Sunbeam 2005 Annual Report Download - page 41

Jarden Corporation
Consolidated Statements of Cash Flows
(in thousands)
Years Ended December 31,
2005 2004 2003
Cash flows from operating activities:
Net income ............................................. $ 60,716 $ 42,434 $ 31,778
Reconciliation of net income to net cash provided by operating
activities:
Depreciation and amortization ......................... 57,647 19,175 15,045
Loss on early extinguishment of debt ................... 6,046 — —
Loss on disposal of property, plant and equipment ........ 2,281 — —
Deferred income taxes ............................... 502 7,241 6,674
Deferred employee benefits ........................... 5,054 1,395 988
Manufacturer’s profit in acquired inventory .............. 22,429 771 333
Non-cash interest .................................... 3,594 1,487 996
Non-cash compensation .............................. 62,884 32,455 21,899
Other non-cash items ................................ 12,178 437 577
Changes in operating assets and liabilities, net of effects from
acquisitions:
Accounts receivable .................................. (100,764) (9,939) (16,944)
Income taxes receivable .............................. (693) 1,134 379
Inventory .......................................... 59,401 (27,114) 4,661
Accounts payable .................................... 28,492 7,514 6,439
Accrued salaries, wages and employee benefits ........... (13,786) (6,282) (710)
Other assets and liabilities ............................ 34,966 (570) 1,706
Net cash provided by operating activities ............ 240,947 70,138 73,821
Cash flows from financing activities:
Proceeds from revolving credit borrowings ................... 373,148 72,250 78,000
Payments on revolving credit borrowings .................... (373,148) (72,254) (78,000)
Proceeds from bond issuance .............................. — — 31,950
Proceeds from issuance of long-term debt ................... 1,366,755 116,000 160,000
Payments on long-term debt............................... (369,851) (13,684) (7,941)
Payment on seller note ................................... — (5,400) (10,000)
Proceeds from issuance of stock, net of transaction fees ........ 356,235 — 112,258
Repurchase of common stock ............................. (35,368) — —
Proceeds from recouponing of interest rate swaps ............. 16,818 — —
Debt issuance costs ...................................... (21,294) (2,252) (5,913)
Other, net .............................................. 6,477 3,406 4,442
Net cash provided by financing activities ................ 1,319,772 98,066 284,796
Cash flows from investing activities:
Additions to property, plant and equipment .................. (58,492) (10,761) (12,822)
Acquisition of businesses, net of cash acquired ............... (1,289,614) (258,008) (277,259)
Other .................................................. 6,971 (4,447) 85
Net cash used in investing activities .................... (1,341,135) (273,216) (289,996)
Effect of exchange rate changes on cash and cash equivalents ....... (3,156) 277 —
Net increase (decrease) in cash and cash equivalents .............. 216,428 (104,735) 68,621
Cash and cash equivalents at beginning of period ................. 20,665 125,400 56,779
Cash and cash equivalents at end of period ....................... $ 237,093 $ 20,665 $ 125,400
Supplemental non-cash disclosure:
Debt assumed in conjunction with acquisitions ............... $ 100,000 $ — $ —
Common stock issued in conjunction with acquisitions ......... $ 281,535 $ — $ —
The accompanying notes are an integral part of the consolidated financial statements.
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