Abercrombie & Fitch 2004 Annual Report Download - page 15

Abercrombie &Fitch
27
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands)2004 2003 2002
Operating Activities
Net Income $ 216,376 $ 204,830 $ 194,754
Impact of Other Operating Activities on Cash Flows
Depreciation and Amortization 105,814 89,539 75,951
Amortization of Deferred Lease Credits (32,794) (24,774) (21,061)
Non-cash Charge for Deferred Compensation 10,372 5,310 2,295
Deferred Taxes 3,942 7,126 21,092
Non-cash Charge for Asset Impairment 1,190 – 1,251
Loss on Disposal of Assets 4,664 ––
Lessor Construction Allowances 55,009 60,649 52,686
Changes in Assets and Liabilities
Inventories (34,445) (27,397) (34,430)
Accounts Payable and Accrued Expenses 105,524 8,054 43,301
Income Taxes 18,967 10,459 17,022
Other Assets and Liabilities (28,494) 8,749 (7,029)
Net Cash Provided by Operating Activities 426,125 342,545 345,832
Investing Activities
Capital Expenditures (185,065) (159,777) (145,662)
Purchases of Marketable Securities (4,314,070) (3,849,077) (2,729,271)
Proceeds from Sales of Marketable Securities 4,788,770 3,771,085 2,418,661
Collection of Note Receivable –– 4,954
Net Cash Provided by (Used for) Investing Activities 279,635 (237,769) (451,318)
Financing Activities
Change in Outstanding Checks 20,404 4,145 4,047
Purchases of Treasury Stock (434,658) (115,670) (42,691)
Stock Option Excercises and Other 48,927 19,767 (282)
Dividends Paid (46,438) ––
Net Cash Used For Financing Activities (411,765) (91,758) (38,926)
Net Increase in Cash and Equivalents 293,995 13,018 (144,412)
Cash and Equivalents, Beginning of Year 56,373 43,355 187,767
Cash and Equivalents, End of Year $ 350,368 $ 56,373 $ 43,355
Significant Non-Cash Investing Activities
Change in Accrual for Construction in Progress $ (15,513) $ 18,589 $ (12,658)
The accompanying Notes are an integral part of these Consolidated Financial Statements.
Abercrombie &Fitch
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CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Common Stock Treasury Stock
Total
Shares Par Paid-In Retained At Average Shareholders’
(Thousands)Outstanding Value Capital Earnings Shares Cost Equity
Balance, February 2, 2002 98,873 $1,033 $141,394 $ 506,501 4,426 $ (66,533) $582,395
Purchase of Treasury Stock (1,850) – – – 1,850 (42,691) (42,691)
Net Income – – – 194,754 – – 194,754
Tax Benefit from Exercise of Stock
Options and Vesting of Restricted Stock – – 164 – – – 164
Stock Options, Restricted Stock and Other 246 – 1,019 – (245) 666 1,685
Balance, February 1, 2003 97,269 $1,033 $142,577 $ 701,255 6,031 $(108,558) $736,307
Purchase of Treasury Stock (4,401) – – – 4,401 (115,670) (115,670)
Net Income – – – 204,830 – – 204,830
Tax Benefit from Exercise of Stock
Options and Vesting of Restricted Stock – – 9,505 – – – 9,505
Stock Options, Restricted Stock and Other 1,739 – (12,943) – (1,740) 35,736 22,793
Balance, January 31, 2004 94,607 $1,033 $139,139 $ 906,085 8,692 $(188,492) $857,765
Purchase of Treasury Stock (11,151) – – – 11,151 (434,658) (434,658)
Net Income – – – 216,376 – – 216,376
Dividends ($0.50 per share) – – – (46,438) – – (46,438)
Tax Benefit from Exercise of Stock
Options and Vesting of Restricted Stock – – 17,308 – – – 17,308
Stock Options, Restricted Stock and Other 2,580 – (16,196) – (2,580) 75,169 58,973
Balance, January 29, 2005 86,036 $1,033 $140,251 $1,076,023 17,263 $(547,981) $669,326
The accompanying Notes are an integral part of these Consolidated Financial Statements.
Shareholders’ Equity ($ in Millions) Net Income per Diluted Share
2000 2001 2002 2003 2004
$100
$200
$300
$400
$500
$600
$700
$800
$900
$412
2000 2001 2002 2003 2004
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
$2.00
$2.20
$2.40
$1.54 $1.62
$1.94
$2.06
$2.28
$736
$669
$858
$582