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38 SPECTRUM BRANDS | 2007 ANNUAL REPORT
CONSOLIDATED STATEMENTS OF CASH FLOWS
Spectrum Brands, Inc.
Years Ended September 30, 2007, 2006 and 2005
(In thousands) 2007 2006 2005
Cash fl ows from operating activities:
(Loss) income from continuing operations $ (412,108) $ (415,443) $ 29,626
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 42,365 41,524 40,108
Amortization of intangibles 13,846 13,819 7,664
Amortization of debt issuance costs 11,855 6,872 6,023
Amortization of unearned restricted stock compensation 21,214 15,169 9,509
Impairment of goodwill and intangibles 238,439 432,978 –
Gain on sale of assets – (8,876) –
Loss on debt extinguishment – – 12,033
Inventory valuation purchase accounting charges – 204 37,533
Deferred income taxes 57,145 (52,581) (12,265)
Writeoff of debt issuance costs 24,576 – –
Non-cash restructuring and related charges 62,408 41,235 10,426
Changes in assets and liabilities, net of acquisitions:
Accounts receivable (45,654) (6,433) 51,588
Inventories 25,039 6,749 (23,709)
Prepaid expenses and other current assets (7,957) (1,989) (3,404)
Accounts payable and accrued liabilities (25,849) (88,334) (9,256)
Other assets and liabilities (21,638) 22,351 17,836
Net cash (used) provided by operating activities of continuing operations (16,319) 7,245 173,712
Net cash (used) provided by operating activities of discontinued operations (16,662) 39,548 43,989
Net cash (used) provided by operating activities
(32,981) 46,793 217,701
Cash fl ows from investing activities:
Purchases of property, plant and equipment (22,101) (54,945) (56,742)
Proceeds from sale of property, plant and equipment 1,572 5,439 177
Proceeds from sale of assets held for sale – 10,641 –
Payments for acquisitions, net of cash acquired – (18,501) (1,630,155)
Net cash used by investing activities of continuing operations (20,529) (57,366) (1,686,720)
Net cash (used) provided by investing activities of discontinued operations (2,200) 78,007 (7,108)
Net cash (used) provided by investing activities
(22,729) 20,641 (1,693,828)
Cash fl ows from fi nancing activities:
Reduction of debt (2,028,549) (956,068) (1,080,951)
Proceeds from debt fi nancing 2,176,623 898,520 2,581,378
Debt issuance costs (43,969) (5,236) (31,713)
Payments on capital lease obligations (8,730) (4,131) (8,874)
Proceeds from exercise of stock options 655 365 18,413
Stock option income tax benefi t 37 80 10,732
Treasury stock purchases (3,003) (2,263) (1,106)
Payments from offi cers/shareholders – – 3,605
Net cash provided (used) by fi nancing activities
93,064 (68,733) 1,491,484
Effect of exchange rate changes on cash and cash equivalents 4,069 (122) 524
Net increase (decrease) in cash and cash equivalents 41,423 (1,422) 15,881
Cash and cash equivalents, beginning of period 28,430 29,852 13,971
Cash and cash equivalents, end of period
$ 69,853 $ 28,430 $ 29,852
Supplemental disclosure of cash fl ow information:
Cash paid for interest $ 197,745 $ 164,639 $ 100,770
Cash paid for income taxes, net 20,596 43,231 21,973
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.