PFSWEB, INC. AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
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Six Months Ended |
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June 30, |
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2008 |
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2007 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income (loss) |
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$ |
476 |
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$ |
(2,207 |
) |
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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3,143 |
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4,088 |
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Loss on sale of assets |
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11 |
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— |
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Provision for doubtful accounts |
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— |
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168 |
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Provision for excess and obsolete inventory |
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651 |
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341 |
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Deferred income taxes |
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(12 |
) |
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47 |
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Stock-based compensation |
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329 |
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397 |
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Changes in operating assets and liabilities: |
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Restricted cash |
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(111 |
) |
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(602 |
) |
Accounts receivable |
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8,823 |
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1,113 |
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Inventories, net |
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(5,808 |
) |
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3,106 |
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Prepaid expenses, other receivables and other assets |
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(5,932 |
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96 |
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Accounts payable, accrued expenses and other liabilities |
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10,034 |
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(6,153 |
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Net cash provided by operating activities |
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11,604 |
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394 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Purchases of property and equipment |
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(1,932 |
) |
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(1,991 |
) |
Proceeds from sale of assets |
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117 |
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— |
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Decrease in restricted cash |
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— |
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146 |
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Net cash used in investing activities |
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(1,815 |
) |
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(1,845 |
) |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Payments on capital lease obligations |
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(942 |
) |
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(1,006 |
) |
Decrease (increase) in restricted cash |
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(1,705 |
) |
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1,269 |
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Proceeds from issuance of common stock |
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45 |
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9 |
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Proceeds from (payments on) debt, net |
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(7,805 |
) |
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1,489 |
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Net cash provided by (used in) financing activities |
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(10,407 |
) |
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1,761 |
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EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS |
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318 |
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(288 |
) |
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NET DECREASE (INCREASE) IN CASH AND CASH EQUIVALENTS |
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(300 |
) |
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22 |
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CASH AND CASH EQUIVALENTS, beginning of period |
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14,272 |
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15,066 |
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CASH AND CASH EQUIVALENTS, end of period |
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$ |
13,972 |
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$ |
15,088 |
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SUPPLEMENTAL CASH FLOW INFORMATION |
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Non-cash investing and financing activities: |
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Property and equipment acquired under capital leases |
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$ |
145 |
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$ |
1,365 |
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The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
5
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