PFSWEB, INC. AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
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Nine Months Ended |
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September 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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$ |
519 |
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$ |
(2,045 |
) |
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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4,819 |
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6,108 |
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Loss on sale of assets |
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17 |
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— |
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Provision for doubtful accounts |
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— |
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208 |
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Provision for excess and obsolete inventory |
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950 |
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426 |
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Deferred income taxes |
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42 |
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70 |
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Stock-based compensation |
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438 |
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570 |
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Changes in operating assets and liabilities: |
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Restricted cash |
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227 |
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(607 |
) |
Accounts receivable |
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7,106 |
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1,596 |
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Inventories, net |
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(5,252 |
) |
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3,804 |
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Prepaid expenses, other receivables and other assets |
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(3,143 |
) |
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2,009 |
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Accounts payable, accrued expenses and other liabilities |
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5,585 |
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(10,002 |
) |
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Net cash provided by operating activities |
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11,308 |
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2,137 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Purchases of property and equipment |
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(4,738 |
) |
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(2,924 |
) |
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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(4,621 |
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(2,778 |
) |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Payments on capital lease obligations |
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(1,354 |
) |
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(1,452 |
) |
Decrease (increase) in restricted cash |
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(986 |
) |
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503 |
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Proceeds from issuance of common stock |
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50 |
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13 |
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Proceeds from (payments on) debt, net |
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(3,953 |
) |
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248 |
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Net cash used in financing activities |
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(6,243 |
) |
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(688 |
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EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS |
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(15 |
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435 |
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NET DECREASE (INCREASE) IN CASH AND CASH EQUIVALENTS |
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429 |
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(894 |
) |
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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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$ |
14,701 |
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$ |
14,172 |
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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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$ |
240 |
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$ |
2,413 |
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The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
5
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