Dollar General 2005 Annual Report Download - page 64

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60
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the year ended January 28, 2005
Dollar General Guarantor Consolidated
Corporation Subsidiaries Eliminations Total
STATEMENTS OF CASH FLOWS:
Cash flows from operating activities:
Net income $ 344,190 $ 333,852 $ (333,852) $ 344,190
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 17,181 147,297 – 164,478
Deferred income taxes 5,516 20,235 – 25,751
Tax benefit from stock option exercises 9,657 – – 9,657
Equity in subsidiaries’ earnings, net (333,852) – 333,852 –
Change in operating assets and liabilities:
Merchandise inventories – (219,396) – (219,396)
Prepaid expenses and other current assets 652 (4,318) – (3,666)
Accounts payable 10,665 11,593 – 22,258
Accrued expenses and other (8,351) 43,399 – 35,048
Income taxes 4,751 19,042 – 23,793
Other (1,347) (9,251) – (10,598)
Net cash provided by operating activities 49,062 342,453 – 391,515
Cash flows from investing activities:
Purchases of property and equipment (20,443) (267,851) – (288,294)
Purchases of short-term investments (220,200) (1,500) – (221,700)
Sales of short-term investments 245,000 2,501 – 247,501
Proceeds from sale of property and equipment 3 3,321 – 3,324
Net cash provided by (used in) investing activities 4,360 (263,529) – (259,169)
Cash flows from financing activities:
Borrowings under revolving credit facility 195,000 – – 195,000
Repayments of borrowings under
revolving credit facility (195,000) – – (195,000)
Repayments of long-term obligations (7,847) (8,570) – (16,417)
Payment of cash dividends (52,682) – – (52,682)
Proceeds from exercise of stock options 34,128 – – 34,128
Repurchases of common stock (209,295) – – (209,295)
Changes in intercompany note balances, net 25,586 (25,586) – –
Other financing activities (1,149) – – (1,149)
Net cash used in financing activities (211,259) (34,156) – (245,415)
Net increase (decrease) in cash and cash equivalents (157,837) 44,768 – (113,069)
Cash and cash equivalents, beginning of year 285,007 60,892 – 345,899
Cash and cash equivalents, end of year $ 127,170 $ 105,660 $ – $ 232,830