Pep Boys 2005 Annual Report Download - page 56

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51
THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended January 28, 2006, January 29, 2005 and January 31, 2004
(dollar amounts in thousands, except share data)
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Year ended January 28, 2006 Pep Boys
Subsidiary
Guarantors
Non-
Subsidiary
Guarantors
Consolidation/
Elimination Consolidated
Cash Flows from Operating Activities:
Net (Loss) Earnings $ (37,528) $ 95,165 $ (354) $ (94,811) $ (37,528)
Adjustments to Reconcile Net (Loss) Earnings to Net Cash
(Used in) Provided By Continuing Operations:
Net loss (earnings) from discontinued operations (324) 58 — — (266)
Depreciation and amortization 29,391 50,496 — — 79,887
Cumulative effect of change in accounting principle 854 1,167 — — 2,021
Accretion of asset disposal obligation 25 84 — — 109
Stock compensation expense 2,049 — — — 2,049
Equity in earnings of subsidiaries 65,004 (159,815) — 94,811 —
Deferred income taxes (18,604) (8,497) (691) — (27,792)
Net gain from reduction in asset retirement liability (657) (1,158) — — (1,815)
Loss (gain) from sale of assets 675 (5,501) — — (4,826)
Loss on impairment of assets 4,200 — — — 4,200
Increase in cash surrender value of life insurance policies (3,389) — — — (3,389)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable, prepaid
expenses and other 8,161 11,161 (3,073) (1,083) 15,166
Increase in merchandise inventories (3,476) (10,056) — — (13,532)
(Decrease) increase in accounts payable (49,041) — — — (49,041)
(Decrease) increase in accrued expenses (20,019) 2,711 16,858 (18,414) (18,864)
(Decrease) increase i n other long-ter m liabilities (2,913) 176 — 19,497 16,760
Net cash (used in) provided by continuing operations (25,592) (24,009) 12,740 — (36,861)
Net cash used in discontinued operations (221) (1,305) — — (1,526)
Net Cash (Used in) Provided by Operating Activities (25,813) (25,314) 12,740 — (38,387)
Cash Flows from Investing Activities:
Capital expenditures (16,455) (69,490) — — (85,945)
Proceeds from sales of assets 978 3,065 — — 4,043
Proceeds from sales of assets held for disposal — 6,913 — — 6,913
Proceeds from life insurance policies 24,655 — — — 24,655
Premiums paid on life insurance policies (605) — — — (605)
Net cash provided by (used in) continuing operations 8,573 (59,512) (50,939)
Net cash provided by discontinued operations 916 — — — 916
Net Cash Provided by (Used in) Investing Activities 9,489 (59,512) — — (50,023)
Net borrowings under line of credit agreements 19,685 38,300 — — 57,985
Net borrowings (payments) on trade payable program
liability 11,156 — — — 11,156
Payments for finance issuance costs (5,150) — — — (5,150)
Proceeds from issuance of notes 200,000 — — — 200,000
Reduction of long-term debt (183,459) — — — (183,459)
Reduction of convertible debt — — — — —
Payments on capital lease obligations (383) — — — (383)
Intercompany borrowings (payments) (46,322) 45,005 1,317 — —
Dividends paid (14,686) — — — (14,686)
Repurchase of common stock (15,562) — — — (15,562)
Proceeds from exercise of stock options 3,071 — — — 3,071
Proceeds from dividend reinvestment plan 961 — — — 961
Net Cash (used in) Provided by Financing Activities (30,689) 83,305 1,317 — 53,933
Net (Decrease) Increase in Cash (47,013) (1,521) 14,057 — (34,477)
Cash and Cash Equivalents at Beginning of Year 59,032 8,474 15,252 — 82,758
Cash and Cash Equivalents at End of Year $ 12,019 $ 6,953 $ 29,309 $ — $ 48,281