Family Dollar 2003 Annual Report Download - page 27

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23
August 30, August 31, September 1,
Years Ended (In thousands) 2003 2002 2001
Cash flows from operating activities:
Net income $247,475 $216,929 $ 189,505
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 88,315 77,015 67,685
Deferred income taxes (1,325) 12,499 24,281
(Gain) Loss on disposition of property and equipment 3,905 2,287 (809)
Changes in operating assets and liabilities:
Merchandise inventories (87,739) (45,071) (76,946)
Income tax refund receivable 6,469 (1,533) (4,936)
Prepayments and other current assets (21,069) 2,478 (4,094)
Other assets (3,937) (1,542) (6,144)
Accounts payable and accrued liabilities 62,233 139,541 (15,455)
Income taxes payable 671 —(7,177)
294,998 402,603 165,910
Cash flows from investing activities:
Capital expenditures (219,777) (186,687) (162,848)
Proceeds from dispositions of property and equipment 1,051 2,647 2,678
(218,726) (184,040) (160,170)
Cash flows from financing activities:
Net (purchases)/reissuance of stock for treasury (65,835) 57
Exercise of employee stock options, including tax benefits 24,271 23,105 11,891
Payment of dividends (48,242) (43,161) (39,443)
(89,806) (20,051) (27,545)
Net increase (decrease) in cash and cash equivalents (13,534) 198,512 (21,805)
Cash and cash equivalents at beginning of year 220,265 21,753 43,558
Cash and cash equivalents at end of year $206,731 $220,265 $ 21,753
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest $—$158 $ 554
Income taxes 129,619 103,601 91,113
The accompanying notes are an integral part of the consolidated financial statements.
Family Dollar Stores, Inc. and Subsidiaries
Consolidated Statements of Cash Flows