FLEETWOOD ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
| Years Ended April | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2006 | 2005 | 2004 | |||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
| Income (loss) from continuing operations | $ | (6,065 | ) | $ | (72,577 | ) | $ | 17,358 | |||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation expense |
23,206 | 22,158 | 18,963 | ||||||||
| Amortization of financing costs | 1,476 | 1,418 | 5,617 | ||||||||
| Asset impairment charges | 1,550 | 1,900 | — | ||||||||
| Gain on investment securities transactions | (12 | ) | (33 | ) | (39 | ) | |||||
| Gains on sale of property, plant and equipment | (471 | ) | (2,512 | ) | (4,656 | ) | |||||
| Non-cash charge on conversion of trust preferred securities | — | 1,134 | 671 | ||||||||
| Changes in assets and liabilities— (Increase) decrease in receivables |
10,116 | 20,078 | (41,235 | ) | |||||||
| (Increase) decrease in inventories | 55,759 | (43,629 | ) | (29,669 | ) | ||||||
| (Increase) decrease in income tax receivable | 4,021 | (2,743 | ) | 535 | |||||||
| Increase in federal and state income taxes payable | 2,217 | — | — | ||||||||
| Decrease in deferred taxes | 5,707 | — | 15,000 | ||||||||
| Decrease in cash value of Company-owned life insurance | 7,008 | 11,863 | 6,195 | ||||||||
| (Increase) decrease in other assets | 4,107 | (5,880 | ) | (8,620 | ) | ||||||
| Increase (decrease) in accounts payable | (10,218 | ) | (23,253 | ) | 19,914 | ||||||
| Decrease in employee compensation and benefits | (10,931 | ) | (3,000 | ) | (8,507 | ) | |||||
| Increase (decrease) in product warranty reserve | 1,980 | 11,222 | (8,216 | ) | |||||||
| Increase (decrease) in other liabilities | (57,967 | ) | 23,945 | 13,514 | |||||||
| Net cash provided by (used in) operating activities | 31,483 | (59,909 | ) | (3,175 | ) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
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| Purchases of investment securities available-for-sale | (10,876 | ) | (8,039 | ) | (16,621 | ) | |||||
| Proceeds from sale of investment securities available-for-sale | 5,763 | 7,694 | 13,979 | ||||||||
| Purchases of property, plant and equipment | (15,842 | ) | (33,724 | ) | (26,017 | ) | |||||
| Proceeds from sales of property, plant and equipment | 4,036 | 9,691 | 7,482 | ||||||||
| Net cash used in investing activities | (16,919 | ) | (24,378 | ) | (21,177 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
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| Common stock issued—private placement | 66,048 | — | 24,930 | ||||||||
| Increase (decrease) in short-term borrowings | (49,185 | ) | 50,923 | (10,316 | ) | ||||||
| Increase in long-term debt | 14,253 | 6,787 | 99,802 | ||||||||
| Redemption of convertible subordinated debentures | — | (20,767 | ) | — | |||||||
| Proceeds from exercise of stock options | 5,911 | 3,967 | 5,317 | ||||||||
| Net cash provided by financing activities | 37,027 | 40,910 | 119,733 | ||||||||
CASH FLOWS FROM DISCONTINUED OPERATIONS: |
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| Net cash used in operating activities | (25,067 | ) | (36,458 | ) | (46,153 | ) | |||||
| Net cash provided by (used in) investing activities | 144,917 | (879 | ) | 634 | |||||||
| Net cash used in financing activities | (78,100 | ) | — | — | |||||||
| Net cash provided by (used in) discontinued operations | 41,750 | (37,337 | ) | (45,519 | ) | ||||||
| Foreign currency translation adjustment | 1,951 | 1,994 | 1,460 | ||||||||
| Increase (decrease) in cash | 95,292 | (78,720 | ) | 51,322 | |||||||
| Cash at beginning of year | 27,849 | 106,569 | 55,247 | ||||||||
| Cash at end of year | $ | 123,141 | $ | 27,849 | $ | 106,569 | |||||
See accompanying notes to consolidated financial statements.