in thousands, except per share data
For the Years Ended December 31,
1998
1997
1996
Cash Flow From Operating Activities
Net income
$
31,015
$
65,383
$
62,293
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and amortization
36,192
33,168
31,053
Noncash compensation
7,808
5,010
4,550
Equity in (income) of affiliates
(7,819
)
(6,718
)
(3,107
)
Deferred income taxes
5,000
--
--
Changes in current operating items
Trade receivables
(443
)
(6,435
)
4,244
Inventories
32,108
(16,633
)
(18,278
)
Accounts payable
16,231
10,513
(6,874
)
Accrued expenses
6,828
11,551
16,568
Income taxes payable
(9,206
)
7,660
(4,029
)
Other
3,671
(1,191
)
3,161
Net cash provided by operating activities
121,385
102,308
89,581
Cash Flow From Investing Activities
Purchase of property and equipment
(61,532
)
(36,798
)
(45,336
)
Investments in and advances to affiliates
(9,112
)
(16,627
)
(10,998
)
Distributions and repayments from affiliates
9,702
13,999
4,241
Net cash used for investing activities
(60,942
)
(39,426
)
(52,093
)
Cash Flow From Financing Activities
Borrowings under credit agreement
338,200
290,100
276,900
Repayments under credit agreement
(342,100
)
(300,700
)
(282,100
)
Repurchase and retirement of common shares
(37,728
)
(39,903
)
(13,587
)
Cash dividends to shareholders
(18,582
)
(16,958
)
(16,390
)
Net cash used for financing activities
(60,210
)
(67,461
)
(35,177
)
Increase (decrease) in cash and cash equivalents
233
(4,579
)
2,311
Cash and Cash Equivalents
Beginning
1,233
5,812
3,501
Ending
$
1,466
$
1,233
$
5,812
Supplemental Cash Flow Information
Interest paid during the year
$
24,731
$
25,838
$
31,673
Income taxes paid during the year
$
21,475
$
29,007
$
39,069
The accompanying notes are an integral part of these consolidated statements.
© 1999 Polaris Industries Inc.