IMMUCOR, INC. AND SUBSIDIARIES | |||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
(Unaudited, in thousands) | |||||
Nine Months Ended | |||||
February 28, | February 28, | ||||
2010 | 2009 | ||||
OPERATING ACTIVITIES: | |||||
Net income | $61,096 | $56,751 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 12,233 | 9,582 | |||
Share-based compensation expense | 4,164 | 3,749 | |||
Deferred income taxes | (2,376) | 1,453 | |||
Excess tax benefit from share-based compensation | (209) | (4,347) | |||
Other | 735 | 1,135 | |||
Changes in operating assets and liabilities, net of effects from acquired companies | (20,120) | (14,290) | |||
Cash provided by operating activities | 55,523 | 54,033 | |||
INVESTING ACTIVITIES: | |||||
Purchases of property and equipment | (5,679) | (6,088) | |||
Acquisition of businesses, net of cash acquired | - | (108,659) | |||
Cash used in investing activities | (5,679) | (114,747) | |||
FINANCING ACTIVITIES: | |||||
Repayments of long-term debt and liabilities | - | (213) | |||
Repurchase of common stock | (11,727) | (5,644) | |||
Proceeds from exercise of stock options | 269 | 3,107 | |||
Excess tax benefit from share-based compensation | 209 | 4,347 | |||
Cash (used in) provided by financing activities | (11,249) | 1,597 | |||
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS | 566 | (2,514) | |||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 39,161 | (61,631) | |||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 136,461 | 175,056 | |||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $175,622 | $113,425 | |||
Supplemental Information - Non-Cash Investing and Financing Activities: Movement from inventory to property and equipment of instruments placed on rental agreements | |||||
$9,444 | $5,134 | ||||