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BRADLEY PHARMACEUTICALS INC - 10-Q - 20040809 - CASH_FLOW
BRADLEY PHARMACEUTICALS, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
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|
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Six Months
Ended
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June
30, 2004
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June
30, 2003
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Cash flows from operating activities:
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|
|
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Net income
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$
|
10,755,721
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$
|
6,250,821
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|
Adjustments to reconcile net income
to net cash (used in) provided
by operating activities:
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|
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|
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Depreciation and amortization
|
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642,479
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587,810
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Amortization of deferred financing
costs
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170,166
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41,655
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Deferred income taxes
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72,749
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(329,916
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)
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Gains on short-term investments
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(31,376
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)
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—
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Tax benefit due to exercise of
non-qualified options and warrants
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266,511
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667,294
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Noncash compensation for services
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125,036
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11,041
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Changes in operating assets and
liabilities:
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Accounts
receivable
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(7,241,848
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)
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2,518,938
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Inventories
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(799,240
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)
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(356,394
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)
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Prepaid
expenses and other
|
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(1,614,314
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)
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(515,556
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)
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Accounts
payable
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|
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(311,435
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)
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|
993,857
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Accrued
expenses
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(1,251,831
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)
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|
667,480
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Income
taxes payable
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(2,137,797
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)
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432,071
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Net cash (used in) provided
by operating activities
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(1,355,179
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)
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10,969,101
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Cash flows from investing activities:
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Purchases of short-term investments-
net
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(34,041,883
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)
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873,089
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Purchase of intangible asset
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(2,600,000
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)
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—
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Payment of acquisition costs
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(925,582
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)
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—
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Escrow payment
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(1,500,000
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)
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—
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Purchases of property and equipment
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(472,024
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)
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(285,702
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)
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Net cash (used in) provided
by investing activities
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(39,539,489
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)
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587,387
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Cash flows from financing activities:
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Payment of notes payable
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(15,547
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)
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(94,857
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)
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Proceeds from sale of 4% convertible
senior subordinated notes
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—
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25,000,000
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Payment of deferred financing
costs associated with the sale of
4% convertible senior subordinated notes
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—
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(1,778,228
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)
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Proceeds from exercise of stock
options and warrants
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750,052
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451,049
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Payment of registration costs
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(76,963
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)
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—
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Purchase of treasury shares
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—
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(545,055
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)
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Distribution of treasury shares
|
|
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109,186
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|
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85,153
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Net cash provided by financing
activities
|
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766,728
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|
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|
23,118,062
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Net (decrease) increase in cash
and cash equivalents
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(40,127,940
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)
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34,674,550
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Cash and cash equivalents at beginning
of period
|
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144,488,208
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20,820,725
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Cash and cash equivalents at end
of period
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$
|
104,360,268
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$
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55,495,275
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