Barnes and Noble 2010 Annual Report Download - page 34

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CONSOLIDATED STATEMENTS OF CASH FLOWS
FISCAL YEAR (In thousands) Fiscal 2010
13 Weeks Ended
May 2, 2009 Fiscal 2008 Fiscal 2007
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss) $ 36,644 (2,723) 75,890 135,799
Net earnings (loss) from discontinued operations — (654) (9,506) 888
Net earnings (loss) from continuing operations 36,644 (2,069) 85,396 134,911
Adjustments to reconcile net earnings (loss) from continuing
operations to net cash flows from operating activities:
Depreciation and amortization (including amortization of deferred
financing fees) 214,464 46,426 174,104 169,145
Stock-based compensation expense 15,723 3,900 20,549 17,168
Property and equipment impairment charge 12,102 — 11,715 5,876
Deferred taxes (57,170) 1,306 (430) 11,593
Decrease (increase) in other long-term liabilities (35,222) (6,441) 7,590 (2,858)
(Gain) loss on disposal of property and equipment 2,388 (29) 4,625 2,927
Changes in operating assets and liabilities, net (60,703) (189,811) 72,700 90,251
Net cash flows provided by (used in) operating activities 128,226 (146,718) 376,249 429,013
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of Barnes & Noble College Booksellers, Inc (net of cash
acquired) (185,928) — — —
Acquisition of Tikatok Inc. (net of cash acquired) (2,261) — — —
Acquisition of Fictionwise — (15,729) — —
Purchases of property and equipment (127,779) (22,822) (192,153) (193,958)
Net (increase) decrease in other noncurrent assets (3,568) 87 (723) (523)
Insurance proceeds from property claims — — — 4,666
Payments on GameStop note receivable — — — 12,173
Net cash flows used in investing activities (319,536) (38,464) (192,876) (177,642)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in credit facility 260,400 — — —
Proceeds from exercise of common stock options 4,363 5,519 9,662 31,218
Excess (reversal) tax benefit from stock-based compensation (1,582) 312 869 15,792
Purchase of treasury stock (3,028) (1,799) (201,481) (248,343)
Cash dividends paid to shareholders (57,403) (14,210) (51,581) (39,342)
Financing fees paid related to debt used to acquire Barnes & Noble
College Booksellers, Inc. (37,069) — — —
Net cash flows provided by (used in) financing activities 165,681 (10,178) (242,531) (240,675)
Cash flows from discontinued operations
Operating cash flows — (654) 7,242 4,880
Investing cash flows — 1,000 (738) (2,849)
Financing cash flows — — (818) (1,162)
Net cash flows from discontinued operations — 346 5,686 869
See accompanying notes to consolidated financial statements.
32 Barnes & Noble, Inc.