Abercrombie & Fitch 1998 Annual Report Download - page 15

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21
(Thousands)1998 1997 1996
Cash Flows from Operating Activities
Net Income $102,062 $48,322 $24,674
Impact of Other Operating Activities on Cash Flows
Depreciation and Amortization 20,946 16,342 11,759
Non Cash Charge for Deferred Compensation 11,497 6,219 –
Change in Assets and Liabilities
Inventories (10,065) 1,016 (4,555)
Accounts Payable and Accrued Expenses 37,530 22,309 9,943
Income Taxes 10,758 4,606 4,218
Other Assets and Liabilities 355 1,381 797
Net Cash Provided by Operating Activities 173,083 100,195 46,836
Cash Used for Investing Activities
Capital Expenditures (41,876) (29,486) (24,323)
Financing Activities
Settlement of Balance with The Limited 23,785 ––
Increase (Decrease) in Receivable from The Limited –(29,202) 18,988
Dividend Paid to The Limited –– (27,000)
Net Proceeds from Issuance of Common Stock 25,875 – 118,178
Proceeds from Credit Agreement –– 150,000
Repayment of Credit Agreement –– (150,000)
Repayment of Trademark Obligations –– (32,000)
Repayment of Debt to The Limited –– (91,000)
Repayment of Working Capital Note –– (8,616)
Repayment of Long-Term Debt (50,000) ––
Purchase of Treasury Stock (11,240) (929) –
Other Changes in Shareholders’ Equity 1,270 144 8
Net Cash Used for Financing Activities (10,310) (29,987) (21,442)
Net Increase in Cash and Equivalents 120,897 40,722 1,071
Cash and Equivalents, Beginning of Year 42,667 1,945 874
Cash and Equivalents, End of Year $163,564 $42,667 $ 1,945
Abercrombie &Fitch Co.
CONSOLIDATED STATEMENTS OF CASH FLOWS
In 1996, non cash 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, distribution of the $50 million in long-term debt and the conversion of $8.6 million of debt to The Limited into a
working capital note.
The accompanying Notes are an integral part of these Consolidated Financial Statements.