Sunbeam 2004 Annual Report Download - page 44

Jarden Corporation
Consolidated Statements of Cash Flows
(in thousands)
Year ended December 31,
2004 2003 2002
Cash flows from operating activities
Net income ............................................ $ 42,434 $ 31,778 $ 36,309
Reconciliation of net income to net cash provided by operating
activities:
Depreciation ...................................... 17,698 14,188 9,412
Amortization ...................................... 1,477 857 589
Deferred income taxes .............................. 7,241 6,674 8,039
Deferred employee benefits .......................... 1,395 988 383
Non-cash compensation ............................. 32,455 21,899 587
Non-cash interest expense ........................... 1,487 996 1,607
Other, net ......................................... 714 577 2,923
Changes in working capital components, net of effects from
acquisitions:
Accounts receivable ................................. (9,939) (16,944) (12,076)
Income tax refunds ................................. 1,134 379 38,578
Inventories ........................................ (26,343) 4,994 (15,118)
Accounts payable ................................... 7,514 6,439 10
Accrued salaries, wages and employee benefits .......... (6,282) (710) 1,689
Other current assets and liabilities .................... (570) 1,706 (1,919)
Net cash provided by operating activities ........... 70,415 73,821 71,013
Cash flows from financing activities
Proceeds from revolving credit borrowings ................. 72,250 78,000 25,200
Payments on revolving credit borrowings ................... (72,254) (78,000) (34,600)
Proceeds from bond issuance ............................. — 31,950 147,654
Payments on long-term debt ............................. (13,684) (7,941) (77,975)
Payment on seller note .................................. (5,400) (10,000) —
Debt issue and amendment costs .......................... (2,252) (5,913) (7,467)
Proceeds from issuance of senior debt ..................... 116,000 160,000 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 ............................................ 3,406 2,211 4,335
Net cash provided by financing activities ............... 98,066 284,796 111,547
Cash flows from investing activities
Additions to property, plant and equipment ................ (10,761) (12,822) (9,277)
Acquisitions of businesses, net of cash acquired of $4,287 and
$6,685 in 2004 and 2003, respectively .................... (258,008) (277,259) (121,065)
Deal related costs incurred prior to the consummation of
transaction .......................................... (3,976) (23) (1,462)
Purchase of intangible assets ............................. (523) — (2,000)
Proceeds from divestitures of assets and product lines ........ ——1,600
Other, net ............................................. 49 108 47
Net cash used in investing activities .................... (273,216) (289,996) (132,157)
Net (decrease) increase in cash ............................... (104,735) 68,621 50,403
Cash and cash equivalents, beginning of year ................... 125,400 56,779 6,376
Cash and cash equivalents, end of year ......................... $ 20,665 $ 125,400 $ 56,779
The accompanying notes are an integral part of the consolidated financial statements.
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