Consolidated
Statements of Income (in thousands, except per share amounts)
| |
|
Fiscal
year ended
|
| |
|
October 31
2003
|
|
November 1
2002
|
|
November 2
2001
|
| Cash
flows from operating activities: |
|
|
|
|
|
|
| Net
income |
|
$1,210 |
|
$1,138 |
|
$6,244 |
Adjustments
to reconcile net income to net cash
|
|
|
|
|
|
|
| |
provided
by operating activities: |
|
|
|
|
|
|
| |
|
Depreciation |
|
4,313 |
|
4,208 |
|
4,033 |
| |
|
Provision
for losses on accounts receivable |
|
915 |
|
3,750 |
|
275 |
| |
|
Loss (gain)
on sale of assets |
|
48 |
|
(3) |
|
(10) |
| |
|
|
|
|
|
|
| Changes
in operating assets and liabilities: |
|
|
|
|
|
|
| |
Accounts
receivable |
|
(622) |
|
(3,134) |
|
(915) |
| |
Inventories |
|
(471) |
|
1,603 |
|
(974) |
| |
Prepaid
expenses |
|
28 |
|
620 |
|
(336) |
| |
Income
taxes, net |
|
1,005 |
|
304 |
|
(1,831) |
| |
Deferred
income tax, net |
|
1,970 |
|
(1,548) |
|
327 |
| |
Other
non-current assets |
|
(1,075) |
|
570 |
|
(813) |
| |
Accounts
payable |
|
749 |
|
(1,766) |
|
(648) |
| |
Accrued
payroll, advertising and other |
|
269 |
|
(552) |
|
(395) |
| |
Current
portion of non-current liabilities |
|
(329) |
|
1,466 |
|
(46) |
| |
Non-current
liabilities |
|
(81)
|
|
(2,844)
|
|
(603)
|
| |
|
Net
cash provided by operating activities |
|
7,929
|
|
3,812
|
|
4,308
|
| |
| Cash
used in investing activities: |
|
|
|
|
|
|
| |
Proceeds
from sale of assets |
|
26 |
|
3 |
|
60 |
| |
Additions
to property, plant and equipment |
|
(3,092)
|
|
(3,767)
|
|
(4,590)
|
| |
|
Net
cash used in investing activities |
|
(3,066)
|
|
(3,764)
|
|
(4,530)
|
| |
| Cash
used in financing activities: |
|
|
|
|
|
|
| |
Shares
repurchased |
|
(1,307) |
|
0 |
|
(2,151) |
| |
Cash
dividends paid |
|
(1,665)
|
|
(2,717)
|
|
(2,954)
|
| |
|
Cash
used in financing activities |
|
(2,972)
|
|
(2,717)
|
|
(5,105)
 |
| |
|
|
|
|
|
|
| Net
increase (decrease) in cash and cash equivalents |
|
1,891 |
|
(2,669) |
|
(5,327) |
| Cash
and cash equivalents at beginning of year |
|
10,305
|
|
12,974
|
|
18,301
|
| Cash
and cash equivalents at end of year |
|
$12,196
|
|
$10,305
|
|
$12,974
 |
| Cash
paid for income taxes |
|
$3
|
|
$1,789
|
|
$5,108
 |
See accompanying
notes to consolidated financial statements.
(page
9) |