FLEETWOOD ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
| Years Ended April | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2008 | 2007 | 2006 | |||||||||
| Cash Flows From Operating Activities: Income (loss) from continuing operations |
$ | 2,919 | $ | (78,013 | ) | $ | 150 | ||||
| Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used in) operating activities: Depreciation expense |
17,995 | 21,525 | 21,911 | ||||||||
| Amortization of financing costs | 1,543 | 3,549 | 1,476 | ||||||||
| Stock-based compensation expense | 5,141 | 3,438 | — | ||||||||
| Gain on sale of property, plant and equipment | (32,487 | ) | (4,325 | ) | (475 | ) | |||||
| Foreign currency translation gain | (4,066 | ) | — | — | |||||||
| Asset impairment | 4,375 | 2,800 | 1,550 | ||||||||
| Gain on redemption of convertible trust preferred securities | — | (18,530 | ) | — | |||||||
| Gain on investment securities transactions | (23 | ) | (33 | ) | (12 | ) | |||||
| Deferred taxes | (4,887 | ) | 14,721 | 5,707 | |||||||
| Changes in assets and liabilities— Receivables |
15,913 | 31,454 | 11,225 | ||||||||
| Inventories | 23,131 | 5,076 | 56,377 | ||||||||
| Cash value of company-owned life insurance | 7,269 | 6,982 | 7,008 | ||||||||
| Other assets | 6,372 | 4,247 | 8,015 | ||||||||
| Accounts payable | (21,924 | ) | (11,635 | ) | (10,497 | ) | |||||
| Accrued interest | 268 | 329 | (45,249 | ) | |||||||
| Employee compensation and benefits | (20,547 | ) | (10,733 | ) | (9,619 | ) | |||||
| Product warranty reserve | (15,300 | ) | (1,259 | ) | 2,542 | ||||||
| Other liabilities | (16,741 | ) | (938 | ) | (10,474 | ) | |||||
| Net cash provided by (used in) operating activities | (31,049 | ) | (31,345 | ) | 39,635 | ||||||
| Cash Flows From Investing Activities: Purchases of investment securities available-for-sale |
(12,920 | ) | (21,391 | ) | (10,876 | ) | |||||
| Proceeds from sale of investment securities available-for-sale | 11,683 | 20,306 | 5,763 | ||||||||
| Purchases of property, plant and equipment | (6,019 | ) | (7,752 | ) | (15,303 | ) | |||||
| Proceeds from sales of property, plant and equipment | 59,699 | 12,398 | 3,908 | ||||||||
| Change in restricted cash | (16,790 | ) | — | — | |||||||
| Net cash provided by (used in) investing activities | 35,653 | 3,561 | (16,508 | ) | |||||||
| Cash Flows From Financing Activities: Common stock issued—private placement |
— | — | 66,048 | ||||||||
| Changes in short-term borrowings | 1,984 | (341 | ) | (52,465 | ) | ||||||
| Borrowings of long-term debt | 3,928 | — | 22,000 | ||||||||
| Payments made on long-term debt | (5,021 | ) | (5,512 | ) | (4,467 | ) | |||||
| Redemption of convertible subordinated debentures | — | (30,385 | ) | — | |||||||
| Proceeds from exercise of stock options | 873 | 1,063 | 5,911 | ||||||||
| Net cash provided by (used in) financing activities | 1,764 | (35,175 | ) | 37,027 | |||||||
| Cash Flows From Discontinued Operations: Net cash used in operating activities |
(457 | ) | (8,033 | ) | (33,219 | ) | |||||
| Net cash provided by (used in) investing activities | (37 | ) | (490 | ) | 144,506 | ||||||
| Net cash used in financing activities | — | — | (78,100 | ) | |||||||
| Net cash provided by (used in) discontinued operations | (494 | ) | (8,523 | ) | 33,187 | ||||||
| Foreign currency translation adjustment | 261 | 469 | 1,951 | ||||||||
| Net change in cash | 6,135 | (71,013 | ) | 95,292 | |||||||
| Cash and cash equivalents at beginning of year | 52,127 | 123,140 | 27,848 | ||||||||
| Cash and cash equivalents at end of year | $ | 58,262 | $ | 52,127 | $ | 123,140 | |||||
See accompanying notes to consolidated financial statements.