Pep Boys 2006 Annual Report Download - page 98

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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended February 3, 2007, January 28, 2006 and January 29, 2005
(dollar amounts in thousands, except share data)
59
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Year ended January 29, 2005 Pep Boys
Subsidiary
Guarantors
Subsidiary
Non-
Guarantors
Consolidation
Elimination Consolidated
Cash Flows from Operating Activities:
Net(Loss)Earnings............................. $ 23,579 $ 129,770 $ (2,690) $(127,080) $ 23,579
Adjustments to Reconcile Net (Loss) Earnings to Net
Cash (Used in) Provided By Continuing Operations:
Net loss (earnings) from discontinued operations. ...... 387 1,700 — — 2,087
Depreciationandamortization..................... 29,261 47,359 — — 76,620
Accretionofassetdisposalobligation................ 29 106 — — 135
Stockcompensationexpense....................... 1,184 — — — 1,184
Equityinearningsofsubsidiaries................... (144,798) 32,718 — 112,080 —
Deferredincometaxes ........................... (19,254) 46,505 (398) — 26,853
Deferred gain on sale leaseback . . . ................. (34) (96) — — (130)
Loss(gain)fromsaleofassets ..................... (199) (11,649) — — (11,848)
Increase in cash surrender value of life insurance
policies ..................................... (3,540) — — — (3,540)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable, prepaid
expensesandother ............................ (1,057) (5,151) (12,930) 1,385 (17,753)
Increaseinmerchandiseinventories................. (14,797) (34,401) — — (49,198)
(Decrease)increaseinaccountspayable.............. (24,387) — — — (24,387)
(Decrease)increaseinaccruedexpenses ............. 16,992 (15,288) 25,534 (1,385) 25,853
(Decrease)increaseinotherlong-termliabilities....... (887) (385) — — (1,272)
Net cash (used in) provided by continuing operations . . . (137,521) 191,188 9,516 (15,000) 48,183
Netcashusedindiscontinuedoperations............. (479) (2,253) — — (2,732)
Net Cash (Used in) Provided by Operating Activities.... (138,000) 188,935 9,516 (15,000) 45,451
Cash Flows from Investing Activities:
Capitalexpenditures............................. (43,975) (44,093) — — (88,068)
Proceedsfromsalesofassets ...................... 331 17,690 — — 18,021
Proceedsfromlifeinsurancepolicies................ (1,778) — — — (1,778)
Net cash provided by (used in) continuing operations . . . (45,422) (26,403) — — (71,825)
Net cash provided by discontinued operations . . . ...... 7,826 5,501 — — 13,327
Net Cash Provided by (Used in) Investing Activities .... (37,596) (20,902) — — (58,498)
Cash Flows from Financing Activities:
Net borrowings under line of credit agreements. . ...... 2,768 5,334 — — 8,102
Net borrowings (payments) on trade payable program
liability...................................... (7,216) — — — (7,216)
Paymentsforfinanceissuancecosts................. (5,500) — — — (5,500)
Proceedsfromissuanceofnotes.................... 200,000 — — — 200,000
Reductionoflong-termdebt....................... (189,991) — — — (189,991)
Reductionofconvertibledebt...................... (31,000) — — — (31,000)
Paymentsoncapitalleaseobligations................ (1,040) — — — (1,040)
Intercompanyborrowings(payments) ............... 161,212 (173,965) 12,753 — —
Dividendspaid ................................. (15,676) — (15,000) 15,000 (15,676)
Repurchase of common stock ...................... (39,718) — — — (39,718)
Proceedsfromissuanceofstock.................... 108,854 — — — 108,854
Proceedsfromexerciseofstockoptions.............. 6,887 — — — 6,887
Proceedsfromdividendreinvestmentplan............ 1,119 — — — 1,119
Net Cash (used in) Provided by Financing Activities .... 190,699 (168,631) (2,247) 15,000 34,821
Net(Decrease)IncreaseinCash ................... 15,103 (598) 7,269 — 21,774
CashandCashEquivalentsatBeginningofYear....... 43,929 9,072 7,983 — 60,984
CashandCashEquivalentsatEndofYear ........... $ 59,032 $ 8,474 $ 15,252 $ — $ 82,758