Papa Johns 2008 Annual Report Download - page 74

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67
Papa John’s International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands) Year Ended
December 28, December 30, December 31,
2008 2007 2006
Operating activities
Net income 36,796$ 32,735$ 63,375$
Income from discontinued operations (net of income taxes) - - (389)
Adjustments to reconcile net income to net cash provided by operating activities:
Restaurant closure, impairment and disposition losses (gains) 8,818 1,807 (260)
Provision for uncollectible accounts and notes receivable 5,769 1,718 3,445
Depreciation and amortization 32,846 31,866 27,208
Deferred income taxes (3,608) (10,779) 3,191
Stock-based compensation expense 2,564 4,883 4,707
Excess tax benefit related to exercise of non-qualified stock options (771) (3,325) (6,533)
Other 1,255 5,564 5,158
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable (5,162) (183) (6,020)
Inventories 1,833 7,915 (583)
Prepaid expenses 914 (3,402) (2,148)
Other current assets 446 2,468 (630)
Other assets and liabilities (2,913) (7,092) (7,211)
Accounts payable (2,009) 1,893 (2,168)
Income and other taxes (1,181) (3,656) (1,726)
Accrued expenses (2,166) 457 5,465
Unearned franchise and development fees (368) (1,278) 306
Net cash provided by operating activities from continuing operations 73,063 61,591 85,187
Operating cash flows from discontinued operations - - 414
Net cash provided by operating activities 73,063 61,591 85,601
Investing activities
Purchase of property and equipment (29,271) (31,148) (39,352)
Purchase of investments (632) (303) (2,014)
Proceeds from sale or maturity of investments 927 731 6,983
Loans issued (1,468) (6,541) (6,181)
Loan repayments 2,017 6,257 9,339
Acquisitions (183) (24,983) (31,943)
Proceeds from divestitures of restaurants 2,145 632 1,300
Other 233 32 286
Net cash from continuing operations used in investing activities (26,232) (55,323) (61,582)
Proceeds from divestiture of discontinued operations - - 8,020
Net cash used in investing activities (26,232) (55,323) (53,562)
Financing activities
Net proceeds (repayments) from line of credit facility (10,500) 37,500 47,500
Net proceeds (repayments) from short-term debt - variable interest entities (1,625) 8,175 (5,575)
Excess tax benefit related to exercise of non-qualified stock options 771 3,325 6,533
Proceeds from exercise of stock options 4,623 12,219 15,214
Acquisition of Company common stock (37,697) (72,871) (106,292)
Other 299 1,035 1,293
Net cash used in financing activities (44,129) (10,617) (41,327)
Effect of exchange rate changes on cash and cash equivalents (592) 247 169
Change in cash and cash equivalents 2,110 (4,102) (9,119)
Cash and cash equivalents at beginning of year 8,877 12,979 22,098
Cash and cash equivalents at end of year 10,987$ 8,877$ 12,979$
See accompanying notes.