Dollar General 2004 Annual Report Download - page 62

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60
Notes to Consolidated Financial Statements (continued)
For the Year Ended January 30, 2004 (Restated)
Dollar General
Corporation
Guarantor
Subsidiaries Eliminations
Consolidated
Total
Statements of Cash Flows:
Cash flows from operating activities:
Net income $ 299,002 $ 300,156 $ (300,156) $ 299,002
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 19,961 134,496 — 154,457
Deferred income taxes (2,102) 20,713 — 18,611
Tax benefit from stock option exercises 14,565 — — 14,565
Equity in subsidiaries’ earnings, net (300,156) — 300,156 —
Change in operating assets and liabilities:
Merchandise inventories — (34,110) — (34,110)
Prepaid expenses and other current assets (7,323) (8,981) — (16,304)
Accounts payable (50,489) 83,754 — 33,265
Accrued expenses and other 15,752 44,771 — 60,523
Income taxes 4,079 (25,543) — (21,464)
Other 1,610 3,556 — 5,166
Net cash provided by (used in) operating activities (5,101) 518,812 — 513,711
Cash flows from investing activities:
Purchases of property and equipment (15,526) (124,613) — (140,139)
Purchases of short-term investments (199,950) (2,000) — (201,950)
Sales of short-term investments 132,725 2,000 — 134,725
Purchase of promissory notes (49,582) — — (49,582)
Proceeds from sale of property and equipment 39 230 — 269
Contribution of capital (10) — 10 —
Net cash used in investing activities (132,304) (124,383) 10 (256,677)
Cash flows from financing activities:
Repayments of long-term obligations (7,753) (8,154) — (15,907)
Payment of cash dividends (46,883) — — (46,883)
Proceeds from exercise of stock options 49,485 — — 49,485
Repurchases of common stock (29,687) — — (29,687)
Issuance of common stock, net — 10 (10) —
Changes in intercompany note balances, net 384,378 (384,378) — —
Other financing activities 73 — — 73
Net cash provided by (used in) financing activities 349,613 (392,522) (10) (42,919)
Net increase in cash and cash equivalents 212,208 1,907 — 214,115
Cash and cash equivalents, beginning of year 72,799 58,985 — 131,784
Cash and cash equivalents, end of year $ 285,007 $ 60,892 $ — $ 345,899