Hibbett Sports 2012 Annual Report Download - page 39

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35
HIBBETT SPORTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, except share information)
January 28,
2012
January 29,
2011
January 30,
2010
Cash Flows From Operating Activities:
Net income 59,060$ 46,400$ 32,549$
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 13,205 13,623 13,905
Deferred and unrecognized income tax benefit, net (46) (1,558) (2,433)
Excess tax benefit from stock option exercises (1,834) (3,435) (781)
Loss on disposal and write-down of assets, net 151 164 232
Stock-based compensation 5,453 4,796 4,157
Changes in operating assets and liabilities:
Trade receivables, net (633) (597) (70)
Accounts receivable, other (105) (160) 829
Inventories, net (20,193) (5,484) (17,618)
Prepaid expenses and other 3,146 (3,485) 5,409
Other assets, net, non-current (157) (149) 169
Accounts payable (2,251) 11,036 489
Deferred rent, non-current (1,245) (1,408) (2,319)
Accrued expenses and other 370 2,175 2,396
Net cash provided by operating activities 54,921 61,918 36,914
Cash Flows From Investing Activities:
Purchase of investments, net (481) (529) (39)
Capital expenditures (12,997) (10,476) (9,605)
Proceeds from sale of property and equipment 103 122 41
Net cash used in investing activities (13,375) (10,883) (9,603)
Cash Flows From Financing Activities:
Cash used for stock repurchases (67,484) (37,715) -
Net payments on revolving credit facility and
capital lease obligations (311) (114) (77)
Excess tax benefit from stock option exercises 1,834 3,435 781
Cash used to settle net share equity awards (1,129) (144) -
Proceeds from options exercised and purchase of
shares under the employee stock purchase plan 5,165 9,329 1,026
Net cash (used in) provided by financing activities (61,925) (25,209) 1,730
Net (Decrease) Increase in Cash and Cash Equivalents (20,379) 25,826 29,041
Cash and Cash Equivalents, Beginning of Year 75,517 49,691 20,650
Cash and Cash Equivalents, End of Year 55,138$ 75,517$ 49,691$
Supplemental Disclosures of Cash Flow Information:
Cash paid during the year for:
Interest 277$ 95$ 117$
Income taxes, net of refunds 30,788$ 31,987$ 16,955$
Supplemental Schedule of Non-Cash Financing Activities:
Deferred board compensation 60$ -$ -$
Shares awarded to satisfy deferred board compensation 1,561 - -
Property and plant additions under capital lease -$ 2,403$ 345$
Fiscal Year Ended
See accompanying notes to consolidated financial statements.