Dick's Sporting Goods 2003 Annual Report Download - page 39

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dks 03ar 37
consolidated statements of cash flows
January 31, February 1, February 2,
Fiscal Year Ended 2004 2003 2002
(Dollars in thousands)
Cash flows from operating activities:
Net income $52,819 $38,264 $ 23,471
Adjustments to reconcile net income
to net cash provided by operating activities:
Depreciation and amortization 17,554 14,420 12,082
Deferred income taxes 8,476 (5,019) 1,187
Tax benefit from exercise of stock options 29,861 662 –
Gain on sale of non-cash investment (3,536) – –
Other non-cash items 2,067 2,447 –
Changes in assets and liabilities:
Accounts receivable 3,904 (1,984) (6,096)
Inventories (20,863) (31,912) (39,044)
Prepaid expenses and other assets 1,549 (8,218) (1,909)
Accounts payable (19,850) 28,122 9,424
Accrued expenses 12,842 12,236 8,680
Income taxes payable (12,763) 7,033 (4,907)
Deferred revenue and other liabilities 14,440 5,087 5,606
Net cash provided by continuing operations 86,500 61,138 8,494
Net cash provided by discontinued operations –– 3,513
Net cash provided by operating activities 86,500 61,138 12,007
Cash flows used in investing activities:
Capital expenditures (54,350) (29,001) (32,219)
Proceeds from sale-leaseback transactions 14,726 6,417 10,254
Decrease in recoverable costs from developed properties 2,079 – –
Proceeds from sale of non-cash investment 4,150 – –
Net cash used in investing activities (33,395) (22,584) (21,965)
Cash flows from financing activities:
Revolving credit (payments) borrowings, net – (77,073) 21,929
Borrowings (payments) on long-term debt and capital leases 339 (211) (14,715)
Proceeds from sale of common stock in initial public offering – 30,936 –
Proceeds from sale of common stock under employee stock purchase plan 2,473 4,421 –
Proceeds from exercise of stock options 13,429 807 –
Repayment of note receivable for common stock – 6,196 –
Increase in bank overdraft 13,025 1,514 3,441
Transaction costs related to initial public offering 183 (3,000) –
Net cash provided by (used in) financing activities 29,449 (36,410) 10,655
Net increase in cash and cash equivalents 82,554 2,144 697
Cash and cash equivalents, beginning of period 11,120 8,976 8,279
Cash and cash equivalents, end of period $93,674 $11,120 $ 8,976
Supplemental non-cash investing and financing activities:
Construction in progress – leased facilities $10,927 $–$–
See notes to consolidated financial statements.