Barnes and Noble 1997 Annual Report Download - page 27

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23
FISCAL YEAR 1997 1996 1995
(Thousands of dollars)
Cash flows from operating activities:
Net earnings (loss) $ 53,169 51,225 (52,976)
Adjustments to reconcile net earnings (loss) to net cash flows from operating activities:
Depreciation and amortization 78,629 61,652 50,185
Loss (gain) on disposal of property and equipment 853 (130) 4,657
Deferred taxes 11,598 6,604 (32,110)
Restructuring charge — — 123,768
Extraordinary charge due to early extinguishment of debt, net of tax benefits 11,499 — —
Increase in other long-term liabilities for scheduled rent increases in long-term leases 16,350 15,663 10,670
Changes in operating assets and liabilities, net (2,884) (15,477) (161,038)
Net cash flows from operating activities 169,214 119,537 (56,844)
Cash flows from investing activities:
Purchases of property and equipment (121,903) (171,885) (154,913)
Proceeds from sales of property and equipment — 177 551
Net increase in other noncurrent assets (13,177) (16,787) (2,378)
Net cash flows from investing activities (135,080) (188,495) (156,740)
Cash flows from financing activities:
Net increase (decrease) in revolving credit facility 244,800 (32,400) 72,400
Proceeds from issuance of long-term debt — 100,000 —
Repayment of long-term debt (290,000) — —
Proceeds from issuance of common stock, net — — 88,725
Proceeds from exercise of common stock options including related tax benefits 22,597 4,529 6,313
Payment of note premium (11,281) — —
Net cash flows from financing activities (33,884) 72,129 167,438
Net increase (decrease) in cash and cash equivalents 250 3,171 (46,146)
Cash and cash equivalents at beginning of year 12,447 9,276 55,422
Cash and cash equivalents at end of year $ 12,697 12,447 9,276
Changes in operating assets and liabilities, net:
Receivables, net $ 1,700 3,461 (19,191)
Merchandise inventories (119,904) 8,148 (241,432)
Prepaid expenses and other current assets 9,721 (19,502) (17,340)
Accounts payable and accrued liabilities 105,599 (7,584) 116,925
Changes in operating assets and liabilities, net $ (2,884) (15,477) (161,038)
Supplemental cash flow information:
Cash paid during the period for:
Interest $ 37,845 38,103 27,656
Income taxes $ 20,282 24,574 19,937
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
BARNES
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NOBLE 1997BARNES
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NOBLE 1997