Dollar Tree 2008 Annual Report Download - page 22

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20
DOLLAR TREE, INC. • 2008 ANNUAL REPORT
Management’s Discussion & Analysis of Financial Condition and Results of Operations
tain specified financial ratios, restricts the payment of
certain distributions and prohibits the incurrence of
certain new indebtedness. Our March 2004, $450.0
million unsecured revolving credit facility was termi-
nated concurrent with entering into the Agreement.
As of January 31, 2009, the $250.0 million term loan
is outstanding under the Agreement.
In March 2005, our Board of Directors authorized
the repurchase of up to $300.0 million of our com-
mon stock through March 2008. In November 2006,
our Board of Directors authorized the repurchase of
up to $500.0 million of our common stock. This
amount was in addition to the $27.0 million remain-
ing on the March 2005 authorization. Then, in
October 2007, our Board of Directors authorized the
repurchase of an additional $500.0 million of our
common stock. This authorization was in addition to
the November 2006 authorization which had approxi-
mately $98.4 million remaining at the time.
We repurchased approximately 12.8 million
shares for approximately $473.0 million in fiscal 2007
and approximately 8.8 million shares for approximate-
ly $248.2 million in fiscal 2006. We had no share
repurchases in fiscal 2008. At January 31, 2009, we
have approximately $453.7 million remaining under
Board authorization.
Funding Requirements
Overview
We expect our cash needs for opening new stores and
expanding existing stores in fiscal 2009 to total
approximately $138.1 million, which includes capital
expenditures, initial inventory and pre-opening costs.
Our estimated capital expenditures for fiscal 2009 are
between $135.0 and $145.0 million, including
planned expenditures for our new and expanded
stores and the addition of freezers and coolers to
approximately 175 stores. We believe that we can
adequately fund our working capital requirements and
planned capital expenditures for the next few years
from net cash provided by operations and potential
borrowings under our existing credit facility.