Abercrombie & Fitch 2007 Annual Report Download - page 15
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OPERATING ACTIVITIES:
Net Income $475,697 $422,186 $333,986
IMPACT OF OTHER OPERATING ACTIVITIES ON CASH FLOWS:
Depreciation and Amortization 183,716 146,156 124,206
Amortization of Deferred Lease Credits (37,418) (34,485) (32,527)
Share-Based Compensation 31,170 35,119 24,124
Tax Benefit from Share-Based Compensation 17,600 5,472 52,709
Excess Tax Benefit from Share-Based Compensation (14,205) (3,382) –
Deferred Taxes 1,342 (11,638) (2,099)
Loss on Disposal of Assets and Charge for Impairment 9,517 6,559 7,658
Lessor Construction Allowances 43,391 49,387 42,336
Foreign Currency Gains 301 – –
CHANGES IN ASSETS AND LIABILITIES:
Inventories 87,657 (61,940) (146,314)
Accounts Payable and Accrued Expenses 22,375 24,579 (2,912)
Income Taxes (13,922) (12,805) 43,893
Other Assets and Liabilities 10,604 16,963 8,530
NET CASH PROVIDED BY OPERATING ACTIVITIES 817,825 582,171 453,590
INVESTING ACTIVITIES:
Capital Expenditures (403,345) (403,476) (256,422)
Purchases of Trust Owned Life Insurace Policies (15,000) (15,258) –
Purchases of Marketable Securities (1,444,736) (1,459,835) (1,016,986)
Proceeds of Sales of Marketable Securities
1,362,911 1,404,805 605,101
NET CASH USED FOR INVESTING ACTIVITIES (500,170) (473,764) (668,307)
FINANCING ACTIVITIES:
Dividends Paid (61,330) (61,623) (52,218)
Change in Outstanding Checks and Other 13,536 (31,770) 8,467
Proceeds from Share-Based Compensation 38,750 12,876 73,716
Excess Tax Benefit from Share-Based Compensation 14,205 3,382 –
Purchase of Treasury Stock (287,916) – (103,296)
NET CASH USED FOR FINANCING ACTIVITIES (282,755) (77,135) (73,331)
EFFECT OF EXCHANGE RATES ON CASH 1,185 – –
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS 36,085 31,272 (288,048)
Cash and Equivalents, Beginning of Year 81,959 50,687 338,735
CASH AND EQUIVALENTS, END OF YEAR $118,044 $ 81,959 $ 50,687
SIGNIFICANT NON-CASH INVESTING ACTIVITIES:
Change in Accrual for Construction in Progress $ 8,791 $ 28,455 $ 3,754
* Fiscal 2006 was a fifty-three week year.
The accompanying Notes are an integral part of these Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Common Stock Treasury Stock
Other
Compre-
Deferred hensive Total
Shares Par Paid-In Retained Compen- Income At Average Shareholders’
(Thousands) Outstanding Value Capital Earnings sation (Loss) Shares Cost Equity
BALANCE, JANUARY 29, 2005 86,036 $1,033 $176,552 $1,039,722 $ 15,048 – 17,263 $(563,029) $ 669,326
Net Income – – – 333,986 – – – – 333,986
Purchase of Treasury Stock (1,765) – – – – – 1,765 (103,296) (103,296)
Dividends ($0.60 per share) – – – (52,218) – – – – (52,218)
Stock Option Exercises 3,289 – – (26,985) – – (3,289) 109,880 82,895
Restricted Stock Unit Issuance 166 – – (4,297) (12,966) – (166) 5,650 (11,613)
Tax Benefit from Excercise of
Stock Options and Issuance of
Restricted Stock Units – – 52,709 – – – – – 52,709
Restricted Stock Unit Expense – – – – 24,124 – – – 24,124
Unrealized Losses on
Marketable Securtities – – – – – (718) – – (718)
Cumulative Foreign Currency
Translation Adjustments – – – – – (78) – – (78)
BALANCE, JANUARY 28, 2006 87,726 $1,033 $229,261 $1,290,208 $ 26,206 $ (796) 15,574 $(550,795) $ 995,117
Deferred Compensation Reclassification – – 26,206 – (26,206) – – – –
Net Income – – – 422,186 – – – – 422,186
Dividends ($0.70 per share) – – – (61,623) – – – – (61,623)
Share-based Compensation
Issuances and Excersises 574 – (6,326) (4,481) – – (574) 20,031 9,224
Tax Benefit from Share-based
Compensation Issuances and
Exercises – – 5,472 – – – – – 5,472
Share-based Compensation Expense – – 35,119 – – – – – 35,119
Unrealized Gains on Marketable
Securities – – – – – 41 – – 41
Cumulative Foreign Currency
Translation Adjustments – – – – – (239) – – (239)
BALANCE, FEBRUARY 3, 2007 88,300 $1,033 $289,732 $1,646,290 – $ (994) 15,000 $(530,764) $1,405,297
FIN 48 Impact – – – (2,786) – – – – (2,786)
Net Income – – – 475,697 – – – – 475,697
Purchase of Treasury Stock (3,654) – – – – – 3,654 (287,916) (287,916)
Dividends ($0.70 per share) – – – (61,330) – – – – (61,330)
Share-based Compensation
Issuances and Excersises 1,513 – (19,052) (6,408) – – (1,513) 57,928 32,468
Tax Benefit from Share-based
Compensation Issuances and
Exercises – – 17,600 – – – – – 17,600
Share-based Compensation Expense – – 31,170 – – – – – 31,170
Unrealized Gains on
Marketable Securities – – – – – 784 – – 784
Cumulative Foreign Currency
Translation Adjustments – – – – – 7,328 – – 7,328
BALANCE, FEBRUARY 2, 2008 86,159 $1,033 $319,451 $2,051,463 – $ 7,118(1) 17,141 $(760,752) $ 1,618,313
(1) Accumulated Other Comprehensive Income includes cummulative foreign currency translation adjustments of $7.0 million and of unrealized gains on marketable securities, net of taxes of $0.1 million.
The accompanying Notes are an integral part of these Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
2726