories 5,168 3,579 6,369
Prepaid expenses and other assets (1,577) (4,142) 15,105
Accounts payable and accrued liabilities (10,223) (11,310) (15,621)
Accrued restructuring charges 4,883 (3,844) 2,526
Net cash provided by operating activities 18,047 66,826 76,207
Cash flows from investing activities:
Purchases of property, plant and equipment (19,693) (15,641) (26,125)
Proceeds from sale of property, plant and equipment and investments 1,420 168 132
Payments for acquisitions, net of cash acquired ——(420,403)
Net cash used by investing activities (18,273) (15,473) (446,396)
Cash flows from financing activities:
Reduction of debt (416,699) (224,192) (433,832)
Proceeds from debt financing 421,914 169,100 1,062,580
Extinguishment of debt (69,652) (239) (126,573)
Debt issuance costs — (387) (29,933)
Payments on capital lease obligations (837) (590) (1,167)
(Loans to) payments from officers/shareholders (475) (540) 600
Proceeds from issuance of stock 64,179 ——
Acquisition of treasury stock (88) ——
Proceeds from exercise of stock options 3,327 134 176
Net cash provided (used) by financing activities 1,669 (56,714) 471,851
Effect of exchange rate changes on cash and cash equivalents 158 3,884 (3,769)
Net increase (decrease) in cash and cash equivalents 1,601 (1,477) 97,893
Cash and cash equivalents, beginning of period 9,757 11,358 9,881
Cash and cash equivalents, end of period $ 11,358 $ 9,881 $ 107,774
Supplemental disclosure of cash flow information:
Cash paid for interest $ 28,938 $ 14,671 $ 34,267
Cash paid for income taxes 8,166 11,373 7,555
See accompanying notes to consolidated financial statements.
Consolidated Statements of Cash Flows
Rayovac Corporation and Subsidiaries
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