Pep Boys 2005 Annual Report Download - page 58

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53
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 31, 2004 Pep Boys
Subsidiary
Guarantors
Non-
Subsidiary
Guarantors
Consolidation/
Elimination Consolidated
Cash Flows from Operating Activities:
Net (Loss) Earnings $ (33,894) $ 58,849 $ (1,111) $ (57,738) $ (33,894)
Adjustments to Reconcile Net (Loss) Earnings to Net Cash
Provided By Continuing Operations:
Net loss from discontinued operations 3,351 12,676 — — 16,027
Depreciation and amortization 31,312 46,963 — — 78,275
Cumulative effect of change in accounting
principle, net of tax 899 1,585 — — 2,484
Accretion of asset disposal obligation 38 125 — — 163
Equity in earnings of subsidiaries (16,072) (41,666) — 57,738 —
Deferred income taxes 2,838 (6,722) 2,482 — (1,402)
Deferred gain on sale leaseback (149) (276) — — (425)
Loss on asset impairments 13,164 1,371 — — 14,535
(Gain) loss from sale of assets (7) 68 — — 61
Increase in cash surrender value of life insurance policies (478) — — — (478)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable,
prepaid expenses and other (20,416) (12,614) 828 1,375 (30,827)
Increase in merchandise inventories (24,945) (39,735) — — (64,680)
Increase in accounts payable 142,531 — — — 142,531
(Decrease) increase in accrued expenses (21,104) 37,652 10,592 (1,375) 25,765
Increase (decrease) in other long-term liabilities 3,610 (1,884) — — 1,726
Net cash provided by continuing operations 80,678 56,392 12,791 — 149,861
Net cash provided by discontinued operations 768 1,918 — — 2,686
Net Cash Provided by Operating Activities 81,446 58,310 12,791 — 152,547
Cash Flows from Investing Activities:
Capital expenditures from continuing operations (26,309) (15,538) — — (41,847)
Proceeds from sales of assets 870 2,446 — — 3,316
Proceeds from sales of assets held for disposal — — — — —
Payments paid on life insurance premiums (1,892) — — — (1,892)
Net cash used in (provided by) continuing operations (27,331) (13,092) — — (40,423)
Net cash provided by discontinued operations — 13,214 — — 13,214
Net Cash (Used in) Provided by Investing Activities (27,331) 122 — — (27,209)
Cash Flows from Financing Activities:
Net payments under line of credit agreements (169) (328) — — (497)
Payments for finance issuance costs (2,356) — — — (2,356)
Payments on capital lease obligations (700) — — — (700)
Reduction of long-term debt (101,183) — — — (101,183)
Intercompany borrowings (payments) 63,956 (58,752) (5,204) — —
Dividends paid (14,089) — — — (14,089)
Proceeds from exercise of stock options 10,483 — — — 10,483
Proceeds from dividend reinvestment plan 1,218 — — — 1,218
Net Cash Used In Financing Activities (42,840) (59,080) (5,204) — (107,124)
Net Increase (Decrease) in Cash 11,275 (648) 7,587 — 18,214
Cash and Cash Equivalents at Beginning of Year 32,654 9,720 396 — 42,770
Cash and Cash Equivalents at End of Year $ 43,929 $ 9,072 $ 7,983 $ — $ 60,984