Abercrombie & Fitch 1997 Annual Report Download - page 14

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22
Abercrombie &Fitch Co.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands)1997 1996 1995
Cash Flows from Operating Activities
Net Income $48,322 $24,674 $14,298
Impact of Other Operating Activities on Cash Flows
Depreciation and Amortization 16,342 11,759 9,104
Non Cash Charge for Deferred Compensation 6,219 ––
Change in Assets and Liabilities
Inventories 1,016 (4,555) (13,837)
Accounts Payable and Accrued Expenses 22,309 9,943 4,069
Income Taxes 4,606 4,218 (2,525)
Other Assets and Liabilities 1,381 797 1,605
Net Cash Provided by Operating Activities 100,195 46,836 12,714
Cash Used for Investing Activities
Capital Expenditures (29,486) (24,323) (24,526)
Financing Activities
Increase (Decrease) in Intercompany Balance (29,202) 18,988 11,944
Dividend Paid to Parent –(27,000) –
Net Proceeds from Issuance of Common Stock –118,178 –
Proceeds from Credit Agreement –150,000 –
Repayment of Credit Agreement –(150,000) –
Repayment of Trademark Obligations –(32,000) –
Repayment of Intercompany Debt –(91,000) –
Repayment of Working Capital Note –(8,616) –
Purchase of Treasury Stock (929) ––
Other Changes in Shareholders’ Equity 144 8 150
Net Cash Provided by (Used for) Financing Activities (29,987) (21,442) 12,094
Net Increase in Cash and Equivalents 40,722 1,071 282
Cash and Equivalents, Beginning of Year 1,945 874 592
Cash and Equivalents, End of Year $42,667 $ 1,945 $ 874
In 1996, noncash financing activities included the distribution of a note representing preexisting obligations of the Company’s
operating subsidiary in respect of certain trademarks in the amount of $32 million by the Company’s trademark subsidiary to
The Limited, Inc., distribution of the $50 million in long-term debt and the conversion of $8.6 million of intercompany debt into
a working capital note.
The accompanying Notes are an integral part of these Consolidated Financial Statements.