Cracker Barrel 2008 Annual Report Download - page 59

C B R L G R O U P, I N C .
Consolidated Statement of Cash Flows
(In thousands)
Fiscal years ended
August 1, August 3, July 28,
2008 2007 2006
Cash flows from operating activities:
Net income $ 65,553 $ 162,065 $ 116,291
Income from discontinued operations, net of tax (250) (86,082) (20,790)
Adjustments to reconcile net income to net cash provided by operating activities
of continuing operations:
Depreciation and amortization 57,689 56,908 57,259
Loss on disposition of property and equipment 1,195 53 1,501
Impairment 532 — 4,633
Accretion on zero-coupon contingently convertible senior notes and new notes — 5,237 5,747
Share-based compensation 8,491 12,717 13,439
Excess tax benefit from share-based compensation — (6,642) (6,441)
Cash paid for accretion of original issue discount on zero-coupon contingently
convertible senior notes and new notes — (27,218) —
Changes in assets and liabilities:
Accounts receivable (1,725) (325) (643)
Income taxes receivable (6,919) — —
Inventories (11,538) (16,113) 5,692
Prepaid expenses and other current assets 1,648 (8,234) 1,181
Other assets (3,597) (2,381) (4,941)
Accounts payable 52 22,116 (15,863)
Taxes withheld and accrued (2,742) 1,296 1,111
Income taxes payable 990 (6,280) 11,861
Accrued employee compensation (2,385) 7,988 (1,985)
Accrued employee benefits (685) (3,592) (2,625)
Deferred revenues 1,456 2,315 164
Accrued interest expense 12,321 (11,934) 11,971
Other accrued expenses (1,188) 1,537 (3,581)
Other long-term obligations 5,462 5,931 9,183
Deferred income taxes 150 (12,490) (8,470)
Net cash provided by operating activities of continuing operations 124,510 96,872 174,694
Cash flows from investing activities:
Purchase of property and equipment (88,027) (96,538) (89,715)
Proceeds from insurance recoveries of property and equipment 178 91 548
Proceeds from sale of property and equipment 5,143 8,726 6,905
Net cash used in investing activities of continuing operations (82,706) (87,721) (82,262)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 797,650 234,100 1,343,500
Proceeds from exercise of stock options 306 33,179 27,283
Principal payments under long-term debt and other long-term obligations (774,292) (355,089) (642,232)
Purchases and retirement of common stock (52,380) (405,531) (704,160)
Dividends on common stock (15,743) (15,610) (24,019)
Excess tax benefit from share-based compensation — 6,642 6,441
Deferred financing costs — — (12,198)
Net cash used in financing activities of continuing operations (44,459) (502,309) (5,385)
Cash flows from discontinued operations:
Net cash provided by (used in) operating activities of discontinued operations 385 (33,818) 40,016
Net cash provided by (used in) investing activities of discontinued operations — 453,394 (54,810)
Net cash provided by (used in) discontinued operations 385 419,576 (14,794)
Net (decrease) increase in cash and cash equivalents (2,270) (73,582) 72,253
Cash and cash equivalents, beginning of year 14,248 87,830 15,577
Cash and cash equivalents, end of year $ 11,978 $ 14,248 $ 87,830
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of amounts capitalized $ 42,758 $ 63,472 $ 1,755
Accretion of original issue discount of zero-coupon contingently convertible
senior notes and new notes — 27,218 —
Income taxes 32,030 101,495 52,703
Supplemental schedule of non-cash financing activity:
Conversion of zero-coupon contingently convertible senior notes to common stock — $ 12,136 —
Change in fair value of interest rate swap $ (25,938) (6,460) $ (7,220)
Change in deferred tax asset for interest rate swap 7,273 2,001 2,691
See Notes to Consolidated Financial Statements.
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