PRO-DEX, INC. and SUBSIDIARIES | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(unaudited) | |||
For The Nine Months Ended March 31, | |||
2011 | 2010 | ||
Cash flows from operating activities: | |||
Net income | $ 1,612,000 | $ 937,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 507,000 | 546,000 | |
Impairment of intangible asset | - | 140,000 | |
(Decrease) in allowance for doubtful accounts | (17,000) | (1,000) | |
Stock based compensation | 28,000 | 96,000 | |
Increase in deferred tax allowance | - | 118,000 | |
Changes in: | |||
(Increase) in accounts receivable and other current receivables | (415,000) | (245,000) | |
(Increase) decrease in inventories | (188,000) | 509,000 | |
(Increase) in prepaid expenses | (56,000) | (115,000) | |
Decrease in other assets | 17,000 | - | |
Increase in accounts payable and accrued expenses | 166,000 | 712,000 | |
Increase (decrease) in income taxes payable | 158,000 | (36,000) | |
Net cash provided by operating activities | 1,812,000 | 2,661,000 | |
Cash flows from investing activities: | |||
Purchases of equipment and leasehold improvements | (181,000) | (109,000) | |
Net cash (used in) investing activities | (181,000) | (109,000) | |
Cash flows from financing activities: | |||
Principal payments on bank term loan | (296,000) | (300,000) | |
Net proceeds from bank term loan refinancing | 150,000 | - | |
Principal payments on real estate loan | (1,528,000) | (24,000) | |
Proceeds from exercise of stock options | 27,000 | - | |
Net cash (used in) financing activities | (1,647,000) | (324,000) | |
Net (decrease) increase in cash and cash equivalents | (16,000) | 2,228,000 | |
Cash and cash equivalents, beginning of period | 3,794,000 | 1,124,000 | |
Cash and cash equivalents, end of period | $ 3,778,000 | $ 3,352,000 | |
Supplemental Information | |||
Cash payments for interest | $ 151,000 | $ 157,000 | |
Cash payments for income taxes | $ 205,000 | $ 87,000 | |
