Hibbett Sports 2005 Annual Report Download - page 33

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CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
For the Fiscal Years Ended
January 29, January 31, February 1,
2005 2004 2003
(as restated) (as restated)
Cash flows from operating activities:
Net income $25,147 $19,642 $14,234
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 9,939 9,686 8,727
Deferred income taxes (credit) (45) 72 1,178
(Gain) loss on disposal of assets 531 336 (465)
(Increase) decrease in operating assets:
Accounts receivable, net (1,263) (223) (1,018)
Inventories (8,232) (8,531) (5,163)
Prepaid expenses and other (56) (182) 138
Other non-current assets (37) (27) 64
Increase (decrease) in operating liabilities
Accounts payable 12,212 13,107 1,148
Accrued income taxes 3,196 731 (264)
Accrued expenses 957 349 539
Deferred rent 3,774 2,519 767
Total adjustments 20,976 17,837 5,651
Net cash provided by operating activities 46,123 37,479 19,885
Cash flows from investing activities:
Capital expenditures (12,671) (11,226) (8,401)
Proceeds from sales of property and equipment 45 12 611
Net cash used in investing activities (12,626) (11,214) (7,790)
Cash flows from financing activities:
Cash used for stock repurchase (19,111) -- --
Proceeds from options exercised and purchase of 2
shares under the employee stock purchase plan 1,993 3,682 1,852
Revolving loan borrowings and repayments, net -- -- (3,903)
Net cash provided by (used in) financing activities (17,118) 3,682 (2,051)
Net increase in cash and cash equivalents 16,379 29,947 10,044
Cash and cash equivalents at beginning of year 41,963 12,016 1,972
Cash and cash equivalents at end of year $58,342 $41,963 $12,016
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest $58,342 $41,959 $41,194
Income taxes, net of refunds $10,388 $11,120 $17,220
See accompanying notes to consolidated financial statements.
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