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Year Ended December 31, |
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2002 |
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2003 |
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2004 |
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(In thousands) |
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Cash flows from operating activities: |
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Net income (loss) |
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$ |
147 |
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$ |
6,211 |
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$ |
(1,208 |
) |
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities: |
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Depreciation and amortization |
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227 |
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63 |
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58 |
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Bad debt expense |
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51 |
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32 |
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170 |
|
Deferred income taxes |
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— |
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(4,361 |
) |
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(989 |
) |
Stock-based compensation expense |
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— |
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— |
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1,506 |
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Affiliate utilization of deferred tax benefits, net |
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— |
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(1,528 |
) |
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— |
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Capital contribution — income taxes |
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15 |
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— |
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204 |
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Changes in assets and liabilities: |
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Accounts receivable |
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(882 |
) |
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(584 |
) |
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(165 |
) |
Inventories |
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292 |
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(583 |
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(596 |
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Prepaid expenses and other assets |
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99 |
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15 |
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(212 |
) |
Other assets |
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(7 |
) |
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(23 |
) |
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(97 |
) |
Accounts payable |
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— |
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952 |
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(367 |
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Accrued expenses and other current liabilities |
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208 |
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779 |
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888 |
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Deferred revenue |
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(309 |
) |
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653 |
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669 |
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Total adjustments |
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(306 |
) |
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(4,585 |
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1,069 |
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Net cash provided by (used in) operating activities |
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(159 |
) |
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1,626 |
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(139 |
) |
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Cash flows from investing activities: |
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Purchases of short-term investments |
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— |
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— |
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(14,000 |
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Sale of short-term investments |
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— |
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— |
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7,000 |
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Purchases of property and equipment |
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(9 |
) |
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(19 |
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(272 |
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Net cash used in investing activities |
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(9 |
) |
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(19 |
) |
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(7,272 |
) |
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Cash flows from financing activities: |
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Capital contribution from Affiliate |
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— |
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18,000 |
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— |
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Net proceeds from initial public offering |
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— |
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— |
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18,690 |
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Change in book overdraft |
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— |
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726 |
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(726 |
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Payments for deferred offering costs |
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— |
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— |
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(1,941 |
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Net (repayments to)/advances from Affiliate |
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168 |
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(17,790 |
) |
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178 |
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Capital contribution due from Affiliate |
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— |
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(2,543 |
) |
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— |
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Net cash provided by (used in) financing activities |
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168 |
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(1,607 |
) |
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16,201 |
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Net increase in cash and cash equivalents |
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— |
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— |
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8,790 |
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Cash and cash equivalents: |
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Beginning of period |
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— |
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— |
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— |
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End of period |
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$ |
— |
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$ |
— |
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$ |
8,790 |
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