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PFSWEB, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
FISCAL YEARS ENDED MARCH 31,
-----------------------------
1998 1999 2000
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)......................................... $ (75) $ 292 $ (5,939)
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:
Depreciation and amortization.......................... 63 275 2,373
Provision for doubtful accounts........................ 299 344 458
Deferred income tax (benefit) provision................ (222) (192) 453
Non-cash compensation expense.......................... -- -- 48
Changes in operating assets and liabilities:
Accounts and other receivables....................... (3,640) (13,615) 8,324
Inventories, net..................................... (1,413) (18,630) 29,856
Prepaid expenses and other current assets............ -- (1,001) (55)
Accounts payable and accrued expenses................ 9,487 20,231 (24,954)
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Net cash provided by (used in) operating activities.... 4,499 (12,296) 10,564
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CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment....................... (294) (2,658) (18,521)
(Increase) decrease in other assets....................... -- (12,264) 8,358
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Net cash used in investing activities.................. (294) (14,922) (10,163)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Capital contribution...................................... -- 520 --
Issuance of common stock to Daisytek...................... -- -- 20
Net proceeds from initial public offering of common
stock.................................................. -- -- 53,014
Repayment on capital lease obligations.................... -- -- (15)
Increase (decrease) in payable to Daisytek................ (4,034) 27,202 (29,029)
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Net cash provided by (used in) financing activities.... (4,034) 27,722 23,990
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EFFECT OF EXCHANGE RATES ON CASH............................ (62) (30) (82)
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NET INCREASE IN CASH........................................ 109 474 24,309
CASH, beginning of period................................... 4 113 587
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CASH, end of period......................................... $ 113 $ 587 $ 24,896
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SUPPLEMENTAL CASH FLOW INFORMATION
Fixed assets acquired under capital leases................ $ -- $ -- $ 2,696
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The accompanying notes are an integral part of these consolidated statements.
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