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Deltek Reports Record Revenues for Third Quarter 2007
DELTEK, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended September 30,
-------------------------------
2007 2006
--------------- ---------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 15,394 $ 8,931
Adjustments to reconcile net income
to net cash provided by operating
activities:
Provision for doubtful accounts 1,251 1,111
Depreciation and amortization 6,959 5,908
Amortization of debt issuance
costs 657 2,826
Stock-based compensation expense 3,876 1,107
Stock issued in lieu of
director's fees - 20
Loss on disposal of fixed assets 214 28
Deferred income taxes (1,624) 1,786
Change in assets and
liabilities:
Accounts receivable, net (5,259) (10,362)
Prepaid expenses and other
assets (1,265) 1,022
Accounts payable and accrued
expenses (946) 5,728
Interest payable on
shareholder notes - (5,467)
Income taxes
payable/receivable (1,577) 2,750
Other tax liabilities 22 -
Other long-term liabilities (817) 947
Deferred revenues (4,760) 240
--------------- ---------------
Net Cash Provided by
Operating Activities 12,125 16,575
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CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions, net of cash acquired (5,947) (32,099)
Purchase of property and equipment (6,004) (4,048)
Capitalized software development
costs (412) (777)
--------------- ---------------
Net Cash Used in Investing
Activities (12,363) (36,924)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock 87 1,051
Redemption of stock and shareholder
payments in recapitalization (4,780) -
Proceeds from the issuance of debt 20,000 117,000
Debt issuance costs - (1,311)
Repayment of debt (14,612) (107,362)
Public offering transaction costs (2,802) -
--------------- ---------------
Net Cash (Used in)
Provided by Financing
Activities (2,107) 9,378
--------------- ---------------
IMPACT OF FOREIGN EXCHANGE RATES ON
CASH AND CASH EQUIVALENTS 84 20
--------------- ---------------
NET DECREASE IN CASH AND CASH
EQUIVALENTS (2,261) (10,951)
CASH AND CASH EQUIVALENTS--Beginning
of period 6,667 17,679
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CASH AND CASH EQUIVALENTS--End of
period $ 4,406 $ 6,728
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