Dillard's 2008 Annual Report Download - page 57

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CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended
January 31,
2009
February 2,
2008
February 3,
2007
Dollars in Thousands
Operating activities:
Net (loss) income .............................................. $(241,065) $ 53,761 $ 245,646
Adjustments to reconcile net (loss) income to net cash provided by
operating activities:
Depreciation and amortization of property and deferred financing
cost ................................................... 286,184 300,859 303,256
Share-based compensation ................................... 17 77 1,002
Excess tax benefits from share-based compensation ............... — (325) (5,251)
Deferred income taxes ...................................... (57,652) (2,399) (32,807)
Gain on sale of joint venture ................................. — — (13,810)
(Gain) loss on disposal of property and equipment ................ (24,567) 1,484 (2,603)
Asset impairment and store closing charges ..................... 197,922 20,500 —
Loss on disposal of hurricane assets ........................... 3,921 — —
Gain from hurricane insurance proceeds ........................ — (18,181) —
Proceeds from hurricane insurance ............................ — 5,881 —
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable .................... (4,256) (372) 2,015
Decrease (increase) in merchandise inventories ................ 404,203 (7,129) 30,545
Decrease (increase) in other current assets .................... 5,361 (7,366) (60,283)
Decrease (increase) in other assets ........................... 12,005 (4,243) (2,421)
Decrease in trade accounts payable and accrued expenses, other
liabilities and income taxes .............................. (232,068) (88,098) (104,707)
Net cash provided by operating activities ........................... 350,005 254,449 360,582
Investing activities:
Purchase of property and equipment ........................... (189,579) (396,337) (320,640)
Proceeds from disposal of property and equipment ................ 67,068 48,249 6,479
Acquisition, net of cash acquired .............................. 4,320 — —
Proceeds from hurricane insurance ............................ — 16,101 27,826
Proceeds from sale of joint venture ............................ — — 19,990
Net cash used in investing activities ............................... (118,191) (331,987) (266,345)
Financing activities:
Principal payments on long-term debt and capital lease obligations . . . (199,492) (104,291) (205,907)
Purchase of treasury stock ................................... (17,441) (111,592) (3,331)
Cash dividends paid ........................................ (11,898) (12,492) (12,749)
Increase in short-term borrowings ............................. 5,000 195,000 —
Payment on line of credit fees and expenses ..................... (72) (522) (595)
Proceeds from issuance of common stock ....................... — 6,028 17,248
Excess tax benefits from share-based compensation ............... — 325 5,251
Net cash used in financing activities ............................... (223,903) (27,544) (200,083)
Increase (decrease) in cash and cash equivalents ...................... 7,911 (105,082) (105,846)
Cash and cash equivalents, beginning of year ........................ 88,912 193,994 299,840
Cash and cash equivalents, end of year ............................. $ 96,823 $ 88,912 $ 193,994
Non-cash transactions:
Accrued (prepaid) capital expenditures ......................... $ 1,706 $ (516) $ 10,052
Property and equipment financed by note payable ................ 23,573 — —
Sale of property financed by note receivable ..................... 1,255 — —
Stock awards ............................................. 2,052 — —
See notes to consolidated financial statements.
F-9