TESSCO TECHNOLOGIES

 

TESSCO TECHNOLOGIES 2002

 

Annual Report

TABLE OF CONTENTS:  




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Item 8. Consolidated Financial Statements and Supplementary Data.

Consolidated Statements of Cash Flow


FISCAL YEARS ENDED

 

MARCH 31, 2002

 

APRIL 1, 2001

 

APRIL 1, 2001

Cash Flows from Operating Activities:

 

 

 

 

 

 
   Net Income

 

$ 3,905,900    

 

$ 5,274,000  

 

$ 5,542,600  
   Adjustments to reconcile net income to net cash provided by operating activities:

 

   

 

 

 

 
       Depreciation and amortization

 

4,519,500    

 

3,652,800  

 

2,746,400  
       Provision for bad debts

 

823,300    

 

972,200  

 

328,100  
       Deferred income taxes and other

 

(166,800)    

 

1,150,400  

 

473,700  
   (Increase) decrease in trade accounts receivable

 

(3,376,900)    

 

1,647,400  

 

(8,884,500)  
   Increase in product inventory

 

(5,914,100)    

 

(842,600)  

 

(10,574,800)  
   Decrease (increase) in prepaid expenses and other current assets

 

944,200    

 

(846,500)  

 

125,800  
   Increase (decrease) in trade accounts payable

 

11,392,900    

 

(8,609,200)  

 

12,415,300  
   Increase in accrued expenses and other current liabilities

 

1,584,300    

 

478,600  

 

1,205,100  

          Net cash provided by operating activities

 

13,712,300    

 

2,877,100  

 

3,377,700  

Cash Flows from Investing Activities:

 

 

 

 

 

 
   Acquisition of property and equipment

 

(8,412,000)    

 

(7,843,500)  

 

(3,854,400)  

          Net cash used in investing activities

 

(8,412,000)    

 

(7,843,500)  

 

(3,854,400)  

Cash Flows from Financing Activities:

 

 

 

 

 

 
   Net borrowings under revolving credit facility

 

(4,603,000)    

 

4,149,000  

 

1,459,000  
   Decrease in other liabilities

 

--    

 

--  

 

(50,000)  
   Payments on long-term debt

 

(354,500)    

 

(333,000)  

 

(287,200)  
   Proceeds from issuance of stock

 

162,300    

 

332,300  

 

75,300  

          Net cash (used in) provided by financing activities

 

(4795,200)    

 

4,148,300  

 

1,197,100  

          Net increase (decrease) in cash and cash equivalents

 

505,100    

 

(818,100)  

 

720,400  
Cash and Cash Equivalents, beginning of period

 

--    

 

818,100  

 

97,700  

Cash and Cash Equivalents, end of period

 

$ 505,100    

 

$ --  

 

$ 818,100  


The accompanying Notes to the Consolidated Financial Statements are an integral part of these consolidated balance sheets.




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