Sunbeam 2002 Annual Report Download - page 28

Jarden Corporation
Consolidated Statements of Cash Flows
(in thousands)
Year ended December 31,
2002 2001 2000
Cash flows from operating activities
Net income (loss) ....................................... $ 36,309 $ (85,429) $ 4,922
Reconciliation of net income (loss) to net cash provided by
operating activities:
Depreciation ........................................ 9,412 13,427 14,533
Amortization ........................................ 589 5,370 6,778
Loss on divestitures of assets and product lines ............ — 122,887 —
Loss on disposal of fixed assets ......................... 498 402 338
Special charges (credits) and reorganization expenses ...... — 680 (1,600)
Deferred income taxes ................................ 8,039 (27,804) 3,892
Deferred employee benefits ............................ 383 378 (40)
Write-off of debt issuance and amendment costs .......... 198 1,507 —
Non-cash interest expense ............................. 1,607 465 377
Other, net ........................................... 2,814 1,443 424
Changes in working capital components, net of effects from
acquisitions and divestitures:
Accounts receivable .................................. (12,076) 4,787 6,216
Income tax refunds ................................... 38,578 — —
Inventories .......................................... (15,118) 9,338 5,804
Accounts payable .................................... 10 794 (12,613)
Accrued salaries, wages and employee benefits ............ 1,689 2,212 (2,589)
Other current assets and liabilities ....................... (3,381) (10,600) (7,298)
Net cash provided by operating activities ............... 69,551 39,857 19,144
Cash flows from financing activities
Proceeds from revolving credit borrowings ................. 25,200 41,050 57,332
Payments on revolving credit borrowings .................. (34,600) (47,650) (41,940)
Proceeds from issuance of long-term debt .................. 147,654 — —
Payments on long-term debt ............................. (77,975) (45,585) (19,094)
Debt issue and amendment costs .......................... (7,467) (867) —
Proceeds from issuance of senior debt ..................... 50,000 — —
Proceeds from recouponing of interest rate swap ............ 4,400 — —
Purchase of treasury stock ............................... — — (10,485)
Other ................................................ 4,335 815 1,219
Net cash provided by (used in) financing activities ......... 111,547 (52,237) (12,968)
Cash flows from investing activities
Additions to property, plant, and equipment ................ (9,277) (9,707) (13,637)
Insurance proceeds from property casualty ................. — 1,535 —
Acquisitions of businesses, net of cash acquired of $28,374 in
2002 ............................................... (121,065) — (6,930)
Purchase of intangible assets ............................. (2,000) — —
Proceeds from divestitures of assets and product lines ........ 1,600 21,001 220
Proceeds from the surrender of insurance contracts .......... — 6,706 —
Loans to former officers ................................. — (4,059) —
Other, net ............................................. 47 (23) 80
Net cash (used in) provided by investing activities ......... (130,695) 15,453 (20,267)
Net increase (decrease) in cash ............................... 50,403 3,073 (14,091)
Cash and cash equivalents, beginning of year ................... 6,376 3,303 17,394
Cash and cash equivalents, end of year ........................ $ 56,779 $ 6,376 $ 3,303
The accompanying notes are an integral part of the consolidated financial statements.
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