Pep Boys 2009 Annual Report Download - page 144

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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended January 30, 2010, January 31, 2009 and February 2, 2008
(dollar amounts in thousands, except share and per share data)
NOTE 20—SUPPLEMENTAL GUARANTOR INFORMATION (Continued)
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Subsidiary
Subsidiary Non- Consolidation
As of February 2, 2008 Pep Boys Guarantors Guarantors Elimination Consolidated
Cash flows from operating activities:
Net (loss) earnings .......................... $(41,039) $ 51,051 $ 8,486 $(59,537) $ (41,039)
Adjustments to reconcile net (loss) earnings to net cash
(used in) provided by continuing operations:
Net loss (earnings) from discontinued operations ....... 1,094 2,507 — — 3,601
Depreciation and amortization ................... 28,606 52,168 683 (421) 81,036
Amortization of deferred gain from asset sale ......... (718) (733) — 421 (1,030)
Stock compensation expense .................... 9,756 — — — 9,756
Inventory impairment ........................ 12,413 20,390 — — 32,803
Equity in earnings of subsidiaries ................. (59,537) — — 59,537 —
Deferred income taxes ........................ 11,550 (39,929) 192 — (28,187)
Gain from dispositions of assets .................. (3,095) (12,056) — — (15,151)
Loss from asset impairment .................... 1,772 5,427 — — 7,199
Other .................................. (1,008) 180 — — (828)
Change in fair value of de-designated derivatives ....... 9,268 — — — 9,268
Dividends received from subsidiary ................ 2,467 — — (2,467) —
Increase in cash surrender value of life insurance policies . . (4,928) — — — (4,928)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable, prepaid
expenses and other ........................ (6,238) (1,782) 6,896 (455) (1,579)
Increase in merchandise inventories ............... 57 13,030 — — 13,087
Decrease in accounts payable ................... (20,066) — — — (20,066)
Increase (decrease) in accrued expenses ............. 20,932 107 (11,411) 455 10,083
(Decrease) increase in other long-term liabilities ....... (6,265) 3,041 — — (3,224)
Net cash (used in) provided by continuing operations .... (44,979) 93,401 4,846 (2,467) 50,801
Net cash provided by discontinued operations ......... 659 1,324 — — 1,983
Net cash (used in) provided by operating activities ...... (44,320) 94,725 4,846 (2,467) 52,784
Cash flows from investing activities:
Cash paid for property and equipment .............. (17,128) (25,988) — — (43,116)
Proceeds from dispositions of assets ............... 46,907 115,805 — — 162,712
Life insurance proceeds received ................. 30,045 — — — 30,045
Net cash provided by continuing operations .......... 59,824 89,817 — — 149,641
Net cash (used in) discontinued operations ........... (108) (271) — — (379)
Net cash provided by investing activities ............. 59,716 89,546 — — 149,262
Cash flows from financing activities:
Borrowings under line of credit agreements .......... 231,458 338,636 — — 570,094
Payments under line of credit agreements ............ (221,529) (324,088) (545,617)
Borrowings on trade payable program liability ......... 142,884 — — — 142,884
Payments on trade payable program liability .......... (142,620) — — — (142,620)
Payments for finance issuance costs ................ — (85) — — (85)
Proceeds from lease financing ................... — 4,827 — — 4,827
Long-term debt and capital lease obligation payments .... (165,654) (41) — — (165,695)
Intercompany borrowings (payments) .............. 205,484 (204,811) (673) — —
Dividends paid ............................. (14,177) — (2,467) 2,467 (14,177)
Other .................................. 5,537 — — — 5,537
Repurchase of common stock ................... (58,152) — — — (58,152)
Net cash (used in) provided by financing activities ...... (16,769) (185,562) (3,140) 2,467 (203,004)
Net (decrease) increase in cash .................. (1,373) (1,291) 1,706 — (958)
Cash and cash equivalents at beginning of year ........ 13,581 7,946 357 — 21,884
Cash and cash equivalents at end of year ............ $ 12,208 $ 6,655 $ 2,063 $ — $ 20,926
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