MGI PHARMA INC - 10-K - 20060316 - CASH_FLOW
MGI PHARMA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
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Year Ended December 31,
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2005
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2004
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2003
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Cash flows from operating activities:
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Net loss
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$
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(132,410
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)
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$
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(85,723
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)
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$
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(61,908
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)
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Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
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Acquired in-process research and development
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156,900
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83,117
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—
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Impairment of investment
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—
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—
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3,154
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Depreciation and intangible amortization
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4,769
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2,787
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2,230
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Benefit plan contribution
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1,590
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1,400
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1,292
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Employee stock compensation expense
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4,173
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1,479
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105
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Minority interest
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(2,786
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)
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—
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—
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Amortization of non-cash financing charges
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1,162
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1,081
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368
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Other
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412
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220
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48
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Changes in operating assets and liabilities (net of acquisitions):
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Receivables
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18,887
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(115,091
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)
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(3,475
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Inventories
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(34,019
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)
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(971
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)
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(5,658
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)
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Other current assets
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(5
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610
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(473
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)
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Accounts payable and accrued expenses
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(5,985
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)
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30,483
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14,977
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Deferred revenue
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(166
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)
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113
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(7,387
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)
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Other current liabilities
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1,473
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(51
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9
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Net cash provided by (used in) operating activities
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13,995
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(80,546
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)
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(56,718
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)
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Cash flows from investing activities:
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Purchase of available for sale investments
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(1,726,404
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)
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(3,378,885
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)
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(1,246,255
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)
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Maturity of available for sale investments
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1,865,449
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3,322,390
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1,132,405
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Purchase of held-to-maturity investments
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(38,602
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)
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—
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—
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Maturity of held-to-maturity investments
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95,002
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—
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—
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Acquisition of businesses, net of cash acquired
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(179,097
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)
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(86,182
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)
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—
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Purchase of available for sale equity securities
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—
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(24,400
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)
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—
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Investment in subsidiaries
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—
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—
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(2,229
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)
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Purchase of equipment, furniture and leasehold improvements
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(2,446
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(1,065
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(745
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Other
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(356
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)
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—
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436
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Net cash provided by (used in) investing activities
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13,546
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(168,142
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)
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(116,388
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)
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Cash flows from financing activities:
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Proceeds from issuance of shares
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—
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—
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168,581
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Proceeds of debt offering
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—
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260,172
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—
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Issuance costs of debt offering
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—
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(8,136
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)
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—
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Payment of deposit payable
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—
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—
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(4,300
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)
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Issuance of shares under stock plans
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7,827
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11,760
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12,255
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Issuance of shares through stock purchase warrant exercise
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—
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3,850
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—
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Purchase of restricted marketable securities held by trustee for debt service
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—
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(17,081
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—
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Maturity of restricted marketable securities held by trustee for debt service
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5,670
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2,730
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—
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Net cash provided by financing activities
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13,497
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253,295
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176,536
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Increase in cash and cash equivalents
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41,038
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4,607
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3,430
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Cash and cash equivalents at beginning of year
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10,098
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5,491
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2,061
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Cash and cash equivalents at end of year
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$
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51,136
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$
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10,098
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$
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5,491
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Supplemental disclosure of cash flow information:
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Cash paid for interest
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$
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6,102
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$
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3,010
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$
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630
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Cash paid for income taxes
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777
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—
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—
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Non-cash investing and financing activities
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Issuance of shares for acquisition of Guilford
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122,246
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—
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—
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