ORBITAL SCIENCES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unudited, In thousands)
| |
Quarters Ended March 31, |
|
2008
|
2007 |
| Cash Flows From Operating Activities: |
|
|
Net income |
$ 13,682 |
$ 11,452 |
Adjustments to reconcile net income to net cash
provided by operating activities: |
|
|
| Depreciation expense |
4,535 |
4,108 |
| Deferred taxes |
7,783 |
6,854 |
| Stock-based compensation and other |
2,166 |
2,023 |
| Changes in assets and liabilities |
(3,617) |
(16,875) |
| Net cash provided by operating activities |
24,549 |
7,562 |
| |
|
|
| Cash Flows From Investing Activities |
|
|
| Capital expenditures |
(6,736) |
(3,707) |
| Purchases of investments |
-- |
(65,000) |
| Sales of investments |
-- |
65,000 |
Change in cash restricted for letters
of credit, net |
-- |
(1,000) |
| Net cash used in investing activities |
(6,736) |
(4,707) |
| |
|
|
| Cash Flows From Financing Activities: |
|
|
| Repurchase of common stock |
(11,781) |
-- |
| Net proceeds from issuances of common stock |
1,656 |
3,748 |
| Tax benefit of share-based compensation and other |
743 |
759 |
| Net cash (used in) financing activities |
(9,382) |
(4,507) |
| |
|
|
| Net increase in cash and cash equivalents |
8,431 |
7,362 |
| Cash and cash equivalents, beginning of period |
235,822 |
199,751 |
| Cash and cash equivalents, end of period |
$244,253 |
$207,113 |
See accompanying notes to condensed consolidated financial statements.
|
