Dillard's 2002 Annual Report Download - page 32

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Consolidated Statements of Cash Flows
Dollars in Thousands
Years Ended
February 1, 2003 February 2, 2002 February 3, 2001
Operating Activities:
Net income (loss) $(398,405) $71,798 $(5,850)
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depreciation and amortization 305,545 313,711 306,096
Extraordinary loss (gain) on extinguishment of debt 4,374 (6,012) (27,311)
Deferred income taxes 24,882 2,045 (6,325)
Impairment charges 52,224 3,752 51,396
Gain on sale of joint venture (64,295) __ __
Gain on sale of property and equipment (1,103) (2,060) (7,750)
Provision for loan losses 36,574 21,286 24,994
Cumulative effect of accounting change, net of taxes 530,331 __ 129,991
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable 286 (116,985) 100,690
(Increase) decrease in merchandise inventories (32,445) 54,323 228,533
(Increase) decrease in other current assets (30,760) 28,794 18,708
Decrease in other assets 31,559 53,504 28,540
(Decrease) increase in trade accounts payable
and accrued expenses, other liabilities and income taxes (101,825) 192,825 (43,083)
Net cash provided by operating activities 356,942 616,981 798,629
Investing Activities:
Purchase of property and equipment (233,268) (270,595) (225,525)
Proceeds from sale of joint venture 68,295 — —
Net cash used in investing activities (164,973) (270,595) (225,525)
Financing Activities:
Principal payments on long-term debt and capital lease obligations (340,081) (402,941) (379,308)
Cash dividends paid (13,529) (13,123) (14,784)
Proceeds from issuance of common stock 11,037 983 —
Proceeds from receivable financing, net 100,000 — —
Proceeds from long-term borrowings 40,000 50,000 —
Purchase of treasury stock — (22,325) (183,753)
Net cash used in financing activities (202,573) (387,406) (577,845)
Decrease in Cash and Cash Equivalents (10,604) (41,020) (4,741)
Cash and Cash Equivalents, Beginning of Year 152,960 193,980 198,721
Cash and Cash Equivalents, End of Year $142,356 $152,960 $193,980
See notes to consolidated financial statements.
F-6