Sunbeam 2003 Annual Report Download - page 36

Jarden Corporation
Consolidated Statements of Cash Flows
(in thousands)
Year ended December 31,
2003 2002 2001
Cash flows from operating activities
Net income (loss) .................................................. $ 31,778 $ 36,309 $(85,429)
Reconciliation of net income (loss) to net cash provided by operating
activities:
Depreciation .................................................... 14,188 9,412 13,427
Amortization .................................................... 857 589 5,370
Loss on divestitures of assets and product lines ........................ — — 122,887
Loss on disposal of fixed assets ..................................... — 498 402
Special charges and reorganization expenses ......................... — — 680
Deferred income taxes ............................................ 6,674 8,039 (27,804)
Deferred employee benefits ........................................ 988 383 378
Non-cash compensation ........................................... 21,899 587 —
Write-off of debt issuance and amendment costs ....................... — 198 1,507
Non-cash interest expense ......................................... 996 1,607 465
Other, net ....................................................... 577 2,227 1,443
Changes in working capital components, net of effects from acquisitions
and divestitures:
Accounts receivable ............................................... (16,944) (12,076) 4,787
Income tax refunds ............................................... 379 38,578 —
Inventories ...................................................... 4,994 (15,118) 9,338
Accounts payable ................................................. 6,439 10 794
Accrued salaries, wages and employee benefits ........................ (710) 1,689 2,212
Other current assets and liabilities .................................. 1,683 (3,381) (10,600)
Net cash provided by operating activities ........................... 73,798 69,551 39,857
Cash flows from financing activities
Proceeds from revolving credit borrowings ............................. 78,000 25,200 41,050
Payments on revolving credit borrowings ............................... (78,000) (34,600) (47,650)
Proceeds from bond issuance ........................................ 31,950 147,654 —
Payments on long-term debt ......................................... (7,941) (77,975) (45,585)
Payment on seller note .............................................. (10,000) — —
Debt issue and amendment costs ...................................... (5,913) (7,467) (867)
Proceeds from issuance of senior debt ................................. 160,000 50,000 —
Proceeds from recouponing of interest rate swap ........................ 2,231 4,400 —
Proceeds from issuance of common stock, net of underwriting fees
and related expenses .............................................. 112,258 — —
Other ............................................................ 2,211 4,335 815
Net cash provided by (used in) financing activities ................... 284,796 111,547 (52,237)
Cash flows from investing activities
Additions to property, plant and equipment ............................ (12,822) (9,277) (9,707)
Insurance proceeds from property casualty ............................. — — 1,535
Acquisitions of businesses, net of cash acquired of $6,685 and $28,374 in
2003 and 2002, respectively ........................................ (277,259) (121,065) —
Purchase of intangible assets ......................................... — (2,000) —
Proceeds from divestitures of assets and product lines .................... — 1,600 21,001
Proceeds from the surrender of insurance contracts ..................... — — 6,706
Loans to former officers ............................................. — — (4,059)
Other, net ........................................................ 108 47 (23)
Net cash (used in) provided by investing activities ................... (289,973) (130,695) 15,453
Cash and cash equivalents, beginning of year ............................. 56,779 6,376 3,303
The accompanying notes are an integral part of the consolidated financial statements.
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Cash and cash equivalents, end of year ................................... $ 125,400 $ 56,779 $ 6,376
Net increase in cash .................................................. 68,621 50,403 3,073