Papa Johns 2000 Annual Report Download - page 47

Download and view the complete annual report

Please find page 47 of the 2000 Papa Johns annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 81

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81

42
Papa John’s International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands) Year Ended
December 31, December 26, December 27,
2000 1999 1998
Operating activities
Net income 31,824$ 47,286$ 32,361$
Adjustments to reconcile net income to net cash
provided by operating activities:
Special charge, net of cash payments 23,901 - -
Advertising litigation, net of cash payments 286 4,083 -
Depreciation and amortization 34,172 25,156 21,009
Deferred income taxes (5,609) 1,757 (1,443)
Tax benefit related to exercise of non-qualified stock options 542 3,945 2,953
Other 2,037 2,580 903
Changes in operating assets and liabilities:
Accounts receivable (1,627) (1,802) (2,125)
Inventories (7,698) (275) (551)
Deferred pre-opening costs - - 3,827
Prepaid expenses and other current assets (611) (2,343) (2,382)
Other assets and liabilities (1,140) (1,574) (1,324)
Accounts payable (1,439) 4,784 2,265
Accrued expenses 2,269 6,323 7,632
Unearned franchise and development fees (189) (339) 1,873
Net cash provided by operating activities 76,718 89,581 64,998
Investing activities
Purchase of property and equipment (59,437) (82,560) (72,069)
Purchase of investments - (22,908) (34,107)
Proceeds from sale or maturity of investments 15,070 46,632 44,289
Loans to franchisees (15,426) (6,614) (4,834)
Loan repayments from franchisees 6,464 2,955 5,265
Acquisitions (6,623) (32,703) (1,902)
Other 968 (19) 403
Net cash used in investing activities (58,984) (95,217) (62,955)
Financing activities
Net proceeds from line of credit facility 145,000 - -
Payments on long-term debt (6,716) (9,815) (6,450)
Proceeds from issuance of long-term debt - 2,510 7,720
Proceeds from exercise of stock options 2,162 14,459 11,673
Acquisition of treasury stock (156,230) (31,713) -
Other 794 55 (7)
Net cash (used in) provided by financing activities (14,990) (24,504) 12,936
Effect of exchange rate changes on cash and cash equivalents (301) 24 -
Change in cash and cash equivalents 2,443 (30,116) 14,979
Cash and cash equivalents at beginning of year 3,698 33,814 18,835
Cash and cash equivalents at end of year 6,141$ 3,698$ 33,814$
See accompanying notes.