Rayovac 2005 Annual Report Download - page 86

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SPECTRUM BRANDS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Years ended September 30, 2005, 2004 and 2003
(in thousands) 2005 2004 2003
Cash fl ows from operating activities:
Net income $ 46,832 $ 55,780 $ 15,482
Adjustments to reconcile net income to net cash provided
by operating activities:
Discontinued operations – 380 –
Depreciation 46,869 34,337 31,133
Amortization of intangibles 14,028 955 438
Amortization of debt issuance costs 6,023 4,162 1,957
Amortization of unearned restricted stock compensation 9,509 5,291 3,426
Loss on debt extinguishment 12,033 – 3,072
Inventory valuation purchase accounting charges 37,533 – –
Deferred income taxes (12,339) 6,725 (9,533)
Stock option income tax benefi t 10,732 8,766 123
Other non-cash charges (2,790) 1,586 15,728
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable 55,134 978 6,002
Inventories 47,781 (30,933) 6,369
Prepaid expenses and other assets 8,153 (8,361) 15,105
Accounts payable and accrued liabilities (52,171) 25,541 (13,012)
Net cash provided by operating activities 227,327 105,207 76,290
Cash fl ows from investing activities:
Purchases of property, plant and equipment (63,850) (26,892) (26,125)
Proceeds from sale of property, plant and equipment and investments 177 30 132
Payments for acquisitions, net of cash acquired (1,630,155) (41,714) (420,403)
Net cash used by investing activities (1,693,828) (68,576) (446,396)
Cash fl ows from fi nancing activities:
Reduction of debt (1,080,951) (391,848) (560,405)
Proceeds from debt fi nancing 2,581,378 241,500 1,062,580
Debt issuance costs (31,713) (1,350) (29,933)
Payments on capital lease obligations (8,874) (110) (1,167)
Payments from offi cers/shareholders 3,605 – 600
Proceeds from exercise of stock options 18,413 21,127 176
Net cash provided (used) by fi nancing activities 1,481,858 (130,681) 471,851
Net cash used by discontinued operations – (336) –
Effect of exchange rate changes on cash and cash equivalents 524 2,750 (3,769)
Net increase (decrease) in cash and cash equivalents 15,881 (91,636) 97,976
Cash and cash equivalents, beginning of period 13,971 105,607 7,631
Cash and cash equivalents, end of period $ 29,852 $ 13,971 $ 105,607
Supplemental disclosure of cash fl ow information:
Cash paid for interest $ 100,770 $ 49,415 $ 34,267
Cash paid for income taxes, net 21,973 28,326 7,555
Issuance of Treasury shares for the United acquisition 439,175 – –
Sale of Mexican manufacturing facility:
Reduction in deferred proceeds 9,440 – –
Reduction in assets held for sale 7,874 – –
See accompanying notes to consolidated financial statements.
2005 Form 10-K Annual Report
Spectrum Brands, Inc.
SPECTRUM BRANDS, INC.66