CYBERONICS, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||||||||
For the Fifty-Two Weeks Ended | For the Fifty-Three Weeks Ended | ||||||||
April 29, 2011 | April 30, 2010 | ||||||||
Cash Flow From Operating Activities: | |||||||||
Net Income | $ | 46,725,710 | $ | 78,448,884 | |||||
Non-Cash items included in Net Income: | |||||||||
Gain on early extinguishment of debt | (83,074) | (3,172,231) | |||||||
Stock-base compensation | 6,365,003 | 8,622,949 | |||||||
Deferred income taxes | 1,101,763 | (41,335,107) | |||||||
Unrealized gain in foreign currency transactions | (1,648,479) | (68,970) | |||||||
Other | 1,764,002 | 1,078,991 | |||||||
Changes in Operating Assets and Liabilities: | |||||||||
Accounts receivable, net | (1,952,789) | (3,825,340) | |||||||
Inventories | (819,399) | (1,509,542) | |||||||
Other | (1,580,630) | 4,645,853 | |||||||
Net Cash Provided By Operating Activities | 49,872,107 | 42,885,487 | |||||||
Cash Flow From Investing Activities: | |||||||||
Release of restricted cash | 1,000,000 | - | |||||||
Acquired intellectual property | (3,844,401) | (2,000,000) | |||||||
Purchases of property and equipment | (3,542,599) | (4,122,607) | |||||||
Investments in convertible debt securities | (5,000,000) | (100,000) | |||||||
Net Cash Used in Investing Activities | (11,387,000) | (6,222,607) | |||||||
Cash Flow From Financing Activities: | |||||||||
Repurchase of convertible notes | (8,241,260) | (43,046,250) | |||||||
Proceeds from exercise of options for common stock | 15,230,997 | 1,024,960 | |||||||
Purchase of treasury stock | (14,177,574) | (1,697,861) | |||||||
Net Cash Used in Financing Activities | (7,187,837) | (43,719,151) | |||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (1,213,331) | 60,703 | |||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 30,083,939 | (6,995,568) | |||||||
Cash and Cash Equivalents at Beginning of Period | 59,229,911 | 66,225,479 | |||||||
Cash and Cash Equivalents at End of Period | $ | 89,313,850 | $ | 59,229,911 | |||||