American Eagle Outfitters 2004 Annual Report Download - page 46

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32
Part II
AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended
(In thousands) January 29,
2005
January 31,
2004
February 1,
2003
(Restated) (Restated)
Operating activities:
Net income $213,343 $59,622 $88,108
Loss from discontinued operations 10,889 23,486 11,536
Income from continuing operations 224,232 83,108 99,644
Adjustments to reconcile income from continuing operations to net cash provided by operating
activities:
Depreciation and amortization 68,273 59,965 53,361
Stock compensation 25,166 1,192 853
Deferred income taxes (17,087) 13,008 8,012
Tax benefit from exercise of stock options 28,800 674 1,155
Other adjustments 2,796 5,999 3,091
Changes in assets and liabilities:
Merchandise inventory (25,840) 6,681 (34,516)
Accounts and note receivable, including related party 3,878 (9,344) 4,941
Prepaid expenses and other 1,918 3,342 (8,495)
Accounts payable 4,466 21,124 12,752
Unredeemed stored value cards and gift certificates 7,373 2,725 5,226
Deferred lease credits 3,359 5,290 9,999
Accrued liabilities 41,349 21,437 (20,967)
Total adjustments 144,451 132,093 35,412
Net cash provided by operating activities from continuing operations 368,683 215,201 135,056
Investing activities:
Capital expenditures (97,288) (77,544) (78,787)
Purchase of investments (483,083) (353,486) (132,532)
Sale of investments 309,203 203,755 102,265
Other investing activities (14) (1,513) (5,102)
Net cash used for investing activities from continuing operations (271,182) (228,788) (114,156)
Financing activities:
Payments on note payable and line of credit (2,655) (5,434) (9,555)
Retirement of note payable and termination of swap agreement (16,915) - -
Proceeds from borrowings from line of credit - - 4,777
Repurchase of common stock - (689) (19,476)
Net proceeds from stock options exercised 57,533 1,139 1,840
Payment of cash dividend (8,841) - -
Net cash provided by (used for) financing activities from continuing operations 29,122 (4,984) (22,414)
Effect of exchange rates on cash 1,903 1,055 275
Net cash provided by (used for) discontinued operations 9,448 (11,618) (12,938)
Net increase (decrease) in cash and cash equivalents 137,974 (29,134) (14,177)
Cash and cash equivalents - beginning of period 137,087 166,221 180,398
Cash and cash equivalents - end of period $275,061 $137,087 $166,221
See Notes to Consolidated Financial Statements